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SKY
SKY
SKY - Sea Kay Holdings Limited - Condensed audited annual financial statements
for the year ended 30 June 2009
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 company" or "the group")
CONDENSED AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009
In accordance with the Listings Requirements of the JSE Limited, the directors
of Sea Kay hereby publish the group`s audited annual financial
statements for the year to 30 June 2009.
SALIENT FEATURES
- Revenue up 29%
- Operating profit down 24%
- Earnings per share down 71%
- Headline earnings per share down 72%
- Cash flows from operating activities up 118%
CONDENSED CONSOLIDATED INCOME STATEMENT
Audited Reviewed Audited
Year ended Year ended Year ended
30 June 30 June 30 June
2009 2009 2008
R000 R000 R000
Revenue 841,389 841,338 649,827
Operating profit 101,394 101,129 133,590
Investment revenue 8,922 8,923 6,946
Finance costs (52,578) (48,425) (19,887)
Profit before taxation 57,738 61,627 120,649
Taxation (16,097) (12,556) (32,113)
Profit after taxation 41,641 49,071 88,536
Allocated as follows:
Equity shareholders of Sea Kay
Holdings Limited 25,183 32,613 85,789
Minority Interest 16,458 16,458 2,747
41,641 49,071 88,536
Audited Reviewed Audited
Year ended Year ended Year ended
30 June 2009 30 June 2009 30 June 2008
Reconciliation of headline
earnings
Profit after taxation 25,183 32,613 85,789
Less profit on sale of PP&E (521) (520) (53)
Headline earnings 24,662 32,093 85,736
Weighted average number of 488,336 488,336 473,223
shares in issue (`000)
Earnings per share (cents) 5.16 6.68 18,13
Headline earnings per share (cents) 5.05 6.57 18,12
CONDENSED AUDITED CONSOLIDATED BALANCE SHEET
Audited Reviewed Audited
30 June 30 June 30 June
2009 2009 2008
R000 R000 R000
ASSETS
Non-current assets 328,418 329,202 300,033
Property, plant and equipment 123,628 123,629 96,901
Goodwill 202,167 202,167 202,167
Intangible assets 244 243 339
Deferred tax 2,379 2,782 626
Term loan - 381 -
Current assets 610,631 626,128 582,756
Inventories 20,117 20,081 21,719
Capital account to other
vendors 495 - -
Trade and other receivables 364,406 361,600 435,611
Loans and receivables 1,915 - -
Loans to joint ventures - 4,970 -
Other financial assets - 1,915 -
Taxation receivable - 13,864 -
Amounts due by customers 103,869 103,869 62,314
Cash and bank balances 119,829 119,829 63,112
Total assets 939,049 955,330 882,789
EQUITY AND LIABILITIES
Total equity 326,499 333,930 275,629
Issued capital 170,076 170,077 153,099
Retained earnings 149,252 156,682 124,069
Minority interest 7,171 7,171 (1,539)
Non-current liabilities 81,581 78,569 119,807
Capital accounts from joint - 8 -
ventures
Loans payable 29,067 29,067 27,936
Other financial liabilities 1,311 1,312 51,060
Finance lease 16,752 16,752 20,576
Deferred taxation 34,451 31,430 20,235
Current liabilities 530,969 542,831 487,353
Capital accounts from other 3,126 11,602 2,447
ventures
Trade and other payables 176,952 178,793 227,215
Other financial liabilities 252,057 239,857 187,754
Current tax payable 11,585 25,331 22,956
Short term portion loans
payable 1,734 1,733 6,426
Finance lease obligation 18,477 18,477 16,034
Provisions - - 18,071
Excess billing over work
performed 62,917 62,917 6,319
Bank overdrafts 3,856 3,856 -
Operating lease liability 265 265 131
Total equity and liabilities 939,049 955,330 882,789
Net asset value per share (cents) 66.79 68.31 57.72
Net tangible asset value
per share (cents) 25.43 26.95 15.38
Number of shares in
issue at year end (`000) 488,864 488,864 477,531
CONDENSED AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Audited Reviewed Audited
Year Year Year
ended ended ended
30 June 30 June 30 June
2009 2009 2008
R000 R000 R000
Balance at 1 July 275,629 275,629 144,816
Shares issued 16,977 16,977 46,563
Ordinary dividends (7,748) (7,748) -
Minorities purchased - - (4,286)
Profit for the year 25,183 32,613 85,789
Minorities share in
current year profit 16,458 16,458 2,747
Balance at end of year 326,499 333,929 275,629
CONDENSED AUDITED CONSOLIDATED CASH FLOW STATEMENT
Audited Reviewed Audited
Year Year Year
ended ended ended
30 June 2009 30 June 2009 30 June 2008
R000 R000 R000
Cash flows from operating 10,836 13,246 (60,102)
activities
Cash generated by/(used in)
operations 69,157 66,795 (44,619)
Net finance costs (43,316) (39,162) (12,941)
Taxation paid (15,005) (14,387) (2,542)
Cash flows from investment
activities (40,822) (37,351) (48,000)
Property, plant and
machinery acquired (40,404) (40,560) (27,015)
Purchases of intangible assets - - (395)
Proceeds from loans payable - 3,812 -
Sale of property, plant and
equipment 1,313 1,312 69
Loans repaid 184 - -
Acquisition of business - - (21,232)
Loans and receivables
(advanced) /repaid (1,915) (1,915) 573
Cash flows from financing
activities 82,847 76,966 178,546
Proceeds on shares issued 16,977 16,977 46,563
Long term liabilities raised 65,870 59,989 131,983
Total movement for the year 52,861 52,861 70,444
Cash and cash equivalents at 63,112 63,112 (7,446)
beginning of year
Effect of exchange rate
movement on cash balances - - 114
Cash and cash equivalents at 115,973 115,973 63,112
end of year
CONDENSED SEGMENTAL ANALYSIS
Building, Civil Total
Material Engineering
Supply and
Property
Development
R000 R000 R000
Revenue 379,757 461,632 841,389
(Loss)/Profit
before tax (1,484) 59,222 57,738
Total assets 458,340 480,709 939,049
Total liabilities 319,433 293,117 612,550
Property plant and 41,571 82,057 123,628
equipment
Total current 270,682 260,287 530,969
liabilities
Comparative figures
In order to facilitate meaningful comparisons between the prior year and the
current year financial statements and to present the financial position more
meaningful, the following figures reported in the prior year have been
reclassified as a comparative reported during the current year.
The adjustments are as follows: 2008
Balance sheet R`000
Increase in trade and other receivables 6,319
Increase in excess billing over work performed (6,319)
AUDIT OPINION
SAB&T Inc has signed an unqualified audit opinion on the annual financial
statements. These financial statements have been approved by the board and
abridged for the purposes of this report. The auditors have reviewed the
abridged financial statements. Both the auditors` opinion and the annual
financial statements are available for inspection at the company`s registered
office as well as being posted on the company`s website.
The audit report contains the following Emphasis of matter paragraph:
"Without qualifying our opinion, we draw attention to the going concern note in
the group consolidated financial statements which indicates that the company is
experiencing significant cash flow problems. These conditions, as set forth in
the going concern note, indicate the existence of a material uncertainty that
may cast significant doubt about the Company`s ability to continue as a going
concern".
BASIS OF PREPARATION AND ACCOUNTING POLICIES
These audited results have been prepared in accordance with the recognition and
measurement requirements of International Financial Reporting Standards (IFRS),
the Companies Act (Act 61 of 1973), as amended, and the present action and
disclosure requirements of International Accounting Standards (IAS 34 : Interim
Financial Reporting). The accounting policies as set out in the audited
financial statements for the year ended 30 June 2008 have been consistently
applied.
DIVIDENDS
The board has reviewed the current year`s results and has decided not to
declare a dividend. Cash generated by the group is to be invested in the
continued growth of Sea Kay`s activities.
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.
POSTING OF ANNUAL REPORT
The annual report for the financial year ended 30 June 2009 will be posted to
shareholders on 31st of December 2009.
ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of shareholders of the
company will be held on Thursday, 11 February 2010 at 10h00 at the offices of
Vunani Limited, Vunani House Block C, Athol Ridge Office Park, 151 Katherine
Street, Sandown, Sandton
On behalf of the Board
F Hartnick G Olivier
Chief Executive Officer Chief Financial Officer
Vereeniging
21 December 2009
Directors:
AA Deshmukh (Non-executive Chairman), F Hartnick
(CEO), G Olivier (CFO), P van der Schyf, , BW Marais*, MM Patel*
*independent non-executive, # non-executive
Registered office and postal address:
7 Patton Street, Duncanville, Vereeniging, 1939
PO Box 925, Meyerton, 1960
Website: www.seakay.co.za
Company secretary:
H Boshoff
Transfer secretaries:
Link Market Services South Africa (Proprietary) Limited
Auditors:
SAB&T Incorporated, Registered Auditors, Chartered Accountants (SA)
Sponsor:
Vunani Corporate Finance
Date: 21/12/2009 08:35:01 Produced by the JSE SENS Department.
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