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ITG
ITG
ITG - Integrear Limited - Unaudited Interim Results for the period ended 31
December 2006
Integrear Limited
("Integrear" or "the group")
Registration number 1989/001319/06
Share code: ITG ISIN number: ZAE000027231
Unaudited Interim Results for the period ended 31 December 2006
Consolidated Income Statement
Unaudited Restated Audited
Six months ended Year ended
31 December 30 June
2006 2005 2006
R`000 R`000 R`000
Revenue - 3 692 5 178
Cost of sales - (1 169) (1 849)
Gross profit - 2 523 3 329
Other income 40 - 3 131
Operating expenses (463) (2 588) (3 990)
(Loss)/profit from operations (423) (65) 2 470
Loss on disposal of subsidiary - (19) -
Finance costs (1) (9) (11)
Income from investments 23 88 97
(Loss)/profit before taxation (401) (5) 2 556
Income tax expense - (89) (56)
Net (loss)/profit for the period (401) (94) 2 500
Weighted average number of
ordinary shares in issue 12 564 190 12 564 190 12 564 190
Basic (loss)/earnings per share
(cents) (3,19) (0,75) 19,90
Headline loss per share (cents) (3,37) (0,52) (5,26)
Consolidated cash flow statement
Unaudited Restated Audited
Six months ended Year ended
31 December 30 June
2006 2005 2006
R`000 R`000 R`000
Operating activities
Cash receipts from customers 12 2 021 6 408
Cash paid to suppliers and employees (21) 2 460 8 581
Cash(used in)/generated from
operations 33 (439) (2 173)
Interest paid (1) (9) (11)
Interest received 23 88 97
Taxation paid (59) (89) -
Net cash (used in)/from operating
activities (3) (449) (2 087)
Investing activities
Purchases of equipment - maintaining
operations - - (2)
Proceeds from disposals - - 3 844
Decrease in loans receivable - - (1)
Net cash from investing activities - - 3 841
Financing activities
Repayment of share premium (3 450) - -
Increase/(decrease) in borrowings 1 000 (24) (70)
Net cash used in financing (2 450) (24) (70)
activities
Net (decrease)/increase in cash and
cash equivalents (2 453) (473) 1 684
Cash and cash equivalents at
beginning of the period 3 649 1 965 1 965
Cash and cash equivalents at end of
the period 1 196 1 492 3 649
Consolidated balance sheet
Unaudited Restated Audited
31 December 30 June
2006 2005 2006
R`000 R`000 R`000
Assets
Non-current assets - 574 89
Equipment - 46 -
Deferred tax asset - 528 89
Current assets 1 506 4 500 3 929
Trade and other receivables 310 3 008 280
Bank balances and cash 1 196 1 492 3 649
Total assets 1 506 5 074 4 018
Equity and liabilities
Capital and reserves (174) 2 056 3 702
Share capital 126 126 126
Share premium 4 736 686 686
Non-distributable reserves 828 828 828
Capital redemption fund 48 48 48
Accumulated profit/(loss) (5 912) 368 2 014
Non-current liabilities
Long-term borrowings: Interest
bearing 1 000 11 -
Current liabilities 680 3 007 316
Trade and other payables 679 1 947 256
Deferred revenue - 1 021 -
Tax liability 1 4 60
Short-term borrowings: Interest
bearing - 35 -
Total equity and liabilities 1 506 5 074 4 018
Consolidated statement of changes in equity
Non- Accumu-
distri- Capital lated
Share Share butable redemptio (loss)/
n
capital premium reserve fund profits Total
R`000 R`000 R`000 R`000 R`000 R`000
Balance at 30
June 2005 126 686 828 48 (486) 1 202
Net loss for
the period - - - - (94) (94)
Sale of
subsidiary - - - - 948 948
Balance at 31
Dec 2005 126 686 828 48 368 2 056
Net profit
for the
period - - - - 1 646 1 646
Balance at 30
June 2006 126 686 828 48 2 014 3 702
Net loss for
the period - - - - (401) (401)
Repayment of
Capital - (3 450) - - - (3 450)
Investment
written off - 7 500 - - (7 525) (25)
Balance at 31
Dec 2006 126 4 735 828 48 (5 912) (175)
Comments
Shareholders are referred to the results of the General Meeting of
shareholders held on 1 August 2006 as published on Sens, whereby
resolutions were approved to dispose of the BPM business of Integrear
Systemflo (Pty) Limited and the subsequent reduction of share capital by R3
450 000 by means of specific payment to shareholders.
The effect of these actions have lead to the Company becoming a cash shell
on the JSE Limited ("the JSE").
Accounting policies
The interim statement has been prepared in accordance with IFRS. The
accounting policies used are consistent with those used in the annual
financial statements for the year ended 30 June 2006
Audit report
The interim consolidated financial statements are not audited.
Financial
All trading subsidiaries of the group or their business have been disposed
of, and no trading has occurred other than for costs associated with the
holding companies requirements. Segment results, seasonality and
cyclicality are not relevant to this interim report.
Notes related to the balance sheet
Increase in long-term borrowings
Hill Trust made an amount of R1 000 000 available by way of shareholders
loan as part of the JSE requirments for a cash shell.
This requirement and subsequent loan was published in the circular to
shareholders dated 10 July 2006.
Accumulated profit/(loss) = (5 912)
Subsequent to the aproval of the repayment of capital as approved in
General Meeting on 1 August 2006 the directors deemed the investment held
in Integrear Systemflo (Pty) Limited inappropriate and subsequently
approved the writing off of the book value of the investment. Accumulated
profit of R2 014 thousand less the loss of R401 thousand less the
investment written off of R7 525 thousand results in an accumulated loss of
R5 912 thousand at the end of the period.
Share Premium = 4 736
The share premium balance of R686 thousand plus the investment previoulsy
set off against share premium of R7 500 thousand less the capital repayment
amount of R3 450 thousand, resulted in the net share premium account
balance of R4 736 at the end of the period.
Status as a Cash Shell
On 1 August 2006 the Company was deemed to be a cash shell and notified to
that effect by the JSE, the company had six months, expiring on 31 January
2007 to agree, and make an announcement relating to the acquisition of
viable assets that satisfy the conditions for a listing. As this has not
happened the company`s securities have been suspended and the Company has a
further three months, ending at the end of April 2007, to comply and have a
circular approved by the JSE to the effect of the acquisition of a viable
asset as set out above, failing which the company will be de-listed.
Dividend
No dividend is declared for the period under review.
Specific payment
A specific payment was made to shareholders in terms of the reduction of
share capital by R3 450 000.
By order of the board
Thomas Hill
Chairperson
28 March 2007
Transfer secretaries Registered office
Computershare Investor Services 2004 (Pty) Glen Manor Office Park
Limited Menlyn, 0063
70 Marshall Street, Johannesburg, 2001
Directors: TJ Hill (Chairperson), BP Jones*, M Lindeque* A Volschenk*
*Non-executive
Date: 27/03/2007 16:45:00 Produced by the JSE SENS Department.
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