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Alliance - Interim Results For The Period Ended 31 August 2005
Alliance Data Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1997/013402/06)
Share Code: ACD
ISIN Code: ZAE000065165
Interim Results for the period ended 31 August 2005
Unaudited Reviewed Audited 28
BALANCE SHEETS 31 Aug 31 Aug 2004 Feb 2005
2005 R"000 R"000
R"000
ASSETS
Non current assets 39 937 35 719 39 497
Property, plant and equipment 1 345 2 299 1 649
Intangible Assets 35 237 32 888 34 913
Financial receivables 3 354 532 2 935
Current assets 6 484 2 149 2 808
Inventory 520 3 3
Trade and other receivables 3 967 1 177 1 221
Cash and cash equivalents 1 997 969 1 584
Total assets 46 421 37 868 42 305
EQUITY AND LIABILITIES
Shareholders Funds 42 240 36 512 37 847
Share capital and premium 2 038 1 20
Distributable reserves 11 427 7 736 9 052
Non-distributable reserves 28 775 28 775 28 775
Current liabilities 1 516 - 1 841
Deferred taxation 1 516 - 1 841
Current liabilities 2 665 1 356 2 617
Borrowings 43 28 32
Taxation 1 839 - 1 714
Trade and other payables 783 1 328 871
Total equity and liabilities 46 421 37 868 42 305
Shares in issue at period end (`000) 22 500 20 000 20 000
Net asset value per share (cents) 188 183 189
Unaudited Reviewed Audited
INCOME STATEMENTS 31 Aug 31 Aug 2004 28 Feb 2005
2005 R"000 R"000
R"000
Revenue 10 903 9 925 19 717
Operating expenses (7 477) (6 966) (14 173)
Profit before finance costs and 3 426 2 959 5 544
depreciation
Finance costs - (1) (1)
Investment income 115 33 60
Depreciation and amortisation (195) (306) (385)
Profit before taxation 3 346 2 685 5 218
Taxation (970) (348) (1 565)
Net profit for the period 2 375 2 337 3 653
Headline earnings 2 375 2 337 3 653
Basic and diluted earnings per share 10.56 11.7 18.3
(cents)
Weighted average number of shares 22 500 20 000 20 000
(`000)
Headline earnings per share (cents) 10.56 11.7 18.3
Unaudited Reviewed Audited
CASH FLOW STATEMENTS 31 Aug 2005 31 Aug 2004 28 Feb 2005
R"000 R"000 R"000
Cash flows from operating activities (981) 756 4 616
Cash flows from investing activities (215) (668) (4 440)
Cash flows from financing activities 1 598 (622) (99)
Net movement in cash and cash 402 (534) 77
equivalents
Cash and cash equivalents at beginning 1 552 1475 1 475
of year
Cash and cash equivalents at end of 1 954 941 1 552
year
STATEMENT OF CHANGES IN EQUITY
Share Share Non- Distributable Total
Capital Premium Distributable reserve
reserve
R"000 R"000 R"000 R"000 R"000
Balance as at 1 1 - 28 775 5 399 35 175
March 2004
Net operating - - - 2 337 2 337
profit for the
period
Balance as at 31 1 - 28 775 7 736 36 512
August 2004
Net operating - - - 1 316 1 316
profit for the
period
Issue of share 19 - - - 19
capital
Balance as at 28 20 - 28 775 9 052 37 847
February 2005
Issue of share 3 2 497 - - 2 500
capital
Write-off listing - (482) - - (482)
expenses
Net operating - - - 2 375 2 375
profit for the
period
Balance as at 31 23 2 015 28 775 11 427 42 240
August 2005
COMMENTS
The Board of Directors are pleased to present the interim financial results of
the Group for the six months ended 31 August 2005.
NATURE OF THE BUSINESS
Alliance Data Capital 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 in the
mining industry.
HIGHLIGHTS
Listed on Altx on 30th March 2005 at R1 per share.
The group generated R2.4 million (2004: R2.3m) after tax profits for the six
months under review.
Earnings per share decreased from 11.7 cents per share at 31 August 2004 to
10.56 cents per share at 31 August 2005.
Net assets have increased by 16% from R36.5million at 31 August 2004 to
R42.2million at 31 August 2005.
BUSINESS REVIEW AND PROSPECTS
Alliance has continued to research and develop new products of which the
application will give rise to an increase in the second half of the year through
the deals signed with Anglo Gold (Ashanti) as well as the Council for Scientific
and Industrial Research (CSIR).
FINANCIAL REVIEW
The company has realised a profit of R2.4 million for the six months under
review.
Financial receivables increased due to an increase in inter-company loans as a
result of restructuring within the group
Trade receivables increased as a result of timing in collections, with receipts
occurring subsequent to period end.
Cash and cash equivalents increased due to R2.5 million being raised on listing.
Management has continued to contain operating expenses within expectations.
TRANSITIONAL ADJUSTMENTS IN TERMS OF IFRS
Comparative figures have been restated to reflect the transition from South
African Statements of Generally Accepted Accounting Practice to International
Financial Reporting Standards. The adjustments represents :
The reclassification of financial instruments in accordance with IAS 32 :
Financial instruments : Disclosure and Presentation and IAS39 : Financial
instruments : Recognition and Measurement. These adjustments had no effect on
the income statement and the effect on the balance sheet has been disclosed in
the transitional reconciliations presented below.
The adoption of the new interpretation of IAS17 (AC 105) - Operating leases,
which include fixed rental increases. The effect of the new interpretation of
operating leases was found to be immaterial.
INTERNATIONAL FINANCIAL REPORTING STANDARDS AND COMPANIES ACT REQUIREMENTS
The reviewed interim financial statements were prepared in compliance with
International Financial Reporting Standards (IFRS) for the first time, as well
as the Companies Act. The disclosures required by IFRS1 concerning the
transition from South African Statements of Generally Accepted Accounting
Practice to IFRS are as follows:
RECONCILIATION OF EQUITY AT 1 MARCH 2004 (DATE OF TRANSITION TO IFRS)
No adjustment was required at 1 March 2004.
RECONCILIATION OF EQUITY AT 28 FEBRUARY 2005
CORPORATE GOVERNANCE
The group fully subscribes to the principles of, and implements where possible,
the recommendations of the King II Code on Corporate Governance.
DIVIDENDS
Dividends will not be paid in respect of the current financial year. Cash
generated will be retained and utilised to grow and expand the business of the
group.
BALANCE SHEETS Effect of
SA GAAP transition IFRS
R"000 R"000 R"000
ASSETS
Non current assets 39 497 - 39 497
Property, plant and equipment 1 649 - 1 649
Intangible Assets 34 913 - 34 913
Financial receivables 2 935 - 2 935
Current assets 2 808 - 2 808
Inventory 3 - 3
Trade and other receivables 1 221 - 1 221
Cash and cash equivalents 1 584 - 1 584
Total assets 42 305 - 42 305
EQUITY AND LIABILITIES
Shareholders Funds 37 847 - 37 847
Share capital and premium 20 - 20
Distributable reserves 9 052 - 9 052
Non-distributable reserves 28 775 - 28 775
Non current liabilities 1 841 - 1 841
Deferred taxation 1 841 1 841
Current liabilities 2 617 - 2 617
Borrowings 32 - 32
Taxation 1 714 - 1 714
Trade and other payables 871 - 871
Total equity and liabilities 42 305 - 42 305
For and on behalf of the Board
EA de Kok
Chief Executive Officer
23 November 2005
Registered office: 51 Shannon Road, Noordheuwel, 1740, PO Box 640, Krugersdorp,
1740
Transfer secretaries: Computershare Limited, Ground Floor, 70 Marshall Street,
Johannesburg
Directors: E.A. de Kok (CEO), C. M. van Nieuwkerk, M.J. Garber, M.N. Ramasehla*
*Non-executive
Date: 24/11/2005 07:50:15 AM Produced by the JSE SENS Department
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