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SKY
SKY
SKY - Sea Kay Holdings Limited - Condensed Audited Annual Financial Statements
for the Year Ended 30 June 2008
SEA KAY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/004967/06)
JSE code: SKY
ISIN: ZAE000102380
("Sea Kay" or "the group")
CONDENSED AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008
In accordance with the Listings Requirements of the JSE Limited, the directors
of Sea Kay hereby publish the group`s unqualified audited annual financial
statements for the year to 30 June 2008 which replace the reviewed financial
statements for that year published on 30 September 2008.
CONDENSED AUDITED CONSOLIDATED INCOME STATEMENT
Year ended Year ended
30 June 30 June
2008 2007
R000 R000
Revenue 649,827 250,301
Operating profit 133,590 47,941
Investment revenue 6,946 2,370
Finance costs (19,887) (4,882)
Profit before taxation 120,649 45,429
Taxation (32,113) (4,318)
Profit after taxation 88,536 41,111
Allocated as follows:
Equity shareholders of Sea Kay
Holdings Limited 85,789 41,111
Minority Interest 2,747 -
88,536 41,111
Year ended Year ended
30 June 2008 30 June 2007
Reconciliation of headline
earnings
Profit after taxation 85,789 41,111
Less profit on sale of PP&E (53) (67)
Headline earnings 85,736 41,044
Weighted average number of 473,223 326,653
shares in issue (`000)
Earnings per share (cents) 18,13 12,59
Headline earnings per share 18,12 12,57
(cents)
CONDENSED AUDITED CONSOLIDATED BALANCE SHEET
Year Year
ended ended
30 June 30 June
2008 2007
R000 R000
ASSETS
Non-current assets 299,926 91,371
Property, plant and equipment 96,794 10,991
Goodwill 202,167 80,380
Intangible assets 339 -
Deferred tax 626 -
Current assets 582,863 145,543
Inventories 21,719 9,940
Trade and other receivables 435,718 121,699
Other financial assets - 573
Taxation receivable - -
Construction contracts and 62,314 12,184
receivables
Cash and bank balances 63,112 1,147
Total assets 882,789 236,914
EQUITY AND LIABILITIES
Total equity 275,629 144,816
Issued capital 153,099 106,536
Retained earnings 124,069 38,280
Minority interest (1,539) -
Non-current liabilities 119,807 24,262
Loans from shareholders 27,936 5,004
Other financial liabilities 51,060 13,242
Finance lease 20,576 3,120
Deferred taxation 20,235 2,896
Current liabilities 487,353 67,836
Capital accounts from other 2,447 -
ventures 233,534 46,623
Trade and other payables
Other financial liabilities 187,754 3,185
Current tax payable 22,956 1,744
Loans payable 6,426 5,757
Finance lease obligation 16,034 1,909
Provisions 18,071 -
Bank overdrafts - 8,593
Operating lease liability 131 25
Total equity and liabilities 882,789 236,914
Net asset value per share (cents) 58.04 34.11
Net tangible asset value per share 15.64 15.18
(cents)
Number of shares in issue at year
end (`000) 477,531 424,531
CONDENSED AUDITED CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Year Year
ended ended
30 June 30 June
2008 2007
R000 R000
Balance at 1 July 144,816 -
Shares issued 46,563 106,536
Ordinary dividends - (2,831)
Minorities purchased (4,286) -
Profit for the period 85,789 41,111
Minorities share in
current period profit 2,747 -
Balance at end of 275,629 144,816
period
CONDENSED AUDITED CONSOLIDATED CASH FLOW STATEMENT
Year
Year ended
ended 30 June
30 June 2008 2007
R000 R000
Cash flows from operating (53,783) (20,375)
activities
Cash used in operations (38,300) (17,667)
Net finance costs (12,941) (2,477)
Taxation paid (2,542) (231)
Cash flows from investment
activities (48,000) (8,755)
Property, plant and machinery (27,015) (4,044)
acquired
Purchases of intangible assets (395) -
Sale of Property, plant and
equipment 69 67
Acquisition of business (21,232) (4,205)
Proceeds on loan 573 (573)
Cash flows from financing
activities 172,227 21,684
Proceeds on shares issued 46,563 -
Long term liabilities raised 125,664 24,515
Ordinary dividends paid - (2,831)
Total movement for the year 70,444 (7,446)
Cash and cash equivalents at (7,446) -
beginning of period
Effect of exchange rate
movement on cash balances 114 -
Cash and cash equivalents at 63,112 (7,446)
end of period
CONDENSED SEGMENTAL ANALYSIS
Building, Civil Total
Material Engineering
Supply and
Property
Development
R000 R000 R000
Revenue 569,599 80,228 649,827
Profit before tax 111,113 9,536 120,649
Total assets 548,214 334,575 882,789
Total liabilities 439,019 168,141 607,160
Property plant and 34,513 62,281 96,794
equipment
Total current 318,567 168,786 487,353
liabilities
ADOPTION OF NEW ACCOUNTING STANDARDS
During the current year the group adopted IFRS 7: Financial Instruments:
Disclosure, which is effective for annual reporting periods beginning on or
after 1 January 2007 and the consequential amendments to IAS 1: Presentation of
Financial Statements.
RECLASSIFICATION OF COMPARITIVE FIGURES
Certain comparative figures have been reclassified.
CHANGES TO CASH FLOW STATEMENTS
2008 changes:
Elements of the cash flow impact of the Lonerock acquisition, effective 1 May
2008, were erroneously included in the previously published unaudited cash flow
statement for the year ended 30 June 2008. This has been rectified in the cash
flow statement published in this announcement.
2007 reclassification:
Cash flow from operating, financing and investing activities for the year ended
30 June 2007 have been restated due to the fair value of assets and liabilities
recognised on consolidation of the acquisition of subsidiaries during the 2007
financial period.
The net effect on the major cash flow categories for the year ended 30 June 2007
are as follows:
Increase in cash flow from operating activities 34,091
Decrease in cash flow from investing activities 26,425
Decrease in cash flow from financing activities 7,666
AUDIT OPINION
SAB&T Inc has signed an unqualified audit opinion in respect of the annual
financial statements for the year ended 30 June 2008. These financial statements
have been approved by the board and abridged for the purposes of this report.
The auditors have also reviewed these condensed financial statements. Both the
auditors` opinion and the annual financial statements are available for
inspection at the company`s registered office and will be being posted on the
company`s website.
STATEMENT OF GOING CONCERN
The condensed financial statements have been prepared on the going-concern basis
since the directors have every reason to believe that the group has adequate
resources in place to continue in operation for the foreseeable future.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of shareholders of the
company will now be held on Tuesday, 9 December 2008, at 10h00 at the offices of
Vunani Limited, Vunani House Block C, Athol Ridge Office Park, 151 Katherine
Street, Sandown, Sandton
Vereeniging
30 October 2008
Directors:
MH Lomas* (Chairman), C Kruger (CEO), G Olivier (CFO), P van der Schyf, A
Deshmukh#, BW Marais*, C Louw*
*independent non-executive, # non-executive
Registered office and postal address:
7 Patton Road, Duncanville, Vereeniging, 1939
PO Box 925, Meyerton, 1960
Website: www.seakay.co.za
Company secretary:
H Steyn
Transfer secretaries:
Link Market Services South Africa (Proprietary) Limited
Auditors:
SAB&T Incorporated, Registered Auditors, Chartered Accountants (SA)
Sponsor:
Vunani Corporate Finance
Date: 30/10/2008 15:10:05 Produced by the JSE SENS Department.
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