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SUL
SUL
SUL - Sab&T Ubuntu Holdings - Abridged Annual Financial Statements for the year
ended 28 February 2007
SAB&T UBUNTU HOLDINGS LIMITED
(formerly Abrina 4166 Limited)
(Incorporated in the Republic of South Africa)
Registration number : 2006/029387/06
JSE Share Code: "SUL"
ISIN Code : ZAE000088837
Abridged Annual Financial Statements for the year ended 28 February 2007
- Revenue exceeds forecast by 42%
- Profit after tax for the year exceeded forecast by 40%
- Earnings and headline earnings per share exceeded forecast by 40%
Forecast
28 February 2007
Audited (per pre-listing
28 Feb 2007 statement)
R`000 R`000
INCOME STATEMENT
Revenue 85,459 60,000
Operating profit 10,079 9,876
Investment revenue 266 -
Fair value adjustments 434 -
Income from equity accounted investments 255 -
Finance cost (51) -
Profit before taxation 10,983 9,876
Taxation (1,069) (2,864)
Profit for the year 9,914 7,012
Attributable to:
Equity holders of the company 9,829 7,012
Minority interest 85 -
Weighted average number of shares (`000) 282,300 282,300
Basic and diluted earnings per share (cents) 3,5 2,5
Headline earnings per share (cents) 3,5 2,5
Audited
28 Feb 2007
R`000
ABRIDGED BALANCE SHEET
As at 28 February 2007
ASSETS
Non current assets 28,958
Property, plant and equipment 1,912
Available-for-sale investments 989
Goodwill 20,869
Investments in associates 2,335
Other financial assets 801
Deferred taxation 2,052
Current assets 38,341
Trade and other receivables 22,028
Current tax receivable 43
Cash and cash equivalents 16,270
Total assets 67,299
EQUITY AND LIABILITIES
Shareholders` Funds 54,196
Share capital and premium 44,103
Accumulated profit 9,829
Minority interest 264
Non-current liabilities 814
Borrowings 814
Current liabilities 12,289
Trade and other payables 8,618
Taxation 2,211
Provisions 1,460
Total equity and liabilities 67,299
NAV per share (cents) 19.2 cents
Tangible NAV per share (cents) 11.8 cents
Shares in issue at year end (`000) 282,300
ABRIDGED STATEMENTS OF CHANGES IN EQUITY
For the year ended 28 February 2007
STATEMENT OF CHANGES IN EQUITY
Share Share Total Retained
Capital Premium Share income
R`000 R`000 Capital
Balance as at 01 March 2006 - - - -
Profit for the year - - - 9,829
Issue of shares 28 44,075 44,103 -
Business combinations - - - -
Total changes 28 44,075 44,103 9,829
Balance as at 28 February 2007 28 44,075 44,103 9,829
Total Minority Total
attributable interest equity
to equity
holders
of the group
Balance as at 01 March 2006 - - -
Profit for the year 9,829 85 9,914
Issue of shares 44,103 - 44,103
Business combinations - 179 179
Total changes 53,932 264 54,196
Balance as at 28 February 2007 53,932 264 54,196
ABRIDGED CASH FLOW STATEMENT 2007
Cash flow from operating activities
Cash generated from operations 6,275
146
Interest income
Dividends received 120
Finance costs (51)
Tax paid (882)
Net cash from operating activities 5,608
Cash flows from investing activities
Purchase of property, plant and equipment (63)
Loans advanced to group companies (769)
Acquisition of businesses 955
Net cash from investing activities 123
Cash flows from financing activities
Proceeds on share issue 11,103
Repayment of other financial liabilities (17)
Loans from group companies 17
Repayment of borrowings (564)
Net cash from financing activities 10,539
Total cash movement for the period 16,270
Cash at the beginning of the period -
Total cash at end of the period 16,270
COMMENTS
1. CORPORATE ACTIVITY
During the year under review the following significant events occurred:
The company acquired various operating businesses, effective 1 March 2006
including the corporate governance and internal audit services, forensics,
business entrepreneurial services, information technology services, management
consulting services and personnel and recruitment services divisions.
The acquisition was settled through the issue of 220,000,000 new ordinary
shares of SUHL at an agreed issue price of 15 cents per share.
Following a private placing of 37,000,000 shares for cash at 30 cents per
share, the company`s shares were listed on the AltX division of the
JSE Limited, on 30 November 2006.
2. FINANCIAL RESULTS AND PERFORMANCE
The Group`s maiden results for the year exceeded the profit forecast published
in the Prelisting Statement.
In particular:
2.1. Profit after tax for the year exceeded the forecast by 40%
2.2. Headline earnings per share and earnings per share exceeded the forecast
by 40%
The main factors contributing toward the higher than expected results were
higher than expected operating results from SAB&T Business Innovations Group
(Pty) Ltd and Virtually HR (Pty) Ltd
The group is cash positive with cash balances at year end exceeding R16m.
Goodwill of R20,869m arose on the acquisition of the various businesses.
Goodwill was evaluated and is considered to be fairly valued.
3. GROUP OUTLOOK
The local business services industry and personnel recruitment industry
continue to create a sound market for the group in South Africa. The market for
business services in general and corporate governance, internal audit, forensic
services and management consulting services in particular is growing and we
continue to see a significant demand especially in management consulting and
corporate governance services. The economic development in Southern Africa and
resultant evolution of business services presents an exciting opportunity for
well positioned solution providers.
The group is constantly seeking reputable and like minded businesses for
acquisition and incorporation into the Group, in order to expand and grow the
SUHL footprint.
4. SOCIAL RESPONSIBILITY
The Group is involved in several initiatives and is committed to continue with
initiatives to uplift the community. Some of the initiatives include "feed the
babies", sponsoring a soccer team of underprivileged children in an informal
settlement coupled with a project to assist with their academic progress.
The Group also provides bursaries to disadvantaged and needy students in the
accountancy profession to stimulate and increase skills in the profession.
Development of the Group`s employee skills is a focal point. The Group provides
training and development to employees in order to contribute to increasing
skills in the business services industry.
5. DIVIDENDS
In line with the company`s stated dividend policy of distributing approximately
30% of attributable earnings, a maiden dividend of 1c per share is proposed to
shareholders registered on 8 May 2007.
6. EVENTS SUBSEQUENT TO YEAR END
As announced on SENS, the company acquired various investments subsequent to
year end.
7. ACCOUNTING POLICIES
Basis of Presentation
The abridged annual financial statements for the year ended 28 February 2007
incorporate extracts of the group`s unqualified audited financial statements
and are prepared in accordance with International Financial Reporting Standard
("IFRS"), the Listing Requirements for the JSE Limited and the Companies Act of
South Africa. For a better understanding of the Group`s financial position and
results of the operations, these abridged financial statements are to be read
in conjunction with the Group`s audited annual financial statements for the
year ended 28 February 2007 which include all disclosures required by IFRS,
which are expected to be posted on or about 10 August 2007.
8. AUDIT REPORT
The annual financial statements for the year ended 28 February 2007 have been
audited by PKF (Pretoria) Incorporated, and their unqualified audit report is
available for inspection at the Company`s registered office.
9. CORPORATE GOVERNANCE
The Board is committed to the promotion of good corporate governance as set out
in King II report on Corporate Governance in South Africa. The Board recognizes
the need for adherence to the report and is continuing to implement procedures
in order to ensure that the Group has an effective corporate governance policy.
10. GOING CONCERN
The Group financial statements have been prepared on the going concern basis
since the directors have every reason to believe that the Group will continue
in the foreseeable future.
11. DIRECTORATE
During the year under review the following members were appointed to the Board
of SUHL:
11.1. Jeff van Rooyen appointed as a non-executive chairman on 1 November 2006.
11.2. Fatima Jakoet appointed as non-executive director on 1 November 2006.
11.3. Bashier Adam was appointed as CEO on 1 November 2006.
11.4. Simba Makamure appointed as the financial director on 1 November 2006.
11.5. Nishani Singh appointed as executive director on 1 November 2006.
On behalf of the Board of Directors
J van Rooyen B. Adam
(Chairman) (CEO)
12. CORPORATE INFORMATION
Registered Office:
119 Witch-Hazel Avenue
Highveld Technopark
Centurion
0046
Postal address:
P.O. Box 10512
Centurion
0046
Corporate and Designated Advisors:
River Group
Parc Nouveau Building
225 Veale Street, Brooklyn
Pretoria, 0181
Transfer Secretary:
Computershare Investor Services 2004 (Pty) Ltd
Registration number: 2004/003647/07
70 Marshall Street
Johannesburg, 2001
Company Secretary:
C. de Beer
119 Witch-Hazel Avenue
Highveld Technopark, Centurion, 0046
Auditors:
PKF (Pretoria) Incorporated
105 Club Avenue, Waterkloof Heights
Pretoria, 0181
P O Box 98060
Waterkloof Heights, 0065
Date: 08/05/2007 07:00:04 Produced by the JSE SENS Department.
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