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Aludie Limited - Reviewed Interim Financial Results For The Six Months Ended 31
December 2004
ALUDIE LIMITED
Incorporated in the Republic of South Africa
(Registration number 1982/009023/06)
Share code: ALD ISIN: ZAE000008876
(`the Group` or `the Company`)
REVIEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2004
Group consolidated income Reviewed Reviewed Audited
statements Six Six 12 months
months months ended
ended ended 30 June
31 31 2004
December December (R`000)
2004 2003
(R`000) (R`000)
Revenue 5 827 6 810 9 253
Costs incurred in producing (3 438) (4 153) (16 631)
revenue
Depreciation and impairment (22) (169) (25)
Amortisation of intangibles - (255) (2 539)
Selling and administrative (2 719) (5 468) (10 962)
expenses
Exceptional income - - 2 632
Sundry income 16 - 90
Operating loss before borrowing (336) (3 235) (18 182)
costs
Finance costs (64) (89) (411)
Attributable loss (400) (3 324) (18 593)
Other non-operating expenses (6 992) - -
Other non-operating income 304 - -
Net loss before taxation (7 088) (3 324) (18 593)
Taxation (61) 968 4 739
Net loss for period (7 149) (2 356) (13 854)
Total number of shares in issue 33 266 33 266 33 266
(`000)
Reconciliation of headline loss
Loss per share (cents) (21,5) (7,1) (41,7)
Capital loss per share (cents) - - 4,4
Impairment of intangible assets - - 4,0
(cents)
Headline loss per share (cents) (21,5) (7,1) (33,3)
Group consolidated abridged
cash flow statements
Cash flow from operating (13 315) (1 383) (2 370)
activities
Cash flow from financing 13 964 1 445 2 727
activities
Cash flow from investing 668 22 163
activities
Net movement in cash resources 1 317 84 520
Cash resources at beginning of (1 025) (1 545) (1 545)
the period
Cash resources at the end of 292 (1 461) (1 025)
the period
Group segmental review
Electronic security services
Revenue 4 744 5 829 7 425
Loss 7 289 2 394 15 425
Assets 10 475 6 708 8 436
Liabilities 30 275 17 104 19 226
Net liability 19 800 10 396 10 790
Depreciation 22 168 20
Parking management services
Revenue 1 083 981 1 828
Earnings / (Loss) 142 71 (2 657)
Assets 358 4 195 865
Liabilities 2 994 9 063 2 950
Net liability 2 636 4 868 2 085
Depreciation - 1 5
Group consolidated balance Reviewed Reviewed at Audited
sheets at 31 December at
31 2003 30 June
December (R`000) 2004
2004 (R`000)
(R`000)
ASSETS
Non-current assets
Tangible and intangible 189 2 932 576
assets
Deferred taxation 7 755 3 984 7 754
Total non-current assets 7 944 6 916 8 330
Current assets
Inventories 338 775 -
Work in progress - 255 -
Accounts receivable 2 259 7 303 799
Bank balances and cash 292 38 5
Total current assets 2 889 8 371 804
Total assets 10 833 15 287 9 134
EQUITY AND LIABILITIES
Capital and reserves
Stated capital account 1 412 1 412 1 412
Non-distributable reserves 55 55 55
Accumulated loss (23 903) (5 256) (16 754)
Total capital and reserves (22 436) (3 789) (15 287)
Non-current liabilities
Income received in advance - - 570
Owing to a shareholder 24 103 - 2 258
Interest bearing debt - 357 -
Total non-current 24 103 357 2 828
liabilities
Current liabilities
Short-term borrowings 1 976 922 320
Accounts payable 6 185 15 302 19 210
Provisions 72 195 232
Taxation 933 801 801
Bank overdrafts - 1 499 1 030
Total current liabilities 9 166 18 719 21 593
Total equity and 10 833 15 287 9 134
liabilities
Net liability value per (67,44) (11,39) (45,95)
share (cents)
Group consolidated Stated Accumulated Total
statement of changes in capital loss and non- (R`000)
equity (R`000) distributable
reserves
(R`000)
Balance at 31 December 2003 1 412 (5 201) (3 789)
Net loss for the period - (11 498) (11 498)
Balance at 30 June 2004 1 412 (16 699) (15 287)
Net loss for the period - (7 149) (7 149)
Balance at 31 December 2004 1 412 (23 848) (22 436)
Basis of preparation
The financial statements are prepared in conformity with South African
Statements of Generally Accepted Accounting Practice (GAAP). These interim
results have been prepared in compliance with AC 127 (Interim financial
reporting) and are based on accounting policies which are consistent with those
used in the annual financial statements. The same accounting policies have been
followed as in the annual financial statements for 30 June 2004.
The financial information reflected above has been reviewed but not audited by
the Group`s auditors Deloitte & Touche. Copies of their review report are
available for inspection at the Company`s registered office. The report contains
an emphasis of matter stating that the Company and Group`s liabilities exceed
its assets and the continuance of the Group as a going concern is dependant on
the continued support of its shareholders.
GENERAL REVIEW
Nature of business:
The Group offers value-added electronic security access control and parking
management services and solutions.
Results and prospects:
The results for the six months are a reflection of a business that has been cut
to size and which can cope with its overheads structure at current levels of
turnover.
Non-operating expenses:
A subsidiary company, Aludi Technologies (Proprietary) Limited, successfully
concluded a Scheme of Arrangement with its creditors which were ratified by the
High Court of South Africa on 5 October 2004.
The result of the Scheme of Arrangement has had the effect of creating a R6 992
million liability for previously inter group claims which are now due to a
shareholder.
Prospects:
Since the reporting date the Group has reached an agreement in principle which
will have the effect of re-establishing management expertise in the Group`s
sphere of parking solutions and access control systems. This will ensure the
viability of the underlying operations pending a final strategy for the listed
entity which has still to be decided.
The shareholder will be approached to approve the conversion of a shareholder
claim into permanent equity so that the balance sheet is restored to solvency.
Directors
S A Levitt, L J Broom, L A Quiding, N B Versveld.
By order of the Board
S A Levitt
Director
L A Quiding
Director
Johannesburg
13 April 2005
B Tshabalala
Company Secretary
Registered office
Fountain Grove
5 Second Road
Hyde Park
2196
Transfer secretaries
Ultra Registrars (Pty) Ltd
11 Diagonal Street
Johannesburg
2001
Date: 13/04/2005 02:30:08 PM
Produced by the JSE SENS Department
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