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Elexir Technology Holdings Limited - Audited Group Financial Statements For The
Year Ended 31 August 2003
Elexir Technology Holdings Limited
Share Code : ELX
ISIN Number : ZAE000016663
AUDITED GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2003
CONSOLIDATED INCOME
STATEMENT
2003 2002
Audited Audited
R"000 R"000
REVENUE 40,895 71,211
Operating profit 2,227 2,239
Net interest received (396) (163)
(paid)
- Interest received 126 152
- Interest paid (522) (315)
Profit before taxation 1,831 2,076
Taxation 54 2,440
Profit attributable to 1,885 4,516
shareholders
Reconciliation of headline
earnings
Profit for the period 1,885 4,516
Adjustments for headline (507) (81)
earnings
- Profit on disposal of (7) (81)
fixed assets
- Profit on revaluation of (500) -
investment property
Headline earnings for the 1,378 4,435
period
Weighted average number of 143,128 143,128
shares (million)
Earnings per share (cents) 1.32 3.16
Headline earnings per 0.96 3.10
share (cents)
Net asset value per share 0.84 0.87
(cents)
CONSOLIDATED STATEMENT
OF CHANGES
IN EQUITY
Balance at beginning of 1,247 (7,205)
the period
Revaluation of rental (1,874) 5,623
equipment
Deferred taxation on (562) (1,687)
revaluation
Net profit for the period 1,885 4,516
Balance at end of the 696 1,247
period
CONSOLIDATED BALANCE SHEET
2003 2002
Audited Audited
R"000 R"000
ASSETS
Non-current assets
Property, plant and equipment 8,079 9,280
Intangible assets 8 -
Deferred taxation 233 741
Investments and loans
Current assets 8,357 15,547
- Inventory 1,755 3,104
- Accounts receivable 5,215 11,683
- Bank and cash 1,388 760
Total assets 16,677 25,568
EQUITY AND LIABILITIES
Capital and reserves 696 1,247
- Issued share capital 1,431 1,431
- Share premium 91,912 91,912
- Non-distributable reserves 1,500 4,510
- Accumulated losses (94,147) (96,606)
Non-current liabilities
Long-term borrowings 2,326 2,931
Current liabilities 13,655 21,390
- Accounts payable 11,535 20,095
- Taxation - 58
- Short term portion of long- 2,120 1,237
term liabilities
Total equity and liabilities 16,677 25,568
CONSOLIDATED CASH FLOW
STATEMENT
Cash flow from operating 785 (5,894)
activities
Cash flow from investing (434) (139)
activities
Cash flow from financing 277 1,287
activities
Net increase (decrease) in 628 (4,746)
cash and cash equivalents
Cash and cash equivalents at 760 5,506
beginning of the period
Cash and cash equivalents at 1,388 760
end of the period
Basis of preparation
The group 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 they fall due.As previously reported the directors continued to give serious
consideration 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 R1,377 for the year ended 31 August 2003,
earnings of 1.32 cents per share in comparison with 3.16 cents over the same
period last year. Although Group turnover decreased on the previous period to
R40,895 million, gross profit margins have improved with less reliance being
placed on hardware sales. The turnaround in the groups profitability has
continued with the further development of new IT opportunities for managed
service revenue streams
Auditors opinion
The Groups 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 above, they draw
your attention to the excess of current liabilities over current assets
reflected in the group"s balance sheet indicating that the group could still be
exposed to significant demands on its cash resources.
Dividend
The directors do not recommend the payment of a dividend.
Directorate
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 Chairman
JA CASEY Chief Executive Officer
26 November 2003
Directors: CM Mostert* (Chairman), JA Casey (CEO), 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
Sponsor : PSG Capital Limited, 1st Floor, Old College Building, 35 Church
Street, Stellenbosch, 7600
Transfer secretaries: Computershare Limited, 70 Marshall Street, Johannesburg,
2001 (P O Box 1053, Johannesburg, 2000)
Website: www.elexir.co.za
Date: 27/11/2003 07:26:06 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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