Sharenet Sites 
Sharenet Sites
MOB - Mobile Industries Limited - Reviewed results for the fifteen months ended 31 March 2012 MOBILE INDUSTRIES LIMITED (Incorporated in the Republic of South Africa) REG NO 1968/014997/06 SHARE CODE: MOB ISIN: ZAE000091435 ("Mobile") REVIEWED RESULTS FOR THE FIFTEEN MONTHS ENDED 31 MARCH 2012 Condensed consolidated statement of comprehensive income for the 15 months ended 31 March 2012 Reviewed Audited 15 months 12 months
ended ended 31 March 31 December 2012 2010 R MILLION Revenue - 0.4 Trading loss before items listed below (0.4) (6.7) Gain on settlement of distribution to shareholders (Note 2) 1 090.2 - Profit/(Loss) from operations 1 089.8 (6.7) Interest expense - (0.1) Share of profit of associate - 257.5 Profit before tax 1 089.8 250.7 Income tax credit/(expense) 0.1 (0.1) Profit for the period 1 089.9 250.6 Other comprehensive loss Share of other comprehensive loss of associate - (164.4) Total comprehensive income for the period 1 089.9 86.2 Basic earnings per share (cents) 102.1 23.5 Diluted earnings per share (cents) 102.1 23.5 Number of shares in issue (million) 1 068.0 1 068.0 Weighted average number of shares in issue (million) 1 068.0 1 068.0 Condensed consolidated statement of financial position at 31 March 2012 Reviewed Audited 31 March 31 December
2012 2010 R MILLION ASSETS Participation in export partnerships - 1.8 Total non-current assets - 1.8 Trade and other receivables - 0.3 Cash and cash equivalents 0.1 5.8 Asset held for distribution - 2 030.0 Current assets 0.1 2 036.1 Total assets 0.1 2 037.9 EQUITY Share capital and premium 0.1 192.7 Accumulated deficit (0.5) (937.2) Deficit attributable to equity holders of the company (0.4) (744.5) LIABILITIES Deferred tax liabilities - 1.8 Total non-current liabilities - 1.8 Trade and other payables 0.5 6.1 Current tax liabilities - 0.1 Amount owing to subsidiary of associate - 0.1 Distribution payable - 2 774.3 Current liabilities 0.5 2 780.6 Total liabilities 0.5 2 782.4 Total equity and liabilities 0.1 2 037.9 Market value of listed investments - 2 774.3 Condensed consolidated statement of cash flows for the 15 months ended 31 March 2012 Reviewed Audited
15 months 12 months ended ended 31 March 31 December 2012 2010
R MILLION Cash utilised by operations (5.8) (1.6) Finance income received - 0.4 Interest paid - (0.1) Dividends received - 108.3 Dividends paid to equity holders of the company - (107.9) Taxation paid - (0.2) Net cash outflow from operating activities (5.8) (1.1) Cash inflow from investing activities 0.1 - Net decrease in cash and cash equivalents (5.7) (1.1) Net cash and cash equivalents at the beginning of the period 5.8 6.9 Net cash and cash equivalents at the end of the period 0.1 5.8 Condensed consolidated statement of changes in equity for the 15 months ended 31 March 2012 Reviewed Audited
15 months 12 months ended ended 31 March 31 December 2012 2010
R MILLION Balance at the beginning of the period (744.5) 2 042.4 Total comprehensive income for the period 1 089.9 86.2 Profit for the period 1 089.9 250.6 Share of other comprehensive loss of associate - (164.4) Dividends paid - (107.9) Distribution of shares in associate payable to shareholders - (3 198.2) (Increase)/Decrease in fair value of distribution payable to shareholders (345.8) 423.9 Share of net increase in non-distributable reserves of associate - 9.1 Equity (0.4) (744.5) Notes to the condensed consolidated financial statements for the 15 months ended 31 March 2012 Reviewed Audited 15 months 12 months
ended ended 31 March 31 December 2012 2010 1. Headline earnings Profit attributable to equity holders of the company 1 089.9 250.6 Gain on settlement of distribution to shareholders (Note 2) (1 090.2) - Attributable share of headline earnings adjustments of associate - 2.6 Headline (loss)/earnings (0.3) 253.2 Weighted average number of shares in issue (million) 1 068.0 1 068.0 Headline earnings per share (cents) - 23.7 Diluted headline earnings per share (cents) - 23.7 2. Unbundling of Trencor Limited ("Trencor") shares by Mobile On 7 February 2011 Mobile unbundled its entire investment in Trencor in terms of the announcement on 22 November 2010 and approval at the general meeting held on 14 December 2010. 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 shares 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 consequently the distribution payable to shareholders, directly in equity. The difference between the carrying amount of the investment in Trencor and the distribution payable to shareholders was recognised in profit or loss. Commentary Shareholders are referred to the announcements released on SENS on 9 March 2011 and 17 October 2011 following the unbundling by Mobile Industries Limited ("Mobile" or "the company") of its interest in Trencor Limited to Mobile shareholders and the stated intention that Mobile was to be delisted and wound up or deregistered in due course unless other corporate action materialises. On 29 March 2012 a memorandum of understanding was entered into by the board of Mobile whereby Robatsi Genesis Investments 26 (Pty) Ltd ("Robatsi") is to acquire a meaningful shareholding in Mobile and that the board is to be reconstituted. On that date, the following changes were effected: - Directorate: Messrs C Jowell (non-executive), NI Jowell (non-executive) and DM Nurek (independent non-executive) resigned as directors and Messrs SFW Stubbs, GR Gous and MFH Cariem were appointed as independent non-executive directors of the company. - Company Secretary: Trencor Services (Pty) Ltd resigned as secretaries to the company and Mr ZA Mgawuli was appointed as company secretary of the company. Change in financial year-end On 13 December 2011 the board changed the financial year-end of the company from 31 December to 31 March each year and, accordingly, the current financial period is for the 15 months from 1 January 2011 to 31 March 2012. Subsequent events On 13 April 2012 Robatsi acquired the entire shareholding of 24,29% held by Coronation Asset Managers (Pty) Ltd in Mobile. Robatsi is also negotiating with certain other shareholders to acquire their shareholding in Mobile where after, if required, an offer would be made to minority shareholders. Current status regarding suspension of trading in the company`s shares The directors have informed the JSE that they intend reversing assets of suitable quality into the company and will be in a position to announce the intended reverse acquisition targets by no later than 30 June 2012. Furthermore, the directors would expect to place the JSE in the position where it is able to lift the suspension of trading in the company`s shares by no later than 31 October 2012. Change in auditors Effective 11 April 2012, Deloitte & Touche were appointed as independent auditors in the place of KPMG Inc. Appointment of chairman and financial director On 25 April 2012 Mr E Oblowitz was appointed as chairman and Mr SFW Stubbs was appointed as financial director. Auditors` review report The condensed provisional financial information for the 15-month period ended 31 March 2012 has been reviewed by the independent auditors, Deloitte & Touche. The review was conducted in accordance with ISRE 2410 "Review of Interim Financial Information performed by the Independent Auditor of the Entity". A copy of their unmodified review report is available for inspection at the company`s registered office. Any reference to future financial performance included in this announcement has not been reviewed or reported on by the company`s auditors. Results for the period The condensed financial information has been prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) of the International Accounting Standards Board, the AC 500 standards as issued by the Accounting Practices Board and the information as required by IAS 34: Interim Financial Reporting and the requirements of the Companies Act of South Africa. The report has been prepared using accounting policies that comply with IFRS which are consistent with those applied in the financial statements for the year ended 31 December 2010. Preparation This announcement on the reviewed results has been prepared by PJ Calder CA(SA). In addition the provisional financial information has been independently reviewed in accordance with the requirements of the Companies Act of South Africa. Audited results Audited results will be available by 21 May 2012. On behalf of the board E Oblowitz Chairman 26 April 2012 Directorate E Oblowitz* (Chairman), SFW Stubbs (Financial), GR Gous*, MFH Cariem* (* Independent non-executive) Company Secretary ZA Mgawuli Registered Office 14 College Road, Rondebosch, 7700 Transfer Secretaries Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107) Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Ltd) Date: 26/04/2012 17:14:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
