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ACD
ACD
Alliance Data - Audited results for the period ended 28 February 2006
Alliance Data Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1997/013402/06)
Share Code: ACD
ISIN Code: ZAE000065165
Audited Results for the period ended 28 February 2006
Audited Audited
BALANCE SHEETS 28 Feb 2006 28 Feb 2005
R"000 R"000
ASSETS
Non current assets 15 026 39 497
Property, plant and equipment 1 263 1 649
Intangible Assets 9 459 34 913
Financial receivables 4 304 2 935
Current assets 6 354 2 808
Inventory 8 3
Trade and other receivables 2 548 1 221
Work in Progress 517 -
Cash and cash equivalents 3 281 1 584
Total assets 21 380 42 305
EQUITY AND LIABILITIES
Shareholders Funds 15 963 37 847
Share capital and premium 2 038 20
Distributable reserves 13 925 9 052
Non-distributable reserves - 28 775
Current liabilities 2 979 1 841
Deferred taxation 2 979 1 841
Current liabilities 2 438 2 617
Borrowings - 32
Taxation 892 1 714
Bank Overdraft 35 -
Trade and other payables 1 511 871
Total equity and liabilities 21 380 42 305
Shares in issue at period end (`000) 22 500 20 000
Net asset value per share (cents) 70 189
Tangible net asset value per share 28,9 14,7
(cents)
Audited Audited
INCOME STATEMENTS 28 Feb 2006 28 Feb 2005
R"000 R"000
Revenue 20 842 19 717
Other Income 164 -
Operating expenses (14 898) (14 173)
Profit before finance costs and 6 108 5 544
depreciation
Finance costs 251 (1)
Investment income (1) 60
Depreciation and amortisation - (385)
Profit before taxation 6 358 5 218
Taxation (1 485) (1 565)
Net profit for the period 4 873 3 653
Basic and diluted earnings per share 21.7 18.3
(cents)
Weighted average number of shares 22 500 20 000
(`000)
Headline earnings per share (cents) 21.7 18.3
Audited Audited
CASH FLOW STATEMENTS 28 Feb 2006 28 Feb 2005
R"000 R"000
Cash flows from operating activities 4 466 4 616
Cash flows from investing activities (3 615) (4 440)
Cash flows from financing activities 843 (99)
Net movement in cash and cash 519 77
equivalents
Cash and cash equivalents at beginning 1 552 1 475
of year
Cash and cash equivalents at end of 3 246 1 552
year
STATEMENT OF CHANGES IN EQUITY
Share Share Distri-
Capital Premium NDR butable Total
reserve
R"000 R"000 R"000 R"000 R"000
Balance as at 29 1 - 28 775 5 399 34 175
February 2004
Net profit for the - - - 3 653 3 653
year
Share issue - - - - -
Balance as at 29 1 - 28 775 9 052 37 828
February 2005
Net profit for the - - - 4 873 4 873
year
Share issue 3 2 497 - - 2 500
Write -off listing - (463) - - (463)
expenses
Reversal intangible - - (28 775) - (28 775)
asset against NDR
Balance as at 28 4 2 034 - 13 925 15 963
February 2006
COMMENTS
The Board of Directors are pleased to present the audited financial
results of the Group for the period ended 28 February 2006.
NATURE OF THE BUSINESS
Alliance Data Corporation Limited ("Alliance Data") 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 R4,9 million (2005: R3,7m) after tax profits for the
period under review.
Earnings per share increased from 18.3 cents per share at 28 February
2005 to 21.7 cents per share at 28 February 2006.
BUSINESS REVIEW AND PROSPECTS
Alliance Data has entered into an agreement for the acquisition of 100%
of the ordinary shares in Sindele Mining Supplies (Pty) Limited
("Sindele") for a purchase consideration of R27 million to be settled in
terms of 18 million shares at R1,50. Sindele"s products and services are
directed at clients that operate within the precious metals mining
industry. Clients include Angloplat, Godfieds and Harmony. These
markets are currently experiencing unprecedented demand.
A circular containing full details of the transaction will be mailed to
shareholders in due course.
FINANCIAL REVIEW
The company has realised a profit of R4,9 million for the period under
review.
Intangible assets have decreased by R28,8 million, with the reversal
being accounted for against non-distributable reserves. Management have
decided that in line with future acquisition strategies, trademarks and
intellectual property will not be valued in the balance sheet.
Shares in issue increased as a result of 2,5 million shares being placed
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 audited 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
SA GAAP Effect of IFRS
transition
BALANCE SHEET 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 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
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.
AUDIT REPORT
The annual financial statements have been audited by SizweNstaluba ES
Inc. The auditors" unqualified audit report is available for inspection
at the Company"s registered office.
For and on behalf of the Board
EA de Kok
Chief Executive Officer
18 May 2006
Registered office: 51 Shannon Road, Noordheuwel, 1740, PO Box 640,
Krugersdorp, 1740
Transfer secretaries: Computershare Investor Services 2004 (Pty) 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
Warning: The listing of ordinary shares in the company is on ALTx.
Investors are advised of the risks of investing in a company listed on
ALTx. Investors are advised that the JSE does not guarantee the viability
or the success of a company listed on ALTx. In terms of the Listings
Requirements, the company is obliged to appoint and retain a Designated
Adviser, which is required to, inter alia, attend all board meetings held
by the company to ensure that all the Listings Requirements and
applicable regulations are complied with, approve the Financial Director
of the company and guide the company in a competent, professional and
impartial manner. If the company fails to retain a Designated Adviser,
it must make arrangements to appoint a new Designated Adviser within 10
business days, failing which the company faces suspension of trading of
its securities. If a Designated Adviser is not appointed within 30 days
of its suspension, the company faces the termination of its listing
without the prospect of an appropriate offer to minority shareholders.
Date: 22/05/2006 01:50:14 PM Produced by the JSE SENS Department
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