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ABC CASH PLUS LIMITED - INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2004
ABC CASH PLUS LIMITED
(`ABC` or `the Company`)
(Incorporated in the Republic of South Africa)
(Registration Number: 1998/020520/06)
Share Code: APS
ISIN Code: ZAE000017554
REVIEWED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2004
Reviewed Audited Reviewed
31 Aug 2004 28 Feb 2004 31 Aug 2003
R`000 R`000 R`000
BALANCE SHEETS
Non Current Assets 12,912 6,374 822
Current assets 8,259 9,953 7,969
Total assets 21,171 16,327 8,791
EQUITY AND LIABILITIES
Shareholders Funds 6,501 5,470 5,007
Non current liabilities 12,108 8,742 3,095
Current liabilities 2,562 2,115 689
Total equity and liabilities 21,171 16,327 8,791
NAV per share (cents) 12.89 10.84 9.92
Shares in issue at year end 50,450 50,450 50,450
Reviewed Audited Reviewed
INCOME STATEMENTS 31 Aug 2004 28 Feb 2004 31 Aug 2003
R`000 R`000 R`000
Revenue 2,828 3,855 1,188
Operating expenses (1,602) (2,409) (823)
Profit before finance costs and 1,226 1,447 365
depreciation
Finance costs (665) (1,040) (246)
Depreciation and amortisation (21) (231) -
Profit before taxation 540 175 119
Taxation 491 982 600
Net profit after tax 1,031 1,157 719
Outside shareholders` interest - - 56
Net profit for the period 1,031 1,157 775
Headline earnings 1,031 1,157 775
Basic and diluted earnings per 2.04 2.29 1.54
share (cents)
Headline earnings/(loss) per 2.04 2.29 1.54
share (cents)
Headline earnings per share has
been
calculated in terms of Circular 7
of 2002
Reviewed Audited Reviewed
31 Aug 2004 28 Feb 2004 31 Aug 2003
CASH FLOW STATEMENTS R`000 R`000 R`000
Cash flows from operating (3,265) (7,250) 371
activities
Cash flows from investing (23) 4 (442)
activities
Cash flows from financing 4,016 8,042 381
activities
Net movement in cash and cash 728 796 310
equivalents
Cash and cash equivalents at 1,435 639 639
beginning of period
Cash and cash equivalents at end of 2,163 1,435 949
period
STATEMENT OF CHANGES IN EQUITY
Share Share Outside Acc Total
Capital Premium Shareholders Loss
Interest
R`000 R`000 R`000 R`000 R`000
Balance as at 1 March 505 12,270 56 (8,518) 4,313
2003
Net profit relating 304 304
to subsidiaries sold
Net operating profit 853 853
for the year
Sale of subsidiaries (56) 56 -
Balance as at 28 505 12,270 - (7,305) 5,470
February 2004
Net operating profit 1,031 1,031
for the period
Balance as at 31 505 12,270 - (6,274) 6,501
August 2004
COMMENTS
The Board of Directors are pleased to present the reviewed interim financial
results of the Group for the six months ended 31 August 2004.
NATURE OF THE BUSINESS
The primary business of the company is the granting of short and medium term
home-improvement loans.
BASIS OF ACCOUNTING
These consolidated abridged interim financial statements were drawn up in
compliance with South Africa Statements of Generally Accepted Accounting
Practice and the Companies Act.
HIGHLIGHTS
The group generated R1,031 million after tax profits for the six months under
review.
Net asset value per share increased from 10,84 cents per share at 28 February
2004 and 9,92 cents per share at 31 Aug 2003 to 12,89 cents per share at 31
August 2004.
Cash and cash equivalents increased from R1,4 million at 28 February 2004 to
R2,1 million at
31 August 2004.
BUSINESS REVIEW
ABC was successful in securing additional funding of R15 million from National
Housing Finance Corporation (`NHFC`) during the course of 2003 with further
funding being made available for 2004. The terms of the funding from these
sources are such that ABC draws down on a monthly basis in accordance with the
requirements of the business. The primary purpose of this funding is to assist
previously disadvantaged employed individuals with finance, to either acquire or
improve a home or associated property. Demand for the group`s products has
remained high during the period under review. The Group has however adopted a
conservative approach in the extension of loans thus ensuring that the growth
has been measured and is sustainable.
BEE
Shareholders are referred to the Sens announcement today regarding the
acquisition of African Dawn Investments resulting in a 26% black economic
empowerment shareholding in ABC.
FINANCIAL REVIEW
The ABC Group has realised a profit of R 1,031 million for the six months under
review, which is an increase of 32% over the comparable period in the prior
year.
Finance costs, which include interest paid on borrowings, increased
proportionately as a result of a growth in lending activities. The benefit of
the additional financing that was secured and resultant loans extended to
customers has had a positive impact on revenue during the reporting period.
The balance sheet reflects a significant increase in advances as a result of the
increased lending activities. The R16,7 million debtors and advances are net of
a provision for bad debts being raised for the six months, which is in line with
AC133.
Bad debts written off relate mainly to historical cash lending businesses. The
long-term loans increased by just over R3,2 million, due to the funding obtained
from the NHFC, and is expected to have a positive effect on earnings and
headline earnings for the 2005 financial year. The group generated positive cash
flow for the period.
CORPORATE GOVERNANCE
The group fully subscribes to the principles of the King II report, and
implements where possible its recommendations.
DIVIDENDS
Dividends will not be paid in respect of the current financial year, as cash
generated will be retained and utilised to grow and expand the business of the
group.
REVIEWED RESULTS
The interim results have been reviewed by the auditors, Van Dyk Rossouw
Incorporated. The auditor`s report is available for inspection at the company`s
registered office.
For and on behalf of the board of directors
JM van Tonder
CEO
13 October 2004
Registered office Transfer secretaries
12th Floor Computershare Investor Services 2004 (Pty) Limited
Hillview Centre 70 Marshall Street
Oak Street Johannesburg
Randburg
Directors
JM van Tonder, TP Dingaan, MN Ramasehla, JI van Niekerk*, C de W Vivier*, B
Olivier*, CM van Nieuwkerk
* Non-executive
Date: 13/10/2004 01:57:08 PM
Produced by the JSE SENS Department
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