| Thu 14 Apr 2005, 18:17 | | Elexir - Reviewed Group Interim Results For The 12 |
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Elexir - Reviewed Group Interim Results For The 12 Months Ended 31 August 2004
ELEXIR TECHNOLOGY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1998/004365/06)
(Share Code: ELX ISIN Code: ZAE000016663)
(`Elexir` or `the Company`)
REVISED GAAP COMPLIANT - REVIEWED GROUP INTERIM RESULTS FOR THE 12 MONTHS ENDED
31 AUGUST 2004 IN TERMS OF GAAP
CONSOLIDATED INCOME STATEMENT
Twelve Twelve Six Year
Months Months Months ended
31 August 31 August 29 31
February August
2004 2004 2004 2003
Restated Previously Reviewed Audited
Reviewed Published
Reviewed
R`000 R`000 R`000 R`000
REVENUE 17,441 17,441 12,532 40,895
Other income - - 42 3,036
Operating expenses (20,115) (14,648) (13,186) (41,704)
Operating profit /(loss) (2,674) 2,793 (612) 2,227
Net interest paid (450) (450) (273) (396)
- Interest received - - 12 126
- Interest paid (450) (450) (285) (522)
Profit /(loss) before taxation (3,124) 2,343 (885) 1,831
Taxation - - - 54
Profit /(loss) attributable to (3,124) 2,343 (885) 1,885
shareholders
Reconciliation of headline
earnings
Profit /(loss) for the period (3,124) 2,343 (885) 1,885
Adjustments for headline loss - (5,467) (37) (507)
- Profit on restructuring - (5,467) (37) (7)
transaction
- Profit on revaluation of - - - (500)
investment property
Headline (loss)/profit for the (3,124) (3,124) (922) 1,378
period
Weighted average number of 143,128 223,128 143,128 143,128
shares (000)
Earnings/(loss) per share (2.18) 1.05 (0.62) 1.32
(cents)
Headline loss /(profit) per (2.18) (1.40) (0.64) 0.96
share (cents)
Net asset value per share (1.83) 2.53 0.20 0.49
(cents)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Balance at beginning of 696 696 696 1,247
the period
Revaluation of land and - - - -
buildings
Revaluation of computer (1,874) (1,874) (937) (1,874)
equipment
Deferred taxation on 1,687 1,687 1,406 (562)
revaluation
Issued Share Capital - 800 - -
Share Premium - 2,000 - -
Net profit for the (3,124) 2,343 (885) 1,885
period
Balance at end of the (2,615) 5,652 280 696
period
CONSOLIDATED BALANCE SHEET
As at As at As at As at
31 August 31 August 29 31
February August
2004 2004 2004 2003
Restated Previously Reviewed Audited
Reviewed Published
Reviewed
R`000 R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 5,970 5,970 6,872 8,079
Intangible assets 14 14 9 8
Deferred taxation 1,927 1,927 1,639 233
Current assets 3,109 3,109 6,458 8,357
- Inventory 1,255 1,255 2,139 1,755
- Accounts receivable 1,722 1,722 3,827 5,215
- Bank and cash 132 132 492 1,388
Total assets 11,020 11,020 14,978 16,677
EQUITY AND LIABILITIES
Capital and reserves (2,615) 5,652 280 696
- Issued share capital 1,431 2,231 1,431 1,431
- Share premium 91,912 93,912 91,912 91,912
- Non-distributable reserves 1,312 1,312 1,968 1,500
- Accumulated losses (97,270) (91,803) (95,031)
(94,147)
Non-current liabilities
Long-term borrowings 6,324 1,717 6,576 2,326
Current liabilities 7,311 3,651 8,122 13,655
- Accounts payable 2,550 2,550 3,494 11,535
- Taxation - - - -
- Bank overdraft - - - -
- Short term portion of long- 4,761 1,101 4,628 2,120
term liabilities
Total equity and liabilities 11,020 11,020 14,978 16,677
CONSOLIDATED CASH FLOW STATEMENT
Cash flow from operating (8,033) (2,566) (7,831) 785
activities
Cash flow from investing 138 138 176 (434)
activities
Cash flow from financing 6,639 1,172 6,759 277
activities
Net (decrease)/ increase in (1,256) (1,256) (896) 628
cash and cash equivalents
Cash and cash equivalents at 1,388 1,388 1,388 760
beginning of the period
Cash and cash equivalents at 132 132 492 1,388
end of the period
Comments
Elexir is withdrawing and republishing its results as published on 15 December
2004, on the insistence of the JSE, acting on the advice that the JSE has
received from the GAAP Monitoring Panel, as the previously published reviewed
results included the profits realised on the restructuring transaction that was
only approved by shareholders subsequent to 31 August 2004, on 28 February
2005. The restated reviewed results for the twelve months ended 31 August
2004 now exclude the restructuring transaction as announced on 7 October 2004
as it only became effective on 28 February 2005 when formally approved by the
shareholders in General Meeting. It is evident from the restated reviewed
results that the Group would have been technically insolvent if the
restructuring transaction was not approved by shareholders in General Meeting
on 28 February 2005. The Group changed its financial year end to February to
bring it in line with the Group`s business cycle.
Basis of preparation
The Group`s restated reviewed 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.
Financial overview
The Group incurred a loss of R3.1m for twelve month interim period ended 31
August 2004 due to the restructuring of the Group. Through the approval of the
restructuring transaction post balance sheet on 28 February 2005 the
significant levels of debt within the Group were reduced that substantially
improved the Elexir balance sheet.
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. As the liabilities of the Group
were substantially reduced with the implementation of the restructuring
transaction, as announced on 7 October 2004 and approved by shareholders in
General Meeting, the business can now focus on securing new business in order
to operate profitable in the future.
As announced on 7 October 2004, the Group has entered into an agreement for the
sale of its property previously occupied by Elexir. Transfer of ownership of
the property is expected was finalised in February 2005. The excess funds
generated through the sale of the property will be utilised as working capital.
Dividend
The directors do not recommend the payment of a dividend.
Auditors Opinion
The interim results have been reviewed by the auditors, Russell Bedford
Southern Africa (Jhb) Inc. The auditor`s report is available for inspection at
the registered office.
For and behalf of the Board
Directors: JA Casey (Chief Executive Officer), AP Volschenk (Director and
Company Secretary)
12 April 2005
Registered office: 156 Kyalami Boulevard, Kyalami Business Park, Kyalami,
1685. (PO Box 1819, Fourways, 2055)
Auditors: Russell Bedford Southern Africa (Jhb) Inc. (Registration number
2000/011089/21), Chartered Accountants (SA), Registered Accountants and
Auditors (PO Box 1757, Northcliff, 2115)
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited, 70
Marshall Street, Johannesburg 2001 (PO Box 61051, Marshalltown, 2107)
Website: www.elexir.co.za
Date: 14/04/2005 05:25:27 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
