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Unaudited Condensed Consolidated Interim Results for the 6 Months ended 31 December 2022
COGNITION HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1997/010640/06)
Share code: CGN ISIN: ZAE000197042
("Cognition" or "the Group" or "the Company")
SHORT FORM ANNOUNCEMENT - UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31
DECEMBER 2022
Financial Position as at: 31 Dec 2022 31 Dec 2021 30 Jun 2022
(Unaudited) (Unaudited) (Audited)
Change R'000 R'000 R'000
Total assets 7.1% 265 367 247 719 250 745
Cash and cash equivalents 102.6 % 213 263 105 270 113 896
Capital and reserves 22.1 % 232 568 190 424 194 052
Total liabilities -42.8 % 32 799 57 295 56 963
Financial Performance for the period:
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 2022 31 Dec 2021* 30 Jun 2022*
R'000 R'000 R'000
Revenue - 12.9 % 40 895 46 937 91 684
Gross profit 0.2% 30 153 30 080 63 775
Profit / (loss) before tax 118.4% 6 349 (16 350) (11 880)
Total comprehensive income / (loss)
from continuing operation 134.0% 4 446 (13 068) (10 175)
Profit / (loss) from discontinued operations 248.3% 58 365 (39 346) (35 318)
Net Profit / (loss) after tax 219.8% 62 811 (52 414) (45 493)
Earnings per share:
Basic earnings / (loss) per share (cents) 217.0% 27.87 (23.81) (22.15)
Basic earnings / (loss) per share (cents)
from continuing operations 129.0% 1.66 (5.73) (4.53)
Headline earnings / (loss) per share (cents) 194.8% 0.67 (0.70) 0.46
Net asset value:
Net asset value per share (cents) 41.4% 100.93 71.40 73.06
Net tangible asset value per share (cents) 158.4% 99.53 38.52 41.25
*Restated for discontinued operations
The Cognition Group reports a much-improved interim result, mainly benefitting from a significant profit on
the sale of Private Property and cost reduction within its continuing operations. The Group is continuing to
strengthen its core services and processes with an emphasis on finding solutions for its customers and
exploring various opportunities to secure reasonable returns to its shareholders.
The business of Cognition has been subjected to a rigerous reassessment process following the restructuring of
the management team at the end of December 2021. The existing businesses of FoneWorx and BMi have been
refocussed and aligned with the identified needs of their respective customer bases.
During the period under review an opportunity to dispose of its investment in Private Property presented
itself, which Board elected to pursue and the Group was able to successfully conclude the transaction on 18
November 2022.
Prospects
The Group was able to return to operational profitability and was able to unlock value in the past period
through the sale of Private Property. Its continuing operations are producing reasonable results and the Board
believes that the business units can weather the worsening economic conditions that are faced by all South
Africans. Cognition finds itself in a healthy financial position with realistic prospects to unlock value to
shareholders in the short term.
DIVIDEND POLICY
The Board resolved not to declare an interim dividend as it is currently evaluating how to deliver returns to
its shareholders in the most effective way possible.
This short-form announcement is the responsibility of the directors. This announcement is only a summary of
the information in the full announcement and does not contain full or complete details. The full announcement
is available at:
https://senspdf.jse.co.za/documents/2023/jse/isse/cgn/interim22.pdf
and can be found on the Company's website at www.cognitionholdings.co.za. Copies of the full announcement may
also be requested at the Company's registered office or the office of the sponsor, AcaciaCap Advisors, at no
charge, during office hours. Any investment decision should be based on the full announcement released on SENS
and published on the Company's website.
Directors: Paul Jenkins #* - Chairman, Rob Fedder - Chief Executive Officer, Pieter Scholtz - Financial
Director, Graham Groenewaldt - Sales Director, Steve Naudé#*, Miles Crisp #*, Dennis Lupambo#*, Servaas de
Kock #, Amasi Mwela#
# Non-executive * Independent
Johannesburg
8 March 2023
Sponsor
AcaciaCap Advisors Proprietary Limited
Date: 08-03-2023 05:08:00
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