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LAB
LAB
LAB - Labat Africa Limited - Reviewed condensed consolidated results for the
year ended 28 February 2010
Labat Africa Limited
Incorporated in the Republic of South Africa
(Registration number 1986/001616/06)
JSE code: LAB ISIN: ZAE000018354
("Labat")
REVIEWED CONDENSED CONSOLIDATED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2010
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Reviewed Audited
12 months 12 months
28 February 28 February
2010 2009
R`000 R`000
Revenue 27 289 42 201
Continuing operations-head office - -
Discontinued operations 27 289 42 201
Operating loss before depreciation and (6 769) (4 995)
amortisation
Continuing operations (1 738) (8 791)
Discontinued operations (5 031) 3 796
Depreciation and amortisation (6 313) (8 393)
Continuing operations (33) (78)
Discontinued operations (6 280) (8 315)
Operating (loss)/ profit before interest (13 082) (13 388)
and taxation
Continuing operations (1 771) (8 869)
Discontinued operations (11 311) (4 519)
Interest paid (3 480) (9 264)
Continuing operations (173) (3)
Discontinued operations (3 307) (9 261)
Interest received 350 2 491
Continuing operations 1 3
Discontinued operations 349 2 488
(Loss)/profit before taxation, sale and (16 212) (20 161)
fair value adjustments
Continuing operations (1 943) (8 869)
Discontinued operations (14 269) (11 292)
Fair Value Adjustments (17 020) 50 072
Surplus on restructuring of subsidiary - -
Unbundling of TCS - 48 793
Impairment Property Plant, Equipment, (17 020) 1 279
Stock
Revaluation of asset - -
Bee discount - TCS - -
(Loss)/profit before taxation (33 232) 29 911
Continuing operations (1 943) 36 490
Discontinued operations (31 289) (6 579)
Taxation - 15 286
Continuing operations - -
Discontinued operations - 15 286
(Loss)/profit after taxation (33 232) 45 197
Continuing operations (1 943) 36 490
Discontinued operations (31 289) 8 707
Attributable to
Minority Interest - -
Equity holders (33 232) 45 197
Profit attributable to shareholders (33 232) 45 197
Weighted Shares in issue throughout the 197 155 197 155
period (000)
Basic (loss) / profit per share (cents) (16.9) 22.9
Headline loss per share (cents) (8.2) (2.5)
Reconciliation of headline earnings
Basic loss (profit) (33 232) 45 197
Unbundling of TCS - (48 793)
Impairment of asset/investment 17 020 (1 279)
Headline loss (16 212) (4 875)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Reviewed Audited
28 February 28 February
2010 2009
R`000 R`000
ASSETS
Property, plant and equipment 59 92
Other financial assets 179 1 632
Non-current assets 238 1 724
Trade and other receivables 142 1 037
Cash and cash equivalents 259 168
Current assets 401 1 205
Assets of disposal group classified as 48 179 125 735
held for sale
Total assets 48 818 128 664
EQUITY AND LIABILITIES
Share capital and reserves (50 444) (20 892)
Current Liabilities
Trade and other payables 9 045 6 283
Current liabilities 9 045 6 283
Liabilities of disposal group classified 90 217 143 273
as held for sale
Total equity and liabilities 48 818 128 664
Number of shares in issue (`000) 197 155 197 155
Total Net asset value per share (cents) (25.6) (10.6)
STATEMENT OF CHANGES IN EQUITY
Share Share Treasury
R`000 Capital Premium Shares
Balance at 1 March 2009 1 972 49 065 (482)
Direct transfer to reserves-after tax - - -
effect of depreciation
Loss before fair value adjustments - - -
Fair value adjustments - - -
Non-distributable reserve of disposal
group classified
as held for sale - - -
Surplus on revaluation of property - - - -
after tax effect
Balance at 28 February 2010 1 972 49 065 (482)
Non-
Distributable Distributable Capital and
R`000 Reserves Reserves Reserves
Balance at 1 March 2009 43 420 (71 447) 22 528
Direct transfer to (3 680) 3 680 -
reserves-after tax effect
of depreciation
Loss before fair value - (16 212) (16 212)
adjustments
Fair value adjustments (25 737) (17 020) (42 757)
Non-distributable reserve
of disposal group
classified
as held for sale (15 464) - (15 464)
Surplus on revaluation of 1 461 - 1 461
property - after tax
effect
Balance at 28 February - (100 999) (50 444)
2010
Cash flow STATEMENT
Reviewed Audited
12 months 12 months
28 February 28 February
2010 2009
R`000 R`000
Net flow from operating activities (8 392) (29,792)
Continuing (212) (3 879)
Discontinuing (8 180) (25 913)
Net flow from investing activities 801 (2 322)
Continuing 301 (108)
Discontinuing 500 (2 214)
Net flow from financing activities (2 333) (581)
Continuing - 3 601
Discontinuing (2 333) (4 182)
Net (decrease) in cash (9 924) (32 695)
Continuing 89 (386)
Discontinuing (10 013) (32 309)
Cash at beginning of year 11 417 44 112
Continuing 168 554
Discontinuing 11 249 43 558
Cash at end of year 1 495 11 417
Continuing 259 168
Discontinuing 1 236 11 249
COMMENTARY
Results
Basic loss per share was 16.9 cents against a profit in the previous year of
22.9 cents. Headline loss per share was 8.2 cents against a loss of 2.5 c in
the previous year. The results for the year take into account the closure of
the SAMES factory at Koedoespoort, which resulted in a before tax loss of R16
212 000 for the year. Impairment of plant, equipment and stock resulted in a
further loss of R17 020 000.
SAMES
SAMES has now finally closed its integrated circuit ("i.c.") manufacturing
facility at Koedoespoort. It became impossible to continue manufacturing in
competition with giant Chinese manufacturers. The plant is in the process of
being dismantled and sold. Impairment of plant and equipment has taken account
of the slump in world prices for second hand electronic equipment. Alternative
uses for the property are currently being explored.
CORPORATE ACTIVITY
It has been recognised that, although there are various opportunities available
to use the remaining SAMES assets in a productive manner, these opportunities
are of a medium to long term nature and will not be profitable in the short term
and are therefore unsuitable to remain in a listed environment. Shareholders
were notified in various publications of the intention to take the business
private and to de-list Labat.
The Board was subsequently approached by Aurora Empowerment Systems (Pty) Ltd
(`Aurora") to acquire a controlling stake in Labat and to use the listed shell
to house other assets.
This gave rise to a firm intention by Aurora to make a mandatory offer to Labat
shareholders, the related party disposal of the assets, liabilities and business
of Labat in terms of section 228 of the Companies Act. This was communicated to
shareholders on 7 April 2010. .
Basis of preparation
The reviewed condensed consolidated financial statements for the year have been
prepared in accordance with the framework concepts and measurement and
recognition requirements of International Financial Reporting Standards, the
AC500 standards as issued by the Accounting Practices Board or its successor,
the disclosure requirements of IAS34: Interim Financial Reporting and in the
manner required by the JSE Limited Listings Requirements and the South African
Companies Act, 1973. The accounting policies and method of measurement and
recognition applied in preparation of the reviewed condensed consolidated
financial statements are consistent with those applied in the group`s annual
financial statements for the year ended 28 February 2009, which comply with
International Financial Reporting Standards.
Review opinion
These reviewed condensed consolidated financial statements have been reviewed by
the group`s auditors, Ngubane Zeelie Inc, and their unmodified review opinion is
available for inspection at the company`s registered office.
Assets held for sale
As reported earlier, the SAMES i.c. manufacturing business has ceased trading
and the underlying assets have been classified as assets held for sale and
accounted for on that basis.
Corporate Governance
The group subscribes to the values of good corporate governance at all levels
and is committed to conducting business with discipline, integrity and social
responsibility.
Post balance sheet events
Apart from the offer by Auroa mentioned above, management is not aware of any
material events which occurred subsequent to the year ended 28 February 2010.
Dividends
In line with group policy, no dividend has been declared.
For and on behalf of the board.
B G VAN ROOYEN
Chairman
14 June 2010
Directors
B G van Rooyen, D J O`Neill, V J Labat*, R Mohamed*
* Non-executive
Registered office
23 Kroton Avenue
Weltevreden Park, Roodepoort, 1709
Private Bag X09-248, Weltevreden Park, 1715
Transfer secretaries
Computershare Investor Services (Proprietary) Limited
Auditors
Ngubane Zeelie Inc
Sponsor
Vunani Corporate Finance
Date: 14/06/2010 16:35:01 Produced by the JSE SENS Department.
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