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DLG
DLG
DLG - Dialogue Group Holdings Limited - Audited Results for the Year Ended
31 December 2009
Dialogue Group Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/039219/06)
JSE code: DLG & ISIN: ZAE000083820
("the company" or "the Group")
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
Statement of compliance
The consolidated abridged annual financial statements have been prepared in
accordance with International Financial Reporting Standard ("IFRS"), its
interpretations adopted by the International Accounting Standards Board
("IASB"), the presentation and disclosure requirements of IAS 34 - Interim
Financial Reporting, the requirements of the South African Companies Act and
in compliance with the reporting requirements of the JSE Limited. The
annual financial statements have been prepared on the historical cost basis,
except for the measurement of certain financial instruments at fair value
and the use of the liquidation basis in respect of the Group`s wholly owned
subsidiary, Dialogue South Africa (Proprietary) Limited, as detailed below.
Events after the reporting date
On 26 February 2010, the board of directors of Dialogue South Africa
(Proprietary) Limited ("Dialogue SA") (previously Dialogue Group SA (Pty)
Ltd), lodged an application for voluntary liquidation of Dialogue SA in the
High Court of South Africa (Western Cape Division, Cape Town). A
provisional order for liquidation ("the liquidation") was granted on 3 March
2010 in the High Court.
In terms of IAS 10 - Events after the reporting date, an entity shall not
prepare its financial statements on a going concern basis if management
determines after the reporting period that it intends to liquidate the
entity. Consequently, the financial statements of Dialogue SA at 31
December 2009 have been prepared using the `liquidation basis` of
accounting. The `liquidation basis` results in earlier recognition of
future liabilities (with the corresponding expense being debited to the
statement of comprehensive income); this is a fundamental change in the
basis of accounting compared to the `going concern basis`.
Comment on the results
During the year the Group restructured and repositioned its businesses to
compensate for the effects of the economic downturn. This involved
streamlining, and in some instances down-sizing the operations to account
for slower growth and client attrition, but in such a way as to benefit from
future improvement in the markets. Except for Dialogue SA, as mentioned
above, other companies within the Group continued to operate satisfactorily
despite challenging market conditions.
The Board of directors of Dialogue Group Holdings Limited ("the Board")
believes it is meaningful to disclose below the effect of the liquidation on
the loss and loss per share for the year - highlighting the effect of the
once off adjustments required when applying the `liquidation basis` of
accounting to the financial results for Dialogue SA ("the effect of the
liquidation of DSA"):
2009 2008
Loss for Loss Loss for Loss
period per period per
share share
R`000 cents R`000 cents
Loss for the year (96 498) (32.3) (58 352) (20.0)
attributable to equity
holders of the Group as
per the statement of
comprehensive income
Amounts recognised due
to the `liquidation
basis` of accounting:
Operating costs 63 441 21.2 - -
Accelerated recognition 61 550 20.6 - -
of building leases
Accelerated recognition 1 246 0.4 - -
of employment benefits
Additional impairment 645 0.2 - -
of current assets
Impairment of property, 6 124 2.0 - -
plant and equipment
Loss attributable to (26 933) (9.0) (58 352) (20.0)
equity holders of the
Group excluding the
effect of the
liquidation of DSA
("Normalised Loss")
The company achieved a reduction in the Normalised Loss of 53.8% to R 26.9
million (2008: R58.4 million). As the loss arose primarily in Dialogue SA,
which has now been liquidated, the Board expects the Group to return to
profitability in 2010.
Please note that, in presenting the Normalised Loss above, the Board does
not wish to detract from the presentation of the financial results as
presented below in conformance with IFRS, but is merely providing additional
information.
In the subsequent reporting period, the loss of control of Dialogue SA will
have a positive effect on the results of the Group as the effect of the
liquidation will be reversed in the statement of comprehensive income of the
Group. This occurs as the Group ceases to have control over Dialogue SA
from the date of liquidation.
Operational review
During the year, the Group consisted of five businesses: call-centre
operations in Cape Town ("Dialogue SA") and Durban ("Interaction"), a
business continuity operation ("ContinuitySA"), a specialist recruitment
company for the call-centre industry ("CallForce") and an investment in a
joint venture call centre business in Johannesburg ("Sibize").
Dialogue SA
As detailed above, a decision was taken to liquidate Dialogue SA on 26
February 2010.
Interaction
Interaction, as it has done since 2007, again contributed to its client
being voted the leading customer service organisation in the South African
telecommunications industry by the independent Ask Afrika Orange Index
Survey. Interaction has continued to generate efficiencies and integrate
itself with the client. The final stage for ISO certification is scheduled
for early 2010. Interaction has, during the year, presented proposals for
new operations elsewhere in Africa and the Middle East and will continue to
market its services to other potential clients in order to extend its
customer base.
CallForce
CallForce`s temporary staff placement business within the call-centre
environment was significantly affected by the economic slowdown as financial
services clients aligned their temporary staff needs with lower volume
requirements. Companies have continued to delay decision making with
regards to their staffing and this has led to highly competitive pricing in
the market. Costs were reduced in line with gross profit and CallForce is
expected to be one of the first in the Group to benefit from a recovery in
the financial markets. As a result of the swift action taken by the
executive team, the business was able to generate profit in the second half
of the year. Despite poor growth at the beginning of 2009, temporary staff
showed signs of improvement at the close of the year as market demand showed
signs of recovering and corporate risk aversion started easing.
ContinuitySA
ContinuitySA experienced a satisfactory year given the global economic
climate and recession in South Africa, which caused a number of clients to
reduce their requirements as they were prepared to assume more risk in order
to save costs in the short term. The business invested in new service areas
which also reduced the profitability for the year but stands it in good
stead for the coming years. ContinuitySA continues to be a market leader in
South Africa and expanded into other African countries as the demand for
disaster management and standby services increases. ContinuitySA has
implemented an advisory service to clients, using various methodologies, on
the potential risks associated with the 2010 World Cup. Globility, a
division that provides outsourced infrastructure facilities for call-
centres, started operating in January 2009 and reached monthly breakeven
towards the end of 2009.
Sibize
Changes to government structures combined with the prevailing economic
climate provided a very challenging year for Sibize. Although seat numbers
remains stable, the budgetary pressure of its main client in the public
sector continues to put significant strain on the cash flow requirements of
the business. Sibize has taken steps to legally enforce its rights in terms
of the service agreement and is exploring alternative scenarios with its
client with respect to affordability and continued service provision and
aims to report conclusion on this matter imminently.
Comments on the audited abridged financial statements
Statement of comprehensive income
Revenue of R344.0 million (2008: R370.4 million) is 7.1% lower than the
previous year because the effects of the economic recession were evident
everywhere across the Group.
- For Dialogue SA, revenue decreased by 19.13% to R56.1 million (2008:
R69.4 million) and business development activity did not yield any
material success;
- For Interaction, revenue of R86.6 million (2008: R79.9 million) was
8.4% higher than the previous year;
- CallForce was most affected by the economic downturn, with revenue of
R65.2 million (2008: R85.4 million), a 23.7% reduction year-on-year;
and
- ContinuitySA was able to maintain revenue levels at R145.5 million
(2008: R143.8 million).
Gross margins improved to 50.9% (2008: 47.0%) as the Group continued to shed
lower margin business and the contribution of the call centre operations to
overall gross margin improved slightly.
Operating costs, excluding depreciation, amortisation and impairments of
R224.8 million (2008: R178.2 million), includes R63.4 million (2008: nil) in
respect of expenses recognised due to the effect of the liquidation of
Dialogue SA. Eliminating the effect of the liquidation, operating costs
excluding depreciation, amortisation and impairments therefore reduced by
9.4% to R161.4 million (2008: R178.2 million).
During the year, goodwill in CallForce was impaired by R4.3 million (2008:
R9.4 million). In respect of the investment in Sibize the expected future
cash flow to the Group, from any of the alternative scenarios, exceeded its
carrying value at the reporting date, therefore no impairment loss (2008:
R20.8 million) was recognised during the current year. Also included is an
impairment loss on property, plant and equipment of R6.1 million (2008: nil)
due to the effect of the liquidation of DSA.
Included in other income is a once-off gain of R3.6 million (2008: nil)
resulting from the licensing of ContinuitySA`s Intellectual Property to
specific business partners for use outside South Africa.
The difference between the standard tax rate and the effective tax rate is
mainly as a result of deferred tax not recognised on the assessed losses
available within individual businesses where it is not probable that future
taxable profit will be available against which the unused tax losses can be
utilised (which include the loss incurred by Dialogue SA).
The Group reported an overall loss attributable to equity holders for the
year of R96.5 million (2008: R58.4 million) mainly as a result of Dialogue
SA and the effects of its liquidation.
Dialogue Group Holdings Limited, the holding company of the Group, has
incurred losses in the current financial period of R 35.7 million (2008:
loss R 44.4 million). Included in this loss are the following impairments
and other once-off items:
Item (R`000) 2009 2008
Impairment of Goodwill 4 254 9 427
Impairment of investment in joint venture - 20 755
Impairment of loan to Dialogue SA 17 850 7 994
Recognition of guarantee for overdraft 5 106 -
facilities of Dialogue SA
The auditors have included an emphasis of matter in this regard.
Statement of financial position
Assets
New additions to property, plant and equipment decreased by 33% to R18.3
million (2008: R27.4 million) due to reduced expansionary activity across
the Group. In addition, due to the effect of the liquidation of Dialogue
SA, the Group recognised impairments to property, plant and equipment of
R6.1 million (2008: nil).
During the year, ContinuitySA subscribed for 25% of ContinuityMauritius and
will be the technology partner for that operation. This is reflected as an
investment in an associate.
Average trade receivables of 45 days (2008: 47 days) are in line with that
of the previous year.
Liabilities
Provisions include an amount of R65.6 million (2008: nil) as a result of the
effect of the liquidation of Dialogue SA.
Included in trade and other payables is the fair value of contingent
consideration of R7.8 million (2008: nil) payable to the vendors of
ContinuitySA (Pty) Ltd in April 2010 in terms of the original sale
agreement, as well as income received in advance of R20.0 million (2008:
R26.7 million).
Equity
The net asset value in the Group is 13.9 cents per share (2008: 48.1 cents
per share). Excluding the effects of the liquidation of Dialogue SA, the
Group`s net asset value is 37.1 cents per share (2008: 48.1 cents per
share).
Change in accounting policies
These accounting policies and methods of computation are consistent with
those applied in previous years, and published in the 2008 Annual Report.
The presentation of the financial statements and segment information have,
however, been updated with the requirements of IAS 1 (revised) and IFRS 8
(revised) but this revision of the presentation is not considered to be a
change in accounting policy.
Prospects and outlook
Other than Dialogue SA, the Group`s businesses have been able to overcome
tough trading conditions over the past two years and will benefit directly
from an improvement in the markets. As Dialogue SA had been liquidated with
effect from 3 March 2010, the Board expects the Group to return to
profitability during 2010.
Corporate governance
The Group is committed to the principles embodied in the Code of Corporate
Practice and Conduct in the King Report 2002 ("the Code"). It complies with
the significant requirements incorporated in the Code and in the Listings
Requirements of the JSE Limited.
Related party transactions
Material related party transactions for the year were as follows:
R`000 2009 2008
Reimbursement received from Sibize 6 179 4 960
International Calling (Pty) Ltd
Consulting fees paid to MSG Afrika (410) -
Investment Holdings (Pty) Ltd
Interest received from Sibize International 376 -
Calling (Pty) Ltd
Salary expenses from Tlhalefang Placements 48 262 45 993
CC
Management fees paid to Tlhalefang 3 107 8 200
Placements CC
The Board
Mr Jason Drew resigned as CEO with effect from 31 January 2009 but remains a
non-executive director. The responsibilities of the chief executive are
delegated to other members of the board as required. Mrs Adele Cloete
resigned from the board as Group HR Director with effect from 30 April 2009.
Mr Paul Oosthuizen resigned from the board as Financial Director with effect
from 31 March 2010. Mr Terence Kretzmann has been appointed as Financial
Director with effect from 1 April 2010. Due to Terence`s appointment as
Financial Director, Terence has resigned as Company Secretary. Mr Lionel
Marran has been appointed as Company Secretary with effect from 1 April
2010.
Dividend
No dividend was declared for the year (2008: nil).
Auditors` opinion
The results have been audited by BDO Incorporated (previously known as BDO
Spencer Steward (Cape) Inc), and their unqualified audit opinion is
available for inspection at the company`s registered office. Shareholders
are advised that the auditors` unqualified audit opinion contains an
emphasis of matter paragraph which states the following:
"Without qualifying our opinion, we draw attention to the note on going
concern in the director`s report, which indicates that Dialogue South Africa
(Proprietary) Limited (previously Dialogue Group SA (Proprietary) Limited),
a wholly owned subsidiary of Dialogue Group Holdings Limited, went into
liquidation after year end. Dialogue South Africa (Proprietary) Limited has
been accounted for on the liquidation basis of accounting for the year ended
31 December 2009. Dialogue South Africa (Proprietary) Limited has an
accumulated loss of R 96 129 749 for the year ended 31 December 2009 (2008:
accumulated loss of R 10 469 226) and as of that date the company`s total
liabilities exceed its total assets by R 93 745 263. Its losses for the
current financial period was R 85 660 523 (2008: loss of R 28 199 295).
In addition, Dialogue Group Holdings Limited, the holding company of the
Group, has incurred losses in the current financial period of R 35 739 916
(2008: loss R 44 374 779). These conditions, along with other matters as set
forth in the Director`s Report, indicate the existence of a material
uncertainty that may cast significant doubt about Dialogue Group Holdings
Limited`s ability to continue as a going concern."
By order of the board
P.A. Watt P.S. Oosthuizen
Chairman Financial Director
31 March 2010
Directorate and administration
P.A. Watt* (Chairman), P.S. Oosthuizen (Financial Director), J.J. Drew*#,
A.C. Farthing*#, A. Khumalo*, R.K. Mangena*, G. Mkhari*, S.J.H. Rodger*#
*Non-executive Independent #British
Registered office: 1st floor Convention Tower, Cnr Heerengracht Street and
Coen Steytler Avenue, Foreshore, Cape Town (PO Box 8355, Rogge Bay, 8012)
Company secretary: A.T. Kretzmann, 1st floor Convention Tower, Cnr
Heerengracht Street and Coen Steytler Avenue, Foreshore, Cape Town (PO Box
8355, Rogge Bay, 8012)
Transfer Secretaries: Computershare Investor Services (Pty) Limited, 70
Marshall Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107)
Designated Advisor: PSG Capital (Pty) Limited (Johannesburg branch) Building
8, Woodmead Estate, 1 Woodmead Drive, Woodmead, 2191 (PO Box 987, Parklands,
2121)
Enquiries
Dialogue Group Holdings Limited
Peter Watt
Chairman
083 659 3646
AUDITED ABRIDGED CONSOLIDATED
FINANCIAL RESULTS FOR THE YEAR
ENDED 31 DECEMBER 2009
Consolidated statement of
comprehensive income
Audited Audited
Year ended Year ended
31-Dec-2009 31-Dec-2008
R`000 R`000
Revenue 343 988 370 337
Cost of sales (168 821) (196 223)
Gross profit 175 166 174 114
Operating expenses excluding (224 756) (178 176)
depreciation, amortisation and
impairment
Depreciation and amortisation (30 785) (25 858)
Impairment (10 378) (30 182)
Other income 5 071 2 270
Operating loss for the period (85 683) (57 832)
Finance income 2 736 8 999
Finance expenses (3 632) (5 125)
Share of loss from associate (614) -
Share of profit from joint 5 172 3 136
venture
Loss before tax (82 020) (50 822)
Income tax expense (9 903) (3 145)
Loss for the period (91 924) (53 967)
Attributable to
- Equity holders of the Group (96 498) (58 352)
- Non-controlling interests 4 575 4 385
Loss for the period (91 924) (53 967)
Total comprehensive loss for the (91 924) (53 967)
period
Attributable to
- Equity holders of the Group (96 498) (58 352)
- Non-controlling interests 4 575 4 385
(91 924) (53 967)
Loss per share (cents)
- Weighted in issue (32.3) (20.0)
- Fully diluted (32.3) (20.0)
Consolidated statement of
financial position
Audited Audited
As at As at
31-Dec-2009 31-Dec-2008
R`000 R`000
Assets
Non-current assets 165 533 168 070
Property, plant and equipment 58 861 75 367
Intangible assets 50 406 48 294
Deferred tax asset 13 576 11 213
Investment in joint venture 34 375 29 771
Investment in associate 4 890 -
Other non-current receivables 3 425 3 425
Current assets 71 570 93 165
Loan to related parties 3 381 2 886
Taxation 2 147 986
Inventories 1 138 1 358
Trade and other receivables 41 320 45 786
Cash and cash equivalents 23 584 42 149
Total assets 237 103 261 235
Equity and liabilities
Capital and reserves 64 729 158 678
Share capital 1 251 1 251
Share premium 167 778 167 778
Share option reserve 835 1 023
Accumulated loss (128 250) (29 914)
Attributable to equity holders 41 613 140 137
of the Group
Non-controlling interest 23 116 18 541
Non-current liabilities 22 054 9 198
Long term liabilities 8 373 9 198
Operating lease liability 8 837 -
Deferred tax 4 844 -
Current liabilities 150 320 93 359
Short term liabilities 10 150 9 881
Provisions 67 293 6 072
Trade and other payables 58 859 69 855
Taxation 191 1 744
Bank overdraft 13 825 5 807
Total equity and liabilities 237 103 261 235
Net asset value per share 13.9 48.1
(cents)
Consolidated cash flow statement
Audited Audited
Year ended Year ended
31-Dec-2009 31-Dec-2008
R`000 R`000
Cash flow from operating (1 052) 5 712
activities
Cash flows from investing (24 480) (42 935)
activities
Cash flows from financing (1 051) 55 063
activities
Net increase in cash and cash (26 584) 17 840
equivalents
Cash and cash equivalents at 36 343 18 502
beginning of period
Cash and cash equivalents at end 9 759 36 342
of period
Consolidated statement of
changes in equity
Audited Audited
Year ended Year ended
31-Dec-2009 31-Dec-2008
R`000 R`000
Opening Equity 158 678 99 668
Issue of shares (note 2) - 113 302
Share options issued (188) (56)
Share issue expenses - (269)
Total comprehensive (loss) / (96 498) (58 352)
income for the period
attributable to equity holders
- (Loss) / profit for the period (96 498) (58 352)
- Share of other comprehensive - -
income of associates
Total comprehensive income for
the period attributable to non- 4 575 4 385
controlling interests
- (Loss) / profit for the period 4 575 4 385
- Share of other comprehensive - -
income of associates
Dividends paid to non- (1 838) -
controlling interests
Closing Equity 64 729 158 678
Capital commitments
Audited Audited
As at As at
31-Dec-2009 31-Dec-2008
R`000 R`000
Authorised and contracted 82 2 174
Authorised and not contracted 14 300 19 891
Segment information
Management information
Audited Audited
Year ended Year ended
31-Dec-2009 31-Dec-2008
R`000 R`000
Contact centre - Cape Town
Revenue
External revenues 46 380 58 955
Intersegment revenues 9 744 10 448
Total revenue 56 124 69 403
Results
Segment profit / (loss) before (74 914) (24 772)
depreciation, amortisation,
impairments, interest, share of
profits / (losses) from equity
accounted investees and income
tax
Depreciation of property, plant (2 358) (1 950)
and equipment
Amortisation of intangibles (333) (357)
Impairment of investment in - -
subsidiaries
Impairment of goodwill - -
Impairment of loans - -
Impairment of property, plant (6 124) -
and equipment
Finance expense (196) (53)
Investment revenue 71 353
Share of profit from joint - -
venture
Share of loss from associate - -
Segment (loss)/profit (83 854) (26 778)
Operating assets 8 583 14 719
Operating liabilities 103 836 10 323
Other disclosures
Investment in an associate - -
Investment in a joint venture - -
Contact centre - Durban
Revenue
External revenues 86 567 79 907
Intersegment revenues - -
Total revenue 86 567 79 907
Results
Segment profit / (loss) before 10 531 (10 096)
depreciation, amortisation,
impairments, interest, share of
profits / (losses) from equity
accounted investees and income
tax
Depreciation of property, plant (15) (4)
and equipment
Amortisation of intangibles - -
Impairment of investment in - -
subsidiaries
Impairment of goodwill - -
Impairment of loans - -
Impairment of property, plant - -
and equipment
Finance expense (27) (0)
Investment revenue 490 173
Share of profit from joint - -
venture
Share of loss from associate - -
Segment (loss)/profit 10 980 (9 927)
Operating assets 17 524 12 311
Operating liabilities 5 952 6 551
Other disclosures
Investment in an associate - -
Investment in a joint venture - -
Business continuity
Revenue
External revenues 144 983 143 229
Intersegment revenues 504 579
Total revenue 145 487 143 808
Results
Segment profit / (loss) before 42 963 45 444
depreciation, amortisation,
impairments, interest, share of
profits / (losses) from equity
accounted investees and income
tax
Depreciation of property, plant (25 747) (21 361)
and equipment
Amortisation of intangibles (469) (347)
Impairment of investment in - -
subsidiaries
Impairment of goodwill - -
Impairment of loans - -
Impairment of property, plant - -
and equipment
Finance expense (3 179) (3 454)
Investment revenue 523 1 303
Share of profit from joint - -
venture
Share of loss from associate (614) -
Segment (loss)/profit 13 478 21 586
Operating assets 18 082 23 986
Operating liabilities 51 227 65 766
Other disclosures
Investment in an associate 4 890 -
Investment in a joint venture - -
Staffing
Revenue
External revenues 59 879 84 625
Intersegment revenues 5 282 745
Total revenue 65 160 85 371
Results
Segment profit / (loss) before (1 655) 925
depreciation, amortisation,
impairments, interest, share of
profits / (losses) from equity
accounted investees and income
tax
Depreciation of property, plant (337) (257)
and equipment
Amortisation of intangibles (91) -
Impairment of investment in - -
subsidiaries
Impairment of goodwill - -
Impairment of loans - -
Impairment of property, plant - -
and equipment
Finance expense (1 248) (1 198)
Investment revenue 608 0
Share of profit from joint - -
venture
Share of loss from associate - -
Segment (loss)/profit (2 723) (529)
Operating assets 18 521 15 169
Operating liabilities 17 664 10 219
Other disclosures
Investment in an associate - -
Investment in a joint venture - -
Head Office
Revenue
External revenues - -
Intersegment revenues 3 -
Total revenue 3 -
Results
Segment profit / (loss) before (14 201) (13 564)
depreciation, amortisation,
impairments, interest, share of
profits / (losses) from equity
accounted investees and income
tax
Depreciation of property, plant (13) (5)
and equipment
Amortisation of intangibles (3) -
Impairment of investment in (4 254) (20 755)
subsidiaries
Impairment of goodwill - (9 427)
Impairment of loans (20 286) -
Impairment of property, plant - (7 994)
and equipment
Finance expense (344) (842)
Investment revenue 4 694 6 845
Share of profit from joint - -
venture
Share of loss from associate - -
Segment (loss)/profit (34 407) (45 743)
Operating assets 14 233 25 196
Operating liabilities 17 753 939
Other disclosures
Investment in an associate - -
Investment in a joint venture 26 457 29 771
Adjustments and eliminations
Revenue
External revenues - (1 337)
Intersegment revenues (9 354) (6 813)
Total revenue (9 354) (8 151)
Results
Segment profit / (loss) before (7 244) 165
depreciation, amortisation,
impairments, interest, share of
profits / (losses) from equity
accounted investees and income
tax
Depreciation of property, plant - -
and equipment
Amortisation of intangibles (1 419) (1 577)
Impairment of investment in 4 254 -
subsidiaries
Impairment of goodwill (4 254) 9 427
Impairment of loans 20 286 (9 427)
Impairment of property, plant - 7 994
and equipment
Finance expense 1 362 422
Investment revenue (3 650) 324
Share of profit from joint 5 172 3 242
venture
Share of loss from associate - -
Segment (loss)/profit 14 507 10 570
Operating assets (5 374) 1 785
Operating liabilities (46 112) (439)
Other disclosures
Investment in an associate - -
Investment in a joint venture 7 919 -
Consolidated
Revenue
External revenues 337 809 365 378
Intersegment revenues 6 179 4 960
Total revenue 343 988 370 338
Results
Segment profit / (loss) before (44 519) (1 897)
depreciation, amortisation,
impairments, interest, share of
profits / (losses) from equity
accounted investees and income
tax
Depreciation of property, plant (28 471) (23 578)
and equipment
Amortisation of intangibles (2 315) (2 280)
Impairment of investment in - (20 755)
subsidiaries
Impairment of goodwill (4 254) -
Impairment of loans - (9 427)
Impairment of property, plant (6 124) -
and equipment
Finance expense (3 632) (5 125)
Investment revenue 2 736 8 999
Share of profit from joint 5 172 3 242
venture
Share of loss from associate (614) -
Segment (loss)/profit (82 020) (50 822)
Operating assets 71 569 93 165
Operating liabilities 150 320 93 360
Other disclosures
Investment in an associate 4 890 -
Investment in a joint venture 34 375 29 771
Geographic information
In presenting information on the basis of geographical segments,
segment revenue is based on the geographical location of
customers. Segment assets are based on the geographical location
of the assets.
2009 Revenues from Non-current
external assets
customers
R`000 R`000
United Kingdom 8 122 -
Botswana 6 130 2 126
Mozambique 2 772 4 695
Mauritius - -
United States 3 -
South Africa 320 780 158 712
Total 337 809 165 534
2008 Revenues from Non-current
external assets
customers
R`000 R`000
United Kingdom - -
Botswana 6 381 3 673
Mozambique 3 105 1 556
Mauritius - -
United States - -
South Africa 355 893 162 841
Total 365 378 168 070
NOTES
Note 1: Headline loss per share
Headline loss reconciliation:
Net loss attributable to equity (96 498) (58 352)
holders of the Group
Adjusted for: 4 254
Impairment of goodwill 9 427
Impairment of investment in 20 755
joint venture
Impairment of property, plant 6 124 -
and equipment
Profit on disposal of property, (55) -
plant and equipment
Headline loss (86 175) (28 170)
Number of shares
Total 299 075 299 075
Weighted in issue 299 075 291 151
Fully diluted 299 075 299 075
Headline loss per share (cents)
Weighted in issue (28.8) (9.7)
Fully diluted (28.8) (9.7)
Note 2: Issue of shares
11 January 2008 - 70 373 832 - 113 302
shares @ R1.61 per share
27 February 2008 - 11 220 471 - 14 250
shares @ R1.27 per share
10 April 2008 - 7 480 315 shares - 9 500
@ R1.27 per share
- 137 052
Date: 01/04/2010 09:34:02 Produced by the JSE SENS Department.
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