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LAB
LAB
LAB - Labat Africa - Reviewed Results For The Year Ended 29 February 2008
LABAT AFRICA LIMITED
Incorporated in the Republic of South Africa
(Registration number 1986/001616/06)
Share code: LAB ISIN: ZAE000018354
("Labat" or "the group" or "the company")
REVIEWED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008
GROUP CONSOLIDATED INCOME Reviewed Audited
STATEMENT
12 months 12 months
29 February 2008 28 February 2007
(R`000) (R`000)
Revenue 154 237 163 271
Continuing operations 41 784 48 650
Discontinued operations 112 453 114 621
Operating income before 49 600 33 788
depreciation and
amortisation
Continuing operations 12 562 (4 298)
Discontinued operations 37 038 38 086
Depreciation and (21 540) (18 758)
amortisation
Continuing operations (13 578) (11 244)
Discontinued operations (7 962) (7 514)
Operating profit before 28 060 15 030
interest, taxation and fair
value adjustments
Continuing operations (1 016) (15 541)
Discontinued operations 29 076 30 571
Interest paid (9 851) (6 637)
Continuing operations (5 537) (2 323)
Discontinued operations (4 314) (4 314)
Interest received 5 260 1 425
Continuing operations 2 466 983
Discontinued operations 2 794 442
Profit before taxation, sale 23 469 9 818
and fair value adjustments
Continuing operations (4 087) (16 882)
Discontinued operations 27 556 26 700
Fair value adjustments (12 243) (29 728)
Continuing operations 3 834 (29 728)
Discontinued operations (16 077) -
Profit /(Loss) before 11 226 (19 910)
taxation
Continuing operations (254) (46 610)
Discontinued operations 11 480 26 700
Taxation (9 983) (32 206)
Continuing operations - (21 406)
Discontinued operations (9 983) (10 800)
Profit/(Loss) after taxation 1 243 (52 116)
Continuing operations (254) (68 015)
Discontinued operations 1 497 15 899
Attributable to:
Profit to minority 727 12 812
shareholders
Profit/(Loss) to equity 516 (64 928)
shareholders
Profit/(Loss) to 1 243 (52 116)
shareholders
Shares in issue throughout 186 415 186 415
the period (000)
Basic profit/(loss) per 0.3 (34.8)
share (cents)
Headline profit/(loss) per 0.3 (20.5)
share (cents)
Reconciliation of basic to
headline earnings
Basic profit/(loss) 516 (64 928)
Impairment of goodwill - 19 253
Profit on sale of assets - (10)
Settlement of third party - 7 500
guarantee
Headline profit/(loss) 516 (38 185)
GROUP CONSOLIDATED BALANCE Reviewed Audited
SHEET
12 months 12 months
29 February 2008 28 February
2007
(R`000) (R`000)
ASSETS
Property, plant and 87 404 97 499
equipment
Goodwill 20 399 3 466
Other intangible assets - 6 180
Deferred taxation 694 581
Non-current assets 108 497 107 726
Other financial assets 2 711 1 714
Inventories 18 233 16 917
Trade and other receivables 46 878 43 635
Cash and cash equivalents 42 217 40 530
Current assets 110 039 102 796
Total assets 218 536 210 522
EQUITY AND LIABILITIES
Share capital and reserves 38 786 37 623
Unexpended grant 39 686 37 256
Long-term liabilities 39 674 35 860
Preference share liability 26 000 -
Deferred taxation 22 021 17 487
Non-current liabilities 87 695 53 347
Trade and other payables 41 161 57 041
Bank overdraft 15 1 395
Current portion of financial 8 593 15 896
liabilities
Taxation 2 600 7 964
Current liabilities 52 369 82 296
Total equity and liabilities 218 536 210 522
Number of shares in issue 186 415 186 415
(`000)
Total net asset value per 14.9 13.1
share (cents)
CASH FLOW STATEMENT Reviewed Audited
12 months 12 months
29 February 28 February
2008 2007
(R`000) (R`000)
Net flow from operating (9 880) (16 159)
activities
Net flow from investing (12 062) (10 425)
activities
Net flow from financing 23 629 54 902
activities
Net increase in cash 1 687 28 318
Cash at beginning of year 40 530 12 212
Cash at end of year 42 217 40 530
STATEMENT OF
CHANGES IN EQUITY
Share Share Non- Distributable
Distributable
R`(000) Capital Premium Reserves Reserves
Balance at 1 1 864 49 065 41 099 (67 516)
March 2007
Prior year 1 042
adjustments
Minority buyout 1 784
Loss for the year 516
Dividend paid
Share issue by
subsidiary
Shareholder loans
Balance at 29 1 864 49 065 41 099 (64 174)
February 2008
STATEMENT OF
CHANGES IN EQUITY
Capital and Minority Total
R`(000) Reserves Interest
Balance at 1 24 512 13 111 37 623
March 2007
Prior year 1 042 2 459 3 501
adjustments
Minority buyout 1 784 (1 784) -
Loss for the year 516 727 1 243
Dividend paid (12 033) (12 033)
Share issue by 3 625 3 625
subsidiary
Shareholder loans 4 827 4 827
Balance at 29 27 854 10 932 38 786
February 2008
CONDENSED SEGMENTAL REPORT Technology Other Total
(R`000) (R`000) (R`000)
2008
Revenue 154 237 - 154 237
Operating income before 36 729 (8 669) 28 060
interest
Non-current assets 108 308 189 108 497
Current assets 105 410 4 629 110 039
Non-current liabilities 87 668 27 87 695
Current liabilities 46 741 5 628 52 369
2007
Revenue 163 271 - 163 271
Operating income before 35 863 (20 833) 15 030
interest
Non-current assets 107 571 155 107 726
Current assets 95 495 7 301 102 796
Non-current liabilities 53 320 27 53 347
Current liabilities 77 220 5 076 82 296
COMMENTARY
During the year under review, the board of Labat continued with its planned
restructuring of the group. Subsequent to the unbundling of the shares in Total
Client Services Limited ("TCS") (formerly Labat Traffic Solutions (Proprietary)
Limited), a subsidiary of Labat, and the listing of TCS on the Alternative
Exchange ("AltX") of JSE Limited, ("JSE"), South African Micro-Electronic
Systems (Proprietary) Limited ("SAMES") and its subsidiaries remain the only
operating business within the group.
Unbundling and listing of TCS
In a circular to shareholders dated 25 February 2008, shareholders were advised
that it was proposed that TCS would be listed on the AltX on Monday, 7 April
2008 and that immediately before the listing, the unbundling would be effected
by way of a distribution in specie by Labat to Labat shareholders of TCS
ordinary shares in the ratio of one TCS ordinary share for every Labat share.
Furthermore, additional TCS ordinary shares would be issued by way of a private
placement to selected private individuals, corporations and institutions.
At a general meeting of shareholders held on Tuesday, 18 March 2008, resolutions
approving the unbundling and the specific issue of TCS ordinary shares were
passed by 100% of shareholders present and eligible to vote. In an announcement
released on SENS on 27 March 2008, shareholders were advised that all conditions
precedent relating to the unbundling had been fulfilled and subsequently, TCS
was listed on the AltX on Monday, 7 April 2008.
TCS has been disclosed as a discontinued operation on the face of the Income
Statement. Non-current assets of R40.0 million, current assets of R39.3 million,
non-current liabilities of R40.8 million and current liabilities of R22.6
million relate to TCS.
Results
Income Statement
The results for the year under review show a substantial improvement from the
previous year. Operating income has improved substantially and profit before tax
improved by R31.136 million from a loss of R19.910 million to a profit of
R11.226 million.
Earnings per share has improved from a loss of 34.83 cents to a profit of 0.3
cents.
Balance Sheet
The Balance Sheet has been strengthened considerably and the cash position has
improved by R1.687 million from R40.530 million to R42.217 million.
Current liabilities have been reduced substantially from R82.296 million to
R52.369 million.
SAMES
The business continues to improve and is being re-structured into three distinct
sections i.e. the waferfab and MEMS unit, the Integrated Circuit Design Company,
being the design company, and downstream businesses housed in the SAMES business
park. Although international markets are extremely difficult at present, the
current Rand weakness is having a positive effect on revenue and the company is
currently making a small profit.
Delisting
In the circular to shareholders dated 25 February 2008 shareholders were advised
that subsequent to the listing of TCS on the AltX, the board of Labat intended
to terminate the listing of Labat shares on the JSE. This process is ongoing and
a circular containing full details of the delisting will be sent to shareholders
in due course.
Accounting Policies
The 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"), IAS34 and the Companies Act, 1973 (Act
61 of 1973), as amended.
Review opinion
The results for the year ended 29 February 2008 have been reviewed by the
group`s auditors, Van Wyk Chartered Accountants, and their review opinion is
available for inspection at the group`s registered office.
Renewal of cautionary announcement
Further to the cautionary announcement dated 21 May 2008, shareholders are
advised that the delisting of Labat may have a material effect on the price at
which Labat`s shares trade. Accordingly, shareholders are advised to continue to
exercise caution when trading in Labat shares on the JSE until a further
announcement is made.
For and on behalf of the board.
B G VAN ROOYEN
Chairman
27 June 2008
Directors: B G van Rooyen, D J O`Neill, V J Labat*, T van der Walt*
* Non-executive
Registered Office
23 Kroton Avenue
Weltevreden Park, Roodepoort, 1709
Private Bag X09-248
Weltevreden Park, 1715
Transfer secretaries
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
Johannesburg
2001
PO Box 61051
Marshalltown, 2107
Auditors
Van Wyk Chartered Accountants
Corner Koedoesnek and Grysbok Streets
Waterkloof Ridge, Pretoria
0181
Sponsor
Merchant Sponsors (Proprietary) Limited
Date: 27/06/2008 17:00:01 Produced by the JSE SENS Department.
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