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Saambou - Unaudited interim results for the six months ended 30 September 2002
SAAMBOU HOLDINGS LIMITED
Registration number 1987/004170/06
(Incorporated in the Republic of South Africa)
("Saambou")
Share code: SBO ISIN: ZAE000006409
GROUP RESULTS
Unaudited interim results for the six months ended 30 September 2002
CONSOLIDATED INCOME STATEMENT
Unaudited Audited Unaudited
30 Sep 2002 31 Mar 2002 30 Sep 2001
R"million R"million R"million
Net interest and related income 7,9 614,6 391,1
Provision for losses on advances - (437,2) (290,9)
Net interest income 7,9 177,4 100,2
Non-interest income 108,2 598,5 385,0
Total income 116,1 775,9 485,2
Operating expenses (13,7) (1 854,2) (453,5)
Net operating income 102,4 (1 078,3) 31,7
Loss from equity accounted
investments - (68,8) (5,0)
Net income before taxation 102,4 (1 147,1) 26,7
Taxation (27,1) 2,4 40,2
Net income after taxation 75,3 (1 144,7) 66,9
Minority interest - 6,0 (0,6)
Net income/(loss) 75,3 (1 138,7) 66,3
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Audited Unaudited
30 Sep 2002 31 Mar 2002 30 Sep 2001
R"million R"million R"million
Cash flow from operating
activities 41,1 (2 439,1) 748,8
Cash flow from investment
activities (241,1) 416,3 (163,6)
Cash flow from financing
activities (36,1) (585,2) 106,9
Net increase in cash and
cash equivalents (236,1) (2 608,0) 692,1
Balance at beginning of period 380,2 2 988,2 2 988,2
Balance at end of period 144,1 380,2 3 680,3
CONSOLIDATED BALANCE SHEET
Unaudited Audited Unaudited
30 Sep 2002 31 Mar 2002 30 Sep 2001
R"million R"million R"million
ASSETS
Property and equipment 0,5 4,1 228,2
Goodwill - - 129,3
Intangible assets - - 71,1
Deferred taxation - - 91,3
Investments 71,1 394,6 1 483,8
Other assets 141,9 21,8 428,9
Advances - - 15 573,8
Liquid assets 144,1 552,7 3 680,3
357,6 973,2 21 686,7
SHAREHOLDERS" FUNDS AND
LIABILITIES
Total shareholders" interest 112,1 46,6 1 212,4
Minority interest - - 18,5
Long-term loans 167,6 183,1 1 042,1
Insurance funds 27,6 417,6 437,4
Deposits and current accounts - - 18 244,8
Other liabilities and provisions 18,4 174,6 731,5
Receiver of Revenue 31,9 151,3 -
357,6 973,2 21 686,7
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS" FUNDS
Unaudited Audited Unaudited
30 Sep 2002 31 Mar 2002 30 Sep 2001
R"million R"million R"million
Shareholders" funds at
beginning of period 46,6 1 157,5 1 157,5
Shares issued for cash net of
expenses - - 59,2
Other changes in shareholders"
funds (7,2) 31,3 5,9
Net income/(loss) 75,3 (1 138,7) (5,0)
Preference share dividend (2,6) (3,5) (5,2)
Shareholders" funds at end of period 112,1 46,6 1 212,4
COMMENTS
1. Accounting policies
The accounting policies adopted for the purpose of this announcement are in
compliance with South African Statements of Generally Accepted Accounting
Practice and are consistent with those of the previous year.
2. Overview of results
The net income before tax of the Saambou Holdings Group for the six months
ended 30 September 2002 amounted to R102,4 million, mainly as a result of the
profit of R90,1 million earned on the sale of Saambou Life. The income statement
for the six months ended 30 September 2002 and the balance sheet at 30 September
2002 exclude the income and net assets of Saambou Life (disposed of with effect
from 1 April 2002) and Saambou Bank (investment written-off due to the placing
of Saambou Bank in curatorship on 9 February 2002). The income statement for the
year ended 31 March 2002 excludes income from Saambou Bank from 31 January 2002
while the balance sheet at 31 March 2002 excludes the net assets of Saambou
Bank.
3. Saambou Life disposal
Saambou Life was disposed of to Capital Alliance Life for an effective
consideration of R402 million on 1 April 2002. As part of the transaction,
Saambou Holdings has a maximum potential exposure of
R20 million with regard to warranties and indemnities. However, the maximum
potential exposure of R20 million have been taken into account in determining
the amount of the preliminary distribution to Saambou Holdings shareholders
referred to in paragraph 5 below. No provision has been made in the financial
statements of Saambou Holdings due to the uncertain nature of Saambou Holdings"
contingent liability towards Capital Alliance Life.
4. Post-balance sheet events
All remaining promissory notes were settled for an effective consideration of
R100,1 million on 4 March 2003. Such settlement will not have an impact on the
net asset value of Saambou Holdings.
5. Preliminary distribution to shareholders
Notice is hereby given that a preliminary distribution of 50 cents per share,
in the form of a pro rata reduction of share capital, has been awarded to
members recorded in the register of Saambou Holdings Limited at the close of
business on Friday, 4 July 2003. Shareholders are advised that the last day to
trade "CUM" the distribution will be Friday, 27 June 2003. The shares will trade
"EX" the distribution as from Monday, 30 June 2003 and the record date will be
Friday, 4 July 2003. Payment will be made on Monday, 7 July 2003. Share
certificates may not be dematerialised or rematerialised during the period
Monday, 30 June 2003 and Friday, 4 July 2003, both days inclusive. In terms of
the requirements of the Companies Act 1973, the directors confirm that, after
the payment of the distribution, Saambou Holdings Limited will be able to pay
its debts as they become due in the ordinary course of business, and its
consolidated assets, fairly valued, will exceed its consolidated liabilities.
6. Prospects
A final distribution to Saambou Holdings shareholders will be announced as
soon as all remaining matters are resolved, including the winding-down of
Natsure"s business. Shareholders are referred to Saambou Holdings circular dated
15 August 2002, in which it was stated that the total distribution per Saambou
Holdings share could range from 60 cents to 100 cents. The Board of Directors is
of the opinion that the total distribution per Saambou Holdings share, including
the preliminary distribution referred to in 5 above, will amount to at least 60
cents.
D M Lawrence B P Botha
Chairman Director
Registered office
Saambou Park
Alkantrant Road
Lynnwood Manor
Pretoria 0081
PO Box 74127, Lynnwood Ridge 0040
Share Transfer Secretaries
Computershare Investor Services Limited
70 Marshall Street
Johannesburg 2001
