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RAH/ RAI - PRELIMINARY RESULTS
Real Africa Holdings Limited
(Registration number 1994/003919/06)
Share code: RAH
ISIN code: ZAE000008702 ("RAH")
Real Africa Investments Limited
(Registration number 1994/000398/06)
Share code: RAI
ISIN code: ZAE000008710 ("RAI")
preliminary announcement for the year ended 31 march 2002
FINANCIAL HIGHLIGHTS
RAH
* Headline earnings increase from a loss of R13,2 million to a profit of
R72,2 million
RAI
* Headline earnings increase from a loss of R5,1 million to a profit of
R35,2 million
Real Africa holdings limited
Summarised income statement
2002 2001
Audited Audited
Note R`000 R`000
Equity accounted 31 729 (45 487)
earnings/(losses)
- dividends received 18 630 26 842
- share of retained 25 803 (47 729)
earnings/(losses)
- goodwill (12 704) (24 600)
amortisation
Operating income 37 620 22 807
Net interest income 46 614 34 441
115 963 11 761
Operating costs 45 672 34 914
Net capital (270 913) 78 271
(losses)/profits
- gross (918 769) 220 621
- less gain on 162 250 -
hedged position
- outside 1 485 606 (142 350)
shareholders
(Loss)/profit before (200 622) 55 118
taxation
Taxation 17 903 7 028
Net (loss)/profit (218 525) 48 090
after taxation
Outside shareholders (6 530) 7 573
Attributable to (211 995) 40 517
ordinary
shareholders
Headline 72 195 (13 154)
earnings/(losses)
(Loss)/earnings per (56,6) 10,8
share (cents)
Headline 19,3 (3,5)
earnings/(loss) per
share (cents)
Number of ordinary 371,9 375,1
shares - in issue
(millions)
Number of ordinary 374,3 375,1
shares - weighted
average (millions)
Headline earnings is
determined as
follows:
Attributable to (211 995) 40 517
ordinary
shareholders
Adjusted for (net of
outside
shareholders):
Net capital 270 913 (78 271)
losses/(profits)
Goodwill 13 277 24 600
amortisation and
other
Headline 72 195 (13 154)
earnings/(losses)
Summarised balance
sheet
2002 2001
Audited Audited
R`000 R`000
Ordinary 1 654 150 1 806 171
shareholders` funds
Outside shareholders 463 529 940 099
2 117 679 2 746 270
Fixed assets 1 687 1 590
Investments and 1 321 932 2 390 051
loans
Cash resources 804 121 348 397
Net current (10 061) 6 232
(liabilities)/assets
2 117 679 2 746 270
Value per share 2 503 517
(cents)
Valuation of
investments
18 June 20 June
2002 2001
R`000 R`000
Listed - at market 1 145 795 1 975 709
value
Unlisted - at 304 835 420 409
directors` valuation
3 1 450 630 2 396 118
Summarised statement of changes in equity
Ordinary Non-
share distributable Distributable Treasury
capital
and reserves reserves shares Total
premium
Note R`000 R`000 R`000 R`000 R`000
Balance at
1 April
2001
- as 1 742 108 718 (45 277) 1 806
previously 730 171
reported
- prior 4 66 669 66 669
year
adjustment
Net loss (211 995) (211
for the 995)
year
Other (100 557) 107 187 (13 325) (6 695)
Balance at 1 742 8 161 (83 416) (13 325) 1 654
31 March 730 150
2002
Summarised cash flow statement
2002 2001
Audited Audited
R`000 R`000
Cash flows from 53 962 47 641
operating activities
Cash flows from 407 206 (34 886)
investing activities
Cash flows from (5 444) 6 436
financing activities
Real Africa investments limited
Summarised income statement
2002 2001
Audited Audited
Note R`000 R`000
Equity accounted 31 729 (45 487)
earnings/(losses)
- dividends received 18 630 26 842
- share of retained 25 803 (47 729)
earnings/(losses)
- goodwill (12 704) (24 600)
amortisation
Operating income 36 720 22 807
Net interest income 48 251 36 109
116 700 13 429
Operating costs 45 973 34 985
Net capital (131 223) 38 112
(losses)/profits
- gross (918 685) 220 621
- less gain on 162 250 -
hedged position
- outside 1 625 212 (182 509)
shareholders
(Loss)/profit before (60 496) 16 556
taxation
Taxation 18 295 7 232
Net (loss)/ profit (78 791) 9 324
after taxation
Outside shareholders (23 697) 11 721
Attributable to (102 488) 21 045
ordinary
shareholders
Headline 35 208 (5 136)
earnings/(losses)
(Loss)/earnings per (68,2) 14,0
share (cents)
Headline 23,4 (3,4)
earnings/(loss) per
share (cents)
Number of ordinary 150,2 150,2
shares - in issue
(millions)
Number of ordinary 150,2 150,2
shares - weighted
average (millions)
Headline earnings is
determined as
follows:
Attributable to (102 488) 21 045
ordinary
shareholders
Adjusted for (net of
outside
shareholders):
Net capital 131 223 (38 112)
losses/(profits)
Goodwill 6 473 11 931
amortisation and
other
Headline 35 208 (5 136)
earnings/(losses)
Summarised balance
sheet
2002 2001
Audited Audited
R`000 R`000
Ordinary 827 085 893 990
shareholders` funds
Outside shareholders 1 308 547 1 870 188
2 135 632 2 764 178
Fixed assets 1 687 1 590
Investments and 1 321 932 2 390 051
loans
Cash resources 822 285 366 199
Net current (10 272) 6 338
(liabilities)/assets
2 135 632 2 764 178
Value per share 2 621 639
(cents)
Valuation of
investments
18 June 20 June
2002 2001
R`000 R`000
Listed - at market 1 145 795 1 975 709
value
Unlisted - at 304 835 420 409
directors` valuation
3 1 450 630 2 396 118
Summarised Statement of changes in equity
Ordinary Non-
share distributable Distributable
capital
and reserves reserves Total
premium
Note R`000 R`000 R`000 R`000
Balance at
1 April
2001
- as 764 329 150 225 (20 564) 893 990
previously
reported
- prior 4 32 334 32 334
year
adjustment
Net loss (102 488) (102 488)
for the
year
Other (146 234) 149 483 3 249
Balance at 764 329 3 991 58 765 827 085
31 March
2002
Summarised cash flow statement
2002 2001
Audited Audited
R`000 R`000
Cash flows from 54 324 48 296
operating activities
Cash flows from 407 206 (34 886)
investing activities
Cash flows from (5 444) 6 436
financing activities
Notes on the basis of preparation
1. Comparex Holdings Limited ("Comparex") extended an offer of R11,00 per
Comparex Africa (Proprietary) Limited ("Comparex Africa") share to Persetel
Q Data Holdings Limited ("PQAH"). A Comparex Africa share was, in terms of
the exchange option, exchangeable for a Comparex share on a one-for-one
basis. RAH elected to receive the cash offer for RAH`s entitlement to
Comparex Africa shares. The change in value of the Comparex shares held by
PQAH, subsequent to the closing of the offer, has been allocated to those
outside shareholders who elected to receive the Comparex shares.
2. Value per share, stated in cents, is based on ordinary shareholders`
funds reflected on the balance sheet and adjusted by the attributable
increase in the market value of listed investments and directors` valuation
of the unlisted investments at 18 June 2002:
RAH
Value of underlying net assets at market value and
directors` valuation on 18 June 2002 R1 869,5 million
Shares in issue 371,9 million
Value per share 503 cents
RAI
Value of underlying net assets at market value and
directors` valuation on 18 June 2002 R 932,4 million
Shares in issue 150,2 million
Value per share 621 cents
3. The basis of the valuation for investments is consistent with the prior
year.
4. Prior year adjustment arises from the change in accounting policy on
marking to market the Group`s financial instruments in compliance with the
provisions of The South African Institute of Chartered Accountants`
AC133: Financial Instruments - Recognition and Measurement.
5. The financial information has been prepared in conformity with South
African Statements of Generally Accepted Accounting Practice.
Commentary
As reported at the interim stage, the Group`s results had been negatively
impacted by the volatility of information technology stocks globally. RAH`s
interest in the write down of its investment in Dimension Data plc, after
the gain on the hedge position has been taken into account, was R263 million
and this amount is included in the net capital loss of R270,9 million.
Further, net capital losses include the capital appreciation of R125 million
in the Afrox Healthcare Limited investment.
The Group`s fishing interests held through Oceana Group Limited have
performed well in the period whilst other strategic investments continue to
perform as expected.
The balance sheet remains ungeared with strong group cash resources in
excess of R800 million. As announced publicly recently, the Group is trading
under a cautionary and it continues to evaluate various options in unlocking
value for shareholders. In this regard, an announcement will be made
shortly.
By order of the boards
D M J Ncube (Executive chairman)
T M L Setiloane (Executive director)
27 June 2002
Date: 27/06/2002 05:07:00 PM Produced by the SENS Department
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