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SKJ
SKJ
SKJ - Sekunjalo - Update On Published Results And Proposed
Listing Of A Subsidiary
SEKUNJALO INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1996/006093/06
Share code: SKJ & ISIN: ZAE000017893
"Sekunjalo"
UPDATE ON PUBLISHED RESULTS AND PROPOSED LISTING OF A SUBSIDIARY
In compliance with section 3.22 of the JSE Limited Listings Requirements,
shareholders are advised as follows:
Further to Sekunjalo`s audited results for the year ended 31 August 2007,
published on 5 December 2007 ("the provisional results"), the following
updated allocations can be found below.
Additional financial information is available in the annual report which
has been made available on the group website, www.sekunjalo.com, under the
investor relations section.
Any further queries should be communicated via the contact details below.
AUDITED RESULTS FOR THE YEAR ENDED 31 AUGUST 2007
GROUP BALANCE SHEET
Audited Audited
Group to Group to
31 August 2007 31 August 2006
R`000 R`000
ASSETS
Non current assets 721,010 539,646
Property, plant & equipment 201,374 190,440
Goodwill and other intangibles 126,066 106,240
Other investments 346,153 134,751
Investments in Associates - 7,110
Biological assets 17,882 16,331
Loans receivable 14,928 60,312
Deferred tax 14,607 24,462
Current Assets 192,331 191,725
Inventory 35,279 27,854
FEC asset 14 38
Current loans 19,170 5,560
Receiver of Revenue 1,166 466
Trade and other receivables 83,673 117,898
Cash and cash equivalents 53,029 39,909
Non current assets held for sale 40,433 -
TOTAL ASSETS 953,774 731,371
EQUITY & LIABILITIES
Capital & Reserves
Share capital 29 27
Share premium 386,764 301,408
Non distributable reserves 8,056 10,262
Other distributable reserves - 100
Accumulated profits 166,481 52,252
Equity attributable to parent 561,330 364,049
Outside shareholders interest 29,742 48,643
Total equity 591,072 412,692
Non-current liabilities 155,816 126,046
Long term borrowings 46,833 55,694
Deferred tax 106,911 68,382
Post employment medical costs 2,072 1,970
Current Liabilities 178,202 192,633
Trade & other payables 74,622 68,218
Policy Holder`s liabilities - 17,323
Provisions 30,926 10,222
Current portion of long term 27,115 37,509
borrowings
Bank overdraft 29,991 50,774
Receiver of Revenue 15,548 8,587
Non current liabilities held for 28,684 -
sale
TOTAL EQUITY & LIABILITIES 953,774 731,371
GROUP INCOME STATEMENT
Diluted earnings per share ("eps") and headline earnings per share ("heps")
Eps and heps are reflected as 28.67 cents and 29.29 cents respectively in
the annual report. This change arose as result of removing the adjustment
for dividends received and thereby correcting the calculation of headline
earnings.
Audited Audited
Group to Group to
31 August 2007 31 August 2006
R`000 R`000
Revenue 449,516 422,418
Cost of sales (229,016) (238,655)
Gross profit 220,500 183,763
Other operating income 282,903 116,871
Gross income 503,403 300,634
Other operating expenses (317,872) (210,953)
Profit from operations 185,531 89,681
Income from associate (13) 605
Finance (expense)/income (11,413) (3,474)
Profit before tax 174,105 86,812
Tax expense (61,690) (14,907)
Profit/(loss)after tax 112,415 71,905
Attributable to :
Outside shareholders (2,204) 5,646
Parent 114,619 66,259
112,415 71,905
Headline earnings 117,075 65,172
Number of shares in issue 469,205,361 360,675,482
Weighted number of shares in 399,727,904 316,379,170
issue
Diluted number of shares in 416,478,538 357,810,172
issue
Headline earnings/(loss) per 29.29 20.60
share (cents)
Earnings/(loss) per share 28.67 20.94
(cents)
Diluted earnings/(loss) per 27.52 18.52
share (cents)
Net Asset Value per share 125.97 114.42
(cents)
Headline earnings 2007 2006
reconciliation R`000 R`000
Basic earnings 114,619 66,259
Loss on disposal of investment - 26
Contingent liability - (1,300)
Loss/(Profit) on disposal of (214) 16
property, plant and equipment
Loans written off - 171
Impairment of goodwill 1,735 -
Impairment of property, plant 935 -
and equipment
Headline earnings 117,075 65,172
CASH FLOW STATEMENT
The classification between the operating, investing and financing
activities as set out in the cash flow statement contained in the annual
report are as follows:
Audited Audited
Group to Group to
31 August 2007 31 August 2006
R`000 R`000
CASH FLOW FROM OPERATING (13,347) (12,153)
ACTIVITIES
CASH FLOWS FROM INVESTING (33,794) (76,610)
ACTIVITIES
CASH FLOWS FROM FINANCING 81,044 37,286
ACTIVITIES
Increase/(Decrease) in cash and 33,903 (51,477)
cash equivalents
Cash and cash equivalents at (10,865) 40,612
beginning of the year
CASH EQUIVALENTS AT THE END OF 23,038 (10,865)
THE YEAR
The change in the above classifications is as a result of more fairly
presenting the cash flow activities.
GROUP STATEMENT OF CHANGES IN EQUITY
Non
distributable
Share capital Share premium reserves
R`000 R`000 R`000
Balance at 26 236,402 8,245
31/08/05
Prior year error - - -
Restated balance 26 236,402 8,245
at
31/08/05
Net profit from - -
Activities
Issue of share 1 65,006
capital
Movement in - - 2,017
reserves
Dividend - -
Acquisition of -
subsidiaries
Balance at 27 301,408 10,262
31/08/06
Prior year error - - -
Restated balance 27 301,408 10,262
at 31/08/06
Net profit from - -
Activities
Issue of share 2 85,356
capital
Movement in - - (2,206)
reserves
Dividend - -
Acquisition/ - -
(Disposal) of
subsidiaries
Balance at 29 386,764 8,056
31/08/07
GROUP STATEMENT OF CHANGES IN EQUITY (continued)
Other
distributable Accumulated
reserves Profit/(loss) Total
R`000 R`000 R`000
Balance at 487 (13,838) 231,322
31/08/05
Prior year error - (106) (106)
Restated balance 487 (13,944) 231,216
at
31/08/05
Net profit from 67,401 67,401
Activities
Issue of share 65,007
capital
Movement in (387) 1,630
reserves
Dividend (63) (63)
Acquisition of -
subsidiaries
Balance at 100 53,394 365,191
31/08/06
Prior year error (1,142) (1,142)
Restated balance 100 52,252 364,049
at 31/08/06
Net profit from 114,619 114,619
Activities
Issue of share 85,358
capital
Movement in (100) (8) (2,314)
reserves
Dividend (382) (382)
Acquisition/
(Disposal) of
subsidiaries
Balance at - 166,481 561,330
31/08/07
GROUP STATEMENT OF CHANGES IN EQUITY (continued)
Minority
interest Total equity
R`000 R`000
Balance at 40,152 271,474
31/08/05
Prior year error - (106)
Restated balance at 40,152 271,368
31/08/05
Net profit from 6,658 74,059
Activities
Issue of share capital 65,007
Movement in reserves 1,630
Dividend (63)
Acquisition of 2,845 2,845
subsidiaries
Balance at 49,655 414,846
31/08/06
Prior year error (1,012) (2,154)
Restated balance at 48,643 412,692
31/08/06
Net profit from (2,204) 112,415
Activities
Issue of share capital 85,358
Movement in reserves (2,314)
Dividend (382)
Acquisition/ (16,697) (16,697)
(Disposal) of subsidiaries
Balance at 29,742 591,072
31/08/07
PROPOSED LISTING OF A SUBSIDIARY
The board of Sekunjalo met on the 30th January 2008 and gave it`s approval
for the listing of Sekunjalo TSG (the informatics division), subject to the
necessary regulatory approvals. Shareholders will be advised of any updated
information regarding the proposed listing.
04 February 2008
Cape Town
DIRECTORS
*Dr M Iqbal Surve (Executive Chairman); *Mohamed Y Kajee (CEO); *Khalid
Abdulla; Norman T Noland; *Reverend Vukile Mehana, Mihe Gaomab,The First;
Salim Young; Dianne Case; Zoliswa A Kota *Executive Directors
Registered Address: Sekunjalo House, Block F, The Terraces, Steenberg
Office Park, Tokai, 7945
email: nonqaba@sekunjalo.com
Tel: (021) 702 7700
Transfer Secretaries: Link Market Services South Africa (Pty) Ltd, 11
Diagonal Street, Johannesburg
Auditors: PKF (Newlands) Inc, Claremont
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 04/02/2008 15:27:01 Produced by the JSE SENS Department.
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