| Thu 29 Mar 2001, 0:00 | | Aludie Abridged Audited Financial Statements |
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Aludie Limited
(Incorporated in the Republic of South Africa)
(Registration number 1982/009023/06)
("Aludie")
ABRIDGED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2000
Abridged Consolidated Income Statements
Results in thousands of Rands
Eighteen Twelve Twelve
months months months
ended ended ended
31/12/2000 30/06/2000 30/06/1999
Audited Unaudited Audited
TURNOVER 51 418 26 406 35 866
Continuing operations 49 798 24 786 31 450
Discontinued operations 1 620 1 620 4 416
Attributable income/(loss)
earned from trade 101 (604) 3 190
Continuing operations (169) (874) 2 654
Discontinued operations 270 270 536
Borrowing costs (828) (519) (514)
Investment income 43 19 134
Attributable (loss)/income of
a continuing nature (684) (1 104) 2 810
Continuing operations (926) (1 346) 2 380
Discontinued operations 242 242 430
Exceptional items
Abandoned acquisition costs - - (249)
Amortisation of trademarks and
ISO 9002 costs (1 705) (690) (505)
Amortisation of restraints of trade (555) (485) (142)
Capital losses and gains (182) (192) (36)
Former directors' pension emoluments (156) (156) -
Holding company take-over-related costs (238) - -
Research and development costs - - (201)
Share incentive scheme costs (1 186) (1 188) -
Staff rationalisation costs (466) (500) (245)
Net (loss)/income before taxation (5 172) (4 315) 1 432
Taxation 885 574 (315)
Net (loss)/income attributable to
ordinary shareholders (4 287) (3 741) 1 117
Retained income at beginning of period 6 291 6 291 5 174
Reserves available for distribution 2 004 2 550 6 291
Dividends received 18 18 -
Retained income at end of period 2 022 2 568 6 291
Number of shares in issue
(weighted) ('000) 31 266 30 266 24 730
Headline (losses)/earnings per share -
annualised (cents) (0,91) (2,12) 8,92
(Losses)/Earnings per share -
annualised (cents) (9,14) (12,36) 4,52
Fully diluted (losses)/earnings
per share - annualised (cents) (8,59) (11,25) 3,69
Abridged Consolidated Balance Sheets
Results in thousands of Rands
Eighteen Twelve Twelve
months months months
ended ended ended
31/12/2000 30/06/2000 30/06/1999
Audited Unaudited Audited
Shareholders' funds
Stated capital account 1 412 1 424 515
Non-distributable reserve 55 55 -
Retained income 2 022 2 568 6 291
Shareholders' loan 282 1 020 -
3 771 5 067 6 806
Deferred liabilities
Deferred taxation - - 74
Tenants' deposits 575 622 715
Income received in advance 498 544 -
Other deferred liabilities 29 - -
1 102 1 166 789
Interest bearing liabilities
Long-term borrowings 1 306 1 618 780
Taxation 365 458 602
Short-term borrowings 1 709 1 128 1 609
3 380 3 204 2 991
Total funds employed 8 253 9 437 10 586
Long-term assets
Tangible assets 948 1 053 2 649
Deferred taxation 768 461 -
Intangible assets 3 985 5 007 6 160
Investments and loans and
interest bearing rental debtors 1 118 1 275 -
6 819 7 796 8 809
Current assets
Inventories 1 137 1 124 1 339
Work-in-progress 2 423 874 647
Accounts receivable 8 339 5 997 7 355
Cash resources 821 6 1 124
12 720 8 001 10 465
Interest free liabilities
Business vendors - - 670
Accounts payable 8 917 4 618 7 640
8 917 4 618 8 310
Provisions 2 369 1 742 378
Net assets 8 253 9 437 10 586
Abridged Consolidated Cash Flow Statements
Results in thousands of Rands
Eighteen Twelve Twelve
months months months
ended ended ended
31/12/2000 30/06/2000 30/06/1999
Audited Unaudited Audited
Operational cash flows
Cash generated from/(utilised for)
trading 879 (804) 3 231
Company taxation paid (305) (105) (533)
574 (909) 2 698
Cash utilised to service and repay
interest bearing liabilities
Long-term borrowings (1 647) (1 142) (1 204)
Short-term borrowings (943) (943) 943
(2 590) (2 085) (261)
Cash utilised for investing activities
Cash flows from investments and loans (22) 19 134
Cash flows from acquired and
sold businesses 477 274 (5 603)
Net cash flow from asset sales and
acquisitions 104 277 295
Cash used to expand and
improve operations - (21) (452)
Net cash flow from minority investments - - 225
559 549 (5 401)
Cash exchanges with shareholders
Proceeds of share issues 25 - 1 100
Share issue costs (75) (31) (80)
Employee share incentive scheme (42) (90) -
Dividend payments/forfeitures 18 - -
Shareholders' loan 282 1 020 -
208 899 1 020
Net decrease in cash resources (1 249) (1 546) (1 944)
Cash resources at beginning of period 1 002 1 002 2 946
Cash resources at end of period (247) (544) 1 002
Bank balances and cash 821 6 1 124
Bank overdrafts (1 068) (550) (122)
Statements of Changes In Equity
Results in thousands of Rands
Eighteen Twelve Twelve
months months months
ended ended ended
31/12/2000 30/06/2000 30/06/1999
Audited Unaudited Audited
Capital and reserves at
beginning of period 6 806 6 806 5 628
Movement in share capital
Share issues arising from acquisitions - - 3 804
Share issues for cash - - 1 100
Share issues to share incentive scheme 1 140 1 140 -
Share issue costs (43) (31) (80)
Goodwill written-off against the
stated capital account (200) (200) (4 763)
Movement in non-distributable reserves
Non-distributable reserve
arising upon acquisition 55 55 -
Movement in distributable reserves
Headline earnings after taxation (428) (643) 2 206
Non-trading items after taxation (3 859) (3 098) (1 089)
Dividends unclaimed 18 18 -
Capital and reserves at end of period 3 489 4 047 6 806
Other information
Depreciation for period 604 393 784
- continuing operations 552 341 656
- discontinued operations 52 52 128
Capital expenditure for period 798 649 1 091
Operating lease commitments
- due within one year 126 301 113
- due thereafter 4 147 52
The company has contingent liabilities of R11 435 506 to financial
institutions, secured by rental debts due to the group of the same amount,
which rental debts are not included in the balance sheet.
COMMENTARY
1. Nature of the business
After the disposal of its die-making and wire spark erosion operations,
detailed in the circular to shareholders dated 30 March 2000, the group has
concentrated exclusively on its security solutions business. Aludie's mission
is to provide integrated, technology-driven safety, security, access and
parking solutions to its customers.
2. Results and prospects
Although the group has reported poor results for the 18 months ended 31
December 2000, its trading results have improved significantly since the last
report to shareholders, detailing results for the year ended 30 June 2000. The
interim results for the year ended 30 June 2000 (restated as detailed below)
have been included in order to accurately reflect the turnaround in the
performance of the group since June 2000.
The group's problems in bedding down its acquisitions referred to in the
interim report have now been resolved and no longer plague operations. The
up-turn in the economy has begun to filter through to the bottom-line in the
last three months of the reporting period. However, the group's operations
remain hampered by cash flow constraints and the directors are currently
addressing this problem urgently in the light of ever increasing cash
requirements arising from substantial increases in the levels of business.
The group expects to report reasonable profits during the current year given
the fact that its turnaround strategy has succeeded and the order book remains
healthy (in excess of R20 000 000). Further, the group's rental operations
started in 1999 are now well established and are expected to contribute
positively to results during the forthcoming year.
3. Accounting policy changes
The financial statements have been prepared in accordance with statements of
South African Generally Accepted Accounting Practice. Except as noted in this
paragraph, the accounting policies have been consistently applied. The group
changed its accounting policy regarding the amortisation of trademarks and now
amortises trademarks over their estimated useful revenue generating lives.
This change in accounting policy reduced after-tax earnings by R1 146 000 in
the current reporting period and by R358 000 in the prior annual reporting
period. The figures reported in this announcement incorporate comparative
figure restatements required to take account of this policy change.
4. Restatement of interim results for the year ended 30 June 2000
The group adopted a more conservative policy regarding provisions at 31
December 2000 and this policy has been applied, retrospectively, in presenting
the comparative results for the 12 months ended 30 June 2000. Further, certain
items classified as exceptional items in the interim report as at 30 June 2000
have been reclassified as trading expenses in the restated interim results.
Finally, a change in the tax treatment of certain expenses at 30 June 2000, has
resulted in the restatement of the tax charge presented in the interim results.
The effect of these restatements on the results for the year ended 30 June 2000
are as follows:
Additional provisions and trading expenses R210 000
Revised accounting policy in respect of rentals
- reduced revenue R330 000
Revised accounting policy in respect of rentals
- reduced operating expenses R110 000
Reclassification of exceptional items to trading expenses R414 000
Reduced value of deferred tax asset (increased tax charge) R363 000
Decrease in headline earnings per share 1,95 cents
Decrease in earnings per share 2,78 cents
Decrease in fully diluted earnings per share 2,53 cents
5. Year-end change
The group changed its year-end to 31 December 2000, to align with its new
parent company's year-end and, consequently, has presented results for the 18
months ended 31 December 2000.
6. Year 2000 compliance (Y2K)
No Y2K operational processing problems were experienced.
7. Directors
Following upon new appointments to the Board of Directors in August 2000 and
November 2000, and the resignations of R J Biesman-Simons and N P Cuffe in
November 2000, the Board is now constituted as follows:
Mr J Imerman (Non-executive chairman)
Mr M W Reynolds (Non-executive chief executive officer)
Ms N J Fehrsen (Executive)
Mr M L Shepherd (Executive)
Mr H J Bruyn (Non-executive)
Mr S Imerman (Non-executive)
8. STRATE
The company will convert its share register to the JSE Securities Exchange
STRATE system in June 2001. Shareholders will receive further communication in
this regard upon distribution of the annual report.
For and on behalf of the Board of Directors:
M W Reynolds
Chief Executive Officer
Johannesburg
