| Fri 28 Sep 2001, 0:00 | | Financial Results |
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Financial results for the half year ended 30 June 2001
Aludie Limited
(Incorporated in the Republic of South Africa)
(Registration number 1982/009023/06)
("Aludie")
Share Code: ALD ISIN Code: ZAE 000008876
Financial results for the half year ended 30 June 2001
Group consolidated income statements
6 months 18 months Year
ended ended ended
30 Jun 2001 31 Dec 2000 30 Jun 2000
R'000s R'000s R'000s
Revenue 24 219 51 418 26 406
Continuing operations 24 219 49 798 24 786
Discontinued operations - 1 620 1 620
Costs incurred in producing
revenue (16 200) (33 820) (17 312)
Depreciation (190) (604) (428)
Selling and administrative
expenses (7 043) (17 168) (9 536)
Sundry income 29 275 266
Operating income before
borrowing costs 815 101 (604)
Continuing operations 815 (169) (874)
Discontinued operations - 270 270
Borrowing costs net of
interest income (254) (785) (500)
Attributable income 561 (684) (1 104)
Continuing operations 561 (926) (1 346)
Discontinued operations - 242 242
Amortisation of intangibles (260) (2 260) (1 175)
Employee share incentive
scheme losses (1 186) (1 188)
Other non-operating expenses (423) (1 530) (1 331)
Other non-operating income 368 488 483
Net income/(loss) before taxation 246 (5 172) (4 315)
Taxation 75 885 574
Net income/(loss) for the year 321 (4 287) (3 741)
Dividends surrendered/(paid) - 18 18
Retained income for the period 321 (4 269) (3 723)
Retained income at the beginning
of the period 2 022 6 291 6 291
Retained income at the
end of the period 2 343 2 022 2 568
Total number of shares
in issue (000's) 33 266 33 266 33 266
Weighted number of shares
in issue ('000s) 33 266 31 266 30 266
Headline earnings/(loss)
per share (cents) 2.41 (0.91) (2.12)
Earnings/(loss) per share
(cents) 1.93 (9.14) (12.36)
Fully diluted earnings/(loss)
per share (cents) 1.93 (8.59) (11.25)
Cash flow statements
6 months 18 months Year
ended ended ended
30 Jun 2001 31 Dec 2000 30 Jun 2000
R '000s R '000s R '000s
Cash flows from operating
activities (246) 574 (909)
Cash utilised to service and
repay borrowings: (498) (2 590) (2 085)
Cash flows from investing
activities: (27) 559 549
Cash exchanges with
shareholders: (249) 208 899
Net movement in cash
resources (1 020) (1 249) (1 546)
Cash resources at the
beginning of the period (247) 1 002 1 002
Cash resources at the end
of the period (1 267) (247) (544)
Group consolidated balance sheets
30 Jun 2001 31 Dec 2000 30 Jun 2000
R'000s R'000s R'000s
Assets
Non-current assets
Long-term tangible assets 936 948 1 053
Long-term intangible assets 3 725 3 985 5 007
Deferred taxation 873 768 461
Long-term rental debtors
and loans 945 1 118 1 275
Total non-current assets 6 479 6 819 7 796
Current assets
Inventories 1 128 1 137 1 124
Work in progress 753 2 423 874
Accounts receivable 10 966 8 339 5 997
Bank balances and cash 623 821 6
13 470 12 720 8 001
Total assets 19 949 19 539 15 797
Equity and liabilities
Capital and reserves
Stated capital 1 412 1 412 1 424
Non-distributable reserve 55 55 55
Retained income 2 343 2 022 2 568
Total capital and reserves 3 810 3 489 4 047
Non-current liabilities
Shareholder's loan 34 282 1 020
Interest free deferred
liabilities 935 604 622
Income received in advance 442 498 544
Long-term borrowings 1 071 1 306 1 618
Total non-current liabilities 2 482 2 690 3 804
Current liabilities
Short-term portion of long-term
liabilities 641 641 578
Accounts payable 8 192 8 917 4 618
Taxation 560 365 458
Bank overdrafts 1 890 1 068 550
Total current liabilities 11 283 10 991 6 204
Provisions 2 374 2 369 1 742
Total equity and liabilities 19 949 19 539 15 797
Statements of changes in equity
Ret income
Stated & non-dist
capital reserves Total
R'000s R'000s R'000s
Six months ended 30 June 2001
Balance at the beginning of
the period 1 412 2 077 3 489
Ordinary shareholders' net
income - 321 321
1 412 2 398 3 810
Eighteen months ended
31 December 2000
Balance at the beginning
of the period 515 6 291 6 806
Share issues to employee
incentive scheme 1 140 - 1 140
Share issue costs (43) - (43)
Goodwill written off (200) - (200)
Capital gain arising upon
acquisition - 55 55
Headline losses - (428) (428)
Non-trading items - (3 859) (3 859)
Dividends surrendered - 18 18
1 412 2 077 3 489
NOTES
1. Operating lease commitments
The group has operational lease commitments of R4,601,000 (2000 - R130,000)
payable over the next five years, over and above the liabilities reflected
in the balance sheet.
2. Capital expenditure and capital commitments
The group incurred capital expenditure of R85,000 during the period under
review. The group has capital commitments of R500,000 at period end (2000 -
none).
3. Contingent liabilities
The group has outstanding performance guarantees in the amount of R1,185,000
(2000 - R938,000) at period end and estimated warranty costs of R300,000
(2000 - R300,000).
The group has contingent liabilities of R11,036,066 to financial
institutions secured by debts due to the group of the same amount, which
debts are not included in the balance sheet figures disclosed herewith. The
group's parent company has also issued guarantees for approximately
R1,800,000 in respect of rental debts due by and to the group.
COMMENTARY
1. Nature of Business
Aludie continues to trade through its two wholly owned subsidiaries, namely,
Aludi Technologies (Pty) Ltd, which is engaged in the security installation
and maintenance industry, and Aludi Services (Pty) Ltd which is engaged in
parking management. During the period under review Aludi Technologies (Pty)
Ltd also commenced trading in the toll-collection industry within the SADC
region.
2. Results and prospects
The group returned to profitability during the period under review and
expects to produce sustained profits in the future, provided that it is able
to raise sufficient working capital to fund its existing operations, which
are at present under-funded, as well as to finance future expansion. Efforts
to ensure the group is properly capitalised are in progress. The directors
will report back to shareholders in this regard in due course.
3. Directors
Mr M Shepherd resigned as director of the company during the period under
review and Messrs SV James and CN Burn were appointed to the board in August
2001. Ms NJ Fehrsen, Messrs HJ Bruyn, MW Reynolds, J Imerman and S Imerman
continued to serve as directors throughout the period under review.
For and on behalf of the board of directors
M W Reynolds
Director
Registered offices Transfer Secretaries
Block B Ultra Registrars (Pty) Ltd
8 Hillside Road 11 Diagonal Street
Parktown Johannesburg
Johannesburg
Appleton Securities
Registration number 1998/021849/07
Corporate finance
Member of the JSE
Securities Exchange
Deloitte & Touche
Chartered Accountants (SA)
