| Tue 20 Nov 2001, 0:00 | | Yabeng Investment Holding Company Limited - Interi |
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Income Statements
Group (R000) Company (R000)
Unaudited Unaudited Audited Unaudited Unaudited Audited
31 31 28 31 31 28
August August February August August February
2001 2000 2001 2001 2000 2001
7,725 6,926 15,265 Revenue - - -
(794) (833) (1,653) Cost of sales - - -
6,931 6,093 13,612 Gross Profit - - -
2,553 3,162 3,587 Investment income 2,086 2,792 4,087
817 2,150 3,541 Other operating income 29 140 561
(7,765) (10,644) (18,032) Administration and
operating expenses (1,338) (3,174) (3,020)
2,536 761 2,708 Operating profit/
(loss) 777 (242) 1,628
8,991 (1,514) 12,308 Net gains/(losses)
on disposal of
investments 15,015 1,593 15,695
- - (19,804) Provision for losses
on investments - - 15,167)
- (3,419) (7,959) Write off of goodwill - - -
- (2,671) (12,733) Write down of assets
to estimated value - - -
4,096 - - Unrealised exchange
differences - - -
90 (1,306) 10,455 Income from associates - - -
- - (3,300) Guarantee expenses - - (3,300)
(2,170) (3,300) (5,629) Financing costs - (971) (1,165)
13,543 (11,449) (23,954) Profit/(loss) before
taxation 15,792 380 (2,309
- (75) 3,365 Tax (charge)/credit - (75) 3,365
13,543 (11,524) (20,589) Profit/(loss) after
taxation 15,792 305 1,056
(882) 4,612 4,072 Minority interest - - -
12,661 (6,912) (16,517) Profit/(loss) for
the period 15,792 305 1,056
18.0 (9.9) (23.7) Profit/(loss)
per ordinary share
(cents)
5.2 1.0 16.7 Headline earnings
per ordinary share (cents)
70,259 69,814 69,814 Number of shares in
issue - weighted
average (000)
Headline earnings
Headline earnings are calculated by eliminating from attributable losses or
earnings any gains ot losses resulting from the disposal or revaluation of
investments and the charge or credit resulting from the amortisation of
goodwill.
12,661 (6,912) (16,517) Profit/(loss) for the period
(8,991) 1,512 (12,308) Net (gains)/losses on disposal
of investments
- - 19,804 Provision for losses on investments
- 3,419 7,959 Write off of goodwill
- 2,671 12,733 Write down of assets to estimated value
3,670 690 11,671 Headline earnings for the period
Balance Sheets
Group (R000) Company (R000)
Unaudited Unaudited Audited Unaudited Unaudited Audited
31 31 28 31 31 28
August August February August August February
2001 2000 2001 2001 2000 2001
Assets
121,957 182,990 142,130 Non current assets 69,575 134,235 98,815
31,096 127,587 100,028 Investments 69,071 133,728 98,295
18,436 74,598 79,784 Listed shares 79,151 74,598 79,784
9,374 24,881 6,967 Loans and debentures 6,967 24,765 6,967
3,279 43,145 52,031 Associate companies 40,136 38,674 43,504
- - - Subsidiaries 7,474 18,861 7,337
- 6,493 - Intangible assets - - -
90,861 48,910 42,102 Property, plant and
equipment 504 507 520
34,541 12,936 34,788 Current assets 27,874 7,713 31,105
568 4,233 810 Inventory - - -
5,350 12,828 2,436 Receivables and
prepayments 27 525 43
- 54 - Taxation - - -
(1) 12,418 134 Short term loans - - -
26,334 671 6,139 Bank and cash
balances 7,686 262 5,843
156,498 195,926 176,918 Total assets 97,449 141,948 129,920
Equity and Liabilities
Equity
62,214 111,084 111,084 Share Capital 62,214 111,084 111,084
16,818 5,971 3,281 Non-distributable
reserves - - -
34,399 27,762 21,745 Retained earnings 30,465 13,922 14,673
113,431 144,817 136,110 Total Equity 92,679 125,006 125,757
6,957 1,339 4,101 Minority interest - - -
9,007 9,889 10,172 Non current
liabilities - - -
9,007 16,158 8,440 Long term borrowings - - -
27,103 39,881 26,535 Current liabilities 4,770 16,942 4,163
7,078 19,334 3,989 Trade and other
payables 2,236 924 2,107
- 1,232 1,151 Taxation 1,151 1,151 1,151
521 562 557 Unclaimed dividends 555 563 556
724 22,000 15,000 Short term loans 13,000 22,000 15,000
17,469 20,454 20,564 Bank overdrafts - 1,419 -
156,498 195,926 176,918 Total equity and
liabilities 97,449 141,948 129,920
15,250 86,779 62,106 Market value of
listed shares
Net asset value per
share
161 207 195 (book value) (cents)
Statements of changes in equity
Group (R000) Company (R000)
Unaudited Unaudited Audited Unaudited Unaudited Audited
31 31 28 31 31 28
August August February August August February
2001 2000 2001 2001 2000 2001
136,110 151,293 151,293 Equity at the
beginning of the
period 125,757 124,701 124,701
136,110 151,293 151,293 Equity at the
beginning of the
period restated 125,757 124,701 124,701
(35,840) - (2,255) Changes in reserves (48,870) - -
- - 650 Surplus on revaluation
of investments - - -
151 - - Share capital issued 151 - -
(49,021) - - Reduction in share
premium (49,021) - -
13,030 - - Discount on
acquisition - - -
- - (4,239) Fixed property
revaluation - - -
- - 1,334 Transfer from
distributable
reserves - - -
13,161 (6,476) (12,928)Changes in
retained earnings 15,792 305 1,056
12,661 (6,912) (16,517)Net profit/(loss) 15,792 305 1,056
Loss on disposal of
subsidiaries
- - 4,239 Fixed property
revaluation - - -
500 - - Reversal of
impairment loss - - -
- 436 (650) Transfer from/(to)
non-distributable
reserves - - -
113,431 144,817 136,110 Equity at the end
of the period 92,679 125,006 125,757
Cash Flow Statements
Group (R000) Company (R000)
Unaudited Unaudited Audited Unaudited Unaudited Audited
31 31 28 31 31 28
August August February August August February
2001 2000 2001 2001 2000 2001
Cash generated by/
(utilised in) opertaions
2,537 1,451 4,184 Cash receipts/(
outflow) from
operating activities 940 (12) 710
(2,168) (3,380) (5,652) Financing costs - (1,051) (1,258)
- - (1,385) Guarantee expenses - - (1,385)
- (75) (75) Taxation paid - (75) (75)
369 (2,004) (2,928) Net cash inflow/(outflow)
from operating
activities 940 (1,138) (2,008)
- (1) (35) Dividend paid - (1) (35)
369 (2,005) (2,963) Net cash inflow/(outflow)
from operating
activities 940 (1,139) (2,043)
(474) 6,435 41,228 Net cash
(utilised in)/
realised from
investment
activities (6,573) 4,982 39,329
(105) 4,430 38,265 Net cash (utilised)/
realized (5,633) 3,843 37,286
34 (2,449) (14,904)Net cash realised
from/(utilised in)
financing activities - (2,000) (15,000)
(71) 1,981 23,361 Change in cash and
cash equivalents (5,633) 1,843 22,286
8,936 (14,425) (14,425)Cash and cash
equivilents at the
beginning of the
period 28,129 5,843 5,843
8,865 (12,444) 8,936 Cash and cash
equivilents at the
end of the period 22,496 7,686 28,129
COMMENTS
RESULTS FOR THE HALF YEAR
Yabeng made a profit of R12,7 million for the six months compared with a
loss of R6,9 million for the six months to 31 August 2000 and a loss of
R16,5 million for the year to
28 February 2001.
This amounted to headline earnings per share of 5,2 cents compared with 1,0
cents in the six months to 31 August 2000 and 16,7 cents in the year to 28
February 2001.
Total earnings per share of 18,0 cents is a considerable improvement over
the total loss per share of 9,9 cents in the six months to 31 August 2000
and 23,7 cents in the year to
28 February 2001.
The improved results are attributable mainly to:
no provision for losses on investments or write down in the value of assets.
no amortisation or write-off of goodwill.
no guarantee expenses.
significant reductions in administration and operating expenses and
financing costs.
With the acquisition of the further 35% in Calwest (Proprietary) Limited
("Calwest") with effect from 1 March 2001, Calwest became a subsidiary and
it has been consolidated into Yabeng's results at 31 August 2001. EG
Chapman (Prop.Dev.) Holdings (Proprietary) Limited ("Prop.Dev.") ceased to
be an associate on 1 March 2001. This has resulted in the decrease in
income from associates and the unrealised exchange difference. It also
accounts for part of the reduction in Investments and the increase in
Property in the Balance Sheet.
CAPITAL REPAYMENTS TO SHAREHOLDERS
After disposing of most of its listed investments Yabeng repaid 70 cents per
share to shareholders in June 2001, and a further 20 cents per share to
shareholders in September 2001, by way of reduction in the company's share
premium account. Yabeng continues to hold
4 483 300 shares in Sun International (South Africa) Limited ("SISA"). If
market conditions improve and this shareholding can be disposed of to
advantage, the Yabeng Board will consider making a final capital repayment
to shareholders.
GROUP ASSETS
Yabeng continues to hold the 4 483 300 SISA shares referred to above, and 15
167 473 shares in Bonatla Property Holdings Limited together with R6,9
million debentures in that company.
The Group's unlisted assets are:
an effective 44,25% interest in the FarmWorld 63 acre site in California,
United States of America. FarmWorld also has the option to purchase an
adjacent 38 acres.
a small property portfolio situated in Pretoria. This comprises mainly two
office blocks in Hatfield and a retail shopping centre in Silverton.
Recently Yabeng's subsidiary purchased a retail property in Gezina for R5,9
million funded mostly by mortgage finance. This acquisition should improve
the subsidiary's profitability and cashflow, but it will not contribute
significantly to the Group's results during the next few years.
Interests in Madikwe River Lodge, Khoka Moya Safari Lodge, Camp Okuti in
Botswana and Mount Sheba Hotel.
PROSPECTS
Every effort continues to be made by Yabeng's Board and Management to:
reduce Yabeng's exposure under guarantees given on behalf of subsidiary and
associated companies, and to reduce group borrowings where it is feasible to
do so.
- dispose of investments which do not and are unlikely to make a reasonable
contribution to Group results.
- improve the profitability of those investments which have been retained.
It is unlikely that Yabeng will incur significant further guarantee
expenses, and most of the litigation in which Yabeng was involved has been
resolved.
Group goodwill has been written off in full. Any provision for losses on
investments and any write down in the value of assets in the financial year
to 28 February 2002 should be significantly less than that in the previous
financial year.
Yabeng has made a net gain on disposal of investments during the six months
under review and during the previous financial year. These gains will be
repeated in future only if Yabeng continues to dispose of investments at a
profit.
The unrealised exchange differences brought to account during this period
and the previous financial year will be repeated only if the Rand continues
to depreciate in value against the United States Dollar on a scale similar
to that in the past eighteen months.
ACCOUNTING POLICIES
The accounting policies in respect of the financial year ended on 28
February 2001 have been consistently applied to the results for the six
months ended 31 August 2001. These policies conform with South African
Generally Accepted Accounting Practice.
For and on behalf of the Board
BP BOTHA
Executive Chairman
20 November 2001
DIRECTORS
Dr BP Botha (Executive Chairman), M Meyer, MAF Moja
SECRETARY AND REGISTERED OFFICE
MH Hodgson BA LLB Bcom ACA
Section 2, Parklands, 229 Bronkhorst Street,
New Muckleneuk, Pretoria
PO Box 2440, Brooklyn Square 0075
Telephone (012) 460 6202 Fax (012) 460 5452
TRANSFER SECRETARIES
Computershare Services Limited
Edura House, 41 Fox Street,
Johannesburg
PO Box 61051, Marshalltown 2107
Call Centre 086 1100 950
Telephone (011) 370 7700
