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RAH
RAH
RAH - Real Africa Holdings - Financial Statements for the six months ending 31
December 2009
Real Africa Holdings Limited
(Registration number 1994/003919/06)
Share code: RAH
ISIN code: ZAE000008702
("Real Africa" or "RAH" or "the company")
GROUP STATEMENTS OF COMPREHENSIVE INCOME
Six months ended Year ended
31 December 30 June
2009 2008 2009
R`000 Unaudited Unaudited Audited
Revenue 34 404 42 839 77 041
Net investment losses (1 049) (9 382) (6 694)
Share of profits of 19 025 24 820 47 731
associates
Interest income 734 1 851 3 582
Operating income 53 114 60 128 121 660
Operating costs (2 280) (2 592) (4 690)
Amortisation (3 303) (3 791) (7 584)
Impairment of intangible - - (11 818)
asset
Interest expense - (258) (602)
Profit before tax 47 531 53 487 96 966
Tax (193) (425) 1 740
Profit for the period 47 338 53 062 98 706
Other comprehensive income
Changes in fair value of (54 288) 75 933 (21 184)
available-for-sale
investments, net of tax
Total comprehensive income (6 950) 128 995 77 522
for the period
Profit for the period
attributable to:
Minority 4 439 3 816 6 758
Ordinary shareholders 42 899 49 246 91 948
47 338 53 062 98 706
Total comprehensive income
for the period attributable
to:
Minority 628 8 407 3 331
Ordinary shareholders (7 578) 120 588 74 191
(6 950) 128 995 77 522
Earnings per share (cents) 11.9 13.6 25.4
Headline earnings per share 11.9 16.1 30.1
(cents)
GROUP BALANCE SHEETS
31 December 30 June
2009 2008 2009
R`000 Unaudited Unaudited Audited
ASSETS
Non current assets
Investment in associates 107 729 123 557 107 334
Available-for-sale 657 230 808 635 711 518
investments
764 959 932 192 818 852
Current assets
Accounts receivable 23 - 377
Tax 2 673 2 446 2 575
Cash and cash equivalents 23 733 29 991 28 867
26 429 32 437 31 819
Total assets 791 388 964 629 850 671
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` 723 480 841 290 780 487
equity
Minority interest 54 841 65 091 56 465
778 321 906 381 836 952
Non current liabilities
Preference shares - 15 000 -
Deferred tax - 264 -
Tax 12 315 14 548 12 315
12 315 29 812 12 315
Current liabilities
Accounts payable and 752 1 307 1 404
accruals
Provisions - 27 000 -
Tax - 129 -
752 28 436 1 404
Total liabilities 13 067 58 248 13 719
Total equity and 791 388 964 629 850 671
liabilities
SUMMARISED GROUP CASH FLOW STATEMENTS
Six months ended Year
31 December ended
30 June
2009 2008 2009
R`000 Unaudited Unaudited Audited
Cash flows from operating (3 918) (3 849) (6 436)
activities
Cash flows from investing 50 469 74 234 108 997
activities
Cash flows from financing (51 685) (82 628) (115 928)
activities
Net cash flows (5 134) (12 243) (13 367)
SUMMARISED GROUP STATEMENTS OF CHANGES IN EQUITY
R`000 Ordinary Minority Total
share- interest equity
holders`
equity
Unaudited
For the 6 months ended
31 December 2009
Balance at 30 June 2009 780 487 56 465 836 952
Total comprehensive income (7 578) 628 (6 950)
Sale of treasury shares 1 196 - 1 196
Dividends paid (50 625) (2 252) (52 877)
Balance at 31 December 2009 723 480 54 841 778 321
Unaudited
For the 6 months ended
31 December 2008
Balance at 30 June 2008 778 617 58 747 837 364
Total comprehensive income 120 588 8 407 128 995
Dividends paid (57 915) (2 063) (59 978)
Balance at 31 December 2008 841 290 65 091 906 381
Audited
For the year ended 30 June 2009
Balance at 30 June 2008 778 617 58 747 837 364
Total comprehensive income 74 191 3 331 77 522
Dividends paid (72 321) (5 613) (77 934)
Balance at 30 June 2009 780 487 56 465 836 952
HEADLINE EARNINGS PER SHARE
Six months ended Year
31 December ended
30 June
2009 2008 2009
Unaudited Unaudited Audited
Headline earnings per share 11.9 16.1 30.1
(cents)
Weighted average number of 361.7 361.6 361.6
shares (million)
Reconciliation of headline
earnings (R`000)
Earnings attributable to 42 899 49 246 91 948
ordinary shareholders
Adjusted for:
Realised investment profits - - (2 844)
Impairment of casino - - 11 818
licence
Provision for pension fund - 9 000 9 000
exposure
Tax on above items - - (41)
Minority interest in the - - (957)
above items
Headline earnings 42 899 58 246 108 924
NET ASSET VALUE
31 December 30 June
R`000 2009 2008 2009
Afrisun Leisure 1 009 875 1 246 810 1 152 780
Other net liabilities (4 133) (27 788) (4 555)
Cash 15 453 18 432 28 010
Borrowings - (7 022) -
Net asset value 1 021 195 1 230 432 1 176 235
Issued shares net of 361.9 361.6 361.6
treasury shares
(million)
Net asset value per 282 340 325
share (cents)
Note
All the investments held by Afrisun Leisure have been valued
using the Discounted Cash Flow (DCF) valuation method
applying a discount rate of 12.45% (31 December 2008:12.57%;
30 June 2009:12.45%) at 31 December 2009, to the directors`
current estimated future cash flows. A minority discount of
15% has been applied to the valuation of the gaming company
investments.
ACCOUNTING POLICIES
The condensed consolidated financial information for the six months ended 31
December 2009 has been prepared in accordance with the recognition and
measurement criteria of International Financial Reporting Standards (IFRS) and
the presentation and disclosure requirements of IAS 34 - Interim Financial
Reporting. The accounting policies applied, other than those described below,
are consistent with those adopted in the financial statements for the year ended
30 June 2009.
The group has adopted the following new standard and amendment which are
mandatory for the first time for the financial year beginning 1 July 2009:
- IAS 1 (Revised) - Presentation of Financial Statements, which requires changes
in equity not relating to equity owners to be disclosed in a separate statement.
As permitted by the standard, the group has elected to present the required
information in a single statement of comprehensive income.
- IFRS 8 - Operating Segments, which requires an entity to present segment
information on the same basis as that used for internal reporting purposes,
which had no impact on the interim statements.
REVIEW OF RESULTS
Revenue of R34.4 million, comprising of dividends received was R8.4 million
below the previous period due to lower dividends received from SunWest and no
dividends declared by Emfuleni.
The net investment loss of R1 million (2008: R9.4 million) relates to
contributions made to the Biotech Venture Fund. The comparative period included
a R9 million increase of the pension fund provision relating to Life Esidimeni
(Pty) Ltd.
The share of profits of associates includes the group`s share of income from
Afrisun Gauteng, Zonwabise as well as the management companies. The share of
profits of associates has reduced mainly due to the difficult trading conditions
experienced at Carnival City (Afrisun Gauteng).
Interest income has reduced due to surplus cash having been utilised to settle
the group`s obligation to Life Esidimeni in respect of the Lifecare Group
Holdings Pension Fund. The group also has no interest expense due to the
settlement of all the remaining preference shares during the previous year.
Headline earnings per share of 11.9 cents declined by 26% from the prior period
due to the lower dividends received in the current period.
The board has declared an interim dividend of 12 cents per share.
NON CURRENT ASSETS
During the period, the group`s effective interest in Afrisun Leisure`s
underlying investments remained unchanged. The value of Afrisun Leisure has
decreased by 12.4% from R1 153 million at 30 June 2009 to R1 010 million
principally due to difficult trading conditions experienced in the underlying
casino investments.
DIRECTORATE
Younaid Waja was appointed an independent non-executive director on 1 February
2010.
OUTLOOK
Trading at the group`s major investments is expected to stabilise and some
growth in revenue is expected for the remainder of the year.
DIVIDEND
Notice is hereby given that an interim dividend of 12 cents per share for the
six months ended 31 December 2009 (2008: 4 cents) has been declared, payable to
shareholders recorded in the register of the company at the close of business on
the record date appearing below. The salient dates applicable to the interim
dividend are as follows:
2010
Last day to trade cum interim dividend } Thursday, 18 March
First day to trade ex interim dividend } Friday, 19 March
Record date } Friday, 26 March
Payment date } Monday, 29 March
No share certificates may be dematerialised or rematerialised between Friday, 19
March and Friday, 26 March 2010, both days inclusive. Dividend cheques will be
posted and electronic payments made, where applicable, to certificated
shareholders on the payment date. Dematerialised shareholders will have their
accounts with their Central Securities Depository Participant or broker credited
on the payment date.
For and on behalf of the board
MV Moosa RP Becker
Chairman Financial director
3 March 2010
REGISTERED OFFICE
27 Fredman Drive, Sandown, Sandton, 2031
TRANSFER SECRETARIES
Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Johannesburg,
2001
SPONSOR
Investec Bank Limited
DIRECTORS
MV Moosa (Chairman), RP Becker (Financial director), DC Coutts-Trotter, MJ
Leeming, MMT Ramano, Y Waja
SECRETARIES
Sun International Corporate Services (Pty) Limited
Date: 03/03/2010 13:15:01 Produced by the JSE SENS Department.
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