|
ABO
ABO
ABO - Absolute - Unaudited Results: Six Month Period Ended 31 December 2006
ABSOLUTE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/004649/06)
Share code: ABO & ISIN: ZAE000062998
("Absolute" or "the company")
UNAUDITED RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2006
GROUP BALANCE SHEETS
Unaudited Audited Unaudited
31 Dec 2006 30 June 2006 31 Dec 2005
ASSETS R`000 R`000 R`000
Non-current assets 16 475 16 693 21 714
Property, equipment and vehicle 883 1 101 5 305
Mineral rights 9 545 9 545 9 901
Goodwill 6 047 6 047 6 047
Deferred taxation - - 461
Current assets 6 964 9 821 9 882
Cash and cash equivalents 225 230 40
Inventories 6 001 6 678 8 204
Short term receivables 104 104 139
Trade and other receivables 634 2 809 1 499
Assets held for sale 3 780 3 780 -
Total assets 27 219 30 294 31 596
EQUITY AND LIABILITIES
Capital and reserves 8 914 10 812 12 685
Non-current liabilities 2 159 2 122 5 087
Long-term liabilities 2 144 2 107 5 087
Deferred taxation 15 15 -
Current liabilities 12 749 14 010 13 824
Short-term loans 84 101 464
Bank overdraft 4 805 4 470 3 884
Trade and other payables 7 855 9 434 8 720
Provisions - - 471
Taxation payable 5 5 285
Liabilities associated with 3 397 3 350 -
assets held for sale
Total equity and liabilities 27 219 30 294 31 596
Number of shares in issue (`000) 739 708 739 708 739 708
Net asset value per share 1.21 1.46 1.71
(cents)
Tangible net asset value per (0.89) (0.64) (0.44)
share (cents)
Fully diluted number of shares 739 708 739 708 739 708
(`000)
Diluted net asset value per 1.21 1.46 1.71
share (cents)
Diluted tangible net asset value (0.89) (0.44) (0.44)
per share (cents)
GROUP INCOME STATEMENTS
Unaudited Audited Unaudited
Six months Year Six months
ended ended ended
31 Dec 2006 30 Jun 2006 31 Dec 2005
R`000 R`000 R`000
Revenue 9 495 28 126 15 823
Cost of sales and operating (10 907) (28 657) (15 526)
expenses
Net operating (loss)/profit (1 412) (531) 297
Profit on sale of fixed assets - - 5
Recovery of losses on disposal - 39 -
of subsidiary
Fair value adjustment of - (320) -
investment property
(Loss)/profit from operations (1 412) (812) 302
Finance charges (495) (919) (479)
Interest income 8 8 -
Loss before taxation (1 899) (1 723) (177)
Taxation - (418) 15
Net loss for the period (1 899) (2 141) (162)
Reconciliation between loss and
headline loss
Net loss for the period (1 899) (2 141) (162)
Recovery of losses on disposal - (39) -
of subsidiary
Profit on disposal of fixed - 14 (5)
assets
Decrease in value of investment - 320 -
property
Headline loss (1 899) (1 846) (167)
Weighted average shares in issue 739 708 739 708 739 708
(`000)
Loss per share for period (0.25) (0.29) (0.02)
(cents)
Headline loss per share for (0.25) (0.25) (0.02)
period (cents)
ABRIDGED CASH FLOW STATEMENTS
Unaudited Audited Unaudited
31 Dec 2006 30 Jun 2006 31 Dec 2005
R`000 R`000 R`000
Net cash (outflow)/inflow from (424) 14 489
operating activities
Net cash inflow from investing 17 587 457
activities
Net cash from financing 67 (401) (350)
activities
Net decrease in cash and cash (340) 200 596
equivalents
Cash and cash equivalents - (4 240) (4 440) (4 440)
beginning of period
Cash and cash equivalents at end (4 580) (4 240) (3 844)
of period
STATEMENT OF CHANGES IN EQUITY
Share Share Accumulated Total
capital premium losses
R`000 R`000 R`000 R`000
Balance 1 July 2004 6 286 69 096 (74 004) 1 379
IFRS adjustment - - 47 47
Restated balance 6 286 69 096 (73 957) 1 426
Net profit for the year - - 1 528 1 528
Issue of share capital 1 111 8 889 - 10 000
Balance at 30 June 2005 7 397 77 985 (72 429) 12 954
Net loss for the year - - (2 141) (2 141)
Balance at 30 June 2006 7 397 77 985 (74 570) 10 813
Net loss for the period - - (1 899) (1 899)
Balance at 31 December 7 397 77 985 (76 469) 8 914
2006
COMMENTARY
The directors present the unaudited results for the six month period ended 31
December 2006. The accounting policies adopted for purposes of this report
comply, and have been consistently applied in all material respects, with
International Financial Reporting Standards.
RESULTS
Absolute Tiles (Proprietary) Limited ("Absolute Tiles")
The results from Absolute Tiles were disappointing following a strong growth
phase in the prior period. Volumes were affected by the closure of the Cape Town
branch as well as tighter working capital levels. Whilst the group`s focus is
directed towards its mining activities, expertise in the specialised retail
environment is being sought to bolster this business and various opportunities
are being investigated.
Stand 315 Waterkloof (Proprietary) Limited ("Stand 315")
The final sale agreements for the disposal of the property held by Stand 315 as
detailed in the previous annual report have been executed following some delays
with the required rezoning. Included in the loss for the period is approximately
R400,000 expensed in non-retail activities.
Absolute Coleccions (Proprietary) Limited - mining operations
The awarding of the mineral rights has progressed successfully and executed
agreements should be lodged in the current accounting period. A full review of
the proposed mining plans and budgets are underway whilst the directors are in
the process of finalising the marketing agencies and contracts for Diamond
Quartzite and Sandstone in Europe. Full scale mining activities are expected to
commence in the second half of the year.
Proposed Rights Offer
Shareholders are reminded of previous stated intention of implementing a rights
offer. Proceeds are intended to capitalise the two main mining projects as well
as provide the Absolute group with some working capital. Final terms and
potential underwriting of the rights offer are currently being negotiated and a
terms announcement will follow in due course.
SUBSEQUENT EVENTS
There have been no significant events after the period end.
DIVIDENDS PAID AND RECOMMENDED
No dividends were paid or declared during the accounting period under review and
none are recommended at this stage (2005: nil).
SHARE CAPITAL
There have been no shares issues during the period under review.
DIRECTORS
There were no changes to the board during the period.
By order of the board
M Diale AM Sher
12 April 2007
Company Secretary and Registered Office
Arcay Client Support (Pty) Ltd (Registration number 1998/025284/07)
Arcay House, Number 3 Anerley Road, Parktown, Johannesburg (PO Box 62397,
Marshalltown, 2107)
Directors
MK Diale* Chairman, AM Sher* Deputy Chairman, JJ Serfontein*, GP Sequeira
(* Non-executive)
Transfer Office
Computershare Investor Services 2004 (Pty) Ltd
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
Date: 13/04/2007 16:14:49 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
