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SABVEST LIMITED - UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE
2004
Sabvest Limited
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
(`Sabvest`)
Unaudited interim results for the six months ended 30 June 2004
Balance sheet
at 30 June 2004
Unaudited Unaudited Audited
30 June 30 June 31 Dec
2004 2003 2003
R`000 R`000 R`000
Ordinary shareholders`
funds 136 643 130 139 131 495
Interest-bearing debt 9 893 14 076* 5 852
Accounts payable 1 975 2 331 1 494
Total funds 148 511 146 546 138 841
Fixed assets 2 055 1 283 1 202
Deferred taxation 724 - 724
Investment holdings 126 710 122 172 122 563
Listed 19 254 20 107 18 494
Unlisted 103 909 98 195 100 405
Net goodwill arising on
acquisition of associates 3 547 3 870 3 664
Finance advances and
receivables 18 432 18 968 13 693
Cash balances 590 4 123 659
Total assets 148 511 146 546 138 841
Net asset value per share
- cents 295 288 292
Net tangible asset per
share - cents 288 280 283
Net asset value per share
with listed investments at
market value - cents 300 281 296
Number of shares in issue
less held in treasury
- 000`s 46 259 45 120 45 109
*Includes interest-bearing vendor claim of R9 806 941.
Income statement
for the six months ended 30 June 2004
Unaudited Unaudited Audited
six months six months 12 months
30 June 30 June 31 Dec
2004 2003 2003
R`000 R`000 R`000
Gross income from operations
and investments 13 182 11 223 31 217
Dividends received 2 595 1 556 2 048
Interest received 2 594 2 239 5 720
Fees and income 1 067 1 276 2 658
Share of equity accounted
retained income 6 926 6 152 20 791
Interest paid 713 1 310 2 191
Net income from operations
and investments 12 469 9 913 29 026
Less: Expenditure 4 464 3 619 7 402
Operating costs 4 242 3 409 6 961
Depreciation 222 210 441
Net income before exceptional
items 8 005 6 294 21 624
Exceptional gains/(losses)
- group - (2 085) (2 656)
Exceptional gains/(losses)
- associates 968 (12) (1 606)
Net gains/(losses/costs)
arising from former finance
operations (42) (92) 7
Amortisation/Write-off of
goodwill (117) (119) (1 478)
Investment impairment
recoveries - - -
Net income before taxation 8 814 3 986 15 891
Taxation - deferred - - (724)
Net income 8 814 3 986 16 615
Headline earnings per share
- cents*1 17,6 13,9 49,5
Earnings per share
- cents*1 19,4 8,8 36,8
Weighted average number of
shares in issue - 000`s 45 426 45 175 45 144
Reconciliation of headline
earnings
Net income 8 814 3 986 16 615
Headline earnings
adjustment*2 (809) 2 308 5 733
Headline earnings 8 005 6 294 22 348
*1 There are no diluting instruments.
*2 The headline earnings adjustments is calculated as the total of exceptional
items.
Summarised cash flow statement
for the six months ended 30 June 2004
Unaudited Unaudited Audited
six months six months 12 months
30 June 30 June 31 Dec
2004 2003 2003
R`000 R`000 R`000
Cash generated by/(utilised in)
operating activities (118) (289) (1 571)
Cash (utilised) for payment
of dividend and increase/
(reduction) in creditors (872) (9 330) (1 141)
Cash generated by/(utilised in)
investing activities (5 181) 814 7 719
Cash effects of financing
activities 2 061 (215) (241)
Change in cash and cash
equivalents (4 110) (9 020) 4 766
Interest-bearing debt,
less cash balances, at
beginning of period (5 193) (933) (9 959)
Interest-bearing debt,
less cash balances, at end
of period (9 303) (9 953) (5 193)
Statement of changes in equity
for the six months ended 30 June 2004
Non-
distri- Distri-
Share Share butable butable
capital premium reserve reserve Total
R`000 R`000 R`000 R`000 R`000
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 (7) (2 104) (2 111)
Adjustment for AC133 (9 938) (9 938)
Translation of foreign
subsidiary/associates (5 978) (5 978)
Net attributable income
of associates 15 184 (15 184) -
Movement in translation
reserves of associates (8 000) (8 000)
Net profit for the period 16 615 16 615
Balance as at 31/12/03 862 48 806 88 829 (7 002) 131 495
Shares held in treasury
- written back 7 2 104 2 111
Shares held in treasury (2) (84) 36 (50)
Dividends paid (1 353) (1 353)
Translation of foreign
subsidiary/associates (1 224) (1 224)
Net attributable income
of associates 7 895 (7 895) -
Movement in translation
reserves of associates (2 000) (2 000)
Movement in NDR of
associates (1 150) (1 150)
Net profit for the period 8 814 8 814
Balance as at 30/06/04 867 50 826 92 350 (7 400) 136 643
Commentary
Profile
Sabvest is an investment holding company which has significant minority or joint
controlling interests in two listed and five unlisted associates 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 27% to 17,6 cents per share. This result was
primarily due to a stronger overall performance from Sabvest`s Industrial
portfolio, and Nutritional Foods in particular, and from a reduced interest
charge. The further strengthening of the rand has resulted in currency
translation losses which are reflected in the statement of changes in equity.
Sabvest`s balance sheet remains soundly structured and the cash component of
attributable income continues to increase.
Changes in investment holdings
In the first half of the year, Sabvest has made no changes to its investment
holdings as recorded in the 2003 annual report. However, various new
opportunities are presently under consideration.
Certain of its associates concluded transactions as follows:
- SA Bias is finalising agreements which will result in its interest in
International Trimmings and Labels plc increasing from 88% to 97% over the next
three years.
- Nutritional Foods has disposed of its Clifton brands.
- Flowmax UK has acquired 100% of Torbar Flowmeters Limited and Coulton
Instruments Limited to form its fourth division - Flowmax Instruments. It has
also increased its interest in Center Tank Services Limited to 55%.
- Midsouth has established Jazzmetrix (Pty) Limited as the vehicle for the
futher development of its facial recognition imaging technology operations.
Dividend policy
Dividend payments are considered annually and may vary or be waived depending on
the group`s cash requirements. The extent of dividends will be influenced by
operating cash flows and receipts from the non-core components of long-term
investments that are not earmarked for new projects.
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.
Legal actions
There has been no change in the status of assessment of the legal actions
referred to in the 2003 annual report.
Prospects
Sabvest expects a slight improvement in headline earnings per share for the year
but not to the extent achieved for the fist six months.
Haroon Habib Christopher Seabrooke Raymond Pleaner
Chairman Chief Executive Officer CFO
Sandton
29 July 2004
Registered address:
4 Commerce Square, 39 Rivonia Road, Sandhurst, Sandton 2196
Communications:
Postal address: PO Box 78677, Sandton 2146, Republic of South Africa
Telephone: (011) 268 2400
Fax: (011) 268 2422
e-mail: ho@sabvest.com
Website: www.sabvest.com
Transfer secretaries:
Computershare Investor Services 2004 (Pty) Limited, 70 Marshalltown 2001.
(PO Box 61051, Marshalltown 2001)
Directors:
H Habib (Chairman), P Coutts-Trotter (Deputy Chairman), CS Seabrooke* (Chief
Executive Officer), NSH Hughes, GE Nel, R Pleaner*, RS Price
*Executive Directors
Date: 27/07/2004 12:38:09 PM Produced by the JSE SENS Department
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