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Elexir Technologies Holdings Limited -
Statements For The Six Months Ended 28 Feb 2003
Elexir Technologies Holdings Limited
("Elexir" or "the Company")
(Registration No 1998/004365/06)
JSE - Share code: ELX
ISIN Code: ZAE000016663
UNAUDITED GROUP INTERIM FINANCIAL
STATEMENTS FOR THE SIX MONTHS
ENDED 28 FEB 2003
CONSOLIDATED INCOME STATEMENT
Six months Six months Year ended
to to
28 February 28 February 31 August
2003 2002 2002
Unaudited Reviewed Audited
R"000 R"000 R"000
REVENUE 27,876 30,835 71,211
Operating profit 331 823 2,239
Net interest received (paid) (71) (192) (163)
- Interest received 80 56 152
- Interest paid (151) (248) (315)
Profit before taxation 260 631 2,076
Taxation - - 2,440
Profit attributable to 260 631 4,516
shareholders
Reconciliation of headline
earnings
Profit for the period 260 631 4,516
Adjustments for headline (3) - (81)
earnings
- Profit on disposal of fixed (3) - (81)
assets
Headline earnings for the period 257 631 4,435
Weighted average number of 143,128 143,128 143,128
shares (million)
Earnings per share (cents) 0.18 0.44 3.16
Headline earnings per share 0.18 0.44 3.10
(cents)
Net asset value (liability) per 1.40 (4.59) 0.87
share (cents)
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Balance at beginning of the 1,247 (7,205) (7,205)
period
Revaluation of land and 500 - -
buildings
Revaluation of computer - - 5,623
equipment
Deferred taxation on revaluation - - (1,687)
Net profit for the period 260 631 4,516
Balance at end of the period 2,007 (6,574) 1,247
CONSOLIDATED BALANCE SHEET
As at As at As at
28 February 28 31 August
February
2003 2002 2002
Unaudited Reviewed Audited
R"000 R"000 R"000
ASSETS
Non-current assets
Property, plant and equipment 9,811 3,543 9,274
Intangible assets 10 - 6
Deferred taxation 741 - 741
Current assets 9,683 11,443 15,547
- Inventory 2,927 1,563 3,104
- Accounts receivable 5,466 9,301 11,683
- Bank and cash 1,290 579 760
Total assets 20,245 14,986 25,568
EQUITY AND LIABILITIES
Capital and reserves 2,007 (6,574) 1,247
- Issued share capital 1,431 1,431 1,431
- Share premium 91,912 91,912 91,912
- Non-distributable reserves 5,010 574 4,510
- Accumulated losses (96,346) (100,491) (96,606)
Non-current liabilities
Long-term borrowings 2,707 1,415 2,931
Current liabilities 15,531 20,145 21,390
- Accounts payable 14,288 18,580 20,095
- Taxation (7) 189 58
- Bank overdraft - 27 -
- Short term portion of long- 1,250 1,349 1,237
term liabilities
Total equity and liabilities 20,245 14,986 25,568
CONSOLIDATED CASH FLOW
STATEMENT
Cash flow from operating 897 (4,869) (5,894)
activities
Cash flow from investing (156) 32 (139)
activities
Cash flow from financing (211) (117) 1,287
activities
Net increase (decrease) in 530 (4,954) (4,746)
cash and cash equivalents
Cash and cash equivalents at 760 5,506 5,506
beginning of the period
Cash and cash equivalents at 1,290 552 760
end of the period
Basis of preparation
The group 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 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 continue 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 R256,839 for the six months ended
28 February 2003, earnings of 0.18 cents per share in comparison with
0.44 cents over the same period last year. Although group turnover
decreased on the previous period to R27,9 million, gross profit
margins have improved with less reliance being placed on hardware
sales. The turnaround in the group"s profitability has continued with
the further development of new IT opportunities for managed services
revenue streams.
Prospects
As predicted in the 2002 annual report, the extremely tight
conditions in the IT market have continued through the six months
under review. The outlook for the remainder of the year looks
challenging, but the group has sufficient new business initiatives to
be optimistic of acceptable results for the full financial year.
Dividend
The directors do not recommend the payment of a dividend.
Directorate
In line with the stated objective to implement meaningful Black
Empowerment as an integral part of management and ownership, on 12
March 2003 Mr CM Mostert and Mr TM Sokutu were appointed as a non-
executive directors. At the annual general meeting, held on 8 April
2003, all directors offered themselves for re-election and were re-
elected. Mr CM Mostert was appointed as non-executive Chairman and
Mr JA Casey was appointed as Chief Executive Officer.
For and behalf of the Board
CM MOSTERT JA CASEY
Chairman Chief Executive Officer
30 May 2003
Directors: CM Mostert* (Chairman), JA
Casey (CEO), BG Casey, TM Sokutu*, IJL
Sturgeon,
AP Volschenk (& Company Secretary) * (Non-
executive)
Registered office: 156 Kyalami Boulevard,
Kyalami Business Park, Kyalami, 1685
(PO 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, 70 Marshall
Street, Johannesburg 2001 (P O Box 1053,
Johannesburg, 2000)
Website: www.elexir.co.za
Date: 30/05/2003 08:00:09 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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