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Aludie Limited -
Aludie Limited
(Incorporated in the Republic of South Africa)
(Registration number 1982/009023/06)
Share code: ALD ISIN: ZAE000008876
("the Group" or "the Company")
FINANCIAL RESULTS FOR THE PERIOD ENDED 30 JUNE 2003
Group consolidated income statements
Audited Unaudited Audited
15 months Six months 15 months
ended ended ended
30 June 2003 31 Mar 2003 31 Mar 2002
R"000 R"000 R"000
Revenue 26 477 10 289 51 001
Costs incurred in producing revenue (18 470) (5 531) (32 838)
Depreciation and impairment (425) (497) (555)
Selling and administrative expenses (11 419) (5 338) (18 316)
Sundry income 1 248 1 226 425
Operating/(Loss) income
before borrowing costs (2 589) 149 (283)
Borrowing costs net of
interest income (1 029) (663) (774)
Attributable loss (3 618) (514) (1 057)
Amortisation of intangibles (629) (255) (579)
Other net non-operating expenses (743) 23 (414)
Net loss before taxation (4 990) (746) (2 060)
Taxation 1 464 201 664
Net loss for period (3 526) (545) (1 396)
Total number of shares in issue
and allotted for period ("000) 33 266 33 266 33 266
Loss per share (cents) (10,60) (1,64) (4,20)
Headline loss per share (cents) (9,45) (0,87) (4,23)
Group Consolidated abridged Cash Flow Statements
Audited Unaudited Audited
15 months Six months 15 months
ended ended ended
30 June 2003 31 Mar 2003 31 Mar 2002
R"000 R"000 R"000
Cash flows from operating activities (703) (1 917) 4 126
Cash flows from financing activities (2 217) (2 538) (1 959)
Cash flows from investing activities (36) 341 (511)
Net movement in cash resources (2 954) (4 114) 1 656
Cash resources at beginning of period 1 409 3 547 (247)
Cash resources at end of period (1 545) (567) 1 409
Group segmental review for the PERIOD ended 30 June 2003
Electronic Parking Group
security management and
services services other
R"000 R"000 R"000
Revenue 23 586 2 891 (317)
(Loss)/Earnings (3 219) 153 (460)
Assets 1 088 6 722 2 222
Liabilities (5 563) (6 149) (587)
Net (liability)/asset value (4 475) 578 2 469
Depreciation (410) (15) -
Amortisation (366) (138) (125)
Headline loss per share (cents)
Loss per share is reconciled to headline loss per share as follows:
Loss per share 10,60
Loss on disposal of fixed assets 1,15
Headline loss per share 9,45
Group consolidated balance sheets
Audited Unaudited Audited
30 June 2003 31 Mar 2003 31 Mar 2002
R"000 R"000 R"000
Assets
Non-current assets
Tangible and intangible assets 3 378 3 339 4 816
Deferred taxation 3 015 1 460 1 472
Rental debtors and loans 163 552 9 019
Total non-current assets 6 556 5 351 15 307
Current assets
Inventories 785 1 072 1 162
Work in progress 1 221 1 343 802
Accounts receivable 4 523 6 007 7 817
Bank balances and cash 20 166 2 682
Total current assets 6 949 8 588 12 463
Total assets 13 505 13 939 27 770
Equity and liabilities
Capital and reserves
Stated capital account 1 412 1 412 1 412
Non-distributable reserves 55 55 55
Accumulated (loss)/profit (2 900) 554 626
Total capital and reserves (1 433) 2 021 2 093
Non-current liabilities
Interest bearing debt 357 431 9 698
Total non-current liabilities 357 431 9 698
Current liabilities
Short-term borrowings 64 - 2 260
Accounts payable 11 980 9 342 10 895
Taxation 801 616 616
Bank overdrafts 1 565 733 1 273
Total current liabilities 14 410 10 691 15 044
Provisions 171 796 935
Total equity and liabilities 13 505 13 939 27 770
Net asset value per share (cents) - 6,08 6,29
Group consolidated Statements of changes in equity
Accumulated
Stated (loss)/profit
capital and NDR Total
R"000 R"000 R"000
Balance at 1 January 2001 1 412 2 077 3 687
Net loss for period - (1 396) (1 396)
Balance at 31 March 2002 1 412 681 2 093
Net loss for period - 3 526) (3 526)
Balance at 30 June 2003 1 412 (2 845) (1 433)
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 R864 000 (2002: R4 314 000).
2. Contingent liabilities
- The Group has various contingent liabilities arising from rental operations
and installation guarantees totalling R258 000 (2002: R1 023 960).
- The Group is party to litigation with a maximum potential loss of
R3 600 000.
- The Group has also reached agreement with a major supplier to reduce the
balance owing to them, subject to certain conditions. Should these conditions
not be fulfilled, the Group has a contingent liability of R2 560 000.
3. Capital expenditure
The Group had no capital expenditure during the period under review.
4. Change of year-end
The Group changed its year-end to 30 June.
5. Generally Accepted Accounting Practice
The annual financial statements from which this report has been drawn up
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 Group has taken steps, as detailed in the annual financial statements, to
improve its position.
Audit opinion
The auditors report contains an emphasis of matter relating to the Group"s going
concern. A copy of the audit report is available for inspection at the Company"s
registered office.
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
14 October 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: 14/10/2003 05:58:34 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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