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ACD
ACD
Alliance Data - Unaudited Interim Results: period ended 31 August 2006
Alliance Data Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1997/013402/06)
Share Code: ACD
ISIN Code: ZAE000065165
Unaudited Interim Results: period ended 31 August 2006
BALANCE SHEETS Unaudited Reviewed Audited
31 Aug 2006 31 Aug 2005 28 Feb 2006
R"000 R"000 R"000
ASSETS
Non current assets 21 324 39 936 15 054
Property, plant and 4 152 1 345 1 263
equipment
Intangible assets 11 293 35 237 9 459
Financial receivables 5 879 3 354 4 332
Current assets 23 477 6 485 6 319
Inventory 2 474 520 525
Trade and other 10 589 3 968 1 362
receivables
Work in progress 1 268 - 2 326
Cash and cash 9 146 1 997 2 106
equivalents
Total assets 44 801 46 421 21 373
EQUITY AND LIABILITIES
Shareholders Funds 31 933 42 240 15 962
Share capital and 15 038 2 038 2 038
premium
Distributable reserves 16 895 11 427 13 924
Non-distributable - 28 775 -
reserves
Non current liabilities 2 249 1 516 2 962
Instalment sales 1 238 - -
creditors
Deferred taxation 1 011 1 516 2 962
Current liabilities 10 619 2 665 2 449
Borrowings - 43 -
Taxation 3 156 1 839 909
Bank overdraft - - 37
Provision for dividend 4 875 - -
Trade and other 2 588 783 1 503
payables
Total equity and 44 801 46 421 21 373
liabilities
Shares in issue at 32 500 22 500 22 500
period end (`000)
Net asset value per 113 188 70
share (cents)
Net tangible asset
value per share (cents) 64 59 29
INCOME STATEMENTS Unaudited Reviewed Audited
31 Aug 2006 31 Aug 2005 28 Feb 2006
R"000 R"000 R"000
Revenue 47 587 10 903 20 591
Operating expenses (36 517) (7 477) (14 483)
Profit before finance
costs and depreciation 11 070 3 426 6 108
Finance costs - - -
Investment income 228 115 250
Depreciation and (246) (195) -
amortisation
Profit before taxation 11 052 3 346 6 358
Taxation (3 205) (970) (1 485)
Net profit for the 7 847 2 375 4 873
period
Headline earnings 7 847 2 375 4 873
Basic and diluted
earnings per share 25.5 10.6 21.7
(cents)
Weighted average number
of shares (`000) 30 801 22 500 22 500
Headline earnings per
share (cents) 25.5 10.6 21.7
CASH FLOW STATEMENTS Unaudited Reviewed Audited
31 Aug 2006 31 Aug 2005 28 Feb 2006
R"000 R"000 R"000
Cash flows from 10 107 (981) 3 281
operating activities
Cash flows from (3 036) (215) (4 780)
investing activities
Cash flows from 4 1 598 2 018
financing activities
Net movement in cash
and cash equivalents 7 075 402 519
Cash and cash
equivalents at 2 071 1 552 1 552
beginning of year
Cash and cash
equivalents at end of 9 146 1 954 2 071
year
STATEMENT OF CHANGES IN Share Share Distri- Total
EQUITY Capital Premium butable
R"000 R"000 Reserve R"000
R"000
Balance as at 1 March 20 - 9 052 9 072
2005
Issue of share capital 3 2 498 - 2 501
Write-off listing - (482) - (482)
expenses
Net operating profit for - - 4 872 4 872
the period
Balance as at 28 February 23 2 016 13 924 15 963
2006
Provision for dividend - - (4 875) (4 875)
Issue of share capital 10 12 990 - 13 000
Net operating profit for - - 7 847 7 847
the period
Balance as at 31 August 33 15 005 16 895 31 933
2006
COMMENTS
The Board of Directors are pleased to present the interim financial results
of the Group for the six months ended 31 August 2006.
NATURE OF THE BUSINESS
Alliance specialises in providing services and products to mainly the
mining industry.
HIGHLIGHTS
* The group generated R7,8m (31 August 2005: R2,4m) after tax profits
for the six months under review.
* Earnings per share increased from 10,6 cents to 25,5 cents per share
for the six months to 31 August 2006 compared to the previous
reporting period.
* Net assets increased from R15,9m at 28 February 2006 to R31,9m at 31
August 2006.
BUSINESS REVIEW AND PROSPECTS
Alliance has continued to research and develop new products with specific
reference to the "Firefly" range of products which will give rise to an
increase in revenue in the second half of the year. Such developments are
also utilised to expand within other sectors with specific reference to the
hospitality industry.
The group successfully acquired 100% of the shares in Sindele Mining
Supplies (Pty) Ltd (`Sindele") with effect from 1 March 2006 for 18m shares
at R1,50.
FINANCIAL REVIEW
Following the successful acquisition of Sindele, the impact of such
acquisition was clearly reflected in the results for the period ending 31
August 2006. Net profit for the period increased from R2.4m in the previous
corresponding period to R7.8m. A segmented breakdown is as follows:
R"000
31 August 2006
Income Statement Time and Mining Total
Access
Revenue 14 880 32 707 47 587
Net profit after 4 836 3 010 7 847
tax
R"000
31 August 2006
Balance Sheet Time and Mining Total
Access
Current assets 15 566 7 912 23 478
Non current assets 19 669 1 654 21 324
Non current 2 249 - 2 249
liabilities
Current 9 379 1 240 10 620
liabilities
Share capital increased due to a general issue of ordinary shares for cash,
with 10m shares having been issued on 25 April at R1,30 per share. Cash has
been utilised to expand operations within mining operations, with cash
balances at 31 August 2006 amounting to R9,1m.
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 represent:
* 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:
CORPORATE GOVERNANCE
The group fully subscribes to the principles of, and implements where
possible, the recommendations of the King II Code on Corporate Governance.
EA de Kok
Chief Executive Officer
6 November 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*, P Maema*
*Non-executive
Date: 06/11/2006 12:55:10 PM Produced by the JSE SENS Department
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