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"Excellent results against highly competitive, volatile and declining
financial markets. Our five-year roll-out is on course. psgbh, with
shareholders' funds of R1,8 billion and an ungeared balance sheet, is well
placed in its industry."
Jannie Mouton, Chairman
10 October 2001
SUMMARISED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited
6 months 6 months
31 August 31 August
% 2001 2000
change Rm Rm
Total income (6) 166 176
Expenses 59 66
Profit from operations 107 110
Income from associates 9 6
Exceptional items
- investment banking 46 (2)
Net income before taxation 42 162 114
Tax expenses 23 10
Net income after taxation 139 104
Attributable to outside
shareholders - -
Earnings attributable
to shareholders 34 139 104
Earnings per share (cents)*
Total 39 11,1 8,0
Headline (9) 7,4 8,1
*Weighted shares in issue used Aug 01 - 1 252m (Aug 00 - 1 304m)
Summarised consolidated balance sheet
Unaudited Unaudited
31 August 31 August
2001 2000
Rm Rm
Banking assets 4 403 2 631
Intangibles 17 -
Total assets 4 420 2 631
Shareholders' funds 1 793 1 658
Outside shareholders 18 24
Deferred tax 22 3
Banking liabilities 2 587 946
Capital reserves and
liabilities 4 420 2 631
NAV per share (cents)* 125,2 127,1
*Based on 1 432m issued shares
after RAD (Aug 00 - 1 304m)
Summarised consolidated cash flow statement
Unaudited Unaudited
6 months 6 months
31 August 31 August
2001 2000
Rm Rm
Cash flows from
operating activities 90 156
Net cash utilised by
investing activities (1) (81)
Net cash utilised by
financing activities (105) (31)
Net (decrease)/increase
in cash and
near cash (16) 44
Cash and near cash at beginning
of period 420 236
Cash and near cash
at end of period 404 280
Financial highlights
- Shareholders' funds R1,8bn
- Total assets increase by R1,8bn
- Interest income declines in line with market
- Expenses controlled
- Exceptional items comprise RAD contribution of R99m less further
provision against TBB - Earnings will be volatile in line with a changing
industry
- No account taken of RAD calculated tax loss estimated at R280m
- Comparative figures not adjusted for 16,6 cps distribution in June 2001
- Policy of no interim dividend continues
Operational highlights
- PSGBH continues to build a presence in the financial services market
- Keynes Rational acquired and merged with The Business Bank, accounted for
as an investment held for resale, with the intention to unbundle in the near
future
- RAD acquired for R315m by the issue of 216m shares and cash of R147m
- Trans Atlantic Holdings acquired and business in Australia expanded
- Managerial and professional talent strengthened
PSG Investment Bank Holdings Limited (Registration number 1998/017358/06)
(Share Code: PGH ISIN Code: ZAE000018818)
The full 2001 interim report of PSG Investment Bank Holdings Limited is
available on the website: http://www.psgib.com
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