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RBA
RBA
RBA - RBA Holdings Limited - Abridged interim results for the six month period
ended 30 June 2007
RBA HOLDINGS LIMITED
ABRIDGED INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2007
(Formerly RBA Holdings (Pty) Ltd)
(Incorporated in the Republic of South Africa)
(Registration Number: 1999/009701/06)
Share Code: RBA
ISIN Code: ZAE000104154
("RBA Holdings")
Highlights
Headline earnings per share 105% increase
Earnings per share 100% increase
Revenue growth 30%
Abridged consolidated balance sheet
30 June 30 June 31
(Reviewed)2 (Reviewed)2 December
007 006 (Audited)
R`000 R`000 2006
R`000
Assets
Non-current assets 50 908 25 612 30 459
Current assets 50 313 26 662 28 935
Total assets 101 221 52 274 59 394
Equity and liabilities
Capital and reserves 36 248 12 073 18 001
Non-current liabilities 31 799 18 110 14 164
Current liabilities 33 174 22 091 27 229
Total equity and liabilities 101 221 52 274 59 394
Abridged consolidated income statement
6 months ended Year
ended
30 30 Chang 31 Dec
June(Review June(Revi e% (Audited)
ed)2007 ewed)2006 2006
R`000 R`000 R`000
Revenue 100 177 76 950 30% 175 819
Direct and operating costs (76 343) (68 916) 11% (154 117)
Earnings before interest and 23 834 8 034 197% 21 702
taxation
Other income 3 285 3 810 8 261
Net finance charges (1 217) (1 269) (2 086)
Profit before taxation 25 902 10 575 145% 27 877
Taxation (7 022) (2 400) (8 728)
Profit after taxation 18 880 8 175 131% 19 149
Loss from associate companies (632) (150) (165)
Minority interests (2 242) (5) (36)
Attributable earnings 16 006 8 020 100% 18 948
Headline Earnings
Earnings attributable to 16 006 8 020 100% 18 948
ordinary shareholders
Fair value adjustment of (750) (580) (1 300)
investment property
Headline earnings 15 256 7 440 17 648
attributable to ordinary 105%
shareholders
Pro forma (Note 1)
Pro forma number of shares in 280 000 000 280 000 280 000
issue 000 000
Pro forma earnings per share 5.72 2.86 6.77
(cents)
Pro forma headline earnings 5.45 2.66 6.30
per share (cents)
Actual (Note 2)
Number of shares in issue 125 125 125
Earnings per share (cents) 12 804 800 6 416 000 15 158
400
Headline earnings per share 12 204 800 5 952 000 14 118
(cents) 400
Note:
1 In order to make the calculations more meaningful, the pro forma number of
shares in issue is based on the restructured number of issued shares on 22
August 2007.
2 The actual and headline earnings per share have to be viewed with caution
when comparing same to the pro forma actual and headline earnings per
share. The existing shareholders were issued 2 675 ordinary shares on 22
August 2007. The 2 800 ordinary shares in issue (2 675 new issue plus 125
existing) were then sub-divided into 280 000 000 ordinary shares of 0,001
cent each.
Abridged statement of changes in equity
Share capital Retained Minority Total
R`000 earnings Interest R`000
R`000 R`000
Balance at 1 January 1 3 448 21 3 470
2006
Profit for the 18 948 583 19 531
period
Dividends (5 000) (5 000)
Balance at 31 1 17 396 604 18 001
December 2006
Profit for the 16 006 2 242 18 248
period
Balance at 30 June 1 33 402 2 846 36 249
2007
Abridged consolidated cash flow statement
6 months ended Year
ended
30 June 30 June 31
(Reviewed) (Reviewed) December
2007 2006 (Audited)
R`000 R`000 2006
R`000
Cash and equivalents at (47) 2 251 2 251
beginning of period
Cash flows from operating 2 646 5 278 11 643
activities
Cash flows from investing (12 358) (4 489) (5 556)
activities
Cash flows from financing 7 447 (3 834) (8 385)
activities
Cash and equivalents at (2 312) (794) (47)
end of period
PERFORMANCE REVIEW
The directors of RBA Holdings are pleased to announce a 100% increase in
attributable earnings from R8 million for the six months ended 30 June 2006 to
R16 million for the six months ended 30 June 2007. Headline earnings increased
by 105% from R7,4 million to R15,2 million respectively.
The strong earnings growth was attributable to:
* a 30% revenue growth from R76,9 million to R100,2 million;
* an increase in the average house selling price from R316 000 to R390 000;
* an increase in the number of units completed;
* relatively stable fixed costs year on year; and
* an increase in the number of units constructed internally from 14% to 52%.
Cash generated from operating activities was down from R5,2 million for the six
months ended 30 June 2006 to R2,6 million for the six months ended 30 June
2007. This was due to a substantial increase in working capital as a result of
650 houses under construction at 30 June 2007. Based on historical experience
these working capital levels will reduce by year-end due to the completion of
houses before the builders` shutdown in December and consequent increased cash
collections.
Non current assets increased due to additions to RBA`s investment property
portfolio. Similarly, non current liabilities increased due to the financing
thereof.
SUBSEQUENT EVENTS
Subsequent to the reporting period, RBA Holdings listed on the AltX on 20
September 2007. The listing raised R30 million, R7 million of which provided a
working capital injection and R3 million being used to establish a staff share
incentive scheme. The remaining R20 million is earmarked for land procurement,
especially along the urban edges.
PROSPECTS
Prospects for the remainder of the year remain positive and production levels
have increased. As at 30 June 2007, 650 fully bank funded units were under
construction in 19 project areas. These units will be completed before the end
of 2007. The internal construction arm of RBA Holdings is constructing 65% of
these the units.
In the absence of any unexpected events or changes in the current trading and
cost environment, the directors remain confident that the R35,5 million earnings
forecast for the year ending 31 December 2007 will be achieved.
DIVIDEND POLICY
In line with RBA Holding`s growth strategy no dividend has been declared. The
dividend policy of RBA Holdings will be reviewed annually in light of the RBA
Holding`s cash flow, gearing and capital requirements.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The consolidated interim financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRS) and IAS 34: Interim
Financial Reporting. The accounting policies used in the preparation of these
results are consistent in all material respects with those used in the annual
financial statements for the year ended 31 December 2006.
REVIEW OPINION
The auditors of RBA Holdings, Baxters Registered Accountants and Auditors, have
reviewed the financial information in terms of rule 3.18 of the Listings
Requirements of the JSE Limited. Their unqualified review opinion is available
for inspection at the offices of RBA Holdings.
APPRECIATION
We thank our loyal staff for their commitment and hard work which enabled RBA
Holdings to achieve a successful listing on AltX on 20 September 2007. We also
thank our business partners, advisors, clients and shareholders for their
support and faith in the group.
By order of the Board
28 September 2007
David Wentzel Jason Mortimer
Chief Executive Officer Financial Director
CORPORATE INFORMATION
Executive directors: D K Wentzel; J L Mortimer; B A Stegmann; R F Eksteen; D F
Esterhuyse; G S Warren
Non-executive directors: L Theron, L A Thondi
Company Secretary: J L Mortimer CA (SA)
Registration number: 1999/009701/06
Registered address: Nedbank Building, Cnr Biccard & Jorissen Street,
Braamfontein, 2017
Postal address: P.O Box 30885, Braamfontein, 2017
Telephone: 011 483 5000
Facsimile: 086 516 0873
Web address: www.rbaholdings.co.za
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited
Auditors: Baxters Registered Accountants and Auditors
Designated Adviser: Exchange Sponsors (Pty) Limited
Date: 28/09/2007 09:00:01 Produced by the JSE SENS Department.
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