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Labat Africa Limited - Abridged Report On The Audited Financial Results
For The Year Ended 28 February 2005 And Notice Of Annual General
Meeting
LABAT AFRICA LIMITED
Incorporated in the Republic of South Africa
Registration number 1986/001616/06
Share code: LAB ISIN: ZAE000018354
("Labat" or "the group")
Restatement of certain financial figures.
Set out below is a restatement of the reviewed provisional results for
the year ended 28 February 2005 dated 31 August 2005 relating to the
accounting of operating leases. The following adjustments have been
made:
Additional operating lease expenses of R0,2 million in 2005, R0,1
million in 2004, R0,4 million in 2003 and R1,5 million in the years
prior to 2003.
GROUP BALANCE SHEET
Audited Restated Restated
28 February 29 February 28 February
2005 2004 2003
(R"000) (R"000) (R"000)
Assets
Property, plant and 53 726 46 567 53 201
equipment
Intangible assets 34 984 46 157 26 646
Other investments 2 032 2 285 446
Deferred taxation 22 492 21 981 13 912
Non-current assets 113 234 116 990 94 205
Inventory 22 196 26 337 35 417
Trade and other 89 933 116 188 123 351
receivables
Cash and cash equivalents 3 295 5 351 22 555
Current assets 115 424 147 876 181 323
Total assets 228 658 264 866 275 528
Equity and liabilities
Capital and reserves 69 878 130 474 146 070
Minority Interest 8 584 5 097 4 369
Long-term liabilities 22 665 20 941 25 944
Deferred taxation 2 835 10 948 11 471
Non-current liabilities 25 500 31 889 37 415
Trade and other payables 59 817 40 184 37 436
Bank overdraft 64 879 57 222 50 238
Current liabilities 124 696 97 406 87 674
Total equity and 228 658 264 866 275 528
liabilities
GROUP INCOME STATEMENT
Audited Restated Restated
12 months 12 months 12 months
to 28 to 29 to 28
February February February
2005 2004 2003
(R"000) (R"000) (R"000)
Revenue 193 867 175 657 244 930
Continuing operations 130 814 95 862
Discontinuing operations 63 053 79 795
Operating (loss)/income before (3 328) 7 074 40 063
depreciation and amortisation
Continuing operations 3 189 3 034
Discontinued operations (6 517) 4 040
Depreciation and amortisation (22 693) (17 984) (12 118)
Continuing operations (20 613) (16 680)
Discounted operations (2 080) (1 304)
Operating (loss)/profit before (26 021) (10 910) 27 945
interest and taxation
Continuing operations (17 424) (13 646)
Discontinuing operations (8 597) 2 736
Interest paid (9 503) (11 518) (11 680)
Continuing operations (6 501) (6 388)
Discontinuing operations (3 002) (5 130)
Interest received 541 931 1 291
Continuing operations 430 831
Discontinuing operations 111 100
(Loss)/Profit before taxation,
sale and fair value adjustments (34 983) (21 497) 17 556
Continuing operations (23 541) (19 203) -
Discontinuing operations (11 442) (2 294) -
Sales of investments and fair (27 650) (431) -
value adjustments
Impairment on discontinued (30 156) - -
operations
Negative goodwill on 1 943 - -
acquisition of subsidiary
Revaluation surplus on 2 906 - -
property
Loss on sale of investment (2 343) (431) -
(Loss)/Profit before taxation (62 633) (21 928) 17 556
Taxation 4 109 6 901 11 986
Continuing operations (4 966) 6 054 -
Discontinuing operations 9 075 847 -
(Loss)/Profit after taxation (58 524) (15 027) 29 542
Minority interest (4 423) (569) (775)
Loss attributable to (62 947) (15 596) 28 767
shareholders
Shares in issue throughout year 184 415 184 415 184 903
(`000)
Basic loss per share (cents) (34.1) (8.5) 15.6
Headline loss per share (cents) (19.3) (7.5) 16.9
STATEMENT OF CHANGES IN EQUITY
Audited Restated Restated
28 29 28
February February February
2005 2004 2003
(R"000) (R"000) (R"000)
Share Capital
Balance at beginning of year 1 844 1 844 1 849
Share buy-back - - (5)
Balance at end of year 1 844 1 844 1 844
Share premium
Balance at beginning of year 48 855 48 855 49 090
Share buy-back - - (235)
Balance at end of year 48 855 48 855 48 855
Non distributable reserves
Balance at beginning of year - - -
Revaluation of investments - 601 -
Revaluation of property 2 420 - -
Reserve on equity loan - - -
Restatement
Reversal of revaluation surplus - (601) -
Balance at end of year 2 420 - -
Distributable reserves
Balance at beginning of year 79 775 95 371 71 379
(Loss)/ Profit for the year (62 947) (13 646) 30 394
Prior year adjustment relating to
the capitalisation - - (888)
of finance leases
Prior year adjustment relating to
deferred taxation liability (69) - -
raised
Restatement
Amortisation of goodwill - - (1 190) (1 190)
current year
Amortisation of goodwill - prior - (2 487)
year
Amortisation of intangibles - (469) -
Foreign exchange rate gain - 86 -
Subsidiary previously not - (324) -
consolidated
Operating lease-current year - (53) (436)
Operating lease-prior year - - (1 401)
Balance at end of year 16 759 79 775 95 371
Total capital and reserves 69 878 130 474 146 070
Reconciliation between earnings and headline earnings:
2005 2004 2003
R"000 R"000 R"000
Basic (loss)/earnings (62 947) (15 596) 28 767
Goodwill amortised - 1 384 1 325
Negative goodwill (1 943) - -
Impairment of investments 30 156 -
and assets
Loss on sale of investment 2 343 431 -
Profit on sale of fixed (321) - -
assets
Revaluation of property (2 906) - -
Write-off of share premium - - 1 142
Headline earnings (35 618) (13 781) 31 234
CASH FLOW STATEMENT
Audited Restated Restated
28 29 28
February February February
2005 2004 2003
(R"000) (R"000) (R"000)
Cash flow from operating 10 071 3 302 9 186
activities
Cash flow from investing (21 639) (23 233) (43 548)
activities
Cash flow from financing 9 512 2 727 17 305
activities
Net (decrease) / increase (2 056) (17 204) (17 057)
in cash and cash
equivalents
Cash and cash equivalents 5 351 22 555 39 612
at beginning of year
Cash and cash equivalents 3 295 5 351 22 555
at end of year
BASIS OF PREPARATION
The group"s auditors, RAIN Chartered Accountants, have audited the
financial information for the year to 28 February 2005. Their audit
report is available for inspection at the registered office of Labat.
Without qualifying the audit report the auditors emphasised the
following matters: Going concern - the ability of two subsidiaries in
the group to continue as going concerns is dependent upon the
successful conclusion of certain funding initiatives. Significant
uncertainty regarding litigation - various claims and counter-claims
have been made by and against the company and no provision for any
liability has been made.
Revised financial statements - certain misstatements in the 2004 annual
financial statements necessitating restatement of the company and group
financial statements.
NOTICE OF ANNUAL GENERAL MEETING
The annual financial statements of Labat for the year ended 28 February
2005, which include a notice of the annual general meeting, were
dispatched to shareholders on 30 September 2005. The annual general
meeting of Labat shareholders will be held at 15:00 on Friday, 28
October 2005 in the boardroom, Ground Floor, Island House, Constantia
Park Centre, Corner 14th Avenue and Hendrik Potgieter Road, Weltevreden
Park, 1709.
For and on behalf of the board
B G van Rooyen
Chairman
13 October 2005
Registered Office:
Island House
Constantia Park Centre
Cnr 14th Avenue, Hendrik Potgieter Road
Weltevreden park, 1709
Transfer Secretaries:
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street
Johannesburg
2001
Date: 13/10/2005 05:11:04 PM Produced by the JSE SENS Department
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