| Mon 27 Aug 2001, 0:00 | | Sasani Limited - Year End Results |
|
SASANI LIMITED
Share code=SSA, ISIN=ZAE000017851
SUMMARISED RESULTS FOR THE 12 MONTHS
ENDED 30 JUNE 2001
GROUP INCOME
STATEMENT
30 June 30 June 2000
2001
R'000 % R'000
change
Revenue 303,221 (5.0) 319,340
Operating profit 56,464 (25.4) 75,669
before depreciation
(EBITDA)
Depreciation (34,428) 13.6 (30,303)
Amortisation (10,085) 1.4 (9,944)
of
trademarks
Operating profit 11,951 (66.3) 35,422
before exceptional
items
Exceptional (1,958) 19,476
items
Operating 9,993 (81.8) 54,898
profit
Net interest (5,621) (25.4) (7,533)
paid
Profit 4,372 (90.8) 47,365
before
taxation
Taxation - 213 (102.1) (10,073)
this year
Taxation - (799) 101.8 (396)
previous
years
Profit after 3,786 (89.7) 36,896
taxation
Outside shareholders' (4,666) (46.8) (8,773)
interest
Earnings attributable (880) (103.1) 28,123
to ordinary
shareholders
Headline earnings
reconciliation
Earnings attributable (880) 28,123
to ordinary
shareholders
Add: 10,085 9,944
Amortisation of
trademarks
Exceptional items 908 (14,285)
(net of taxation and
minorities):
- Rationalisation 908 (15,176)
costs and profit on
sale of businesses
- Loss / scrapping of - 628
assets
- Restraint of trade - 263
Headline earnings 10,113 (57.5) 23,782
Number of shares
(000's)
Issued and weighted 65,776 65,776
average
Earnings and fully diluted
earnings per ordinary share
(cents)
Headline earnings 15.4 36.2
Earnings attributable -1.3 42.8
to ordinary
shareholders
EBITDA% 18.6% 23.7%
Operating income 3.9% 11.1%
before exceptional
items%
Effective rate of -4.9% 21.3%
taxation % (this
year)
Interest cover 2.1 4.7
(times) - Operating
profit before
exceptional items
GROUP BALANCE SHEET
30 June 30 June 2000
2001
R'000 R'000
ASSETS
Non-current assets 162,374 192,469
Property, plant and 94,075 112,833
equipment
Trademarks and 65,409 75,208
copyrights
Other assets 2,890 4,428
Current assets 73,713 83,269
Inventories 5,024 9,585
Trade and other 43,159 49,099
receivables
Proceeds from sale of - 19,479
ESPM Legends (net of
intercompany loan)
Cash and cash 25,530 5,106
equivalents net of
bank overdrafts
Total assets 236,087 275,738
EQUITY AND
LIABILITIES
Capital and
reserves
Share capital and Non 112,043 112,043
distributable
reserves
Distributabl 41,474 36,252
e reserves
Issued 153,517 148,295
capital and
reserves
Minority 1,470 19,722
interests
Deferred 7,339 10,376
taxation
Non-current 19,960 22,006
liabilities
Interest 19,960 22,006
bearing
borrowings
Current 53,801 75,339
liabilities
Trade and 32,029 39,513
other
payables
Taxation 5,146 4,726
payable
Interest 15,979 24,561
bearing
borrowings
Non-interest bearing 647 6,539
borrowings
Total equity 236,087 275,738
and
liabilities
Gearing 23.2 27.7
percentage
Capital 39,669 35,546
expenditure
Net asset value per
share (cents)
Including 233.4 225.5
intangible
assets
Excluding 134.0 111.1
intangible
assets
GROUP CASH FLOW
STATEMENT
30 June 30 June 2000
2001
R'000 R'000
Cash generated by 54,894 70,785
operations
Net interest (5,621) (7,533)
paid
Increase/(decrease) 4,452 (1,954)
in working capital
Taxation (3,127) (8,838)
paid
Dividends (6,642) -
paid to
minorities
Cash available from 43,956 52,460
operations
Net 18,752 (29,678)
receipts/(payments)
for businesses
Net fixed (38,432) (33,327)
assets
acquired
Other (591) (2,516)
investing
activities
Cashflow before 23,685 (13,061)
financing activities
Financing 6,328 9,244
activities
Net movement in cash 30,013 (3,817)
and cash equivalents
Cash and cash 5,106 11,790
equivalents at
beginning of the year
Cash and cash (9,589) (2,867)
equivalents of
businesses
acquired/(sold)
Cash and cash 25,530 5,106
equivalents at end of
the year
GROUP STATEMENT OF CHANGES IN
EQUITY
30 June 30 June 2000
2001
R'000 R'000
Share 111,818 111,818
capital
Non
distributabl
e reserves
Balance at beginning 225 225
and end of year
Retained earnings
Balance at beginning 36,253 8,130
of year
Net (loss)/profit for -880 28,123
the year
Minorities share of 6,101
goodwill of associate
previously written
off
Balance at 41,474 36,253
end of year
Total ordinary 153,517 148,296
shareholders'
interest
153,517 148,295
