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Sabvest Limited -
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
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
BALANCE SHEET
at 30 June 2003
30 June 30 June 31 December
2003 2002 2002
Unaudited Unaudited Audited
R"000 R"000 R"000
Ordinary shareholders"
equity 130 139 137 940 139 037
Interest-bearing debt 4 269 17 215 1 862
Accounts payable* 12 138 5 405 11 661
Total equity and
liabilities 146 546 160 560 152 560
Fixed assets 1 283 1 020 934
Investment holdings 122 172 126 311 130 016
Listed 20 107 10 833 10 664
Unlisted 98 195 111 375 115 362
Net goodwill on
acquisition of
associates 3 870 4 103 3 990
Finance advances and
receivables 18 968 30 716 20 681
Cash balances 4 123 2 513 929
Total assets 146 546 160 560 152 560
Net asset value per
share - cents 288 298 307
Net tangible asset value
per share - cents 280 289 299
Net asset value per share
with listed investments
at market value - cents 281 298 307
Number of shares in issue
less held in
treasury - 000"s 45 120 46 306 45 217
*Includes vendor claim of R9 806 941 on which interest is accrued.
INCOME STATEMENT
for the six months ended 30 June 2003
Six months Six months Twelve months
30 June 30 June 31 December
2003 2002 2002
Unaudited Unaudited Audited
R"000 R"000 R"000
Gross income from
operations and investments 11 223 11 839 31 062
Dividends received 1 556 890 1 674
Interest received 2 239 1 796 3 270
Fees and other income 1 276 1 440 2 722
Share of equity accounted
retained income 6 152 7 713 23 396
Interest paid 1 310 2 460 3 528
Net income from operations
and investments 9 913 9 379 27 534
Less: Expenditure 3 619 3 029 6 339
Operating costs 3 409 2 803 5 946
Depreciation 210 226 393
Net income before
exceptional items 6 294 6 350 21 195
Exceptional losses - group (2 085) (583) (112)
Exceptional (losses)/gains
- associates (12) 557 1 331
Net losses/costs arising
from former finance
operations (92) - (6 296)
Amortisation/Write-off
of goodwill (119) (118) (237)
Investment impairment
recoveries/(provisions) - - 100
Net income/(loss) before
taxation 3 986 6 206 15 981
Taxation - 238 -
Net income/(loss) 3 986 5 968 15 981
Headline earnings per
share* - cents 13,9 13,1 42,5
Earnings per share* - cents 8,8 12,8 34,5
Weighted average number of
shares in issue - 000"s 45 175 46 676 46 320
Reconciliation of
headline earnings
Net income/(loss) for
the year 3 986 5 968 15 981
Add exceptional loss 2 308 144 5 214
Add/(Deduct) impairment of
investment loan - - (1 500)
Headline earnings for the year 6 294 6 112 19 695
*There are no potentially dilutive shares.
SUMMARISED CASH FLOW STATEMENT
for the six months ended 30 June 2003
Six months Six months Twelve months
30 June 30 June 31 December
2003 2002 2002
Unaudited Unaudited Audited
R"000 R"000 R"000
Cash (utilised in)
operating activities (289) (1 723) (2 908)
Cash (utilised) for
payment of dividends
and increase/(reduction)
in creditors 477 470 6 726
Cash generated by
investing activities 814 15 956 26 469
Cash effects of financing
activities (215) (851) (2 666)
Change in cash and cash
equivalents 787 13 852 27 621
Interest-bearing debt,
less cash balances, at
beginning of period (933) (28 554) (28 554)
Interest-bearing debt,
less cash balances, at
end of period (146) (14 702) (933)
STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2003
Non-
distribu- Distribu-
Share Share table table
capital premium reserve reserve Total
R"000 R"000 R"000 R"000 R"000
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 subsi-
diary/associates (11 806) (11 806)
Variation of
interest in
subsidiary/associates 465 465
Net 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
Shares held in
treasury -
written back 6 1 864 1 870
Shares held
in treasury (6) (2 079) (2 085)
Adjustment for
AC133 - group (8 835) (8 835)
- associates 3 590 3 590
Translation of
foreign subsi-
diary/associates (3 424) (3 424)
Net attributable
income of
associates 2 710 (2 710) 0
Movement on NDR
of associates (4 000) (4 000)
Net profit for
the year 3 986 3 986
Balance as
at 30/06/03 863 48 831 82 909 (2 464) 130 139
COMMENTARY
PROFILE
Sabvest is an investment holding company which has significant minority or joint
controlling interests in two listed and five unlisted groups on all of whose
boards it is represented. Sabvest"s ordinary and `N" ordinary shares are quoted
in the Financials - Investment Company sector of the JSE Securities Exchange
South Africa.
FINANCIAL RESULTS
Headline earnings increased by 6% to 13,9 cents per share. The increase is
satisfactory in light of the significant reduction in the rand translated
earnings of associates and reduced export margins compared with prior periods.
The strong rand has also resulted in currency translation losses reflected in
the statement of changes in equity.
The group"s balance sheet remains conservatively structured with low gearing and
improved interest cover.
CHANGES IN INVESTMENT HOLDINGS
In the first half of the year, Sabvest disposed of its interests in Flowmax
South Africa to Set Point Technology Holdings Limited in exchange for additional
Set Point shares. Sabvest now holds 50 million Set Point shares representing a
21% equity interest in Set Point.
An exceptional loss of R2 million was recorded arising from the receipt of Set
Point shares in exchange for the group"s investment in Flowmax SA. This was
calculated on the issue price of 30 cents rather than the market price of 24
cents on the day the transaction became unconditional. This election was made in
light of the small cap price fluctuations experienced by Set Point and is in
line with the independent valuations obtained by the parties to the transaction
at the time of the transaction.
STRATEGIC FOCUS
During the current year Sabvest is focusing on assisting its existing investees
in the growth of their operations and improving 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.
ACCOUNTING POLICIES
The results for the interim period 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 and in
the previous interim reporting period, other than AC133. This new statement was
implemented on 1 January 2003 which resulted in a debit to shareholders" funds
on that date as reflected in the statement of changes in equity.
LEGAL ACTIONS
There has been no change in the status and assessment of the legal actions
referred to in the 2002 annual report.
PROSPECTS
While it is difficult to predict the extent of the impact of the strength of the
rand on the full year"s results, Sabvest anticipates satisfactory headline
earnings for the year.
Haroon Habib Christopher Seabrooke Raymond Pleaner
Chairman CEO CFO
Sandton
30 July 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: H Habib (Chairman), P Coutts-Trotter (Deputy Chairman), CS Seabrooke*
(CEO), NSH Hughes, GE Nel, R Pleaner*, RS Price
*Executive Director
Date: 30/07/2003 12:36:33 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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