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AMB Private Equity Partners Limited -
AMB Private Equity Partners Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/015329/06)
Share code: APP ISIN: ZAE000026936
("AMB Partners" or "the company")
2003 INTERIM RESULTS ANNOUNCEMENT
for the six months ended 31 March 2003
and incorporating the results of scheme meeting
INCOME STATEMENTS Unaudited
Six months to
31 March 2003
Group Company
R"000 R"000
Revenue and investment
income 804 383 36 570
Net profit from
ordinary activities 74 962 24 746
Financing costs (13 730) (2 345)
Revaluation adjustment (110 174) (123 874)
Provision against
loans to associates (1 261) -
Amortisation of
intangible assets (559) -
Exceptional items 2 585 -
Preference dividend - -
Net (loss)/profit
before taxation (48 177) (101 473)
Taxation (18 078) (2 444)
Net (loss)/profit
after taxation (66 255) (103 917)
Debenture interest 40 413 40 413
Minority interest (12 616) -
Net (loss)/profit
attributable to
ordinary
shareholders (38 458) (63 504)
Transfer from
non-distributable
reserve - -
(Accumulated
loss)/retained profit
for the year (38 458) (63 504)
Headline
(loss)/earnings per
linked unit (cents) (152,4) (200,2)
(Loss)/earnings per
linked unit (cents) (151,9) (200,2)
Headline
(loss)/earnings per
share (cents) (74,5) (122,3)
(Loss)/earnings per
share (cents) (74,1) (122,3)
Weighted average
number of linked units
in issue 51 912 856 51 912 856
Debenture interest per
linked unit
declared (cents) - -
Reconciliation of
headline earnings per
share
Net (loss)/profit
attributable to
ordinary
shareholders (38 458) (63 504)
Add: amortisation of
intangible assets 559 -
Add: (profit)/loss on
sale of fixed assets (779) -
Add: impairment of
fixed assets
(38 678) (63 504)
Exceptional items - -
Fixed assets written
off - -
Payment received in
respect of
cancellation of
lease agreement - -
Fit out allowance 2 585 -
2 585 -
Restated
INCOME STATEMENTS Unaudited
Six months to
31 March 2002
Group Company
R"000 R"000
Revenue and investment income 395 909 54 031
Net profit from ordinary activities 69 648 49 818
Financing costs (7 821) (1 573)
Revaluation adjustment (30 981) (1 267)
Provision against loans to associates 83 -
Amortisation of intangible assets (3 053) -
Exceptional items 12 691 -
Preference dividend (6 415) (6 415)
Net (loss)/profit before taxation 34 152 40 563
Taxation (11 814) (1 127)
Net (loss)/profit after taxation 22 338 39 436
Debenture interest (18 265) (18 265)
Minority interest (12 357) -
Net (loss)/profit attributable to ordinary
shareholders (8 284) 21 171
Transfer from non-distributable reserve 20 872 22 725
(Accumulated loss)/retained profit for the year 12 588 43 896
Headline (loss)/earnings per linked unit
(cents) 25,1 76,0
(Loss)/earnings per linked unit (cents) 19,2 76,0
Headline (loss)/earnings per share (cents) (10,1) 40,8
(Loss)/earnings per share (cents) (15,9) 40,8
Weighted average number of linked units in
issue 51 912 856 51 912 856
Debenture interest per linked unit
declared (cents) 35,2 35,2
Reconciliation of headline earnings per share
Net (loss)/profit attributable to ordinary
shareholders (8 284) 21 171
Add: amortisation of intangible assets 3 053 -
Add: (profit)/loss on sale of fixed assets - -
Add: impairment of fixed assets - -
(5 231) 21 171
Exceptional items
Fixed assets written off
Payment received in respect of cancellation of - -
lease agreement 10 000 -
Fit out allowance 2 691 -
12 691 -
INCOME STATEMENTS Audited
Year ended
30 Sept 2002
Group Company
R"000 R"000
Revenue and investment income 650 524 123 668
Net profit from ordinary activities 146 350 114 336
Financing costs (13 224) (3 569)
Revaluation adjustment (57 472) (33 807)
Provision against loans to associates (363) -
Amortisation of intangible assets (37 143) -
Exceptional items 9 801 -
Preference dividend (15 561) (15 561)
Net (loss)/profit before taxation 32 388 61 399
Taxation (19 285) -
Net (loss)/profit after taxation 13 103 61 399
Debenture interest (65 689) (65 689)
Minority interest (14 777) -
Net (loss)/profit attributable to
ordinary
shareholders (67 363) (4 290)
Transfer from non-distributable reserve 34 368 33 292
(Accumulated loss)/retained profit for
the year (32 995) 29 002
Headline (loss)/earnings per linked unit
(cents) 41,3 118,3
(Loss)/earnings per linked unit (cents) (3,2) 118,3
Headline (loss)/earnings per share
(cents) 5,3) (8,3)
(Loss)/earnings per share (cents) (129,8) (8,3)
Weighted average number of linked units
in issue 51 912 856 51 912 856
Debenture interest per linked unit
declared (cents) 48,7 48,7
Reconciliation of headline earnings per
share
Net (loss)/profit attributable to
ordinary
shareholders (67 363) (4 290)
Add: amortisation of intangible assets 21 603 -
Add: (profit)/loss on sale of fixed
assets (1 389) -
Add: impairment of fixed assets 2 890 -
(44 259) (4 290)
Exceptional items
Fixed assets written off (2 890) -
Payment received in respect of
cancellation of
lease agreement 10 000 -
Fit out allowance 2 691 -
9 801 -
BALANCE SHEETS
Unaudited
31 March 2003
Group Company
R"000 R"000
Assets
Fixed assets 145 794 -
Intangible assets 14 884 -
Investments 535 337 587 275
Current assets 581 033 239 204
Total assets 1 277 048 826 479
Liabilities
Long-term liabilities 154 341 31 564
Current liabilities 377 570 24 893
Total liabilities 531 911 56 457
Shareholders" funds
Ordinary share capital 5 5
Ordinary share premium 271 624 271 624
Non-distributable reserves 14 601 629
Convertible debentures 517 759 517 759
(Accumulated deficit)/retained profit (77 991) (19 996)
Shareholders" funds 725 998 770 021
Minority interest 19 138 -
Preference share capital 1 1
Total shareholders" funds 745 137 770 022
Total liabilities and shareholders" funds 1 277 048 826 479
Net asset value per linked unit
(including interest) (rands) 14,40 14,83
Net asset value per linked unit
(excluding interest) (rands) 14,40 14,83
Number of linked units in issue 51 912 856 51 912 856
BALANCE SHEETS Restated
Unaudited
31 March 2002
Group Company
R"000 R"000
Assets
Fixed assets 47 321 -
Intangible assets 9 978 -
Investments 488 661 585 082
Current assets 481 046 326 534
Total assets 1 027 006 911 616
Liabilities
Long-term liabilities 54 639 27 234
Current liabilities 147 338 35 962
Total liabilities 201 977 63 196
Shareholders" funds
Ordinary share capital 5 5
Ordinary share premium 271 624 271 624
Non-distributable reserves 14 124 629
Convertible debentures 517 759 517 759
(Accumulated deficit)/retained profit 5 464 58 402
Shareholders" funds 808 976 848 419
Minority interest 16 052 -
Preference share capital 1 1
Total shareholders" funds 825 029 848 420
Total liabilities and shareholders" funds 1 027 006 911 616
Net asset value per linked unit
(including interest) (rands) 16,25 16,70
Net asset value per linked unit
(excluding interest) (rands) 15,89 16,34
Number of linked units in issue 51 912 856 51 912 856
BALANCE SHEETS
Audited
30 Sept 2002
Group Company
R"000 R"000
Assets
Fixed assets 164 347 -
Intangible assets 17 219 -
Investments 633 129 697 423
Current assets 616 645 240 085
Total assets 1 431 340 937 508
Liabilities
Long-term liabilities 169 266 29 231
Current liabilities 498 212 74 751
Total liabilities 667 478 103 982
Shareholders" funds
Ordinary share capital 5 5
Ordinary share premium 271 624 271 624
Non-distributable reserves 12 197 629
Convertible debentures 517 759 517 759
(Accumulated deficit)/retained profit (39 533) 43 508
Shareholders" funds 762 052 833 525
Minority interest 1 809 -
Preference share capital 1 1
Total shareholders" funds 763 862 833 526
Total liabilities and shareholders" funds 1 431 340 937 508
Net asset value per linked unit
(including interest) (rands) 15,84 17,19
Net asset value per linked unit
(excluding interest) (rands) 14,71 16,06
Number of linked units in issue 51 912 856 51 912 856
CASH FLOW STATEMENTS
Unaudited
Six months to
31 March 2003
Group Company
R"000 R"000
Cash generated from/(applied to) operating
activities 73 262 12 277
Cash effects of investing activities (3 650) 5 361
Cash flows from financing activities (20 943) -
Net increase/(decrease) in cash and cash
equivalents 48 669 17 638
Cash and cash equivalents at the beginning
of the period 157 131 219 798
Cash and cash equivalents at the end
of the period 205 800 237 436
CASH FLOW STATEMENTS Restated
Unaudited
Six months to
31 March 2002
Group Company
R"000 R"000
Cash generated from/(applied to) operating
activities 57 156 (2 206)
Cash effects of investing activities 41 553 45 858
Cash flows from financing activities (34 417) -
Net increase/(decrease) in cash and cash
equivalents 64 292 43 652
Cash and cash equivalents at the beginning
of the period 278 824 276 395
Cash and cash equivalents at the end
of the period 343 116 320 047
CASH FLOW STATEMENTS
Audited
Year ended
30 Sept 2002
Group Company
R"000 R"000
Cash generated from/(applied to) operating
activities 56 010 30 890
Cash effects of investing activities (181 154) (87 487)
Cash flows from financing activities 3 271 -
Net increase/(decrease) in cash and cash
equivalents (121 873) (56 597)
Cash and cash equivalents at the beginning
of the period 279 004 276 395
Cash and cash equivalents at the end
of the period 157 131 219 798
STATEMENT OF CHANGES IN EQUITY Non-
Share Share distributable
capital premium reserves
R"000 R"000 R"000
Group
Balance at 30 September 2001 5 271 624 36 246
Attributable earnings - - -
Net profit after tax - - -
Interest on debentures - - -
Minority interest - - -
Movement on reserves - - (24 049)
- revaluation of investments - - (34 368)
- revaluation of fixed assets - - 10 287
- revaluation reserve recognised - - 32
Balance at 30 September 2002 5 271 624 12 197
Attributable earnings - - -
Net loss after tax - - -
Interest on debentures - - -
Minority interest - - -
Movement on reserves - - 2 404
- revaluation reserve recognised - - 2 404
Balance at 31 March 2003 5 271 624 14 601
Company
Balance at 30 September 2001 5 271 624 33 921
Attributable earnings - - -
Net profit after tax
Interest on debentures - - -
Movement on reserves - - (33 292)
- revaluation of investments - - (33 292)
Balance at 30 September 2002 5 271 624 629
Attributable earnings - - -
Net loss after tax - - -
Interest on debentures - - -
Balance at 31 March 2003 5 271 624 629
STATEMENT OF CHANGES IN EQUITY Total
Retained shareholders"
earnings Debentures funds
R"000 R"000 R"000
Group
Balance at 30 September 2001 (6 538) 517 759 819 096
Attributable earnings (67 363) - (67 363)
Net profit after tax 13 103 - 13 103
Interest on debentures (65 689) - (65 689)
Minority interest (14 777) - (14 777)
Movement on reserves 34 368 - 10 319
revaluation of investments 34 368 - -
revaluation of fixed assets - - 10 287
revaluation reserve recognised - - 32
Balance at 30 September 2002 (39 533) 517 759 762 052
Attributable earnings (38 458) - (38 458)
Net loss after tax (66 255) - (66 255)
Interest on debentures 40 413 - 40 413
Minority interest (12 616) - (12 616)
Movement on reserves - - 2 404
revaluation reserve recognised - - 2 404
Balance at 31 March 2003 (77 991) 517 759 725 998
Company
Balance at 30 September 2001 14 506 517 759 837 815
Attributable earnings (4 290) - (4 290)
Net profit after tax 61 399 - 61 399
Interest on debentures (65 689) - (65 689)
Movement on reserves 33 292 - -
revaluation of investments 33 292 - -
Balance at 30 September 2002 43 508 517 759 833 525
Attributable earnings (63 504) - (63 504)
Net loss after tax (103 917) - (103 917)
Interest on debentures 40 413 - 40 413
Balance at 31 March 2003 (19 996) 517 759 770 021
Accounting and valuation policies
The interim financial results have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice, and incorporate
principal accounting policies which have been applied consistently with those
applied in the previous year.
Results
Operating expenses of the company for the six months to 31 March 2003 were
higher than those incurred in the 2002 financial year as a result of accrued
expenses relating to the restructuring of AMB Partners. The income statement
also reflects a revaluation adjustment of R123,9 million due largely to downward
valuations of the empowerment equity and structured equity portfolios. The
structured equity portfolio was adversely impacted by the valuation of shares in
Telkom SA Limited ("Telkom") post its initial public offering, as compared with
AMB Partners" valuation as at 30 September 2002.
Debenture interest
Debenture interest payable on linked units is calculated as interest earned
on the debenture capital, less costs and expenses incurred by the company. Due
to the fact that the costs and expenses exceeded the interest earned on
debenture capital during the period under review, no debenture interest has been
declared for the six months ended 31 March 2003. In addition, an amount of R40,4
million of debenture interest, which was accrued, but not declared in the
financial period up to 30 September 2002, has been reversed in the current six-
month period. This amount related to interest accrued on the loan portion of the
investment in Telkom, which has been reversed following the listing of Telkom
shares at a significantly lower valuation than had been estimated at 30
September 2002.
Proposed restructuring of AMB Partners
Linked unitholders of AMB Partners are referred to the announcement which was
published in the financial press on 27 May 2003. In terms of this announcement,
linked unitholders were advised that AMB Holdings Limited ("AMB") intended to
propose a scheme of arrangement in terms of section 311 of the Companies Act
("the scheme") between AMB Partners and its linked unitholders other than AMB
and certain linked unitholders who had committed to remain invested in the
restructured AMB Partners (collectively referred to as the "Remaining
Investors"). Pursuant to the scheme, AMB would acquire all the linked units of
AMB Partners not held by the Remaining Investors. The scheme consideration
payable would consist of a cash consideration of R12,25 per linked unit or a
deferred consideration of R13,00 per linked unit. The implementation of the
scheme would be followed by the delisting and restructuring of AMB Partners.
Results of scheme meeting
AMB Partner"s linked unitholders are advised that the scheme was approved by
the requisite majority of linked unitholders at the scheme meeting held on
Monday, 30 June 2003. More specifically, the scheme was approved by a majority
of 99,99% of the linked unitholders entitled to vote in respect of the scheme
and in attendance at the scheme meeting.
Application will be made to the High Court of South Africa (Witwatersrand
Local Division) ("the Court"), which is located in the High Court Building, Von
Brandis Square, corner Pritchard and Von Brandis Streets, Johannesburg, to
sanction the scheme on Tuesday, 8 July 2003 at 10:00 or as soon thereafter as
Counsel may be heard. If the Court sanctions the scheme, the only condition
precedent to which the scheme will remain subject, will be the registration of
the Order of Court sanctioning the scheme by the Registrar of Companies.
A further announcement regarding the outcome of the application to the Court and
details of the surrender procedure required for existing documents of title
relating to AMB Partners linked units will be published on or about Thursday, 10
July 2003. These dates are consistent with the dates previously published.
On behalf of the board
ZENZO LUSENGO ANDREW SPRAGUE
Chairman Managing Director
Johannesburg
30 June 2003
Registered address:
18 Fricker Road, Illovo, South Africa
P O Box 786833, Sandton, 2146, South Africa
Tel: (011) 215-2000 Website: www.ambpartners.co.za
Transfer secretaries:
Computershare Investor Services Limited,
Computershare Building,
70 Marshall Street, Johannesburg, 2001
(P O Box 1053, Johannesburg, 2000)
Corporate adviser and joint sponsor:
AMB Advisory Services Limited
Registration number 1996/0164470/06
Lead sponsor:
Deloitte & Touche Sponsor Services (Pty) Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1996/000034/07)
Date: 01/07/2003 07:35:17 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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