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AHL
AHL
AHL - Ah-Vest - Audited results for the 9 Month period ended 31 March 2009 and
notice of annual general meeting
AH-VEST LIMITED
(Formerly All Joy Foods Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1989/000100/06)
Share code: AHL & ISIN code: ZAE000129177
AUDITED RESULTS FOR THE 9 MONTH PERIOD ENDED 31 MARCH 2009 AND NOTICE OF ANNUAL
GENERAL MEETING
BALANCE SHEET AT 31 MARCH 2009
Group
31 March 30 June
2009 2008
R R
Assets
Non-current Assets
Property, plant & equipment 12 552 350 12 791 418
Other intangible assets 1 184 613 1 184 613
Investments in subsidiaries
- -
Loans to subsidiaries - -
13 736 963 13 976 031
Current Assets
Inventories 11 918 933 9 398 565
Loans to fellow subsidiaries 2 171 560 -
Trade & other receivables
12 796 200 8 893 065
Cash & cash equivalents 2 053 315 1 774 863
28 940 008 20 066 493
Total Assets 42 676 971 34 042 524
Equity & Liabilities
Equity
Share capital 21 293 071 6 843 578
Reserves 4 688 610 4 169 678
Accumulated income (9 239 52) (5 828 623)
16 742 155 5 184 633
Liabilities
Non-current liabilities
Finance lease obligation 90 830 66 882
Current liabilities
Other financial liabilities 14 438 173 15 667 306
Current tax payable - 1 663 986
Finance lease obligation 66 256 170 138
Trade & other payables 10 789 557 11 201 658
Provisions 550 000 -
Bank overdraft - 87 921
25 843 986 28 791 009
Total Liabilities 25 934 816 28 857 891
Total Equity & Liabilities
42 676 971 34 042 524
INCOME STATEMENT
Group
9 months 12 months
ended ended
31 March 30 June
2009 2008
R R
Revenue 55 001 576 55 119 893
Cost of sales (37 847 739) (41 613 549)
Gross profit 17 153 837 13 506 344
Other income 2 163 309 21 420
Operating expenses 21 627 348) (20 674 908)
Operating loss (2 310 202) (7 147 144)
Investment revenue 405 192 17 763
Finance costs (1 505 893) (1 850 149)
Loss before taxation (3 410 903) (8 979 530)
Taxation - (1 256 935)
Loss for the 9 months (3 410 903) (10 236 465)
Loss per share
Profit/(loss) attributable to
ordinary equity holders of
the Group (3 410 903) (10 236 465)
Weighted average number of
ordinary shares in issue 96 249 125 50 455 460
- Issued shares at the
beginning of the year 41 973 333 41 973 333
- Effect of shares issued
during the year (weighted) 45 793 665 -
- Bonus element of rights
issue 8 482 127 8 482 127
Basic loss per share cents) (3.54) (20.29)
Headline loss per share
Headline earnings (3 410 903) (10 236 465)
Profit/(loss) attributable to
ordinary equity holders of
the Group (3 410 903) (10 236 465)
Headline loss per share
(cents) (3.54) (20.29)
STATEMENT OF CHANGES IN EQUITY
Total
Share Share share
capital premium capital
R R R
Group
Balance at 01 March 419 734 6 509 767 6 929 501
2007
Changes in equity
Loss for the year - - -
Authorised share
capital cost recognised
directly in equity - (85 923) (85 923)
Total changes - (85 923) (85 923)
Balance at 01 March 419 734 6 423 844 6 843 578
2008
Changes in equity
Revaluation of Land &
Buildings - - -
Net income (expenses)
recognised directly in
equity - - -
Loss for the 9 months - - -
Total recognised income
and expenses for the 9
months - - -
Rights issue of shares 600 000 13 849 493 14 449 493
Total changes 600 000 13 849 493 14 449 493
Balance at 31 March 1 019 734 20 273 337 21 293 071
2009
Re- Accumu-
valuation lated Total
reserve income equity
R R R
Group
Balance at 01 March
2007 4 169 678 4 407 842 15 507 021
Changes in equity
Loss for the year - (10 236 465) (10 236 465)
Authorised share
capital cost
recognised directly
in equity - - (85 923)
Total changes - (10 236 465) (10 322 388)
Balance at 01 March
2008 4 169 678 (5 828 623) 5 184 633
Changes in equity
Revaluation of Land &
Buildings 518 932 - 518 932
Net income (expenses)
recognised directly
in equity 518 932 - 518 932
Loss for the 9 months - (3 410 903) (3 410 903)
Total recognised
income and expenses
for the 9 months 518 932 (3 410 903) (2 891 971)
Rights issue of
shares - - 14 449 493
Total changes 518 932 (3 410 903) 11 557 522
Balance at 31 March
2009 4 688 610 (9 239 526) 16 742 155
COMMENTARY
Pursuant to the reviewed annual results published on 15 July 2009 and the SENS
announcement published on 08 September 2009 whereby shareholders were advised of
the imposition of penalties on the company the Auditors have requested an
additional provision of R550 000 for the 9 months period ended 31 March 2009.
There has been an increase in operating expenses and a decrease in taxation,
which have impacted on the balance sheet.
AUDIT OPINION
The opinion of the auditors contains an emphasis of matter as follows.
Emphasis of Matter
Without qualifying our opinion we would like to draw attention to the net loss
of R3 410 903 incurred by the group for the nine months ended 31 March 2009. The
ability of the company to continue as a going concern is dependent on several
factors which inter alia include the profitability and cash flows of the company
over the next twelve months; and the company continuing to receive support from
financial institutions in relation to the banking and credit facilities made
available to the company.
ANNUAL REPORT AND NOTICE OF ANNUAL GENERAL MEETING
The Annual Report is in the process of being printed and will be posted to
shareholders on or about 2 October 2009.
Shareholders are advised that the Annual General Meeting of AH-Vest will be held
at Arcay House II, Number 3 Anerley Road, Parktown at 10:00 on Friday, 30
October 2009.
Johannesburg
30 September 2009
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
(Registration number 2006/033725/07)
Date: 01/10/2009 08:50:00 Produced by the JSE SENS Department.
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