| Thu 30 Sep 2004, 8:16 | | Sable - Preliminary Profit Statement |
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Sable - Preliminary Profit Statement
SABLE HOLDINGS LIMITED
(`SABLE`)
(Registration No. 1968/010636/06)
Incorporated in the Republic of South Africa
Share code: SBL ISIN code: ZAE000006383
PRELIMINARY PROFIT STATEMENT
The audited group results for the year ended 30 June 2004 are as follows:
Abridged Consolidated Income Statement
Year ended Year ended
30 June 2004 30 June 2003
(Audited) R000 R000
Revenue 53,996 16,832
Operating profit 12,355 2,643
Net interest paid (7,040) (7,941)
Depreciation (1,808) (1,084)
Amortisation of goodwill - (7,066)
Dividends received 44 30
Net revaluation of investment properties 12,126 10,973
Profit/(loss) before taxation 15,677 (2,445)
Taxation (3,123) (1,246)
Profit/(loss) after taxation 12,554 (3,691)
Profit from associated companies 3,651 8,121
Net profit for the year 16,205 4,430
Number of ordinary shares in issue
during the year after deducting
those repurchased in the
buy-back programme (000) 7,570 7,570
Earnings per ordinary share (cents) 214.1 58.5
Headline earnings/(losses) per
ordinary share (cents) 26.0 (78.6)
Dividend per ordinary share (cents) 35.0 10.0
Supplementary information
Net profit for the year 16,205 4,430
Adjustments:
Amortisation of goodwill - 7,066
Net revaluation of investment properties
- subsidiaries (11,360) (10,655)
Revaluation of investment properties
- associates (2,878) (6,790)
Headline earnings/(losses) for the year 1,967 (5,949)
Abridged Consolidated Balance Sheet
Year ended Year ended
30 June 2004 30 June 2003
(Audited) R000 R000
Assets
Non-current assets 171,425 152,313
Investment properties, plant
and equipment 118,312 101,356
Investments - other 27,823 29,499
Investments - associates 23,694 19,328
Companies held for resale 1,200 1,696
Deferred taxation 19 57
Loans receivable 377 377
Current assets 17,780 26,964
Inventories 4,528 23,938
Trade and other receivables 10,969 2,382
Cash and cash equivalents 2,283 644
Total assets 189,205 179,277
Equity and liabilities
Capital and reserves 109,334 93,866
Share capital and premium 19,083 19,083
Non-distributable reserves 22,368 18,716
Revaluation reserves 42,774 32,556
Retained profits 25,109 23,511
Non-current liabilities 59,953 55,722
Interest-bearing liabilities 58,336 54,957
Deferred taxation 1,617 765
Current liabilities 19,918 29,689
Trade and other payables 6,073 6,657
Interest-bearing liabilities 9,177 18,072
Interest-free liability - 1,614
Current portion of interest-bearing
liabilities 3,159 2,668
Shareholders for dividends 8 20
Taxation payable 1,501 658
Total equity and liabilities 189,205 179,277
Number of ordinary shares in issue (000) 8,420 8,420
Less: Shares held as treasury stock (000) (850) (850)
7,570 7,570
Net asset value per ordinary share (cents) 1,444 1,240
Interest-bearing liabilities to total
capital and reserves (%) 64.6 80.6
Abridged Consolidated Cash Flow Statement
Year ended Year ended
30 June 2004 30 June 2003
(Audited) R000 R000
Cash inflow/(outflow) from operating
activites 17,891 (19,601)
Cash outflow from investing activities (9,613) (2,881)
Cash inflow from financing activities 2,256 5,216
Net increase/(decrease) in cash and cash
equivalents 10,534 (17,266)
Cash and cash equivalents at the
beginning of the year (17,428) (162)
Cash and cash equivalents at the
end of the year (6,894) (17,428)
Abridged Statement of Changes in Equity
Year ended Year ended
30 June 2004 30 June 2003
(Audited) R000 R000
Balance at beginning of the year 93,866 90,950
Net profit for the year 16,205 4,430
Dividend paid (737) (1,514)
Balance at end of the year 109,334 93,866
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 during the year increased to R54.0 million (30 June 2003 - R16.8
million), primarily due to the development and sale of sectional title
apartments and cluster homes in Bryanston, Sandton. The group reported a net
profit of R16.2 million for the year ended 30 June 2004 (30 June 2003 - R4.4
million). Earnings per share increased from 58.5 cents to 214.1 cents, with
headline earnings per share reported at 26.0 cents for the year ended 30 June
2004 (30 June 2003 - headline losses of 78.6 cents). Operating profits are
represented as follows:
June 2004 June 2003
R`000 R`000
Property investments and trading 14,287 11,181
Treasury investments (1,932) (8,538)
12,355 2,643
Net interest paid amounted to R7.0 million (30 June 2003 - R7.9 million), due to
interest rate decreases as well as longer-term borrowings remaining similar to
that of the previous year. Depreciation has increased to R1.8 million (30 June
2003 - R1.1 million), due to increased spending on tenant refurbishments at
various retail shopping centres.
Net revaluation surpluses in respect of internal directors` valuations of the
investment properties amounted to R12.1 million (30 June 2003 - R11.0 million).
Investment properties and shareblock investments were valued at R118.9 million
(30 June 2003 - R102.8 million). During the year, a residential development
comprising 48 units for rental developed by Sable Homes in Bryanston, Sandton,
and a small retail shopping centre in Fourways, Sandton, were acquired for R11.6
million, whilst land in Killarney, Johannesburg, was sold for R4.4 million.
Inventories comprising residential developments for resale have been disposed of
during the year. Proceeds arising from such sales have been re-invested in
investment properties and the reduction of short-term debt.
Treasury investments
The investment in The PSG Global Hedge Portfolio reduced from R28.1 million to
R25.5 million at 30 June 2004. The decrease in the investment was as a result of
rand strengthening against the US dollar by 16.1%, however the dollar-based unit
price increased by 6.7% over the same period. The domestic share portfolio
managed by BOE Stockbrokers (Pty) Ltd performed well by adding R0.7 million in
share value during the year.
Prospects
Sable Holdings has committed itself to disposing of non-core investment
properties in the second half of 2004 and re-investing the proceeds into retail
and industrial opportunities.
Sable Homes has continued to acquire prime residential land in Pretoria,
Johannesburg and Cape Town for both resale and longer-term investment.
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 cash dividend of 35 cents per share (2003 - 10
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, 29
October 2004. Shareholders are advised that the last day to trade `cum` the
dividend will be Friday, 22 October 2004. Shares will trade `ex` dividend as
from Monday, 25 October 2004, and the record date will be Friday, 29 October
2004. Payment will be made on Monday, 1 November 2004.
Shares may not be dematerialised or rematerialised during the period Monday, 25
October 2004, to Friday, 29 October 2004, both days inclusive.
For and on behalf of the board
J Nash (Chairman)
PH Nash (Managing director)
29 September 2004
Directors: J Nash* (Chairman), PH Nash (Managing), IR Kemp, JA Pelser* (*Non-
executive)
Registered office: Sable Place, Fairway Office Park, 52 Grosvenor Road,
Bryanston 2021.
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited, 70
Marshall Street, Johannesburg 2001.
Sponsor: Sasfin Corporate Finance - A division of Sasfin Bank Limited
Date: 30/09/2004 07:00:09 AM Produced by the JSE SENS Department
