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ABO
ABO
ABO - Absolute Holdings Limited - Unaudited Interim Results For the Six Month
Period Ended 31 December 2008
ABSOLUTE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/004649/06)
Share code: ABO & ISIN: ZAE000062998
("Absolute" or "the company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2008
GROUP BALANCE SHEETS
Unaudited Audited Unaudited
31 Dec 30 June 31 Dec
ASSETS 2008 2008 2007
R`000 R`000 R`000
Non-current assets 39 888 20 536 16 248
Property, equipment and 3 500 970 404
vehicle
Mineral rights 19 721 19 566 9 797
Goodwill - - 6 047
Investments in associate 16 667 - -
Current assets 2 338 1 022 2 808
Inventories 1 581 462 2 256
Short term receivables 32 123 17
Trade and other 264 102 302
receivables
Cash and cash equivalents 461 335 233
Assets held for sale 684 1 183 -
Total assets 42 910 22 741 19 056
EQUITY AND LIABILITIES
Capital and reserves 26 545 745 1 569
Non-current liabilities 13 032 14 991 10 824
Long-term liabilities 13 032 14 991 10 809
Deferred taxation - - 15
Current liabilities 2 649 5 822 6 663
Bank overdraft - 4 869 4 836
Short-term loans - - 1
Trade and other payables 2 649 953 1 821
Taxation payable - - 5
Liabilities associated 684 1 183 -
with assets held for sale
Total equity and 42 910 22 741 19 056
liabilities
Number of shares in issue 1 403 716 856 375 739 708
(`000)
Net asset value per share 1.89 0.09 0.21
(cents)
Net tangible asset value 0.48 (2.20) (1.93)
per share (cents)
GROUP INCOME STATEMENTS
Unaudited Audited Unaudited
Six Year Six
months ended months
ended 30 Jun ended
31 Dec 2008 31 Dec
2008 R`000 2007
R`000 R`000
Revenue 38 - -
Other income - - 40
Cost of sales and other (2 460) (2 269) (885)
expenses
Net operating (loss) (2 422) (2 269) (845)
Profit/(Loss) on sale of - - -
property, plant and
equipment
Loss from operations (2 422) (2 269) (845)
Finance charges - (81) (119)
Interest income - 37 6
Loss before taxation (2 422) (2 313) (958)
Taxation - 15 -
Net loss for the period (2 422) (2 298) (958)
from continuing operations
Discontinued operations
Loss for the year from (780) (5 723) (2 290)
discontinued operations
Net loss for the period (3 202) (8 021) (3 248)
Reconciliation between loss
and headline loss
Net loss for the period (3 202) (8 021) (3 248)
(Profit)/Loss on disposal - (102) 42
of fixed assets
Decrease in value of non - 1 061 -
current asset held for sale
Headline loss (3 202) (7 062) (3 206)
Weighted average shares in 987 012 749 329 739 708
issue (`000)
Earnings per share
information:
Loss per share for period (0.32) (1.07) (0.44)
(cents)
Loss per share from (0.25) (0.31) (0.13)
continuing operations
(cents)
Headline loss per share for (0.32) (0.94) (0.43)
period (cents)
ABRIDGED CASH FLOW STATEMENTS
Unaudited Audited Unaudited
Six months Year Six months
ended ended ended
31 Dec 2008 30 Jun 31 Dec 2008
R`000 2008 R`000
R`000
Net cash outflow from operating (1 942) (3 275) (2 190)
activities
Net cash (outflow) / inflow (2 773) 2 923 3 580
from investing activities
Net cash outflow from (756) (4 548) (2 290)
discontinued activities
Net cash from financing 10 466 5 143 1 069
activities
Net increase in cash and cash 4 995 243 169
equivalents
Cash transferred to disposal - (6) -
group held for sale (4 534) (4 771) (4 771)
Cash and cash equivalents -
beginning of period
Cash and cash equivalents at 461 (4 534) (4 602)
end of period
STATEMENT OF CHANGES IN EQUITY
Share Share Accumulat Total
capital premium ed losses
R`000 R`000 R`000 R`000
Balance at 1 July 7 397 77 985 (74 571) 10 811
2006
Net loss for the - - (5 995) (5 995)
year
Balance at 30 June 7 397 77 985 (80 566) 4 816
2007
Shares issued 1 166 2 784 - 3 950
Net loss for the - - (8 021) (8 021)
period
Balance at 30 June 8 563 80 769 (88 587) 745
2008
Shares issued 5 473 23 529 - 29 002
Net loss for the (3 202) (3 202)
period
Balance at 31 14 036 104 298 (91 789) 26 545
December 2008
COMMENTARY
The directors present the unaudited results for the six month period ended 31
December 2008 in accordance with IAS 34 - Interim Financial Reporting. The
accounting policies adopted for purposes of this report comply, and have been
consistently applied in all material respects, with International Financial
Reporting Standards and the Companies Act. These interim results have not
been audited or reviewed by the Company`s auditors.
RESULTS
The group has effectively completed its transition to a mining company as the
tile retail operations have now been sold effective 1 March 2008. As at the
date of this report, the group employs approximately 81 employees, 77 of
which are in the mining division and the remainder in the corporate head
office. Full scale mining activities commenced at the Diamond Quartzite
Quarry in the second quarter of the last financial year following the
granting of the mining right and to date approximately 11 000m2 have been
extracted. A second mining operation will commence before the end of 2009 at
Vioolsdrift which is a Picture Stone deposit. This, together with existing
sales that have commenced after the balance sheet date, will further generate
the cash flows required to develop existing mining operations and provide
support to the group for early stage exploration ventures.
Revenue from some mining sales have contributed to the first new revenue
streams as these replace those from the retail operations. Operating
expenses have been incurred mainly on corporate activities and head office
costs but these should be covered from dividend income streams in future from
Qinisele post the approval of the transaction by shareholders in December
2008. The group`s investment in Qinisele has been accounted for as an
investment in an associate.
SEGMENTAL ANALYSIS
31 December 2008
R`000 Corporate Mining Total
Revenue - 38 38
Net (1 266) (1 156) (2 422)
Loss
30 June 2008
R`000 Retail Head Property Mining Total
Office
Revenue - - - - -
Net loss (5 723) (1 217) (21) (1 060) (8 021)
31 December 2007
R`000 Retail Head Property Mining Total
Office
Revenue 2 443 - - - 2 443
Net Loss (1 650) (484) (199) (915) (3 248)
Mining costs are no longer capitalised as mining operations have commenced.
Costs relate to development expenditure, are capitalised and amortised over
the life of the quarry.
SUBSEQUENT EVENTS
Subsequent to year end and in line with Absolute`s stated strategy of
transforming itself into a resources exploration and development company, the
company sold 100% of the issued share capital in and claims against Absolute
Tiles, a wholly owned subsidiary of the company for a consideration of
R500 000.
DIVIDENDS PAID AND RECOMMENDED
No dividends were paid or declared during the accounting period under review
and none are recommended at this stage (2007: nil).
SHARE CAPITAL
A total of 547 341 415 shares have been issued for the period under review.
These issues relate to the rights offer, details below, and the acquisition
of a 25,1% interest in Qinisele.
During the period under review, the company undertook a fully underwritten
rights offer of 214 008 081 new ordinary shares of 1 cent each. The rights
offer was underwritten by the controlling shareholder Calulo Resources
(Proprietary) Limited.
ACQUISITIONS AND DISPOSALS
In November 2008 the company acquired 25.1% of Qinisele Resources
(Proprietary) Limited, a mining consultancy for a purchase consideration of
R20 000 000.04. The company issued 333 333 334 shares to the shareholders of
Qinisele as part of the consideration.
There were no disposals during the period under review. However, shareholders
are referred to Subsequent Events below.
FUTURE PROSPECTS
The rights offer and subsequent commencement of mining operations are
expected to return the company to profitability and enhance the prospects of
the group going forward. The Qinisele Resources acquisition resulted in the
further expansion of the company`s mining operations and precedes further
acquisitions of mineral assets.
The company is in the process of motivating to the JSE Limited for a change
in sector, from "Retail" to "General Mining", the details of which will be
published shortly.
DIRECTORS
On 1 September 2008 Mr MW Rosslee was elected to the Board and is the newly
appointed Chief Executive Officer of the company.
By order of the board
M K Diale MW Rosslee
31 March 2009
Company Secretary and Registered Office
Arcay Client Support (Proprietary) Limited (Registration
number 1998/025284/07)
Arcay House, Number 3 Anerley Road, Parktown,
Johannesburg (PO Box 62397, Marshalltown, 2107)
Directors
MK Diale* Chairman, AM Sher* Deputy Chairman, MW Rosslee,
JJ Serfontein*, GP Sequeira
(* Non-executive)
Sponsor Transfer Office
Arcay Moela Sponsors Computershare Investor
(Proprietary) Limited Services (Proprietary)
Limited
Date: 31/03/2009 17:51:56 Produced by the JSE SENS Department.
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