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ELX
ELX
Elexir - Restated reviewed 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
Restated reviewed Interim Results for the period ended 31 August 2005
BALANCE SHEET Reviewed Reviewed Audited
31 Aug 31 Aug 28 Feb
2005 2004 2005
R"000 R"000 R"000
ASSETS
Non current assets 10 7 911 592
Property, plant and equipment 8 5 970 457
Intangible Assets - 14 12
Deferred Taxation 2 1 927 123
Current assets 95 3 109 1 421
Inventory - 1 255 848
Trade and other receivables 36 1 722 502
Cash and cash equivalents 59 132 71
Total assets 105 11 020 2 013
EQUITY AND LIABILITIES
Shareholders Funds (518) (2 615) (2 066)
Share capital 2 231 1 431 2 231
Share premium 93 912 91 912 93 912
Non-distributable reserves 1 312 -
Distributable reserves (96 661) (97 270) (98 209)
Non-current liabilities - 6 324 -
Long-term borrowings - 6 324 -
Current liabilities 623 7 311 4 079
Trade and other payables 623 2 550 4 079
Short term portion of long-term - 4 761 -
borrowings
Total equity and liabilities 105 11 020 2 013
Shares in issue at period end 223 128 143 128 223 128
(`000)
Net asset value per share (0.23) (1.83) (1.39)
(cents)
INCOME STATEMENT Reviewed Reviewed Audited
31 Aug 31 Aug 28 Feb
2005 2004 2005
R"000 R"000 R"000
Revenue 10 4 909 16 726
Other income - 42 96
Operating expenses (159) (6 929) (17 672)
Operating profit/(loss) (149) (2 062) (1 050)
Net interest paid - (177) (654)
Exceptional items (1 623) - -
Profit/(loss) before taxation (1 772) (2 239) (1 704)
Taxation - - (2 358)
Profit/(loss) attributable to (1 772) (2 239) (4 062)
shareholders
Reconciliation headline earnings
Profit/(loss) for the period (1 772) (2 239) (4 062)
Write off investments 1 623 - -
Profit on restructuring - 37 (4 782)
Profit on Disposal - - (28)
Loss on sale of property, Plant - - 454
and Equipment
Headline earnings (loss) for (149) (2 202) (8 418
period
Basic and diluted earnings per (0.79) (1.56) (2.84)
share (cents)
Weighted average number of 223 128 143 128 143 128
shares (`000)
Headline earnings per share (0.07) (1.52) (5.88)
(cents)
CASH FLOW STATEMENTS Reviewed Reviewed Audited
31 Aug 31 Aug 28 Feb
2005 2004 2005
R"000 R"000 R"000
Cash flows from operating (1 047 (202) (2 815
activities - (38) 3 143
Cash flows from investing 1 035 (120) (1 645
activities
Cash flows from financing
activities
Net movement in cash and cash (12 (360) (1 317)
equivalents 71 492 1 388
Cash and cash equivalents at
beginning of year
Cash and cash equivalents at end 59 132 71
of year
STATEMENT OF Share Share Non- Distributable Total
CHANGES IN Capital Premium Distributable Reserve
EQUITY Reserve
R"000 R"000 R"000 R"000 R"000
Balance as at 1 431 91 912 1 499 (94 146) 696
31 August 2003 800 2 000 - - 2 800
Issue of share - - (1 499) - (1 499)
capital - - - (4 062 (4 062)
Revaluation of
computer
equipment
Net operating
profit for the
period
Balance as at 2 231 93 912 - (98 209) (2 066)
28 February - - - 1 697 1 697
2005 - - - (149) (149)
Sale of
subsidiaries
Net loss for
the period
Balance as at 2 231 93 912 - (96 661) (518)
31 August 2005
RESTATEMENT OF INTERIM RESULTS
The interim results as published on SENS and in the press on 7 February 2006
have been restated following the completion of the 28 February 2005 audited
accounts, which have resulted in changes to the opening balances. The restated
reviewed interim results have been included in the circular that was mailed to
shareholders on 10 March 2005.
COMMENTS
The Board of Directors present the reviewed 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 R1,6 million, resulting in a loss attributable to
shareholders of R1,7 million. The restructuring and rationalisation of the group
resulted in the liabilities being reduced from R4,07 million at 28 February 2005
to R0,62 million at 31 August 2005.
ACQUITION OF PSV HOLDINGS LIMITED
Shareholders are referred to the detailed announcement on SENS and the press
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 10 - 10
Property, plant and equipment 8 - 8
Deferred taxation 2 - 2
Current assets 95 - 95
Inventory - - -
Trade and other receivables 36 - 36
Cash and cash equivalents 59 - 59
Total assets 105 - 105
EQUITY AND LIABILITIES
Shareholders funds (518) - (518)
Share capital 2 231 - 2 231
Share premium 93 912 - 93 912
Non-distributable reserves - - -
Distributable reserves (96 661) - (96 661)
Non-current liabilities - - -
Long-term borrowings - - -
Current liabilities 623 - 623
Trade and other payables 623 - 623
Deferred taxation - - -
Short term portion of long-term - - -
borrowings
Total equity and liabilities 105 - 105
REVIEWED INTERIM RESULTS
The interim results for the six months ended 31 August 2005, have been reviewed
by Russel Bedford Southern Africa (Jhb) Inc. The auditors report is available
for inspection at the company"s offices.
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)
17 March 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
Executive Directors: JA Casey JW Walters Executive Directors:J P Coetzee M
Danker
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: 17/03/2006 03:00:10 PM Produced by the JSE SENS Department
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