|
Sabvest Limited - Interim Results For The Six Months Ended 30 June 2002
Sabvest Limited
Registration number 1987/003753/06
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002
BALANCE SHEET AT 30 JUNE 2002
Pro forma
2002 2002 2001 2001
30 June 30 June 30 June 31 December
Unaudited Unaudited Unaudited Audited
R`000 R`000 R`000 R`000
Ordinary
shareholders`
equity 137 940 137 940 138 642 138 178
Interest-bearing
debt - 17 215 47 693 29 034
Accounts payable 5 405 5 405 5 527 4 935
Total funds 143 345 160 560 191 862 172 147
Fixed assets 1 020 1 020 1 519 1 282
Investment
holdings 126 311 126 311 182 680 150 206
Listed 10 833 10 833 72 082 38 422
Unlisted 111 375 111 375 106 015 107 690
Net goodwill
on acquisition
of associates 4 103 4 103 4 583 4 094
Finance advances
and receivables 14 515 14 515 6 779 20 179
Debtor for sale
of investment - 16 201
Cash balances 1 499 2 513 884 480
Total assets 143 345 160 560 191 862 172 147
Net asset value
per share - cents 298 298 292 295
Net tangible asset
value per
share - cents 289 289 282 286
Net asset value
per share with
listed investments
at market value
- cents 298 298 225 279
Number of shares
in issue less
held in
treasury - 000`s 46 306 46 306 47 456 46 898
INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2002
2002 2001 2001
Six months Six months Twelve months
30 June 30 June 31 December
Unaudited Unaudited Audited
R`000 R`000 R`000
Gross income from
operations and
investments 11 839 11 242 25 758
Dividends received 890 2 741 3 599
Interest received 1 796 1 259 3 397
Fees and other income 1 440 1 194 2 833
Share of equity
accounted retained
income 7 713 6 048 15 929
Interest paid 2 460 4 003 7 713
Net income from
operations and
investments 9 379 7 239 18 045
Less: Expenditure 3 029 3 046 6 539
Operating costs 2 803 2 771 6 017
Depreciation 226 275 522
Net income before
exceptional items 6 350 4 193 11 506
Exceptional
(losses)/gains (26) 2 428 1 144
Group (583) (685) (2 853)
Associates 557 3 113 3 997
Net income before
amortisation of
goodwill and
impairments 6 324 6 621 12 650
Amortisation of
goodwill and
impairments (118) (2 953) (28 387)
Amortisation of
goodwill (118) (2 953) (8 673)
Investment impairment
provisions - - (19 714)
Net income/(loss)
before taxation 6 206 3 668 (15 737)
Taxation 238 - -
Attributable
income/(loss) 5 968 3 668 (15 737)
Add/(Deduct) exceptional
losses/(gains) 26 (2 428) (1 144)
Add/(Deduct)
amortisation of
goodwill and impairments 118 2 953 28 387
Headline earnings 6 112 4 193 11 506
Headline earnings
per share2 - cents 13,1 (+49%) 8,8 24,3
Earnings per share
before amortisation
of goodwill and
impairments2 - cents 13,0 13,9 26,7
Earnings per
share2 - cents 12,8 7,7 (33,2)
Weighted number of
shares in
issue - 000`s 46 676 47 627 47 374
Notes:
1 The receipt from the debtor for the sale of investment was received on 16
July 2002. The pro forma balance sheet applies this amount and other cash
reserves to settle interest-bearing debt.
2 There are no potentially dilutive shares.
SUMMARISED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2002
2002 2001 2001
Six months Six months Twelve months
30 June 30 June 31 December
Unaudited Unaudited Audited
R`000 R`000 R`000
Cash generated by/
(utilised in) operating
activities (1 723) (1 722) (4 276)
(Reduction)/increase
in creditors 470 (303) (895)
Cash generated by/
(utilised in) investing
activities 15 956 3 207 25 551
Cash effects of
financing activities (851) (249) (1 192)
Change in cash and
cash equivalents 13 852 933 19 188
Interest-bearing debt,
less cash balances,
at beginning of period (28 554) (47 742) (47 742)
Interest-bearing debt,
less cash balances,
at end of period (14 702) (46 809) (28 554)
STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2002
Non-
distri- Distri-
Share Share butable butable
capital premium reserve reserve Total
R`000 R`000 R`000 R`000 R`000
Balance as
at 31/12/00 886 53 474 57 478 21 899 133 737
Shares held in
treasury - written
back 87 5 178 5 265
Shares held in
treasury - cancelled (87) (5 555) (5 642)
Shares held in
treasury (6) (937) (943)
Translation of
foreign subsidiary/
associates 15 350 15 350
Variation of
interest in
subsidiary/associates 128 128
Attributable income
of associates 13 571 (13 571) -
Movement on NDR
of associates 5 668 352 6 020
Retained income
for the year (15 737) (15 737)
Balance as at
31/12/01 880 52 160 92 195 (7 057) 138 178
Shares held in
treasury - written
back 6 937 943
Shares held in
treasury - cancelled (17) (2 187) 465 (1 739)
Translation of
foreign subsidiary/
associates (6 238) (6 238)
Attributable income
of associates 1 270 (1 270) -
Movement on NDR
of associates 828 828
Retained income for
the year 5 968 5 968
Balance as
at 30/06/02 869 50 910 88 520 (2 359) 137 940
COMMENTARY
PROFILE
Sabvest is a holding company which has significant interests in two listed and
six unlisted companies on all of whose boards Sabvest is represented.
HEADLINE EARININGS
Headline earnings increased by 49% to 13,1 cents per share due to a lower
interest bill and a good performance from the group`s investments. SA Bias had a
strong first half. Good results were also recorded by Flowmax and Nutritional
Foods. In addition Primeserv (formerly Privest), Set Point and Autoquip all
achieved turn-arounds as expected and improved their profitability.
Sabvest disposed of further investments during the period under review, thereby
completing its debt reduction programme. Interest-bearing debt had reduced from
R47,7 million at last year`s interim date to R17,2 million at the reporting
date. In the middle of July a further R16,2 million was received as portrayed in
the pro forma balance sheet at 30 June 2002 which reflects R137,9 million
shareholders equity and no interest-bearing debt.
CHANGEs in INVESTMENT holdings
The group has:
disposed of its interests in SA Bias preference shares, Datatec and Natural
Health Holdings; and
increased its investments in Set Point to 24,9 million shares and Primeserv
to 18,4 million shares.
STRATEGIC FOCUS
Now that its debt reduction programme is completed, Sabvest will focus on
assisting its existing investees in the growth of their operations and improving
the level of cash earnings paid to Sabvest.
DIVIDENDS
Dividend payments are considered annually and may vary or be waived depending on
the group`s cash requirements.
ACCOUNTING POLICIES
The results for the interim period have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice. The accounting
policies used are consistent with those in the previous financial year and the
previous interim reporting period.
LEGAL ACTIONS
There has been no change in the status and assessment of the legal actions
referred to in the 2001 annual report.
PROSPECTS
Sabvest expects an improvement in headline earnings per share for the year
although not to the same extent as at the interim stage.
Cash flow from operations is expected to be positive in the period ahead due to
the substantially reduced interest bill and higher cash distributions by
investees.
Christopher Seabrooke Philip Coutts-Trotter
Executive Chairman Deputy Chairman
Sandton
22 July 2002
COMMUNICATION:
46A Wierda Road West, Wierda Valley, Sandton 2196
PO Box 78677, Sandton 2146, Republic of South Africa
Tel: +27 11 784-7932 Fax: +27 11 784-7941
e-mail: ho@sabvest.co.za
DIRECTORS:
CS Seabrooke* (Chairman), P Coutts-Trotter (Deputy Chairman), HHabib, NSH
Hughes, GE Nel, P Pencharz, R Pleaner*, RS Price *Executive
ISIN numbers:
ZAE000006417 - ordinary shares
ZAE000012043 - "N" ordinary shares
Share codes:
SBV - ordinary shares
SVN - "N" ordinary shares
www.sabvest.com
Date: 19/07/2002 05:50:03 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
