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ludie Limited - Interim Financial Results For The Six Months Ended 30 September
Release Date: 06/12/2002 07:56:38 Code(s): ALD
Aludie Limited - Interim Financial Results For The Six Months Ended 30 September
2002
Aludie Limited
(Incorporated in the Republic of South Africa)
(Registration number 1982/009023/06)
Share code: ALD ISIN: ZAE000008876
("Aludie" or "the Group")
INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002
GROUP CONSOLIDATED INCOME STATEMENTS
Unaudited Unaudited Audited
Six months Six months 15 months
ended ended ended
30 Sept 31 Dec 31 Mar
2002 2001 2002
R`000 R`000 R`000
Revenue 12 287 17 450 51 001
Costs incurred in producing revenue (7 206) (11 443) (32 838)
Depreciation (257) (189) (555)
Selling and administrative expenses (3 385) (6 238) (18 389)
Sundry income 115 32 425
Operating income/(loss) before
borrowing costs 1 554 (388) (356)
Borrowing costs net of interest income (639) (1 639) (774)
Attributable income/(loss) 915 (2 027) (1 130)
Amortisation of intangibles (230) (317) (389)
Other net non-operating expenses - (626) (541)
Net income/(loss) before taxation 685 (2 970) (2 060)
Taxation (213) 516 664
Net income/(loss)for period 472 (2 454) (1 396)
Total number of shares in issue
and allotted for period (`000) 33 266 33 266 33 266
Earnings/(loss) per share (cents) 0,64 (7,38) (4,20)
Headline earnings/(loss) per share (cents) 1,28 (4,14) (2,98)
GROUP CONSOLIDATED CASH FLOW STATEMENTS
Unaudited Unaudited Audited
Six months Six months 15 months
ended ended ended
30 Sept 2002 30 Dec 2001 31 Mar 2002
R`000 R`000 R`000
Cash flows from operating activities 2 239 1 314 3 924
Cash flows from financing activities - 968 (1 729)
Cash flows from investing activities (101) 39 (539)
Net movement in cash resources 2 138 2 321 1 656
Cash resources at beginning of period 1 409 (1 267) (247)
Cash resources at end of period 3 547 1 054 1 409
GROUP SEGMENTAL REVIEW FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002
Electronic Parking Group
security management and
services services other
% % %
Revenue 91 9 -
Earnings/(loss) 79 26 (5)
Headline earnings 77 23 -
Assets 80 7 13
Liabilities 92 5 3
Net (liability)/asset value (39) 21 118
Depreciation 34 1 65
Amortisation 65 24 11
Headline earnings per share (cents)
Earnings per share is reconciled to headline
earnings per share as follows:
Earnings per share 0,64
Amortisation of intangibles 0,69
Taxation (0,05)
Headline earnings per share 1,28
GROUP CONSOLIDATED BALANCE SHEETS
Unaudited Unaudited Audited
30 Sept 2002 31 Dec 2001 31 Mar 2002
R`000 R`000 R`000
Assets
Non-current assets
Tangible and intangible assets 4 131 4 388 4 516
Deferred taxation 1 221 1 484 1 473
Rental debtors and loans 8 832 665 9 038
Total non-current assets 14 184 6 537 15 027
Current assets
Inventories 1 149 1 463 1 162
Work in progress 414 2 518 802
Accounts receivable 8 189 7 210 7 798
Bank balances and cash 3 541 1 124 2 682
Total current assets 13 293 12 315 12 444
Total assets 27 477 18 852 27 471
Equity and liabilities
Capital and reserves
Stated capital account 1 412 1 412 1 412
Non-distributable reserves 55 55 55
Retained income/(accumulated deficit) 1 098 (56) 625
Total capital and reserves 2 565 1 411 2 092
Non-current liabilities
Interest free deferred liabilities - 756 -
Long-term borrowings 594 1 300 9 398
Total non-current liabilities 594 2 056 9 398
Current liabilities
Short-term borrowings 11 064 764 2 260
Accounts payable 11 545 12 502 10 897
Taxation 616 692 616
Bank overdrafts (6) 70 1 273
Total current liabilities 23 219 14 028 15 046
Provisions 1 099 1 357 935
Total equity and liabilities 27 477 18 852 27 471
Net asset value per share (cents) 7,71 4,24 6,29
GROUP CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Stated Retained income
capital and NDR Total
R`000 R`000 R`000
Balance at 31 December 2000 1 412 2 077 3 489
Ordinary shareholders` net loss - (1 396) (1 396)
Balance at 31 March 2002 1 412 681 2 093
Ordinary shareholders` net income - 472 472
Balance at 30 September 2002 1 412 1 153 2 565
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 R682 000 (31 December 2001 - R4
601 000).
2. Contingent liabilities
The Group has various contingent liabilities arising from rental operations
and installation guarantees totaling R662 000 (31 December 2001 - R1 024 000).
3. Capital expenditure
The Group had no capital expenditure during the period under review (31
December 2001 - R905 000).
4. 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 31 March 2002
financial statements.
GENERAL REVIEW
Nature of business:
The Group offers value-added electronic security, access control and parking
management services and solutions.
Results and prospects:
The Board is pleased with the progress made to restore the Group to
profitability during the six-month period and is confident of further savings
being achieved through the continued focus on expenditure.
Directors: Z. J. Sithole, K. G. Druker, M. S. Mowzer, E. H. Weiss (German),
M. I. Parker and K. Biesheuvel continued to serve as directors during
this period.
S. V. James (appointed June 2002) resigned in October 2002.
By order of the Board
Z. J. Sithole M. S. Mowzer K. Biesheuvel J. C. Kaufmann
Chairman Chief Executive Officer Financial Director Company Secretary
Cape Town
6 December 2002
Transfer secretaries: Registered office:
Ultra Registrars (Pty) Limited Ristone Office Park
11 Diagonal Street 15 Sherborne Road
Johannesburg, 2001 Parktown, 2193
Date: 06/12/2002 07:56:30 AM Produced by the JSE SENS Department
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