| Wed 18 Aug 2004, 16:06 | | Audited Results For The Year Ended 31 March 2003 |
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Saambou Holdings Limited - Audited Results For The Year Ended 31 March 2003
SAAMBOU HOLDINGS LIMITED
Registration Number 1987/004170/06
Share Code: SBO
Isin Code: ZAE000006409
GROUP RESULTS
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2003
CONSOLIDATED BALANCE SHEET
Audited Audited
31 Mar 2003 31 Mar 2002
R ` million R ` million
ASSETS
Property and equipment 0.3 4.1
Investments - 394.6
Other assets 5.5 21.8
Liquid assets 160.2 552.7
166.0 973.2
SHAREHOLDERS` FUNDS AND LIABILITIES
Total shareholders` interest 131.2 46.6
Long-term loans 7.2 183.1
Insurance funds 5.2 417.6
Other liabilities and provisions 10.4 174.6
Receiver of Revenue 12.0 151.3
166.0 973.2
CONSOLIDATED INCOME STATEMENT
Net interest and related income 19.5 614.6
Provision for losses on advances - (437.2)
Net interest income 19.5 177.4
Non-interest income 123.5 598.5
Total income 143.0 775.9
Operating expenditure (13.9) (1,854.2)
Net operating income 129.1 (1,078.3)
(Loss)/profit from equity accounted
investments - (68.8)
Net income before tax 129.1 (1,147.1)
Tax (37.5) 2.4
Net income after tax 91.6 (1,144.7)
Minority interest - 6.0
Income attributable to ordinary
shareholders 91.6 (1,138.7)
Earnings per share (cent)
- Basic 51.7 (691.4)
CONSOLIDATED CASH FLOW STATEMENT
Audited Audited
31 Mar 2003 31 Mar 2002
R ` million R ` million
Cash flow from operating activities (27.5) (2,442.7)
Cash flow from investment activities 15.9 416.3
Cash flow from financing activities (240.8) (581.6)
Net increase in cash and cash equivalents (252.4) (2,608.0)
Balance at beginning of period 380.2 2,988.2
Balance at end of period 127.8 380.2
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS` FUNDS
Shareholders` funds at beginning of the period 46.6 1,157.5
Other changes in shareholders` funds (1.7) 31.3
Net income / ( loss ) 91.6 (1,138.7)
Preference share dividend (5.3) (3.5)
Shareholders` funds at end of the period 131.2 46.6
COMMENTS
1. Accounting policies
The accounting policies adopted for the purpose of this announcement are in
compliance with South African Statements of Generally Accepted Accounting
Practice and are consistent with those of the previous year.
2. Overview of results
The net income before tax of the Saambou Holdings Group for the year ended
31 March 2003 amounted to R 129.1 million, mainly as a result of the profit
of R 90.1 million earned on the sale of Saambou Life.
The Income Statement for the year ended 31 March 2003 and the Balance Sheet
as at 31 March 2003 exclude the income and net assets of Saambou Life (
disposed of with effect from 1 April 2002 ) and Saambou Bank ( investment
written off due to the placing of Saambou Bank in curatorship on 9 February
2002 ).
3. Saambou Life disposal
Saambou Life was disposed of to Capital Alliance Life for an effective
consideration of R 402 million on 1 April 2002.
4. Post Balance Sheet events
As previously reported, Natsure was in the process of winding down its
business. The directors of Saambou Holdings considered it appropriate to
dispose of Natsure. Accordingly an agreement has been concluded with
Constantia Ondernemings Limited on 1 June 2003 for the disposal of Natsure
for an effective consideration of R 1.5 million, after a dividend payment
from Natsure to Saambou Holdings amounting to R11.l million.
5. Preliminary distribution to shareholders
Notice is hereby given that a preliminary distribution of 27 cents per
share, in the form of a pro-rata reduction of share capital, has been
awarded to members recorded in the register of Saambou Holdings Limited at
the close of business on Friday 1 October 2004. Shareholders are advised
that the last day to trade `CUM` the distribution will be Thursday 23
September 2004. The shares will trade `EX` the distribution as from Monday
27 September 2004, and the record date will be Friday 1 October 2004.
Payment will be made on Monday 4 October 2004. Share certificates may not be
dematerialised or rematerialised during the period Monday 27 September 2004
and Friday 1 October 2004, both days inclusive.
In terms of the requirements of the Companies Act, the directors confirm
that after the payment of the distribution, Saambou Holdings Limited will be
able to pay its debts as they become due in the ordinary course of business,
and its consolidated assets, fairly valued, will exceed its consolidated
liabilities.
6. Prospects
Due to the conclusion of the Natsure sales agreement, the only remaining
activity is the settlement of all outstanding liabilities in winding up the
company. A final distribution to shareholders will be announced once all
remaining matters are resolved. Shareholders are referred to the Saambou
Holdings Limited circular dated 15 August 2002, in which it was stated that
the total distribution per Saambou Holdings share could range from 60 cents
to 100 cents. The total distribution ( including the distribution mentioned
in paragraph 5 above ) to date, amounts to 77 cents per Saambou Holdings
share. The directors are of the opinion that the final distribution will not
be as substantial as the distribution to date.
D M Lawrence B P Botha
Chairman Director
18 August 2004
Registered office
Saambou Park
Alkant Road
Lynnwood Manor
Pretoria 0081
P.O. Box 74127
Lynnwood Ridge 0040
Share Transfer Secretaries
Computershare Investor Services Limited
70 Marshall Street
Johannesburg 2001
Date: 18/08/2004 04:03:39 PM
Produced by the JSE SENS Department
