|
ELEXIR TECHNOLOGY HOLDINGS LIMITED
(Registration number 1998/04365/06)
Share Code: ELX
ISIN: ZAE000016663
REVIEWED GROUP INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 28
FEBRUARY 2002
ABRIDGED INCOME STATEMENTS
Six months to Six months to Year ended
28 February 28 February 31 August
2002 2001 2001
Reviewed Unaudited Audited
R'000 R'000 R'000
Revenue 30,835 25,761 55,891
Operating profit (loss) 823 (1,291) (6,069)
Exceptional items - - (3,229)
Net interest (paid) received (192) (112) (282)
Interest received 56 89 128
Interest paid (248) (201) (410)
Profit (Loss) before taxation 631 (1,403) (9,580)
Taxation - - (264)
Profit (Loss) attributable
to shareholders 631 (1,403) (9,844)
Reconciliation of headline
earnings
Profit (Loss) for period 631 (1,403) (9,844)
Adjustments for headline
earnings - 125 3,198
Amortisation of goodwill - 125 402
Profit on disposal of fixed
assets - - (123)
Profit on disposal of
investments - - (310)
Goodwill impairment - - 3,181
Released on disposal of
subsidiary - - 48
Headline earnings (loss)
for period 631 (1,278) (6,646)
Weighted average number of
shares 143,128 140,961 140,961
Earnings (Loss) per share
(cents) 0.44 (1.00) (6.98)
Headline earnings (loss)
per share (cents) 0.44 (0.91) (4.71)
Net asset value (liability)
per share (cents) (4.59) 0.88 (5.11)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Balance at beginning of period (7,205) 819 819
Issue of share capital - 130 130
Share premium on new shares - 1,690 1,690
Net profit (loss) for period 631 (1,403) (9,844)
Balance at end of period (6,574) 1,236 (7,205)
ABRIDGED BALANCE SHEETS
Six months to Six months to Year ended
28 February 28 February 31 August
2002 2001 2001
Reviewed Unaudited Audited
R'000 R'000 R'000
ASSETS
Non-current assets
Fixed assets 3,543 4,315 3,809
Intangible assets - 3,521 63
Investments and loans - - -
Current assets 11,443 13,574 11,181
- Inventory 1,563 452 2,997
- Accounts receivable 9,301 10,863 2,678
- Bank and cash 579 2,259 5,506
Total assets 14,986 21,410 15,053
EQUITY AND LIABILITIES
Capital and reserves (6,574) 1,236 (7,205)
Share capital and share premium 93,343 93,343 93,343
Reserves (99,917) (92,107) (100,548)
Non-current liabilities
Long-term borrowings 1,415 2,016 1,534
Current liabilities 20,145 18,158 20,724
- Accounts payable 18,580 18,028 19,077
- Taxation 189 - 300
- Bank overdraft 27 - -
- Short term portion 1,349 130 1,347
of long-term liabilities
Total equity and liabilities 14,986 21,410 15,053
CONSOLIDATED CASH FLOW STATEMENT
Cash flows from operating
activities (4,869) (1,950) 920
Cash flow from investing
activities 32 1,719 1,241
Cash flow from financing
activities (117) 95 950
Net increase (decrease) in
cash and cash equivalents (4,954) (136) 3,111
Cash and cash equivalents at
beginning of period 5,506 2,395 2,395
Cash and cash equivalents at
end of period 552 2,259 5,506
Results:
Elexir Technology Holdings Limited (ETH) recorded headline earnings of
R631,000 for the six months ended 28th February 2002, earnings of 0.44 cents
per share in comparison with a loss of 1.00 cents over the same period last
year. ETH's refocus on its core business has returned the group to
profitability, as a reseller of IT equipment.
Prospects:
The financial improvement in the group companies will continue with
increasing volumes of business from its alliances with SMMEs, and the
further development of opportunities within the telecommunications area and
outsourcing of security management and bandwidth management.
Accounting policies:
The interim financial statements are prepared in accordance with South
African statements of Generally Accepted Accounting Practice and are based
on appropriate accounting policies which are consistent with those applied
in the annual financial statements for the year ended 31 August 2001.
Going concern:
The financial statements have been prepared on the assumption that the group
will continue trading for the foreseeable future, that assets will be
realised in the ordinary course of business and liabilities will be settled
as and when they fall due. The directors have given serious consideration to
their responsibilities to creditors and shareholders and are of the opinion
that continued profitable trading enhances creditor claims over the assets
of the company and it is, therefore their obligation to continue trading
under these circumstances.
Auditor's review opinion:
The group's auditors, Fisher Hoffman PKF (Cape Town) Inc., have issued an
adverse review opinion drawing attention to the disclosure regarding going
concern and to the fact that the group remains technically insolvent. They
specifically refer to the auditor's report contained in the annual report
for the year ended 31 August 2001.
Board of directors:
During the period Mr D Lockey resigned as an non-executive director on 11
December 2001, and Mr MNA Mokoape resigned as Chairman on 7 February 2002,
Mr JA Casey was appointed as acting chairman on 13 February 2002.
At the annual general meeting held on 30 April 2002 the directors offered
themselves for re-election and were re-elected as executive directors.
For and behalf of the Board
JA CASEY
Acting Chairman
BG CASEY
Chief Executive Officer
Directors:
JA Casey (Acting Chairman), BG Casey (CEO), IJL Sturgeon, AP Volschenk
Registered office: 156 Kyalami Boulevard, Kyalami Business Park, Kyalami,
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
