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Labat Africa Limited - Unaudited Interim Group Results For The Six Months Ended
Release Date: 20/11/2003 17:06:01 Code(s): LAB
LABAT AFRICA LIMITED - UNAUDITED INTERIM GROUP RESULTS FOR THE SIX MONTHS ENDED
31 AUGUST 2003
LABAT AFRICA LIMITED
(Incorporated in the Republic of South Africa)
Share code: LAB
ISIN: ZAE000018354
(Registration number 1986/001616/06)
("the company" or "the group")
UNAUDITED INTERIM GROUP RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2003
THE POWER TO DELIVER
GROUP CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
six months six months 12 months
31-Aug-03 31-Aug-02 28-Feb-03
R"000 R"000 R"000
Revenue 90 433 145 257 244 930
Net operating income before
depreciation 13 065 23 842 38 990
Depreciation (6 668) (1 589) (8 028)
Net operating income before interest
and taxation 6 397 22 253 30 962
Interest paid (6 426) (4 726) (11 957)
Interest received 518 276 1 291
Net income before taxation 489 17 803 20 296
Taxation 1 922 9 228 12 994
Net income after taxation 2 411 27 031 33 290
Attributable to outside
shareholders (1 241) (39) (1 815)
Income attributable to shareholders 1 170 26 992 31 475
Shares in issue throughout the
period ("000) 184 415 184 903 184 415
Basic/ Headline earnings per
share (cents) 0,6 14,6 17,1
GROUP CASH FLOW STATEMENT
Six months Six months Year
to to ended
31-Aug-03 31-Aug-02 28-Feb-03
Net flow from operating activities (2 628) 10 151 6 799
Net flow from investing activities (3 923) (29 372) (41 161)
Net flow from financing activities (3 095) 14 983 17 305
Net decrease in cash (9 646) (4 238) (17 057)
Cash at beginning of period 22 555 39 612 39 612
Cash at end of period 12 909 35 374 22 555
GROUP CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
six months six months 12 months
31-Aug-03 31-Aug-02 28-Feb-03
R"000 R"000 R"000
ASSETS
Fixed assets 51 285 40 490 54 128
Investments 47 672 31 362 37 953
Deferred taxation 17 871 9 739 15 251
Non-current assets 116 828 81 591 107 332
Cash 12 909 35 374 22 555
Inventory 33 614 40 803 35 417
Accounts receivables 118 561 112 550 116 168
Current assets 165 084 188 727 174 140
Total assets 281 912 270 318 281 472
EQUITY AND LIABILITIES
Share capital and reserves 154 723 147 168 153 553
Outside shareholders 8 004 3 626 6 263
Total shareholders" funds 162 727 150 794 159 816
Long-term liabilities 20 912 21 274 22 874
Deferred taxation 11 079 10 594 11 670
Non-current liabilities 31 991 31 868 34 544
Bank overdraft 50 419 46 220 50 238
Accounts payable 36 775 41 436 36 874
Current liabilities 87 194 87 656 87 112
Total equity and liabilities 281 912 270 318 281 472
Number of shares in issue ("000) 184 415 184 903 184 415
Total net asset value per
share (cents) 84 80 83
STATEMENT OF CHANGES IN EQUITY
Share Share Distributable Capital and
Capital Premium Reserves Reserves
R"000 R"000 R"000 R"000
Balance 28 February 2003 1 844 48 855 102 854 153 553
Surplus for period - - 1 170 1 170
Balance at 31 August 2003 1 844 48 855 104 024 154 723
COMMENTARY
In line with general business trends, the volatile rand and the weakness in
international markets have impacted upon results for the first six months of the
year. To counteract these difficulties, we have aggressively pursued the
development of our local markets and expect much success from these endeavours,
though not in the short term.
We are hopeful that the rand has now stabilised and that international markets
are beginning to improve. We are optimistic that trading will improve from the
second quarter 2004.
We have expanded our business into other high growth areas and have embarked on
a restructuring process aimed at separating the IT/Technology business and the
retail operations.
SAMES
The above mentioned challenges have affected SAMES in particular. The world-wide
semi conductor industry is forecasting a recovery only in the second quarter of
2004. To counteract the cyclicality of this business, new markets have been
identified for our energy metering devices and South America, in particular, has
been identified as a major new market with promising growth potential. The
volatility of the rand has led us to re-examine the African market place and to
develop a range of products more suitable to the "home" market. We have
developed opportunities to manufacture end user products instead of components
only, for example, plans to enter the electronic meter market are well advanced
and next year will see the launch of our own AMR/prepaid meter solution. There
is huge demand for these products in the African marketplace, in Asia and in
South America.
Another area, where Labat has invested heavily during the past year, is the
"card" business. We expect to announce some significant developments with major
international partners before the end of the year.
These initiatives together with a stable rand and the expected growth in
international markets mean that SAMES is well positioned to take advantage of
better trading conditions.
LABAT TRAFFIC SOLUTIONS
Our technology has been successfully proven. We have established a credible
presence in the municipalities in which we operate in and are now well
positioned to attract new business. We now intend to extend our technology to
help municipalities improve the efficiency of the cash collection process. Our
recent acquisition, Total Computer Services, a complementary business providing
back office administration services to municipalities, is performing well ahead
of budget.
LABAT CONSULTING AND IT
The recent launch of the LABAT SSA Reseller for Africa was very well received
and we see this as one of the building blocks in the development of a major
consulting/solutions business anchored around world class products. We continue
with our strategy of working with credible players in the IT field.
LABAT RETAIL
The recent interest rate cuts and positive inflation figures have given a boost
to retail in general. ACME is well positioned to benefit from this upswing. Most
of our retail profits are made in the second half of the year and we are
expecting to have a good second half. We are continuing to implement a
conservative credit granting policy to ensure a quality debtors book.
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 any group surpluses
will be retained to fund future growth.
For and on behalf of the board
B G van Rooyen
Group Chief Executive
20 November 2003
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:
A N Britto
INTERIM GROUP RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2003
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