| Tue 2 Apr 2002, 0:00 | | Aludie Limited - Financial Results |
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Aludie Limited
(Incorporated in the Republic of South Africa)
(Registration number 1982/009023/06)
JSE Share code: ALD ISIN: ZAE000008876
("Aludie")
Financial results for the SIX MONTHS ended 31 December 2001
Group consolidated income statements
Audited
Six months Six months 18 months
ended ended ended
31 Dec 2001 30 Jun 2001 31 Dec 2000
R'000 R'000 R'000
Revenue 17 450 24 219 51 418
Costs incurred in producing
revenue (11 443) (16 200) (33 820)
Depreciation (189) (190) (604)
Selling and administrative
expenses (6 238) (7 043) (17 168)
Sundry income 32 29 275
Operating (loss)/earnings
before borrowing costs (388) 815 101
Borrowing costs net of
interest income (1 639) (254) (785)
Attributable (loss)income (2 027) 561 (684)
Amortisation of intangibles (317) (260) (2 260)
Other net non-operating
(expenses)/income (626) (55) (2 228)
Net loss before taxation (2 970) 246 (5 172)
Taxation 516 75 885
Net (loss)/income for
the period (2 454) 321 4 287
Dividends surrendered - - 18
Accumulated (deficit)/
Income for the period (2 454) 321 (4 269)
Total number of shares in
Issue and allotted ('000) 33 266 33 266 33 266
Weighted number of shares
in issue ('000) 33 266 33 266 31 266
Fully diluted number of
Shares in issue ('000) 33 266 33 266 33 266
Loss per share (cents) (6,96) 2,41 (0,91)
Headline loss per share (cents) (7,38) 1,93 (9,14)
Fully diluted loss per
share (cents) (7,38) 1,93 (8,59)
Group Consolidated Cash Flow Statements
Audited
Six months Six months 18 months
ended ended ended
31 Dec 2001 30 Jun 2001 31 Dec 2000
R'000 R'000 R'000
Cash flows from
operating activities 1 314 (246) 574
Cash flows from
financing activities 968 (498) (2 590)
Cash flows from
investing activities (392) (27) 559
Cash exchanges with shareholders 431 (249) 208
Net movement in cash resources 2 322 (1020) (1 249)
Cash resources at beginning
of period (1 267) (247) 1 002
Cash resources at end of period 1 055 (1 267) (247)
Group segmental review
for the SIX MONTHS ended 31 December 2001
Electronic Parking
security management
services services
("Aludie") ("Aludie")
% %
Financial information
Revenue 92,7 7,3
Headline (loss)/earnings (113,4) 13,4
(Loss)/Earnings (105,8) 5,8
Intangible assets 72,5 27,5
Tangible assets 99,2 0,8
Liabilities 90,2 9,8
Depreciation 96,6 3,4
Headline loss per share (cents)
Loss per share is reconciled to headline loss per share as follows:
Loss per share (7,38)
Ammortisation of intangibles 0,31
Net gain on disposal of assets (0,03)
Cost of restructure 0,14
Headline loss per share (6,96)
Group consolidated balance sheets
Audited
31 Dec 2001 30 Jun 2001 31 Dec 2000
R'000 R'000 R'000
Assets
Non-current assets
Tangible assets 1 518 936 948
Intangible assets 2 870 3 725 3 985
Deferred taxation 1 484 873 768
Rental debtors and loans 665 945 1 118
Total non-current assets 6 537 6 479 6 819
Current assets
Inventories 1 463 1 128 1 137
Work in progress 2 518 753 2 423
Accounts receivable 7 210 10 966 8 339
Bank balances and cash 1 124 623 821
Total current assets 12 315 13 470 12 720
Total assets 18 852 19 949 19 539
Equity and liabilities
Capital and reserves
Stated capital account 1 412 1 412 1 412
Non-distributable reserves 55 55 55
Accumulated (deficit)/income (56) 2 343 2 022
Shareholder's loan 100 34 282
Total capital and reserves 1 512 3 844 3 771
Non-current liabilities
Interest free deferred
liabilities 564 935 604
Income received in advance 192 442 498
Long-term borrowings 1 200 1 071 1 306
Total non-current liabilities 1 956 2 448 2 408
Current liabilities
Short-term borrowings 764 641 641
Accounts payable 12 502 8 192 8 917
Taxation 692 560 365
Bank overdrafts 70 1 890 1 068
Total current liabilities 14 028 11 283 10 991
Provisions 1 357 2 374 2 369
Total equity and liabilities 18 852 19 949 19 539
Net asset value per share (cents) 4,24 11,45 10,49
Group consolidated Statements of changes in equity
Stated capital Accumulated
account (deficit)/income Total
R'000 R'000 R'000
Balance at 31 December 2000
(Audited) 1 412 1 077 3 489
Ordinary shareholders'
net income - 321 321
Balance at 30 June 2001 1 412 2 398 3 810
Ordinary shareholders' net loss - (2 454) (2 454)
Balance at 31 December 2001 1 412 (56) 1 356
NOTES:
1. Operating lease commitments
The group has operating lease commitments over and above the liabilities
disclosed in the balance sheet in the amount of R4 601 000 (31 December 2000
- R130 000).
2. Capital expenditure and commitments
Capital expenditure for the period amounted to R905 000 (31 December 2000 -
nil).
The group had no capital expenditure commitments at period-end (31 December
2000 - nil).
3. Contingent liabilities
The group has various contingent liabilities arising from rental operations
and installation warranties at Aludie Technologies (Pty) Ltd totalling
approximately R16 000 000.
4. Change of year end
The interim results of the group are presented for the six-months period
ended 31 December 2001, as the group has changed its financial year end to
31 March 2002.
5. Generally Accepted Accounting Practice
The six months financial statements comply with South African Statements of
Generally Accepted Accounting Practice and the accounting policies used are
consistent in all material respects with those used for the December 2000
financial statements.
GENERAL REVIEW
Nature of business
The Group trades through its two wholly-owned subsidiaries namely, Aludi
Technologies (Pty) Limited, which is engaged in the security installation
and maintenance industry, and Aludi Services (Pty) Limited which is engaged
in parking management.
Results and Prospects
The Board is taking steps to restore the Group to profitability. The steps
taken include the rationalisation of operations and personnel, the benefits
of which are expected to materialise in the next twelve months.
Directors
Messrs H. J. Bruyn and J. Imerman continued to serve as directors during the
period under review.
Messrs N. Fehrsen, M. W. Reynolds, S. V. James and C. N. Burn resigned in
November 2001.
Messrs Z. J. Sithole and Prof M. I. Parker were appointed as directors in
November 2001.
Mr S. Imerman resigned in February 2002 and Mr M. S. Mowzer was appointed as
a director in March 2002.
By order of the Board
H. J. Bruyn
Director
Cape Town
2 April 2002
Transfer secretaries Registered office
Ultra Registrars (Pty) Ltd Block B, 8 Hillside road
11 Diagonal Street Parktown
Johannesburg 2001 Johannesburg 2000
