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AEC
AEC
Anbeeco Investment Holdings Limited - Consolidated Audited Group Results For The
Year Ended 31 January 2006
ANBEECO INVESTMENT HOLDINGS LIMITED
(Registration number: 1984/002788/06)
Incorporated in the Republic of South Africa
Share code: AEC ISIN: ZAE000000162
("ANBEECO" or "the Company")
CONSOLIDATED AUDITED GROUP RESULTS FOR THE YEAR ENDED 31 JANUARY 2006
Audited Audited
12 months to 12 months to
31 January 2006 31 January 2005
(R"000) (R"000)
Summarised Income Statement
Gross Revenue 282 20
Operating profit/(loss) 31 (188)
Investment income 1 52
Net profit/(loss) 32 (136)
Weighted average number of shares (000"s) 14 978 14 978
Earnings/(loss) per share(cents) 0,2 (0,9)
Headline earnings/(loss) per share (cents) 0,2 (0,9)
Reconciliation of earnings to headline earnings:
Earnings attributable to shareholders 32 (136)
Headline earnings 32 (136)
Summarised Balance Sheet
Assets
Non-current assets 100 -
Loan receivable 100 -
Current assets 279 205
Accounts receivable 182 46
Taxation 89 106
Cash & cash equivalents 8 53
Total assets 379 205
Equity & liabilities
Equity attributable to equity holders 32 -
Stated capital 2 651 2 651
General reserve 5 027 5 027
Accumulated loss (7 646) (7 678)
Non-current liabilities 96 -
Loan payable 96 -
Current liabilities 251 205
Accounts payable 251 205
Total equity and liabilities 379 205
Number of shares in issue ("000) 14 978 14 978
Net asset value per share (cents) 0,2 -
Net tangible asset value per share (cents) 0,2 -
Statement of Changes in Equity
Share Capital
Opening balance 150 150
Movement - -
Closing balance 150 150
Share Premium
Opening balance 2 501 2 501
Movement - -
Closing balance 2 501 2 501
General reserve
Opening balance 5 027 5 027
Movement - -
Closing balance 5 027 5 027
Accumulated loss
Opening accumulated loss (7 678) (7 542)
Net profit/(loss) for the period 32 (136)
Closing balance (7 646) (7 678)
Summarised Cash Flow Statement
Cash (utilised in)/generated from
operating activities (59) 1 376
Investment income 1 52
Taxation refunded/(paid) 17 (41)
Net cash flows from operating activities (41) 1 387
Net cash flow from financing activities 96 -
Net cash flow from investing activities (100) (1 580)
(Decrease) in cash and cash equivalents (45) (193)
Cash and cash equivalents at the
beginning of the year 53 246
Cash and cash equivalents at the end of
the year 8 53
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of preparation, accounting policies and transition to IFRS
The financial statements and group financial statements have been prepared in
accordance with International Financing Reporting Standards ("IFRS") and in the
manner required in terms of the Companies Act, 1973 (Act 61 of 1973), as
amended.
The financial statements have been prepared on the historical cost convention.
IFRS 1, First-time Adoption of International Financial Reporting Standards, has
been applied in preparing the financial statements. These financial statements
are the first financial statements to be prepared in accordance with IFRS. The
relevant policies have been consistently applied to all the years presented.
The International Financial Reporting Standards effective at the reporting date
were applied fully retrospectively to the opening IFRS balance sheet, the
comparative period and the reporting period. However, none of the opening
balances were affected or required adjustment or restatement.
The Company"s annual financial statements will be posted to shareholders by
Saturday, 29 April 2006.
2. Auditors" report
These results have been audited by KPA Audit Group. Their report is available
for inspection at the Company"s registered office.
COMMENTARY
The directors refer shareholders to the announcement of 26 August 2004 and as
stated in that announcement, it is the "intention to cause the Anbeeco group to
become an active property owning, development and management group." The
directors are working towards that objective and a further announcement in that
regard will be made in due course.
ANNUAL GENERAL MEETING
The annual general meeting of members of the Company will be held at 10:00 on
Monday, 29 May 2006 at 19th Floor, Sandton City Office Tower, corner Rivonia
Road and 5th Street, Sandton, Johannesburg.
BY ORDER OF THE BOARD
26 April 2006
Directors Registered office
C Cohen (Chairman) Fourth floor, Bedford Centre,
G Itzikowitz (Chief executive officer) St Georges Street,
MR Taitz (Group financial director) Yeoville, 2198
IS Schmidt (Executive director)
GN Trappler (Independent non-executive)
Company secretary Transfer secretaries
Alan Menachemson Computershare Investor
Chartered Accountant (SA) Services 2004 (Pty) Limited
8 Ligo Court, 15 Anne Street, 70 Marshall Street,
Sandringham, 2192 Johannesburg, 2001
(PO Box 29501, Sandringham, 2131) (PO Box 61051, Marshalltown, 2107)
Date: 26/04/2006 04:15:42 PM Produced by the JSE SENS Department
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