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Aludie Limited - Reviewed Provisional Report for the year ended 30 June 2005
Aludie Limited
Incorporated in the Republic of South Africa
(Registration number 1982/009023/06)
Share code: ALD & ISIN: ZAE000008876
("the Group" or "the Company")
Performance review
The commercial-industrial division ("CI") (marketing and installation of access
control and CCTV equipment) has improved due to a new sales team that has been
engaged, and suppliers who are once more advancing credit to the business.
Revenue has increased by 16,2% to R10,752 million (2004: R9,253 million) which
has mainly been generated by the CI division as the Pay-on-Foot parking system
was only acquired in April 2005.
Working capital support has been provided by the controlling shareholder pending
the return to profitability and the securing of the necessary banking
facilities. The Group"s attributable loss was R15,743 million (2004: R13,854
million).
Aludie has acquired the rights and technology for a "Pay-on-Foot" parking system
which is of South African origin and locally produced, and will be paid to the
vendors by way of a percentage of each sale that is made over two years. The
board is of the opinion that the system can match the alternative systems that
are on offer in the market place at a competitive price. The separate "Pay-on-
Exit" parking business trading as National Autoparks continues to operate
profitably.
As previously reported, the result of the Scheme of Arrangement entered into
between a subsidiary company and its creditors had the effect of creating a
R6,992 million liability for previously inter-group claims, which is now
included in the shareholder"s loan.
Prospects
A number of contracts have been successfully concluded in the parking division
and the board is satisfied that the Group will return to profitability in the
next reporting period. This forecast has not been reviewed by the Group"s
auditors.
Consideration is being given to the restructuring of the balance sheet by
converting the long-term debt into equity. Simultaneously with this conversion,
negotiations are in progress with a prospective BEE partner whom the board
believes will add value to all of the business divisions.
Accounting policies and review by auditors
The financial statements of the Group have been prepared in compliance with the
South African Statement of Generally Accepted Accounting Practice applicable to
Interim Financial Reporting. The accounting policies used are consistent with
those of the prior year.
The auditors of the company, Deloitte & Touche, Chartered Accountants (SA), have
reviewed these results. The review report which is unqualified, includes an
emphasis of matter raised which states: "Without qualifying our opinion above,
we draw attention to the fact that the Group"s liabilities exceed its assets,
fairly valued, by R31,030 million (2004: R15,287 million) and that the ability
of the Group to continue as a going concern is dependent on the continued
support of its shareholders. These conditions indicate the existence of a
material uncertainty, which may cast significant doubt about the Group"s ability
to continue as a going concern." A copy of the review report is available for
inspection at the registered offices of the company.
Registered office : Fountain Grove, 5 Second Road, Hyde Park,
Johannesburg.
Transfer secretaries : Ultra Registrars (Proprietary) Limited
11 Diagonal Street, Johannesburg.
Directors : S A Levitt, N Versveld, L Quiding.
Company secretary : Bentley Tshabalala, Fountain Grove,
5 Second Road, Hyde Park, Johannesburg.
14 October 2005
REVIEWED PROVISIONAL REPORT FOR THE YEAR ENDED 30 JUNE 2005
Notes Reviewed Audited
12 months 12 months
ended ended
30 June 2005 30 June 2004
(R"000) (R"000)
Group income statement
Revenue 10 752 9 253
Costs incurred in the production of
revenue (4 162) (16 632)
Depreciation (43) (25)
Selling and administrative expenses (7 667) (10 717)
Amortisation of intangibles - (1 314)
Impairment of intangibles - (1 463)
Fair value adjustment (89) -
Relocation cost - (6)
Exceptional items 1 (6 992) 2 632
Other non-operating income 290 -
Sundry income 28 90
Loss from operations (7 883) (18 182)
Finance costs (45) (411)
Net loss before taxation (7 928) (18 593)
Taxation 2 (7 815) 4 739
Net loss for the year (15 743) (13 854)
Reconciliation of headline loss:
Net loss attributable to (15 743) (13 854)
shareholders
Add: Amortisation of intangibles - 1 314
Impairment of intangibles - 1 463
Headline loss (15 743) (11 077)
Total number of shares in issue 33 266 33 266
("000)
Loss per share (cents) (47,32) (41,65)
Headline loss per share (cents) (47,32) (33,30)
Note 1: The current year exceptional item relates to inter-group claims now
included in the shareholder"s loan. The exceptional item in 2004 arose
from the reversal of a provision relating to the resolution of a claim
raised in a prior year.
Note 2: Taxation comprises the write-off of the deferred taxation asset.
Reviewed Audited
12 months 12 months
ended ended
30 June 2005 30 June 2004
Group cash flow statement (R"000) (R"000)
Cash flows used in operating
activities (19 033) (2 370)
Cash flows from financing activities 21 662 2 727
Cash flows (used in)/ from investing
activities (1 266) 163
Net increase in cash resources 1 363 520
Cash resources at the beginning of
the year (1 025) (1 545)
Cash resources at the end of the 338 (1 025)
year
Group segmental review for the year
Revenue
Electronic security services 8 438 7 425
Parking management services 2 314 1 828
10 752 9 253
(Loss)/ Profit from operations before
exceptional items
Electronic security services (1 363) (15 425)
Parking management services 519 (2 657)
Other (47) (2 732)
(891) (20 814)
(Loss)/ Profit from operations
Electronic security services (1 363) (15 425)
Parking management services 519 (2 657)
Other (7 039) (100)
(7 883) (18 182)
Share Accumulated Total
capital loss (R"000)
Group statement of (R"000) Non- (R"000)
changes in equity distributable
reserves
(R"000)
Balance at 30 June 1 412 55 (2 900) (1 433)
2003
Net loss for the - - (13 854) (13 854)
period
Balance 30 June 2004 1 412 55 (16 754) (15 287)
Net loss for the year - - (15 743) (15 743)
Balance 30 June 2005 1 412 55 (32 497) (31 030)
Reviewed Audited
30 June 2005 30 June 2004
Group balance sheet (R"000) (R"000)
ASSETS
Non-current assets
Tangible assets 266 576
Intangible assets 1 353 -
Deferred taxation - 7 754
Long-term rental debtors and loans 470 -
Total non-current assets 2 089 8 330
Current assets
Inventories 490 -
Work in progress 51 -
Accounts receivable 1 270 799
Bank balances and cash 338 5
Total current assets 2 149 804
Total assets 4 238 9 134
EQUITY AND LIABILITIES
Capital and reserves
Share capital 1 412 1 412
Non-distributable reserves 55 55
Accumulated loss (32 497) (16 754)
Total capital and reserves (31 030) (15 287)
Non-current liabilities
Income received in advance 293 570
Shareholder"s loan 24 517 2 578
Total non-current liabilities 24 810 3 148
Current liabilities
Accounts payable 10 088 19 139
Provisions 308 232
Taxation 62 872
Bank overdrafts - 1 030
Total current liabilities 10 458 21 273
Total equity and liabilities 4 238 9 134
Net liability value per share (cents) (93,28) (45,95)
Date: 14/10/2005 01:33:07 PM Produced by the JSE SENS Department
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