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Elexir - Unaudited Group Results For The 18 Months Ended 28 February 2005
ELEXIR TECHNOLOGY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)(Registration Number 1998/004365/06)
(Share code: ELX & ISIN: ZAE000016663)
(`Elexir` or `the Group`)
UNAUDITED GROUP RESULTS FOR THE 18 MONTHS ENDED 28 FEBRUARY 2005CONSOLIDATED INCOME STATEMENT
Eighteen Months Year ended
28 February 31 August
2005 2003 Unaudited Audited
R`000 R`000
REVENUE 16,763 40,895
Other income 120 3,036 Operating expenses (16,453) (41,704)
Operating profit /(loss) 430 2,227
Net interest paid (718) (396)
- Interest received - 126 - Interest paid (718) (522)
Profit /(loss) before taxation (288) 1,831
Taxation (2,489) 54
Profit /(loss) attributable to (2,777) 1,885shareholders
Reconciliation of headline earnings
Profit /(loss) for the period (2,777) 1,885
Adjustments for headline loss (5,026) (507) - Profit on restructuring (5,452) (7)
transaction
- Profit on revaluation of - (500)
investment property - Loss on sale of Property, Plant 426 -
and Equipment
Headline (loss)/profit for the (7,803) 1,378
period Weighted average number of shares 143,128 143,128
(000)
Earnings/(loss) per share (cents) (1.94) 1.32
Headline loss /(profit) per share (5.45) 0.96(cents)
Net asset value per share (cents) (0.09) 0.49
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Balance at beginning of the period 696 1,247 Revaluation of computer equipment (2,811) (1,874)
Deferred taxation on revaluation 1,968 (562)
Issued Share Capital 800 -
Share Premium 2,000 - Net profit / (loss) for the period (2,777) 1,885
Balance at end of the period (124) 696
CONSOLIDATED BALANCE SHEET
As at As at 28 February 31 August
2005 2003
Unaudited Audited
R`000 R`000 ASSETS
Non-current assets
Property, plant and equipment 1,435 8,079
Intangible assets 12 8 Deferred taxation - 233
Current assets 2,436 8,358
- Inventory 848 1,755
- Accounts receivable 1,517 5,215 - Bank and cash 71 1,388
Total assets 3,883 16,678
EQUITY AND LIABILITIES
EQUITY Capital and reserves (124) 696
- Issued share capital 2,231 1,431
- Share premium 93,912 91,912
- Non-distributable reserves 656 1,500 - Accumulated losses (96,923) (94,147)
LIABILITIES 4,008 15,981
Non-current liabilities
Long-term borrowings 1,035 2,326 Current liabilities 2,973 13,655
- Accounts payable 2,442 11,535
-Deferred Taxation 281 -
- Bank overdraft - - - Short term portion of long-term 250 2,120
liabilities
Total equity and liabilities 3,883 16,678
CONSOLIDATED CASH FLOW STATEMENT Cash flow from operating activities (4,019) 785
Cash flow from investing activities 3,063 (434)
Cash flow from financing activities (361) 277
Net increase (decrease) in cash and (1,317) 628cash equivalents
Cash and cash equivalents at 1,388 760
beginning of the period
Cash and cash equivalents at end of 71 1,388the period
Comments
Introduction
The Group changed its financial year-end to February to bring it in line withthe Group`s business cycle. For the past 18 months management has been focused
on rationalising the group in an effort to reduce debt within operating
companies, and thereby enable management to explore alternative strategies.
Progress made to date:1). Closure of Elexir S.A (Pty) Ltd
2). Disposed of property in Pitstop (Pty) Ltd
3). Disposed of going concern Lucent division in Elexir Computer Services (Pty)
Ltd4). Restructured Balance sheet through the exchange of shares for debt.
Financial Overview
The Group incurred a loss before taxation of R288, 000 for the eighteen months
to February 2005,due to the restructuring of the group. This further resulted inthe deferred tax of R2,5 mil being written back, resulting in a loss
attributable to shareholders of R2,8mil. The proceeds from the restructuring
activities have been utilised to reduce the liabilities.
ProspectsManagement is currently in negotiations to dispose of Elexir Computer Services
(Pty) Ltd, a wholly owned subsidiary of Elexir Technology Holdings Limited. This
is in effort to assist the Company`s strategy to reduce current levels of
liabilities residing within the business. Subject to concluding this transactionmanagement will embark on a strategy to pursue other opportunities to create
value for shareholders.
Further cautionary
With reference to the cautionary announcement dated 5 May 2005, shareholders areadvised that ongoing negotiations for the restructuring and disposal of the
operating businesses are still in progress. Shareholders are accordingly advised
to exercise caution when dealing in Elexir securities until further
announcements are made in this regard.Dividend
The directors do not recommend the payment of a dividend.
Basis of preparation
The Group`s financial statements are prepared in accordance with South AfricanStatements of Generally Accepted Accounting Practice and are based on
appropriate accounting policies , which are consistent with those applied in
previous years.
For and behalf of the BoardDirectors:
JA Casey (Chief Executive Officer)
JW Walters (Director)*Non-executive
30 June 2005Auditors:
Russell Bedford Southern Africa (Jhb) Inc
(Registration number 2000/011089/21),
Chartered Accountants (SA),Registered Accountants and Auditors
(P.O Box 1757,Northcliff, 2115)
Registered office:
156 Kyalami Boulevard,Kyalami Business Park,
Kyalami, 1685.
(PO Box 1819, Fourways, 2055)
Sponsor:Exchange Sponsors (Pty) Ltd,
39 First Road,
Hyde Park,
2196(PO Box 411216, Craighall, 2124)
Transfer secretaries:
Computershare Investor Services 2004 (Pty) Limited,
70 Marshall Street,Johannesburg 2001
(PO Box 61051, Marshalltown, 2107)
Website: www.elexir.co.zaDate: 29/06/2005 01:13:05 PM Produced by the JSE SENS Department
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