| Thu 26 Aug 2010, 7:05 | | MVG/MVGP - Mvelaphanda Group Limited - Reviewed year end results for |
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MVG MVGP
MVG
MVG/MVGP - Mvelaphanda Group Limited - Reviewed year end results for
30 June 2010 and cautionary announcement
MVELAPHANDA GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1995/004153/06
Ordinary share code: MVG
Preference share code: MVGP
Ordinary share ISIN: ZAE000060737
Preference share ISIN: ZAE000073540
("Mvela Group" or "the Group" or "the Company")
Reviewed year end results for 30 June 2010 and cautionary
announcement
KEY FEATURES
Revenue increased by 12% to R4 199 million
Operating profit increased to R327 million from R256 million
Strong performance from Mvelaserve with operating profit up 31%
Cash generated from operations increased to R428 million
Intrinsic net asset value per ordinary share increased to R11,36
from R7,90
Successful unbundling of significant portion of interest in Life
Healthcare
Yolanda Cuba, CEO commented: "The general trading environment for
most of our operations improved slightly in the second half of our
financial year. Operating efficiencies and restructuring within
Mvelaserve, our services business, has resulted in an overall
positive set of results. The fair value adjustment for the year was
also positive as a result of the upward valuation of Life Healthcare
pursuant to the listing in June".
COMMENTARY
Introduction
The Group derives income from its wholly controlled and partially-
owned investment activities.
Financial performance
The results for the year to 30 June 2010 show a significant
improvement. In spite of the general slow-down in the economy,
revenue for the year increased by 12% to R4 199 million from R3 746
million the previous year and profit from operations increased by
28% to R327 million from R256 million the previous year. Earnings
before interest, tax, depreciation and amortisation (EBITDA) was up
by 18% to R436 million from R374 million in the previous year while
cash generated from operations increased to R428 million from R363
million the previous year.
Net interest paid for the year decreased to R108 million from R145
million the previous year mainly as a result of reductions in long-
term debt together with an average decrease in interest rates of 4%
from 2009 to 2010.
Net loss from associates amounted to R23 million against a loss of
R34 million in the previous year. The Group`s interest in Avusa
contributed R29 million of the aforementioned R23 million.
The fair value adjustments and profit and loss from investments
amounted to a net gain of R575 million against R365 million from the
previous year and includes the net fair value adjustment of
investments of R508 million (2009: R392 million) and dividend income
of R170 million (2009: R51 million). The net fair value adjustment
of investments of R508 million includes R662 million in respect of
the fair value adjustment of the investment in Life Healthcare which
was partially offset by downward adjustments of the investments in
Group Five and Vox Telecom.
The amortised cost on the 124 425 055 redeemable option-holding
shares ("BEE shares"), issued during the 2007 financial year by the
Group, relating to employees, has been recognised in the income
statement in accordance with AC 503, Accounting for black economic
empowerment (BEE) transactions at R16 million for the current
financial year.
The Life Healthcare unbundling process resulted in a R290 million
reversal of deferred tax. Normal tax for the 2010 financial year
amounted to R79 million (2009: R72 million).
The weighted average net number of ordinary shares in issue remained
unchanged at 407 million ordinary shares at 30 June 2010. The 465
million diluted weighted average net number of ordinary shares in
issue is calculated on the basis that all the convertible perpetual
preference shares ("preference shares") will be converted to
ordinary shares.
Taking the above into account, the earnings per ordinary share
amounted to 212,7 cents compared to 21,9 cents the previous year.
The headline earnings per ordinary share amounted to 238,5 cents
compared to 49,9 cents the previous year.
Financial position
The investment in associates comprising mainly of the Group`s
interest in Avusa, amounted to R674 million (2009: R721 million)
after equity accounting for the Group`s share in Avusa`s retained
income of R20 million less an impairment in the amount of R69
million.
Strategic investments increased to R4 065 million at 30 June 2010
from R3 876 million the previous year. Investments totaling R419
million were made during the 2010 financial year of which R394
million was in respect of Health Strategic Investments resulting
from the unbundling of Life Healthcare. Investments to the value of
R948 million were sold which included the monetising of Life
Healthcare in the amount of R908 million through the Life Healthcare
unbundling process. The upward gross fair value adjustment amounted
to R720 million for the financial year.
The Group`s cash position improved by R56 million to R526 million at
30 June 2010 from R470 million at 30 June 2009 which includes
dividends received of R170 million, proceeds from the Life
Healthcare unbundling of R353 million and cash generated from
operations which was substantially offset by the amounts paid in
lieu of capital expenditure, debt redemption and dividends.
Total interest bearing liabilities decreased to R1 358 million from
R1 765 million the previous year which resulted in a 36% decrease of
the Group`s debt to equity ratio to 28% (2009: 44%).
Capital structure
The issued ordinary share capital of the Company increased
marginally by 473 831 to 443 474 054 ordinary shares following the
conversion of 438 732 preference shares during the year under
review. No shares were repurchased during the year under review and
the ordinary shares held as treasury shares remained unchanged at 35
765 285.
The issued preference shares decreased to 54 261 268 preference
shares following the conversion of
438 732 preference shares to 473 831 ordinary shares. The conversion
price of the preference shares has remained unchanged at R9,30
during the year under review. The conversion price of the
preference shares changed to R4,50 after the year end as a result of
the unbundling by Mvela Group of all of the ordinary shares held by
it in Health Strategic Investments to Mvela Group ordinary
shareholders. This means that each preference share can be converted
at the instance of the holder to 2,22 ordinary shares until 4
November 2010 after which these shares become redeemable at the
instance of the issuer or remain perpetual preference shares at a
dividend rate of 80% of the ruling prime overdraft rate. The
preference shares will continue to earn dividends at a rate of 5,5%
per annum until 4 November 2010.
An announcement was made on the Securities Exchange News Service on
24 August 2010 regarding the change in the conversion price of the
preference shares.
BEE shares remained unchanged from the previous year at 124 425 055
redeemable option holding shares. The options can be exercised
between 19 June 2011 and 19 June 2012 at a minimum strike price of
R17,50.
Intrinsic net asset value
The Group`s intrinsic net asset value increased by R3,46 in the
current year to R11,36. The intrinsic net asset value per ordinary
share net of capital gains taxation and debt is set out in the table
below:
30 June 2010 30 June 2009
Intrinsic
gross Intrinsic Intrinsic
value Debt Net Per Net Per
(after asset share asset share
CGT) value (1),(2) value (1),(2)
Rm Rm Rm R Rm R
Absa 913 - 913 1,96 880 1,89
Group (i)
Avusa (i) 506 (851) (345) (0,74) (322) (0,69)
Life 2 542 - 2 542 5,46 1 626 3,49
Healthcar
e (i)
Group 174 - 174 0,37 211 0,45
Five(ii)
Vox 41 (256) (215) (0,46) (235) (0,50)
Telecom
(i)
Other 25 - 25 0,05 61 0,13
investmen
ts (iii)
Mvela- 1 924 (201) 1 723 3,70 1 039 2,23
serve
(iii)
Net cash 526 (50) 476 1,02 420 0,90
(iv)
Total 6 651 (1 358) 5 293 11,36 3 680 7,90
1. Based on the fully diluted net number of 465 million ordinary
shares after share buy-backs and assuming that all the preference
shares will be converted into ordinary shares (2009: 465 million)
2. BEE shares issued in June 2007 have not been taken into account
in calculating the intrinsic net asset value per ordinary share as
the minimum option strike price of R17,50 is greater than the
current Mvela Group ordinary share price.
The above valuation is based on, inter alia:
i. the market value in the case of investments listed on the
securities exchange operated by the JSE Limited ("JSE");
ii. application of option pricing models in the case of the Group
Five investments;
iii. directors` valuation taking into consideration the economic
factors prevailing at 30 June 2010; and
iv. the gross cash position of the Group at 30 June 2010.
Based on Mvela Group`s ordinary share price listed on the securities
exchange operated by the JSE of R7,75 on 30 June 2010, the ordinary
shares were trading at a discount of 32% to the Group`s intrinsic
net asset value per ordinary share of R11,36 at that date (2009:
42%).
Investments
Mvelaserve Limited ("Mvelaserve")
On a comparable basis, excluding Novare and Trollope, revenue from
operations increased by R611 million or 17% to R4 176 million (2009:
R3 565 million) while EBITDA increased by R109 million to R465
million (2009: R356 million). The operating margin increased from
7,4% to 8,3% which is attributable to improved margins from Protea
Coin Group ("Protea Coin"), Total Facilities Management Company
("TFMC") and Khuseti Holdings ("Khuseti").
Capital expenditure on property, plant and equipment amounted to
R191 million (2009: R152 million) of which approximately 25% is
attributable to the replacement of assets with the balance being
used to expand and grow Mvelaserve. R137 million (2009: R78 million)
of the fixed asset acquisitions was financed through asset finance.
The intrinsic net asset value per ordinary share of Mvela Group`s
investment in Mvelaserve increased to R3,70 per Mvela Group ordinary
share from R2,23 the previous year. This is attributable to
increased operational profit used to value Mvelaserve, as well as
certainty around the TFMC contract.
Facilities Management
The performance of TFMC exceeded expectations compared to the
previous year. Customised Solutions obtained a variety of new
contracts during the year and various opportunities are available in
the new year. This positive situation is a result of the planned
strategy of reducing TFMC`s reliance on Telkom. In line with the
terms of the current agreement, Telkom has approved the extension of
the TFMC contract for a further five years to 31 March 2016 and the
extension to the agreement was signed on 13 August 2010.
Security
The performance of Protea Coin showed a strong improvement on the
previous year. The benefit of the restructuring and strong growth in
revenue, mainly from blue chip clients, resulted in sustainable
improved operating profit and margins. Protea Coin is continuously
searching for additional service offerings and value add to its
clients.
Catering and Cleaning
The performance of Royalserve was below that of the previous year.
The cleaning and catering businesses were restructured under one
management team in October 2009 and renamed Royalserve. The
restructuring is in the final stages and the results towards the end
of the financial year have been positive and in line with
expectations.
Diversified Services
The performance of the Diversified Services companies showed an
improvement from the previous year and performed above expectations.
Khuseti performed well above the previous year with pie sale volumes
increasing to expected levels. The King Pie franchise business
remained flat with increased volumes coming from Khuseti`s entry
into the retail market.
Contract Forwarding did not perform as expected due to import and
export volumes remaining low in the current market conditions.
Zonke`s performance was in line with expectations.
Strategic Investments
Financial Services Sector
Absa Group`s results for the six months to 30 June 2010 were
credible. Headline earnings increased by 1% to R3 862 million and
attributable earnings increased by 17% to R3 842 million.
The intrinsic net asset value of Mvela Group`s investment in Absa
Group increased marginally to R913 million in the current year from
R880 million at 30 June 2009. This was mainly attributable to the
Absa share price increasing from R110,00 at 30 June 2009 to R121,49
at 30 June 2010.
Consumer Services Sector
Life Healthcare was listed on the securities exchange operated by
the JSE on 10 June 2010 in what was most likely the toughest time in
the year for Initial Public Offerings. In its published prelisting
statement, Life Healthcare expects to continue its growth even in
the current environment albeit at a slower pace than in previous
years.
Subsequent to year-end Mvela Group has distributed 14,24% of its
17,54% in Life Healthcare investments to shareholders.
Construction and Infrastructure Sector
Group Five announced another year of robust performance which can be
attributed to its geographic diversity and strong positioning in key
public sector and resources markets. Group Five`s contracts for the
South African public works programmes in transport, power, and
infrastructure associated with the 2010 Soccer World Cup contributed
strongly, as well as African resources and energy contracts and
Eastern European concessions. Group Five reported an increase of 8%
in headline earnings for the year ended 30 June 2010.
The intrinsic net asset value of Mvela Group`s investment in Group
Five shares decreased to R174 million from R211 million at 30 June
2009 as a result of a decrease in the option valuation of Group Five
shares. Mvela Group`s investment in Group Five comprises 3% of the
Group`s intrinsic net asset value at 30 June 2010.
Telecoms, Media and Technology Sector
The Group owns 137 500 000 shares in Vox Telecom which translates
into an effective interest of 12,4% at 30 June 2010.
The interim results for the first six months of the 2010 financial
year showed a decrease in revenue to R1 044 million compared to R1
059 million the corresponding period the previous year with
operating profit down to R39 million from R57 million.
Vox Telecom`s share price decreased to 30 cents per share at 30 June
2010 (2009: 55 cents) which, after R256 million of debt (2009: R342
million), resulted in a negative intrinsic net asset value of R215
million (2009: R235 million).
Avusa`s results for the year ended 31 March 2010 were credible
despite the sharp downturn in the economy which resulted in a soft
advertising market. Revenue from continuing operations was down 4%
to R4 712 million and headline earnings per share were down 38%.
Mvela Group`s share of Avusa profits was R20 million at 30 June
2010.
Avusa will continue to pursue long-term strategies and invest in
businesses with future profitable growth prospects, including the
digital businesses which are ideally positioned for the increased
bandwidth anticipated in South Africa in the near future.
Accounting Policies and International Financial Reporting Standards
The reviewed results for the year ended 30 June 2010 have been
prepared in accordance with International Financial Reporting
Standards (IFRS), Interim Financial Reporting (IAS) 34, AC500 series
of interpretations as issued by the Accounting Practices Board or
its successor, the JSE Listings Requirements and in the manner
required by Schedule 4 of the Companies Act of South Africa. The
accounting policies applied are in accordance with IFRS and are
consistent with those applied in the prior year.
IAS 1 (Revised) - Presentation of Financial Statements
The financial information set out herein incorporates changes
introduced as a result of the publication of a revised version of
IAS 1 `Presentation of Financial Statements`, effective for
accounting periods commencing on or after 1 January 2009. The
principal change is that an entity must present all non-owner
changes in equity in a statement of comprehensive income. All owner
changes in equity are recognised in a statement of changes in
equity. There was no impact on the Group`s results or net assets as
a result of the introduction of the revised standard.
IFRS 8 - Operating segments
The Group has prepared its Segmental Information using IFRS 8 -
Operating Segments, which requires the disclosure of information
based on the "management approach" to reporting on the financial
performance of operating segments. Generally, the information to be
reported would be what management uses internally for evaluating
segment performance and deciding how to allocate resources to
operating segments.
There was no impact on net profit or net assets.
Capital commitments
Capital expenditure 2010 2009
R`000 R`000
Contracted for 16 354 11 798
Not contracted for 9 770 18 589
26 124 30 387
Operating leases
Land and buildings 114 174 52 154
Equipment 5 423 4 295
Motor vehicles 325 47
119 922 56 496
Review opinion
These results have been reviewed by Mvela Group`s auditors PKF (Jhb)
Inc., Registered Auditors.
Their unqualified reviewed opinion is available for inspection at
the Company`s registered office.
Analyst presentation
An audiocast of the presentation to analysts and investors can be
accessed live on the Mvela Group website from 12h00 on 26 August
2010.
Final dividend
Ordinary shares
The directors of Mvela Group have resolved not to declare a final
dividend for the year ended 30 June 2010 following the cash
preservation policy followed by the Group until the effect of the
restructuring has been completed.
Preference shares
The directors of Mvela Group have resolved to declare a cash
preference dividend (No. 10) of 27,12 cents per preference share,
for the six-month period ended 30 June 2010, to preference
shareholders. The last day to trade "cum" the preference dividend in
order to participate in the preference dividend is Friday, 10
September 2010. The preference shares of Mvela Group will commence
trading "ex" the preference dividend from the commencement of
business on Monday, 13 September 2010 and the record date will be
Friday, 17 September 2010. The preference dividend will be paid to
preference shareholders on Monday, 20 September 2010. Preference
share certificates may not be dematerialised or rematerialised
between Monday, 13 September 2010 and Friday 17 September 2010, both
days inclusive.
Cautionary announcement
Mvela Group announced to its shareholders on 3 September 2009 that
the directors of Mvela Group had agreed to the process of realising
and unbundling the Group`s assets and distributing the proceeds to
shareholders in the most efficient and orderly manner. Following
this announcement, Life Healthcare and Health Strategic Investments,
an asset backed security owning Mvela Group`s ordinary shares in
Life Healthcare, were listed on the securities exchange operated by
the JSE. In addition, Mvela Group`s ordinary shares in Health
Strategic Investments have been unbundled to Mvela Group ordinary
shareholders.
Furthermore, as part of this strategy, the directors, of Mvela Group
is in the process of assessing both the qualitative and quantitative
aspects of the alternatives available regarding Mvela Group`s
investment in Mvelaserve, and as such are considering the separate
listing of Mvelaserve on the JSE and the unbundling of Mvela Group`s
shares in Mvelaserve to Mvela Group ordinary shareholders as well as
the implications such an unbundling may have on Mvela Group.
Accordingly, Mvela Group ordinary and preference shareholders are
advised to exercise caution when dealing in Mvela Group ordinary and
preference shares until a further announcement is made.
Prospects
Mvela Group continues to trade positively with a key focus on
unlocking value for shareholders. The Company aims to realise value
for shareholders in the most efficient manner possible as evidenced
by the unbundling process of its Life Healthcare investment,
Mvelaserve continues on it`s growth path with consistent margin
improvements and will continue to seek all avenues for further
revenue diversification in order to achieve its stated objective of
being a significant player in the outsourced support services
market.
M S M Xayiya Y Z Cuba
Chairman Chief Executive Officer
26 August 2010
Summarised group statement of financial position
Reviewed Audited
year year
ended ended
30 June 30 June
2010 2009
R`000 R`000
ASSETS
Non-current assets 3 354 514 5 802 582
Property, plant and equipment 389 492 322 610
Intangible assets 834 554 860 812
Investment in associates 674 098 720 580
Strategic investments 1 438 664 3 864 909
Deferred taxation 17 706 33 671
Current assets 3 995 498 1 262 554
Strategic investments 2 626 286 11 254
Other current assets 843 069 781 748
Cash and cash equivalents 526 143 469 552
Assets in disposal group held for sale 5 045 -
TOTAL ASSETS 7 355 057 7 065 136
EQUITY AND LIABILITIES
Capital and reserves 4 894 283 4 017 544
Owners of the parent 4 725 023 3 839 888
Minority shareholders 169 260 177 656
Non-current liabilities 1 552 174 2 210 823
Interest-bearing liabilities 1 279 535 1 700 627
Financial liability 36 900 34 199
Deferred taxation 235 739 475 997
Current liabilities 908 600 836 769
Interest-bearing liabilities 78 699 64 084
Non-interest-bearing liabilities 20 712 25 021
Other current liabilities 809 189 747 664
TOTAL EQUITY AND LIABILITIES 7 355 057 7 065 136
Net number of ordinary shares in issue 407 139 406 665
(000)
Diluted net number of ordinary shares in 465 484 465 482
issue (000)#
Net asset value per ordinary share 1 015,1 824,9
(cents)
Net tangible asset value per ordinary 832,0 632,8
share (cents)
#Calculated on the basis that all preference shares will be
converted into ordinary shares.
Summarised group statement of cash flows
Reviewed Audited
year year
ended ended
30 June 30 June
2010 2009
R`000 R`000
Profit from operations 327 048 255 590
Non-cash items 108 194 116 456
Working capital (6 993) (9 101)
Cash generated from operations 428 249 362 945
Net interest paid (74 050) (93 179)
Investment income 174 122 51 751
Normal taxation paid (70 730) (120 585)
Cash available from operating activities
before
the payment of capital gains tax 457 591 200 932
Capital gains tax paid (791) (342)
Cash available/(utilised) from operating 456 800 200 590
activities
Cash effects of investing activities 114 484 (52 400)
Cash effects of financing activities (484 685) (434 237)
Dividends paid (30 008) (115 481)
Net movement in cash and cash equivalents 56 591 (401 528)
Cash and cash equivalents at the beginning 469 552 871 080
of the year
Cash and cash equivalents at the end of 526 143 469 552
the year
Summarised group statement of changes in equity
Reviewed Audited
year year
ended ended
30 June 30 June
2010 2009
R`000 R`000
Balance at the beginning of the year 4 017 544 3 943 488
Acquisition/(disposal) of subsidiaries 776 (427)
Cost of BEE transaction 16 175 16 175
Total comprehensive income for the year 891 495 176 447
Dividends (31 707) (118 139)
Balance at the end of the year 4 894 283 4 017 544
Reconciliation between profit attributable to owners of the parent
and headline profit attributable to owners of the parent
Reviewed Audited
year year
ended ended
30 June 30 June
2010 2009
R`000 R`000
Profit attributable to owners of the 865 784 88 973
parent
Net loss on disposal/impairment of 111 143 115 485
subsidiaries and investments
Net profit on sale of property, plant and (517) (1 943)
equipment
Tax effect (5 781) 748
Headline net profit attributable to owners 970 629 203 263
of the parent
Summarised group statement of comprehensive income
Reviewed Audited
year year
ended ended
30 June 30 June
2010 % 2009
R`000 change R`000
Continued operations
Revenue* 4 111 948 12,8 3 646 800
EBITDA 435 800 16,5 373 989
Profit from operations 314 343 24,8 251 895
Interest income 35 428 60 111
Interest expense (143 293) (204 792)
Share of loss from associates (22 517) (34 131)
Net fair value adjustments and 574 910 57,3 365 463
profit and loss from investments
Cost of BEE transaction (16 175) (16 175)
Profit before taxation 742 696 75,8 422 371
Taxation charge 136 094 (249 619)
Normal, deferred, capital gains 142 687 (221 218)
and foreign taxation
Secondary tax on companies (6 593) (28 401)
Profit for the year from 878 790 408,7 172 752
continuing operations
Discontinued operations
Profit from discontinued 12 705 3 695
operations
Total comprehensive income for
the year 891 495 176 447
Total comprehensive income
attributable to:
Owners of the parent 865 784 88 973
Other shareholders 25 711 87 474
- Preference shareholders 30 008 29 962
- Minority shareholders (4 297) 57 512
891 495 176 447
Weighted average net number of 406 962 406 665
ordinary shares in issue (000)
Diluted weighted average net
number of ordinary
shares in issue (000) # 465 307 465 482
Earnings per ordinary share 212,7 871,2 21,9
(cents)(a)
Headline earnings per ordinary 238,5 378,0 49,9
share (cents)(a)
Diluted earnings per ordinary 192,5 652,0 25,6
share (cents)
Diluted headline earnings per 215,0 329,1 50,1
ordinary share (cents)
Dividend per preference share 54,2 55,0
(cents)
Interim 27,1 27,5
Final 27,1 27,5
*Revenue from discontinued operations amounts to R87 311 000 (2009:
R98 862 000).
#Calculated on the basis that all preference shares will be
converted into ordinary shares.
(a) Earnings and headline earnings per ordinary share from
discontinued operations is 3 cents (2009: 1 cent).
Segmental information
Reviewed Audited
year year
ended ended
30 June 30 June
2010 2009
R`000 R`000
Net assets
Consumer services 3 982 268 3 065 566
Financial services 572 429 613 572
Infrastructure and Construction 130 550 146 138
Telecoms, Media and Technology 209 036 192 268
4 894 283 4 017 544
Revenue
Consumer services 4 111 948 3 646 800
Financial services - -
Infrastructure and Construction - -
Telecoms, Media and Technology - -
Revenue from discontinued operations 87 311 98 862
4 199 259 3 745 662
Total comprehensive income for the year
Consumer services 1 030 709 520 534
Financial services (6 928) 199 677
Infrastructure and Construction (15 588) (127 455)
Telecoms, Media and Technology (113 228) (403 829)
Cost of BEE transaction (16 175) (16 175)
Net profit from discontinued operations 12 705 3 695
891 495 176 447
Executive Directors:
M S M Xayiya (Executive Chairman), Y Z Cuba (Chief Executive
Officer),
G E Roth (Chief Financial Officer)
Non-Executive Directors:
K D Dlamini*, B D Hopkins*, O A Mabandla* (*Independent)
Company Secretary:
Mvelaphanda Management Services (Pty) Limited
Registered Office:
1st Floor, 30 Melrose Boulevard, Melrose Arch, 2076
Telephone 27 11 684-2652
Telefax 27 11 684-2656
Transfer Secretaries:
Computershare Investor Services (Proprietary) Limited,
Auditors:
PKF (Jhb) Inc., Registered
A copy of these results is available on the Mvelaphanda Group
website at
www.mvelagroup.co.za
Johannesburg
26 August 2010
Sponsor:
Deutsche Securities (SA) (Pty) Limited
Date: 26/08/2010 07:05:07 Produced by the JSE SENS Department.
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