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ATR
ATR
ATR - Actowers - Unaudited financial results for the six months ended
31 August 2006
Africa Cellular Towers Limited
(Incorporated in the Republic of South Africa)
(Registration number 2000/027374/06)
(JSE code: ATR & ISIN: ZAE000088084)
("ACTOWERS" or "the company")
Highlights
* Revenue up 22%
* Attributable earnings up 53%
* Listing on ALTx on 29 November 2006
UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2006
Abridged income statements
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 August 31 August 2005 28 February 2006
2006 As restated R`000
R`000 under IFRS
R`000
Revenue 71 241 58 243 129 429
Gross profit 23 265 22 301 47 949
Other income 7 152 1 697 5 381
Operating costs (12 149) (10 800) (24 001)
EBITDA 18 268 13 198 29 329
Depreciation (404) (422) (937)
Profit before interest 17 864 12 776 28 392
and taxation
Net interest received 2 706 648 1 440
Profit before taxation 20 570 13 424 29 832
Taxation (5 965) (3 901) (8 669)
Profit after taxation 14 605 9 523 21 163
Headline earnings 14 605 9 523 21 163
attributable to ordinary
shareholders
Pro forma weighted 180 000 000 180 000 000 180 000 000
average shares in issue
on which earnings are
based (000) (1)
Earnings per share 8.1 5.3 11.8
(cents)
Headline earnings per 8.1 5.3 11.8
share (cents)
Notes:
(1) The pro forma weighted average number of shares in issue is based on the
sub-division and increase of the ordinary shares in issue into 180 000 000
ordinary shares in issue as set out in the detailed prospectus dated
16 November 2006.
Abridged balance sheets
Unaudited Unaudited Audited
31 August 31 August 2005 28 February 2006
2006 As restated R`000
R`000 under IFRS
R`000
ASSETS
Non Current Assets
Property, plant and 5 742 6 375 6 012
equipment
Investments 896 832 894
Deferred taxation 141 - 273
Loans to other companies 8 716 5 545 8 087
Loans receivable 246 527 239
Current assets
Inventories 15 934 3 900 4 294
Loans to shareholders 347 39 183
Trade and other 83 981 66 536 65 940
receivables
Bank balances 257 258 1 072
Total assets 116 260 84 012 86 994
EQUITY AND LIABILITIES
Ordinary shareholders` 61 102 34 861 46 497
equity
Minority interests - - -
Total shareholders` 61 102 34 861 46 497
funds
Non-current liabilities
Loans from group 489 679 590
companies
Loans from shareholders 3 487 2 555 3 695
Finance lease 2 712 5 596 3 202
obligations
Deferred tax - 518
Loans payable - 5 915 518
Current liabilities
Taxation 17 776 15 576 11 942
Finance lease obligation 1 294 1 390 1 390
Trade and other payables 28 899 14 402 17 952
Bank overdraft 501 2 520 1 208
Total equity and 116 260 84 012 86 994
liabilities
Pro forma number of 180 000 000 180 000 000 180 000 000
shares in issue (000)
(1)
Net asset value per 33.9 19.4 25.8
share (cents)
Net tangible asset value 33.9 19.4 25.8
per share (cents)
Notes:
(1) The pro forma number of shares in issue is based on the sub-division and
increase of the ordinary shares in issue into 180 000 000 ordinary shares
in issue as set out in the detailed prospectus dated 16 November 2006.
Abridged statements of changes in equity
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 August 31 August 2005 28 February 2006
2006 As restated R`000
R`000 under IFRS
R`000
Balance at beginning of 46 497 25 338 25 338
period
Total earnings after 14 605 9 523 21 163
minorities
Revaluation of financial - - (4)
assets
Balance at end of period 61 102 34 861 46 497
Abridged cash flow statements
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 August 31 August 2005 28 February 2006
2006 As restated R`000
R`000 under IFRS
R`000
Cash flows from 2 242 1 427 12 952
operating activities
Cash flow from investing (866) 885 (2 008)
activities
Cash flow from financing (1 484) (2 045) (8 552)
activities
Net increase in cash and (108) 267 2 392
cash equivalents
Cash and cash (136) (2 528) (2 528)
equivalents at beginning
of period
Cash and cash (244) (2 261) (136)
equivalents at end of
period
OVERVIEW
The directors of ACTOWERS are pleased to present the unaudited interim financial
results for the six months ended 31 August 2006 ("the interim period").
ACTOWERS listed on the Alternative Exchange (ALTX) of the JSE Limited ("JSE"),
on 29 November 2006. The group`s primary business is manufacturing and
fabrication of steel communication towers.
FINANCIAL RESULTS
Earnings before interest, taxation, depreciation and amortisation ("EBITDA")
grew by 38% to R18.3 million off the higher revenue base. Headline earnings of
R14.6 million increased 53% from the R9.5 million for the comparative interim
period.
PROSPECTS
Whilst the second half of the year is traditionally slower due to the festive
season, most of ACTOWERS`s projects are due to be completed only after year-end,
which should enable the group to maintain current levels of turnover.
The directors are confident that ACTOWERS will achieve the profit forecast as
set out in the detailed prospectus dated 16 November 2006.
SUBSEQUENT EVENTS
ACTOWERS listed on ALTx on 29 November 2006.
Shareholders are referred to the cautionary announcement dated 13 February 2007,
in respect of ACTOWERS`s proposed acquisition JK Shelters (Pty) Limited for a
purchase consideration of R40 million with effect from 1 March 2007.
SHARE CAPITAL
ACTOWERS has, through a private placement, placed 50 000 000 ordinary shares at
100 cents per share to selected investors of ACTOWERS with the listing on the
JSE.
Prior to the date of listing on ALTX, an offer was made to the group`s
employees, to acquire shares in the company through the Share Incentive Trust.
Employees have accepted 11 650 000 ordinary shares that were offered by the
Share Incentive Trust.
DIVIDEND POLICY
In line with the group`s growth strategy, no dividend was declared for the
period.
BASIS OF PREPARATION
The interim results have been prepared in accordance with IAS 34 (Interim
Financial Reporting). The accounting policies used to prepare these interim
financial statements are consistent with those applied in the prior interim
period and at previous year-end and are in accordance with International
Financial Reporting Standards.
This announcement has been prepared in accordance with the Listings Requirements
of the JSE.
By order of the Board
19 February 2007
C J J Kruger J de Villiers
Managing Director Financial Director
CORPORATE INFORMATION
Non executive directors: Dr R R Richards
Executive directors: C J J Kruger, J de Villiers, D van Staden
Registration number: 2000/027374/06
Registered address: First Floor DVM Office Park, 16 Kingfisher Cresent,
Myersdal,1447
Postal address: PO Box 1363, Alberton, 1450
Company secretary: De Villiers Myburgh Inc.
Telephone: (011) 907 7364
Facsimile: (011) 869 9107
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited
Designated Adviser: Exchange Sponsors (Pty) Limited
Date: 19/02/2007 16:51:48 Produced by the JSE SENS Department.
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