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LAB
LAB
LAB - Labat - Reviewed Interim Results For The Six Months Ended 31 August 2008
And Withdrawal Of Cautionary Announcement
Labat Africa Limited
Incorporated in the Republic of South Africa
(Registration number 1986/001616/06)
JSE code: LAB & ISIN: ZAE000018354
("Labat" or "the group")
REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2008 AND WITHDRAWAL
OF CAUTIONARY ANNOUNCEMENT
GROUP CONSOLIDATED INCOME STATEMENT
Reviewed Reviewed Audited
6 months 6 months 12 months
31 August 31 August 28 February
2008 2007 2008
R`000 R`000 R`000
Revenue 24 937 90 806 154 646
Continuing operations 24 937 34 006 41 784
Discontinued operations - 56 800 112 862
Operating income before 391 21 309 50 207
depreciation and amortisation
Continuing operations 391 4 987 12 663
Discontinued operations - 16 322 37 544
Depreciation and amortisation (4 194) (10 304) (21 548)
Continuing operations (4 194) (6 310) (13 583)
Discontinued operations - (3 994) (7 965)
Operating (loss)/profit (3 803) 11 005 28 659
before interest and taxation
Continuing operations (3 803) (1 323) (920)
Discontinued operations - 12 328 29 579
Interest paid (3 168) (3 180) (9 650)
Continuing operations (3 168) (2 196) (5 336)
Discontinued operations - (984) (4 314)
Interest received 1 481 273 5 029
Continuing operations 1 481 122 2 235
Discontinued operations - 151 2 794
(Loss)/profit before (5 490) 8 098 24 038
taxation, sale and fair value
adjustments
Continuing operations (5 490) (3 397) (4 021)
Discontinued operations - 11 495 28 059
Fair Value Adjustments 48 793 - (12 223)
Surplus on restructuring of - - 3 854
subsidiary
Unbundling of Total Client 48 793 - -
Services Limited
BEE discount - Total Client - - (16 077)
Services Limited
Profit before taxation 43 303 8 098 11 815
Continuing operations 43 303 (3 397) (167)
Discontinued operations - 11 495 11 982
Taxation - (3 345) (10 420)
Continuing operations - - (22)
Discontinued operations - (3 345) (10 398)
Profit after taxation 43 303 4 753 1 395
Continuing operations 43 303 (3 397) (189)
Discontinued operations - 8 150 1 584
Attributable to
Minority Interest - 5 756 2 230
Equity holders 43 303 (1 003) (835)
Profit attributable to 43 303 4 753 1 395
shareholders
Shares in issue throughout 197 155 186 415 189 100
the period (000)
Earnings/(loss) per share 22.0 (0.5) (0.4)
(cents)
Headline loss per share (2.8) (0.6) (0.5)
(cents)
Reconciliation between profit
for the period and headline
earnings:
Profit attributable to 43 303 (1 003) (835)
shareholders
Profit on sale of assets - (63) (62)
Unbundling of Total Client (48 793) - -
Services Limited
Headline loss (5 490) (1 066) (897)
GROUP CONSOLIDATED BALANCE SHEET
Reviewed Reviewed Audited
6 months 6 months 12 months
31 August 31 August 28 February
2008 2007 2008
R`000 R`000 R`000
ASSETS
Property, plant and equipment 64 627 99 241 87 432
Goodwill - 3 466 19 424
Other intangible assets 795 3 265 2 120
Other financial assets 6 627 3 066 2 704
Deferred taxation - 152 -
Non-current assets 72 049 109 190 111 680
Inventories 17 597 21 391 18 233
Trade and other receivables 17 180 45 181 50 573
Cash and cash equivalents 25 905 25 145 44 112
Current assets 60 682 91 717 112 918
Total assets 132 731 200 907 224 598
EQUITY AND LIABILITIES
Share capital and reserves 8 045 43 848 31 316
Unexpended grant 30 694 24 913 39 686
27 460 39 985 31 099
Long-term liabilities
Preference share liability - - 26 000
Deferred taxation 16 736 16 948 21 789
Non-current liabilities 44 196 56 933 78 888
Trade and other payables 48 160 73 173 72 846
Bank overdraft 1 636 2 040 1 862
Current liabilities 49 796 75 213 74 708
Total equity and liabilities 132 731 200 907 224 598
Net asset value per share 4.1 21.1 11.5
(cents)
CASH FLOW STATEMENT
Reviewed Reviewed Audited
6 months 6 months 12 months
31 August 31 August 28 February
2008 2007 2008
R`000 R`000 R`000
Net flow from operating (11 122) (3 633) (3 865)
activities
Net flow from investing (5 056) (8 412) (9 147)
activities
Net flow from financing (2 029) (3 340) 16 594
activities
Net (decrease)/increase in (18 207) (15 385) 3 582
cash
Cash at beginning of period 44 112 40 530 40 530
Cash at end of period 25 905 25 145 44 112
STATEMENT OF CHANGES IN EQUITY
Non-
Share Share Distributable
R`(000) Capital Premium Reserves
Balance at 1 March 2008 1 972 49 065 41 099
Attributable loss for the period - - -
Loss before unbundling of TCS - - -
Unbundling of TCS - - -
Dividend paid - - -
Balance at 31 August 2008 1 972 49 065 41 099
Capital and Minority
R`(000) reserves interest Total
Balance at 1 March 2008 22 706 8 610 31 316
Attributable loss for the (14 661) (8 610) (23 271)
period
Loss before unbundling of TCS (5 490) (41) (5 531)
Unbundling of TCS 48 793 (8 569) 40 224
Dividend paid (57 964) - (57 964)
Balance at 31 August 2008 8 045 - 8 045
COMMENTARY
Results
In line with our recent trading statement the results for the period show basic
earnings per share of 22 cents as a result of the fair value adjustment relating
to the unbundling of Total Client Services Limited.
The continuing operations encouragingly made a profit of R391 000 at the EBITDA
line, which translated to a headline loss of R5 490 million or 2,8 cents per
share.
Group Restructuring
The only operating subsidiary, South African Micro-Electronic Systems (Pty)
Limited ("SAMES"), has now been restructured substantially and the directors
believe that its prospects are positive. The current US$/ZAR exchange rate, if
maintained, will enable the company to be much more competitive. The directors
accordingly expect that the company will return to profitability in the 2009/10
financial year.
Withdrawal of cautionary announcement
In light of the positive potential relating to SAMES and the continuing
uncertainty in the marketplace, the directors have decided to suspend any
further corporate activity and consequently the existing cautionary relating to
such possible corporate activity is hereby withdrawn.
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.
Dividends
In line with group policy, no dividend has been declared for the period.
Appointment of Sponsor
Vunani Corporate Finance has been appointed as the company`s sponsor. We look
forward to working with them.
Review Opinion
The results for the period under review 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.
For and on behalf of the board.
B G VAN ROOYEN
Chairman
26 November 2008
Directors
B G van Rooyen, D J O`Neill, V J Labat*, T van der Walt*
* Non-executive
Auditors
Van Wyk Chartered Accountants
Corner Koedoesnek and Grysbok Streets
Waterkloof Ridge, Pretoria, 0181
Registered office
23 Kroton Avenue
Weltevreden Park, Roodepoort, 1709
Private Bag X09-248, Weltevreden Park, 1715
Sponsor
Vunani Corporate Finance
Transfer secretaries
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
Johannesburg 2001
PO Box 61051, Marshalltown, 2107
Date: 26/11/2008 14:09:04 Produced by the JSE SENS Department.
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