|
VST
VST
Vesta Technology Holdings Limited - Audited Results For The Year Ended
31 August 2006
VESTA TECHNOLOGY HOLDINGS LIMITED
Incorporated in the Republic of South Africa)
(Registration number: 1998/015580/06)
Share Code: VST & ISIN Number : ZAE000016267
("Vesta" or "the company")
AUDITED RESULTS FOR THE YEAR ENDED 31 AUGUST 2006
(all amounts given in Rands unless stated otherwise)
INCOME STATEMENT
Year ended Year ended
31 August 31 August
2006 2005
R000 R000
Operating income - 151
Operating costs - (229)
Operating loss - (78)
Impairment of loans - (119)
Loss on dilution on sale of - (14)
investment in subsidiary
Income from subsidiary 1,833
Loss on disposal of subsidiary (4,024)
Corporate transaction costs (525)
Interest paid (73)
Interest received 4 88
Profit before taxation (4,545) 1,637
Taxation - -
Profit/(loss) for year (4,545) 1,637
Earnings (loss) per share (cents) (5.41) 1.95
Headline earnings per share (cents) 0.00 2.11
Net asset value per share at year- 2.03 7.31
end (cents)
Number of shares at year-end 83,936,310 83,936,310
Weighted average number of shares 83,936,310 83,936,310
Reconciliation between net
earnings and headline earnings
R 000 R 000
Net profit/(loss) per Income (4,545) 1,637
Statement
Impairment of loans 119
Loss on dilution on sale of 14
investment in subsidiary
Corporate transaction costs 525
Loss on disposal of subsidiary 4,024 0
Headline earnings/(loss) 4 1,770
BALANCE SHEET
31 August 31 August
2006 2005
R000 R000
Investment in subsidiary - 6,134
Current assets 1,700 0
Total assets 1,700 6,134
Shareholders" equity 1,479 6,024
Current liabilities 221 110
Total equity and liabilities 1,700 6,134
CASH FLOW STATEMENT
Year ended
31 August Year ended
2006 31 August
R000 2005
R000
Net cash flow from operating (300) 1,678
activities
- Cash generated from operations (304) (170)
- Interest received 4 88
- Interest paid - (73)
- Dividends received - 1,833
Net cash outflow from investing 1,799 (1,678)
activities
Net increase/ (decrease) in cash 1,499 0
and cash equivalents
Cash and cash equivalents at the - 0
begin of the year
Cash and cash equivalents at the 1,499 0
end of the year
STATEMENT OF CHANGES IN EQUITY
Share Share Non distrbu- Accumulated Total
capital premium table loss
reserves
Balance at 31 85 18,958 5,300 (19,956) 4,387
AUGUST 2004
Attributable - - - 1,637 1,637
profit for
the year
Balance at 31 85 18,958 5,300 (18,319) 6,024
AUGUST 2005
Transfer to - (5,300) 5,300 -
accumulated
loss
Attributable (4,545) (4,545)
profit for
year
Balance at 31 85 18,958 - (17,564) 1,479
AUGUST 2006
Commentary on the August 2006 Financial Statements
Basis of Preparation
The audited financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS"). The company adopted IFRS
for the first time effective from 1 September 2004.
IFRS
IFRS 1: First Time Adoption of IFRS has been applied. 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.
Significant changes to the Company"s accounting policies as a result of the
adoption of IFRS
The principal accounting policies are consistent with those applied in the
previous year:
Investment in subsidiaries
The investment in a subsidiary was stated at fair value.
Impact of the transition to IFRS
The requirements for the First Time Adoption of IFRS as required by IFRS1 are
clearly reflected in the company"s statement of changes in equity. In comparing
its comparative information for the year ended 31 August 2005, the group has
adjusted the amounts previously reported in the financial statements prepared
in accordance with previous GAAP. The net effect of the transition to IFRS is
not material.
Review of results
The financial statements have been presented in accordance with IFS and have
been audited by the Company"s auditors, Horwath Leveton Boner. Their unqualified
audit report is available for inspection at the registered offices of the
company.
Operating Performance
The company disposed of its subsidiary on 15 June 2006 effective from 1
September 2005. The financial statements for the year ended 31 August 2006 and
its comparative
figures have accordingly been prepared for the company only as the company no
longer has a subsidiary.
Post balance sheet events
The board of directors are actively evaluating suitable assets for acquisition.
Shareholders will be informed of developments at the appropriate time.
Corporate actions
No dividends have been declared for the year under review.
Directorate
Directors: JE van der Burgh*; DJA White*, LD Van Wyk*,
MJ Antonie*
*Non-executive
Company Secretary: M J Antonie
Registered Office: 2nd Floor, 72 Grayston Drive, Sandown, 2196
Transfer Secretaries: Computershare Limited
Sponsor: Imara Corporate Finance South Africa (Pty) Limited
Auditors: Horwath Leveton Boner
Date: 30/11/2006 05:17:42 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
