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Labat Africa Limited - Unaudited Interim Results For The Six Months Ended 31
Release Date: 21/11/2002 17:15:01 Code(s): LAB
Labat Africa Limited - Unaudited interim results for the six months ended 31
August 2002
Labat Africa Limited
(Incorporated in the Republic of South Africa)
Share code: LAB ISIN: ZAE000018354
(Registration number 1986/001616/06)
("Labat" or "the company" or "the group")
Unaudited interim results for the six months ended 31 August 2002
* REVENUE + 48%
* OPERATING income + 27%
* HEADLINE EARNINGS + 32%
THE POWER TO DELIVER
CONSOLIDATED INCOME STATEMENTS
Unaudited Unaudited Audited
six months six months 12 months
31/08/02 31/08/01 28/02/02
R`000 R`000 R`000
Revenue 145 257 98 081 224 204
Net operating income before interest
and taxation 22 253 17 522 46 278
Interest paid (4 726) (3 415) (6 619)
Interest received 276 549 760
Net income before taxation 17 803 14 656 40 419
Taxation 9 228 (537) (912)
Net income after taxation 27 031 14 119 39 507
Attributable to minority shareholders (39) (1 060) (2 140)
Income attributable to shareholders 26 992 13 059 37 367
Reconciliation to headline earnings
Less deferred tax asset raised (9 739) - -
Headline earnings 17 253 13 059 37 367
Headline earnings per share (cents) 9,3 7,1 20,2
Basic earnings per share (cents) 14,6 7,1 20,2
Shares in issue throughout period (`000) 184 903 184 903 184 903
CONSOLIDATED BALANCE SHEETS
Unaudited Unaudited Audited
six months six months 12 months
31/08/02 31/08/01 28/02/02
R`000 R`000 R`000
ASSETS
Fixed assets 40 490 14 133 16 828
Investments 31 362 32 471 28 446
Deferred taxation 9 739 - -
Non-current assets 81 591 46 604 45 274
Cash 35 374 14 790 39 612
Inventory 40 803 23 150 34 443
Accounts receivable 112 550 111 975 110 530
Current assets 188 727 149 915 184 585
Total assets 270 318 196 519 229 859
EQUITY AND LIABILITIES
Share capital and reserves 147 168 97 010 121 318
Outside shareholders 3 626 2 068 3 082
Total shareholders` funds 150 794 99 078 124 400
Long-term liabilities 21 274 5 544 6 045
Deferred taxation 10 594 9 880 10 576
Non-current liabilities 31 868 15 424 16 621
Bank overdrafts 46 220 35 953 40 955
Accounts payable 41 436 46 064 47 883
Current liabilities 87 656 82 017 88 838
Total equity and liabilities 270 318 196 519 229 859
Number of shares in issue (`000) 184 903 184 903 184 903
Net asset value per share (cents) 80 53 66
CASH FLOW STATEMENTS
Unaudited Unaudited Audited
six six year
months to months to ended
31/08/02 31/08/01 28/02/02
Net flow from operating activities 10 151 12 054 32 210
Net flow from investing activities (29 372) (2 312) (5 501)
Net flow from financing activities 14 983 (215) 7 640
Net (decrease)/increase in cash (4 238) 9 527 34 349
Cash at beginning of period 39 612 5 263 5 263
Cash at end of period 35 374 14 790 39 612
STATEMENT OF CHANGES IN EQUITY
Distri- Capital
Share Share butable and
capital premium reserves reserves
R`000 R`000 R`000 R`000
Balance at 28 February 2002 1 849 49 090 70 379 121 318
Surplus for period - - 26 991 26 991
Write-off of loan to share incentive trust - (1 141) - (1 141)
Balance 31 August 2002 1 849 47 949 97 370 147 168
COMMENTARY
The first six months of the year have been exceptionally good for the
company. Revenue was up by 48% and operating income increased by 27%. Each of
the business units has performed well and is positioned for further growth. We
have once again focused on the development of these four core businesses and are
pleased with the progress. However, we anticipate that the past phenomenal
growth will not be mirrored in the full year-end results.
Sames
The company has performed well, benefiting from expanding markets in India
and China and from new product sales. Product piracy has become a problem for us
and our microchips are being copied in some markets. Measures to combat this
threat are in hand. Further international markets for our range of products will
be developed in the year ahead.
Labat Traffic Solutions
Labat Traffic Solutions has had a good six months and is poised to win
several major new contracts. Three new contracts implemented in the Nelson
Mandela Metro, George and Emphuleni council are fully operational. This brings
to six the number of contracts that are fully implemented. The range of services
provided by Labat Traffic Solutions has been expanded by the acquisition of a
51% interest in Total Computer Services, a company providing back office I.T.
support to various municipalities. Labat Traffic Solutions is well on its way to
being a comprehensive solutions provider to municipalities.
Labat Management Consulting
We have used the past six months to market our consulting services to a wider
range of customers and particularly to municipalities. We have tendered with
various skilled partners for a wide range of technology-backed projects which we
are well-positioned to win. We expect the business to grow significantly in the
year ahead.
Labat Retail
Our furniture retail business has performed well in difficult circumstances.
The industry as a whole has been under severe pressure. We missed our operating
profit target by R0,9 million which can be directly related to self-imposed
restrictions on credit granting. The same rigid credit approval principles will
be maintained in future. We have taken cognisance of the prudence that
characterises the industry currently and raised the provision against our
debtors` book by a further 6,23% to be fully in line with the industry.
Investments
The recoverability of the selling price of our investment in Armada continues
to be a problem. We sold the company but have never been fully paid by the
purchasers. An amount of R5,4 million is outstanding and has been fully provided
for. We are in the process of regaining our assets and are convinced that we
will regain at least the value provided for.
Restructuring
As part of ongoing performance improvement we are looking at restructuring
the various businesses in order to capitalise on current opportunities.
Discussions are currently taking place with several parties who are interested
in partnering with us to pursue major initiatives.
Taxation
In order to comply with the latest Generally Accepted Accounting Practices
("GAAP") provisions we have created a tax asset on that percentage of tax losses
which we are confident of using.
Accounting policies
The accounting policies applied are consistent with those applied in the
previous year and are in compliance with South African Statements of GAAP.
Dividends
It is company policy that no dividends will be declared as group surpluses
will be retained to fund future growth.
For and on behalf of the board
B G van Rooyen
Group Chief Executive
21 Novemer 2002
Directors: B G van Rooyen (Group CEO), V J Labat (USA), C P Rosholt,
R C I Serobe, M J Shabangu, S L Majombozi
Secretary: M Sender, FCIS
Date: 21/11/2002 05:15:00 PM Produced by the JSE SENS Department
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