Wrap Text
MOB - Mobile Industries Limited - Interim results unaudited for the six months
ended 30 June 2011
MOBILE INDUSTRIES LIMITED
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA
REG NO 1968/014997/06 ("Mobile")
SHARE CODE: MOB ISIN: ZAE000091435
INTERIM RESULTS
unaudited for the six months ended 30 June 2011
These unaudited interim condensed consolidated financial statements have not
been audited or reviewed by Mobile`s independent auditors but have been prepared
by management, under the supervision of the financial director.
Condensed consolidated statement of comprehensive income
for the six months ended 30 June 2011
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2011 2010 2010
R Million
Trading loss before items listed below - (1) (7)
Change in fair value of distribution
payable (note 3) (347) - -
Change in fair value of asset held for
distribution (note 3) 1 090 - -
Other 1 - -
Profit/(Loss) from operations 744 (1) (7)
Share of profit of associate - 104 258
Profit for the period 744 103 251
Other comprehensive income/(loss)
Share of other comprehensive
income/(loss) of associate - 53 (164)
Total comprehensive income for the period 744 156 87
Basic earnings per share (cents) 69,7 9,6 23,5
Diluted earnings per share (cents) 69,7 9,6 23,5
Number of shares in issue (million) 1 068 1 068 1 068
Weighted average number of shares in
issue (million) 1 068 1 068 1 068
Condensed consolidated statement of financial position
at 30 June 2011
Unaudited Unaudited Audited
30 June 30 June 31 December
2011 2010 2010
R Million
ASSETS
Investment in associate - 2 121 -
Participation in export partnerships - 2 2
Total non-current assets - 2 123 2
Trade and other receivables 1 - -
Cash and cash equivalents - 6 6
Asset held for distribution - - 2 030
Current assets 1 6 2 036
Total assets 1 2 129 2 038
EQUITY
Share capital and premium - 193 193
Reserves/(Accumulated deficit) - 1 933 (937)
Equity/(Deficit) attributable to
equity holders of the company - 2 126 (744)
LIABILITIES
Deferred tax liabilities - 2 2
Total non-current liabilities - 2 2
Trade and other payables 1 1 6
Distribution payable - - 2 774
Current liabilities 1 1 2 780
Total liabilities 1 3 2 782
Total equity and liabilities 1 2 129 2 038
Market value of listed investments - 2 775 2 774
Condensed consolidated statement of cash flows
for the six months ended 30 June 2011
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2011 2010 2010
R Million
Cash utilised by operations (6) (1) (1)
Dividends received - 74 108
Dividends paid to equity holders of
the company - (74) (108)
Net decrease in cash and cash equivalents (6) (1) (1)
Net cash and cash equivalents at the
beginning of the period 6 7 7
Net cash and cash equivalents at the
end of the period - 6 6
Condensed consolidated statement of changes in equity
for the six months ended 30 June 2011
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2011 2010 2010
R Million
Balance at the beginning of the period (744) 2 042 2 042
Total comprehensive income for the period 744 156 87
Profit for the period 744 103 251
Share of other comprehensive
(income)/loss of associate - 53 (164)
Dividends paid - (74) (108)
Distribution of shares in associate
payable to shareholders - - (3 198)
Reduction in fair value of
distribution payable to shareholders - - 424
Share of net increase in non-distributable
reserves of associate - 2 9
Equity - 2 126 (744)
Notes to the condensed consolidated annual financial statements
for the six months ended 30 June 2011
1. These condensed consolidated interim financial statements have been prepared
in accordance with the recognition and measurement criteria of International
Financial Reporting Standards (IFRS), South African Statements and
Interpretations of Statements of Generally Accepted Accounting Practice (AC 500
series) and presentation and disclosure requirements of IAS 34 - Interim
Financial Reporting, and the Companies Act of South Africa.
The accounting policies applied in the preparation of these consolidated
condensed financial statements are consistent with those used in the annual
financial statements for the year ended 31 December 2010.
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2011 2010 2010
2. Headline earnings
Profit attributable to equity holders
of the company 744 103 251
Change in fair value of assets and
liabilities (743) - -
Attributable share of headline
earnings adjustments of associate - 1 2
Headline earnings 1 104 253
Weighted average number of shares in
issue (million) 1 068 1 068 1 068
Headline earnings per share (cents) 0,1 9,7 23,7
Diluted headline earnings per share (cents) 0,1 9,7 23,7
3. Unbundling of Trencor shares by Mobile
On 7 February 2011 Mobile unbundled its entire investment in Trencor Limited
("Trencor") in terms of the announcement on 22 November 2010 and approval at a
general meeting held on 14 December 2010. It is intended that Mobile will be
delisted and wound up or deregistered in due course unless other corporate
action materialises.
At 31 December 2010 Mobile`s investment in Trencor was measured at the lower of
its carrying amount and fair value less costs to distribute in terms of IFRS 5 -
Non-current Assets Held for Sale and Discontinued Operations, and in terms of
IFRIC 17 - Distribution of Non-cash Assets to Owners, the liability for the
distribution was measured at fair value based on the quoted bid price of the
Trencor share at that date.
On the date of unbundling the fair value of the investment in Trencor was R3
120,2 million and in terms of IFRIC 17, Mobile recognised the increase in fair
value of the investment in Trencor and the liability for the distribution in
profit or loss.
17 October 2011
Directors: C Jowell (Chairman), NI Jowell, DM Nurek, E Oblowitz
(all non-executive)
Secretaries: Trencor Services (Pty) Limited
Registered Office: 1313 Main Tower, Standard Bank Centre, Heerengracht,
Cape Town, 8001
Transfer Secretaries: Computershare Investor Services (Pty) Limited, 70 Marshall
Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107)
Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)
www.mobile-industries.net
Date: 17/10/2011 15:35:02 Supplied by www.sharenet.co.za
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