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HARRIS TECHNOLOGY GROUP LIMITED — Interim / Quarterly Report 2003
Jul 24, 2003
65074_rns_2003-07-24_3a229fdc-179f-4e4c-87c7-14e08c8151e2.pdf
Interim / Quarterly Report
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Swish Group
The Swish Group Limited ABN 93 085 545 973
Level 6 257 Collins Street Melbourne Victoria 3000 Australia [T] 61396621233 [F] 61396621942
25 July 2003
Australian Stock Exchange Limited Companies Announcements Office 4th Floor 20 Bridge Street SYDNEY NSW 2000
Dear Sir
THE SWISH GROUP LIMITED QUARTERLY CASH FLOW STATEMENT TO 30 JUNE 2003
The Swish Group Limited ("Company") is pleased to present its Appendix 4C Cash Flow Statement for the Quarter Ended 30 June 2003.
During the Quarter the external administration of the Company was brought to an end, and certain assets and liabilities assumed by the Administrator. The pre-conditions set out in the Deed of Company Arrangement entered into with Media Entertainment Pty Ltd (a Company associated with Executive Directors Mr. Cary Stynes and Mr. Peter Crafter), having been satisfied and approved by shareholders at an Extraordinary General Meeting held on 14 May 2003, enabled quotation of the Company's securities to be reinstated on ASX on 16 May 2003.
The cash flow statement reflects the trading of the ongoing business of the Company to 30 June 2003 and the assumption by the Administrator of cash balances totalling \$835,000 on termination of the Administration in May 2003. Total cash balances were \$195,000 as at 30 June 2003. In addition the Company had available the \$500,000 facility provided by Media Entertainment Pty Ltd, of which \$10,000 had been drawn as at 30 June 2003.
The Company completed a placement to sophisticated investors on 30 June 2003 raising \$160,000. Subsequent to the end of the financial year, the Company completed its Share Purchase Plan raising an additional \$141,000.
The Directors believe that, the Company has an exciting future and that, now the reorganisation and recapitalisation of the Company has been completed, there are sufficient funds available for the ongoing operation and future development of the Company's business.
Yours faithfully
Cary P Stynes Managing Director
Rule 4.7B
Appendix 4C
Quarterly report for entities admitted on the basis of commitments
Introduced 34/3/2000. Amended 30/9/2004
Name of entity
The Swish Group Limited
ABN
93 085 545 973
Quarter ended ("current quarter")
30 June 2003
Consolidated statement of cash flows
| Cash flows related to operating activities | Current quarter \$A'000 |
Year to date $_{12}$ months) |
|
|---|---|---|---|
| \$A'000 | |||
| 1.1 | Receipts from customers | 133 | 3.281 |
| 1.2 | Payments for (a) staff costs |
(80) | (1, 866) |
| (b) advertising and marketing | (3) | (91) | |
| (c) research and development | |||
| (d) leased assets | Ab. | (202) | |
| (e) other working capital | (160) | (1,179) | |
| 1.3 | Dividends received | ||
| 1.4 | Interest and other items of a similar nature received |
2 | |
| 1.5 | Interest and other costs of finance paid | $\overline{\phantom{a}}$ | (138) |
| 1.6 | Income taxes paid | (3) | (10) |
| 1.7 | Other (provide details if material) | ||
| Net operating cash flows | (113) | (203) |
+ See chapter 19 for defined terms.
| Current quarter \$A'000 |
Year to date $_{12}$ months) |
||
|---|---|---|---|
| \$A'000 | |||
| 1.8 | Net operating cash flows (carried forward) | (113) | (203) |
| Cash flows related to investing activities | |||
| 1.9 | Payment for acquisition of: | ||
| (a) businesses (item 5) | |||
| (b) equity investments (c) intellectual property |
w | ||
| (d) physical non-current assets | (8) | (20) | |
| (e) other non-current assets | |||
| 1.10 | Proceeds from disposal of: | ||
| (a) businesses (item 5) | |||
| (b) equity investments | |||
| (c) intellectual property | w | ||
| (d) physical non-current assets | 316 | ||
| (e) other non-current assets | |||
| 1.11 | Loans to other entities | ||
| 1.12 | Loans repaid by other entities | ||
| 1.13 | Other (provide details if material) | ă. | |
| Net investing cash flows | (8) | 296 | |
| 1.14 | Total operating and investing cash flows | (121) | 93. |
| 1.15 | Cash flows related to financing activities Proceeds from issues of shares, options, etc. |
370 | 370 |
| 1.16 | Proceeds from sale of forfeited shares | ||
| 1.17 | Proceeds from borrowings | 117 | |
| 1.18 | Repayment of borrowings | $\overline{\phantom{a}}$ | (246) |
| 1.19 | Dividends paid | w | a. |
| 1.20 | Other (provide details if material) | ||
| Assumption of cash balances by Administrator | (835) | (835) | |
| Net financing cash flows | (465) | (594) | |
| Net increase (decrease) in cash held | (586) | (501) | |
| 1.21 | Cash at beginning of quarter/year to date | 781 | 696 |
| 1.22 | Exchange rate adjustments to item 1.20 | ||
| 1.23 | Cash at end of quarter | 195 | 195 |
+ See chapter 19 for defined terms.
Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities
| Current quarter SA'000 |
||
|---|---|---|
| 1.24 | Aggregate amount of payments to the parties included in item 1.2 | MAR |
| 1.25 | Aggregate amount of loans to the parties included in item 1.11 | $\overline{\phantom{a}}$ |
1.26 Explanation necessary for an understanding of the transactions
During the Quarter the external administration of the Company was brought to an end, and certain assets and liabilities assumed by the Administrator. The pre-conditions set out in the Deed of Company Arrangement entered into with Media Entertainment Pty Ltd (a Company associated with Executive Directors Mr. Cary Stynes and Mr. Peter Crafter), having been satisfied and approved by shareholders at an Extraordinary General Meeting held on 14 May 2003, enabled quotation of the Company's securities to be reinstated on ASX on 16 May 2003.
The cash flow statement reflects the trading of the ongoing business of the Company to 30 June 2003 and the assumption by the Administrator of cash balances totalling \$835,000 on termination of the Administration in May 2003. Total cash balances were \$195,000 as at 30 June 2003. In addition the Company had available the \$500,000 facility provided by Media Entertainment Pty Ltd, of which \$10,000 had been drawn as at 30 June 2003.
The Company completed a placement to sophisticated investors on 30 June 2003 raising \$160,000. Subsequent to the end of the financial year, the Company completed its Share Purchase Plan raising an additional \$141,000.
Non-cash financing and investing activities
Details of financing and investing transactions which have had a material effect on consolidated $2.1$ assets and liabilities but did not involve eash flows
Refer 1.26 above for details of the recapitalisation of the Company and the termination of the Administration.
$2.2$ Details of outlays made by other entities to establish or increase their share in businesses in which the reporting entity has an interest
$N/A$
+ See chapter 19 for defined terms.
Financing facilities available
Add notes as necessary for an understanding of the position. (See AASB 1026 paragraph 12.2).
| Amount available \$A'000 |
Amount used \$A'000 |
||
|---|---|---|---|
| 3.1 | Loan facilities (Convertible Note – related party) | 500 | 10 |
| 3.2 | Credit standby arrangements | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ |
+ See chapter 19 for defined terms.
Reconciliation of cash
| Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of eash flows) to the related items in the accounts is as follows. |
Current quarter \$A'000 |
Previous quarter SA'000 |
|
|---|---|---|---|
| 4.1 | Cash on hand and at bank | 195 | 116 |
| 4.2 | Deposits at call | ||
| 4.3 | Bank overdraft | ||
| 4.4 | Other (cash under control of Administrator to settle creditor and employee claims and pay costs of the Administration) |
665 | |
| Total: cash at end of quarter (item 1.22) | 195 | 781 |
Acquisitions and disposals of business entities
| Acquisitions (Item $1.9(a)$ ) |
Disposals ( liem 1.10(a) ) |
||
|---|---|---|---|
| 5.1 | Name of entity | w | ÷ |
| 5.2 | Place of incorporation or registration |
||
| 5.3 | Consideration for acquisition or disposal |
||
| 5.4 | Total net assets | $\overline{\phantom{a}}$ | |
| 5.5 | Nature of business | $\overline{\phantom{a}}$ | |
Compliance statement
- This statement has been prepared under accounting policies which comply with accounting $\mathbbm{1}$ standards as defined in the Corporations Act (except to the extent that information is not required because of note 2) or other standards acceptable to ASX.
- $\sqrt{2}$ This statement does give a true and fair view of the matters disclosed.
| Sign here: | $\ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ld$ | Date: 25 July 2003 |
|---|---|---|
| (Director) | ||
Print name: ..... Cary P. Stynes....................................
+ See chapter 19 for defined terms.
Notes
- $\mathbf{L}$ The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
- The definitions in, and provisions of, AASB 1026: Statement of Cash Flows apply to this $2.$ report except for the paragraphs of the Standard set out below.
- $\bullet$ 6.2 - reconciliation of cash flows arising from operating activities to operating profit or loss
- $9.2$ - itemised disclosure relating to acquisitions $\bullet$
- itemised disclosure relating to disposals 9.4 $\bullet$
- $[2.1(a)$ policy for classification of cash items $\bullet$
- $12.3$ - disclosure of restrictions on use of cash $\bullet$
- $13.1$ - comparative information $\bullet$
- $3.$ Accounting Standards. ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
+ See chapter 19 for defined terms.