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Aludie Limited - Preliminary Results
Aludie Limited
(Incorporated in the Republic of South Africa)
(Registration number 1982/009023/06)
Share code: ALD ISIN: ZAE000008876
("Aludie")
PRELIMINARY Financial results for the FIFTEEN MONTHS ended
31 MARCH 2002 and cautionary announcement
Group consolidated income statements
Reviewed Audited
15 months 18 months
ended ended
31 Mar 2002 31 Dec 2000
R`000 R`000
Revenue 51 001 51 418
Costs incurred in producing revenue (32 838) (33 820)
Depreciation (555) (604)
Selling and administrative expenses (18 389) (17 168)
Sundry income 425 275
Operating (loss)/income before
borrowing costs (356) 101
Borrowing costs net of interest income (774) (785)
Attributable loss (1 130) (684)
Amortisation of intangibles (389) (2 260)
Other net non-operating expenses (541) (2 228)
Net loss before taxation (2 060) (5 172)
Taxation 664 885
Net loss for period (1 396) (4 287)
Total number of shares in issue
and allotted (`000) 33 266 33 266
Weighted number of shares in issue (`000) 33 266 31 266
Fully diluted number of shares in issue (`000) 33 266 33 266
Loss per share (cents) (4,19) (0,91)
Headline loss per share (cents) (2,45) (9,14)
Fully diluted loss per share (cents) (4,19) (8,59)
Group Consolidated Cash Flow Statements
Reviewed Audited
15 months 18 months
ended ended
31 Mar 2002 31 Dec 2000
R`000 R`000
CCash flows from operatin activities 3 924 574
Cash flows from financing activities (1 729) (2 382)
Cash flows from investing activities (539) 559
Net movement in cash resources 1 656 (1 249)
Cash resources at beginning of period (247) 1 002
Cash resources at end of period 1 409 (247)
Group segmental review for the 15 months ended 31 March 2002
Electronic Parking
security management
services services
% %
Financial information
Revenue 93 7
(Loss)/Earnings (139) 39
Intangible assets 75 25
Tangible assets 97 3
Liabilities 91 9
Depreciation 97 3
Headline loss per share (cents)
Loss per share is reconciled to headline loss per share as follows:
Loss per share (4,19)
Amortisation of intangibles 0,82
Net gain on disposal of assets and investments (0,36)
Cost of restructure 1,28
Headline loss per share (2,45)
Group consolidated balance sheets
Reviewed Audited
31 Mar 2002 31 Dec 2000
R`000 R`000
Assets
Non-current assets
Tangible and intangible assets 4 516 4 933
Deferred taxation 1 473 768
Rental debtors and loans 9 038 1 118
Total non-current assets 15 027 6 819
Current assets
Inventories 1 162 1 137
Work in progress 802 2 423
Accounts receivable 7 798 8 339
Bank balances and cash 2 682 821
Total current assets 12 444 12 720
Total assets 27 471 19 539
Equity and liabilities
Capital and reserves
Stated capital account 1 412 1 412
Non-distributable reserves 55 55
Retained earnings 625 2 022
Shareholders` loan - 282
Total capital and reserves 2 092 3 771
Non-current liabilities
Interest-free deferred liabilities - 604
Income received in advance - 498
Long-term borrowings 9 398 1 306
Total non-current liabilities 9 398 2 408
Current liabilities
Short-term borrowings 2 260 641
Accounts payable 10 897 8 917
Taxation 616 365
Bank overdrafts 1 273 1 068
Total current liabilities 15 046 10 991
Provisions 935 2 369
Total equity and liabilities 27 471 19 539
Net asset value per share (cents) 0,06 10,49
Group consolidated StatementS of changes in equity
Stated Accumulated
capital (deficit)/
account income Total
R`000 R`000 R`000
Balance at beginning of period 1 412 6 291 7 703
Ordinary shareholders`
net loss - 18 months (audited) - (4 287) (4 287)
Dividend forfeited by shareholders - 18 18
Balance at 31 December 2000 1 412 2 022 3 434
Ordinary shareholders`
net loss - 15 months (reviewed) - (1 396) (1 396)
Balance at 31 March 2002 1 412 626 2 038
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 314 000 (31
December 2000 - R130 000).
2. Capital expenditure and commitments
Capital expenditure for the period amounted to R1 101 000 (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 outstanding performance and construction
guarantees totalling R1 024 000.
4. Financial year end
The reviewed results of the group are presented for the 15 months
ended 31 March 2002 as the group has changed its financial year end.
5. Generally Accepted Accounting Practice
The 15 months preliminary financial results 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 31 December 2000 financial statements.
6. Review
The financial information set out in this report has been reviewed by
Deloitte & Touche whose review report is available to shareholders for
inspection at the company`s registered office.
7. Cautionary announcement
Shareholders are advised that negotiations are taking place, which if
successfully concluded, may have an effect on the price of Aludie`s
securities.
Accordingly, shareholders are advised to exercise caution when
dealing in Aludie shares until a further announcement is made.
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 has taken steps to return the Group to profitability. The
restructuring of the senior management and operations has delivered improved
results for the past two months. The new management team has implemented a
new sales and marketing strategy which it believes will generate sustainable
growth in profitable sales. Blue chip clients have given the new management
team their unqualified support and new orders have already been received and
substantial orders are pending.
The Group`s bankers have given their commitment to the company indicating
their continued support.
Directors
Following upon new appointments to the Board of Directors in April 2002 and
June 2002, the resignations of H. J. Bruyn in April 2002 and J. Imerman in
May 2002, the Board is now constituted as follows:
Mr Z. J. Sithole Non-executive chairman
Mr M. S. Mowzer Chief Executive Officer
Mr M. I. Parker Non-executive director
Mr K. G. Druker Non-executive director
Mr E. H. Weiss (German) Non-executive director
Ms K. Biesheuvel Financial director
Mr S. V. James Executive director
By order of the Board
Z. J. Sithole M. S. Mowzer K. Biesheuvel
Chairman Chief Executive Officer Financial Director
Johannesburg
28 June 2002
Transfer secretaries Registered office
Ultra Registrars (Pty) Ltd Block B, 8 Hillside Road
11 Diagonal Street Parktown
Johannesburg Johannesburg
2001 2000
Date: 28/06/2002 05:30:46 PM Produced by the SENS Department
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