|
Sabvest Limited - Audited Results For The Year Ended 31 December 2004
SABVEST LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER: 1987/003753/06)
ORDINARY SHARES: SHARE CODE: SBV ISIN: ZAE 000006417
N ORDINARY SHARES: SHARE CODE: SVN ISIN: ZAE 000012043
(`SABVEST` OR `THE COMPANY`)
SABVEST LIMITED
`Sabvest` * Registration number 1987/003753/06
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004
BALANCE SHEET at 31 December 2004
2004 2003
R`000 R`000
Ordinary shareholders` equity 147 271 131 495
Interest-bearing debt* 7 906 5 852
Accounts payable 1 422 1 494
Total equity and liabilities 156 599 138 841
Fixed assets 1 910 1 202
Deferred taxation 868 724
Investment holdings 129 204 122 563
Listed 14 970 18 494
Unlisted 110 804 100 405
Net goodwill on acquisition
of associates 3 430 3 664
Finance advances and receivables 22 216 12 393
Share Trust debtors 2 312 1 300
Cash balances 89 659
Total assets 156 599 138 841
Net asset value per
share - cents 318 292
Net tangible asset value
per share - cents 311 283
Net asset value per share with
listed investments at market
value - cents 342 296
Net asset value per share with
investments at directors`
valuation - cents 447 349
Number of shares in issue less
held in treasury - 000`s 46 259 45 109
INCOME STATEMENT for the year ended 31 December 2004
2004 2003
R`000 R`000
Gross income from operations
and investments 33 622 31 217
Dividends received 3 500 2 048
Interest received 5 021 5 720
Fees and other income 2 378 2 658
Share of equity accounted
retained income 22 723 20 791
Interest paid 1 425 2 191
Income from operations
and investments 32 197 29 026
Less: Expenditure 8 443 7 402
Operating costs 7 941 6 961
Depreciation 502 441
Net income before exceptional items 23 754 21 624
Exceptional gains/(losses) - group 761 (2 656)
Exceptional (losses) - associates (1 049) (1 606)
Net (losses/costs)/gains arising
from former finance operations (641) 7
Amortisation/Write-off of goodwill (234) (1 478)
Net income before taxation 22 591 15 891
Taxation - deferred (145) (724)
Net income for the year 22 736 16 615
Headline earnings per share - cents 49,9 49,5
Earnings per share - cents 49,6 36,8
Weighted average number of shares
in issue - 000`s 45 845 45 144
Reconciliation of headline earnings
Net income for the year 22 736 16 615
Headline earnings adjustment 143 5 733
Headline earnings for the year 22 879 22 348
SUMMARISED CASH FLOW STATEMENT for the year ended 31 December 2004
2004 2003
R`000 R`000
Cash utilised in operating activities (1 909) (1 571)
Cash utilised for reduction in creditors (72) (1 141)
Cash (utilised in)/generated by
investing activities (1 351) 7 719
Cash effects of financing activities 2 061 (241)
Cash utilised for the payment
of dividends (1 353) -
Change in cash and interest-bearing
debt (2 624) 4 766
Interest-bearing debt, less cash
balances, at beginning of year (5 193) (9 959)
Interest-bearing debt, less cash
balances, at end of year (7 817) (5 193)
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 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 December 2002 863 49 046 87 623 1 505 139 037
AC133 adjustment (9 938) (9 938)
Shares held in
treasury - written
back 6 1 864 1 870
Shares held
in treasury
- cancelled (7) (2 104) (2 111)
Translation of
foreign subsidiary/
associates (5 978) (5 978)
Attributable income
of associates 15 184 (15 184) -
Movement in translation
reserves of associates (8 000) (8 000)
Net profit
for the year 16 615 16 615
Balance as at
31 December 2003 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 (967) (967)
Attributable income
of associates 19 787 (19 787) -
Movement in translation
reserves of associates (6 701) (6 701)
Net income
for the year 22 736 22 736
Balance as at
31 December 2004 867 50 826 100 948 (5 370) 147 271
ASSET PROFILE*
at 31 December 2004
Cost/
Number Carrying
Listed/ of Economic value
Company Unlisted shares interest R`000
SABVEST INDUSTRIAL 98 762
Nutritional Foods
(Pty) Limited U 40,0% 9 841 SA Bias
Industries Limited U 50,0% 73 951
Set Point Technology
Holdings Limited L 50 000 000 20,7% 14 970
SABVEST
DISTRIBUTION &
SERVICES 22 513
Flowmax Holdings
Limited U 40,0% 14 441
HDS Tech Holdings
(Pty) Limited U 30,0% -
Korbitec Holdings
(Pty) Limited U 17,3% 6 155
Midsouth Distributors
(Pty) Limited U 30,0% 1 917
SABVEST investments 7 929
Investment loans 5 929
Preference shares 2 000
total investments per
balance sheet 129 204
Finance advances
and receivables 22 216
Share Trust debtors 2 312
Cash on hand 89
Deferred taxation 868
Fixed assets 1 910
Gross assets per balance 156 599
Gross assets at directors` valuation 215 954
*Investment loans and finance advances are reflected net of AC133 adjustments.
COMMENTARY
PROFILE
Sabvest is an investment company whose ordinary and `N` ordinary shares are
quoted in the Financials - Investment Companies sector of the JSE Securities
Exchange South Africa. Sabvest has significant interests in seven groups on all
of whose boards it is represented. It also maintains investment and finance
advances portfolios arising from or related to its core investment strategies.
FINANCIAL RESULTS
Headline earnings per share of 49,9 cents were substantially the same as the
prior year. These results were below projections primarily due to unexpected
losses recorded by Primeserv Group Limited for their year ended 30 June 2004 and
the effects of the stronger rand on the equity accounted foreign earnings of
associates.
Sabvest`s balance sheet remains soundly structured. Net asset value per share
was 318 cents while net asset value at directors` valuation was 447 cents per
share. The 2004 valuation is based on an independent assessment of the group`s
investments prepared for the Board. Shareholders` funds with investments at
directors` valuation were R206,6 million (2003: R157,4 million).
ACCOUNTING POLICIES
Results for the year have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice, applicable to financial
reporting. The accounting policies used are consistent with those in the
previous financial year.
AUDIT OPINION
The results have been audited by Messrs Deloitte & Touche whose unqualified
audit report is available for inspection at the company`s offices. The
summarised financial statements have been derived from the group financial
statements and are consistent in all material respects with the group financial
statements.Changes in investment holdings
Sabvest has:
* Disposed of its interest of 20 million shares in Primeserv Group Limited;
* Acquired a 30% interest in HDS Tech Holdings (Pty) Limited;
* Established an association with Credit Management Solutions (Pty) Limited to
participate in the acquisition of selected distressed debt (the first of which
is the funding by Sabvest of the purchase of a portion of the `C` convertible
redeemable loan obligations of Metrofile (Pty) Limited).
Subsequent to the year-end the group has acquired a 5% equity interest in
Metrofile (Pty) Limited from MGX Holdings Limited, subject to certain
performance criteria over the next four years and the fulfilment of suspensive
conditions.
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 investments
and finance advances that are not earmarked for new projects.
LEGAL ACTIONS
There has been no change in the assessment of the legal actions referred to in
the 2003 annual report.
CONTINGENCIES
The company has entered into an operating lease agreement for its premises.
PROSPECTS
All of Sabvest`s investments are meeting its expectations and Sabvest does not
anticipate initiating any further disposals. New investments will continue to be
considered when appropriate.
We expect satisfactory results in the year ahead.
Haroon Habib Christopher Seabrooke Raymond Pleaner
Chairman Chief Executive CFO
Sandton
25 February 2005
DIVIDEND DECLARATION
Notice is hereby given that a dividend of 3,0 cents (2003: 3,0 cents) per
ordinary and `N` ordinary share for the twelve months ended 31 December 2004 has
been declared payable to shareholders in accordance with the undermentioned
timetable:
Last date to trade `CUM`-dividend Wednesday, 16 March 2005
Trading `EX`-dividend commences Thursday, 17 March 2005
Record date Thursday, 24 March 2005
Dividend payment date Tuesday, 29 March 2005
No dematerialisation or rematerialisation of shares will be allowed for the
period from Thursday, 17 March 2005 to Thursday, 24 March 2005, both days
inclusive.
Sandton
25 February 2005
Registered address: 4 Commerce Square, 39 Rivonia Road, Sandhurst, Sandton 2196
Communications: Postal address: PO Box 78677, Sandton 2146, Republic of South
Africa
Communications: 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
Marshall Street, Marshalltown 2001. (PO Box 61051, Marshalltown 2107)
Directors: H Habib*2 (Chairman), P Coutts-Trotter (Deputy Chairman), CS
Seabrooke*1 (Chief Executive), NSH Hughes*2, GE Nel, R Pleaner*1, RS Price*2
*1Executive *2Independent
ISIN: ZAE000006417 - ordinary shares
ISIN: ZAE 000012043 - `N` ordinary shares
Share code: SBV - ordinary shares
Share code: SVN - `N` ordinary shares
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
