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Capitec Bank Holdings Limited - Unaudited interim financial results for
the six months ended 31 August 2002
Capitec Bank Holdings Limited
Registration number: 1999/025903/06
JSE share code: CPI
ISIN code: ZAE000035861
Unaudited interim financial results for the six months ended 31 August 2002
GROUP INCOME STATEMENT
Unaudited Audited
Six months ended Year
ended
August August February
2002 2001 2002
R`000 R`000 R`000
Interest income 153 253 138 553 275 869
Interest expense 1 274 6 000 6 000
Net interest income 151 979 132 553 269 869
Provision for bad and 19 875 11 797 25 896
doubtful debts
Net interest after 132 104 120 756 243 973
provisions
Other operating income 11 150 1 000
Net income from operations 132 115 120 906 244 973
Operating expenses 120 883 85 120 178 333
Operating profit 11 232 35 786 66 640
Exceptional item 3 204 - -
Income before taxation 14 436 35 786 66 640
Taxation 6 788 11 468 18 573
Net income 7 648 24 318 48 067
Attributable to outside - 32 79
shareholders
Earnings attributable to 7 648 24 286 47 988
shareholders
Less :
Profit on disposal of 2 628 - -
Botswana
subsidiary (after tax)
Headline earnings 5 020 24 286 47 988
Earnings per share (cents)
- Earnings per share 11,5 45,8 80,2
- Headline earnings per 7,5 45,8 80,2
share
- Fully diluted earnings 11,4 42,7 78,3
per share
- Fully diluted headline 7,5 42,7 78,3
earnings
per share
Number of shares (`000)
- Issued 66 656 53 080 66 656
- Weighted average 66 656 53 080 59 868
- Fully diluted 67 049 66 656 66 656
Proposed dividend per share - - 28,5
(cents)
GROUP BALANCE SHEET Unaudited Audited
August August February
2002 2001 2002
R`000 R`000 R`000
Assets
Fixed assets 134 694 71 192 127 463
Deferred taxation 82 444 89 788 85 573
Non-current receivables 21 583 17 327 22 712
Other receivables and 3 952 5 381 4 668
prepayments
Net loans and advances 117 718 95 859 92 068
Cash and short-term funds 49 888 112 736 76 393
410 279 392 283 408 877
Liabilities
Long-term liabilities - 80 000 -
Other liabilities and 14 674 22 565 17 629
provisions
Loans and deposits 12 562 - -
Short-term borrowings 3 144 - -
30 380 102 565 17 629
Shareholders` funds
Ordinary shareholders` 379 899 289 686 391 248
funds
Outside shareholders` funds - 32 -
Total shareholders` funds 379 899 289 718 391 248
410 279 392 283 408 877
Net asset value per share 570 546 587
(cents)
Tangible net asset value 446 377 459
per
share(cents)
Share price (cents) 180 - 117
GROUP CASH FLOW Unaudited Audited
STATEMENT
Six months ended Year
Ended
August August February
2002 2001 2002
R`000 R`000 R`000
Cash generated from 20 314 39 291 77 816
operations
Increase in loans and (26 741) (20 650) (16 146)
advances
Increase (decrease) in 11 716 (7 155) (339)
other
liabilities &
provisions and
loans & deposits
Taxation paid (4 249) (655) (15 297)
Dividend paid (18 997) - -
Net investment in fixed (16 408) (46 452) (110 394)
assets
Disposal of subsidiary 3 587 - -
Other investing 1 129 1 370 (4 094)
activities
Cash flow from financing - 100 000 97 127
activities
Net (decrease) increase (29 649) 65 749 28 673
in cash
and equivalents
Effects of exchange rate - - 733
changes
Cash and short-term 76 393 46 987 46 987
funds at
beginning of period
Net cash and short-term 46 744 112 736 76 393
funds at
end of period
STATEMENT OF CHANGES IN Unaudited Audited
EQUITY
Six months ended Year
Ended
August August February
2002 2001 2002
R`000 R`000 R`000
Ordinary shareholders` 391 248 100 000 100 000
funds at
beginning of the period
Net proceeds of shares - 165 400 245 400
issued
Share issue and listing - - (2 873)
expenses
written off against
equity
Exchange difference on - - 733
translation
of financial statements
of
foreign entity
Net income for the period 7 648 24 286 47 988
Dividend paid (18 997) - -
Ordinary shareholders` 379 899 289 686 391 248
funds at end
of the period
SEGMENTAL RESULTS South Rest of Total
Africa Southern
Africa
Unaudited
Six months ended
August 2002
Revenues 148 476 4 788 153 264
Headline earnings 3 127 1 893 5 020
Assets 403 559 6 720 410 279
Unaudited
Six months ended
August 2001
Revenues 134 606 4 097 138 703
Headline earnings 22 189 2 097 24 286
Assets 373 333 18 950 392 283
Audited
Year ended
February 2002
Revenues 265 340 11 529 276 869
Headline earnings 44 027 3 961 47 988
Assets 397 995 10 882 408 877
COMMITMENTS Unaudited Audited
Six months ended Year
Ended
August August February
2002 2001 2002
R`000 R`000 R`000
Guarantees
Issued to banking 4 000 12 048 16 700
institutions
Issued other 6 077 3 343 6 843
Capital commitments
Approved by the Board
Contracted for 586 6 000 3 030
Not contracted for 5 880 50 187 1 992
NOTES
1. ACCOUNTING POLICIES
The interim consolidated financial statements are prepared in accordance
with AC127 - Interim Financial Reporting. The accounting policies
applied in the preparation of these interim consolidated financial
statements conform to South African Statements of Generally Accepted
Accounting Practice and are consistent with the accounting policies
applied in the prior year.
2. PERFORMANCE TO DATE
The company`s main products are short-term loans. Advances on
31 August 2002 amounted to R118 million which is 28% more than the book
on the last day of the previous financial year. The growth in advances
is the result of reductions in the interest rate charged and an
improvement in the service levels offered to clients.
Whilst provisions for doubtful debts have increased with the growth in
net loans and advances, actual default percentages per month have been
below budgeted expectations.
The market remains sceptical about the prospects of small banks, which
restricts the company`s ability to access wholesale funding.
Fortunately, however, the company is largely self-funding. At 31 August
2002 the company had cash and short-term funds of R46,7 million and had
obtained loans and deposits of R12,6 million. The company is able to
fund its activities and investments for the rest of the financial year
out of internal sources and existing facilities.
3. PROFIT PROJECTIONS
As reflected in the pre-listing statement and the February 2002 annual
report, the cost impact of the roll out of the full banking model and
the decision to reduce interest rates charged has had a negative effect
on profit in the short-term to August 2002. However, growth in advances
per month and headline earnings of R5,0 million for the six months to
August are in line with the forecast and budget for this period. The
company therefore remains on track to achieve the projected
R29,4 million profit for the full financial year.
4. EXCEPTIONAL ITEM
The company sold its wholly owned Botswana subsidiary for R5,0 million
effective 14 July 2002. This transaction realised a net profit of
R2,6 million after providing for Botswana capital gains tax of
R0,6 million. This Botswana company owns and operates four micro lending
branches which cannot be converted to bank branches, as Capitec Bank
does not hold a Botswana bank license.
5. SHARE OPTIONS FOR EMPLOYEES
The Share Incentive Scheme prescribes that options should be allocated
at the market value, determined as the weighted average price per share
over a period of 30 trading days on the JSE Securities Exchange prior to
the date of allocation. Before listing, options were valued at 545 cents
per share. The company`s shares were listed on the JSE Securities
Exchange on 18 February 2002. As disclosed at the annual general meeting
on 31 May 2002, the Board of Directors decided, on recommendation by the
Remuneration Committee and by applying the principle of the 30 day
valuation period, that all options outstanding on 18 February 2002
should be valued at the weighted average price per share over the first
30 trading days on the JSE Securities Exchange after 18 February 2002.
Consequently, a new value of 142 cents per share for such options was
determined.
6. DIVIDEND POLICY
An amount of 28,5 cents per share was paid on 18 June 2002 as a dividend
in respect of the previous financial year. This reflects as an outflow
of R19,0 million in the current reporting period.
The resultant Secondary Tax on Companies of R2,4 million substantially
increased the tax charge for the period under review.
It is the company`s policy to pay an annual dividend.
7. CHANGES IN DIRECTORS
Andr Pierre du Plessis was appointed to the Board of Directors
effective 6 May 2002.
On behalf of the Board
M S du P le Roux
Chief Executive Officer
R Stassen
Managing Director
Stellenbosch
19 September 2002
Company Secretary and registered office
Christian George van Schalkwyk
BCom. LLB. CA(SA)
10 Quantum Road
Technopark
Stellenbosch 7600
(PO Box 12451, Die Boord, Stellenbosch 7613)
Registrars
Computershare Investor Services Limited
Registration number: 1958/003546/06
2nd Floor, Edura
41 Fox Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
Directors
JF Mouton (Chairman), CJ Borstlap*, AP du Plessis*, MS du P le Roux*, MC
Mehl, CA Otto, JG Solms, R Stassen*, J van Zyl Smit (* Executive)
Date: 19/09/2002 09:48:09 AM Produced by the JSE SENS Department
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