summarised audited consolidated financial statements - Altron

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Altron Summarised Audited Consolidated Financial Statements for the year ended 28 February 2013 SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME % 2013 2012 R millions change (Audited) (Audited) CONTINUING OPERATIONS Revenue 7 24 769 23 167 Earnings before interest, tax, depreciation, amortisation and capital items (EBITDA before capital items) (12) 1 692 1 919 Depreciation and amortisation (461) (468) Operating profit before capital items (15) 1 231 1 451 Capital items (Note 1) (78) (310) Result from operating activities 1 1 153 1 141 Finance income 57 71 Finance expense (134) (125) Share of profit/(loss) from associates 5 (1) Profit before taxation 1 081 1 086 Taxation (374) (457) Profit for the year from continuing operations 12 707 629 DISCONTINUED OPERATIONS Revenue 280 396 Earnings before interest, tax, depreciation, amortisation and capital items (EBITDA before capital items) (113) 27 Depreciation and amortisation (52) (94) Operating loss before capital items (165) (67) Capital items (Note 1) (1 371) (590) Result from operating activities (1 536) (657) Finance income 2 – Finance expense (92) (31) Loss before taxation (1 626) (688) Taxation (10) (20) Loss for the year from discontinued operations (1 636) (708) Net loss for the year (929) (79) 24 Other comprehensive income Foreign currency translation differences in respect of foreign operations 310 95 Realisation of negative foreign currency translation reserve on disposal 196 – Fair value adjustment on available-for-sale investments (5) – Other comprehensive income for the year, net of taxation 501 95 Total comprehensive income for the year (428) 16 Loss attributable to: Non-controlling interests (631) (253) Altron equity holders (298) 174 Altron equity holders from continuing operations 498 472 Altron equity holders from discontinued operations 796 (298) Loss for the year (929) (79) Total comprehensive income attributable to: Non-controlling interests (439) (212) Altron equity holders 11 228 Altron equity holders from continuing operations 650 508 Altron equity holders from discontinued operations (639) (280) Total comprehensive income for the year (428) 16 Basic earnings per share from continuing operations (cents) 6 158 149 Diluted basic earnings per share from continuing operations (cents) 5 153 146 Basic loss per share from discontinued operations (cents) (168) (252) (94) Diluted basic loss per share from discontinued operations (cents) (163) (239) (91) Basic (loss)/earnings per share from total operations (cents) (271) (94) 55 Diluted basic (loss)/earnings per share from total operations (cents) (256) (86) 55 Dividends per share declared (cents) (35) 60 92
Altron Summarised Audited Consolidated Financial Statements for the year ended 28 February 2013 NOTES Basis of preparation The summarised consolidated financial statements are prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and presented in accordance with the minimum content, including disclosures, prescribed by IAS 34: Interim Financial Reporting applied to year-end reporting, and the requirements of the Companies Act of South Africa and the JSE Listings Requirements. The accounting policies applied in the preparation of the audited consolidated financial statements, from which the summarised consolidated financial statements were derived, are in terms of International Financial Reporting Standards and are consistent with the accounting policies applied in the preparation of the previous audited consolidated financial statements. This report was compiled under the supervision of Mr Alex Smith CA, Chief Financial Officer, and Mr Arno Geldenhuys CA(SA), Group Financial Manager. Report of the independent auditors The unmodified audit reports of KPMG Inc., the independent auditors, on the annual financial statements and the summarised financial statements contained herein for the year ended 28 February 2013, dated 7 May 2013, are available for inspection at the registered office of the company. % 2013 2012 change (Audited) (Audited) Headline earnings per share (cents) (29) 136 191 Diluted headline earnings per share (cents) (29) 133 187 2013 2012 R millions (Audited) (Audited) 1. Capital items CONTINUING OPERATIONS Net gain on disposal of property, plant and equipment 14 36 Impairment of property, plant and equipment (7) (4) Impairment of goodwill – (342) Impairment of intangibles (9) (11) Net (loss)/profit on disposal of businesses and investments (5) 14 Impairment of held-for-sale disposal group (29) – Loss on disposal of held-for-sale disposal group (42) – Impairment of investments – (3) (78) (310) DISCONTINUED OPERATIONS Loss on disposal of discontinued operations (730) – Impairment of property, plant and equipment (328) (231) Impairment of intangible assets (300) (289) Impairment of goodwill (13) (70) (1 371) (590) TOTAL (1 449) (900) Events and circumstances leading to the recognition of significant impairment losses: Continuing operations Impairment on the held-for-sale disposal group arose as a result of the Altech West Africa subsidiary being disposed of for no consideration. Discontinued operations Impairment of intangible assets relates to the impairment of the Seacom bandwith in Altech Data International and arose due to the significant on-going reductions of bandwith prices. These price decreases are a direct result of an over-supply of international bandwith capacity, especially along the East African coastline. The impairment of the goodwill and the property, plant and equipment resulted from a decline in operating results and a corresponding decline in forecasted future cash flows due to lower than anticipated activity levels without an envisaged material improvement in the short to medium term. 25
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