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SABVEST LIMITED
"Sabvest" * Registration number 1987/003753/06
ISIN number: ZAE000006417 - ordinary shares
ISIN number: ZAE 000012043 - "N" ordinary shares
Share code: SBV - ordinary shares
Share code: SVN - "N" ordinary shares
Audited results for the year ended 31 December 2002
BALANCE SHEET
at 31 December 2002
2002 2001
R"000 R"000
Ordinary shareholders" equity 139 037 138 178
Interest-bearing debt 1 862 29 034
Accounts payable* 11 661 4 935
Total funds 152 560 172 147
Fixed assets 934 1 282
Investment holdings 130 016 150 206
Listed 10 664 38 422
Unlisted 115 362 107 690
Net goodwill on acquisition
of associates 3 990 4 094
Finance advances and receivables 20 681 20 179
Cash balances 929 480
Total assets 152 560 172 147
Net asset value per share - cents 307 295
Net tangible asset value per share - cents 299 286
Net asset value per share with listed
investments at market value - cents 307 279
Net asset value per share at directors"
valuation - cents 375 332
Number of shares in issue less held
in treasury - 000"s 45 217 46 898
*Includes vendor claim of R9 025 973 on which interest is accrued.
INCOME STATEMENT
for the year ended 31 December 2002
2002 2001
R"000 R"000
Gross income from operations
and investments 31 062 25 758
Dividends received 1 674 3 599
Interest received 3 270 3 397
Fees and other income 2 722 2 833
Share of equity accounted retained income 23 396 15 929
Interest paid 3 528 7 713
Net income from operations and
investments 27 534 18 045
Less: Expenditure 6 339 6 539
Operating costs 5 946 6 017
Depreciation 393 522
Net income before exceptional items 21 195 11 506
Exceptional losses - group (112) (2 853)
Exceptional gains - associates 1 331 3 997
Net losses/costs arising from
former finance operations (6 296) -
Amortisation/Write-off of goodwill (237) (8 673)
Investment impairment recoveries/(provisions) 100 19 714)
Net income/(loss) before taxation 15 981 (15 737)
Taxation - -
Net income/(loss) 15 981 (15 737)
Headline earnings adjustment* 3 714 27 243
Headline earnings 19 695 11 506
Headline earnings per
share - cents +75% 42,5 24,3
Earnings/(loss) per share - cents 34,5 (33,2)
Weighted average number of shares
in issue - 000"s 46 320 47 374
* The headline earnings adjustment is calculated as the total exceptional items,
other than the impairment of an investment loan of R1 500 000.
SUMMARISED CASH FLOW STATEMENT
for the year ended 31 December 2002
2002 2001
R"000 R"000
Cash (utilised in) operating
activities (2 908) (4 276)
Cash (utilised) for payment of
dividends and increase/(reduction)
in creditors 6 726 (895)
Cash generated by investing activities 26 469 25 551
Cash effects of financing activities (2 666) (1 192)
Change in cash and cash equivalents 27 621 19 188
Interest-bearing debt, less cash balances,
at beginning of year (28 554) (47 742)
Interest-bearing debt, less cash
balances, at end of year (933) (28 554)
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2002
Non-
distri- distri-
Share Share table table
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) 0
Movement on NDR
of associates 5 668 352 6 020
Net loss 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) (2 204)
Shares held
in treasury (6) (1 864) (1 870)
Translation of
foreign subsidiary/
associates (11 806) (11 806)
Variation of
interest in
subsidiary/associates 465 465
Attributable income
of associates 7 419 (7 419) 0
Movement on NDR
of associates (650) (650)
Net profit for
the year 15 981 15 981
Balance as
at 31/12/02 863 49 046 87 623 1 505 139 037
ASSET PROFILE
at 31 December 2002
Date Number Carrying
Sabvest first Listed/ of Economic value
Company invested Unlisted shares interest R"000
SABVEST INDUSTRIAL 111 221
Flowmax Holdings
Limited (UK) 1997 U 40,0% 18 092
Flowmax Investments
(Pty) Limited (RSA) 1988 U 40,0% 9 283
Nutritional Foods
(Pty) Limited 1989 U 40,0% 7 820
SA Bias Industries
Limited 1988 U 50,0% 69 249
Set Point Technology
Holdings Limited 2000 L 25 026 211 13,9% 6 777
SABVEST DISTRIBUTION
& SERVICES 14 456
Korbitec Holdings
(Pty) Limited 1999 U 17,3% 9 270
Midsouth Distributors
(Pty) Limited 1997 U 30,0% 1 207
Primeserv Group
Limited 1999 L 19 691 298 15,1% 3 979
SABVEST investments 4 339
Investment loans 3 839
SA Bias Industries
Limited Preference
Shares 1997 U 500
total investments
per balance sheet 130 016
Finance advances
and receivables 20 681
Cash on hand 929
Fixed assets 934
Gross assets 152 560
COMMENTARY
PROFILE
Sabvest is a holding company with significant minority or joint controlling
interests in two listed and six unlisted companies on all of whose boards
Sabvest is represented.
FINANCIAL RESULTS
Headline earnings increased by 75% to 42,5 cents per share. SA Bias had an
excellent year locally and internationally and good results were also recorded
by Flowmax and Nutritional Foods. In addition, Set Point achieved a turn around
as expected and improved its profitability.
Sabvest disposed of further investments during the period under review, thereby
completing its debt reduction programme.
The balance sheet remains strong with shareholders" funds of R139 million and
negligible gearing, notwithstanding an R11,8 million translation loss (2001:
R15,3 million gain).
AUDIT OPINION
The accompanying summarised financial statements of Sabvest have been derived
from the annual financial statements of the group for the year ended 31 December
2002. These annual financial statements have been audited by Deloitte & Touche
and their unqualified reports on the summarised and annual financial statements
are available at Sabvest"s registered office.
CHANGES IN INVESTMENT HOLDINGS
The group has:
* disposed of its interests in Autoquip, Datatec and Natural Health Holdings;
* reduced its interest in SA Bias preference shares; and
* increased its investments in Set Point to 25,0 million shares and Primeserv
to 19,7 million shares.
STRATEGIC FOCUS
Sabvest is concentrating on assisting its existing investees in the growth of
their operations, and exploiting their comparative trading advantages.
Particular attention is being given to increasing 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.
Sabvest expects to resume payment of an annual dividend in the 2003 financial
year.
ACCOUNTING POLICIES
The results for the year 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.
Sabvest will introduce Accounting Standard AC133 with effect from 1 January
2003.
LEGAL ACTIONS AND CONTINGENCIES
* There has been no change in the status of the legal actions referred in notes
15.1 and 15.2 of the 2001 annual report. Sabvest and its legal advisors do not
expect any liability to arise from these actions;
* The financial effects of the alleged put option obligation referred to in the
2001 annual report have been accounted for in the 2002 financial year (under
"former finance operations") and accordingly no contingent liability remains;
and
* The group is actively seeking recovery of some of the losses and defending
its rights, where appropriate, arising from former finance operations.
PROSPECTS
Sabvest"s business plan is back on track and a further improvement in headline
earnings per share is expected in the year ahead.
Christopher Seabrooke Philip Coutts-Trotter
Executive Chairman Deputy Chairman
Sandton
24 March 2003
Registered address: 46A Wierda Road West, Wierda Valley, Sandton 2196
Communications: Postal address: PO Box 78677, Sandton 2146, Republic of South
Africa. Telephone: (011) 784 7932 Fax: (011) 784 7941 Website:
ho@sabvest.com
Directors: CS Seabrooke* (Chairman), P Coutts-Trotter (Deputy Chairman), HHabib,
NSH Hughes, GE Nel, R Pleaner*
RS Price
*Executive Director
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