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RAH
RAH
RAH - Real Africa Holdings Ltd - Profit and dividend announcement for the six
months ended 31 December 2010
Real Africa Holdings Ltd
Incorporated in the Republic of South Africa
Registration number 1994/003919/06
Share code: RAH
ISIN code: ZAE000008702
("Real Africa" or "RAH" or "the company")
Profit and dividend announcement for the six months ended 31 December 2010
GROUP STATEMENTS OF COMPREHENSIVE INCOME
Six months ended Year ended
31 December 30 June
R`000 2010 2009 2010
Unaudited Unaudited Audited
Revenue 33 324 34 404 62 718
Net investment 6 359 (1 049) 1 076
profit/(losses)
Share of profits of 30 947 19 025 44 418
associates
Interest income 648 734 1 443
Operating income 71 278 53 114 109 655
Operating costs (1 909) (2 280) (3 869)
Amortisation (8 157) (3 303) (6 606)
Impairment of intangible - - (12 659)
asset
Impairment of available-for-- - (7 368)
sale investment
Interest expense - - (21)
Profit before tax 61 212 47 531 79 132
Tax (169) (193) 1 403
Profit for the period 61 043 47 338 80 535
Other comprehensive income
Changes in fair value of 56 283 (54 288) 77 693
available-for-sale
financial instruments,
net of tax
Reclassification adjustment - - 96
for impairment included in
profit for the year
Total comprehensive income 117 326 (6 950) 158 324
for the period
Profit for the period
attributable to:
Minority shareholder 5 405 4 439 3 267
Ordinary shareholders 55 638 42 899 77 268
61 043 47 338 80 535
Total comprehensive income
for the period attributable
to:
Minority shareholder 10 812 628 7 812
Ordinary shareholders 106 514 (7 578) 150 512
117 326 (6 950) 158 324
Earnings per share (cents) 15.4 11.9 21.4
Headline earnings per share 14.0 11.9 24.5
(cents)
CONDENSED GROUP STATEMENTS OF FINANCIAL POSITION
31 December 30 June
2010 2009 2010
R`000 Unaudited Unaudited Audited
ASSETS
Non current assets
Investment in associates 87 617 107 729 93 555
Available-for-sale 848 314 657 230 784 892
investments
935 931 764 959 878 447
Current assets
Accounts receivable 21 23 556
Tax 261 2 673 196
Cash and cash equivalents 30 121 23 733 26 317
30 403 26 429 27 069
Total assets 966 334 791 388 905 516
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` 893 977 723 480 838 136
equity
Minority interest 60 764 54 841 56 432
954 741 778 321 894 568
Non current liabilities
Tax - 12 315 10 510
- 12 315 10 510
Current liabilities
Accounts payable and 1 083 752 438
accruals
Tax 10 510 - -
11 593 752 438
Total liabilities 11 593 13 067 10 948
Total equity and 966 334 791 388 905 516
liabilities
CONDENSED GROUP STATEMENTS OF CASH FLOW
Six months ended Year ended
31 December 30 June
2010 2009 2010
R`000 Unaudited Unaudited Audited
Cash flows from operating 5 397 (3 918) (3 037)
activities
Cash flows from investing 55 560 50 469 101 216
activities
Cash flows from financing (57 153) (51 685) (100 729)
activities
Net cash flows 3 804 (5 134) (2 550)
CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY
R`000 Ordinary Minority Total
shareholders` interest
equity
Unaudited
For the 6 months ended
31 December 2010
Balances at 30 June 838 136 56 432 894 568
2010
Profit for the year 55 638 5 405 61 043
Other comprehensive income 50 876 5 407 56 283
Dividends paid (50 673) (6 480) (57 153)
Balances at 893 977 60 764 954 741
31 December 2010
Unaudited
For the 6 months ended
31 December 2009
Balances at 780 487 56 465 836 952
30 June 2009
Profit for the year 42 899 4 439 47 338
Other comprehensive income (50 477) (3 811) (54 288)
Disposal of treasury shares 1 196 - 1 196
Dividends paid (50 625) (2 252) (52 877)
Balances at 723 480 54 841 778 321
31 December 2009
Audited
For the year ended
30 June 2010
Balances at 780 487 56 465 836 952
30 June 2009
Profit for the year 77 268 3 267 80 535
Other comprehensive income 73 244 4 545 77 789
Disposal of treasury shares 1 196 - 1 196
Dividends paid (94 059) (7 845) (101 904)
Balances at 30 June 838 136 56 432 894 568
2010
HEADLINE EARNINGS PER SHARE
Six months ended Year ended
31 December 30 June
2010 2009 2010
R`000 Unaudited Unaudited Audited
Headline earnings per share 14.0 11.9 24.5
(cents)
Weighted average number of 361.9 361.7 361.8
shares (million)
Reconciliation of headline
earnings (R`000)
Earnings attributable to 55 638 42 899 77 268
ordinary shareholders
Adjusted for:
?Realised investment (6 500) - (2 172)
profits
?Impairment of casino - - 12 659
licence
?Impairment of Worcester - - 7 368
?Tax on above items - - (1 788)
?Minority interest in the 1 508 - (4 646)
above items
Headline earnings 50 646 42 899 88 689
NET ASSET VALUE
31 December 30 June 31 December
R`000 2010 2010 2009
Afrisun Leisure 1 227 908 1 161 081 1 009 875
Other net liabilities (5 128) (5 732) (4 133)
Cash 29 745 24 721 15 453
Borrowings - - -
Net asset value 1 252 525 1 180 070 1 021 195
Issued shares net of 361.9 361.9 361.9
treasury shares (million)
Net asset value per share 346 326 282
(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 11.46% (30 June 2010:12.11%) at 31 December 2010,
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 2010 has been prepared in accordance with the recognition and
measurement criteria of International Financial Reporting Standards (IFRS),
the presentation and disclosure requirements of IAS 34 - Interim Financial
Reporting and AC 500 standards issued by the Accounting Practices Board. The
accounting policies applied are consistent with those adopted in the
financial statements for the year ended 30 June 2010.
REVIEW OF RESULTS
Revenue of R33.3 million, comprising dividends received was R1 million lower
than last year as a result of lower dividends received from Afrisun KZN
offset in part by higher dividends from SunWest.
The net investment profit of R6.4 million (2009: R1 million loss)
relates mainly to a R6.5 million profit realised on the sale of a 14.3%
interest in Zonwabise pursuant to a buyback by Zonwabise resulting from a
commitment made for Emfuleni`s licence bid. The comparative period included
an impairment of the investment made to the Biotech Venture Fund of R1
million (2010: R0.1 million).
The share of profits of associates includes the group`s share of income from
Afrisun Gauteng, Zonwabise and the management companies. The share of profits
increased mainly due to the payment of a cancellation fee on the early
termination of the Emfuleni Manco management contract which resulted in
higher profits in National Manco and Zonwabise who each own 50% of Emfuleni
Manco.
Headline earnings per share increased by 18% due to the increase in the share
of profits from associates.
The board has declared an interim dividend of 13 cents (2009:12 cents) per
share.
NON CURRENT ASSETS
The group contributed R7.1 million for its share of a R70 million
capitalisation of Golden Valley.
Afrisun Leisure`s interest in Zonwabise reduced to 26.7% following the sale
of shares in Zonwabise back to Zonwabise.
The value of Afrisun Leisure has increased by 5.8% from R1 161 million at
30 June 2010 to R1 228 million due mainly to a lower discount rate used in
the valuations from 12.11% at 30 June 2010 to 11.46%.
SUNWEST EXCLUSIVITY
GrandWest`s initial 10-year casino exclusivity in the Cape Metropole expired
during December 2010. The Provincial Government of the Western Cape is still
considering whether to permit one of the other casino licence holders in the
Western Cape to relocate to the Cape Metropole and has engaged interested
stakeholders before taking a final decision.
Sufficient information to assess the potential impacts on GrandWest`s revenue
and profitability remains unavailable.
OUTLOOK
Whilst gaming revenues have stabilised at the group`s major investments, no
significant improvements are anticipated for the remainder of the year.
DIVIDEND
Notice is hereby given that an interim dividend of 13 cents per share for the
year ended 31 December 2010 (2009: 12 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 final
dividend are as follows:
2011
Last day to trade cum Thursday, 17 March
interim dividend
First day to trade ex Friday, 18 March
interim dividend
Record date Friday, 25 March
Payment date Monday, 28 March
No share certificates may be dematerialised or rematerialised between Friday,
18 March and Friday, 25 March 2011, 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
2 March 2011
REGISTERED OFFICE
27 Fredman Drive, Sandown, Sandton, 2031
REGISTRAR
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: 03/03/2011 09:44:01 Produced by the JSE SENS Department.
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