| Thu 26 Apr 2012, 17:14 | | MOB - Mobile Industries Limited - Reviewed results for the fifteen months ended |
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MOB
MOB
MOB - Mobile Industries Limited - Reviewed results for the fifteen months ended
31 March 2012
MOBILE INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
REG NO 1968/014997/06
SHARE CODE: MOB ISIN: ZAE000091435
("Mobile")
REVIEWED RESULTS FOR THE FIFTEEN MONTHS ENDED 31 MARCH 2012
Condensed consolidated statement of comprehensive income for the 15 months ended
31 March 2012
Reviewed Audited
15 months 12 months
ended ended
31 March 31 December
2012 2010
R MILLION
Revenue - 0.4
Trading loss before items listed below (0.4) (6.7)
Gain on settlement of distribution to shareholders
(Note 2) 1 090.2 -
Profit/(Loss) from operations 1 089.8 (6.7)
Interest expense - (0.1)
Share of profit of associate - 257.5
Profit before tax 1 089.8 250.7
Income tax credit/(expense) 0.1 (0.1)
Profit for the period 1 089.9 250.6
Other comprehensive loss
Share of other comprehensive loss of associate - (164.4)
Total comprehensive income for the period 1 089.9 86.2
Basic earnings per share (cents) 102.1 23.5
Diluted earnings per share (cents) 102.1 23.5
Number of shares in issue (million) 1 068.0 1 068.0
Weighted average number of shares in issue (million) 1 068.0 1 068.0
Condensed consolidated statement of financial position at 31 March 2012
Reviewed Audited
31 March 31 December
2012 2010
R MILLION
ASSETS
Participation in export partnerships - 1.8
Total non-current assets - 1.8
Trade and other receivables - 0.3
Cash and cash equivalents 0.1 5.8
Asset held for distribution - 2 030.0
Current assets 0.1 2 036.1
Total assets 0.1 2 037.9
EQUITY
Share capital and premium 0.1 192.7
Accumulated deficit (0.5) (937.2)
Deficit attributable to equity holders of the company (0.4) (744.5)
LIABILITIES
Deferred tax liabilities - 1.8
Total non-current liabilities - 1.8
Trade and other payables 0.5 6.1
Current tax liabilities - 0.1
Amount owing to subsidiary of associate - 0.1
Distribution payable - 2 774.3
Current liabilities 0.5 2 780.6
Total liabilities 0.5 2 782.4
Total equity and liabilities 0.1 2 037.9
Market value of listed investments - 2 774.3
Condensed consolidated statement of cash flows for the 15 months ended 31 March
2012
Reviewed Audited
15 months 12 months
ended ended
31 March 31 December
2012 2010
R MILLION
Cash utilised by operations (5.8) (1.6)
Finance income received - 0.4
Interest paid - (0.1)
Dividends received - 108.3
Dividends paid to equity holders of the company - (107.9)
Taxation paid - (0.2)
Net cash outflow from operating activities (5.8) (1.1)
Cash inflow from investing activities 0.1 -
Net decrease in cash and cash equivalents (5.7) (1.1)
Net cash and cash equivalents at the beginning of
the period 5.8 6.9
Net cash and cash equivalents at the end of the period 0.1 5.8
Condensed consolidated statement of changes in equity for the 15 months ended 31
March 2012
Reviewed Audited
15 months 12 months
ended ended
31 March 31 December
2012 2010
R MILLION
Balance at the beginning of the period (744.5) 2 042.4
Total comprehensive income for the period 1 089.9 86.2
Profit for the period 1 089.9 250.6
Share of other comprehensive loss of associate - (164.4)
Dividends paid - (107.9)
Distribution of shares in associate payable to shareholders - (3 198.2)
(Increase)/Decrease in fair value of distribution
payable to shareholders (345.8) 423.9
Share of net increase in non-distributable reserves
of associate - 9.1
Equity (0.4) (744.5)
Notes to the condensed consolidated financial statements for the 15 months ended
31 March 2012
Reviewed Audited
15 months 12 months
ended ended
31 March 31 December
2012 2010
1. Headline earnings
Profit attributable to equity holders of the company 1 089.9 250.6
Gain on settlement of distribution to shareholders
(Note 2) (1 090.2) -
Attributable share of headline earnings adjustments
of associate - 2.6
Headline (loss)/earnings (0.3) 253.2
Weighted average number of shares in issue (million) 1 068.0 1 068.0
Headline earnings per share (cents) - 23.7
Diluted headline earnings per share (cents) - 23.7
2. Unbundling of Trencor Limited ("Trencor") shares by Mobile
On 7 February 2011 Mobile unbundled its entire investment in Trencor in terms of
the announcement on 22 November 2010 and approval at the general meeting held on
14 December 2010.
At 31 December 2010 Mobile`s investment in Trencor was measured at the lower of
its carrying amount and fair value less costs to distribute in terms of IFRS 5:
Non-current Assets Held for Sale and Discontinued Operations, and in terms of
IFRIC 17: Distribution of Non-cash Assets to Owners, the liability for the
distribution was measured at fair value based on the quoted bid price of the
Trencor shares at that date.
On the date of unbundling the fair value of the investment in Trencor was R3
120,2 million and in terms of IFRIC 17, Mobile recognised the increase in fair
value of the investment in Trencor and consequently the distribution payable to
shareholders, directly in equity. The difference between the carrying amount of
the investment in Trencor and the distribution payable to shareholders was
recognised in profit or loss.
Commentary
Shareholders are referred to the announcements released on SENS on 9 March 2011
and 17 October 2011 following the unbundling by Mobile Industries Limited
("Mobile" or "the company") of its interest in Trencor Limited to Mobile
shareholders and the stated intention that Mobile was to be delisted and wound
up or deregistered in due course unless other corporate action materialises.
On 29 March 2012 a memorandum of understanding was entered into by the board of
Mobile whereby Robatsi Genesis Investments 26 (Pty) Ltd ("Robatsi") is to
acquire a meaningful shareholding in Mobile and that the board is to be
reconstituted.
On that date, the following changes were effected:
- Directorate: Messrs C Jowell (non-executive), NI Jowell (non-executive) and DM
Nurek (independent non-executive) resigned as directors and Messrs SFW Stubbs,
GR Gous and MFH Cariem were appointed as independent non-executive directors of
the company.
- Company Secretary: Trencor Services (Pty) Ltd resigned as secretaries to the
company and Mr ZA Mgawuli was appointed as company secretary of the company.
Change in financial year-end
On 13 December 2011 the board changed the financial year-end of the company from
31 December to 31 March each year and, accordingly, the current financial period
is for the 15 months from 1 January 2011 to 31 March 2012.
Subsequent events
On 13 April 2012 Robatsi acquired the entire shareholding of 24,29% held by
Coronation Asset Managers (Pty) Ltd in Mobile. Robatsi is also negotiating with
certain other shareholders to acquire their shareholding in Mobile where after,
if required, an offer would be made to minority shareholders.
Current status regarding suspension of trading in the company`s shares
The directors have informed the JSE that they intend reversing assets of
suitable quality into the company and will be in a position to announce the
intended reverse acquisition targets by no later than 30 June 2012. Furthermore,
the directors would expect to place the JSE in the position where it is able to
lift the suspension of trading in the company`s shares by no later than 31
October 2012.
Change in auditors
Effective 11 April 2012, Deloitte & Touche were appointed as independent
auditors in the place of KPMG Inc.
Appointment of chairman and financial director
On 25 April 2012 Mr E Oblowitz was appointed as chairman and Mr SFW Stubbs was
appointed as financial director.
Auditors` review report
The condensed provisional financial information for the 15-month period ended 31
March 2012 has been reviewed by the independent auditors, Deloitte & Touche. The
review was conducted in accordance with ISRE 2410 "Review of Interim Financial
Information performed by the Independent Auditor of the Entity". A copy of their
unmodified review report is available for inspection at the company`s registered
office. Any reference to future financial performance included in this
announcement has not been reviewed or reported on by the company`s auditors.
Results for the period
The condensed financial information has been prepared in accordance with the
framework concepts and the measurement and recognition requirements of
International Financial Reporting Standards (IFRS) of the International
Accounting Standards Board, the AC 500 standards as issued by the Accounting
Practices Board and the information as required by IAS 34: Interim Financial
Reporting and the requirements of the Companies Act of South Africa. The report
has been prepared using accounting policies that comply with IFRS which are
consistent with those applied in the financial statements for the year ended 31
December 2010.
Preparation
This announcement on the reviewed results has been prepared by PJ Calder CA(SA).
In addition the provisional financial information has been independently
reviewed in accordance with the requirements of the Companies Act of South
Africa.
Audited results
Audited results will be available by 21 May 2012.
On behalf of the board
E Oblowitz
Chairman
26 April 2012
Directorate
E Oblowitz* (Chairman), SFW Stubbs (Financial), GR Gous*, MFH Cariem*
(* Independent non-executive)
Company Secretary
ZA Mgawuli
Registered Office
14 College Road, Rondebosch, 7700
Transfer Secretaries
Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Johannesburg,
2001 (PO Box 61051, Marshalltown, 2107)
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Ltd)
Date: 26/04/2012 17:14:01 Produced by the JSE SENS Department.
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