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SABLE HOLDINGS LIMITED - PRELIMINARY PROFIT STATEMENT
SABLE HOLDINGS LIMITED
("SABLE")
(Registration No. 1968/010636/06)
Share code: SBL ISIN code: ZAE000006383
Preliminary Profit Statement
The audited group results for the year ended 30 June 2003 are as follows:
Abridged Consolidated Income Statement
Year ended Year ended
30 June 30 June
2003 2002
(Audited) R000 R000
Revenue 16,832 28,711
Operating profit 2,643 14,012
Net interest paid (7,941) (2,086)
Depreciation (1,084) (1,055)
Amortisation of goodwill (7,066) -
Dividends received 30 -
Net revaluation of investment properties 10,973 2,188
Profit on disposal of investments
in subsidiaries - 334
Net profit on disposal of investment
properties - 34
(Loss)/profit before taxation (2,445) 13,427
Taxation (1,246) (1,823)
(Loss)/profit after taxation (3,691) 11,604
Profit/(loss) from associated companies 8,121 (2,060)
Share of retained profit/(loss) 1,331 (837)
Impairment of investment - (1,788)
Revaluation of investment properties 6,790 565
Net profit for the year 4,430 9,544
Number of ordinary shares in
issue during the year after
deducting those repurchased in
the buy-back programme (000) 7,570 8,002
Earnings per ordinary share (cents) 58.5 119.3
Headline (losses)/earnings per
ordinary share (cents) (78.6) 105.5
Dividend per ordinary share (cents) 10.0 20.0
Supplementary information
Net profit for the year 4,430 9,544
Adjustments:
Amortisation of goodwill 7,066 -
Impairment of investment - associate - 1,788
Net revaluation of investment properties
- subsidiaries (10,655) (1,957)
Profit on disposal of investments
in subsidiaries - (334)
Net profit on disposal of investment
properties - (34)
Revaluation of investment properties
- associates (6,790) (565)
Headline (losses)/earnings for the year (5,949) 8,442
Abridged Consolidated Balance Sheet
Year ended Year ended
30 June 30 June
2003 2002
(Audited) R000 R000
Assets
Non-current assets 152,313 146,838
Investment properties, plant and
equipment 101,356 95,097
Investments - other 29,499 38,792
Investments - associates 19,328 10,860
Companies held for resale 1,696 1,696
Deferred taxation 57 16
Loans receivable 377 377
Current assets 26,964 6,871
Inventories 23,938 3,327
Trade and other receivables 2,382 1,972
Cash and cash equivalents 644 1,572
Total assets 179,277 153,709
Equity and liabilities
Capital and reserves 93,866 90,950
Share capital and premium 19,083 19,083
Non-distributable reserves 18,716 10,916
Revaluation reserves 32,556 29,808
Retained profits 23,511 31,143
Non-current liabilities 55,722 52,261
Interest-bearing liabilities 54,957 51,229
Deferred taxation 765 1,032
Current liabilities 29,689 10,498
Trade and other payables 6,657 5,513
Interest-bearing liabilities 18,072 1,734
Interest-free liability 1,614 1,614
Current portion of interest-bearing
liabilities 2,668 1,180
Shareholders for dividends 20 2
Taxation payable 658 455
Total equity and liabilities 179,277 153,709
Number of ordinary shares in issue (000) 8,420 8,420
Less: Treasury shares repurchased (000) (850) (850)
7,570 7,570
Net asset value per ordinary share (cents) 1,240 1,202
Interest-bearing liabilities to total
capital and reserves (%) 80.6 59.5
Abridged Consolidated Cash Flow Statement
Year ended Year ended
30 June 30 June
2003 2002
(Audited) R000 R000
Cash (outflow)/inflow from operating
activities (19,601) 4,136
Cash outflow from investing activities (2,881) (56,725)
Cash inflow from financing activities 5,216 50,350
Net decrease in cash and cash equivalents (17,266) (2,239)
Cash and cash equivalents at the
beginning of the year (162) 2,077
Cash and cash equivalents at the
end of the year (17,428) (162)
Abridged Statement of Changes in Equity
Year ended Year ended
30 June 30 June
2003 2002
(Audited) R000 R000
Balance at beginning of the year 90,950 84,973
Repurchase of shares by subsidiary - (2,966)
Cancellation of shares in issue - (68)
Reduction in share premium - (405)
Realisation of revaluation reserves - (128)
Net profit for the year 4,430 9,544
Dividend paid (1,514) -
Balance at end of the year 93,866 90,950
Comments
Accounting policies
The accounting policies applied in the preparation of these financial statements
conform to South African Statements
of Generally Accepted Accounting Practice and are consistent with the accounting
policies applied in the prior year.
Results
Revenue earned was lower at R16.8 million (30 June 2002 - R28.7 million), due to
the purchase and resale of sectional title apartments amounting to R14.3 million
in the comparative year. The group reported a net profit of R4.4 million for the
year ended 30 June 2003 (30 June 2002 - R9.5 million). Earnings per share
decreased from 119.3 cents to 58.5 cents for the year ended 30 June 2003.
Headline losses were R5.9 million (30 June 2002 - earnings of R8.4 million) with
headline losses per share of 78.6 cents (30 June 2002 - earnings of 105.5 cents)
reported.
Operating profits are represented as follows:
June 2003 June 2002
R"000 R"000
Property investments and trading 11,181 7,789
Treasury investments (8,538) 6,223
2,643 14,012
Net interest paid amounted to R7.9 million (30 June 2002 - R2.1 million), as a
result of increased borrowings utilised to purchase investment properties during
the last 18 months.
Investment properties are valued at R101.1 million (30 June 2002 - R95.0
million). Inventories of R23.9 million comprise residential properties under
development in Bryanston, Sandton, and have been sold during the second half of
2003.
Investments in associated companies have increased to R19.3 million (30 June
2002 - R10.9 million) mainly through a R6.8 million revaluation of Sable"s
investment in its associated company, Sable Homes.
Interest-bearing borrowings have increased from R54.1 million to R75.7 million,
in order to finance the residential developments for resale.
Activities from investment properties and trading properties for resale
Sable Homes has developed and let its residential developments at the Wanderers
Country Club, Johannesburg, and Allen"s Nek, Roodepoort. A further residential
development in Epsom Downs, Bryanston, will be ready for occupation during
November 2003, with various other sites being viewed for residential development
during 2004.
Treasury Investments
The investment in The Appleton Global Hedge Portfolio, comprising international
fund managers utilising various investment strategies, reversed some of its
historical currency gains, however preserved its dollar-based unit fund price.
This investment was valued at R28.1 million (30 June 2002 - R36.7 million). The
reduction of the market value has been included under the company"s operating
profits in accordance with Accounting Standard, AC128.
Prospects
The development of a new upmarket residential project for resale in Lonehill,
Fourways will start during October 2003.
Expansion to Hobart Road Shopping Centre in Bryanston, Sandton, should begin in
early 2004, which will add approximately 3800m2 of lettable area to the existing
centre.
Audit report
The consolidated results for the year have been audited by Andre van der Merwe
and Associates and their unqualified audit report is available for inspection at
the company"s registered office.
Dividends
Notice is hereby given that a final dividend of 10 cents per share (2002 - 20
cents per share) ("the dividend") has been declared, payable to shareholders
recorded in the books of the company at the close of business on Friday, 31
October 2003. Shareholders are advised that the last day to trade "cum" the
dividend will be Friday, 24 October 2003. Shares will trade "ex" dividend as
from Monday, 27 October 2003, and the record date will be Friday, 31 October
2003. Payment will be made on Monday, 3 November 2003.
Shares may not be dematerialised or rematerialised during the period Monday, 27
October 2003, to Friday, 31 October 2003, both days inclusive.
For and on behalf of the board
J Nash (Chairman)
PH Nash (Managing director)
25 September 2003
Directors: J Nash* (Chairman), PH Nash (Managing), IR Kemp,
JA Pelser*.
*Non-executive
Registered office: 1st Floor, Sable Place, Fairway Office Park,
52 Grosvenor Road, Bryanston 2021. PO Box 786390, Sandton 2146.
Transfer secretaries: Computershare Limited, 70 Marshall Street, Johannesburg
2001.PO Box 61051, Marshalltown 2107.
Sponsor
SASFIN CORPORATE FINANCE
A DIVISION OF SASFIN BANK LIMITED
Date: 25/09/2003 05:15:11 PM Produced by the JSE SENS Department
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