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Aludie Limited - Interim Financial Results For The Six Months Ended 31 March
2003
Aludie Limited
(Incorporated in the Republic of South Africa)
(Registration number 1982/009023/06)
Share code: ALD ISIN: ZAE000008876
("the Group" or "the Company")
INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2003
Group consolidated income statements
Unaudited Unaudited Audited
Six months Six months 15 months
ended ended ended
31 Mar 2003 30 Sept 2002 31 Mar 2002
R"000 R"000 R"000
Revenue 10 289 12 287 51 001
Costs incurred in producing revenue (5 531) (7 206) (32 838)
Depreciation and impairment (497) (257) (555)
Selling and administrative expenses (5 338) (3 385) (18 389)
Sundry income 1 226 115 425
Operating income/(loss)
before borrowing costs 149 1 554 (356)
Borrowing costs net of
interest income (663) (639) (774)
Attributable income/(loss) (514) 915 (1 130)
Amortisation of intangibles (255) (230) (389)
Other net non-operating expenses 23 - (541)
Net income/(loss) before taxation (746) 685 (2 060)
Taxation 201 (213) 664
Net income/(loss) for period (545) 472 (1 396)
Total number of shares in issue
and allotted for period ("000) 33 266 33 266 33 266
Earnings/(Loss) per share (cents) (1,64) 0,64 (4,20)
Headline earnings/(loss) per share (cents) (0,87) 1,28 (2,98)
Group Consolidated Cash Flow Statements
Unaudited Unaudited Audited
Six months Six months 15 months
ended ended ended
31 Mar 2003 30 Sept 2002 31 Mar 2002
R"000 R"000 R"000
Cash flows from operating activities (1 917) 2 239 3 924
Cash flows from financing activities (2 538) - (1 729)
Cash flows from investing activities 341 (101) (539)
Net movement in cash resources (4 114) 2 138 1 656
Cash resources at beginning of period 3 547 1 409 (247)
Cash resources at end of period (567) 3 547 1 409
Group segmental review
for the six months ended 31 MARCH 2003
Electronic Parking Group
security management and
services services other
% % %
Revenue 90 10 -
Earnings/(loss) (132) (411) 643
Headline earnings 98 101 (99)
Assets 37 40 23
Liabilities 54 40 6
Net (liability)/asset value (64) 36 128
Depreciation 98 2 -
Amortisation 57 23 20
Headline earnings per share (cents)
Earnings per share is reconciled to
headline earnings per share as follows:
Earnings per share (1,64)
Amortisation of intangibles 0,77
Headline earnings per share (0,87)
Group consolidated balance sheets
Unaudited Unaudited Audited
31 Mar 2003 30 Sept 2002 31 Mar 2002
R"000 R"000 R"000
Assets
Non-current assets
Tangible and intangible assets 3 339 4 131 4 516
Deferred taxation 1 460 1 221 1 473
Rental debtors and loans 552 8 832 9 038
Total non-current assets 5 351 14 184 15 027
Current assets
Inventories 1 072 1 149 1 162
Work in progress 1 343 414 802
Accounts receivable 6 007 8 189 7 798
Bank balances and cash 166 3 541 2 682
Total current assets 8 588 13 293 12 444
Total assets 13 939 27 477 27 471
Equity and liabilities
Capital and reserves
Stated capital account 1 412 1 412 1 412
Non-distributable reserves 55 55 55
Retained earnings 554 1 098 625
Total capital and reserves 2 021 2 565 2 092
Non-current liabilities
Long-term borrowings 431 594 9 398
Total non-current liabilities 431 594 9 398
Current liabilities
Short-term borrowings - 11 064 2 260
Accounts payable 9 342 11 545 10 897
Taxation 616 616 616
Bank overdrafts 733 (6) 1 273
Total current liabilities 10 691 23 219 15 046
Provisions 796 1 099 935
Total equity and liabilities 13 939 27 477 27 471
Net asset value per share (cents) 6,08 7,71 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 2 078 3 490
Ordinary shareholders" net loss - (1 396) (1 396)
Balance at 31 March 2002 1 412 682 2 094
Ordinary shareholders" net loss - (73) (73)
Balance at 31 March 2003 1 412 609 2 021
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 R862 527 (R682 000: 30 September
2002).
2. Contingent liabilities
The Group has various contingent liabilities arising from rental operations
and installation guarantees totaling R258 463 (R662 000: 30 September 2002).
3. Capital expenditure
The Group had no capital expenditure during the period under review.
4. Change of year-end
The interim results of the Group are presented for the six-month period ended
31 March 2003, as the Group has changed its financial year-end to 30 June 2003.
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 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 continued turnaround of the Company as a result
of restructuring and the continued focus on expenditure and looks forward to
improved growth and profitability in the future.
Directors
Z J Sithole (Non-executive Chairman), M S Mowzer (Chief Executive Officer),
M I Parker (Non-executive) and K G Druker (Non-executive) continued to serve as
directors during the period under review.
Ms K Biesheuvel (appointed January 2002)
and E H Weiss (German) (appointed April 2002) resigned in April 2003
and May 2003, respectively.
By order of the Board
Z J Sithole M S Mowzer
Chairman Chief Executive Officer
Johannesburg A J Rich
13 June 2003 Company Secretary
Transfer secretaries Registered office
Ultra Registrars (Pty) Limited Ristone Office Park
11 Diagonal Street 15 Sherborne Road
Johannesburg, 2001 Parktown, 2193
Date: 12/06/2003 05:56:11 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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