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Real Africa Holdings Limited - Results for the six months ended 30 September
2003
Real Africa Holdings Limited
(Registration number 1994/003919/06)
Share code: RAH ISIN code: ZAE000008702
("RAH")
Results for the six months ended 30 September 2003
Summarised Income statement
Six month period Year
ended ended
30 September 31 March
2003 2002 2003
Unaudited Unaudited Audited
Note R"000 R"000 R"000
Equity accounted 31 977 29 600 29 406
earnings
- dividends received 6 941 5 152 34 671
- share of retained 27 188 27 530 19 951
earnings
- goodwill amortisation (2 152) (3 082) (25 216)
Operating income 17 704 55 547 85 833
Net interest income 39 655 46 738 104 026
89 336 131 885 219 265
Operating costs (14 669) (13 013) (39 102)
Goodwill (10 500) (1 403) (16 161)
amortisation/impairment
Net investment 1 207 345 (100 208) (109 137)
profits/(losses)
- gross 364 501 (316 756) (296 343)
- outside shareholders (157 156) 216 548 187 206
Profit before taxation 271 512 17 261 54 865
Taxation (30 517) (15 232) (34 325)
Net profit after 240 995 2 029 20 540
taxation
Outside shareholders 10 868 (2 528) 8 311
Attributable to ordinary 251 863 (499) 28 851
shareholders
Earnings/(loss) per 67,7 (0,1) 7,8
share (cents)
Headline earnings per 69,5 0,8 16,3
share (cents)
Number of ordinary 371,8 371,8 371,8
shares - in issue
(millions)
Number of ordinary 371,8 371,9 371,8
shares - weighted
average (millions)
Headline earnings is
determined as follows:
Attributable to ordinary 251 863 (499) 28 851
shareholders
Adjusted for (net of
outside shareholders):
Goodwill 6 443 3 655 31 819
amortisation/impairment
Headline earnings 258 306 3 156 60 670
Summarised Balance Sheet
30 September 31 March
2003 2002 2003
Unaudited Unaudited Audited
Note R"000 R"000 R"000
Ordinary 1 058 742 1 651 521 1 677 073
shareholders"
funds
Outside 418 528 251 179 272 436
shareholders
1 477 270 1 902 700 1 949 509
Fixed assets 1 478 1 577 2 115
Investments and 895 645 1 046 288 935 701
loans
Cash resources 592 871 870 942 1 050 554
Net current (12 724) (16 107) (38 861)
liabilities
1 477 270 1 902 700 1 949 509
Valuation of investments
21 November 15 November 26 June
2003 2002 2003
R"000 R"000 R"000
Listed - at market 773 222 1 070 128 957 329
value
Unlisted - at 385 535 218 996 236 592
directors"
valuation
1 158 757 1 289 124 1 193 921
Value per share 3 351 284
(cents)
Summarised Statement of Changes in Equity
Ordinary Non-
share distributable Distributable
capital
and reserves reserves Total
premium
R"000 R"000 R"000 R"000
Balance at 1 728 535 3 103 (54 565) 1 677 073
1 April
2003
Share (870 368) - - (870 368)
capital
reduction
Net profit - - 251 863 251 863
for the
period
Other - 174 - 174
Balance at 858 167 3 277 197 298 1 058 742
30
September
2003
Summarised cash flow statement
Six month period ended Year
ended
30 September 31 March
2003 2002 2003
Unaudited Unaudited Audited
R"000 R"000 R"000
Cash inflows from 12 588 83 728 185 238
operating activities
Cash outflows from (3 995) (15 675) 54 743
investing activities
Cash outflows from
financing activities
- Share capital (498 155) - -
reduction
- Other 31 879 (1 232) 6 452
Net (decrease)/increase (457 683) 66 821 246 433
in cash resources
Notes on the basis of preparation
1. In preparing the financial information for the period under review, those
minority shareholders in Persetel Q Data Africa Holdings Limited ("PQAH") that
retain their entitlement to Comparex Limited ("Comparex") shares have been
allocated the full share of the increase in value (R74 million) of their
Comparex investment. Group net investment profits include a mark to market
adjustment of R36 million in respect of the Group"s investment in Dimension Data
plc, of which R18 million is attributable to RAH.
2. The financial information has been consistently prepared in conformity with
South African Statements of Generally Accepted Accounting Practice.
3. 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 21 November 2003:
Value of underlying net assets at market value (listed) and directors" valuation
(unlisted) at
21 November 2003 R1,30 billion
Shares in issue (millions) 371,8
Commentary
Subsequent to reporting the results for the year ended March 31, 2003, the Group
successfully completed the following transactions in this period:
- the cash distribution of R498 million to shareholders;
- distribution of its equity investment in Afrox Healthcare Limited;
- the disposal of its interest in Chemcity (Proprietary) Limited; and
- the disposal of its interest in Advance Wealth Management (Proprietary)
Limited.
In addition, the Group"s equity investment in Edu-Loan (Proprietary) Limited was
sold after September 30, 2003 and its subsidiary, Afrisun Leisure Investments
(Proprietary) Limited ("Afrisun"), increased its interest by R267 million by
exercising its call options on "N" shares in Carnival City and Grand West
casinos.
The Group"s results have been positively impacted by the improved trading
performances in its important remaining associates Oceana Group Limited and
Lifecare Group Holdings Limited. A significant turnaround has occurred within
the line item entitled "net investment profits" in the income statement, with
the marked increase in the valuation of the group"s investments in casino
operations and Afrox Healthcare Limited (R73,7 million), prior to its
distribution.
The directors revalued the "O" shares held by Afrisun in Carnival City and Grand
West casinos to the acquisition price of the "N" shares in these two operations.
The investment in the national and regional management companies were revalued
by capitalising the actual dividend received from the management companies
during the period at a rate of 5,28% using the dividend yield applicable to
small capitalisation companies on the JSE Securities Exchange SA, plus a premium
of 10%.
Shareholders are referred to the 2003 annual report where the basis for
accounting for the Group"s investment in PQAH was set out. There is no change in
the status of the investment and accordingly, the full positive gain of
approximately R74 million attributable to the Comparex share price increase in
the period to September 30, 2003 has been retained for the benefit of outside
shareholders.
The group is continuing in its efforts to unlock value for shareholders.
By order of the board
DJJ Vlok AH Arnott
(Director) (Director)
24 November 20033
Date: 25/11/2003 11:56:07 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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