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LAB
LAB
Labat - Reviewed Interim Results for the six months ended 31 August 2006
Labat Africa Limited
(Incorporated in the Republic of South Africa)
(Registration number 1986/001616/06)
Share code: LAB & ISIN: ZAE000018354
("Labat" or "the group")
Reviewed Interim Results for the six months ended 31 August 2006
GROUP CONSOLIDATED INCOME STATEMENT
Reviewed Unaudited Audited
6 months 6 months 12 months
31 August 31 August 28 February
2006 2005 2006
(R"000) (R"000) (R"000)
Revenue 76 704 83 016 156 046
Operating income before 19 193 18 274 40 976
depreciation and amortisation
Depreciation and amortisation (9 201) (11 684) (20 158)
Operating profit before interest 9 992 6 590 20 818
and taxation
Interest paid (2 675) (2 473) (5 956)
Interest received 178 63 213
Profit before taxation, sale and 7 495 4 180 15 075
fair value adjustments
Sale of investments and fair - 18 255 (5 746)
value adjustments
Profit before taxation 7 495 22 435 9 329
Taxation (4 454) (8 070) (12 847)
Profit/(Loss) after taxation 3 041 14 365 (3 518)
Attributable to:
Minority Interest 7 460 8 877 15 733
(Loss)/ Profit to equity holders (4 419 5 488 (19 251)
3 041 14 365 (3 518)
Weighted average shares in issue 186 415 184 415 184 915
throughout the period (`000)
Basic (loss)/profit per share (2.4) 2.9 (10.3)
(cents)
Headline(loss)/profit per share (2.4) 1.7 (7.3)
(cents)
Reconciliation of basic to
headline earnings
Basic earnings/ (loss) (4 419) 5 488 (19 251)
Profit on sale of fixed assets - - (42)
Loss on sale of subsidiary - - 5 743
Profit on sale of subsidiary - (2 310) -
Headline earnings /(loss) (4 419) 3 178 (13 550)
CASH FLOW STATEMENT
Reviewed Unaudited Audited
31 August 31 August 28
2006 2005 February2006
(R"000) (R"000) (R"000)
Net flow from operating 7 427 16 889 1 390
activities
Net flow from investing (12 365) (8 575) 1 844
activities
Net flow from financing 10 420 (1 196) 5 683
activities
Net increase/(decrease) in cash 5 482 7 118 8 917
Cash at beginning of period 12 212 3 295 3 295
Cash at end of period 17 694 10 413 12 212
GROUP CONSOLIDATED BALANCE SHEET
Reviewed Unaudited Audited
31 August 31 August 28 February
2006 2005 2006
(R"000) (R"000) (R"000)
ASSETS
Property, plant and equipment 49 461 45 347 43 463
Intangible assets 28 242 31 733 31 076
Other financial assets 8 109 10 539 9 696
Deferred taxation 22 447 21 980 21 713
Non-current assets 108 259 109 599 105 948
Cash 17 694 10 413 12 212
Inventories 14 731 15 003 13 454
Accounts receivables 45 948 62 629 42 179
Current assets 78 373 88 045 67 845
Total assets 186 632 197 644 173 793
EQUITY AND LIABILITIES
Share capital and reserves 43 352 75 366 49 147
Outside shareholders 22 214 17 641 16 549
Total shareholders" funds 65 566 93 007 65 696
Long-term liabilities 49 100 28 134 35 020
Deferred taxation 1 381 1 784 1 698
Non-current liabilities 50 481 29 918 36 718
Bank overdraft 86 5 698 5
Accounts payable 70 499 69 021 71 374
Current liabilities 70 585 74 719 71 379
Total equity and liabilities 186 632 197 644 173 793
Number of shares in issue ("000) 186 415 184 415 184 415
Total net asset value per share 23 41 27
(cents)
STATEMENT OF CHANGES IN EQUITY
Non Capital
Share Share Distributable Distributable and
capital Premium Reserves Reserves Reserves
(R"000) (R"000) R"000) (R"000) (R"000)
Balance at 01 1 864 49 065 2 420 (4 202) 49 147
March 2006
Prior year - - - (1 376) (1 376)
adjustment
Loss for the - - - (4 419) (4 419)
year
Balance at 31 1 864 49 065 2 420 (9 997) 43 352
August 2006
COMMENTARY
SAMES
The SAMES business, one of the two main core businesses of Labat, is still
facing trading difficulties. Revenue has not yet reached break even point and
profitability is not expected to be achieved until the first half of 2007. A
major project to upgrade the SAMES capacity has just been completed and a
significant trading contract is being implemented and will be rolled out in
2007.
Labat Traffic Solutions and cautionary announcements
The Labat Traffic Solutions business, a core business of Labat, is performing
well and is continuing to win new contracts. Labat Traffic Solutions is
continuously refining its service offering and can now offer a comprehensive
service to its customers. As indicated in the cautionary announcement dated 29
September 2006 and subsequent renewal of cautionary announcements, Labat is
still in negotiations aimed at extracting maximum value from its Labat Traffic
Solutions related investments.
Ongoing Restructuring
The restructuring process is virtually complete and will be finalised by
February 2007. The group will then be left with two operating companies, no
group corporate debt and a minimal head office structure. The objective then
will be to extract maximum value from these two remaining businesses.
Accounting Policies
The interim results have been prepared in accordance with the group"s accounting
policies which have been consistently applied and comply with International
Financial Reporting Standards ("IFRS") and IAS 34 (Interim Financial Reporting).
Corporate Governance
The group subscribes to the values of good corporate governance at all levels
and is committed to conducting business with discipline, integrity and social
responsibility.
Dividends
It is group policy that no dividends will be declared as group surpluses will be
retained to fund future growth.
Reviewed opinion/emphasis of matter
The group"s auditors, RAIN, have reviewed the results and accordingly the
emphasis of matter noted in the audited financial statements as at 28 February
2006 is no longer required. The unqualified review opinion is available for
inspection at the group"s registered office.
For and on behalf of the board
B G VAN ROOYEN
Chairman
30 November 2006
Directors: B G van Rooyen, D J O"Neill, M J Shabangu*, V J Labat*
* Non-executive
Registered Office
Island House
Constantia Park Centre
Corner 14th Avenue and
Hendrik Potgieter Road
Weltevreden Park
1709
Transfer secretaries
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street
Johannesburg
2001
P O Box 61051
Marshalltown, 2107
Sponsor
Merchant Sponsors (Proprietary) Limited
Date: 30/11/2006 04:00:19 PM Produced by the JSE SENS Department
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