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ELX
ELX
Elexir - Unaudited Interim Results for the period ended 31 August 2005
Elexir Technology Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1998/004365/06)
Share Code: ELX
ISIN Code: ZAE000016663
Unaudited Interim Results for the period ended 31 August 2005
BALANCE SHEET Unaudited Reviewed Unaudited
31 Aug 2005 31 Aug 2004 28 Feb 2005
R"000 R"000 R"000
ASSETS
Non current assets 8 7 911 1 447
Property, plant and equipment 8 5 970 1 435
Intangible Assets - 14 12
Deferred Taxation - 1 927 -
Current assets 58 3 109 2 436
Inventory - 1 255 848
Trade and other receivables - 1 722 1 517
Cash and cash equivalents 58 132 71
Total assets 66 11 020 3 883
EQUITY AND LIABILITIES
Shareholders Funds (518) (2 615) (124)
Share capital 2 231 1 431 2 231
Share premium 93 912 91 912 93 912
Distributable reserves - 1 312 656
Non-distributable reserves (96 661) (97 270) (96 923)
Non-current liabilities - 6 324 1 035
Long-term borrowings - 6 324 1 035
Current liabilities 584 7 311 2 973
Trade and other payables 584 2 550 2 442
Deferred taxation - - 281
Short term portion of long-term - 4 761 250
borrowings
Total equity and liabilities 66 11 020 3 884
Shares in issue at period end 223 128 143 128 223 128
(`000)
Net asset value per share (0.23) (1.83) (0.09)
(cents)
INCOME STATEMENT Unaudited Reviewed Unaudited
31 Aug 2005 31 Aug 2004 28 Feb 2005
R"000 R"000 R"000
Revenue 10 4 909 16 763
Other income - 42 -
Operating expenses (159) (6 929) (41 704)
Operating profit/(loss) (149) (2 062) 430
Net interest paid (1) (177) (718)
Exceptional items (3 473) - -
Profit/(loss) before taxation (3 623) (2 239) (288)
Taxation (262) - (2 489)
Profit/(loss) attributable to (3 885) (2 239) (2 777)
shareholders
Reconciliation headline earnings
Profit/(loss) for the period (3 885) (2 239) (2 777)
Write off investments (3 473) - -
Profit on restructuring - 37 (5 026)
Headline earnings (loss) for (150) (2 202) (7 803)
period
Basic and diluted earnings per (1.62) (1.56) (1.94)
share (cents)
Weighted average number of 223 128 143 128 143 128
shares (`000)
Headline earnings per share (0.07) (1.52) (5.45)
(cents)
CASH FLOW STATEMENTS Unaudited Reviewed Unaudited
31 Aug 2005 31 Aug 2004 28 Feb 2005
R"000 R"000 R"000
Cash flows from operating (1 048) (202) (4 019)
activities - (38) 3 063
Cash flows from investing 1 035 (120) (361)
activities
Cash flows from financing
activities
Net movement in cash and cash (13) (360) (1 317)
equivalents 71 492 1 388
Cash and cash equivalents at
beginning of year
Cash and cash equivalents at end 58 132 71
of year
STATEMENT OF Share Share Non- Distributable Total
CHANGES IN EQUITY Capital Premium Distributable Reserve
Reserve
R"000 R"000 R"000 R"000 R"000
Balance as at 31 1 431 91 912 1 499 (94 146) 696
August 2003 800 2 000 - - 2 800
Issue of share - - (2 811) - (2 811)
capital - - 1 968 - 1 968
Revaluation of - - - (2 777) (2 777)
computer equipment
Deferred tax on
revaluation
Net operating
profit for the
period
Balance as at 28 2 231 93 912 656 (96 923) (124)
February 2005 - - (656) 4 147 3 491
Sale of - - - (3 885) (3 885)
subsidiaries
Net operating
profit for the
period
Balance as at 31 2 231 93 912 - (96 661) (518)
August 2005
COMMENTS
The Board of Directors present the unaudited interim financial results of the
Group for the six months ended 31 August 2005.
INTRODUCTION
For the past 24 months management has been focused on a project to rationalise
the group in an effort to reduce debt within operating companies, and thereby
enable management to explore alternative strategies. The disposal of the
operating businesses within the subsidiaries resulted in the substantial
reduction of debt. Elexir SA (Pty) Ltd and Elexir Computer Services (Pty) Ltd
were placed in liquidation and it was therefore decided to dispose of the
investments for R1,00 with effect from 1 March 2005. During the previous
financial year the property in Pitstop Properties (Pty) Ltd was disposed of and
the proceeds used to settle debts, resulting in the company becoming dormant
and was sold for R1.00. Following the above restructuring, Elexir effectively
became a cash shell. This allowed management to pursue other opportunities to
create value for shareholders.
FINANCIAL REVIEW
The Group incurred an operating loss of R149 000 for the six months to August
2005. The liquidation and disposal of the subsidiary companies resulted in the
write off of investments of R3,47 million, resulting in a loss attributable to
shareholders of R3,66 million. The restructuring and rationalisation of the
group resulted in the liabilities being reduced from R4,00 million at 28
February 2005 to R0,58 million at 31 August 2005.
ACQUITION OF PSV HOLDINGS LIMITED
Shareholders are referred to the detailed announcement on SENS and the press
simultaneously with this interim result announcement regarding the acquisition
of PSV Holdings Limited. It is expected that this acquisition will have a
positive effect on the Group going forward.
TRANSITIONAL ADJUSTMENTS IN TERMS OF IFRS
Comparative figures have been restated to reflect the transition from South
African Statements of Generally Accepted Accounting Practice to International
Financial Reporting Standards. The adjustments represents:
- The reclassification of financial instruments in accordance with IAS 32:
Financial instruments: Disclosure and Presentation and IAS39: Financial
instruments: Recognition and Measurement. These adjustments had no effect
on the income statement and the effect on the balance sheet has been
disclosed in the transitional reconciliation presented below.
- The adoption of the new interpretation of IAS17 (AC 105) - Operating
leases, which include fixed rental increases. The effect of the new
interpretation of operating leases was found to be immaterial.
INTERNATIONAL FINANCIAL REPORTING STANDARDS AND COMPANIES ACT REQUIREMENTS
The interim financial statements were prepared in compliance with International
Financial Reporting Standards (IFRS) for the first time, as well as the
Companies Act. The disclosures required by IFRS1 concerning the transition from
South African Statements of Generally Accepted Accounting Practice to IFRS are
as follows:
RECONCILIATION OF EQUITY AT 1 MARCH 2004 (DATE OF TRANSITION TO IFRS)
No adjustment was required at 1 March 2004.
RECONCILIATION OF EQUITY AT 28 FEBRUARY 2005
BALANCE SHEETS Effect of
SA GAAP Transition IFRS
R"000 R"000 R"000
ASSETS
Non-current assets 8 - 8
Property, plant and equipment 8 - 8
Intangible assets - - -
Current assets 58 - 58
Inventory - - -
Trade and other receivables - - -
Cash and cash equivalents 58 - 58
Total assets 66 - 66
EQUITY AND LIABILITIES
Shareholders funds (518) - (518)
Share capital 2 231 - 2 231
Share premium 93 912 - 93 912
Distributable reserves - - -
Non-distributable reserves (96 661) - (96 661)
Non-current liabilities - - -
Long-term borrowings - - -
Current liabilities 584 - 584
Trade and other payables 584 - 584
Deferred taxation - - -
Short term portion of long-term - - -
borrowings
Total equity and liabilities 66 - 66
CORPORATE GOVERNANCE
The group fully subscribes to the principles of, and implements where possible,
the recommendations of the King II Code on Corporate Governance.
DIVIDENDS
The directors do not recommend the payment of a dividend.
For and on behalf of the Board
JA Casey (Chief Executive Officer)
JW Walters (Executive Director)
7 February 2006
Registered office:
19 Truman Street, Robindale, Randburg, 2194, PO Box 1819, Fourways, 2055
Transfer secretaries:
Computershare Investor Services 2004 (Pty) Limited, Ground Floor, 70 Marshall
Street, Johannesburg
Directors:
JA Casey JW Walters
Auditors:
Russel Bedford Southern Africa (Jhb) Inc (2000/011089/21 Chartered Accountants
(SA) (PO Box 1757, Northcliff, 2115
Sponsor:
Exchange Sponsors (Pty) Ltd, 39 First Road, Hyde Park, 2196 (PO Box 411216,
Craighall, 2124)
Date: 07/02/2006 12:13:30 PM Produced by the JSE SENS Department
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