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ALM
ALM
ALM - Alliance Mining Corporation Limited - Reviewed Interim Results for the
period ended 31 August 2008
Alliance Mining Corporation Limited
(Formerly Alliance Data Corporation Limited)
(Incorporated in the Republic of South Africa)
(Registration Number: 1997/013402/06)
Share Code: ALM ISIN Code: ZAE000104733
("ALM" or "the Company")
Reviewed Interim Results for the period ended 31 August 2008
Reviewed Reviewed Audited
31 Aug 31 Aug 29 Feb 2008
BALANCE SHEETS 2008 2007 R`000
R`000 R`000
ASSETS
Non current assets 232 401 124 525 187 793
Property, plant and equipment 67 343 28 693 36 495
Goodwill and Intangible assets 89 334 67 333 89 334
Investment property 23 456 5 233 23 456
Intangible assets 11 854 - 11 854
Financial receivables 40 414 23 266 26 654
Current assets 134 983 51 893 87 163
Inventory 51 439 8 250 21 521
Trade and other receivables 65 401 38 167 54 787
Cash and cash equivalents 18 143 5 476 10 855
Total assets 367 384 176 418 274 956
EQUITY AND LIABILITIES
Capital and reserves 296 290 117 672 238 197
Share capital and premium 126 732 58 713 126 713
Distributable reserves 169 558 58 959 111 484
Non current liabilities 14 488 33 178 5 963
Deferred taxation 3 637 4 192 3 727
Long term liabilities 10 851 28 986 2 236
Current liabilities 56 606 25 568 30 796
Accounts payable 27 416 9 404 3 895
South African Revenue Services 27 202 16 164 25 423
Current portion of long term 1 988 - 1 478
liabilities
Total equity and liabilities 367 384 176 418 274 956
Shares in issue at period end 84 656 55 000 65 000
(`000)
Net asset value per share (cents) 350 214 366
Tangible net asset value per 230.46 91.53 210.78
share (cents)
Reviewed Reviewed Audited
31 Aug 31 Aug 29 Feb 2008
INCOME STATEMENTS 2008 2007 R`000
R`000 R`000
Revenue 199 600 108 782 312 122
Operating expenses (119 163) (68 311) (201 843)
Other income 25 517 236 1 369
Profit before finance costs and 105 954 40 707 111 648
depreciation
Finance costs (1 880) - -
Investment income 111 67 711
Depreciation and amortisation (1 861) (1 049) (2 675)
Profit before taxation 102 324 39 725 109 684
Taxation (28 651) (11 520) (28 896)
Net profit for the period 73 673 28 205 80 788
Adjustments for headline earnings - - -
Headline earnings 73 673 28 205 80 788
Basic earnings per share (cents) 107.91 51.30 120.53
Weighted average number of shares 68 276 55 000 67 027
(`000)
Headline earnings per share 107.90 51.30 120.53
(cents)
Reviewed Reviewed Audited
31 Aug 31 Aug 29 Feb 2008
CASH FLOW STATEMENTS 2008 2007 R`000
R`000 R`000
Cash flows from operating 39 501 18 152 41 535
activities
Cash flows from investing (18 453) (5 746) (44 520)
activities
Cash flows from financing (13 761) (14 512) 6 260
activities
Net movement in cash and cash 7 287 (2 106) 3 275
equivalents
Cash and cash equivalents at 10 856 7 581 7 581
beginning of year
Cash and cash equivalents at end 18 143 5 475 10 856
of year
Share Share Shares Distribu
Capita Premium to be table Total
STATEMENT OF CHANGES IN l R`000 issued Reserve R`000
EQUITY R`000 R`000 R`000
Balance as at 28 50 43 063 - 34 088 77 201
February 2007
Share Issue 15 61 586 - - 61 601
Deemed value of shares - - 21 999 - 21 999
to Thanda Bantu
Dividends - - - (3 393) (3 393)
Net profit for the - - - 80 788 80 788
period
Balance as at 29 65 104 648 21 999 111 484 238 197
February 2008
Share issue 20 21 999 (21 - 20
999)
Dividends - - - (15 600) (15
600)
Net profit for the year - - - 73 673 73 673
Balance as at 31 August 85 126 647 - 169 558 296 290
2008
COMMENTS
The Board of Directors are pleased to present the reviewed interim financial
results of the Group for the six months ended 31 August 2008.
GROUP PROFILE
Alliance Mining Corporation Limited and its subsidiaries ("ALM") provides
services and products to the mining industry. ALM has operations in the West
Rand, North West Province and the Northern Province and employs 3 000 people.
The operations are grouped into two segments - Time and Access, and Mining.
ALM remains focused on creating shareholder value. The Group has pursued organic
growth within the acquired companies, which should continue to gain an
increasing share of the mining products and services market, and plans to
continue to seek expansion through an appropriate balance of organic and
acquisitive growth.
FINANCIAL REVIEW
Highlights
ALM generated R73.6 million (31 August 2007: R28.2 million) after tax profits
for the six months under review.
Earnings and headline earnings per share increased to 107,91 cents per share (31
August 2007: 51,3 cents) for the six months to 31 August 2008.
Net assets increased to R296.2 million at 31 August 2008 from R238.2 million at
29 February 2008.
A segmental breakdown is as follows:
R`000
31 August 2008
Income Statement Time and Access Mining Total
Revenue 19 902 179 697 199 600
Net profit after 5 806 67 868 73 673
tax
R`000
31 August 2007
Income Statement Time and Access Mining Total
Revenue 16 286 92 496 108 782
Net profit after 3 161 25 044 28 205
tax
Notwithstanding challenging trading and economic conditions during the period
under review, the directors are pleased with the results achieved. Alliance
Mining showed strong earnings and growth for the six months ended 31 August
2008. Headline earnings of R73 million increased by 161% if compared to the same
period in 2007. Strong demand from the mining and construction industries, with
demand for quick turnaround being facilitated by significantly improved in-house
resource pools, is reflected in these earnings.
Gross sales revenue increased to R199.6 million as at 31 August 2008 from R108.8
million as at 31 August 2007, partly as a result of continuing strong demand in
the industry, and partly from additional contributions from subsidiaries
acquired in the previous financial year.
Cost of sales and operating expenses increased from R68 million in August 2007
to R119 million in August 2008, which represents a lower increase than that of
turnover. Labour costs have been constrained by adhering to negotiated
agreements and avoiding unnecessary labour action and impacts on production.
The Group has introduced cost management measures to address increasing costs
and benefits from the introduction of these measures are materialising.
Net finance costs of R1.8 million are as a result of the Group taking advantage
of its leveraged position, increasing its debt, to finance both acquisitions and
increased working capital.
Balance Sheet
R`000
31 August 2008
Balance Sheet Time and Mining Total
Access
Current Assets 20 382 114 601 134 983
Non current 114 454 117 947 232 401
Assets
Goodwill - 89 334 89 334
Non current 3 255 7 596 10 851
Liabilities
Current 15 866 40 740 56 606
Liabilities
R`000
31 August 2007
Balance Sheet Time and Access Mining Total
Current Assets 12,291 39,602 51,893
Non current 73,562 50,963 124,525
Assets
Goodwill - 67,333 67,333
Non current 9,329 23,849 33,178
Liabilities
Current 2,413 23,155 25,568
Liabilities
Trade receivables and payables as well as inventory, increased as a result of
increased turnover.
PROSPECTS AND OUTLOOK
The varied spread of the Group`s products and services, within its subsidiaries,
somewhat diminishes the impact of adverse market conditions in any given sector.
ALM currently has large orders on book, and expects to maintain a steady level
of earnings for the second half of the financial year.
BASIS OF PREPARATION OF THE AUDITED RESULTS
Statement of compliance
The interim results comprise a consolidated balance sheet at 31 August 2008, a
consolidated income statement, consolidated statement of changes in equity and
summarised consolidated cash flow statement for the period ended 31 August 2008.
The interim results have been prepared in accordance with the recognition and
measurement criteria of IFRS and the presentation and disclosure requirements of
IAS34, Interim Financial reporting, JSE Listings Requirements and South African
Companies Act.
The accounting policies applied for the period are consistent with those of the
prior year.
The interim results were approved by the Board of Directors on 27 October 2008.
Basis of measurement
The condensed financial statements have been prepared on the historical cost
basis.
CORPORATE GOVERNANCE
The Group subscribes to the principles of, and implements where possible, the
recommendations of the King II Code on Corporate Governance.
REVIEW OPINION
The results have been reviewed by Van Dyk and Associates Inc. The unqualified
review report is available for inspection at the company`s registered office.
For and on behalf of the Board
EA de Kok
Chief Executive Officer
3 November 2008
Registered office:
51 Shannon Road, Noordheuwel
1740
PO Box 640
Krugersdorp
1740
Designated Advisor:
Arcay Moela Sponsors (Pty) Limited
Anerley House
No. 3 Anerley Street
Parktown
2193
PO Box 62397
Marshalltown
2107
Transfer secretaries:
Computershare Investor Services (Proprietary) Limited
Ground Floor
70 Marshall Street
Johannesburg
2001
Directors:
EA de Kok (CEO)
AJP Steenkamp
CM van Nieuwkerk
MJ Garber
BA de Kok (COO)
LM van der Merwe
P Maema*
MNJ Ramasehla*
Dr N.M. Phosa*
*Non-executive
Date: 03/11/2008 14:13:01 Produced by the JSE SENS Department.
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