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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 13 173
Property, equipment and vehicles 6 062 6 809 7 040
Mineral rights 9 504
Goodwill 6 047 5 550 6 047
Deferred taxation 447 8 86
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 24 411
EQUITY AND LIABILITIES
Capital and reserves 12 847 4 327 1 379
Non-current liabilities 5 622 4 152 5 097
Long-term liabilities 5 622 4 152 5 097
Current liabilities 13 300 13 909 17 935
Short-term loans 339 1 477 639
Bank overdraft 4 458 4 434 3 706
Trade and other payables 8 218 7 355 8 592
Provisions -- 267 4 353
Taxation payable 285 376 646
Total equity and liabilities 31 769 22 388 24 411
Number of shares in issue (`000) 739 708 628 597 628 597
Net asset value per share (cents) 1.74 0.69 0.22
Tangible net asset value per share (0.37) (0.19) (0.74)
(cents)
Fully diluted number of shares 739 708 628 597 628 597
(`000)
Diluted net asset value per share 1.74 0.69 0.22
(cents)
Diluted tangible net asset value (0.37) (0.19) (0.74)
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
Cost of sales and operating 33 594 (18 073) (24 831)
expenses
Net operating (loss)/profit (1 249) 26 (2 491)
Profit on sale of subsidiaries -- -- 2 112
Loss on sale of fixed assets -- (12) --
Reversal of provision for 3 853 3 853 --
guarantee
Fair value adjustment of (455) -- --
investment property
Profit/(loss) from operations 2 149 3 564 (371)
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 period 1 468 2 948 (1 192)
Reconciliation between
profit/(loss) and headline loss
Net profit/(loss) for the period 1 468 2 948 (1 192)
Profit on disposal of -- -- (2 120)
business/subsidiary
Loss on disposal of fixed assets 12 20 90
Amortisation of goodwill -- 295 --
Decrease in value of investment 455 -- --
property
Reversal of provision for (3 853) (3 853) --
guarantee
Headline loss (1 918) (590) (3 222)
Weighted average shares in issue 677 608 628 597 584 132
(`000)
Earnings/(loss) per share for 0.22 0.47 (0.20)
period (cents)
Headline loss per share for period (0.28) (0.09) (0.55)
(cents)
Fully diluted weighted average 677 608 628 597 584 132
shares in issue (`000)
Diluted earnings/(loss) per share 0.22 0.47 (0.20)
for period (cents)
Diluted headline loss per share (0.28) (0.09) (0.55)
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
Net cash outflow from operating (1 201) (427) (4 449)
activities
Net cash (outflow)/inflow from (786) (104) 4 894
investing activities
Net cash from financing activities 1 226 (209) (3 483)
Net decrease in cash and cash (761) (740) (3 038)
equivalents
Cash and cash equivalents - (3 679) (3 678) 7
beginning of period
Cash and cash equivalents acquired -- -- (648)
in subsidiaries
Cash and cash equivalents at end (4 440) (4 418) (3 679)
of period
STATEMENT OF CHANGES IN EQUITY
Share Share Shares Accumu- Total
capital premium to be lated
R"000 R"000 issued losses R"000
R"000 R"000
Balance at 01 July 2003 3 012 57 037 5 333 (72 811) (7 429)
Net profit for the year -- -- -- (1 192) (1 192)
Shares issued for
capitalisation of loans 533 4 800 (5 333) -- --
Shares issued for 2 741 7 259 -- -- 10 000
acquisitions
Balance at 30 June 2004 6 286 69 096 -- (74 003) 1 379
Net profit for the -- -- -- 1 468 1 468
period
Issue of shares for the 1 000 8 000 -- -- 9 000
acquisition of 51% of
Absolute Coleccion
Issue of shares for 111 889 -- -- 1 000
cash
Balance at 30 June 2005 7 397 77 985 -- (72 535) 12 847
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 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 management"s 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 (adjusted to 9 cents market value at time of approval). This transaction
was approved at the general meeting held on 20 January 2005 and has resulted in
Calulo now holding a 13.5% 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)
Sponsor
Arcay Corporate Services
Transfer Office
Computershare Investor Services 2004 (Pty) Ltd
Date: 03/10/2005 10:12:35 AM Produced by the JSE SENS Department
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