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ADW
ADW
African Dawn - Audited Results for the period ended 28 February 2006
African Dawn Capital Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1998/020520/06)
Share Code: ADW
ISIN Code: ZAE000060703
Audited Results for the period ended 28 February 2006
BALANCE SHEETS Audited Audited
28 Feb 2006 28 Feb 2005
R"000 R"000
ASSETS 33,610 18,244
Non current assets
Property, plant and equipment 2,029 162
Available-for-sale investments 516 554
Goodwill 4,518 -
Financial receivables 26,547 15,555
Deferred Taxation - 1,973
Current assets 18,010 10,516
Trade and other receivables 5,492 1,046
Financial receivables 11,184 7,626
Cash and cash equivalents 1,334 1,844
Total assets 51,620 28,760
EQUITY AND LIABILITIES
Shareholders Funds 27,983 8,223
Share capital and premium 27,107 13,385
Accumulated profit/(deficit) 876 (5,162)
Non current liabilities 15,943 16,735
Borrowings - trade 14,963 16,735
Lease liability 980
Current liabilities 7,694 3,802
Trade and other payables 3,003 77
Taxation 594 -
Borrowings - trade 3,444 3,725
Lease liability 653
Total equity and liabilities 51,620 28,760
NAV per share (cents) 30,51 14,61
Shares in issue at year end 91,730 56,268
INCOME STATEMENTS Audited Audited
28 Feb 2006 28 Feb 2005
R"000 R"000
Revenue 19,038 6,633
Operating expenses (11,551) (4,923)
Profit before finance costs and 7,487 1,710
depreciation
Finance costs (581) (488)
Depreciation (272) (42)
Profit before taxation 6,634 1,180
Taxation (596) 963
Net profit for the period 6,038 2,143
Headline earnings 6,038 2,143
Basic and diluted earnings per share 9,4 4,2
(cents)
Weighted average number of shares 64,465 51,516
Headline earnings per share (cents) 9,4 4,2
CASH FLOW STATEMENTS Audited Audited
28 Feb 2006 28 Feb 2005
R"000 R"000
Cash flows from operating activities 8,076 (2,204)
Cash flows from investing activities (21,962) -
Cash flows from financing activities 13,376 2,613
Net movement in cash and cash (510) 409
equivalents
Cash and cash equivalents at 1,844 1,435
beginning of year
Cash and cash equivalents at end of 1,334 1,844
year
STATEMENT OF CHANGES IN EQUITY
Share Share Outside Acc Total
Capital Premium Share- Loss
holders
Interest
R"000 R"000 R"000 R"000 R"000
Balance as at 28 505 12,270 - (7,305) 5,470
February 2004
Net operating profit - - - 2,142 2,142
for the period
Sale of subsidiaries 58 554 - - 611
Balance as at 28 563 12,824 - (5,163) 8,223
February 2005
Net operating profit - - - 6,038 6,038
for the period
Shares issued 355 13,367 - - 13,722
Balance as at 28 918 26,191 - 875 27,983
February 2006
COMMENTS
The Board of Directors is pleased to present the audited financial
results of the Group for the year ended 28 February 2006.
NATURE OF THE BUSINESS
The primary business of the Group is to provide comprehensive housing
finance solutions to LSM 1 to 6 income groups, incorporating training
and education of such groups.
HIGHLIGHTS
. A 185,7% increase in headline earnings to R6,0m for the year
under review, compared to R2,1m in the previous year
. A 109% increase in NAV per share from 14,61 to 30,51 cents
per share
. An increase of 79% in total assets which increased from R28,8
million to R51,62 million
. Successful acquisition of Bhenka Financial Services (Pty)
Limited
. Operating expenses as a percentage of turnover has decreased
to 61% from 74% in the previous year
BUSINESS REVIEW AND PROSPECTS
African Dawn has continued to generate growth in earnings. With effect
from 1 September 2005, 100% of Bhenka Financial Services (Pty) Limited
"Bhenka" (training and education subsidiary) was successfully acquired,
and its results having been consolidated for the financial year ended
28 February 2006.
As a result, product ranges within the African Dawn group have
therefore been expanded to education and training. Existing home
improvement and related financing activities have performed above
expectations.
FINANCIAL REVIEW
The African Dawn Group has realised a profit of R6 million for the year
ended 28 February 2006.
During the financial year the group raised R14 million through an issue
of shares for cash, with a further R13m being raised subsequent to year
end. This has enabled it broaden to the capital base.
A segmental analysis is illustrated below to inform investors of the
contribution of Bhenka.
Financing Training
Total activities &
education
Revenue 19,038 12,473 6,565
Net profit for the 6,038 4,403 1,635
period
Net Asset Value 27,983 26,815 1,168
The revenues generated by financing activities continued its growth as
reported at the time of the interim results announcement, producing a
net after tax profit of R4,4 million, compared to R2,1 million for the
year ended 28 February 2005.
Financial receivables (short and long term) increased by R14,6 million,
as a result of increased activities relating to expanded product
initiatives.
The group has utilised all tax losses, hence the deferred tax debit
having been depleted.
Trade and other receivables increased mainly due to R2,5 million of
Bhenka receivables being consolidated.
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 2006
BALANCE SHEETS SA GAAP Effect of IFRS
R"000 transition R"000
R"000
ASSETS
Non current assets 33,610 - 33,610
Property, plant and equipment 2,029 - 2,029
Financial receivables 26,547 - 26,547
Unlisted investments 1,070 (554) 516
Available-for-sale - 554 554
investments
Goodwill 3,964 - 3,964
Deferred income tax assets - - -
Current assets 18,010 - 18,010
Financial receivables 11,184 - 11,184
Trade and other receivables 5,492 - 5,492
Cash and cash equivalents 1,334 - 1,334
TOTAL ASSETS 51,620 - 51,620
EQUITY AND LIABILITIES
Shareholders Funds 27,983 - 27,983
Share capital and premium 27,107 - 27,107
Accumulated loss 876 - 876
Non current liabilities 15,943 - 15,943
Borrowings 15,943 - 15,943
Current liabilities 7,694 - 7,694
Borrowings 4,097 - 4,097
Trade and other payables 3,003 - 3,003
Taxation 594 - 594
TOTAL EQUITY AND LIABILITIES 51,620 - 51,620
CORPORATE GOVERNANCE
The group subscribes to the principles of, and implements where possible,
the recommendations of the King II Code on Corporate Governance.
DIVIDENDS
The group will continue to retain and utilize cash generated to maximize
returns. The Board reviews the dividend policy annually.
AUDIT OPINION
The annual financial statements have been audited by Van Dyk & Associates.
The auditors" unqualified audit report is available for inspection at the
company"s registered office.
For and on behalf of the Board
I Mophatlane CM van Nieuwkerk
Chairman Company Secretary
DATE
Registered office Transfer secretaries
12th Floor Computershare Investor Services 2004 (Pty) Limited
Hillview Centre 8th Floor
Oak Street 11 Diagonal Street
Randburg Johannesburg
Directors
I Mophatlane* (Chairman), JM van Tonder (CEO), MN Ramasehla, JI van
Niekerk*, C de W Vivier*, CM van Nieuwkerk, S du Bruyn*, C Odams
* Non-executive
Date: 03/04/2006 02:16:09 PM Produced by the JSE SENS Department
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