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IMU
IMU
IMU - Imuniti - Posting of annual report, Abridged consolidated financial
statements, Change statement and notice of annual general meeting
IMUNITI HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2004/002282/06)
(JSE Code: IMU & ISIN: ZAE000089199)
("Imuniti" or "the company")
Posting of Annual Report, Abridged Consolidated Financial Statements, Change
Statement and Notice of Annual General Meeting ("AGM")
1. Posting of Annual Report
Pursuant to paragraph 3.21 of the Listings Requirements of the JSE Limited, the
Company hereby informs shareholders that the Annual Report has been posted to
shareholders today, 7 August 2008.
2. Abridged Consolidated Financial Statements
Group income statement
Audited Audited
year ended 14 months
ended
2008 2007
R`000 R`000
Revenue 69,584 63,315
Cost of sales (33,555) (31,893)
Gross profit 36,029 31,421
Other income 305 1,122
Impairment of customer contracts (7,673) -
Impairment of loan accounts (732) -
Write down of inventory (2,902) -
Operating expenses (44,123) (29,717)
Operating profit/(loss) (19,096) 2,826
Finance costs (933) (121)
Investment income 47 40
Net profit/(loss) before tax (19,982) 2,745
Taxation 2,854 (300)
Net profit/loss from continuing (17,128) 2,445
operations
Loss from discontinued operations (6,384) -
Profit/(loss) for the period (23,511) 2,445
EPS and HEPS
Weighted average shares in issue 753,555,956 587,203,000
Earnings per income statement (23,511) 2,445
(R`000)
Earnings & Headline earnings per (3.12) 0.42
share (cents)
Headline earnings per share (cents) (1.46) 0.42
Fully diluted EPS (cents) (3.12) 0.41
Audited Audited
year ended 14 months
ended
2008 2007
R`000 R`000
Assets
Non-current assets
Property, plant & equipment 13,007 13,646
Goodwill 25,414 25,207
Intangible assets 35,694 47,445
Deferred tax 3,357 503
77,473 86,802
Current assets
Inventory 7,268 10,701
Loans receivable 368 1,078
Trade and other receivables 12,470 13,214
Cash and cash equivalents 152 1,161
20,259 26,153
97,732 112,955
Equity and liabilities
Equity
Share capital and premium (99,062) (97,866)
Revaluation reserve (250) (250)
Retained earnings/Accumulated loss 22,680 (832)
(76,632) (98,947)
Non-current liabilities
Long term liabilities (2,241) (1,348)
Current liabilities
Current portion of long term (734) (423)
liabilities
Trade and other payables (12,581) (11,066)
Provisions (1,288) (219)
Bank overdraft (4,256) (952)
(18,859) (12,659)
(97,732) (112,955)
Share Share
Capital premium
R`000 R`000
Balance at 1 January 2006 50 -
Issue of Share capital 25 97,791
Revaluation of property - -
Net profit for the year - -
Balance at 28 February 2007 75 97,791
Issue of Share capital 1 1,194
Net loss for the year - -
Balance at 29 February 2009 76 98,985
Revaluation Accumulated
Reserve loss /
Retained
earnings
R`000 R`000
Balance at 1 January 2006 - (1,614)
Issue of Share capital - -
Revaluation of property 250 -
Net profit for the year - 2,445
Balance at 28 February 2007 250 832
Issue of Share capital - -
Net loss for the year - (23,511)
Balance at 29 February 2009 250 (22,680)
Total
R`000
Balance at 1 January 2006 (1,564)
Issue of Share capital 97,816
Revaluation of property 250
Net profit for the year 2,445
Balance at 28 February 2007 98,947
Issue of Share capital 1,196
Net loss for the year (23,511)
Balance at 29 February 2009 76,632
Group cash flow statement
Audited Audited
year ended 14 months
ended
2008 2007
R`000 R`000
Cash flows from operating activities (4,832) (2,728)
Cash used in operating activities (4,000) (2,537)
Interest received 47 40
Interest paid (933) (121)
Tax received / (paid) 55 (110)
Cash flows from investing activities (1,881) (92,294)
Acquisition of
property, plant and equipment (1,747) (1,480)
Proceeds of disposal of
property, plant and equipment 95 361
Intangible assets / goodwill (207) (28,078)
acquired
Increase in loans receivable (22) (1,078)
Subsidiaries acquired - (62,020)
Cash flows from financing activities 2,399 94,639
Proceeds from shares issued 1 25
Increase in share premium 1,194 97,791
Loan finance raised/(repaid) 1,204 (2,872)
Long term borrowings - (305)
Decrease in cash and
cash equivalents (4,314) (382)
Cash and cash equivalents
at beginning of year 209 592
Cash and cash equivalents
at end of year (4,105) 209
The abridged consolidated annual financial statements are prepared in accordance
with, and containing the information required by, IAS 34: Interim Financial
Reporting, International Financial Reporting Standards (IFRS), the International
Financial Reporting Interpretations Committee (IFRIC) interpretations adopted by
Accounting Practices Board, JSE listing requirements and the Companies Act of
South Africa. The abridged consolidated annual financial statements are prepared
under the historical cost convention.
The abridged consolidated annual financial statements have been extracted from
the annual financial statements for the year ended 29 February 2008 on which
Siyabala Inc. issued an unqualified audit report. This report is available for
inspection at the Company`s registered office.
3. Change Statement
The changes from the Provisional Review Group results for the year ended 29
February 2008, released on SENS on 28 May 2008, relate to:
Final Variance
Provisional Notes
R R R
Sales 69,584 69,584
Gross 36,119 36,029 90 1
Profit
Other 305
Income 305
Expenses (44,120) 3 1
(44,123)
Inventory write- (2,902) (2,902 )
down
Operating (10,598) 93
Loss (10,691)
Impairment of customer (7,673) 7,673 2
contracts
Impairment of loan (732) 732 3
accounts
Finance charges (886) (886)
Loss before (11,483) (19,982) 8,498
taxation
Taxation 2,854 2,854
Loss from continued (8,629) 8,498
operations (17,128)
Discontinued
operations
(6,384) (6,384)
Impairment
(15,013) 8,498
(23,511)
Explanation Notes
1 Insignificant corrections made in subsidiaries, no further explanations
are considered necessary
2 In terms of IFRS the Customer Contracts previously included as an
Intangible Asset
was tested for impairment and it was considered prudent to impair the
total
value of this intangible asset in the current year and not to amortise
the asset.
3 Insignificant impairment of loans made in previous years.
The adjustments made as per note 2 and 3 do not affect the headline
earnings of the
Group or the operational loss as previously reported.
Comment:
The above adjustments were made as per Imuniti`s strategy previously
reported in our SENS announcement dated 28 May 2008, with the release of
the provisional figures. This is the year that Imuniti has consolidated
and restructured. Imuniti therefore deemed it appropriate to impair any
assets where the carrying value was questionable in this financial year.
The operating loss for the first six months
of R 5 331 723 adjusted by a further R 2 901 854 (stock write-off)
The operating loss for the second six months amounts to R 488 666. This
includes
the bad trading months of December and January, in addition Imuniti still
incurred cost
in the second period that has now been eliminated from the overhead
structure of the Group.
4. Notice of AGM
Notice is hereby given that the second annual general meeting of the members of
Imuniti will be held in Durban on 28 August 2008 at the Durban Country Club ,101
Walter Gilbert road at 16:00. Details of the proceedings, and resolutions, are
contained in the aforementioned Annual Report.
Durban
7 August 2008
Designated Advisor: Exchange Sponsors (Proprietary) Limited
Date: 07/08/2008 13:22:41 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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