Wrap Text
Unaudited Condensed Consolidated Results for the Six Months Ended 31 December 2017
Alaris Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1997/011142/06)
Share code: ALH ISIN: ZAE000201554
(“Alaris” or “the Company” or “the Group”)
UNAUDITED CONDENSED CONSOLIDATED RESULTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
Highlights
• Revenue from continuing operations increased by 21% from R84.7
million to R102.6 million.
• Headline earnings per share from continuing operations increased
by 125% from 8.26 cents to 18.62 cents
• Normalised earnings from continuing operations increased by 67%
from R13.0 million to R21.7 million.
• Net cash from operating activities increased by R33.3 million
from an outflow of R14.9 million to an inflow of R18.4 million
for the half year.
What we are all about
Alaris Holdings Limited is a technology holding company listed on the
JSE AltX since July 2008.
The Alaris Group consists of:
Alaris Antennas, with its head office in Centurion, designs,
manufactures and sells specialised broadband antennas as well as
other related radio frequency products. Its products are used in the
communication, frequency spectrum monitoring, test and measurement,
electronic warfare and other specialised markets. Clients are located
across the globe, mostly outside of South Africa (the Americas,
Europe and Asia). Its clients are system integrators, frequency
spectrum regulators and players in the homeland security space.
COJOT was founded in 1986 and is located in Espoo, Finland. The
company has 30 years of experience in the design, development and
manufacture of innovative antenna products, serving military and
public safety markets globally. COJOT develops innovative broadband
antennas to improve connectivity, coverage and competitiveness of
radio equipment which is deployed to save lives and protect property.
Results Overview
Profit for the continuing operations increased by 67% from R12.9
million to R21.6 million for the period.
Unaudited Audited
six months ended
R’000 December December June 2017
2017 2016
Continuing Operations
Profit for the period 21 625 12 942 23 002
Legal and consulting costs for 74
acquisitions and disposals 25 434
Normalised earnings after tax 21 699
comprising A 12 967 23 436
Alaris Antennas 15 492 20 845 34 962
COJOT 11 763 2 433 3 854
Corporate and consolidation B (5 556) (10 311) (15 380)
Weighted average number of 116 116 771 156 615 401
ordinary shares in issue 153 985 264
Normalised earnings per ordinary 18.69 8.28
share (cents) – Continuing 15.22
Operations
Discontinued Operation C
(Loss)/profit for the period - (3 483) 8 820
Profit on disposal of Aucom - - (9 320)
Loss from discontinued -
operation - 500
Normalised earnings after tax A - (3 483) -
A. Normalised earnings, as determined by the Alaris Group, is
calculated by adjusting profit for the loss on discontinued
operation, profit (net after tax) on the disposal of Aucom as well
as legal and consulting fees for acquisitions and disposals.
B. Costs relating to shared services, fees associated with being a
listed company, net foreign exchange gains/losses, net funding
costs and share incentive costs are included in this segment.
C. Aucom was classified as a discontinued operation in the prior
period.
Business Overview
The operations performed satisfactorily for the six-months compared
to the comparative period. A slower 6 months for Alaris Antennas was
made up by a strong performance at COJOT.
Revenue was up 21% and operating profit grew with 31%, aided by
reduced net foreign exchange losses. Profit after tax increased by
67% assisted by the discontinuation of the PSG preference share
interest and a lower effective tax rate.
The basic and headline earnings per ordinary share from continuing
operations increased by 125% from 8.26 to 18.62 cents. This was
helped by a 26% reduction in the weighted average shares in issue.
Cash flow from operating activities improved to R18.4 million
compared to an outflow of R14.9 million for the comparative period.
The Group’s cash position at 31 December 2017 was R27.8 million. The
cash generated by operating activities together with cash on hand
from the prior year, was used to repay the R51.0 million preference
shares owing to PSG Alpha Investments (Pty) Ltd on 3 July 2017
following a decision by them not to convert to equity.
Alaris Antennas
Revenue decreased by 7% from R67.3 million to R62.7 million and
profit after tax (“PAT”) decreased by 26% from R20.8 million to
R15.5 million.
The lower revenue for the period is a function of the product mix
with a higher proportion of precision engineering projects. These
take more time, requiring development of new products and
customisation of existing IP. This resulted in fewer deliveries
compared to the prior period. These projects will be delivered in the
second half of the financial year.
The decrease in profit is from the lower revenue and higher employee
costs. Alaris invested in highly skilled staff in specialised areas
to support the client centric approach and our focus on quality. This
included expansion in engineering resources, quality and testing, as
well as an investment in specialised production and machine shop
resources.
Alaris Antennas continues to be a leader in product innovation,
adding 33 (2016: 44) new products to its portfolio in the period to
support future revenue growth. Owning and developing IP has proven to
be a competitive advantage during the period, in addition to creating
a barrier to entry.
COJOT
COJOT had a pleasing result. Revenue increased by 128% from R17.5
million to R39.9 million and profit after tax (“PAT”) increased by
383% from R2.4 million to R11.8 million.
Revenue was assisted by several larger European orders including a
portion of the €1 million order received in June 2017. The healthy
revenue contributed towards higher profit margins. Although there is
a healthy order backlog for the second half, we expect it to be lower
than the first half.
COJOT completed the implementation of an in-house accounting function
and a standardised ERP system to improve interaction between the
various global teams.
Corporate and consolidation
This division includes costs associated with being a listed entity
and the running costs of shared services. An example of this is the
centralised treasury function, where foreign currency hedging is
managed. The following are the main costs before tax included in this
segment:
• Net foreign exchange losses of R0.1 million (Dec 2016: R4.2
million)
• The repayment of the PSG Alpha preference shares on 3 July 2017
resulted in minimal interest being paid in the six months ending
31 December 2017 (Dec 2016: R2.5 million)
• Employee costs, cost of the share incentive option scheme for
Group executives and board fees of R5.0 million (Dec 2016: R4.1
million)
• Legal and consulting fees including the costs to be listed on
the JSE, advisory fees and group audit fees of R1.1 million (Dec
2016: R1.0 million)
Prospects
The Group objective of becoming the preferred supplier of innovative
RF products both locally and internationally is gaining momentum with
sustainable organic growth and strategic acquisitions.
Alaris Antennas
The Alaris values are fundamental to the success of the business,
which has grown annual turnover and profits consistently since its
establishment in 2005. Client centricity is at the core of the
values, with accountability, integrity, innovation and excellence
forming four supporting pillars. Organic growth is stimulated and
achieved through understanding customers’ needs and by adding new
innovative products to the portfolio. Further opportunities for
growth are achieved by adding distributors, agents and new system
houses as clients.
The competitive advantage for Alaris Antennas is its ability to
develop and hold its own IP as a result of its client centric model.
The products are designed locally by a highly skilled team of
engineers and are manufactured on site in Centurion. Approximately
90% of the company’s revenue is derived from exports, which provides
a strong justification to increase the Group’s footprint globally.
The company is expanding its geographies by entering into new market
segments where core competencies can be leveraged. Management
believes the business has significant potential for organic and
acquisitive growth where there is a complementary opportunity in
markets and products.
The US administration has increased the defense budget significantly
over the past year and an increase of more than 7% is proposed for
2019. The sales team has managed to unlock significant opportunities
with new and existing customers in this market providing an
opportunity for the Group to deliver against its client centric model
into the future.
The company has invested in onsite Environmental Stress Screening
(“ESS”) equipment, which includes a humidity chamber and vibration
equipment. This will allow the Group to further improve quality and
customer service.
COJOT
COJOT maintains a client centric approach similar to Alaris. The
company makes use of a direct sales team and select channel partners
to build the order book. The company has a team of highly skilled
engineers with many years of experience in design and development
that provides a competitive advantage and superior client service.
The company has established various partnerships with key contract
manufacturers. These partnerships provide efficiency and scalability
as well as seamless quality to its client base.
The Group
The Group remains positive about prospects for the period ahead. Our
focus is to ensure profitable organic growth for both Alaris Antennas
and COJOT. Both companies are strongly focused on research and
development and hold exploitable patented technologies that can be
monetized into the future. Processes to capitalise on synergies
between Alaris and COJOT, including cross-selling opportunities, will
remain a priority in the short to medium term to maximise its full
potential. The two businesses are complementary. The combined
operations allow existing customers to receive an improved service
and an expanded product portfolio. As such, the design and
development of new products from the combined skill sets of the two
companies will provide more competitive features, enabling increased
performance for end users. Both companies endeavor to continuously
find the required technological edge for customers through product
innovation and excellent service. International expansion is an
important part of the Group’s global strategy and management will
remain on the lookout for further opportunities to increase the
global footprint with specific focus on the United States.
Condensed consolidated statement of profit or loss and other
comprehensive income
Unaudited six months Audited
R’000 ended
December December June 2017
Continuing Operations 2017 2016
Revenue 102 595 84 723 159 350
Cost of sales (27 770) (22 457) (44 042)
Gross profit 74 825 62 266 115 308
Other income 63 130 212
Operating expenses (47 344) (41 387) (78 204)
Trading operating profit A 27 544 21 009 37 316
Finance income 140 307 740
Finance costs B (265) (2 516) (4 907)
Profit before taxation 27 419 18 800 33 149
Taxation C (5 794) (5 858) (10 147)
Profit from continuing operations 21 625 12 942 23 002
Discontinued Operation D
Revenue - 40 075 69 308
Cost of sales - (25 792) (46 811)
Gross profit - 14 283 22 497
Other income - 62 83
Operating expenses - (19 480) (23 826)
Trading operating loss A - (5 135) (1 246)
Profit on disposal of discontinued - - 9 194
operation
Finance income - 307 580
Finance costs - (11) (33)
(Loss)/profit before taxation - (4 839) 8 495
Taxation - 1 356 325
(Loss)/profit from discontinued - (3 483) 8 820
operation
Profit for the period 21 625 9 459 31 822
Other comprehensive income net of
tax: that may be reclassified
Items
subsequently to profit or loss:
- Gross foreign currency (551) (6 053) (6 560)
- translation reserve
Taxation (41) 167 1 838
Total comprehensive income 21 033 3 573 27 100
Condensed consolidated statement of profit or loss and other
comprehensive income (continued)
Unaudited six months
ended Audited
December December
R’000 2017 2016 June 2017
Weighted average number of 116 116 771 156 615 401
ordinary shares in issue 153 985 264
Weighted average number of diluted
ordinary shares in issue 116 116 771 177 110 357 174 385 264
Basic earnings per ordinary share
(cents)
Continuing operations 18.62 8.26 14.94
Discontinued operation - (2.22) 5.72
Total 18.62 6.04 20.66
Diluted earnings per ordinary
share (cents)
Continuing operations 18.62 8.72 16.03
Discontinued operation - (1.97) 5.06
Total 18.62 6.75 21.09
Headline earnings per ordinary
share (cents)
Continuing operations 18.62 8.26 14.94
Discontinued operation - (2.22) (0.33)
Total 18.62 6.04 14.61
Diluted headline earnings per
ordinary share (cents)
Continuing operations 18.62 8.72 16.03
Discontinued operation - (1.97) (0.28)
Total 18.62 6.75 15.75
Normalised earnings per ordinary
share (cents)
Continuing operations 18.69 8.28 15.22
Discontinued operation - (2.22) -
Total 18.69 6.06 15.22
A. Trading operating profit/loss comprises sale of goods, rendering
of services and directly attributable costs, but excludes finance
income, fair value adjustments, profit on disposal of Aucom and
finance costs.
B. The preference shares were repaid to PSG Alpha on 3 July 2017.
Therefore, only 3 days’ interest was paid to PSG for this half
year, compared to the previous period. Refer to supplementary note
3.
C. A lower average taxation rate for December 2017 compared to the same
period last year, owing to COJOT contributing approximately 50% (Dec
2016: 17%) of the profits at a 20% tax rate.
D. Aucom was classified as a discontinued operation in the prior period.
Condensed consolidated statement of financial position
Unaudited six months
ended Audited
December December June
R’000 2017 2016 2017
Assets
Non-Current Assets
Plant and equipment 7 301 5 710 5 793
Goodwill 24 749 24 150 24 902
Intangible assets 12 247 12 193 12 381
Deferred tax assets 3 802 3 495 3 252
48 099 45 548 46 328
Current Assets
Inventories 16 560 13 749 13 592
Assets classified as held-for-sale - 71 755 -
Current tax receivable 1 108 272 2 967
Trade and other receivables 48 882 38 231 27 782
Cash and cash equivalents 31 542 64 215 65 083
98 092 188 222 109 424
Total Assets 146 191 233 770 155 752
Equity and Liabilities
Equity
Equity attributable to owners of the
Company
Share capital and preference shares 6 897 6
Share premium 202 051 222 051 202 051
Share-based payment reserve 5 796 3 599 4 721
Foreign currency translation reserve (5 613) (6 185)
(“FCTR”) (5 021)
(102 302) (86 292) (123 927
Accumulated loss )
Total equity 99 938 134 070 77 830
Liabilities
Non-Current Liabilities
Loans and borrowings 1 299 - 361
Deferred tax liabilities 1 025 1 126 1 073
2 324 1 126 1 434
Current Liabilities
Loans and borrowings 301 166 93
Preference share liability - 50 111 51 000
Trade and other payables 35 010 18 076 25 395
Current tax payable 4 898 2 039 -
Provisions - 2 478 -
Liabilities classified as held-for- - 25 704
sale
Bank overdraft 3 720 - -
43 929 98 574 76 488
Total Liabilities 46 253 99 700 77 922
Total Equity and Liabilities 146 191 233 770 155 752
Number of ordinary shares legally in 116 116 156 116 116 116
issue, less treasury shares 771 771 771
Net asset value per ordinary share 86.07 85.88
(cents) A 67.03
Net tangible asset value per ordinary 54.21 46.95
share (cents) A 34.92
A. Net asset value is calculated by dividing total equity by the
number of ordinary shares in issue, being the number of shares
legally in issue less treasury shares. Net tangible asset value is
calculated by dividing total equity less goodwill and intangible
assets by the same number of ordinary shares in issue.
Condensed consolidated statement of cash flows
Unaudited six months
ended Audited
December December
R’000 2017 2016 June 2017
Profit before taxation 27 419 13 961 41 644
Adjusted for non-cash items 5 011 1 666 (2 560)
Working capital changes (14 453) (22 339) (6 703)
Cash generated from/ (used in) 17 977 (6 712)
operations 32 381
Net finance cost (125) (1 913) (3 825)
Taxation received/ (paid) 508 (6 288) (15 265)
Net cash from/ (used in) operating 18 360 (14 913)
activities 13 291
Cash flows from investing activities
Additions to plant and equipment (2 645) (1 063) (2 523)
Proceeds on disposal of plant and 4 9
equipment 40
Shares repurchased for issue to - (4 318)
employees (4 318)
Additions to intangible assets (1 215) (1 995) (3 145)
Disposal of a subsidiary - - (13 016)
Net cash used in investing activities (3 856) (7 367) (22 962)
Cash flows from financing activities
Repurchase and cancellation of shares
in issue – Aucom transaction - - (20 000)
Repayment of preference shares A (51 000) - -
Receipts of loans and borrowings 1 147 67 305
Net cash (used in) / from financing (49 853) 67
activities (19 695)
Net decrease in cash and cash (35 349) (22 213)
equivalents for the year (29 366)
Cash classified as held-for-sale - (8 029) -
Cash and cash equivalents at the 65 083 94 481 94 481
beginning of the year
Effect of exchange rate movement on (1 912) (24)
cash balances (32)
Total cash and cash equivalents at end 27 822 64 215
of the year 65 083
A. The preference shares were repaid to PSG Alpha on 3 July 2017.
Refer to supplementary note 3.
Condensed consolidated statement of changes in equity
Share
capita Share
l based
and paymen Accum
prefer Share t u-
ence premi reserv lated Total
R’000 shares um e FCTR loss equity
Six months ended
202 (5 02 (123
Balance at 1 July 2017 6 051 4 721 1) 927) 77 830
Total comprehensive income 21
for the period: - - - (592) 625 21 033
21
- Profit for the period - - - - 625 21 625
- Foreign currency translation
reserve - - - (592) - (592)
Share-based payment charge for
existing options - - 1 075 - - 1 075
202 (5 61 (102
Balance at 31 December 2017 6 051 5 796 3) 302) 99 938
226 (95 133
Balance at 1 July 2016 897 369 2 430 (299) 751) 646
Total comprehensive income for (5
the period - - - 886) 9 459 3 573
- Profit for the period - - - - 9 459 9 459
- Foreign currency translation (5 (5
reserve - - - 886) - 886)
Share based payment charge for
existing options - - 1 169 - - 1 169
(4 (4
Movement in treasury shares * 318) - - - 318)
222 (6 (86 134
Balance at 31 December 2016 897 051 3 599 185) 292) 070
Year ended
226 (95 133
Balance at 1 July 2016 897 369 2 430 (299) 751) 646
Total comprehensive income (4 72 31
for the year: - - - 2) 822 27 100
31
- Profit for the year - - - - 822 31 822
- Foreign currency translation (4 (4 722
reserve - - - 722) - )
Reallocation of preference
shares in anticipation of
settlement (889) - - - - (889)
Share-based payment charge for
existing options - - 2 291 - - 2 291
Share buy-back – disposal of (59 9 (59
Aucom (1) - - 98) 999)
Share buy-back – specific (20 0 (20 00
repurchase (1) 00) 1)
(4 (4 318
Movement in treasury shares * 318) - - - )
202 (5 02 (123
Balance at 30 June 2017 6 051 4 721 1) 927) 77 830
* Nominal amount – amount smaller than R1 000.
Segmental analysis
Unaudited six months
ended Audited
December December
R’000 2017 2016 June 2017
Continuing Operations
Segmental revenue
Alaris Antennas 62 713 67 269 123 044
- Total revenue 62 740 67 717 123 920
- Inter-segmental (27) (448) (876)
COJOT 39 882 17 454 36 306
- Total revenue 40 480 18 172 37 353
- Inter-segmental (598) (718) (1 047)
102 595 84 723 159 350
Operating earnings before interest,
tax, depreciation and amortisation
(EBITDA) A
Alaris Antennas 21 711 30 335 51 765
COJOT 15 106 2 927 4 254
Corporate and consolidation (6 790) (10 142) (14 083)
30 027 23 120 41 936
Profit for the period
Alaris Antennas 15 492 20 845 34 946
COJOT 11 763 2 433 3 854
Corporate and consolidation (5 630) (10 336) (15 798)
21 625 12 942 23 002
Normalised earnings after tax for the
period
Alaris Antennas 15 492 20 845 34 962
COJOT 11 763 2 433 3 854
Corporate and consolidation (5 556) (10 311) (15 380)
21 699 12 967 23 436
Discontinued Operation
Segmental revenue
Aucom - 40 075 69 308
Operating earnings before interest,
tax, depreciation and amortisation
(EBITDA)A
Aucom - (3 843) 218
(Loss)/profit for the period
Aucom - (2 731) 252
Corporate and consolidation - (752) 8 568
- (3 483) 8 820
Segment assets and liabilities
Unaudited six months
ended Audited
December December
R’000 2017 2016 June 2017
Segment assets
Alaris Antennas 77 753 73 310 60 748
COJOT 33 245 17 203 17 639
Corporate and consolidation 35 193 71 502 77 365
Aucom (Discontinued operation assets - 72 674 -
held for sale))
146 191 234 689 155 752
Segment liabilities
Alaris Antennas (25 848) (17 225) (18 969)
COJOT (15 481) (8 160) (6 808)
Corporate and consolidation (4 924) (48 612) (52 145)
Aucom (Discontinued operation - (26 623) -
liabilities held for sale)
(46 253) (100 620) (77 922)
A. Operating EBITDA is trading operating profit per Statement of
Profit or Loss excluding depreciation and amortisation.
Reconciliation of operating profit to Unaudited six months
operating EBITDA ended Audited
December December
R’000 2017 2016 June 2017
Continuing Operations
Trading operating profit 27 544 21 009 37 316
Depreciation and amortisation 2 483 2 111 4 620
Operating earnings before interest,
tax, depreciation and amortisation 30 027 23 120 41 936
Discontinued Operation
Trading operating loss - (5 135) (1 246)
Depreciation and amortisation - 1 292 1 464
Operating earnings before interest,
tax, depreciation and amortisation - (3 843) 218
Supplementary notes to the condensed consolidated financial
statements
For the six months ended 31 December 2017
RECONCILIATION OF PROFIT / (LOSS) TO HEADLINE EARNINGS
Total Operations Continuing Operations
Unaudited six Unaudited six
months months ended
Ended Audited Audited
December December June December December June
R’000 2017 2016 2017 2017 2016 2017
Profit from operations 21 625 9 459 21 625 12 492
for the period 31 822 23 002
Profit on disposal of
discontinued operation
A - - (9 320) - - -
Headline earnings
attributable to
ordinary shareholders 21 625 9 459 22 502 21 625 12 942 23 002
A. The profit on disposal of discontinued operation is after tax.
1. FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE
The carrying values of other financial assets and liabilities, trade
and other receivables, trade and other payables, loans and borrowings
approximate their fair value due to it being short-term in nature.
The Group measures currency futures at fair value using inputs as
described in level 1 of the fair value hierarchy.
2. REPAYMENT OF PREFERENCE SHARES
Shareholders are referred to the SENS announcement dated 30 June 2017
regarding the redemption of redeemable convertible preference shares.
Alaris Holdings Limited and PSG Alpha Investments Proprietary Limited
(“PSG Alpha”) had entered into a Preference Share Subscription
Agreement on 4 March 2014 in terms of which PSG Alpha subscribed for,
and the Company issued, 20 400 000 redeemable, convertible preference
shares of no par value (“Preference Shares”), at a subscription price
of R2.50 per Preference Share for a total subscription consideration
of R51 million.
In terms of the Preference Share Subscription Agreement, Alaris
Holdings Limited would be obliged to redeem the Preference Shares on
the first business day following the third anniversary of the
effective date, being 3 July 2017 (“Redemption Date”), to the extent
that Preference Shares had not been converted by PSG Alpha prior to
the Redemption Date.
PSG Alpha has not converted the Preference Shares given that the
Alaris share price at the Redemption date was lower than the
conversion price of the Preference Shares. Accordingly, the total
consideration of R51 million was repaid on 3 July 2017. This has had
a positive impact by not resulting in further dilution of shares in
issue.
3. STATEMENT OF COMPLIANCE
Alaris Holdings Limited is a South African registered company. These
condensed consolidated interim financial statements comprise of the
Company and its subsidiaries.
The condensed consolidated interim financial statements for the six
months ended 31 December 2017 are prepared in accordance with the
International Financial Reporting Standard (“IFRS”), IAS 34 Interim
Financial Reporting, the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee and Financial Pronouncements as
issued by Financial Reporting Standards Council and the requirements
of the Companies Act of South Africa. The accounting policies applied
in the preparation of these interim financial statements are in terms
of International Financial Reporting Standards and are consistent
with those applied in the previous annual financial statements.
BASIS OF PREPARATION
The accounting policies applied in the preparation of the condensed
consolidated interim financial statements are in terms of IFRS and
are consistent with those applied in the previous consolidated annual
financial statements.
The following standards and interpretations were in issue but not
yet effective:
Standard/ Effective date: Years Expected impact
Interpretation beginning on or after
IFRS 2, Share-based 1 January 2018 Management is in the
Payment process
of assessing the
impact of the
standard
IFRS 3, Business 1 January 2019 The impact of the
Combinations standard is
not expected to be
material
IFRS 9 Financial 1 January 2018 Management is in the
Instruments process
of assessing the
impact of the
standard
IFRS 10 Consolidated The effective date of The impact of the
Financial Statements this amendment has standard is
been deferred not expected to be
indefinitely until material
further notice
IFRS 15 Revenue from 1 January 2018 The impact of the
Contracts from standard is
Customers not expected to be
material
IFRS 16 Leases 1 January 2019 Management is in the
process
of assessing the
impact of the
standard
IAS 12 Income Taxes 1 January 2019 The impact of the
standard is
not expected to be
material
IFRIC 22 Foreign 1 January 2018 The impact of the
Currency Transactions standard is
and Advance not expected to be
Consideration material
IFRIC 23 Uncertainty 1 January 2019 The impact of the
over Income Tax standard is
Treatments not expected to be
material
The condensed consolidated interim results have been presented on the
historical cost basis except for the currency futures, which are fair
valued. These results are presented in Rand, rounded to the nearest
thousand, which is the functional currency of Alaris and the Group
presentation currency. These condensed consolidated interim results
incorporate the financial statements of the Company, its subsidiaries
and entities that, in substance, are controlled by the Group. Results
of subsidiaries are included from the effective date of acquisition
up to the effective date of disposal. All significant transactions
and balances between Group entities are eliminated on consolidation.
The condensed consolidated interim financial statements were prepared
under the supervision of the Group Financial Director, Gisela Heyman
CA(SA). These interim results have not been audited or reviewed by
the Group’s auditors.
6. SUBSEQUENT EVENTS
The directors are not aware of any material event which occurred
after the reporting date and up to the date of this report.
7. GOING CONCERN
The directors have made an assessment of the ability of the Group and
its subsidiaries to continue as going concerns and have no reason to
believe that the businesses will not be going concerns in the year
ahead.
DIVIDENDS
No dividend was declared for the period under review.
DIRECTORATE
Mr. A. Mellet was appointed as a non-executive director on 17
November 2017 and Mr. N. de Waal resigned as a director on 17
November 2017. No further changes to the board took place during the
period under review, up to and including the date of this report.
By order of the board
Jürgen Dresel Gisela Heyman
Group Chief Executive Officer Group Financial Director
26 February 2018
Johannesburg
Corporate information
ALARIS HOLDINGS LIMITED
(incorporated in the Republic of
South Africa)
www.alarisholdings.co.za
Directors
Coen Bester*^ (Chairman),
Jürgen Dresel # (CEO),
Richard Willis*^,
Andries Mellet^,
Gisela Heyman (Financial
Director)
*Independent
^Non-executive
#German
Business address and registered
office
1 Travertine Avenue,
N1 Business Park,
Old Johannesburg Road,
Centurion, 0157
(Private Bag X4, The Reeds,
Pretoria, 0061)
Designated Adviser
PSG Capital (Pty) Ltd
Registration Number
2006/015817/07
Second Floor,
11 Alice Lane,
Sandton, 2196 (PO Box 650957,
Benmore, 2010)
Company Secretary
Fusion Corporate Secretarial
Services
Transfer Secretaries
Computershare Investor Services
Proprietary Limited
Registration Number
2004/003647/07
Rosebank Towers,
15 Biermann Avenue,
Rosebank,
Johannesburg, 2196
(PO Box 61051, Marshalltown,
2107)
Auditors
KPMG Inc.
PRINCIPAL SUBSIDIARIES
Alaris Antennas Proprietary
Limited
Registration Number
2013/048197/07
Alaris Antennas Division
Managing Director: Jürgen Dresel
1 Travertine Avenue,
N1 Business Park,
Old Johannesburg Road,
Centurion, 0157
Tel +27 (0)11 034 5300
COJOT Oy
Registration Number 0620465-3
COJOT Division
Managing Director: Samu Lentonen
PL 59,
02271 Espoo,
Finland
Tel +358 (0) 9 452 2234
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