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IDE
IDE
IDE - Ideco Group Limited - Posting of annual report, audited abridged financial
information, change statement and notice of annual general meeting
IDECO GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number 2001/023463/06
Share Code: IDE
ISIN: ZAE000107579
("Ideco" or "the company" or "the group")
POSTING OF ANNUAL REPORT, AUDITED ABRIDGED FINANCIAL INFORMATION, CHANGE
STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
ANNUAL REPORT
Pursuant to paragraph 3.21 of the Listings Requirements of the JSE Limited, the
company hereby informs shareholders that the Annual Report will be posted on 27
February 2009.
AUDITED FINANCIAL INFORMATION
Condensed Balance Sheets Audited Audited
Figures in R`000 Notes Aug 2008 Feb 2007
Assets
Non-current assets
Property, plant and 1
equipment 6,828 3,712
Investment in associate 2
19,075 -
Intangible assets 3
23,337 -
Deferred tax
1,829 885
51,069 4,597
Current assets
Inventories
11,136 4,920
Trade and other receivables
17,433 19,676
Other assets
1,522 322
Current tax receivable
285 -
Cash and cash equivalents
12 26,177
30,389 51,095
Non-current assets held for
sale 4,335 -
34,724 51,095
Total assets
85,793 55,692
Equity and liabilities
Equity
Share capital and premium
21,287 *
Retained income
19,585 16,589
40,872 16,589
Liabilities
Non-current liabilities
Long-term borrowings
2,639 -
Current liabilities
Current tax payable
392 16,611
Trade and other payables
17,687 17,604
Current portion of long-
term borrowings 172 -
Bank overdraft
2,804 -
Provisions
- 1 903
Dividend payable
- 5,000
Other current liabilities 21
227 -
42,282 39,103
Total liabilities
44,921 39,103
Total equity and
liabilities 85,793 55,692
Net asset value per share
(cents) 20.21 66.36
Net tangible asset value
per share (cents) 7.77 62.82
* less than R1 000
Condensed Income Statements Audited Audited
Figures in R`000 Aug 2008 Feb 2007
Revenue 113,645
209,471
Cost of sales
(80,954 (149,527
Gross profit
32,691 59,944
Other income
4,406 97
Operating expenses
(37,660 (28,724
Operating (loss)/profit
(563) 31,317
Investment income
1,747 1,902
Finance costs
(1,213 (125)
Share of profit of
associate company 2,463 -
Profit before taxation
2,434 33,094
Taxation
562 (10,881)
Profit for the period
2,996 22,213
Number shares
- Issued
202,222,222 25,000,000
- Weighted
127,550,685 25,000,000
Headline (loss)/profit per
share (cents) (0.88) 88.85
Earnings per share (cents)
2.35 88.85
Calculation of headline
(loss)/profit
Net profit attributable to
shareholders 2,996 22,213
Adjusted for:
Profit on sale of assets
(4,116) -
Headline earnings
(loss)/profit (1,121) 22,213
Condensed Cash Flow Audited Audited
Statements
Figures in Rand Aug 2008 Feb 2007
Cash flows from operating
activities
Cash (utilised)/generated
by operations (5,687) 13,759
Interest income
1,747 1,902
Finance costs
(1,213) (125)
Dividends paid (5,000) (10,000)
Tax paid
(16,887) (4,801)
Net cash from operating
activities (27,040) 735
Net cash flow from
investing activities (46,270) (2,716)
Net cash flows from 44
financing activities 341 (2,768)
Total cash movement for the
year (28,969) (4,749)
Cash at the beginning of
the year 26,177 30,926
Total cash at end of period
(2,792) 26,177
Statements of Changes in
Equity
Share Total
capital Retained
Figures in R000 and income equity
premium
Balance at 01 March 2006
* 4,376 4,376
Profit for the year
22,213 22,21
Dividends
(10,000) (10,000)
Balance at 28 February 2007
* 16,589 16,589
Issue of share capital
21,287 21,287
Profit for the period
2,996 2,996
Balance at 31 August 2008
21,287 19,585 40,872
Segmental analysis
Figures in Rand Aug 2008 Feb 2007
Revenue
Biometric readers and
solutions 111,421 82,701
Biometric projects
2,224 126,770
113,645 209,471
Operating (loss)/profit
Biometric readers and
solutions 12,812 14,664
Biometric projects
(2,068) 24,704
Corporate and other
(15,423) (8,051)
(4,679) 31,317
Notes to the balance sheet
Figures in Rand Aug 2008 Feb 2007
1. Property, plant and
equipment
Land and buildings
4,678 -
Furniture and fixtures
650 561
Motor vehicles
506 636
Office equipment
56 82
IT equipment
938 2,226
Leasehold improvements
- 207
6,828 3,712
2. Investment in
associate
Shares at cost
16,612 -
Share of profit since
acquisition 2,463 -
19,075 -
3. Intangible assets
Computer software
4,585 -
Intellectual property
rights 1,500
Licence fees
17,252 -
23,337 -
BASIS OF PREPARATION
The abridged financial information has been prepared in accordance with, and
containing the information required by, IAS 34: Interim Financial Reporting,
International Financial Reporting Standards, the International Financial
Reporting Interpretations Committee interpretations adopted by the Accounting
Practices Board, the South African Companies Act and the JSE Limited Listing
Requirements. The financial information has been prepared under the historical
cost convention. The accounting policies adopted in the preparation of the
abridged financial information are consistent with those used to prepare the
financial statements for the year ended 28 February 2007.
The abridged financial information has been audited by BDO Spencer Steward
(Johannesburg) Incorporated and their unmodified audit opinion is available for
inspection at the company`s registered office.
CHANGE STATEMENT
The following re-classifications were made to the abridged financial information
in comparison to the reviewed provisional financial information published on 28
November 2008 (all amounts in R`000):
Balance sheet
Current assets
Trade and other (1,516) Pre-payments are now shown
receivables separately as "Other assets" and
R6 000 has been transferred from
"Trade and other payables".
Other assets Was previously included in "Trade and
1,522 other receivables"
Cash and cash Was previously netted off
equivalents 12 against bank overdraft
Current liabilities
Trade and other Short term loan has been re-
payables (260) classified as "Other
liabilities" and R6 000 of debit
balances have been transferred
to "Trade and other
receivables".
Bank overdraft Cash on hand and bank balances have
12 been transferred to "Cash and cash
equivalents".
Other current
liabilities 266 Short-term loan, previously included in
"Trade and other payables, has been re-
classified.
Income statement
Other income Profit on sale of property was
4,116 previously shown separately and has now
been included in "Other income".
Cash flow statements
The major re-
classifications are:
Cash generated from R21 million in respect of "Other
operations (16,419) current liabilities" has been
transferred to financing activities and
non-current assets held for sale has
been transferred to investing
activities.
Dividends paid Re-allocated to investing
(5,000) activities
Tax paid Audit
(669) adjustment
Net cash flow from Non-current assets held for sale
investing activities (4,311) was previously included in "Cash
generated from operations".
Net cash flows from Change in other liabilities re-
financing activities 26,400 allocated from "Cash generated
from operations and dividend paid was
re-allocated.
NOTICE OF THE ANNUAL GENERAL MEETING
The Annual General Meeting of the shareholders of Ideco will be held at the
registered office of the company, 13 Wellington Road, Parktown, Johannesburg, on
15 May 2009 at 10:00. Details of the proceedings and resolutions are contained
in the aforementioned Annual Report.
By order of the board
Vhonani Mufamadi H B Aucamp
CEO CFO
CORPORATE INFORMATION
Executive directors: V G Mufamadi (CEO); H B Aucamp (CFO)
Non-executive directors: A Sisulu; M Kekana; R Troester (German)
Registration number: 2001/023463/06
Registered address: 13 Wellington Road, Parktown, Johannesburg, 2193
Postal address: P O Box 130353, Bryanston 2021
Company secretary: H B Aucamp Telephone (011) 745 5600 Facsimile (011) 745 5615
Transfer secretaries: Computershare Investor Services 2004 (Pty) Ltd
Legal advisors: DLA Cliffe Dekker Hofmeyr Inc
Designated advisor: QuestCo Sponsors (Pty) Ltd
Date: 27/02/2009 15:29:01 Produced by the JSE SENS Department.
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