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LAB
LAB
LAB - Labat Africa - Reviewed Interim Results For The Six Months
Ended 31 August 2007
LABAT AFRICA LIMITED
Incorporated in the Republic of South Africa
(Registration number 1986/001616/06)
Share code: LAB ISIN: ZAE000018354
("Labat" or "the group")
REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2007
GROUP CONSOLIDATED INCOME STATEMENT
Reviewed Unaudited Audited
6 months 6 months 12 months
31 31 August 28
August 2006 February
2007 2007
(R`000) (R`000) (R`000)
Revenue 90 806 76 704 163 271
Operating income before depreciation 21 309 19 193 33 788
and amortisation
Depreciation and amortisation (10 304) (9 201) (18 758)
Operating profit before interest and 11 005 9 992 15 030
taxation
Interest paid (3 180) (2 675) (6 637)
Interest received 273 178 1 425
Profit before taxation, fair value 8 098 7 495 9 818
adjustments and exceptional items
Fair value adjustments and - - (29 728)
exceptional items
Settlement of third party guarantee - - (7 500)
Impairment of investment - - (1 443)
Impairment of goodwill - - (17 810)
Fair value adjustment to financial - - (2 975)
asset
Profit/(Loss) before taxation 8 098 7 495 (19 910)
Taxation (3 345) (4 454) (32 206)
Profit/(Loss) after taxation 4 753 3 041 (52 116)
Attributable to:
Minority shareholders (5 756) (7 460) (12 812)
Equity shareholders (1 003) (4 419) (64 928)
Shares in issue throughout the 186 415 186 415 186 415
period (000)
Basic loss per share (cents) (0,5) (2,4) (34,8)
Headline profit/(loss) per share (0,6) (2,4) (20,5)
(cents)
Notes to the financial statements
1) Reconciliation of basic to
headline earnings
Basic Loss (1 003) (4 419) (64 928)
Impairment of goodwill - - 17 810
Profit on sale of fixed assets (63) (10)
Settlement of third party guarantee - - 7 500
Impairment of investment - - 1 443
(1 066) (4 419) (38,185)
GROUP CONSOLIDATED BALANCE SHEET
Reviewed Unaudited Audited
6 months 6 months 12 months
31 31 August 28
August 2006 February
2007 2007
(R`000) (R`000) (R`000)
ASSETS
Property, plant and equipment 99 241 49 461 97 499
Goodwill 3 466 22 718 3 466
Intangible assets 3 265 5 524 6 180
Other financial assets 3 066 8 109 1 714
Deferred tax assets 152 22 447 581
Non-current assets 109 190 108 259 109 440
Inventories 21 391 14 731 16 917
Trade and other receivables 45 181 45 948 43 635
Cash and cash equivalents 25 145 17 694 40 530
Current assets 91 717 78 373 101 082
Total assets 200 907 186 632 210 522
EQUITY AND LIABILITIES
Total capital and reserves 59 644 65 566 37 623
Unexpended grant 24 913 - 37 256
Financial liabilities 39 985 49 100 35 860
Deferred tax liabilities 1 152 1 381 17 487
Non-current liabilities 41 137 50 481 53 347
Trade and other payables 59 237 62 624 65 005
Current portion of other financial 13 936 7 875 15 896
liabilities
Bank overdraft 2 040 86 1 395
Current liabilities 75 213 70 585 82 296
Total equity and liabilities 200 907 186 632 210 522
Number of shares in issue (`000) 186 415 186 415 186 415
Total net asset value per share 21 23 13
(cents)
CASH FLOW STATEMENT
Reviewed Unaudited Audited
6 months 6 months 12 months
31 August 31 August 28 February
2007 2006 2007
(R`000) (R`000) (R`000)
Net flow from operating (3 633) 7 427 (16 159)
activities
Net flow from/(utilised by) (8 412) (12 365) (10 425)
investing activities
Net flow from/(utilised by) (3 340) 10 420 54 902
financing activities
Net increase/(decrease) in cash (15 385) 5 482 28 318
Cash at beginning of period 40 530 12 212 12 212
Cash at end of period 25 145 17 694 40 530
STATEMENT OF CHANGES IN EQUITY
Share Share Revaluation Retained
Capital Premium Reserves Income
(R`000) (R`000) (R`000) (R`000)
Balance at 1 March 1 864 49 065 41 099 (67 516)
2007
Income for the period - - - (1 003)
Reversal of deferred - - 15 799 -
taxation
Increase in minority - - - -
shareholder loans
Balance at 31 August 1 864 49 065 56 898 (68 519)
2007
Table continues:.
STATEMENT OF CHANGES
IN EQUITY
Attributable Minority
to
Equity Interest Total
Holders
(R`000) (R`000) (R`000)
Balance at 1 March 24 512 13 111 37 623
2007
Income for the period (1 003) 5 756 4 753
Reversal of deferred 15 799 - 15 799
taxation
Increase in minority - 1 469 1 469
shareholder loans
Balance at 31 August 39 308 20 336 59 644
2007
COMMENTARY
Results
The results for the period have been satisfactory and show a strong improvement
over the comparative period in 2006.
Revenue has increased by 18%
Operating income has increased by 11%
Profit after tax has increased by 56%
Headline loss per share has been reduced by 75%
Group Restructuring
The group restructuring process is well underway and the group now consists of
two business units; South African Micro-Electronic Systems (Proprietary)
Limited ("SAMES") and our interest in Labat Traffic Solutions (Proprietary)
Limited ("LTS") / Total Computer Services (Proprietary) Limited ("TCS"),
together with a small head office function.
Labat Traffic Solutions
As previously reported, the LTS business is performing well and is continuing
to win contracts. The company is continuously refining its service offering and
can now offer a comprehensive range of services to its customers. In the
cautionary announcement of 1 October 2007 and the subsequent announcement of 27
November 2007, shareholders were advised that Labat has concluded agreements
with LTS and Mvelaphanda Holdings (Proprietary) Limited ("Mvela") with the
intention of increasing LTS`s BEE profile by introducing Mvela as a strategic
partner in LTS thus positioning the company for a separate listing on the JSE
Limited.
SAMES
SAMES is still facing trading difficulties but its business prospects are
improving steadily. The company is being spilt into several interlinked, stand
alone businesses with profitability being projected in each of these businesses
in the 2008/09 financial years.
Accounting policies
The interim results have been prepared in accordance with the group`s
accounting policies which have been consistently applied and comply with
International Financial Reporting Standards ("IFRS") and IAS 34 (Interim
Financial Reporting).
Corporate Governance
The group subscribes to the values of good corporate governance at all levels
and is committed to conducting business with discipline, integrity and social
responsibility.
Taxation
The SARS Tax Appeal Committee decided to reinstate the assessed loss of R190
190 266 in the 2000 year of assessment.
Dividends
It is group policy that no dividends will be declared as group surpluses will
be retained to fund future growth.
Appointment of Auditors and review opinion
Messrs Van Wyk have been appointed as auditors of both the group and of SAMES.
We look forward to working with them. There review opinion is available for
inspection at the group`s registered office.
For and on behalf of the board
B G VAN ROOYEN
Chairman
29 November 2007
Directors: B G van Rooyen, D J O`Neill, V J Labat*, Dr T van der Walt*
* Non-executive
Registered Office
23 Kroton Avenue
Weltevreden Park, 1709
Private Bag X09-248
Weltevreden Park, 1715
Transfer secretaries
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street
Johannesburg
2001
PO Box 61051
Marshalltown, 2107
Auditors
Van Wyk Auditors & Accountants
Cnr Koedoesnek and Greysbok Street
1st Floor, Waterkloof Bridge
Pretoria
0181
Sponsor
Merchant Sponsors (Proprietary) Limited
Date: 29/11/2007 12:43:57 Produced by the JSE SENS Department.
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