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ABO
ABO
ABO - Absolute - Audited Results For The Year Ended 30 June 2008 And Notice Of
Annual General Meeting
ABSOLUTE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/004649/06)
(JSE code: ABO)
(ISIN: ZAE 000062998)
("Absolute" or "the company")
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2008
AND NOTICE OF ANNUAL GENERAL MEETING
Further to the announcement published on SENS on 14 October 2008 detailing,
inter alia, the reviewed results for the year ended 30 June 2008, shareholders
are advised that the aforementioned results have been audited and contain minor
amendments to the reviewed results previously published. The audited results
are set out below:
30 June 30 June
2008 2007
GROUP BALANCE SHEETS R`000s R`000s
Assets
Non-current assets 20 536 16 245
Property, plant & equipment 970 481
Mineral rights 19 566 9 717
Goodwill - 6 047
Current Assets 1 022 4 631
Inventory 462 3 327
Cash and cash equivalents 335 238
Trade and other receivables 102 959
Short-term receivables 123 107
Disposal group held for sale 1 183 3 710
Total assets 22 741 24 586
Equity and liabilities
Capital and reserves 745 4 817
Share capital 8 563 7 397
Share premium 80 769 77 985
Accumulated loss (88 587) (80 566)
Non-current liabilities 14 991 6 217
Long-term liabilities 14 991 6 202
Deferred taxation - 15
Current liabilities 5 822 9 955
Trade and other payables 953 4 908
Short-term loans - 33
Taxation - 5
Bank overdraft 4 869 5 009
Liabilities associated with 1 183 3 598
disposal group held for sale
Total equity and liabilities 22 741 24 586
Net asset value per share
information:
Net asset value per share 0.09 0.65
(cents)
Net tangible asset value per (2.20) (1.48)
share (cents)
Shares in issue at year end 856 374 874 739 708 208
30 June
30 June 2007
2008 R`000s
GROUP INCOME STATEMENTS R`000s (Restated)
Revenue - -
Cost of sales - -
Gross profit - -
Selling and administrative (2 269) (1 079)
expenses
Net operating loss (2 269) (1 079)
Impairment loss of Non-current - (70)
assets held for sale
Loss from operations (2 269) (1 149)
Finance charges (81) (760)
Interest income 37 28
Loss before taxation (2 313) (1 881)
Taxation 15 -
Net loss for the year from (2 298) (1 881)
continuing operations
Discontinued operations
Net loss for the year from (5 723) (4 114)
discontinued operations
Net loss for the year (8 021) (5 995)
Attributable to:
Equity holders (8 021) (5 995)
Minority interest - -
Reconciliation between Net
loss and Headline Loss
Net loss for the year (8 021) (5 995)
Decrease in the value of
disposal group assets held 1 061 -
for sale
Decrease in the value of - 70
investment property
(Profit)/Loss on disposal of (102) 215
fixed assets
Headline Loss (7 062) (5 710)
Earnings per share
information:
Loss per share (cents) (1.07) (0.81)
Loss per share from continuing (0.31) (0.25)
operations (cents)
Headline loss per share (0.94) (0.77)
(cents)
Weighted average shares in 749 329 212 739 708 207
issue
Share Share Accumulat
capita premiu ed Total
GROUP STATEMENT OF CHANGES IN l m loss R`000s
EQUITY R`000s R`000s R`000s
Balance at 1 July 2006 7 397 77 985 (74 571) 10 811
Net loss for the year - - (5 995) (5
995)
Balance at 30 June 2007 7 397 77 985 (80 565) 4 816
Shares issued 1 166 2 784 - 3 950
Net loss for the year - - (8 021) (8
021)
Balance at 30 June 2008 8 563 80 769 (88 587) 745
30 June 30 June
2008 2007
ABRIDGED GROUP CASH FLOW R`000s R`000s
STATEMENTS
Net cash outflow from (7 823) (4 717)
operating activities
Net cash inflow / (outflow) 2 923 (84)
from investing activities
Net cash inflow from financing 5 143 4 270
activities
Net increase / (decrease) in 243 (531)
cash and cash equivalents
Cash and cash equivalents at (4 771) (4 240)
beginning of the year
Cash transferred to disposal (6) -
group held for sale
Cash and cash equivalents at (4 534) (4 771)
end of year
SEGMENTAL ANALYSIS
31 December 2008
Head
R`000 Retail Office Propert Mining Total
y
Revenue - - - - -
Net loss (5 723) (1 349) (21) (928) (8 021)
The major changes to the reviewed results were as follows:
- The current year loss increased from (R7 889 000) to (R8 021 000). This
change was attributable to various expenses through the Calulo Resources
(Proprietary) Limited loan account.
- Trade and other receivables increased with R71 000 due to VAT receivable
reclassified from trade payables.
- Short term loans receivable increased with reclassification of the
Richtersveld shareholders loan reclassified to Long term liabilities.
- Trade payables increased due to the VAT reclassification and the additional
expenses.
- Headline earnings were previously calculated without adding back the
mpairment of disposalgroup.
In addition shareholders are reminded that during the current period goodwill
was reclassified to Mineral Rights as the underlying investment, giving rise to
the mineral right, only had its mining licence granted in this financial year.
Notice of annual general meeting - Change of Venue and Time
Shareholders are further advised that the annual general meeting venue and time
have changed. It will be held on Wednesday, 10 December 2008 at 11h30 in the
Arcay House II, Number 3 Anerley Road, Parktown, Johannesburg.
Johannesburg
01 December 2008
Sponsor
Arcay Moela Sponsor (Pty) Ltd
Date: 01/12/2008 14:54:01 Produced by the JSE SENS Department.
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