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ETH - AUDITED GROUP ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST
2002
Elexir Technology Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/004365/06)
Share code: ELX
ISIN: ZAE000016663
("ETH" or "the group")
CONSOLIDATED INCOME STATEMENT
2002 2001
Audited Audited
R`000 R`000
Revenue 71,211 55,891
Operating profit (loss) 2,239 (6,069)
Exceptional items - (3,229)
Net interest received (paid) (163) (282)
- Interest received 152 128
- Interest paid (315) (410)
Profit (Loss) before taxation 2,076 (9,580)
Taxation 2,440 (264)
Profit (Loss) attributable to 4,516 (9,844)
shareholders
Reconciliation of headline
earnings
Profit (Loss) for the year 4,516 (9,844)
Adjustments for headline (81) 3,198
earnings
- Amortisation of goodwill - 402
- Profit on disposal of fixed (81) (123)
assets
- Profit on disposal of - (310)
investments
- Goodwill impairment - 3,181
- Released on disposal of - 48
subsidiary
Headline earnings (loss) for 4,435 (6,646)
the year
Weighted average number of 143,128 140,961
shares (million)
Earnings (Loss) per share 3.16 (6.98)
(cents)
Headline earnings (loss) per 3.10 (4.71)
share (cents)
Net asset value (liability) per 0.87 (5.11)
share (cents)
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Balance at beginning of the (7,205) 819
year
Revaluation of computer 5,623 -
equipment
Deferred taxation on (1,687) -
revaluation
Issue of share capital - 130
Share premium on new shares - 1,690
Net profit (loss) for the year 4,516 (9,844)
Balance at end of the year 1,247 (7,205)
CONSOLIDATED BALANCE SHEET
2002 2001
Audited Audited
R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 9,274 3,809
Intangible assets 6 63
Deferred taxation 741 -
Current assets 15,547 11,181
- Inventory 3,104 2,997
- Accounts receivable 11,683 2,678
- Bank and cash 760 5,506
Total assets 25,568 15,053
EQUITY AND LIABILITIES
Capital and reserves 1,247 (7,205)
- Issued share capital 1,431 1,431
- Share premium 91,912 91,912
- Non-distributable reserves 4,510 574
- Accumulated losses (96,606) (101,122)
Non-current liabilities
Long-term borrowings 2,931 1,534
Current liabilities 21,390 20,724
- Accounts payable 20,095 19,077
- Taxation 58 300
- Short term portion of long- 1,237 1,347
term liabilities
Total equity and liabilities 25,568 15,053
CONSOLIDATED CASH FLOW
STATEMENT
Cash flows from operating (6,353) 920
activities
Cash flow from investing 320 1,241
activities
Cash flow from financing 1,287 950
activities
Net (decrease) increase in cash (4,746) 3,111
and cash equivalents
Cash and cash equivalents at 5,506 2,395
beginning of the year
Cash and cash equivalents at 760 5,506
end of the year
Basis of preparation:
The group annual 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 previous
years. 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. As previously reported the directors
continued to give 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.
Commentary:
ETH recorded headline earnings of R4,515,000 for the year
ended 31st August 2002, earnings of 3.16 cents per share in
comparison with a loss of 6.98 cents over the same period last
year.
Turnover increased 27% on the previous year to R71.2 million,
and once again overheads were reduced from R14.4 million in
the year 2001 to R9.8 million for the year under review. The
turnaround in profitability through improved sales, and
stronger financial management provides the opportunity to
utilise accumulated tax losses. The group has been
conservative in only raising a deferred tax asset based on
future profits expected in the next twenty four months. The
group acquired assets at nominal cost that provide good
prospects for generating strong annuity income, and has
therefore revalued these assets on the basis that they will
further improve the group`s financial results from
opportunities developed within the telecommunications area and
the outsourcing of security management and bandwidth
management.
ETH is currently under cautionary as announced in the press on
8 October 2002.
Auditor`s opinion:
The group`s auditors, Russell Bedford Southern Africa
(Johannesburg) Inc., have issued an unqualified opinion. Their
opinion is available for inspection at Elexir`s registered
offices. Without qualifying their opinion they draw attention
to the excess of current liabilities over current assets
reflected in the group`s balance sheet, indicating that while
the group`s financial position continues to strengthen, it
could still be exposed to significant demands on its cash
resources.
Board of directors:
During the year Mr D Lockey resigned as a 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 BG CASEY
Acting Chairman Chief Executive Officer
1 November 2002
Directors:
JA Casey (Acting Chairman), BG Casey (CEO), IJL Sturgeon, AP
Volschenk
Registered office: 156 Kyalami Boulevard, Kyalami Business Park,
Kyalami, 1684 ( P O Box 1819, Fourways, 2055)
Auditors: Russell Bedford Southern Africa (Johannesburg) Inc.
(Registration number 2000/011089/21), Chartered Accountants (SA),
Registered Accountants and Auditors
Transfer secretaries: Computershare Investor Services Limited,11
Diagonal Street, Johannesburg 2001 (P O Box 1053, Johannesburg,
2000)
Website: www.elexir.co.za
Date: 15/11/2002 08:00:00 AM Produced by the JSE SENS Department
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