| Tue 25 Sep 2001, 0:00 | | Labat - Unaudited Interim Results |
|
LABAT AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/001616/06)
Share code: LAB ISIN: ZAE000018354
("Labat")
Unaudited interim results
for the six months ended 31 August 2001
* operating profit + 25,1%
* attributable income + 103,2%
* earnings per share + 103,2%
THE POWER TO DELIVER
CONSOLIDATED INCOME STATEMENTS
Unaudited Unaudited Audited
6 months 6 months 12 months
31 Aug 2001 31 Aug 2000 28 Feb 2001
R'000 R'000 R'000
Revenue 98 081 94 468 175 735
Net operating income before
interest and taxation 17 522 14 007 25 238
Interest paid (3 415) (2 763) (6 165)
Interest received 549 124 393
Net income/(loss) before taxation 14 656 11 368 19 466
Taxation (537) (2 922) (1 844)
Net income after taxation 14 119 8 446 17 622
Attributable to outside shareholders (1 060) (2 021) (883)
Income attributable to shareholders 13 059 6 425 16 739
Shares in issue throughout the
period (000) 184 903 184 903 184 903
Basic earnings per share (cents) 7,1 3,5 9,1
Headline earnings per share (cents) 7,1 3,5 9,1
STATEMENT OF CHANGES IN EQUITY
Distri- Capital
Share Share butable and
capital premuim reserves reserves
Balance 28 February 2001 (R'000) 1 849 49 090 33 012 83 951
Surplus for period (R'000) - - 13 059 13 059
Balance 31 August 2001 (R'000) 1 849 49 090 46 071 97 010
CASH FLOW STATEMENT
6 months to Year ended
31 Aug 2001 28 Feb 2001
Net flow from operating activities 12 054 (1 313)
Net flow from investing activities (2 312) (10 247)
Net flow from financing activities (215) 11 328
Net increase/(decrease) in cash 9 527 (232)
Cash at beginning of period 5 263 5 495
Cash at end of period 14 790 5 263
CONSOLIDATED BALANCE SHEETS
Unaudited Unaudited Audited
6 months 6 months 12 months
31 Aug 2001 31 Aug 2000 28 Feb 2001
R'000 R'000 R'000
ASSETS
Fixed assets 14 133 11 507 12 312
Intangible assets 30 436 3 553 31 222
Unlisted investments
(at directors' valuation) 2 035 17 546 2 067
Non-current assets 46 604 32 606 45 601
Cash 14 790 4 857 5 263
Inventories 23 150 16 723 17 813
Instalment sale debtors 78 164 70 635 79 424
Trade and other receivable 33 811 41 718 27 209
Current assets 149 915 133 933 129 709
Total assets 196 519 166 539 175 310
EQUITY AND LIABILITIES
Share capital 1 849 1 849 1 849
Share premuim 49 090 49 090 49 090
Distributable reserves 46 071 23 276 33 012
Shareholders' funds 97 010 74 215 83 951
Outside shareholders 2 068 1 682 1 064
Total shareholders' funds 99 078 75 897 85 015
Long-term liabilities 5 544 454 5 832
Deferred taxation 9 880 9 393 10 326
Non-current liabilities 15 424 9 847 16 158
Bank overdrafts 11 690 12 694 11 992
Instalment sale bank finance 24 263 21 022 25 555
Short-term debt 7 834 11 769 7 907
Trade creditors and other payables 36 332 32 530 27 768
Taxation 1 898 2 780 915
Current liabilities 82 017 80 795 74 137
Total equity and liabilities 196 519 166 539 175 310
Number of shares in issue ('000) 184 903 184 903 184 903
Net asset value per share (cents) 53 40 45
Commentary on results
We continue to focus on our four core businesses, SAMES, Labat Traffic
Solutions, Management Consulting and Retail. Despite tough trading
conditions, each business is performing well and prospects for the remainder
of the year are good. SAMES has performed particularly well and dollar-
denominated exports now make up over 90% of SAMES revenues. New products
have been successfully prototyped and are being well received by the market.
Labat Traffic Solutions continues to refine its technology and systems and
is negotiating several major municipal contracts. Management Consulting has
a substantial order book and has tendered for exciting new projects. The
growth of our Retail business has been hampered by the need for capital to
grow the debtors' book. Negotiations to securitise this book are now at an
advanced stage. Although trading conditions remain difficult, securitisation
will enable us to grow this portion of our business and to roll out the
franchise model. All in all, the business is doing well and the prospects
for the year ahead look good.
New venture
For some time we have recognised the need to expand the range of services
which we offer to our clients. Treasury management capability is one of the
core competencies which we are being asked to provide. With this in mind,
we have now formed a new company, Trisource, in equal partnership with
Specialised Outsourcing Ltd and Lefika Holdings (Pty) Ltd. The objective of
this partnership is to provide a full range of Treasury and Risk Management
services as part of a comprehensive suite of outsourcing services to our
mutual clients.
Earnings per share
Earnings per share of 7,1 cents are calculated by using attributable income
of R13 059 000 and issued shares of 184 903 149.
Balance sheet
Despite the substantial growth of our business in the two years since
listing we have managed to reduce our gearing from 133% in 1999 to the
current 50%. This is after growing our Debtors' book by R68 million during
this two-year period.
Accounting policies and dividends
The accounting policies applied are consistent with those applied in the
previous year. No dividends will be paid as per our current dividend policy.
DIRECTORS:
J Modise - Chairman, B G van Rooyen - Chief Executive Officer,
C Becker, V J Labat (USA), C P Rosholt, R I Serobe, M J Shabangu
Secretary and registered office Transfer secretaries
M Sender, FCIS Mercantile Registrars Ltd
Labat House, Constantia
Park Centre,
Weltevreden Park, 1709
Private Bag X09-248,
Weltevreden Park, 1715 Auditors
Pierce & Gampel
25 September 2001
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