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ADC - Audited Results
Alliance Data Corporation Limited
(`ADC` or `the Company`)
(Incorporated in the Republic of South Africa)
(Registration Number: 1997/013402/06)
JSE Code: ACD & ISIN Code: ZAE000065165
AUDITED RESULTS
Audited Audited
28 Feb 28 Feb
2005 2004
BALANCE SHEET R`000 R`000
ASSETS
Non-Current Assets 38,332 34,458
Property, Plant and Equipment 2,303 1,541
Intangible assets 34,348 32,888
Loans receivable 1,681 29
Current Assets 2,808 2,972
Trade and Other Receivables 1,221 491
Inventory 3 -
Prepayments - 984
Cash and Cash Equivalents 1,584 1,497
Total Assets 41,140 37,430
EQUITY AND LIABILITIES
Capital and Reserves 37,847 34,175
Share Capital 20 1
Distributable Reserves 9,052 5,399
Non-Distributable Reserves 28,775 28,775
Non Current Liabilities - 118
Director`s Loans - 118
Current Liabilities 3,293 3,136
Trade and Other Payables 816 861
Taxation 2,445 2,253
Bank Overdraft 32 22
Total Equity and Liabilities 41,140 37,430
Net asset value per share (cents) 189 171
Tangible net asset value per 21,7 6,4
share (cents) 20,000 20,000
Shares in issue at year end
(2004; deemed)
INCOME STATEMENTS Audited Audited
28 Feb 28 Feb
2005 2004
R`000 R`000
Revenue 19,718 17,601
Profit before finance costs, depreciation and
taxation 5,544 4,172
Investment Income 59 93
Depreciation (385) (438)
Profit before Taxation 5,218 3,827
Taxation 1,565 1,148
Net profit attributable to shareholders 3,653 2,679
Number of shares (`000) 20,000 1
- Issued
- Weighted
3,333 1
Earnings per share (cents)
- Issued (note 1) 18,3 13,4
- Weighted 3,653 2,679
Headline earnings per share (cents)
- Issued (note 1) 18,3 13,4
- Weighted 3,653 2,679
Note 1 - For comparable purposes the
earnings and headline earnings for
2004 was calculated using 20 000 000
shares in issue
CASH FLOW STATEMENTS Audited Audited
28 Feb 2005 28 Feb
R`000 2004
R`000
Cash flows from operating activities 4,140 4,321
Cash flows from investing activities (3,964) (3,084)
Cash flows from financing activities (99) (932)
Net movement in cash and cash equivalents 77 305
Cash and cash equivalents at beginning of year 1,475 1,169
Cash and cash equivalents at end of year 1,552 1,475
STATEMENT OF CHANGES IN EQUITY
Share Distributable NDR Total
Capital Reserves
R`000 R`000 R`000 R`000
Balance as at 29 Feb 2003 1 2,720 28,775 31,496
Net profit for the period - 2,679 - 2,679
Balance at 28 Feb 2004 1 5,399 28,775 34,175
Shares issued during the 19 - - 19
year
Net profit for the period - 3,653 - 3,653
Balance at 28 Feb 2005 20 9,052 28,775 37,847
COMMENTS
The Board of Directors is pleased to
present the audited financial results
of the Group for the year ended 28
February 2005. The earnings and
headline earnings for the year to 28
February 2005 was 18,3 cents per
shares, based on the issued shares of
20 million, compared to the profit
forecast in the prospectus of 18,5
cents per share.
NATURE OF THE BUSINESS
ADC specialises in software supply
and development and focuses on the
development, installation and support
of human resources, payroll and time
and attendance computer software
solutions for customers mainly within
the mining industry.
SOUTH AFRICAN STATEMENTS OF GAAP AND
COMPANIES ACT REQUIREMENTS
The annual audited financial
statements were prepared in
compliance with South African
Statements of Generally Accepted
Accounting Practice and the Companies
Act. The accounting policies for the
year are consistent with those
applied for the year 28 February
2004.
HIGHLIGHTS
Listed on Altx on 30th March 2005 at
R1 per share
12% increase in turnover from R17,6m
for 2004 to R19,7m for 2005
11% increase in Net Asset Value from
R 34,2m in 2004 to R37,8m in 2005
37% in Net profit after taxation from
R2,7m for 2004 to R3,7m in 2005
BUSINESS AND FINANCIAL REVIEW
The Group reported earnings of R3,7m
for the period ending 28 February
2005, which represents an increase of
37% increase on earnings achieved in
2004. This was due to continued
successful conclusion of contracts
with mining houses, which represent
up to 70% of the Group`s annuity
income. Furthermore, the Group is
also expanding to other target
markets, the effects of which will
reflect in the 2006 earnings.
LISTING ON ALTX
The Company successfully listed on
the Alternative Exchange of the JSE
on 30 March 2005 and in terms of a
private placement raised R 2,5
million.
CORPORATE GOVERNANCE
The group subscribes to the
principles of the King II report and
will provide its full Corporate
Governance report in the Annual
Report.
DIVIDENDS
The Group does not currently have a
policy of paying dividends.
AUDIT OPINION
The annual financial statements have
been audited by Weideman &
Vanvinkenroye.
The auditors` unqualified audit
report is available for inspection at
the company`s registered office.
For and on behalf of the board of
directors
E.A. de Kok
Chief Executive Officer
31 May 2005
Registered office Transfer secretaries
Alliance Data Corporation Limited Computershare Investor Services 2004
(Registration Number 1997/013402/06 (Pty) Limited
(Registration number: 2004/036474/07)
51 Shannon Road, Noordheuwel, 1740 70 Marshall Street, Johannesburg
(PO Box 640, Krugersdorp, 1740) (PO Box 61051 Marshalltown, 2107)
Directors
E. A. de Kok (CEO), C. M. van
Nieuwkerk, M. J. Garber, M. N.
Ramashela*
* Non-executive
Date: 01/06/2005 03:34:26 PM
Produced by the JSE SENS Department
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