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Absolute - Audited results for the year ended 30 June 2005
ABSOLUTE HOLDINGS LIMITED
(Formerly Gilboa Properties Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1986/004649/06)
Share code: ABO & ISIN: ZAE000062998
("Absolute" or "the company")
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2005
GROUP BALANCE SHEETS
Audited Unaudited Audited
30 June 31 Dec 30 Jun
ASSETS 2005 2004 2004
R"000 R"000 R"000
Non-current assets 22 060 12 367 12 885
Property, equipment and 6 062 6 809 7 040
vehicle
Mineral rights 9 504
Goodwill 6 047 5 550 5 845
Deferred taxation 447 8 --
Current assets 9 709 10 021 11 238
Cash and cash equivalents 18 16 27
Inventories 7 532 8 084 9 187
Short term receivables 199 152 49
Trade and other receivables 1 960 1 769 1 975
Total assets 31 769 22 388 24 123
EQUITY AND LIABILITIES
Capital and reserves 12 847 4 327 1 379
Non-current liabilities 5 622 4 152 3 955
Interest bearing long-term 5 622 4 152 3 954
liabilities
Current liabilities 13 300 13 909 18 789
Short-term loans 339 1 477 1 781
Bank overdraft 4 458 4 434 3 706
Accounts and other payables 8 218 7 355 8 303
Provisions -- 267 4 353
Taxation payable 285 376 646
Total equity and liabilities 31 769 22 388 24 123
Number of shares in issue 739 708 628 597 628 597
(`000)
Net asset value per share 1.74 0.69 0.22
(cents)
Tangible net asset value per (0.37) (0.19) (0.71)
share (cents)
Fully diluted shares in issue 739 708 628 597 628 597
(`000)
Diluted net asset value per 1.74 0.69 0.22
share (cents)
Diluted tangible net asset (0.37) (0.19) (0.71)
value per share (cents)
GROUP INCOME STATEMENTS
Audited Unaudited Audited
Year Six months Year
ended ended ended
30 Jun 2005 31 Dec 2004 30 Jun 2004
R"000 R"000 R"000
Revenue 32 345 18 099 22 340
Operating expenses 33 594 (18 073) (24 121)
Net operating (loss)/profit (1 249) 26 (1 811)
Profit on disposal of -- 2 120
subsidiaries
Loss on disposal of assets (20) (90)
Amortisation of goodwill (295) (590)
Over provision for guarantee 3 853 3 853 --
Fair value adjustment of (455) -- --
investment property
Mining rights written off -- --
Profit/(loss) before finance 2 149 3 564 (371)
charges
Finance charges (1 042) (606) (844)
Profit/(loss) before taxation 1 107 2 958 (1 215)
Taxation 361 (10) 23
Net profit/(loss) for the 1 468 2 948 (1 192)
period
Reconciliation between loss
and headline loss
Net profit/(loss) for the 1 468 2 948 (1 192)
period
Profit on disposal of -- (2 120)
business/subsidiary
Loss on disposal of assets 12 20 90
Amortisation of goodwill 295 590
Fair value adjustment of 455 --
investment property
Over provision for guarantee (3 853) (3 853) --
Headline loss (1 918) (590) (2 632)
Weighted average shares in 677 608 628 597 584 132
issue (`000)
Earnings/(loss) per share for 0.22 0.47 (0.20)
period (cents)
Headline loss per share for (0.28) (0.09) (0.45)
period (cents)
Fully diluted weighted 677 608 628 597 628 597
average shares in issue
(`000)
Diluted profit/(loss) 0.22 0.47 (0.19)
earnings per share for period
(cents)
Diluted headline loss per (0.28) (0.09) (0.42)
share for period (cents)
ABRIDGED CASH FLOW STATEMENTS
Audited Unaudited Audited
30 Jun 2005 31 Dec 2004 30 Jun 2004
R"000 R"000 R"000
Cash outflows from operating (1 201) (427) (4 449)
activities
Cash flows from investing (786) (104) 4 894
activities
Cash flows from financing 1 226 (209) (3 483)
activities
Net decrease in cash and cash (761) (740) (3 038)
equivalents
Cash and cash equivalents - (3 679) (3 678) 8
beginning of period
Cash and cash equivalents -- -- (648)
acquired in subsidiary
Cash and cash equivalents at (4 440) (4 418) (3 678)
end of period
STATEMENT OF CHANGES IN EQUITY
Share Share Shares Accumulated Total
capital premium to be losses
R"000 R"000 issued R"000 R"000
R"000
Balance 30 June 3 012 57 037 5 333 (72 811) (7 429)
2003
Net profit for the -- -- -- (1 192) (1 192)
year
Shares issued for
capitalisation of 533 4 800 (5 333) -- --
loans
Shares issued for 2 741 7 259 -- -- 10 000
acquisitions
Balance 30 June 6 286 69 096 -- (74 003) 1 379
2004
Net profit for the -- -- -- 1 468 1 468
period
Issue of shares for 1 000 8 000 -- -- 9 000
the acquisition of
51% of Absolute
Coleccion
Issue of shares for 111 889 -- -- 1 000
cash
Balance 30 June 7 397 69 096 -- (71 055) 4 327
2005
COMMENTARY
The directors are pleased to present the results for the year ended 30 June
2005. The accounting policies adopted for purposes of this report comply, and
have been consistently applied in all material respects, with South African
Statements of GAAP. The results have been audited by KPMG Inc and their
unqualified audit report is available for inspection at the registered address
of the company.
RESULTS
ABSOLUTE HOLDINGS has delivered an improved performance in the last year. A
strong focus on the retail operations together with the establishment of a new
outlet in Knysna resulted in a dramatic growth in retail sales. The mining
operations are commencing on a limited basis until such time as the mining
licenses and consequential agreements are perfected. Whilst the group has
successfully addressed the rationalisation of some of the historical cost
structures, the improved governance and additional development work relating to
the mining operations has incurred more expenses. The agreement with Calulo for
the funding of the mining operations has bolstered the group"s ability to
commence full scale operations shortly.
Retail revenues increased by 46% over the previous 16 month comparative to over
R32m. Margins were maintained at fairly good levels despite a concerted effort
at the beginning of the year to dispose of slow moving stock items. The
improvement of the stock turnover ratio is indicative of managements" drive to
improve efficiencies and working capital management. The Knysna outlet was
opened in the later half of the year and commenced trading with strong local
interest. It will be able to service the burgeoning Southern and Eastern Cape
market with the support of the Cape Town branch and warehouse.
The company has successfully complied with all of the requirements for the
applications for mining rights at our quartzite and sandstone projects in the
Northern Cape. A final Environmental Management Programme for Lekkersing was
accepted by the Department of Minerals and Energy and in terms of the current
legislation, a mining right has to be issued before the end of the year. In
anticipation of the imminent issue of these rights, certain clean-up and waste
management activities at the deposits were commenced during the year. The retail
outlets now display samples of the beneficiated products whilst strong local and
international interest in these tiles is certainly indicative of future
potential. Another application for a marble deposit in the North West Province
will be submitted before year end.
Acquisition of remaining 51% of The Absolute Coleccion
Calulo Investments (Proprietary) Limited ("Calulo") have sold their 51% stake in
The Absolute Coleccion for a purchase consideration of R12 000 000 which has
been settled by the issue of 100 000 000 shares in Absolute at 12 cents per
share. This transaction was approved at the general meeting held on 20 January
2005 and has resulted in Calulo now holding a 15% shareholding in Absolute.
Change of name
The company changed its name to Absolute Holdings Limited with effect from 31
January 2005. The company is also considering the application for the transfer
of the company"s listing to AltX within the next year.
SUBSEQUENT EVENTS
There have been no significant events after year end.
DIVIDENDS PAID AND RECOMMENDED
No dividends were paid or declared during the accounting period under review and
none are recommended at this stage (2004: nil).
SHARE CAPITAL
During the year the company issued 11 111 111 new shares for cash at 9 cents per
share and 100 000 000 new shares for the acquisition of the remaining 51%
shareholding in Absolute Coleccion at 12 cents per share, which authorities to
issue shares were approved at general meetings of shareholders held on 13
January 2005 and 20 January 2005 respectively. There have been no further
shares issues subsequent to the year end.
DIRECTORS
Ms Lizette de Beer resigned from the Board with effect from 01 October 2004. Mr
Mpho Diale was appointed to the board as non-executive chairman with effect from
20 January 2005 pursuant to Calulo becoming a shareholder in Absolute. Mr Abe
Sher remains as a non-executive director and deputy chairman.
By order of the board
M Diale AM Sher
30 June 2005
Company Secretary and Registered Office
Arcay Client Support (Pty) Ltd (Registration number 1998/025284/07)
Arcay House, Number 3 Anerley Road, Parktown, Johannesburg (PO Box 62397,
Marshalltown, 2107)
Directors
MK Diale* Chairman, AM Sher* Deputy Chairman, AM Janse van Vuuren Chief
Executive Officer, JJ Serfontein*, GP Sequeira
(* Non-executive)
Transfer Office
Computershare Investor Services 2004 (Pty) Ltd
Sponsor
Arcay Corporate Services
Date: 30/09/2005 04:30:59 PM Produced by the JSE SENS Department
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