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PTH - Audited financial results for the year ended 30 June 2002

Release Date: 19/09/2002 17:54
Code(s): PNC
Wrap Text

PTH - Audited financial results for the year ended 30 June 2002 Pinnacle Technology Holdings Limited Share code: PNC ISIN: ZAE000022570 ("PTH", "the group" or "the company") www.pinnacle.co.za Audited financial results for the year ended 30 June 2002 NOTES Statement The following are extracts from the unqualified audited financial statements of the company, which are available for inspection at Pinnacle Technology Holdings, 269 16th Street, Randjespark, Midrand. Review of Trading Results * Group revenue increased by 21% to R359 million * Operating margin increased by 69% to 3,5% * Net finance cost reduced by 19,2% * Net profit after interest and tax increased seven-fold from R0,9 million to R6,6 million * Headline earnings per share up 28-fold to 4,44 cents * R27,5 million cash generated from operations * R21,2 million invested into new ventures and assets Corporate Activities * PTH acquired a 35% share in Explix Pty Ltd trading as Workgroup during November 2001. Workgroup specialises in the distribution of software and historically had a market share of 65% of the South African market. PTH is set to capitalise on this advantage. * PTH has bought a 59% stake in Intelligent Systems, effective from 1 January 2002. Intelligent Systems distributes digital storage products, solutions and services and holds the rights to a broad range of storage technologies and products. * PTH has formed a joint venture to establish Rentnet. Rentnet offers a seamless solution to companies, ranging from daily rentals on equipment to long-term full maintenance rentals. * PTH acquired a 45% share in Tswela Services. Tswela Services, an empowerment company, specialises in the training of software packages and their application in the unique environment of their customers. * Pinnacle Micro, the IT Infrastructure group has opened the following branches: * Nelspruit, trading since January 2002 * Bloemfontein, trading since February 2002 * Windhoek, Namibia, trading since February 2002 * Gabarone, Botswana, trading since March 2002 * Pinnacle Micro closed its branch in Cape Town and formed a joint venture with the previous management of SDD Cape Town. Post-Balance Sheet Events There have been no material changes between the year-end date and the date of this report. Prospects * The group will focus on incorporating the new acquisitions into the group. * The group will focus on organic growth for the coming year. Accounting Policies * The accounting policies for the year ended 30th June, 2002 have been consistently applied throughout the year and are unchanged from the previous year. * The accounting policies applied during the year under review are in accordance with South African Statements of Generally Accepted Accounting Practice. Directorate * In line with the diversification into other sectors of the IT arena a new-look board will be proposed by the directors at the Annual General Meeting. Mr C. Biddlecombe to be appointed as executive chairman, while the current chairman Mr Tugendhaft, will continue to serve as a non- executive director. Mr A. Mahomed and Mr van Niekerk retire as directors. Mr Dave Lello will join the board as non-executive director. Dividends * No dividends were declared or proposed during the current year. * The directors, however, have reviewed the dividend policy and will in future support a dividend to be paid, subject to a favourable financial position of the company at the time. Auditors Du Toit Greef & Du Plooy Incorporated PO Box 8318, Centurion, 2146 200 Witch-hazel Avenue, Highveld Technopark, Centurion, 0157 Group consolidated income statement 2002 2001 R 000`s R 000`s
Revenue 358 548 295 749 Operating income before depreciation 14 402 7 777 Depreciation (1 731) (1 607) Operating income after depreciation 12 670 6 170 Net interest paid (4 729) (5 855) Net profit before taxation 7 941 314 Taxation (2 641) (69) Profit for year 5 300 245 Income from associates 1 917 - Outside shareholders` interest (622) (23) Net profit for year 6 595 222 Exceptional items - 662 Earnings attributable to ordinary shareholders 6 595 884 Earnings per share (cents) 4,44 0,60 Headline earnings per share (cents) 4,44 0,15 Shares in issue (000`s) 148 607 148 070 Group consolidated balance sheet 2002 2001 R 000`s R 000`s ASSETS Non-current assets 60 712 43 424 Fixed assets 28 206 24 158 Investment 14 377 150 Cost of investment in subsidiaries 1 201 - Deferred taxation 16 927 19 116 Current assets 123 286 97 459 Inventories 64 634 43 566 Accounts receivable 50 517 53 100 Bank and cash balances 8 135 792 Total assets 183 997 140 883 EQUITY AND LIABILITIES Capital and reserves Ordinary shareholders` funds 70 452 63 720 Outside shareholders` interest 2 149 1 047 Non-current liabilities Long-term liabilities 12 597 12 177 Current liabilities 98 799 63 939 Accounts payable 74 417 45 227 Short-term loan 23 802 18 712 Taxation 581 - Total equity and liabilities 183 997 140 883 Net asset value per share ( cents) 48,85 43,03 Group Statement of changes in equity 2002 2001
R 000`s R 000`s Changes in share capital 1 486 1 481 Balance at beginning of year 1 481 1 450 Issue of shares 5 31 Changes in share premium 53 304 53 179 Balance at beginning of year 53 179 52 123 Premium on shares issued 210 1 210 Goodwill set-off (84) (154) Non-distributable reserves 3 590 3 584 Balance at beginning of year 3 584 3 535 Revaluation of land and buildings 6 49 Retained earnings 12 072 5 477 Balance at beginning of year 5 477 4 594 Net profit for year 6 595 884 Ordinary shareholders` equity at end of year 70 452 63 720 Summarised group cash flow statement 2002 2001 R 000`s R 000`s Cash inflow from/(outflow to) operating Activities 27 448 (1 003) Cash (outflow to)/inflow from investing activities (21 143) 2 601 Cash outflow to/(inflow from) financing activities 1 037 (1 148) Net increase in cash and cash equivalents 7 342 450 Cash and cash equivalents at beginning of year 792 342 Cash and cash equivalents at end of year 8 135 792 Date: 19/09/2002 05:52:00 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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