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Sable Holdings Limited - Preliminary Profit Statement
SABLE HOLDINGS LIMITED
(`SABLE`)
(Registration No. 1968/010636/06)
Share code: SBL ISIN code: ZAE00006383
Preliminary Profit Statement
The audited group results for the year ended 30 June 2005 are as follows:
Abridged Consolidated Income Statement
Year ended Year ended
30 June 30 June
2005 2004
R000 (Audited) (Audited)
Revenue 37,192 53,996
Operating profit 12,817 12,658
Net interest paid (7,248) (7,040)
Depreciation (787) (1,808)
Impairment of loans (328) -
Dividends received 294 44
Profit on disposal of investment
properties 17,340 -
Profit on disposal of operating assets 25 -
Revaluation of investment properties 6,471 12,126
Profit before taxation 28,584 15,980
Taxation (3,439) (3,214)
Profit after taxation 25,145 12,766
Profit from associated companies 11,964 3,651
Net profit for the year 37,109 16,417
Number of ordinary shares in issue
during the year after deducting
those repurchased in the buy-back
programme (`000) 7,506 7,570
Earnings per ordinary share (cents) 494.4 216.9
Headline earnings per ordinary share
(cents) 175.2 26.0
Dividend per ordinary share (cents) 50.0 35.0
Reconciliation - headline earnings
and distributable earnings
Net profit for the year 37,109 16,417
Adjustments:
Straight-line rental income accrual
- subsidiaries (220) (212)
- associates 24 -
Impairment of loans 328 -
Profit on disposal of investment
properties (16,872) -
Profit on disposal of operating
assets (17) -
Revaluation of investment properties
- subsidiaries (5,492) (11,360)
- associates (1,709) (2,878)
Headline earnings for the year 13,151 1,967
Abridged Consolidated Balance Sheet
Year ended Year ended
30 June 30 June
2005 2004
R000 (Audited) (Audited)
Assets
Non-current assets 165,118 171,425
Investment properties, plant
and equipment 94,950 118,312
Investments - other 32,320 27,823
Investments - associates 36,509 23,694
Companies held for resale 350 1,200
Deferred taxation 612 19
Loans receivable 377 377
Current assets 29,532 18,083
Inventories 6,212 4,528
Trade and other receivables 14,496 11,272
Cash and cash equivalents 8,824 2,283
Total assets 194,650 189,508
Equity and liabilities
Capital and reserves 143,325 109,546
Share capital and premium 18,397 19,083
Non-distributable reserves 34,332 22,368
Revaluation reserves 26,352 42,774
Retained profits 64,244 25,321
Non-current liabilities 35,279 60,044
Interest-bearing liabilities 33,684 58,336
Deferred taxation 1,595 1,708
Current liabilities 16,046 19,918
Trade and other payables 11,254 6,073
Interest-bearing liabilities 973 9,177
Interest-free liability 210 -
Current portion of interest-bearing
liabilities 2,284 3,159
Shareholders for dividends 17 8
Taxation payable 1,308 1,501
Total equity and liabilities 194,650 189,508
Number of ordinary shares
in issue (000) 8,420 8,420
Less: Shares held as treasury
stock (000) (914) (850)
7,506 7,570
Net asset value per ordinary
share (cents) 1,909 1,447
Interest-bearing liabilities to total
capital and reserves (%) 25.8 64.5
Abridged Consolidated Cash Flow Statement
Year ended Year ended
30 June 30 June
2005 2004
R000 (Audited) (Audited)
Cash (outflow)/inflow from operating
activites (5,149) 17,891
Cash generated by operations 8,505 16,787
Movements in working capital 273 10,239
Net interest paid (7,248) (7,040)
Dividends received 294 44
Dividend paid (2,635) (749)
Taxation paid (4,338) (1,390)
Cash inflow/(outflow) from
investing activities 45,897 (9,613)
Cash (outflow)/inflow from
financing activities (26,003) 2,256
Net increase in cash and cash
equivalents 14,745 10,534
Cash and cash equivalents at the
beginning of the year (6,894) (17,428)
Cash and cash equivalents at the
end of the year 7,851 (6,894)
Abridged Statement of Changes in Equity
Year ended Year ended
30 June 30 June
2005 2004
R000 (Audited) (Audited)
Balance at beginning of the year
- previously reported 109,334 93,866
Change in accounting policy 212 -
Restated balance at beginning
of the year 109,546 93,866
Net profit for the year 37,109 16,417
Repurchase of shares by subsidiary (686) -
Dividend paid (2,644) (737)
Balance at end of the year 143,325 109,546
Comments
Basis of preparation and 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.
In order to comply with AC105 - Leases, revenue reflects rental income recogised
on a straight-line basis. Where material, the comparative figures have been
restated accordingly. The effect of the change in accounting policy referred to
above on the prior year`s earnings, headline earnings and net asset value per
share is as follows:
Headline Net asset
Earnings earnings value
Previously reported - cents 214.1 26.0 1,444.4
Change in accounting policy -
cents 2.8 - 2.8
Restated - cents 216.9 26.0 1,447.2
Financial Results
The group reported a net profit of R37.1 million (June 2004 - R16.4 million)
from a buoyant property market for the year ended 30 June 2005. Earnings per
share increased by 128% from 216.9 cents to 494.4 cents, with headline earnings
per share increasing by 574% from 26.0 cents to 175.4 cents for the year ended
30 June 2005.
Operating profits are represented as follows:
June 2005 June 2004
R`000 R`000
Property investments and trading 9,098 14,590
Treasury investments 3,719 (1,932)
12,817 12,658
The net asset value per share increased by 32% to R19.09 from June 2004. A
revaluation surplus of R6.5 million on the investment property portfolio
represented a weighted average 9% increase from June 2004.
Acquisitions and developments
Sable acquired investment properties amounting to R45.3 million during the year,
comprising industrial and office parks
as well as a retail shopping centre in Krugersdorp. Various office, industrial
and retail developments will be completed during the forthcoming year with
initial yields ranging between 12% -13%.
Disposals
Cash disposals of Midway Mews Shopping Centre in Midrand, Johannesburg, and
various commercial properties situated in Braamfontein, CBD Johannesburg,
resulted primarily in proceeds of R94.5 million being generated.
Treasury investments
The investment in The PSG Global Hedge Portfolio reversed last year`s loss of
R2.5 million, due to rand weakening and the improvement of a dollar-based unit
price. The closing investment at June 2005 was R27.9 million (June 2004 - R25.5
million).
The domestic share portfolio managed by BOE Securities (Pty) Ltd performed well
by increasing the investment value
from R1.8 million to R3.3 million at June 2005.
Associate investments
Sable Homes, of which Sable Holdings has a 45% interest, added net earnings of
R10.4 million during the year, mostly from the development and resale of stands
in residential housing estates in the Gauteng area. Other significant associate
earnings
totalled R1.7 million and were derived from a revaluation surplus of a
commercial office investment property in Bryanston, Sandton.
Borrowings
Interest-bearing borrowings decreased from R70.7 million to R36.9 million at
June 2005, as a result of cash from disposals
being temporarily repaid to lending institutions. Interest-bearing borrowings to
total capital and reserves equated to 25.8% (June 2004 - 64.5%).
Prospects
Sable Homes has acquired significant land holdings in Midrand and Pretoria, and
will continue to develop these in accordance with buyers demands. Sable Holdings
has developed and acquired further investment property amounting to R37.3
million subsequent to year end. Opportunities in all property segments are
continually being reviewed both internally and with strategic partners.
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 50 cents per share (2004 - 35
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, 21
October 2005. Shareholders are advised that the last day to trade `cum` the
dividend will be Friday, 14 October 2005. Shares will trade `ex` dividend as
from Monday, 17 October 2005, and the record date will be Friday, 21 October
2005. Payment will be made on Monday, 24 October 2005.
Shares may not be dematerialised or rematerialised during the period Monday, 17
October 2005, to Friday, 21 October 2005,
both days inclusive.
For and on behalf of the board
J Nash (Chairman)
PH Nash (Managing director) 27 September 2005
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. PO Box 786390, Sandton 2146.
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited, 70
Marshall Street, Johannesburg. PO Box 61051, Marshalltown 2107.
Sponsor: Sasfin Corporate Finance - A division of Sasfin Bank Limited
Date: 28/09/2005 08:56:11 AM
Produced by the JSE SENS Department
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