Financial overview



Condensed audited consolidated results


For the year ended 30 June 2008, can be downloaded here:
Condensed audited consolidated results for the year ended 30 June 2008 30 September 2008

Unaudited Condensed Financial Results for the Six Months ended 31 December 2007
The unaudited results for the six months ended 31 December 2007 consolidates the accounts of the Intergrear Limited cash shell and only three trading months from 1 October 2007 of the Best Cut businesses acquired late last year and reverse-listed into the Integrear cash shell in January 2007.
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The comparative numbers represent the audited results of the cash shell Integrear Limited for the financial year ended June 2007 and are therefore not comparable with the current results.       
  
CONDENSED CONSOLIDATED BALANCE SHEET    
Unaudited     Audited 
December June 
2007 2007
  R' R' 
ASSETS                                                                            
Non current assets 34 032 147 
Equipment 34 032 147   
Current assets                                                  30 601 176  673 755 
Trade and other receivables                                    21 806 935  244 235 
Bank balances and cash                                         3 297 230  429 520 
Inventory 5 497 012   
 
TOTAL ASSETS 64 633 323  673 755
EQUITY AND LIABILITIES                                                            
Capital and reserves                                        26 467 077  (691 076)
Share capital                                                    177 793  125 642 
Share premium                                               27 593 927  4 735 530 
Non-distributable reserves                                          48 558  48 558 
Capital redemption fund                                           828 000  828 000 
Accumulated (loss)                                        (2 181 201) (6 428 805)
Non-current liabilities                                                           
Long-term borrowings: Interest bearing                         6 607 904  1 072 917 
Current liabilities                                            31 558 342  291 915 
Trade and other payables                                        29 534 539  279 924 
Bank overdraft                                                  371 957  11 990 
Taxation payable 1 281 810   
Deferred tax liability 370 036   
   
TOTAL EQUITY AND LIABILITIES                                    64 633 323  673 755 
CONDENSED CONSOLIDATED INCOME STATEMENT                                         
     
Unaudited      Audited 
December  June 
6 months  12 months 
  R'  R' 
Revenue                    39 426 506 
Cost of sales  (24 566 173)  
Gross profit               14 860 333 
Other income     119 187 
Operating expenses                                              8 611 107  939 936 
Profit from operations                                   6 368 413  (939 936)
Profit on write-off of loan   39 563 
Depreciation         395 271   
Finance costs                                                      94 814  (73 248)
Income from investments                                              21 122  57 005 
Profit/(loss) before tax                                      5 899 450  (916 617)
Income tax 1 651 846   
Net profit/(loss) for the period                               4 247 604  (916 617)
Weighted average number of shares in issue                                                       127 356 658  12 564 190 
Basic earnings per share (cents)                                      3,34  (7,30) 
Headline earnings per share (cents)                   3,35  (7,30) 
CONDENSED CONSOLIDATED CASHFLOW STATEMENT                                       
     
Unaudited      Audited 
December  June 
6 months  12 months 
  R'  R' 
OPERATING ACTIVITIES                                                              
Cash receipts from customers    17 982 993 
Cash paid to suppliers and employees                        (3 922 666)  (765 024)
Cash invested in stock        (5 497 012)  
Cash generated from/(used in) operations                                                     8 563 316  (765 024)
Interest paid                                                    (94 814) (73 248)
Interest received                                                    21 122  57 005 
Net cash from/(used in) operating activities                                            8 489 624  (781 267)
 
INVESTING ACTIVITIES                                                              
Purchases of equipment - maintaining operations                                           (34 427 418)
Net cash (used in)/from investing activities                                           (34 427 418)  
FINANCING ACTIVITIES                                                              
Issue of shares  29 885 327 
Listing costs (6 974 779)
Repayment of share premium    (3 450 000)
Increase in borrowings                                         5 534 987  1 000 000 
Net cash from/(used in) financing activities                     28 445 535  (2 450 000)
Net Increase in cash and cash equivalents                            2 507 742   (3 231 267)
Cash and cash equivalents at beginning of the year                   417 529  3 648 797 
Cash and cash equivalents at end of the period                          2 925 272  417 529 
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                           
       
Non-
Share  Share  Distributable 
Capital  Premium  reserve 
  R'  R'  R' 
Balance at 30 June 2005                                     125 642  685 530  828 000 
Net profit for the period      
Balance at 30 June 2006                                    125 642   685 530  828 000 
Net loss for the period        
Repayment of capital        (3 450 000)
Investment written off   7 500 000   
Balance at 30 June 2007                                   125 642  4 735 530  828 000 
Shares issued 52 151  29 833 176 
Listing costs  (6 974 779)
Net profit for the period      
Balance as at 31 December 2007                           177 793  27 593 927  828 000 
                            Capital Accumulated
Redemption (loss)/
  Fund  profit Total 
Balance at 30 June 2005                                  48 558  (485 574) 1 202 156 
Net profit for the period                   2 500 127  2 500 127 
Balance at 30 June 2006                                 48 558   2 014 553  3 702 283 
Net loss for the period    (916 617) (916 617)
Repayment of capital            (3 450 000)
Investment written off   (7 526 741) (26 741)
Balance at 30 June 2007                                48 558  (6 428 805) (691 075)
Shares issued                    29 885 327 
Listing costs (6 974 779)
Net profit for the period   4 247 604  4 247 604 
Balance as at 31 December 2007                                                  48 558  (2 181 201) 26 467 077 

 

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