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Aludie Limited - Reviewed Financial Report For The Year Ended 30 June 2004
ALUDIE LIMITED
Incorporated in the Republic of South Africa
(Registration number 1982/009023/06)
Share code: ALD ISIN: ZAE000008876
(`Aludie` or `the Group`)
REVIEWED FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2004
Note Reviewed Audited
12 months 15 months
ended ended
30 June 2004 30 June 2003
(R`000) (R`000)
Group income statements
Revenue 9,253 26,477
Costs incurred in the production
of revenue (16,632) (18,515)
Depreciation (25) (425)
Selling and administrative (10,717) (11,374)
expenses
Amortisation of intangibles (1,314) (629)
Impairment of intangibles (1,463) (743)
Relocation cost (6) -
Exceptional income 1 2,632 -
Sundry income 90 1,248
Loss from operations (18,182) (3,961)
Finance costs (411) (1,029)
Net loss before taxation (18,593) (4,990)
Taxation 4,739 1,464
Net loss for the period (13,854) (3,526)
Reconciliation of headline loss:
Net loss attributable to (13,854) (3,526)
shareholders
Add: Amortisation of intangibles 1,314 642
Impairment of intangibles 1,463 384
Net loss on disposal of - 382
assets
Headline loss (11,077) (2,118)
Total number of shares in issue 33,266 33,266
(`000)
Loss per share (cents) (41,65) (10,60)
Capital loss per share (cents) 8,36 4,23
Headline loss per share (cents) (33,29) (6,37)
Note 1: Exceptional income arose from the reversal of a provision relating to
the resolution of a claim raised in a prior year.
Reviewed Audited
12 months 15 months
ended ended
30 June 2004 30 June 2003
Group cash flow statement (R`000) (R`000)
Cash flows used in operating (2,370) (703)
activities
Cash flows from (used in) financing
activities 2,727 (2,217)
Cash flows from (used in) investing
activities 163 (34)
Net movement in cash resources 520 (2,954)
Cash resources at the beginning of
the period (1,545) 1,409
Cash resources at the end of period (1,025) (1,545)
Group segmental review for the Cape Town Durban Johannesburg
period
Revenue 2,948 359 5,946
Profit (Loss) from operations 143 (622) (17,703)
Group statement of Stated Non- Accumulated Total
changes in equity capital distributable loss R`000
R`000 reserves R`000
R`000
Balance at 31 March 1,412 55 626 2,093
2002
Net loss for the - - (3,526) (3,526)
period
Balance 30 June 1,412 55 (2,900) (1,433)
2003
Net loss for the - - (13,854) (13,854)
year
Balance 30 June 1,412 55 (16,754) (15,287)
2004
Reviewed Audited
30 June 2004 30 June 2003
Group balance sheets (R`000) (R`000)
ASSETS
Non-current assets
Tangible assets - 611
Intangible assets 576 2,767
Deferred taxation 7,754 3,015
Long-term rental debtors and loans - 163
Total non-current assets 8,330 6,556
Current assets
Inventories - 785
Work in progress - 1,221
Accounts receivable 799 4,923
Bank balances and cash 5 20
Total current assets 804 6,949
Total assets 9,134 13,505
EQUITY AND LIABILITIES
Capital and reserves
Share capital 1,412 1,412
Non-distributable reserves 55 55
Accumulated loss (16,754) (2,900)
Total capital and reserves (15,287) (1,433)
Non-current liabilities
Income received in advance 570 -
Borrowings 2,578 357
Total non-current liabilities 3,148 357
Current liabilities
Accounts payable 19,139 11,980
Provisions 232 171
Short-term borrowings - 64
Taxation 872 801
Bank overdrafts 1,030 1,565
Total current liabilities 21,273 14,581
Total equity and liabilities 9,134 13,505
Negative asset value per share (cents) (45,95) (4,31)
Performance Review
During the year under review Command Holdings Limited disposed of its
shareholding in Aludie to O2 Capital (Proprietary) Limited. The new board of
Aludie has continued to reduce overheads and discussions were opened with
creditors of Aludi Technologies (Proprietary) Limited which led to the High
Court of South Africa sanctioning a Scheme of Arrangement on 5th October 2004 in
terms of Section 311 of the Companies Act (1973), as amended. In terms of this
sanction, Group creditors amounting to approximately R20 million have agreed to
waive about 96% of their claims.
The Group lost its licence to distribute Asytec `Pay-on-Foot` parking equipment
to former members of its management team. The activities during the period under
review incorporate sales arising from a combination of parking related
businesses (including orders that had been placed prior to the loss of the
licence) and distribution and installation of access control and CCTV equipment.
The separate `Pay-on-Exit` parking business (trading as National Autoparks)
continues to operate profitably.
Revenue decreased due to a lack of working capital and the Group`s uncertain
future contributed to a loss of management and staff. This, in turn, resulted
in further disruption. The net loss before taxation was R18,593 million (2003:
R4,990 million).
Prospects
The Group has decreased its operating losses significantly since the year ended
June 2004 and is presently operating on a break even basis.
Since the sanction by the High Court of South Africa, the Group`s balance sheet
is once again solvent, with sufficient working capital facilities with which to
meet its existing order book.
Aludie has tendered for new contracts and is in the process of addressing its
staff issues.
Steps have been taken to improve the Group`s empowerment credentials, both in
employment equity and ownership, irrespective of the strategic direction finally
decided upon.
A number of diverse strategies are being considered which will be communicated
to shareholders in due course. Should Aludie remain in its current business
sector, it will focus once again on profitable security related businesses
serving private and public-sector corporations.
Audit Review
The financial statements of the Group have been prepared in compliance with the
South African Statement of Generally Accepted Accounting Practice applicable to
Interim Financial Reporting. The accounting policies used are consistent with
those of the prior year.
The auditors of the company, Deloitte & Touche, Chartered Accountants (SA), have
reviewed these results. The review report which is unqualified, includes an
emphasis of matter raised which states: `Without qualifying our opinion, we draw
attention to the comments made under the prospects heading, which addresses the
losses made to date and the company`s ability to continue as a going concern`.
A copy of the review report is available for inspection at the registered
offices of the company.
Registered office : Fountain Grove, 5 Second Road, Hyde Park,
Johannesburg.
Transfer secretaries : Ultra Registrars, 11 Diagonal Street,
Johannesburg.
Directors : S A Levitt, L J Broom.
Company secretary : Bentley Tshabalala, Fountain Grove,
5 Second Road, Hyde Park, Johannesburg.
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