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AET
AET
AET - Alert - Reviewed financial results: 6 months ended 31 December 2006
Alert Steel Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2003/005144/06)
(JSE code: AET ISIN: ZAE000092847)
("Alert" or "the company")
Highlights
Revenue up 34.9%
Attributable earnings up 99.7%
Listing on ALTx on 1 March 2007
UNAUDITED FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2006
Abridged income statements
Reviewed Aggregated Aggregated
2 months Reviewed Reviewed
ended 6 months 6 months
31 ended ended
December 31 31
2006 (1) December December
R`000 2006 (2) 2005 (2)
R`000 R`000
Revenue 109 337 314 705 233 371
Gross profit 23 748 76 572 53 845
Other income 116 203 31
Operating costs (19 494) (53 458) (41 702)
EBITDA 4 370 23 317 12 174
Depreciation (536) (1 597) (1 729)
Profit before interest and 3 834 21 720 10 445
taxation
Net interest (paid) / (15) (347) 119
received
Profit before taxation 3 819 21 373 10 564
Taxation (1 108) (6 198) (3 064)
Profit after taxation 2 711 15 175 7 500
Minority interests (391) (2 271) (1 039)
Earnings attributable to 2 320 12 904 6 461
ordinary shareholders
Headline earnings 2 320 12 904 6 461
attributable to ordinary
shareholders
Pro forma weighted average 225 000 225 000 225 000
shares in issue on which 000 000 000
earnings are based (4)
Earnings per share (cents) 1.0 5.7 2.9
Headline earnings per share 1.0 5.7 2.9
(cents)
Notes:
The Alert group results, after the restructuring as defined in the detailed
prospectus dated 16 February 2007, effective from 1 November 2006.
The aggregated results include the results of the operations that became
subsidiaries of Alert with effect from 1 November 2006, as part of the
group restructuring and as defined in the detailed prospectus dated 16
February 2007.
Inter-company transactions and outside shareholders interests have been
accounted for in aggregated financial information in order that the income
statements prior to the group restructure are comparable.
The pro forma weighted average number of shares in issue is based on the
sub-division and increase of the ordinary shares in issue into 225 000 000
ordinary shares as set out in the detailed prospectus dated 16 February
2007.
Abridged balance sheets
Reviewed Unaudited
31 pro forma
December after the
2006 consolida
R`000 tion
adjustmen
ts
30 June
2006 (2)
R`000
ASSETS
Non-current assets 60 901 84 569
Property, plant and equipment 18 985 30 070
Goodwill 41 662 54 027
Deferred taxation 254 472
Current assets 199 510 143 208
Inventories 87 087 63 015
Trade receivables 83 450 60 947
Other receivables 28 284 18 212
Cash and cash equivalents 689 1 034
Total assets 260 411 227 777
EQUITY AND LIABILITIES
Ordinary shareholders` equity 107 320 105 000
Minority interests 10 329 7 983
Total shareholders` funds 117 649 112 983
Non-current liabilities
Finance lease obligations 5 120 12 006
Current liabilities 137 642 102 788
Current tax payable 3 094 4 429
Finance lease obligation 4 362 5 207
Trade and other payables 94 736 60 264
Provisions 4 784 389
Bank overdraft 30 666 32 499
Total equity and liabilities 260 411 227 777
Pro forma number of shares in issue 225 000 225 000
(1) 000 000
Net asset value per share (cents) 47.7 46.7
Net tangible asset value per share 29.2 22.7
(cents)
Notes:
The pro forma number of shares in issue is based on the sub-division and
increase of the ordinary shares in issue into 225 000 000 ordinary shares
as set out in the detailed prospectus dated 16 February 2007.
The unaudited pro forma after consolidation adjustments column has been
extracted from the detailed prospectus dated 16 February 2007.
Abridged statements of changes in equity
Reviewed Unaudited
2 months pro forma
ended after the
31 December consolidati
2006 on
R`000 adjustments
12 months
ended 30
June 2006
R`000
Balance at beginning of period - -
Share issue 105 000 105 000
Total earnings after minorities 2 320 -
Balance at end of period 107 320 105 000
Abridged cash flow statements
Reviewed Aggregate Aggregated
2 months d Reviewed
ended Reviewed 6 months
31 6 months ended
December ended 31 December
2006 31 2005
R`000 December R`000
2006
R`000
Cash flows from operating (4 269) 8 684 (5 266)
activities
Cash flow from investing (64) (6 726) (5 628)
activities
Cash flow from financing (470) (469) (533)
activities
Net (decrease)/increase in (4 803) 1 489 (11 427)
cash and cash equivalents
Cash and cash equivalents at (25 174) (31 466) (17 403)
beginning of period
Cash and cash equivalents at (29 977) (29 977) (28 830)
end of period
OVERVIEW
The directors of Alert are pleased to present the reviewed
aggregated interim financial results for the six months ended
31 December 2006 ("the interim period") and the unaudited
results for the two months ended 31 December 2006 subsequent to
the group restructuring which was effective from 1 November
2006.
Alert listed on the Alternative Exchange (ALTX) of the JSE
Limited ("JSE"), on 1 March 2007. Alert, through its operating
subsidiaries, conducts business as retailers of prime steel,
building materials, plumbing and hardware products, operating
11 retail branches and 2 rebar (steel reinforcing bars used in
concrete structures) manufacturing plants in Polokwane and
Pretoria.
FINANCIAL RESULTS
Earnings before interest, taxation, depreciation and
amortisation ("EBITDA") grew by 91.5% to R23,3 million off the
higher revenue base. This is largely attributable to an
increase in steel product demand primarily from the
construction and building sector.
Headline earnings of R12,9 million increased by 99.7% from R6.5
million for the comparative interim period.
PROSPECTS
The directors are confident that Alert will achieve the profit
forecast for the year ending 30 June 2007 as set out in the
detailed prospectus dated 16 February 2007.
SUBSEQUENT EVENTS
Alert listed on ALTx on 1 March 2007.
SHARE CAPITAL
Alert has, through a private placement, placed 20 000 000
ordinary shares at 100 cents per share to selected investors of
Alert with the listing on the JSE.
Prior to the date of listing on ALTX, an offer was made to the
group`s employees, to acquire shares in the company through the
Share Incentive Trust. Employees have accepted 7 600 000
ordinary shares that were offered by the Share Incentive Trust.
DIVIDEND POLICY
In line with the group`s growth strategy, no dividend was
declared for the period.
BASIS OF PREPARATION
The interim results have been prepared in accordance with IAS
34 (Interim Financial Reporting). The accounting policies used
to prepare these interim financial statements are consistent
with those applied in the prior interim period and at previous
year-end and are in accordance with International Financial
Reporting Standards.
This announcement has been prepared in accordance with the
Listings Requirements of the JSE.
AUDITORS` REVIEW
The auditors, RSM Betty & Dickson (Tshwane), have reviewed
these interim results. A copy of their unqualified review
opinion is available for inspection at the company`s registered
office.
By order of the Board
30 March 2007
WF Schalekamp WW Mentz
Managing Director Financial Director
CORPORATE INFORMATION
Non executive directors: E Dube, OV Jevon
Executive directors: WF Schalekamp, WW Mentz
Registration number: 2003/005144/06
Registered address: 12 Gompou Street, East Lynne, 0186
Postal address: PO Box 29607, Sunnyside, 0132
Company secretary: WW Mentz (CA(SA))
Telephone: (012) 800 0004
Facsimile: (012) 800 4661
Transfer secretaries: Computershare Investor Services
2004 (Pty) Limited
Designated Adviser: Exchange Sponsors (Pty) Limited
Date: 30/03/2007 17:22:58 Produced by the JSE SENS Department.
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