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NAI NAN
NAI
NAI / NAN - New Africa Investments Limited - Unaudited interim results of the
Group for the six months ended 31 December 2010
NEW AFRICA INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/002467/06)
(Share codes: NAI and NAN)
(ISIN: ZAE000033338 and ZAE000033346)
("NAIL" or the "Group" or the "Company")
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months 18 months
31 Dec 31 Dec 30 June
2010 2009 2010
Notes R`000 R`000 R`000
Operating loss - (1,391) (1,644) (7,048)
Administration expenses
Additional disposal 5,721 14,896 15,374
consideration for KFM Radio
(Pty) Limited ("KFM
Agterskot")
Finance income 164 202 909
Share of profit of associate 3,149 2,508 6,275
Profit before taxation 7,643 15,962 15,510
Income tax expense 1 - - (1,328)
Profit and total 7,643 15,962 14,182
comprehensive income for the
period
Attributable to:
Owners of the Company 7,643 15,962 14,182
Minority interest - - -
Profit and total 7,643 15,962 14,182
comprehensive income for the
period
Basic earnings per share 6.0 12.6 11.2
(cents)
Diluted earnings per share 6.0 12.6 11.2
(cents)
Number of shares taken into 126,623 126,623 126,653
account in calculating
earnings per share (`000s)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Reviewed Audited
31 Dec 31 Dec 30 Jun
2010 2009 2010
R`000 R`000 R`000
ASSETS
Non-current assets
Investment in associate 14,823 14,066 13,045
Current assets 39,210 33,369 33,165
Income tax receivable - 10,395 10,395 10,395
excluding interest
Other receivables 28 - 86
Other receivable - KFM 4 21,095 14,896 15,374
Agterskot
Cash and cash equivalents 7,692 8,078 7,310
TOTAL ASSETS 54,033 47,435 46,210
Equity attributable to 52,160 43,720 44,517
owners of the Company
Ordinary share capital and 4,712 4,712 4,712
share premium
Retained earnings 47,448 39,008 39,805
Minority interest (9,049) (9,049) (9,049)
TOTAL EQUITY 43,111 34,671 35,468
Current liabilities 10,922 12,764 10,742
Trade and other payables 1,750 3,592 1,570
Borrowings 9,172 9,172 9,172
TOTAL EQUITY AND LIABILITIES 54,033 47,435 46,210
Net asset value per share 41.2 34.5 35.2
attributable to owners of
the Company (cents)
Number of shares in issue 126,623 126,623 126,623
used in calculating net
asset value per share
(`000s)
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Attributable to owners of the Company
Ordinary Total
share Minority Equity
capital and interest
share
premium
Reserves Total
R`000 R`000 R`000 R`000 R`000
Balance at 01 4,814 42,862 47,676 (9,049) 38,627
January 2009
Total - 14,182 14,182 - 14,182
comprehensive
income for the
period
Transactions (102) (17,239) (17,341) - (17,341)
with owners
Share capital (102) 9 (93) - (93)
repurchased
Dividends paid - (19,014) (19,014) - (19,014)
Prescribed - 1,766 1,766 - 1,766
dividends
Balance at 30 4,712 39,805 44,517 (9,049) 35,468
June 2010
Total - 7,643 7,643 - 7,643
comprehensive
income for the
period
Balance at 31 4,712 47,448 52,160 (9,049) 43,111
December 2010
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months 18 months
31 Dec 31 Dec 30 Jun
2010 2009 2010
R`000 R`000 R`000
Cash (utilised) / generated by (1,153) 1,610 (7,109)
operations
Taxation paid - - (1,328)
Net cash (utilised)/ generated by (1,153) 1,610 (8,437)
operating activities
Cash flows from investing
activities
Dividends received from Associate 1,371 - 4,735
Interest received 164 202 909
Cash flows from financing
activities
- Dividend paid to shareholders - - (19,014)
Net increase/(decrease) in cash 382 1,812 (21,807)
and cash equivalents
Cash and cash equivalents at 7,310 6,266 29,117
beginning of the period
Cash and cash equivalents at end 7,692 8,078 7,310
of period
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION OF THE
GROUP
Unaudited Unaudited Audited
6 months 6 months 18 months
31 Dec 2010 31 Dec 2009 30 Jun
2010
R`000 R`000 R`000
1. INCOME TAX EXPENSE
South African normal tax - - -
Secondary taxation on - - (1,328)
companies
2.HEADLINE EARNINGS /
(LOSS)
Profit attributable to 7,643 15,962 14,182
shareholders
KFM Agterskot (5,721) (14,896) (15,374)
Headline earnings / 1,922 1,066 (1,192)
(loss)
Basic Headline profit / 1.5 0.8 (0.9)
(loss) per share (cents)
Diluted Headline profit / 1.5 0.8 (0.9)
(loss) per share (cents)
3. RELATED PARTIES
The Company is jointly controlled by:
Primedia (Proprietary) Limited ("Primedia") which owns 47.4% of
the ordinary shares and 73.6% of the "N" ordinary shares;
and
Capricorn Capital Partners Investments (Proprietary) Limited
("Capricorn"), which owns 50.2% of the ordinary shares and
26.1% of the "N" ordinary shares
.
The Company was previously controlled by the TISO Consortium,
which owned 90.3% of the ordinary shares and 99.3% of the "N"
Ordinary Shares. The TISO Consortium includes Investec, Tiso
Group, Capricorn Capital Partners, Mineworkers Investment
Company and Safika Investments.
Transactions with related
parties are as follows:
Investec provides sponsor and financial advice to NAIL, on
the same basis as would be available to third parties.
Unaudited Unaudited Audited
6 months 6 months 18 months
31 Dec 31 Dec 30 Jun 2010
2010 2009
R`000 R`000 R`000
Purchase of goods
and services
- Sponsor fee paid 57 57 143
- Investment - - 285
banking fee
57 57 428
Key management
compensation
Salaries and other - - 225
short term employee
benefits
Bonuses paid - - 250
- - 475
Primedia - accounting 300 - -
and secretarial fees
Dividend paid to the - - 18,830
TISO Consortium
4. OTHER RECEIVABLE
The KFM Agterskot is in terms of the disposal agreement for
KFM Radio (Proprietary) Limited, which was sold by NAIL in
2004 and is due as a result of KFM`s successful challenge of
SARS` decision to disallow its R50 million trademark
deduction in terms of Section 11(gA) of the Income Tax Act.
During February 2011, KFM agreed to a write off period of 18
years for the deduction, in settlement of the dispute with
SARS.
COMMENTARY
BASIS OF PRESENTATION
This condensed consolidated interim financial information for the six months
ended 31 December 2010 has been prepared in accordance with IAS34 "Interim
Financial Reporting" and in compliance with the Listing Requirements of the JSE
Limited and the South African Companies Act (1973), on a basis consistent with
that of the prior period.
ACCOUNTING POLICIES
The accounting policies applied are consistent with those of the annual
financial statements for the period ended 30 June 2010, as described therein.
REVIEW OF RESULTS
The performance for the period reflects the results of the Group`s single
operating segment, its 24,9% interest in Kaya FM (Proprietary) Limited and
administrative expenses incurred, primarily in relation to the Company`s listing
on the JSE.
GOING CONCERN
The going concern basis has been adopted in preparing the financial information.
The directors have no reason to believe that the Group will not be a going
concern in the year ahead, based on forecasts and available cash resources.
UNCLAIMED DIVIDENDS
During March 2011, the directors passed a resolution, in terms of the NAIL
articles of association to prescribe total unclaimed dividends of R166 164
relating to the 2006 and 2007 financial years.
For and on behalf of the Board
SR BRUYNS O IGHODARO
SANDTON
2 March 2011
Directors: SR Bruyns (Chairman), G Chadwick, R Kevan, O Ighodaro, T Volkwyn
Alternate Director: CJ Patricios
Company Secretary: E Sather
Sponsor: Investec Bank Limited
Date: 02/03/2011 15:56:00 Produced by the JSE SENS Department.
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