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Genbel South Africa Limited - Audited Results
GENBEL SOUTH AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1949/032379/06)
Share Code: GBL ISIN:ZAE000010054
AUDITED RESULTS for 12 months TO 30 JUNE 2002
REVIEW
The past 18 months has been a difficult period for everyone associated with
Genbel South Africa. It has been a period of intense retrospection and a time
for tough decision-making.
As shareholders, you know that the directors have devoted considerable energy
and time examining various restructuring alternatives. The objective of the
exercise was to narrow the persistent discount at which Genbel has traded to its
net asset value over the past few years as well as to find an acceptable
solution to the "double taxation" on investment trusts, a problem that arose
with the introduction of Capital Gains Tax ("CGT") in 2001.
A solution has been found in the cash offer by way of a scheme of arrangement
that has been secured from Genbel Securities Limited ("Gensec") which proposal
is detailed in the circular to shareholders. The High Court of South Africa has
granted Genbel leave to convene a meeting of its shareholders to consider the
scheme and we hope that shareholders will make an effort to attend the meeting.
The scheme meeting is to take place on 13August 2002.
GENBEL`S PERFORMANCE
Genbel`s net asset value ("NAV") declined by 20.5% to 1624 cents per share for
the 12 months under review, while its historical benchmark, the JSE Financial
and Industrial Index ("FINDI") declined by 9.0% for almost the same period.
The underperformance of Genbel`s NAV relative to the FINDI can largely be
ascribed to Genbel`s continued exposure to the Telecommunication-Media-
Technology ("TMT"), retail and financial sectors. The Genbel share price of 1510
cents on 30 June 2002 reflected a 7% discount to net asset value. Genbel`s net
asset value reached the highest value for the period of 2 054 cents a share on
2July 2001 and a lowest value of 1572cents on 28March 2002. The Genbel share
price fluctuated between a high of 1780 cents a share and a low of 1340cents per
share.
DIVIDEND
No dividend has been declared for the period.
Financial effects of the scheme
The table reflects the financial effects of the scheme on Genbel shareholders as
at 16 July 2002. It has been based on a formula using the market value of
Genbel, the Genbel NAV and the pro forma cash consideration.
Genbel NAV (cents per share) 1 577
Market value (cents per share) 1 410
Discount to Genbel NAV (%) (10.6)
Pro forma cash consideration 1 527
(cents per share)
Discount to Genbel NAV (%) (3.2)
Premium to market value (%) 8.3
The financial effects as reflected above have been prepared for illustrative
purposes only. The final cash consideration will be calculated in terms of the
formula contained in the scheme circular and shareholders will be informed of
the final cash consideration in terms of the formula by means of an announcement
in the press.
TL de Beer AD Botha
Chairman Managing Director
Johannesburg
22 July 2002
Directors: TL de Beer (Chairman), AD Botha (Managing director), P Cook, Dr L
Knar, R Masson, RW May, Dr KDK Mokhele, DK Smith.
Company secretary: E Yates.
BALANCE SHEETS
at 30 June
R million 2002 2001
ASSETS
Non-current assets
Investments available for sale 221 525
221 525
Current assets
Trading assets 240 267
Receivables and prepayments - 11
Cash and cash equivalents 191 104
431 382
Total assets 652 907
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 125 108
Revaluation reserve 42 246
Retained earnings 472 450
639 804
Current liabilities
Trading liabilities - 80
Current tax liabilities - 11
Trade and other payables 7 11
Money market liabilities 6 1
13 103
Total equity and liabilities 652 907
Net asset value 639 804
Net asset value per share (cents) 1 624 2 043
Number of shares (000) 39 355 39 355
Number of shares in issue (000) 39 355 43 892
Treasury shares (000 - (4 537)
CASH FLOW STATEMENTS
for the year ended 30 June
R million 2002 2001
Cash flow from operating activities 82 257
Cash flow from financing activities 5 (163)
Net increase in cash and cash 87 94
equivalents
Cash and cash equivalents at
beginning
of year 104 10
Cash and cash equivalents at end of 191 104
year
INCOME STATEMENTS
for the year ended 30 June
R million 2002 2001
INCOME
Dividend income 9 14
Interest received 15 3
Net investment gains 62 235
86 252
EXPENSES
Financing costs 2 1
Administration fee 2 2
Other expenses 10 8
14 11
Profit before tax 72 241
Taxation 5 11
Net profit 67 230
Weighted average number of shares in 39 355 42 588
issue (000)
Earnings and headline earnings per 170 40
share (cents)
Dividends per share (cents) 70 70
70The annual financial statements have been prepared in compliance with South
African Statements of Generally Accepted Accounting Practice.
The accounting policies and presentation basis are consistent with those adopted
in the prior year.
The financial statements have been audited by PricewaterhouseCoopers Inc. whose
opinion is available for inspection at the registered office of Genbel.
STATEMENTS OF CHANGES IN EQUITY
for the year ended 30 June
Share
capital
and Treasury Revaluation Retained
premium shares reserve earnings Total
Balance at 30 June 2000 268 (50) 0 388 606
Effect of adopting AC133 551 (136) 415
Adjusted balance at 30 June 268 (50) 661 252 1 021
2000
(34) (34)
Dividends attributable to 2 2
treasury shares
Capitalisation 17 17
Shares (93) (93)
Decrease in revaluation (305) (305)
reserve
Purchase of treasury shares (34) (34)
Net profit 230 230
Balance at 30 June 2001 192 (84) 246 450 804
Dividends (31) (31)
Dividends attributable to 3 3
treasury shares
Cancellation of treasury (67) 84 (17) -
shares
Decrease in revaluation (204) (204)
reserve
Net 67 67
Balance at 30 June 2002 125 - 42 472 639
For information about Genbel South Africa or the SharePlan please contact:
Genbel SharePlan Helpdesk at 0800 00 49 35
Genbel South Africa Limited
Registered office
3A Summit Road, Dunkeld West, Sandton 2196
PO Box 411420, Craighall 2024
Telephone: +27 (11) 778 6000
Facsimile: +27 (11) 778 6990
Toll-free numbers available within South Africa
Telephone: 0800 00 49 35
Facsimile: 0800 00 49 36
Internet address: www.genbel.com E-mail address: moreinfo@genbel.com
Toll-free line for daily NAV estimates call 0800 11 56 50
London office
Project Consultants Limited
Walnut House, Walnut Gardens, Claydon
Banbury, Oxon OX17 1NA
United Kingdom
Telephone: +44 (1295) 690180/1
Date: 22/07/2002 12:00:00 PM Produced by the JSE SENS Department
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