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PHM
PHM
PHM - Phumelela Gaming and Leisure Limited - The Group`s unaudited condensed
consolidated interim financial statements for the six months ended 31 January
2011
Phumelela Gaming and Leisure Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/016610/06)
Share code: PHM
ISIN: ZAE000039269
("Phumelela" or "the Company")
The Group`s unaudited condensed consolidated interim financial statements for
the six months ended 31 January 2011
PBT FROM INTERNATIONAL OPERATIONS UP 20%
ONGOING PBT FROM BETTING WORLD UP 12%
ONGOING PBT FROM LOCAL OPERATIONS DOWN 16%
PAT DOWN 15%
HEPS DOWN 9%
CASH RESERVES OF R99 MILLION
DIVIDEND TO SHAREHOLDERS MAINTAINED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months 12 months
31 Jan 31 Jan 31 Jul
% 2011 2010 2010
change R`000 R`000 R`000
Income (Revenue
including Gross Betting
Income)
- Local operations 3 403 662 392 327 754 269
- International (28) 39 786 55 023 95 274
operations
(1) 443 448 447 350 849 543
Gross betting income
- Local operations 3 392 329 382 499 735 067
- International 4 14 855 14 287 29 532
operations
3 407 184 396 786 764 599
Net betting income
- Local operations 3 318 740 309 677 596 493
- International 4 14 769 14 210 29 375
operations
3 333 509 323 887 625 868
Other operating income
- Local operations 5 72 365 68 927 144 883
- International (38) 25 231 40 736 65 707
operations
Investment income
- Local operations (13) 1 718 1 978 2 880
- International 160 36
operations
Net income (1) 432 983 435 528 839 374
Operating expenses and
overheads
- Stakes (2) (78 046) (79 350) (157 986)
- Local operations 8 (260 666) (241 059) (485 452)
- International (44) (22 925) (40 754) (69 270)
operations
Profit before finance 71 346 74 365 126 666
costs, income tax, (4)
depreciation and
amortisation
Depreciation and 5 (17 164) (16 316) (32 803)
amortisation
Profit from operations (7) 54 182 58 049 93 863
Finance costs (6) (357) (781)
(380)
Profit before share of (7) 53 825 57 669 93 082
profit of equity
accounted investee
Profit on step-up of 4 443 4 443
Betting World from
equity accounted
investee to subsidiary
Share of profit of
equity accounted
investee
Automatic Systems (27) 411 1 028
Limited 560
Profit before income tax 54 236 62 672 98 553
expense (13)
Income tax expense (19 347) (21 537) (30 485)
Profit for the period (15) 34 889 41 135 68 068
Other comprehensive
income/(expense) net of
taxation
- Exchange differences 190 (1 017)
on translating of 136 (532)
foreign operations
Total comprehensive 35 079 40 603 67 051
income for the period (14)
Profit or loss
attributable to:
Equity holders of the (17) 31 995 38 624 63 338
parent
Non-controlling interest 2 894 2 511 4 730
Profit for the period (15) 34 889 41 135 68 068
Total comprehensive
income attributable to:
Equity holders of the (16) 32 185 38 092 62 321
parent
Non-controlling interest 2 894 2 511 4 730
Total comprehensive (14) 35 079 40 603 67 051
income for the period
Earnings per share
(cents)
- Basic (17) 42.33 51.10 83.79
- Diluted (18) 42.14 51.10 83.43
SUPPLEMENTARY STATEMENT
Reconciliation of
headline earnings
Earnings attributable to 31 995 38 624 63 338
equity holders of parent (17)
Adjusted for:
Net loss on disposal of 667 234
property, plant and 243
equipment
Tax effect (187) (68) (66)
Profit on step-up of (4 443) (4 443)
Betting World from
equity accounted
investee to subsidiary
Tax effect 1 244 622
Headline earnings (9) 32 475 35 600 59 685
Headline earnings per 78.96
share (cents) (9) 42.96 47.10
Diluted headline 78.62
earnings per share (9) 42.77 47.10
(cents)
Net asset value per 497.52
share (cents) 2 499.41 490.22
Distributions to
shareholders
Interim
dividend/distribution
Distribution out of 7.50
share premium (cents) 7.50
Dividend per ordinary 25.00 17.50 17.50
share (cents)
Final dividend
Dividend per ordinary 43.00
share (cents)
Number of shares in 75 586 838 75 582 338 75 586 838
issue
Weighted average number 75 586 838 75 590 240 75 590 417
of shares in issue for
basic and headline
earnings per share
calculation
Weighted average number 75 932 071 75 590 240 75 917 090
of shares in issue for
diluted earnings per
share calculation
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 Jan 31 Jan 31 Jul
2011 2010 2010
R`000 R`000 R`000
ASSETS
Non-current assets 379 935 385 611 378 558
Property, plant and equipment 325 580 332 957 325 340
Intangible assets 46 337 42 369 44 717
Deferred tax asset 3 344 4 613 3 344
Interest in equity accounted 3 783 4 781 4 266
investee
Investments 891 891 891
Current assets 179 833 148 656 198 438
Inventories 5 897 5 833 5 738
Trade and other receivables 70 859 82 100 68 212
Income tax receivable 4 205 1 620 6 943
Cash and cash equivalents 98 872 59 103 117 545
Total assets 559 768 534 267 576 996
EQUITY AND LIABILITIES
Total equity 399 009 386 921 394 682
Share capital and premium 1 890 1 890 1 890
Retained earnings 376 442 369 172 375 199
Non-distributable reserves (840) (545) (1 030)
Equity attributable to 377 492 370 517 376 059
ordinary shareholders
Non-controlling interest 21 517 16 404 18 623
Non-current liabilities 5 728 6 823 5 670
Deferred tax liability 3 909 5 418 3 851
Retirement benefit obligations 1 819 1 366 1 819
Finance lease liabilities 39
Current liabilities 155 031 140 523 176 644
Trade and other payables 142 909 129 378 164 521
Short-term loans from non- 8 550 7 414 8 968
controlling interests
Contingent consideration 3 000 3 000 3 000
liability
Income tax payable 572 731 155
Total equity and liabilities 559 768 534 267 576 996
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
31 Jan 31 Jan 31 Jul
2011 2010 2010
R`000 R`000 R`000
Net cash inflow from operating 491 10 972 82 153
activities
Cash generated by operations 72 025 74 296 123 279
Movements in working capital (24 418) (15 531) 39 905
Cash generated from operating 47 607 58 765 163 184
activities
Taxation paid (16 135) (16 885) (32 034)
Investment income 1 878 1 978 2 916
Finance costs (357) (380) (511)
Distributions to shareholders (32 502) (32 506) (51 402)
Net cash outflow from (19 720) (51 961) (64 930)
investing activities
Acquisition of Betting World (7 961) (9 507)
Acquisition of property, (19 853) (44 057) (58 409)
plant, equipment and
intangibles
Proceeds on disposal of 133 57 2 986
property, plant and equipment
Net cash inflow/(outflow) from 556 (89) 141
financing activities
Issue of share capital 14
Share re-purchases (89) (89)
Net decrease in short-term (418) (480)
loans
Dividend received from equity 974 696
accounted investee
Net (decrease)/increase in (18 673) (41 078) 17 364
cash and cash equivalents
Cash and cash equivalents at 117 545 100 181 100 181
beginning of period
Cash and cash equivalents at 98 872 59 103 117 545
end of period
Foreign currency denominated 31 153 13 616 27 008
monetary assets
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Non-
distributable
capital premium reserves
R`000 R`000 R`000
Balance at 31 July 2009 1 890 (13)
Non-controlling interest on
equity accounted investee
becoming a subsidiary
Total comprehensive income (532)
for the period
- Profit for the period
- Foreign currency (532)
translation reserve
Share based payment
Share re-purchases
Dividends paid to equity
holders of parent
Balance at 31 January 2010 1 890 (545)
Issue of share capital - 14
options exercised
Total comprehensive income (485)
for the period
- Profit for the period
- Foreign currency (485)
translation reserve
Share based payment
Share re-purchases (14)
Distributions paid to equity
holders of parent
Balance at 31 July 2010 1 890 (1 030)
Total comprehensive income 190
for the period
- Profit for the period
- Foreign currency 190
translation reserve
Share based payment
Dividends paid to equity
holders of parent
Balance at 31 January 2011 1 890 (840)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (cont)
Retained Equity Non- Total
earnings attributable controlling equity
to ordinary interest
shareholders
R`000 R`000 R`000 R`000
Balance at 31 July 362 103 363 980 363 980
2009
Non-controlling 13 893 13 893
interest on equity
accounted investee
becoming a
subsidiary
Total comprehensive 38 624 38 092 2 511 40 603
income for the
period
- Profit for the 38 624 38 624 2 511 41 135
period
- Foreign currency (532) (532)
translation reserve
Share based payment 1 040 1 040 1 040
Share re-purchases (89) (89) (89)
Dividends paid to (32 506) (32 506) (32 506)
equity holders of
parent
Balance at 31 369 172 370 517 16 404 386 921
January 2010
Issue of share 14 14
capital - options
exercised
Total comprehensive 24 714 24 229 2 219 26 448
income for the
period
- Profit for the 24 714 24 714 2 219 26 933
period
- Foreign currency (485) (485)
translation reserve
Share based payment 195 195 195
Share re-purchases 14 - -
Distributions paid (18 896) (18 896) (18 896)
to equity holders of
parent
Balance at 31 July 375 199 376 059 18 623 394 682
2010
Total comprehensive 31 995 32 185 2 894 35 079
income for the
period
- Profit for the 31 995 31 995 2 894 34 889
period
- Foreign currency 190 190
translation reserve
Share based payment 1 750 1 750 1 750
Dividends paid to (32 502) (32 502) (32 502)
equity holders of
parent
Balance at 31 376 442 377 492 21 517 399 009
January 2011
REVIEW OF RESULTS
Group results
Local trading conditions, particularly for the group`s bookmaker and other agent
totalisator operations, remained challenging whilst Rand strength against the
major trading currencies impacted negatively on the group`s international
operations. Despite this, profit before income tax (PBT) from the Group`s
international and ongoing fixed odds (Betting World) operations increased by a
pleasing 20% and 12% respectively.
Total income decreased by 1% to R443,4 million (2010: R447,3 million), the
decrease primarily due to income from the terminated Racing UK ("RUK") rights
agreement included in the comparative period (the agreement was terminated on 28
February 2010). Excluding RUK income, total income increased by 5%.
Total net betting income increased by 3% to R333,5 million (2010: R323,9
million).
Other operating income that comprises, inter alia, bookmakers` levies, unclaimed
dividends and breakages, stable rentals and local and international broadcasting
levies/fees decreased by
11% to R97,6 million (2010: R109,7 million). Excluding RUK income in the
comparative period, other operating income increased by 16%.
As a consequence of increased foreign currency denominated assets and a
softening in investment returns, investment income decreased by 5% to R1,9
million (2010: R2 million).
Operating expenses and overheads were well contained and increased marginally to
R361,6 million (2010: R361,2 million).
Profit before finance costs, income tax, depreciation and amortisation decreased
by 4% to R71,3 million (2010: R74,4 million).
The Group continues to invest in its capital infrastructure and as a consequence
the depreciation and amortisation charge increased by 5% to R17,2 million (2010:
R16,3 million).
Profit from operations decreased by 7% to R54,2 million (2010: R58 million).
Profit before income tax expense, which includes a R4,4 million profit on step-
up of Betting World becoming a subsidiary in the comparative period, decreased
by 13% to
R54,2 million (2010: R62,7 million). Attributable earnings decreased by 17% to
R32 million (2010: R38,6 million).
Headline earnings and headline earnings per share (HEPS) decreased by 9% to
R32,5 million (2010: R35,6 million) and 42,96 cents per share (2010: 47,10 cents
per share) respectively.
Diluted HEPS also decreased by 9% to 42,77 cents per share (2010: 47,10 cents
per share).
LOCAL OPERATIONS
Income from local operations increased by 3% to R403,7 million (2010: R392,3
million) with income from Betting World up a pleasing 10% to R47,6 million
(2010: R43,3 million) and income from totalisator, racing and other operations
up 2% to R356 million (2010: R349 million).
Totalisator handle struggled to gain traction in the first half, particularly in
independently operated and managed bookmaker and other agent retail outlets.
Gold Circle`s Gold Cup meeting, historically held in August each year, was not
scheduled during the period under review impacting negatively on handle. However
the launch of the `All to come` bet in October 2010 was well received and
impacted positively on totalisator win and place pools.
Totalisator handle on local and imported horseracing as well as the Group`s
soccer sports bet increased by 1% to R1,41 billion (2010: R1,39 billion). Growth
in soccer pools was curtailed by a decline in the number of betting
opportunities to 224 (2010: 254) with the local Premier Soccer League having
started earlier in the comparative period to accommodate the 2010 Soccer world
cup tournament.
Net betting income increased by 3% to R318,7 million (2010: R309,7 million) with
Betting World up 12% to R41,8 million (2010: R37,2 million) and totalisator
operations up 2% to R277 million (2010: R272,4 million).
Betting World`s net betting income was assisted by an improved gross margin of
15,9% (2010: 15,1%), 6% growth in net betting income from bets placed on horse
racing, 17% on sport and 178% on numbers.
Operating expenses and overheads increased by 6% to R338,7 million (2010: R320,4
million).
Excluding stakes which decreased by 2% to R78 million (2010: R79,4 million),
operating expenses and overheads increased by 8% to R260,7 million (2010: R241,1
million) primarily due to employee, marketing and advertising, security,
electricity, fuel and regulatory compliance costs.
PBT from local operations, which includes a R4,4 million profit on step-up of
Betting World becoming a subsidiary in the comparative period, decreased by 24%
to R36,8 million (2010: R48,2 million).
Excluding the R4,4 million profit on step up of Betting World becoming a
subsidiary in the comparative period, PBT from local operations decreased by 16%
to R36,8 million (2010:
R43,7 million) with Betting World up 12% to R9,9 million (2010: R8,9 million)
and totalisator, racing and other operations down 23% to R26,9 million (2010:
R34,8 million).
INTERNATIONAL OPERATIONS
Since the loss of the RUK rights significant progress has been made, both
operationally and financially, in positioning South African racing
internationally whilst leveraging off the opportunities presented in the UK,
Europe, Asia and Australia and by the Group`s Isle of Man totalisator operation.
Strategic relations have been forged with Australia and Italy who collectively
make up 27% of international revenue for the period under review.
Income from international operations was negatively impacted by the strength of
the Rand and the loss of the RUK rights and decreased by 28% to R39,8 million
(2010: R55 million). At constant currencies revenue decreased by 21%. Excluding
RUK revenue, revenue increased by 34% and at constant currencies by 46%.
Net betting income from the Group`s Isle of Man totalisator operation increased
by 4% to R14,8 million (2010: R14,2 million) whilst income generated from other
international initiatives was negatively impacted by the loss of the RUK rights
and decreased by 38% to R25,2 million (2010: R40,7 million). At constant
currencies, net betting income increased by a pleasing 16% and income from other
international initiatives decreased by 34%.
Operating expenses and overheads were positively impacted by Rand strength and
the loss of the RUK rights decreasing by 44% to R22,9 million (2010: R40,8
million).
The Group`s share of profit from its equity accounted investee, Automatic
Systems Limited (a company listed on the Mauritius Stock Exchange and one of two
licensed totalisator operators on the island) decreased by 27% to R411 000
(2010: R560 000).
PBT increased by 20% to R17,4 million (2010: R14,5 million) and equates to 32%
(2010:25%) of the Group`s PBT. At constant currencies and despite the loss of
the RUK rights PBT increased by 31%.
FINANCIAL POSITION
The Group has total assets of R559,8 million (2010: R534,3 million) including
cash resources of R98,9 million (2010: R59,1 million) and insignificant gearing.
The Group`s net asset value per share increased by 2% to 499,41 cents per share.
Cash generated from operations of R72 million was utilised to fund an increase
in working capital of R24,4 million (primarily due to a decrease in trade and
other payables that included approximately R7 million in betting dividends
payable to punters after the Vodacom Durban July meeting held on 31 July 2010),
pay income tax of R16,1 million and dividends of R32,5 million. A further R19,8
million was utilised for capital expenditure and software development. Net cash
inflows from financing activities of R0,6 million include a dividend of R1
million received from the Group`s equity accounted investee.
SHARE CAPITAL
There was no movement in issued share capital during the period under review.
CONDENSED SEGMENTAL ANALYSIS
The Group stages and broadcasts horseracing events and offers betting
opportunities on both South African and international product in two geographic
segments, namely South Africa and the rest of the world.
Unaudited Unaudited Audited
31 Jan 31 Jan 31 Jul
% 2011 2010 2010
change R`000 R`000 R`000
LOCAL
Excluding fixed odds
Income (Revenue 2 356 025 348 989 672 689
including Gross
Betting Income)
Net income 2 347 487 341 091 664 661
Stakes (2) (78 046) (79 350) (157 986)
Other net operating 7 (227 443) (212 889) (426 018)
expenses
Profit before (14) 41 998 48 852 80 657
finance costs,
income tax,
depreciation and
amortisation
Depreciation and 8 (15 130) (13 981) (28 410)
amortisation
Profit before (23) 26 868 34 871 52 247
finance costs and
income tax
Finance costs (27) (11) (15) (27)
Profit before income (23) 26 857 34 856 52 220
tax expense
Fixed odds (Betting
World)
Income (Revenue 10 47 637 43 338 81 580
including Gross
Betting Income)
Net income 15 45 336 39 491 79 595
Operating expenses 18 (33 223) (28 170) (59 434)
Profit before 7 12 113 11 321 20 161
finance costs,
income tax,
depreciation and
amortisation
Depreciation and (12) (1 826) (2 075) (4 208)
amortisation
Profit before 11 10 287 9 246 15 953
finance costs and
income tax
Finance costs (5) (346) (365) (754)
Profit from 12 9 941 8 881 15 199
operations
Profit on step-up of (100) 4 443 4 443
Betting World from
equity accounted
investee to
subsidiary
Profit before income (25) 9 941 13 324 19 642
tax expense
INTERNATIONAL
Income (Revenue (28) 39 786 55 023 95 274
including Gross
Betting Income)
Net income (27) 40 160 54 946 95 118
Net operating (44) (22 925) (40 754) (69 270)
expenses
Profit before 21 17 235 14 192 25 848
finance costs,
income tax,
depreciation and
amortisation
Depreciation and (20) (208) (260) (185)
amortisation
Profit before share 22 17 027 13 932 25 663
of profit of equity
accounted investee
Share of profit of (27) 411 560 1 028
equity accounted
investee
Profit before income 20 17 438 14 492 26 691
tax expense
GROUP
Income (Revenue (1) 443 448 447 350 849 543
including Gross
Betting Income)
Net income (1) 432 983 435 528 839 374
Stakes (2) (78 046) (79 350) (157 986)
Other net operating 1 (283 591) (281 813) (554 722)
expenses
Profit before (4) 71 346 74 365 126 666
finance costs,
income tax,
depreciation and
amortisation
Depreciation and 5 (17 164) (16 316) (32 803)
amortisation
Profit before (7) 54 182 58 049 93 863
finance costs and
income tax
Finance costs (6) (357) (380) (781)
Profit before share (7) 53 825 57 669 93 082
of profit of equity
accounted investee
Share of profit of (27) 411 560 1 028
equity accounted
investee
Profit from (7) 54 236 58 229 94 110
operations
Profit on step-up of (100) 4 443 4 443
Betting World from
equity accounted
investee to
subsidiary
Profit before income (13) 54 236 62 672 98 553
tax expense
CAPITAL COMMITMENTS
Commitments in respect of capital expenditure approved by directors.
2011 2010
R`000 R`000
Contracted for 811 5 500
Not contracted for 26 726 11 391
REPORTING ENTITY
Phumelela Gaming and Leisure Limited is a company domiciled in South Africa. The
condensed consolidated interim financial statements as at and for the period
ended 31 January 2011 comprises the Company and its subsidiaries and the Group`s
interests in equity accounted investees.
STATEMENT OF COMPLIANCE
The condensed consolidated interim financial statements for the six months ended
31 January 2011 have been prepared in accordance with IAS34 - Interim Financial
Reporting, the requirements of the South African Companies Act and the AC500
series as issued by the Accounting Profession Board. They do not include all the
information required for full annual financial statements and should be read in
conjunction with the consolidated financial statements of the Group as at and
for the year ended 31 July 2010. The amounts disclosed are not audited, except
if indicated otherwise.
The Board is committed to the highest standards of corporate governance
throughout the Group, endorses the recommendations set out in King III and
supports the Code of Corporate
Practices and Conduct set out therein.
BASIS OF PRESENTATION
The condensed consolidated interim financial statements are presented in South
African Rands rounded to the nearest thousand, unless disclosed otherwise, on
the historical cost basis, except for certain derivative financial instruments
that are recognised at fair value.
The accounting policies are those presented in the annual financial statements
for the year ended 31 July 2010 and have been applied consistently to the
periods presented in these condensed consolidated financial statements and by
all Group entities. During the period under review the Group adopted all IFRS
and interpretations effective and deemed applicable to the Group. None of these
standards and interpretations had a material impact on the results.
SUBSEQUENT EVENTS
There are no significant subsequent events that have a material impact on the
financial statements at 31 January 2011.
The Group is engaged in talks for a possible merger with the Western Cape racing
region following agreement between the KwaZulu-Natal and the Western Cape Boards
to unbundle Gold Circle operations.
In terms of a recent agreement concluded between Phumelela Gold Enterprises and
Tabcorp Holdings Limited (Australia), the parties have agreed to joint ownership
and control of the
Group`s Isle of Man totalisator operation with the strategic intent of
establishing a global tote gateway that facilitates international comingling
opportunities. The agreement is conditional on receiving all the necessary
regulatory and racing industry approvals.
SOCIAL RESPONSIBILITY
The Group recognises that it has a responsibility to the broader community to
act in a socially responsible manner, for the benefit of all South Africans.
Contributions to selected training, sports and community service related
projects continue. The Group has adopted appropriate BEE and employment equity,
training and procurement policies.
In March 2011 the Group was once again awarded "A" (Level Four Contributor)
status by Empowerdex (Economic Empowerment Rating Agency).
DIRECTORS
With effect from 1 October 2010, Messrs V J Moodley and J A Stuart were
appointed to the Board as executive directors.
There were no other changes to the composition of the Board during the period
under review.
PROSPECTS
Despite difficult trading conditions management is encouraged by a marked
improvement in the local betting handle trend from January 2011 to date. If the
current momentum is maintained local operations are positioned for growth in the
second half. International operations continue to trade well despite Rand
strength and the loss of the RUK rights.
The financial forecast has not been reviewed or reported on by the Group`s
auditors.
Management remains cautiously optimistic of a stronger performance in the second
half of the year.
DIVIDEND TO SHAREHOLDERS
Notice is hereby given that the Board has declared an interim dividend of 25
cents per share for the six month period ended 31 January 2011, payable to
shareholders recorded in the register on Friday 6 May 2011. Shareholders are
advised that the last date to trade "cum distribution" will be Thursday 28 April
2011. As from commencement of business on Friday 29 April 2011 all trading in
Phumelela shares will be "ex distribution". Payment will be made on Monday 9 May
2011. Share certificates may not be dematerialised or rematerialised between
Friday 29 April 2011 and Friday 6 May 2011, both days inclusive.
For and on behalf of the Board
M P MALUNGANI W A du PLESSIS
Chairman Group Chief Executive
Johannesburg
8 April 2011
Directors: M P Malungani (Chairman), W A du Plessis* (Group Chief Executive), A
W Heide* (Finance Director and COO), R Cooper, M J Jooste, B Kantor, S K C
Khampepe, N J Mboweni (Mrs), V J Moodley*, Dr E Nkosi, M L Ramafalo*, J A
Stuart*, C J H Van Niekerk, J B Walters (*Executive)
Company Secretary: AF Wintour
Registered Office: Turffontein Racecourse, 14 Turf Club Street, Turffontein
Transfer Secretaries: Computershare Investor Services (Pty) Ltd
Sponsor: Investec Bank Limited
Web site: www.phumelela.com
Date: 08/04/2011 07:05:21 Produced by the JSE SENS Department.
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