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LABAT AFRICA LIMITED - INTERIM RESULTS AND FURTHER CAUTIONARY ANNOUNCEMENT
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`)
THE POWER TO DELIVER
UNAUDITED RESULTS FOR THE HALF-YEAR ENDED 31 AUGUST 2004
GROUP CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Reviewed
6 months 6 months 12 months
31-Aug-04 31-Aug-03 29-Feb-04
R`000 R`000 R`000
Revenue 97 343 90 433 175 651
Net operating income before
depreciation
and amortisation 4 065 13 065 7 019
Depreciation and amortisation (9 943) (6 668) (16 324)
Net operating (loss)/income before
interest and taxation (5 878) 6 397 (9 305)
Interest paid (5 236) (6 426) (11 518)
Interest received 139 518 931
Net (loss)/income before taxation (10 975) 489 (19 892)
Taxation 3 919 1 922 6 896
Net (loss)/income after taxation (7 056) 2 411 (12 996)
Attributable to outside shareholders (2 918) (1 241) (650)
(Loss)/Income attributable to
shareholders (9 974) 1 170 (13 646)
Shares in issue throughout period
(`000) 184 415 184 415 184 415
Basic (loss)/earnings per share
(cents) (5,4) 0,6 (7,4)
Headline (loss)/earnings per share
(cents) (5,5) 0,6 (7,1)
Reconciliation of basic to headline
earnings:
Basic (loss)/earnings (9 974) 1 170 (13 646)
Goodwill 76 - 193
Profit/(Loss) on sale of assets (299) - 431
Headline (loss)/earnings (10 197) 1 170 (13 022)
CASH FLOW STATEMENT
Unaudited Unaudited Reviewed
6 months 6 months 12 months
31-Aug-04 31-Aug-03 29-Feb-04
R`000 R`000 R`000
Net flow from operating
activities 9 341 (2 628) 3 302
Net flow from investing
activities (17 831) (3 923) (23 233)
Net flow from financing
activities 13 861 (3 095) 2 727
Net increase/(decrease) in cash 5 371 (9 646) (17 204)
Cash at beginning of period 5 351 22 555 22 555
Cash at end of period 10 722 12 909 5 351
GROUP CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Reviewed
6 months 6 months 12 months
31-Aug-04 31-Aug-03 29-Feb-04
R`000 R`000 R`000
ASSETS
Fixed assets 48 391 51 285 46 567
Investments 58 552 47 672 55 386
Deferred taxation 26 493 17 871 21 980
Non-current assets 133 436 116 828 123 933
Cash 10 722 12 909 5 351
Inventory 22 262 33 614 26 337
Instalment sale debtors 84 430 91 135 92 913
Trade and other receivables 38 814 27 426 22 588
Current assets 156 228 165 084 147 189
Total assets 289 664 281 912 271 122
EQUITY AND LIABILITIES
Share capital and reserves 130 508 154 723 138 539
Outside shareholders 8 096 8 004 5 178
Total shareholders` funds 138 604 162 727 143 717
Long-term liabilities 24 133 20 912 18 680
Deferred taxation 10 153 11 079 11 600
Non-current liabilities 34 286 31 991 30 280
Bank overdraft 29 345 15 986 21 113
Instalment sale bank finance 37 215 34 433 36 109
Accounts payable 50 214 36 775 39 903
Current liabilities 116 774 87 194 97 125
Total equity and liabilities 289 664 281 912 271 122
Number of shares in issue (`000) 184 415 184 415 184 415
Total net asset value per share
(cents) 71 84 75
STATEMENT OF CHANGES IN EQUITY
Share Share Distributable
R`000 capital premium reserves
Balance
29 February 2004 1 844 48 855 87 239
Sub-total 1 844 48 855 87 239
Loss for period (9 974)
Acquisition of subsidiary
Balance
31 August 2004 1 844 48 855 77 265
Non- Capital
distributable and
R`000 reserves reserves
Balance
29 February 2004 601 138 539
Sub-total 601 138 539
Loss for period (9 974)
Acquisition of subsidiary 1 943 1 943
Balance
31 August 2004 2 544 130 508
COMMENTARY
GENERAL
During the period under review, world-wide trading conditions for the
semi-conductor industry continued to have an adverse effect and the Rand
strength added to these trading difficulties for SAMES. This has meant that the
good performance of the other underlying businesses has been masked by the
difficulties experienced by SAMES.
However indications are that SAMES is recovering in line with the recovery of
the international semi-conductor industry and coupled with the growth in our
other businesses we are optimistic that the group will return to profitability
in the medium term.
RETAIL AND FURTHER CAUTIONARY ANNOUNCEMENT
As previously reported, the credit retail business, because of its constant
need for capital, would be sold. It no longer fits the strategy of the group,
which is to grow our technology businesses. We are close to finalising an
agreement to sell the business with the effective date of sale being as at
1 November 2004, subject to conditions precedent and the completion of the
normal regulatory process. This sale will see a major reduction in the company
debt. It is anticipated that a detailed announcement will be published in the
near future. Accordingly, shareholders are advised to continue to exercise
caution when dealing with their securities on the JSE Security Exchange South
Africa, until such announcement is made.
ACCOUNTING POLICIES
The accounting policies applied are consistent with those applied in the
previous year and are in compliance with South African Statements of Generally
Accepted Accounting Practice.
CORPORATE GOVERNANCE
The group subscribes to the values of good corporate governance at all levels
and is committed to conduct business with discipline, integrity and social
responsibility.
DIVIDENDS
It is company policy that no dividends will be declared as group surpluses will
be retained to fund future growth.
For and on behalf of the board
B G VAN ROOYEN
Chairman
29 November 2004
Registered office Transfer secretaries
Island House Computershare Investor Services 2004 (Pty) Ltd
Constantia Park Centre 70 Marshall Street
Corner 14th Avenue and Johannesburg
Hendrik Potgieter Road 2001
Weltevreden Park PO Box 61051
1709 Marshalltown, 2107
Sponsor
Brait Sponsors
Date: 29/11/2004 03:36:58 PM
Produced by the JSE SENS Department
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