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Real Africa Holdings Limited - Results for the six months ended 30 September
2002
Real Africa Holdings Limited
(Registration number 1994/003919/06)
Share code: RAH ISIN code: ZAE000008702
("RAH")
Results for the six months ended 30 September 2002
FINANCIAL HIGHLIGHTS
- Headline earnings for the six month period: R103 million
- Value per share: 508 cents
Summarised income statement
Six month period ended Year
ended
30 September 31 March
2002 2001 2002
Unaudited Unaudited Audited
Note R`000 R`000 R`000
Equity 29 600 22 074 31 729
accounted
earnings
- dividends 5 152 10 461 18 630
received
- share of 27 530 16 787 25 803
retained
earnings
- goodwill (3 082) (5 174) (12 704)
amortisation
Operating 55 547 10 511 37 620
income
Net interest 46 738 17 280 46 614
income
131 885 49 865 115 963
Operating 14 416 11 944 45 672
costs
Net capital (100 208) (291 764) (270 913)
losses
- gross (316 756) (889 274) (918 769)
- less gain on - 179 990 162 250
hedged
position
- outside 1 216 548 417 520 485 606
shareholders
Profit/(loss) 17 261 (253 843) (200 622)
before
taxation
Taxation 15 232 4 196 17 903
Net 2 029 (258 039) (218 525)
profit/(loss)
after taxation
Outside 2 528 3 276 (6 530)
shareholders
Attributable (499) (261 315) (211 995)
to ordinary
shareholders
Headline 103 364 35 623 72 195
earnings
Loss per share (0,1) (69,7) (56,6)
(cents)
Headline 27,8 9,5 19,3
earnings per
share (cents)
Fully diluted 27,6 9,5 19,3
headline
earnings per
share (cents)
Number of 371,8 375,1 371,9
ordinary
shares - in
issue
(millions)
Number of 371,9 375,1 374,3
ordinary
shares -
weighted
average
(millions)
Number of 374,6 375,1 374,6
ordinary
shares - fully
diluted
(millions)
Headline
earnings is
determined as
follows:
Attributable (499) (261 315) (211 995)
to ordinary
shareholders
Adjusted for
(net of
outside
shareholders):
Net capital 100 208 291 764 270 913
losses
Goodwill 3 655 5 174 13 277
amortisation
Headline 103 364 35 623 72 195
earnings
Summarised balance sheet
30 September 31 March
2002 2001 2002
Unaudited Unaudited Audited
Note R`000 R`000 R`000
Ordinary 1 651 521 1 546 179 1 654
shareholders` funds 150
Outside shareholders 251 179 525 175 463 529
1 902 700 2 071 354 2 117
679
Fixed assets 1 577 1 584 1 687
Investments and 1 046 288 1 703 782 1 321
loans 932
Cash resources 870 942 342 580 804 121
Net current (16 107) 23 408 (10 061)
(liabilities)/assets
1 902 700 2 071 354 2 117
679
Value per share 2 508 525 503
(cents)
Fully diluted value 507 525 502
per share (cents)
Valuation of investments
15 November 21 November 18 June
2002 2001 2002
R`000 R`000 R`000
Listed - 1 070 128 1 638 906 1 145 795
at market
value
Unlisted - 218 996 516 362 304 835
at
directors`
valuation
1 289 124 2 155 268 1 450 630
Summarised statement of changes in equity
Ordinary Non-
share distributable Distributable Treasury
capital
and reserves reserves shares Total
premium
R`000 R`000 R`000 R`000 R`000
Balance 1 742 730 8 161 (83 416) (13 325) 1 654 150
at 1
April
2002
Shares (14 195) - - 13 325 (870)
cancelled
Net loss - - (499) - (499)
for the
period
Other - (1 254) (6) - (1 260)
Balance 1 728 535 6 907 (83 921) - 1 651 521
at 30
September
2002
Summarised cash flow statement
Six month period ended Year ended
30 September 31 March
2002 2001 2002
Unaudited Unaudited Audited
R`000 R`000 R`000
Cash flows 83 728 4 189 53 962
from
operating
activities
Cash flows (15 675) (13 053) 407 206
from
investing
activities
Cash flows (1 232) 357 (5 444)
from
financing
activities
Notes on the basis of preparation
1. The attention of shareholders was drawn to the Group`s
investment in Comparex Limited ("Comparex") on page 22
of the 2002 annual report. The Group`s position relative
to this investment remains unchanged. Accordingly, in
preparing the financial information for the period under
review, those minority shareholders in Persetel Q Data
Africa Holdings Limited that retain their entitlement to
Comparex shares continue to be allocated the full share
of the diminution in value of their Comparex investment,
post the implementation date of the exchange. Group net
capital losses include a mark- to -market adjustment of
R206 million in respect of the Groups investment in
Dimension Data plc ("Didata") of which R106 million is
attributable to RAH.
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 15 November 2002:
Value of underlying net assets at market
value and directors` valuation on
15 November 2002
R1 886,7 million
Shares in issue
371,8 million
Value per share
508 cents
3. The financial information has been prepared in
conformity with South African Statements of Generally
Accepted Accounting Practice.
Commentary
Headline earnings increased by 190% or R67,8 million from R35,6 million to
R103,4 million. Included in headline earnings is a special dividend of
approximately R20 million from PSG Investment Bank. Net capital losses include
RAH`s attributable share of the mark-to-market adjustment as at 30 September
2002 in respect of the shares held in Dimension Data Holdings plc of R106
million. Notwithstanding this adjustment, the value per share increased from 503
cents at 18 June 2002 to 508 cents per share at 15 November 2002.
The balance sheet remains ungeared with group cash resources in excess of R870
million.
RAH continues to trade under cautionary whilst evaluating various options to
unlock value for shareholders. Shareholders are referred to the cautionary
announcement of 6 November 2002 and should continue to exercise caution in
dealing in their shares pending a further announcement in this regard.
By order of the board
D M J Ncube (Executive chairman)
T M L Setiloane (Executive director)
28 November 2002
Date: 28/11/2002 04:26:15 PM Produced by the JSE SENS Department
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