| Wed 31 May 2006, 9:05 | | Psv Holdings Limited - Audited Annual Results For |
|
PSV
PSV
Psv Holdings Limited - Audited Annual Results For Elexir Technology Holdings
Limited For The Year Ended 28 February 2006
PSV HOLDINGS LIMITED
(Formerly Elexir Technology Holdings Limited and changed to PSV Holdings Limited
effective 21 April 2006)
(Registration number 1998/004365/06)
(JSE code: PSV & ISIN: ZAE000078705)
AUDITED ANNUAL RESULTS FOR ELEXIR TECHNOLOGY HOLDINGS LIMITED FOR THE YEAR ENDED
28 FEBRUARY 2006
1. Balance sheet
28 February 2006 28 February 2005
R R
ASSETS
Non-current assets - 592,489
Property, plant and equipment - 457,522
Intangible assets - 11,583
Deferred taxation - 123,384
Investment in subsidiary companies - -
Current assets 129,729 1,421,234
Inventories - 847,675
Trade and other receivables 91,904 502,163
Cash and cash equivalents 37,825 71,396
TOTAL ASSETS 129,729 2,013,723
EQUITY AND LIABILITIES
Capital and reserves (1,084,199) (2,065,714)
Share capital 2,231,280 2,231,280
Share premium 93,911,800 93,911,800
Distributable reserves (97,227,279) (98,208,794)
Non-current liabilities - 48
Current liabilities 1,213,928 4,079,389
Trade and other payables 1,213,928 4,079,389
TOTAL EQUITY AND LIABILITIES 129,729 2,013,723
2. Income statement
28 February 28 February
2006 2005
R R
Gross revenue 9,211 16,725,673
Cost of sales - (6,827,569)
Gross profit 9,211 9,898,104
Other income 19,927 96,472
Operating expenses (745,064) (11,044,278)
Loss after overheads (715,926) (1,049,702)
Finance income / (costs) 156 (654,128)
Loss before taxation (715,770) (1,703,830)
Taxation (1,573) (2,358,415)
Loss after taxation (717,343) (4,062,245)
Earnings per ordinary share (cents) (3.21) (2.84)
Headline earnings per share (cents) (3.30) (5.88)
All per share calculations have been
based on a weighted average of 143 127 999
shares (2005: 143 127 999 Shares)
R R
Reconciliation of headline earnings
Net loss attributable to shareholders (717,343) (4,062,245)
(Profit) on disposal of property, plant &
equipment (19,927) (28,476)
Loss on disposal of investment property - 454,437
Accounts payables written off - (4,782,337)
Headline earnings (737,270) (8,418,621)
3. Statement of changes in equity
Share Share Non-
capital premium distributable
reserves
R R R
Balance at 31 August 2003 1,431,280 91,911,800 1,499,342
Net loss for the year - - -
Issue of share capital 800,000 2,000,000 -
Realisation of revaluation
reserve - - (1,499,342)
Balance at 28 February 2005 2,231,280 93,911,800 -
Disposal of subsidiaries - - -
Net loss for the year - - -
Balance at 28 February 2006 2,231,280 93,911,800 -
Accumulated
loss Total
R R
Balance at 31 August 2003 (94,146,549) 695,873
Net loss for the year (4,062,245) (4,062,245)
Issue of share capital - 2,800,000
Realisation of revaluation reserve - (1,499,342)
Balance at 28 February 2005 (98,208,794) (2,065,714)
Disposal of subsidiaries 1,698,858 1,698,858
Net loss for the year (717,343) (717,343)
Balance at 28 February 2006 (97,227,279) (1,084,199)
4. Cash flow statement
28 February 2006 28 February 2005
R R
Cash flows from operating activities
Cash received from customers 10,500 21,436,493
Cash paid to suppliers and employees (744,790) (21,760,704)
Cash utilised by operating activities (734,290) (324,211)
Interest received 156 18,622
Interest paid - (672,750)
Cash generated from/(utilised by) working
capital 717,535 (1,836,590)
Cash utilised by operating activities (16,599) (2,814,929)
Taxation refunded/( paid) - -
Net cash utilised by operating activities (16,599) (2,814,929)
Cash flows from investing activities
Investment to maintain operations:
Fixed assets acquired - (78,473)
Proceeds on disposal of investment property - 2,890,000
Disposal of fixed assets 26,316 338,462
Intangible assets acquired - (6,500)
Cash effects of disposal of subsidiary (43,288) -
Net cash used in investing activities (16,972) 3,143,489
Cash flows from financing activities
Capital raised - 2,800,000
Borrowings repaid - (4,445,358)
Net cash used by financing activities - (1,645,358)
Decrease in cash and cash
equivalents (33,571) (1,316,798)
Cash and cash equivalents at beginning of
year 71,396 1,388,194
Cash and cash equivalents at end of year 37,825 71,396
5. Accounting policies
The accounting policies used in the preparation of the profit announcement are
consistent with those applied in the previous financial year ended 28 February
2005 and are complaint with International Financial Reporting Standards
("IFRS"). The transition to IFRS had no impact on 28 February 2005"s financial
figures and therefore no adjustments were required.
6. Operational overview
The disposal and liquidation of the subsidiaries of Elexir Technology Holdings
Limited during the last 30 months resulted in Elexir Technology Holdings
Limited effectively becoming a cash shell since 1 March 2005. This allowed
management to pursue other opportunities to create value for shareholders and,
as a result, Elexir Technology Holdings Limited acquired 100% of the shares
and claims in PSV Holdings Limited effective 1 March 2006. This resulted in
the reverse listing of PSV Holdings Limited into Elexir Technology Holdings
Limited on 21 April 2006, with PSV Holdings Limited listing on the Alternative
Exchange of the JSE Limited.
Elexir Technology Holdings Limited incurred a loss after taxation of R717,343
for the year ended 28 February 2006 (2005: R4,062,245). The restructuring and
rationalisation of the group resulted in the current liabilities being reduced
from R4 million at 28 February 2005 to R1.2 million at 28 February 2006.
7. Audit opinion of the independent auditors
The annual financial statements for the year ended 28 February 2006 have been
audited by Russell Bedford Southern Africa (Jhb) Inc. and their accompanying
audit report, as well as the unqualified audit report on these summarised
financial statements, are available for inspection at the Company Secretary"s
office.
These summarised financial statements have been derived from the Group"s
annual financial statements and are consistent in all material respects
with the Group"s annual financial statements.
8. Subsequent events
Elexir Technology Holdings Limited entered into an agreement acquiring 100% of
the shares and claims in PSV Holdings which was effective 1 March 2006.
PSV Holdings reverse listed into Elexir Technology Holdings Limited on
21 April 2006.
For information purposes only, the aggregated income statement for PSV Holdings
for the year ended 28 February 2006, based on the reviewed financial information
of the underlying individual operating entities, compared to the estimated 28
February 2006 figures provided in the revised listing particulars to Elexir
Technology Holdings Limited shareholders dated 10 March 2006, was as follows:
Income statement
R"000 Actual Forecast Percentage
28 Feb 2006 28 Feb 2006 change
Turnover 147,177 154,008 -4.4%
Gross profit 49,679 46,043 7.9%
Operating expenses (30,724) (26,624) 15.8%
EBIT 18,956 19,419 -2.9%
Net interest (paid) / received (375) (118)
Profit before taxation 18,581 19,301 -4.2%
Taxation (5,037) (5,783)
Earnings 13,544 13,518 0.2%
Headline earnings 13,544 13,518
The PSV Holdings results for the year ended 28 February 2006 have been reviewed
by KPMG Inc.
Johannesburg
31 May 2006
Directors
The directors of the company during the accounting period and up to the date
of this report were as follows:
Executive Directors
JA Casey Resigned 6 April 2006
JW Walters Resigned 6 April 2006
AJD Da Silva Appointed 6 April 2006
P Robinson Appointed 6 April 2006
AR Dreisenstock Appointed 6 April 2006
EJR Ganhao Appointed 6 April 2006
VC Hall Appointed 6 April 2006
DJ Kelly Appointed 6 April 2006
R Lubbinge Appointed 6 April 2006
Non-Executive Directors
JJH Mateya Appointed 6 April 2006
V Shongwe Appointed 6 April 2006
JP Coetzee Resigned 6 April2006
M Danker Resigned 6 April 2006
Company secretary
The secretary of the company up to 6 April 2006 was JW Walters,
whose business and postal addresses are:
19 Truman Street, Robindale, Randburg, 2194
(PO Box 3333, Pinegowrie, 2123)
Auditors
Russell Bedford Southern Africa(Jhb)Inc.
Designated adviser
Exchange Sponsors (Proprietary) Limited
Date: 31/05/2006 09:05:50 AM Produced by the JSE SENS Department
