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AFG
AFG
AFG - Afgem Limited - Consolidated Results For The Year Ended 31 March 2008
Afgem Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/007292/06)
JSE share code: AFG & ISIN: ZAE000067757
("Afgem" or "the Company")
Consolidated results for the year ended 31 March 2008
INCOME STATEMENTS
for the year ended 31 March 2008
Audited Audited
year ended year ended
31 March 31 March
2008 2007
R`000 R`000
Discontinued operations
Loss for the year from the Company (2 946) (9 318)
Loss for the year from assets
held for sale (21 153) (23 323)
Loss before tax (24 099) (32 641)
Income tax refund - -
Loss for the year (24 099) (32 641)
Weighted average number of
shares in issue (`000) 257 622 248 161
Basic loss per share (cents) (9,35) (13,15)
Diluted loss per share (cents) (7,30) (10,11)
Headline loss per share (cents) (1,14) (7,35)
BALANCE SHEET
at 31 March 2008
Audited Audited
31 March 31 March
2008 2007
R`000 R`000
Assets
Current assets
Short-term loans receivable 1 713 2 009
Trade and other receivables 51 47
Cash and cash equivalents 133 18
Non-current assets classified
as held for sale 40 886 60 533
Total current assets 42 783 62 607
Total assets 42 783 62 607
Equity
Ordinary share capital 3 3
Preference share capital 1 1
Share premium 43 414 43 414
Retained loss (34 455) (14 256)
Total equity 8 963 29 162
Current liabilities
Provision for purchase price of investment 1 710 2 083
Short-term loans payable 5 062 1 885
Trade and other payables 4 545 3 855
Current liabilities directly associated
with current assets classified as held for sale 22 503 25 622
Total current liabilities 33 820 31 362
Total equity and liabilities 42 783 62 607
Number of ordinary shares in issue (`000) 257 622 257 622
Net asset value per share (cents) 3,48 11,32
CASH FLOW STATEMENTS
for the year ended 31 March 2008
Audited Audited
year ended year ended
31 March 31 March
2008 2007
R`000 R`000
Cash utilised in operations (1 341) (9 997)
Net cash utilised in operations (1 341) (9 997)
Cash flows from discontinued operations (274) 2 280
Net cash from investing activities (274) 2 280
Proceeds from the issue of share capital - 5 677
Increase in short-term loans 2 870 1 640
Cash flow from discontinued operations (1 140) (761)
Net cash from financing activities 1 730 6 556
Net increase/(decrease) in cash and cash equivalents 115 (1 161)
Cash and cash equivalents at beginning of year 18 1 179
Cash and cash equivalents at end of year 133 18
STATEMENTS OF CHANGES IN EQUITY
for the year ended 31 March 2008
Ordinary Preference
share share Share
capital capital premium
R`000 R`000 R`000
Balance at 1 April 2006 2 1 37 737
Shares issued 1 - 5 677
Share based payments - - -
Loss for the year - - -
Balance at 31 March 2007 3 1 43 414
Impairment of goodwill
recovered - - -
Loss for the year - - -
Balance at 31 March 2008 3 1 43 414
Total equity
Retained attributable
Share earnings/ to equity
options (Accumulated holders of
outstanding loss) the parent
R`000 R`000 R`000
Balance at 1 April 2006 83 18 385 56 208
Shares issued - - 5 678
Share based payments (83) - (83)
Loss for the year - (32 641) (32 641)
Balance at 31 March 2007 - (14 256) 29 162
Impairment of goodwill
recovered - 3 900 3 900
Loss for the year - (24 099) (24 099)
Balance at 31 March 2008 - (34 455) 8 963
Audited Audited
year ended year ended
31 March 31 March
2008 2007
R`000 R`000
Reconciliation of earnings to headline earnings
Loss attributable to ordinary shareholders (24 099) (32 641)
Impairment of intangible assets 22 612 14 401
Headline loss (1 487) (18 240)
Statement of compliance and basis of preparation
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards and its interpretations adopted by
the International Accounting Standards Board. These results have been audited
by the Company`s auditors.
Financial results
Discontinued operations from the Company comprised mainly of audit and
financial reporting costs of R570 000, legal fees of R500 000, directors`
remuneration of R420 000 and consulting fees of R800 000.
Corporate developments
Shareholders are referred to the further announcement made today on the
proposed transaction between Afgem and Meepo Investment Consortium (Pty) Ltd.
Resource and reserve statement
The updated resource and reserve statement prepared by Snowden Mining Industry
Consultants and dated 27 August 2008 which will be incorporated into the
circular referred to in the accompanying Afgem announcement and the annual
report to be issued to shareholders does not differ materially from the
resource and reserve statement published on SENS on Thursday, 5 July 2007 and
in the press on Friday, 6 July 2007.
For and on behalf of the board
M R Summers
Chief Executive Officer
Melrose Arch
17 October 2008
Sponsor
MACQUARIE FIRST SOUTH ADVISERS (PTY) LTD
Date: 17/10/2008 14:00:02 Produced by the JSE SENS Department.
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