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Real Africa Holdings Limited - Unaudited Results For The Six Months Ended 30
Release Date: 15/11/2004 17:33:00 Code(s): RAH
REAL AFRICA HOLDINGS LIMITED - UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30
SEPTEMBER 2004
Real Africa Holdings Limited
(Registration number 1994/003919/06)
Share code: RAH ISIN code: ZAE000008702
(`RAH`)
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004
SUMMARISED INCOME STATEMENT
Six month period Year
ended ended
30 September 31 March
2004 2003 2004
Unaudited Unaudited Audited
R`000 R`000 R`000
Equity accounted earnings 23 465 31 977 55 118
- dividends received 8 571 6 941 35 899
- share of retained 16 594 27 188 23 196
earnings
- goodwill amortisation (1 700) (2 152) (3 977)
Operating income 52 691 17 704 201 768
Interest income 29 096 41 980 68 253
105 252 91 661 325 139
Operating costs 12 506 14 669 26 827
Interest and preference 16 435 2 325 15 621
dividends paid
Goodwill - 10 500 10 500
amortisation/impairment
Net investment profits 87 546 207 345 216 745
- gross 70 671 364 501 257 970
- outside shareholders (16 875) 157 156 41 225
Profit before taxation 163 857 271 512 488 936
Taxation 23 352 30 517 42 031
Net profit after taxation 140 505 240 995 446 905
Outside shareholders 26 564 (10 868) 154 339
Attributable to ordinary 113 941 251 863 292 566
shareholders
-----------------------------------------------------------
Earnings per share (cents) 30,6 67,7 78,7
Headline earnings per share 31,1 69,5 81,0
(cents)
Number of ordinary shares - 371,8 371,8 371,8
weighted average (millions)
Headline earnings is
determined as follows:
Attributable to ordinary 113 941 251 863 292 566
shareholders
Adjusted for (net of
outside shareholders):
Goodwill amortisation 1 700 6 443 8 599
Headline earnings 115 641 258 306 301 165
SUMMARISED BALANCE SHEET
30 September 31 March
2004 2003 2004
Unaudited Unaudited Audited
R`000 R`000 R`000
Ordinary shareholders` 1 211 365 1 058 742 1 099 166
funds
Outside shareholders 478 510 418 528 460 175
Redeemable preference 168 000 - -
shares
Deferred tax liability 43 985 23 717 27 532
Short-term borrowings - - 240 117
1 901 860 1 500 987 1 826 990
Fixed assets 888 1 478 1 091
Investments and loans 1 130 223 895 645 1 028 245
Cash resources 778 449 592 871 803 967
Net current (7 700) 10 993 (6 313)
(liabilities)/assets
1 901 860 1 500 987 1 826 990
SUMMARISED STATEMENT OF CHANGES IN EQUITY
Ordinary Non-
share distribu Distribu
capital table table
and reserves reserves Total
premium
R`000 R`000 R`000 R`000
Balance at 1 April 858 167 2 998 238 001 1 099 166
2004
Net profit for the - - 113 941 113 941
period
Attributable share - (1 742) - (1 742)
of associate`s
foreign currency
translation reserve
Balance at 30 858 167 1 256 351 942 1 211 365
September 2004
Summarised cash flow statement
Six month period Year ended
ended
30 31 March
September
2004 2003 2004
Unaudited Unaudited Audited
R`000 R`000 R`000
Cash flows from operating 63 628 12 588 223 052
activities
Cash flows from investing (18 195) (3 995) (242 753)
activities
Cash flows from financing (70 951) (466 276) (226 886)
activities
NET ASSET VALUE
11 November 2004 21 November 10 June
2003 2004
Notes R`000 R`000 R`000
Afrisun 2 507 185 164 195 403 440
Leisure
Oceana Group 3 371 314 355 750 322 398
Lifecare 4 270 409 88 955 131 590
Dimension Data 5 50 767 73 657 59 024
Other 13 092 82 837 40 660
Cash 6 553 327 538 810 612 669
Debt (168 000) - (240 000)
1 598 094 1 304 204 1 329 781
Issued shares 371 757 625 371 757 625 371 757 625
Value per 430 351 358
share (cents)
NOTES ON NET ASSET VALUATION AS AT 11 NOVEMBER 2004
1. The net asset value reflects RAH`s attributable portion of listed shares, at
market value, and unlisted shares, at directors` valuation, on 11 November 2004.
2. Sustainable ordinary dividends were capitalised at a rate of 4,76%.
3. Based on the market price of the Oceana Group of R16,70 per share.
4. Sustainable ordinary dividends were capitalised at a rate of 5,36%. Surplus
net cash was added to determine the value of the interest in Lifecare. The board
is of the opinion that the previous method of valuing the business at a four
times price earnings multiple is no longer appropriate.
5. Based on the market price of Dimension Data plc of R3,15 per share.
6. The cash includes R481,6 million in PQAH, notionally earmarked for the
benefit of RAH in terms of the PQAH shareholders` agreements.
BASIS OF PREPARATION
We refer to the group`s 2004 annual report which deals with the accounting
treatment of Persetel Q Data Africa Holding Limited (`PQAH`). In preparing the
financial information for the period under review, those outside shareholders in
PQAH that retain their entitlement to Business Connexion Group Limited (`BCX`)
shares (original entitlement to Comparex Limited (`Comparex`) shares) have been
allocated their full share of the dividends received from Comparex of R29,5
million, included in operating income, and the decrease in fair value of R24,2
million on their investment in BCX. Group net investment profits include a
downward mark to market adjustment of R19 million in respect of the group`s
investment in Dimension Data plc of which R9,7 million is attributable to RAH.
The financial information has been prepared in conformity with South African
Statements of Generally Accepted Accounting Practice, using the accounting
policies as described in the group`s 2004 annual report.
Commentary
The following transactions were completed during the six month period ended 30
September 2004:
- the disposal of the interest in the Open Learning Group;
- the exercising of the option on the balance of the `N` shares in SunWest
International for a consideration of R26 million;
- the issue of preference shares to the value of R168 million by a wholly-owned
subsidiary; and
- the repayment of the short-term bridging loan of R240 million.
An announcement was made on 26 October 2004 that the BEE Consortium who bought
RAH`s interest in Ocfish Holdco for R320 million, could not raise the necessary
funding and the transaction will not be implemented. RAH will continue in its
efforts to dispose its interest in Ocfish.
Efforts are continuing to resolve the PQAH impasse and to dispose of the non-
core assets.
By order of the board
DJJ Vlok AH Arnott
(Director) (Director)
12 November 2004
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