FONEWORX HOLDINGS LIMITED (Reg No 1997/010640/06) ANNUAL REPORT for the year ended 30 June 2007 Contents Directors and administ
DIRECTORS AND A D M I N I S T R AT I O N Company registration number 1997/010640/06 Share code FWX ISIN code ZAE000086237 Websi
PROFILE The group, via its wholly owned subsidiary FoneWorx (Pty) Limited, is a telecommunications value-added service provider
CHIEF EXECUTIVE OFFICER’S REVIEW I am pleased to present the audited annual financial statements for the year ended 30 June 200
CHIEF EXECUTIVE OFFICER’S REVIEW The range of business services is sold to the market via a focused dealer network which has no
DIRECTORS’ RESPONSIBILITY AND A P P R O VA L The annual financial statements set out on pages 7 to 30 are the responsibility of
AUDIT REPORT To the members of FONEWORX HOLDINGS LIMITED (formerly Interconnective Solutions Limited) We have audited the accom
DIRECTORS’ REPORT for the year ended 30 June 2007 to the members of Foneworx Holdings Limited (formerly Interconnective Solutio
DIRECTORS’ REPORT Shareholder spread as at 30 June 2007 To the best of the knowledge of the directors, the spread of shareholde
DIRECTORS’ REPORT Corporate code of conduct FoneWorx Holdings Limited is committed to: • integrity and best practice in its dea
DIRECTORS’ REPORT [A = Africans, C = Coloureds, I = Indians and W = Whites.] Designated Occupational levels A Senior management
GROUP BALANCE SHEET as at 30 June 2007 Notes ASSETS Non-current assets Property, plant and equipment Intangible assets Investme
GROUP INCOME S TAT E M E N T for the year ended 30 June 2007 Notes Revenue Other operating income Direct operating costs Staff
GROUP S TAT E M E N T OF CHANGES IN EQUITY for the year ended 30 June 2007 Notes Share capital Balance at beginning of year Iss
GROUP CASH FLOW S TAT E M E N T for the year ended 30 June 2007 Notes Cash flow from operating activities Net cash generated fr
NOTES TO THE GROUP CASH FLOW S TAT E M E N T for the year ended 30 June 2007 2007 R’000 A. RECONCILIATION OF PROFIT BEFORE TAXA
NOTES TO THE GROUP FINANCIAL S TAT E M E N T S 30 June 2007 1. PRESENTATION OF FINANCIAL STATEMENTS The financial statements ha
NOTES TO THE GROUP FINANCIAL S TAT E M E N T S 30 June 2007 Each part of an item of property, plant and equipment with a cost t
NOTES TO THE GROUP FINANCIAL S TAT E M E N T S 30 June 2007 1. PRESENTATION OF FINANCIAL STATEMENTS (continued) 1.6 Financial i
NOTES TO THE GROUP FINANCIAL S TAT E M E N T S 30 June 2007 1.7 Tax (continued) A deferred tax asset is recognised for all dedu
NOTES TO THE GROUP FINANCIAL S TAT E M E N T S 30 June 2007 1. PRESENTATION OF FINANCIAL STATEMENTS (continued) 1.10 Impairment
NOTES TO THE GROUP FINANCIAL S TAT E M E N T S 30 June 2007 1.13 Provisions and contingencies Provisions are recognised when: –
NOTES TO THE GROUP FINANCIAL S TAT E M E N T S 30 June 2007 1. PRESENTATION OF FINANCIAL STATEMENTS (continued) 1.15 Turnover T
NOTES TO THE GROUP FINANCIAL S TAT E M E N T S 30 June 2007 1. PRESENTATION OF FINANCIAL STATEMENTS (continued) 1.19 Comparativ
NOTES TO THE GROUP FINANCIAL S TAT E M E N T S 30 June 2007 2. PROPERTY, PLANT AND EQUIPMENT (continued) The net carrying amoun
NOTES TO THE GROUP FINANCIAL S TAT E M E N T S 30 June 2007 3. INTANGIBLE ASSETS (continued) The net carrying amount of intangi
NOTES TO THE GROUP FINANCIAL S TAT E M E N T S 30 June 2007 2007 R’000 6. TRADE AND OTHER RECEIVABLES Trade and other receivabl
NOTES TO THE GROUP FINANCIAL S TAT E M E N T S 30 June 2007 2007 R’000 10. INSTALMENT SALE AGREEMENTS Minimum lease payments du
NOTES TO THE GROUP FINANCIAL S TAT E M E N T S 30 June 2007 2007 R’000 14. REVENUE An analysis of the group’s revenue is as fol
NOTES TO THE GROUP FINANCIAL S TAT E M E N T S 30 June 2007 2007 R’000 19. INVESTMENT INCOME Interest received 20. INCOME TAX E
NOTES TO THE GROUP FINANCIAL S TAT E M E N T S 30 June 2007 25. FAIR VALUE AND CREDIT RISK OF FINANCIAL INSTRUMENTS In the norm
NOTICE OF ANNUAL GENERAL MEETING FONEWORX HOLDINGS LIMITED (formerly Interconnective Solutions Limited) (Registration number 19
NOTICE OF ANNUAL GENERAL MEETING The approval of a 75% majority of the votes cast by shareholders present or represented by pro
FONEWORX HOLDINGS LIMITED (formerly Interconnective Solutions Limited) (Registration number 1997/010640/06) Share code: FWX ISI
NOTES TO THE FORM OF PROXY 1. A shareholder may insert the names of two alternative proxies of the shareholder’s choice in the
SHAREHOLDERS’ DIARY Financial year end Annual report and financial statements Annual general meeting Half-year interim report 3