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SASANI LIMITED - SUMMARISED RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2003
SASANI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1955/000259/06)
Share code SSA ISIN ZAE 000017851
("Sasani" or "the company")
SUMMARISED RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2003
GROUP INCOME STATEMENT
UNAUDITED UNAUDITED AUDITED
6 months 6 months 12 months
ended ended ended
31 December 31 December 30 June
2003 2002 2003
R"000 R"000 R"000
Revenue 129 221 102 539 196 067
Contribution 83 213 68 205 131 598
Overheads (55 351) (44 260) (88 202)
Operating profit before
depreciation (EBITDA) 27 862 23 945 43 396
Depreciation (17 744) (13 184) (26 998)
Amortisation of trademarks and
goodwill (2 886) (3 222) (6 430)
Share of profit of associate
company (897) 609 1 285
Operating profit before
exceptional items 6 334 8 149 11 253
Exceptional items (3 828) (1 790)
Operating profit 6 334 4 321 9 463
Net interest 783 755 1 120
Profit before taxation 7 116 5 076 10 583
Taxation - this year (2 410) (1 048) (3 308)
Taxation - attributable to
associates (186) (218) (856)
Taxation - previous year
Profit after taxation 4 520 3 810 6 419
Outside shareholders" interest 129
Outside shareholders" interest
attrib to associate (17) (247)
Earnings attributable to
ordinary shareholders 4 632 3 563 6 419
Headline earnings reconciliation
Earnings attributable to ordinary
shareholders 4 632 3 563 6 419
Less: Amortisation of negative
goodwill (336)
Exceptional items (net of
taxation and minorities) 166
Other
Investment writeback/impairment 166
Headline earnings 4 296 3 563 6 585
Number of shares (000"s)
Issued and weighted average 58 880 61 895 61 895
Earnings per ordinar y share
(cents)
Headline earnings 7,3 5,8 10,6
Earnings attributable to ordinary
shareholders 7,9 5,8 10,4
GROUP BALANCE SHEET
A SSETS
Non-current assets 126 096 126 556 117 898
Property, plant and equipment 80 441 79 569 73 794
Trademarks and copyrights 35 802 47 498 44 283
Other assets 9 853 (511) (179)
Current assets 83 678 75 807 74 922
Inventories 10 876 6 424 4 418
Trade and other receivables 61 195 38 055 27 490
Cash and cash equivalents 11 607 31 327 43 014
Total assets 209 774 202 363 192 820
EQUITY AND LIABILITIES
Capital and reserves
Issued capital and reser ves 160 271 153 552 155 862
Minority interests 4 364
Deferred taxation 4 615 3 975 4 615
Non-current liabilities 4 280 9 960 1 325
Interest bearing borrowings 4 280 9 960 1 325
Current liabilities 36 245 34 875 31 018
Trade and other payables 30 733 28 288 20 187
Taxation payable 2 097 101 2 184
Interest bearing borrowings 3 414 6 487 8 647
Bank overdraft
Non-interest bearing borrowings
Total equity and liabilities 209 774 202 363 192 820
Gearing percentage 4,7 10,7 6,4
Net asset value per share (cents)
Including intangible assets 272,2 248,1 251,8
Excluding intangible assets 211,4 171,3 180,3
GROUP CASH FLOW STATEMENT
Cash generated by operations 27 750 19 937 41 419
Net interest received/(paid) 783 755 1 120
Increase in working capital (26 294) 140 4 610
Taxation paid (1 524) (2 546) (1 250)
Dividends paid
Cash available from operations 715 18 286 45 899
Net receipts/(payments) for
businesses
Net property, plant and
equipment acquired (24 281) (10 636) (19 443)
Other investing activities (9 706) 329 229
Financing activities 1 864 (7 271) (14 291)
Net movement in cash and cash
equivalents (31 407) 708 12 394
Cash and cash equivalents at
beginning of the period 43 014 30 620 30 620
Cash and cash equivalents of
businesses acquired/(sold)
Cash and cash equivalents at end
of the period 11 607 31 327 43 014
GROUP STATEMENT OF CHANGES IN
EQUITY
Share capital
Balance at beginning of period 591 111 818 658
Movement due to share buy back (3) (3 050) (67)
Balance at end of period 588 108 768 591
Share premium 107 631 111 160
Balance at beginning of period (220) -3 529
Movement due to share buy back
107 411 107 631
Balance at end of period
Total share capital and premium
at end of period 107 999 108 768 108 222
Non-distributable reserves
Balance at beginning and end of
period 225 225 225
Retained earnings
Balance at beginning of period 47 415 40 996 40 996
Net (loss)/profit for period 4 632 3 563 6 419
Balance at end of period 52 047 44 559 47 415
Total ordinar y shareholders"
interest 160 271 153 552 155 862
BASIS OF PREPARATION
These consolidated Group results for the six months ended 31 December 2003 have
been prepared in accordance with Statements of Generally Accepted Accounting
Practice prevailing in South Africa.
COMMENTARY
Results
Revenue for the six months to December 2003 was 26% up on last year. This was
primarily derived from the new educational initiatives for Ethiopia. Gains in
other operations offset the effect of the estimated 40% down-turn in
international commercials produced in the Cape.
Net cash reduced from R14,5 million at end December 2002 to R3,9 million at the
end of this trading period in spite of an improvement of 39% in cash generated
by operations. This was as a result of a R26,5 million increase in working
capital requirement to fund the educational initiatives and the effect of
consolidating Global Access Telecommunications Ser vices Holdings (Pty) Ltd
("Global Holdings") and Global Access Telecommunications Ser vices (Pty) Ltd
("Global Access"). Investing activities of R9,7 million include our investment
in Condor Cape.
Earnings
While earnings growth tracked turnover, there were a number of contributors to
the earnings figure. The significant exceptional item last year was set off in
this reporting period by a significantly higher depreciation bill resulting from
fast depreciating education assets and a loss from associate companies of R1,5
million for the start up phase of our new post production company, Condor Cape.
In addition, the tax provision more than doubled to R2,4 million. The difference
in the HEPS growth figure of 26% and the EPS growth of 36% arose out of the
realisation of negative goodwill on the acquisition of an additional 40%
shareholding in Global Access and 25% shareholding in Global Holdings.
General
In spite of the significant slowdown in international commercials to the Cape,
the industry seems well-positioned going for ward. Feature films and episodic
television for the international market have shown dramatic growth in the period
under review and we believe there will be a recovery in the Cape commercial
production market. The purchase of an additional 50% stake in Global Holdings
provides a platform to grow our interests in the business television arena and
our now-proven abilities in educational content production may open new
opportunities to access further work in Ethiopia and out of other African
markets.
New initiatives in film financing and the provision of financial services into
the broader film industry continue to be a focus going for ward and we remain
cautiously optimistic that government will extend its contribution to this
process. Barring unforeseen circumstances or a further strengthening of the
rand, management looks for ward to leveraging Sasani"s broader positioning into
the future.
APPROVAL
These unaudited results have been approved by the Sasani Limited Board of
Directors on 16 of February 2004.
Non-executive: N J Frangos (Chairman), G Doyer, E Ellerine, W T Msomi,
R J van Wijk
Executive: J R H Whitehouse (CEO), P Theron
Company Secretar y: J M Caddy
By order of the board
Johannesburg
16 February 2004
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