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ACD
ACD
ACD - Alliance - Reviewed interim results for the period ended 31 August 2007
Alliance Data Corporation Limited
(to be renamed Alliance Mining Corporation Limited)
(Incorporated in the Republic of South Africa)
(Registration Number: 1997/013402/06)
("Alliance" or "the Company")
Share Code: ACD
ISIN Code: ZAE000065165
REVIEWED INTERIM RESULTS FOR THE PERIOD ENDED 31 AUGUST 2007
BALANCE SHEETS Reviewed Unaudited Audited
31 Aug 31 Aug 28 Feb
2007 2006 2007
R`000 R`000 R`000
ASSETS
Non current assets 124 525 21 324 95 807
Property, plant and equipment 28 693 4 152 6 298
Goodwill and Intangible 67 333 11 293 67 333
assets
Investment property 5 233 - 5 233
Financial receivables 23 266 5 879 16 943
Current assets 51 893 23 477 37 610
Inventory 8 250 3 742 7 139
Financial receivables 1 654 - 1 643
Trade and other receivables 36 513 10 589 21 181
Cash and cash equivalents 5 476 9 146 7 647
Total assets 176 418 44 801 133 417
EQUITY AND LIABILITIES
Shareholders Funds 117 672 31 933 77 201
Share capital and premium 58 713 15 038 43 113
Distributable reserves 58 959 16 895 34 088
Non current liabilities 33 178 1 011 37 528
Deferred taxation 4 192 1 011 4 192
Long term liabilities 28 986 - 33 336
Current liabilities 25 568 11 857 18 688
Accounts payable 9 404 8 701 9 270
Taxation 16 164 3 156 9 353
Bank overdraft - - 65
Total equity and liabilities 176 418 44 801 133 417
Shares in issue at period end 55 000 32 500 50 000
(`000)
Net asset value per share 213.9 98.3 154.4
(cents)
Tangible asset value per 91.5 63.5 19.7
share (cents)
INCOME STATEMENTS Reviewed Unaudited Audited
31 Aug 31 Aug 28 Feb
2007 2006 2007
R`000 R`000 R`000
Revenue 108 782 47 587 157 647
Operating expenses (68 311) (36 517) (133
131)
Depreciation (1 049) (246) (1 425)
Other income 236 - 4 597
Net finance income 67 228 249
Profit before taxation 39 725 11 052 27 937
Taxation (11 520) (3 205) (7 773)
Net profit for the period 28 205 7 847 20 164
Headline earnings 28 205 7 847 20 164
Basic earnings per share 51.3 25.5 54.7
(cents)
Weighted average number of 55 000 30 801 36 833
shares (`000)
Fully diluted earnings per 45.2 25.5 45.7
share (cents)
Headline earnings per share 51.3 25.5 54.7
(cents)
CASH FLOW STATEMENTS Reviewed Unaudited Audited
31 Aug 31 Aug 28 Feb
2007 2006 2007
R`000 R`000 R`000
Cash flows from operating 18 152 10 107 7 403
activities
Cash flows from investing (5 746) (3 036) 6 577
activities
Cash flows from financing (14 512) 4 (8 470)
activities
Net movement in cash and cash (2 106) 7 075 5 510
equivalents
Cash and cash equivalents at 7 581 2 071 2 071
beginning of year
Cash and cash equivalents at 5 475 9 146 7 581
end of year
STATEMENT OF CHANGES Share Share Distribut Total
IN EQUITY Capital Premium able
R`000 R`000 Reserve R`000
R`000
Balance at 1 March 20 - 9 052 9 072
2005
Share issue 3 2 497 - 2 500
Write-off of listing - (482) - (482)
expenses
Net profit for the - - 4 872 4 872
year
Balance as at 1 March 23 2 015 13 924 15 962
2006
Share issue 29 42 221 - 42 250
Share buy back (2) (1 173) - (1 175)
Net profit for the - - 20 164 20 164
year
Balance as at 28 50 43 063 34 088 77 201
February 2007
Share Issue 5 15 595 - 15 600
Dividends - - (3 334) (3 334)
Net profit for the - - 28 205 28 205
period
Balance as at 31 55 58 658 58 959 117 672
August 2007
COMMENTS
The Board of Directors are pleased to present the reviewed interim financial
results of the Group for the six months ended 31 August 2007.
NATURE OF THE BUSINESS
Alliance specialises in providing services and products to the mining industry.
HIGHLIGHTS
- The group generated R28,2 m (31 August 2006: R7,8 m) after tax profits for
the six months under review.
- Earnings per share increased to 51,3 cents from 25,5 cents per share for
the six months to 31 August 2007.
- Net assets increased to R117,7 m at 31 August 2007 from R31,9 m at 28
February 2007.
BUSINESS REVIEW AND PROSPECTS
Alliance, now an integrated mining company, began as a specialist software
supplier which focused on the development, installation and support of HR and
payroll solutions for customers within the mining industry. This part of the
company is still very much alive but is now accompanied by seven other
subsidiaries. The initial `data component` now makes up 18% of the company with
the remaining 82% focussed on mining and mining services. Due to the change in
the composition of the company, its name will change to Alliance Mining
Corporation Limited in November 2007 as detailed below.
Listing on AltX enabled Alliance to expand its mining and mining related
services substantially. Its subsidiaries are Alliance Data, the original
company that specialises in access control, payroll systems and inventory
control for mining clients; Sindele Mining, a contract mining business;
Rangeview Trading, an alluvial diamond business and Rockcap a company with an
international client base specialising in grouting in the mines. The grouting
`secret formula` sets and fortifies quickly enabling mine ceilings to be
reinforced.
Thanda Bantu is a project engineering company that outsources mechanical and
civil expertise and Mel Fix & Supplies installs electrical and electrical-rail
to mining clients. One of Alliance`s latest acquisitions, Galvrite, galvanises
steel with zinc which reinforces it and protects against corrosion for use in
the mining and construction industries. The demand for galvanised steel has
recently increased substantially due to the construction boom and the growing
platinum mining industry. Alliance`s last division, Omphamba Human Resources
supplies the other divisions and the mining industry with skilled labourers,
including engineers. The service incorporates all labour aspects including
labour relations and contract hiring.
The focus for the next six months will be organic growth within the acquired
companies.
FINANCIAL REVIEW
Income statement
Net profit after tax increased to R28,2 m for the 6 months ended 31 August
2007, with a segmental breakdown as follows:
R`000
31 August 2007
Income Time and Access Mining Total
Statement
Revenue 16 286 92 496 108 782
Net profit 3 161 25 044 28 205
after tax
R`000
31 August 2006
Income Time and Access Mining Total
Statement
Revenue 14 880 32 707 47 587
Net profit 4 836 3 010 7 847
after tax
Balance sheet
Capital expansion within Sindele Mining and Thanda Bantu resulted in the
increase in property, plant and equipment. Trade debtors increased due to
increased turnover in Thanda Bantu, with debtors` days remaining at 30 days.
Share capital increased due to a general issue of ordinary shares for cash,
with 5 m shares having been issued on 3 March 2007 at R3,12 per share. Cash has
been utilised to expand operations and capital expansion within mining
operations.
COMPANIES ACT REQUIREMENTS
The reviewed interim financial statements were prepared in compliance with the
Companies Act and IFRS and IAS 34 -Interim Financial Reporting.
SUBSEQUENT EVENTS
During September 2007 a general issue of shares for cash of 10 m shares at
R4,60 was successfully placed.
At a general meeting of shareholders on 16 October 2007, a name change to
Alliance Mining Corporation Limited was approved with effect 12 November 2007.
The share code will change to ALM.
REVIEW OPINION
The interim results have been reviewed by Van Dyk & Associates Inc. The
unqualified review report is available for inspection at the company`s
registered office.
CORPORATE GOVERNANCE
The Group fully subscribes to the principles of, and implements where possible,
the recommendations of the King II Code on Corporate Governance.
EA de Kok
Chief Executive Officer
23 October 2007
Registered office: 51 Shannon Road, Noordheuwel, 1740, PO Box 640, Krugersdorp,
1740
Transfer secretaries: Computershare Investor Services 2004 (Proprietary)
Limited, Ground Floor, 70 Marshall Street, Johannesburg
Directors: E.A. de Kok (CEO), C. M. van Nieuwkerk, M.J. Garber, L.M. van der
Merwe, B.A. de Kok,
A.J.P. Steenkamp, M.N. Ramasehla*, P. Maema and Dr N.M. Phosa*
*Non-executive
Date: 23/10/2007 14:20:27 Produced by the JSE SENS Department.
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