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VST
VST
Vesta - Unaudited Interim Results For The Six Month Period Ended
28 February 2006
Vesta Technologies Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 1998/015580/06
Share code: VST & ISIN number: ZAE000016267
("Vesta" or "the company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 28 FEBRUARY 2006
CONSOLIDATED INCOME STATEMENT
Unaudited Six Unaudited Six Audited
months months Year
28 February 28 February Ended
2006 2005 31 August
R"000 R"000 2005
R"000
REVENUE - 5,720 9,160
Operating profit/(loss) - 64 956
Impairment of loans - (175) (3,638)
Profit on the dilution - 3,524 3,524
and sale of investments
in subsidiary
Impairment of loans in (3,465)
subsidiary sold
Attributed loss from - (48) (48)
associate
Net finance costs - (16) (34)
Net profit/(loss)
before taxation - (116) 760
Profit on sale of
business 397 - -
Taxation - (99) (305)
Net profit/(loss)
attributable to ordinary
shareholders 397 (215) (455)
Headline (loss)/earnings
per share (cents) - (0.10) 0.67
Earnings /(loss)
per share (cents) 0.47 (0.30) 0.54
Number of shares
in issue 84,600,000 84,600,000
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
Six months Six months Year
28 February 28 February Ended
2006 2005 31 August
R"000 R"000 2005
R"000
Non Current - 336 201
Assets
Current Assets 2,000 3,775 3,276
TOTAL ASSETS 2,000 4,111 3,477
EQUITY AND LIABILITIES
Capital and Reserves 2,000 933 1,603
Current - 3,178 1,874
Liabilities
2,000 4,111 3,477
Number of shares in 84,600,000 84,600,000 84,600,000
issue
Net asset value per 2.36 1.10 1.89
share(cents)
Reconciliation of earnings per share
Net profit/(loss) used in 397 (215) 455
calculation of earnings per
share
Adjusted for:
Impairment of loans - 175 (3,638)
Profit on the dilution and
sale of
investment in subsidiary - (3,524) (3,524)
Impairment of loans in 3,465
subsidiary sold
Profit /(loss) on sale of (397) (397)
business
Headline (loss/earnings) - (99) 569
STATEMENT OF CHANGES IN EQUITY
Share Non Accumulated Audited
capital* distributable loss total
and reserve R"000 R"000
share R"000
premium
R"000
Balance 1 18,958 141 (17,864) 1,320
September 2003
Net loss for (31) (31)
the year
Foreign (141) (141)
transaction
reserve
Balance at 31 18,958 (17,895) 1,148
August 2004
Net profit for 455 455
the year
Balance at 31 18,958 (17,440) 1,603
August 2005
Profit for 6 397 397
months on sale
of business
Balance at 28 18,958 (17,043) 2,000
February 2006
(* = Includes share capital of R85,000)
SUMMARISED CASH FLOW STATEMENT
Unaudited Unaudited
six months six months Audited
28 February 28 February Year ended
2006 2005 31 August
R"000 R"000 2006
R"000
Cash flows from 2 447 178 (210)
operating
activities/sale of
business
Cash flow from financing - (9) -
activities
Net cash flow from - (317) (110)
investment activities
Net movement in cash and 2 447 (148) (320)
cash activities
Cash and cash equivalents (447) (127) (127)
beginning of year
Cash and cash equivalents at 2 000 (275) (447)
end of year
COMMENTARY ON THE FEBRUARY 2006 INTERIM FINANCIAL REPORT
At a general meeting held on 15 June 2006, the shareholders of Vesta Technology
Holdings Limited ("Vesta") approved the disposal of the entire business of Vesta
to The Morrison Family Trust, a trust associated with Mr F Morrison for R2 000
000 with effect from 1 September 2005.
Basis of preparation
The unaudited condensed interim financial statements have been prepared in
accordance with International Financial Reporting Standards ("IFRS"). The
company adopted IFRS for the first time on 1 September 2005 and these are the
group"s first interim IFRS condensed financial statements. IFRS First Time
Adoption of IFRS has been applied. IAAS34-Interim Financial Reporting and the
requirements of the South African Companies Act of 1973 and the disclosure
requirements of the JSE Limited have been adopted. This report has been prepared
on the fair value and going concern basis.
Impact of the transition to IFRS
The requirements for the First Time Adoption of IFS as required by IFRS1 are
clearly reflected in the company"s statement of changes in equity. Due to the
sale of the business of the company and its remaining asset being cash only, no
restatement of amounts in terms of IFRS were required. Significant changes to
the company"s accounting policies as a result of the adoption of IFRS will be
applied in the future when the company acquires assets.
Review of operations
Vesta reflected a profit of R397 000. The profit was the result of the disposal
of the company"s business. The company has not yet traded as at 28 February
2006.
Company objectives
The company"s short-term investment strategy is to acquire a viable business.
Dividend
No distributions have been made for the six months under review.
Johannesburg
29 June 2006
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Transfer secretaries
Computershare Investor Services 2004 (Pty) Ltd
Date: 29/06/2006 03:54:04 PM Produced by the JSE SENS Department
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