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JSE RACP
REC
RACP - RECM and CALIBRE LIMITED - Reviewed preliminary financial results for the
year ended 31 March 2012
RECM and CALIBRE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/012403/06)
Preference share code: RACP
ISIN: ZAE000145041
("RAC" or "the Company")
Reviewed preliminary financial results for the year ended 31
March 2012
Notes Reviewed Audited
31 March 31 March
2012 2011
R R
Statement of Financial
Position
Assets
Non-current
assets
Other 1 288 052 283 219 875
financial 090
assets
Current 277 392 960 295 609
assets 693
Trade and other 6 148 068
receivables 6 217
106
Other 1 270 542 851 288 509
financial 508
assets
Cash and cash 2
equivalents 702 041 883 079
Total assets 565 445 243 515 484
783
Equity and
liabilities
Equity
Share capital 3 50 000 50 000
000 000
Reserves 4 3 039 119 86 038
attributable
to ordinary
shares
Retained income attributable 5 2 582 201 1 226
to ordinary shares 749
55 621 320 51 312
787
Reserves and retained income 6 50 591 878 11 815
attributable to preference 084
shares
Reserves 4 27 352 070 774 346
Retained 5 23 239 808 11 040
income 738
Total Equity 106 213 198 63 127
871
Liabilities
Non-current 456 966 433 450 140
liabilities 062
Other 7 450 000 450 000
financial 000 000
liabilities
Deferred tax 6 966 433 140 062
Current 2 265 612 2 216
liabilities 850
Trade and other 1 003 978 678 359
payables
Current tax 1 261 634 1 538
payable 491
Total equity and 565 445 243 515 484
liabilities 783
Reviewed Audited
31 March 31 March
2012 2011
Statement of Comprehensive R R
Income
Revenue 25 925 159 24 041
715
Operating (7 613 (6 376
expenses 484) 434)
Operating 18 311 675 17 665
Profit 281
Finance costs (113)
(866)
Profit before 18 310 809 17 665
taxation 168
Taxation (4 756 287) (5 053
413)
Profit after 13 554 12 611
taxation 522 755
Available-for-sale financial 36 357 085 1 000
assets adjustments 446
Taxation related to components of other (6 826 280) (140
comprehensive income 062)
29 530 805 860 384
Total comprehensive income 43 085 328 13 472
139
Total comprehensive income
attributable to:
Ordinary 4 308 533 1 347
shareholders 214
Preference 38 776 794 12 124
shareholders 925
43 085 327 13 472
139
Statement of Changes in Equity
Share Share Total Fair value Retained Total
capital premium share adjustment income/(Lo Equity
capit assets - ss)
al available-
for-sale
reserve
R R R R R R
Balance at 31 70 - (344 268) (344
March 2010 - 70 198)
Changes in
equity
Total - 860 384 12 611 755 13 472
comprehensive - - 139
income
Issue of 49 930 49 - 49 999
ordinary 49 950 999 - 930
shares 000 930
Balance 31 50 49 950 860 384 12 267 487 63 127
March 2011 000 000 50 871
000
000
Changes in
equity
Total - - 29 530 805 13 554 522 43 085
comprehensive 327
income
Balance 31 50 49 950 50 30 391 189 25 822 009 106 213
March 2012 000 000 000 198
000
Reviewed Audited
31 March 31 March
2012 2011
R R
Statement of Cash
Flows
Cash flows from
operating activities
Cash utilised in (7 218 827) (11 920
operations 757)
Interest 24 050 488 23 452
income 240
Dividends 1 874 671 589 475
received
Finance costs (866) (113)
Tax paid (5 033 144) (3 514
922)
13 672 322 8 605
923
Cash flows from investing
activities
Purchase of financial (13 853 (507 384
assets 360) 152)
(13 853 (507 384
360) 152)
Cash flows from financing
activities
Proceeds on - 49 999
share issue 930
Proceeds from other - 450 000
financial liabilities 000
Net movement on - (338
shareholders` loans 622)
- 499 661
308
Total cash movement for the (181 038) 883 079
period
Cash at beginning of 883 079 -
period
Total cash and cash equivalents end of 702 041 883 079
period
Notes to the annual financial results for the year
ended 31 March 2012
1 Other financial
assets
Available-for-sale
Listed and unlisted shares 47 641 225 17 631
- Quoted 034
Unlisted - Unquoted 280 000 280 000
Unit trusts 240 131 058 201 964
056
288 052 283 219 875
090
Money market funds 270 542 851 288 509
508
558 595 134 508 384
598
The fair values of the financial assets were determined as follows:
listed and unlisted quoted investments are based on the quoted market
price and unlisted securities on the last available traded price.
2 Cash and cash
equivalents
Bank balances 702 041 883 079
Reviewed Audited
31 March 31 March
2012 2011
R R
3 Share
capital
Authorise
d
5 000 000 Ordinary shares of R0.01 50 000 50 000
each
100 000 000 Redeemable, 1 000 000 1 000
participating, non-cumulative 000
Preference shares of R0.01 each
Issued
5 000 000 Ordinary shares of R0.01 50 000 50 000
each
Share premium 49 950 000 49 950
000
50 000 000 50 000
000
4 Reserves
The available-for-sale reserve comprises all fair value adjustments on
available-for-sale financial instruments. When an asset or liability
is derecognised, the fair value adjustment relating to that asset or
liability is transferred to profit or loss.
Available-for-sale financial 37 357 622 1 000
instruments 446
Deferred tax on available-for-sale (6 966 433) (140
financial instruments 062)
30 391 189 860 384
The reserves are attributable to the following
classes of shareholders:
5 000 000 Ordinary 3 039 119 86 038
shares
45 000 000 Redeemable, 27 352 070 774 346
participating, non-cumulative
preference shares
30 391 189 860 384
5 Retained income
The retained income is attributable
to the following classes of
shareholders:
5 000 000 Ordinary 2 582 201 1 226
shares 749
45 000 000 Redeemable, 11 040
participating, non-cumulative 23 239 808 738
preference shares
25 822 009 12 267
487
6 Preference shareholders`
Interest
Reserves and retained income are divided between the ordinary and
preference shareholders according to Article 4.5.3.2 of the Articles
of Association of the Company. Refer to notes 4 and 5 for the various
allocations
Reserves: Fair value adjustments of 27 352 070 774 346
assets-available-for-sale reserve
Retained income 23 239 808
11 040
738
50 591 878 11 815
084
7 Other financial
liabilities
Held at amortised
cost
45 000 000 Redeemable, 450 000 000 450 000
participating. Non- 000
cumulative preference
shares
The other financial liabilities consists of 45 000 000 redeemable,
participating, non-cumulative preference shares of R0.01 each and a
share premium of R9.99 each, which shares are listed on the JSE
Limited. These redeemable, participating, non-cumulative preference
shares share in the reserves and the retained income of the company as
per note 4 and 5.
8 Events after balance sheet date
The directors are not aware of any matter or circumstance arising
since the end of the financial year.
Basis of accounting
preparation
The accounting policies applied for the year are consistent, in all
material respects, with those used in the Annual Financial Statements of
the prior period in accordance with the recognised and measurements
criteria of International Reporting Standards (IFRS) and the presentation
and disclosure requirements of International Accounting Standards 34,
Interim Financial Reporting, as well as AC 500 standards as issued by the
Accounting Practices Board, the Listings Requirements of the JSE and the
Companies Act 71 of 2008.
These condensed financial results were prepared under the review of Mr
Michael Arbuthnot CA(SA)in his capacity as financial manager.
The Annual Financial results have been prepared in accordance with the
IFRS and IFRIC interpretations as adopted for use in South Africa at the
time of the preparation of the information. As these standards and
interpretations are subject to ongoing review, they may be amended between
the date of this report and the finalization of the annual financial
statements for the year ended 31 March 2012.
Segmental
analysis
The directors considered the implications of IFRS 8 Operating Segments and
are of the opinion that the operations of the company are substantially
similar and that the risks and returns of these operations are likewise
similar. Resource allocation and the management of the operation are
performed on an aggregated basis, and as such the company is considered to
be a singly aggregated business and therefore is no additional reporting
requirements in terms of IFRS 8.
Commentary
RAC`s net asset value per share (for both the unlisted ordinary and the
listed preference shares) increased from R10.26 to R11.12 over the past
year. This reflects the fact that the bulk of the company`s assets were
still in the form of cash and money market investments for most of the
year. The book value of all RAC`s equity investments stands at R123.3
million while the market value of these investments at year-end was R162.1
million. At 8.4% (after tax), the increase in net asset value per share
compares respectably to that delivered by the major asset class indices in
South Africa of 7.5% for equities (FTSE/JSE All Share), 13.1% for bonds
(South Africa All Bond Index) and 5.3% for cash (Short Term Fixed Income -
SteFI - Call) over the same period.
By year end, on a see-through basis, 28.3% (2011: 9.3%) of RAC`s assets
were invested in listed and unlisted equities, with the balance held in
cash and money market investments. Included in the cash and money market
investments is a balance of R91.2 million earmarked for the funding of
RAC`s interest in the Namaqualand Mines transaction, on which we have
commented before. If this balance were included as an equity investment,
it would raise the percentage of the portfolio invested in equity to
44.6%.
As the percentages above suggest, we managed to deploy capital into a
select number of attractive publicly traded equity opportunities during
the year. As mentioned before, and in an effort to protect our investment
opportunity set from competition, we generally refrain from disclosing
details about our activities in publicly traded equities until such time
as we have completed an ownership cycle (i.e. buy, hold and sell). But it
is worth noting that many of the shares we own and were researching as
potential investments experienced substantial share price increases during
the last six months. This triggered a limited amount of selling activity
on our part, but we have not completed a full ownership cycle with any of
the investments owned by RAC yet.
It is now almost a year since the bid of the Emerald Panther consortium
(of which RAC is a member) for Namaqualand Mines was accepted. However,
negotiations to finalise the exact terms of the investment continue. We
will report progress in this matter when possible and appropriate.
At year end, the publicly traded equities in RAC`s portfolio were in
aggregate priced at about 68% of our estimate of fair value. This is
attractive, but a notable contraction in the margin of safety from the 58%
of fair value that the portfolio was priced at when we last disclosed this
number with the interim results of 30 September 2011.
We continue to investigate potential investments, both publicly traded and
private, but the pace at which we deploy capital into opportunities will
always depend on the value we find: the more plentiful the value, the more
rapid will our pace of capital deployment be. We are selective in
committing capital, and continue to pass on many opportunities that are
presented to us. We would like to be able to invest meaningful amounts of
capital in the year to come, but there is no guarantee that this will be
possible.
Net asset
value(NAV)
Net Asset Value of preference shares as 1 1
at 31 March 2012 (cents per share) 112.42 026.26
Headline earning per share (cents per 27.11 25.22
share)
The preliminary financial results for the year ended 31 March 2012 were reviewed
by the company`s auditors, BDO South Africa Incorporated and their report is
available for inspection at the Company`s registered office. The review was
conducted in accordance with IRSE 2410: Review of Interim Financial Information
performed by the Independent Auditor of the entity.
Signed on behalf of
the board
P Viljoen
Cape Town,
24 April 2012
Directors: P Viljoen (Chairman), V Davis,
T de Bruyn, L Potgieter, G Pretorius, W
Stals,
J G Swiegers
Registered Office:
7th Floor Claremont Central
8 Vineyard Road
Claremont
7700
South Africa
Company Secretary: G Simpson
Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd
Transfer Secretaries: Link Market Services South Africa (Pty) Limited
Date: 24/04/2012 14:11:01 Produced by the JSE SENS Department.
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