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Elixer- Reviewed Group Interim Financial Statements For The The Six Months
Release Date: 31/05/2004 12:53:01 Code(s): ELX
Elixer- Reviewed Group Interim Financial Statements for the the six months
ended 28 February 2004
Elixer Technology Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1998/004365/06)
JSE Share Code: ELX
ISIN: ZAE00006663
(`ETH` or ` the group`)
REVIEWED GROUP INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 28
FEBRUARY 2004
CONSOLIDATED INCOME STATEMENT
Six months Six months to Year ended
to
29 February 28 February 31 August
2004 2003 2003
Unaudited Unaudited Audited
R`000 R`000 R`000
REVENUE 12,532 27,876 40,895
Operating (loss)/ profit (612) 331 2,227
Net interest paid (273) (71) (396)
- Interest received 12 80 126
- Interest paid (285) (151) (522)
(Loss)/profit before taxation (885) 260 1,831
Taxation - - 54
(Loss)/profit attributable to (885) 260 1,885
shareholders
Reconciliation of headline
earnings
Profit for the period (885) 260 1,885
Adjustments for headline loss (37) (3) (507)
- Profit on disposal of fixed (37) (3) (7)
assets
- Profit on revaluation of (500)
investment property
Headline(loss)/profit for the (922) 257 1,378
period
Weighted average number of 143,128 143,128 143,128
shares (million)
(Loss)/earnings per share (0.62) 0.18 1.32
(cents)
Headline (loss)/earnings per (0.64) 0.18 0.96
share (cents)
Net asset value per share 0.20 1.40 0.49
(cents)
CONSOLIDATED BALANCE SHEET
As at As at As at
29 February 28 February 31 August
2004 2003 2003
Unaudited Reviewed Audited
R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 6,872 9,811 8,079
Intangible assets 9 10 8
Deferred taxation 1,639 741 233
Current assets 6,458 9,683 8,357
- Inventory 2,139 2,927 1,755
- Accounts receivable 3,827 5,466 5,215
- Bank and cash 492 1,290 1,388
Total assets 14,978 20,245 16,677
EQUITY AND LIABILITIES
Capital and reserves 280 2,007 696
- Issued share capital 1,431 1,431 1,431
- Share premium 91,912 91,912 91,912
- Non-distributable reserves 1,968 5,010 1,500
- Accumulated losses (95,031) (96,346) (94,147)
Non-current liabilities
Long-term borrowings 6,576 2,707 2,326
Current liabilities 8,122 15,531 13,655
- Accounts payable 3,494 14,288 11,535
- Taxation - (7) -
- Bank overdraft - - -
- Short term portion of long- 4,628 1,250 2,120
term liabilities
Total equity and liabilities 14,978 20,245 16,677
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Balance at beginning of the 696 1,247 1,247
period
Revaluation of land and - 500 -
buildings
Revaluation of computer (937) - (1,874)
equipment
Deferred taxation on 1,406 - (562)
revaluation
Net profit for the period (885) 260 1,885
Balance at end of the period 280 2,007 696
CONSOLIDATED CASH FLOW
STATEMENT
Cash flow from operating (7,831) 897 785
activities
Cash flow from investing 176 (156) (434)
activities
Cash flow from financing 6,759 (211) 277
activities
Net increase (decrease) in (896) 530 628
cash and cash equivalents
Cash and cash equivalents at 1,388 760 760
beginning of the period
Cash and cash equivalents at 492 1,290 1,388
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. The directors continue to give serious
consideration to creditors and shareholders.
Commentary
ETH recorded headline losses of R921,847 for the six months ended 29 February
2004, losses of 0.64 cents per share in comparison with 0.18 cents earnings
over the same period last year. This loss is attributable to retrenchments,
restructuring, as well as other operational costs.
Prospects
Trading conditions remain challenging but management is implementing a
repositioning strategy for the group that if successful will improve
profitability and unlock shareholder value.
Auditors Opinion
Based on our review, nothing has come to our attention that causes us to
believe that the accompanying financial statements are not fairly presented,
in all material respects, in accordance with South African Statements of
Generally Accepted Accounting Practice and/or relevant statutory requirements.
The auditors opinion is available for inspection at ETH`s registered office.
Dividend
The directors do not recommend the payment of a dividend.
Directorate
On 07 January 2004, Mr TM Sokutu was appointed non executive chairman & on 13
January 2004 Mr LD Setshedi was appointed as an executive director (C.O.O).
Mr CM Mostert resigned on 07 January 2004 as non executive chairman and Mr IJL
Sturgeon resigned as an executive director on the 31 January 2004.
For and behalf of the Board
TM SOKUTU JA CASEY
Non Executive Chairman Chief Executive Officer
26-May-2004
Directors:
TM Sokutu* (non executive chairman), JA Casey (CEO), LD Setshedi (C.O.O), AP
Volschenk (executive director & company secretary)
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:
Exchange Sponsors
39 First Road, Hyde Park, 2196 (P O Box 411216, Craighall, 2124)
Transfer secretaries:
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg 2001.
(P O Box 1053, Johannesburg, 2000)
Website: www.elexir.co.za
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