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Real Africa - Unaudited results for the six months ended 30 September 2005
Real Africa Holdings Limited
(Registration number 1994/003919/06)
Share code: RAH
ISIN code: ZAE000008702
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005
Net asset value increased by 25% to 552 cents per share
SUMMARISED INCOME STATEMENT
Six-month period Year
ended ended
30 September 31 March
2005 2004 2005
Unaudited Unaudited Audited
R"000 R"000 R"000
Revenue 14 553 52 691 61 598
Investment gains 428 837 70 671 274 024
Share of profit of 41 986 25 165 56 896
associates
- dividends received 26 241 8 571 57 301
- share of retained 20 386 16 594 8 878
earnings
- intangible asset (4 641) - (9 283)
amortisation
Interest income 20 540 29 096 57 881
Adjustment - - (47 776)
Operating income 505 916 177 623 402 623
Operating costs 7 123 12 506 23 021
Interest and preference 9 675 16 435 31 365
share dividends paid
Profit before taxation 489 118 148 682 348 237
Taxation 66 535 23 352 4 830
Profit for the period 422 583 125 330 343 407
Attributable to:
Equity holders 352 006 115 641 290 088
Minority interests 70 577 9 689 (53 319)
422 583 125 330 343 407
Earnings per share - 95,9 31,1 79,3
equity holders (cents)
Headline earnings per 95,9 31,1 80,2
share - equity holders
(cents)
Number of ordinary shares 367,2 371,8 365,9
- weighted average
(millions)
Reconciliation of
headline earnings
attributable to equity
holders:
Earnings 352 006 115 641 290 088
Adjusted for (net of
minority interests):
Realised investment - - 3 430
losses
Headline earnings 352 006 115 641 293 518
SUMMARISED CASH FLOW STATEMENT
Six-month period Year
ended ended
30 September 31 March
2005 2004 2005
Unaudited Unaudited Audited
R"000 R"000 R"000
Cash flows from operating 48 947 63 628 120 750
activities
Cash flows from investing 26 068 (18 195) (63 805)
activities
Cash flows from financing (638 464) (70 951) (63 562)
activities
SUMMARISED BALANCE SHEET
At 30 September At 31 March
2005 2004 2005
Unaudited Unaudited Audited
R"000 R"000 R"000
ASSETS
Property, plant and 94 888 109
equipment
Intangible assets 3 283 - 3 517
Investment in associates 392 782 245 591 377 442
Investments 1 035 895 886 332 886 000
Current assets 3 530 6 596 2 707
Cash resources 233 901 778 449 797 350
1 669 485 1 917 856 2 067 125
EQUITY AND LIABILITIES
Equity attributable to 1 316 197 1 213 065 1 354 286
equity holders of the
parent
Minority interest 114 713 478 510 484 462
Deferred tax liability 62 844 43 985 1 868
Non-current liabilities 168 000 168 000 168 000
Current liabilities 7 731 14 296 58 509
1 669 485 1 917 856 2 067 125
SUMMARISED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2005
Attributable to equity holders of the
parent
Share Non-
distri-
capital and butable Retained
premium reserves earnings Total
R"000 R"000 R"000 R"000
Balance at 1 823 807 2 390 528 089 1 354 286
April 2005
Profit for the - 352 006 352 006
period
Treasury shares - (8 956) - (9 392) (18 348)
net movement
Capital Reduction (371 757) (371 757)
Attributable - 10 - 10
share of
associate"s
foreign currency
translation
reserve
Disposal of - - - -
interests in
subsidiaries
Dividends - - - -
Balance at 30 443 094 2 400 870 703 1 316 197
September 2005
Minority Total
interests equity
R"000 R"000
Balance at 1 484 462 1 838 748
April 2005
Profit for the 70 577 422 583
period
Treasury shares - - (18 348)
net movement
Capital Reduction - (371 757)
Attributable - 10
share of
associate"s
foreign currency
translation
reserve
Disposal of (435 255) (435 255)
interests in
subsidiaries
Dividends (5 071) (5 071)
Balance at 30 114 713 1 430 910
September 2005
NET ASSET VALUE
30 September
2005
Notes R"000
Afrisun Leisure 2 1 360 508
Oceana 3 346 856
Life Esidimeni 4 205 100
Dimension Data 5 22 885
Other net assets 8 171
Cash 229 478
Borrowings (168 000)
Net assets value 2 004 998
Issued shares (net of treasury 363 194 918
shares)
NET ASSET VALUE PER SHARE
Before capital reduction 552
(cents)
Capital reduction (cents) -
After capital reduction (cents) 552
30 September 31 March
2004 2005
R"000 R"000
Afrisun Leisure 507 185 1 000 323
Oceana 371 314 300 608
Life Esidimeni 270 409 228 360
Dimension Data 50 767 63 698
Other net assets 13 092 314
Cash 553 327 559 887
Borrowings (168 000) (168 000)
Net assets value 1 598 094 1 985 190
Issued shares (net of treasury 371 757 625 366 384 916
shares)
NET ASSET VALUE PER SHARE
Before capital reduction 430 542
(cents)
Capital reduction (cents) (100) (100)
After capital reduction (cents) 330 442
COMMENTARY
The group"s core casino interests performed very well in the period under review
and remain well positioned for sustainable growth. This is reflected in the
substantial increase in the value of Real Africa"s interest in Afrisun Leisure.
Agreement has been reached for Afrisun Leisure to take up a 10% interest in the
casino to be built in Worcester, in line with the strategy of increasing Real
Africa"s exposure to the gaming industry. Afrisun Leisure received dividends of
R31,8 million (2004: R16,0 million) in the six months ended 30 September 2005.
Oceana reported to their shareholders that the decrease of 24% in headline
earnings was mainly due to difficult fishing conditions, competitive market
conditions, the strong rand and the costs of the closure of the Namibian hake
operations. Oceana"s net cash balances increased by R166 million. The Oceana
board expects an increase in headline earnings for the year ahead subject to a
satisfactory outcome to long-term fishing rights.
Life Esidimeni (formerly Lifecare) maintained profitability in the period under
review having experienced mixed trading conditions. Its balance sheet remains
strong.
The R638 million cash outflow from financing activities is mainly due to the
capital reduction of R371 million paid to shareholders in August 2005 and the
unwinding of Persetel Q Data Africa Holdings Limited (PQAH).
NOTES ON THE NET ASSET VALUATION AS AT 30 SEPTEMBER 2005
1. The net asset value reflects the fair value of Real Africa"s attributable
portion of listed shares as at 29 November 2005 and unlisted shares as at 30
September 2005.
2. The shares held by Afrisun Leisure in Afrisun Gauteng, SunWest International,
Emfuleni Resorts and Afrisun KZN have been valued by capitalising estimated free
cash flows at a weighted average cost of capital of 10,67% for Afrisun Gauteng,
10,91% for SunWest, and 11,02% for both Emfuleni Resorts and Afrisun KZN.
Afrisun Leisure"s investments in National Casino Resort Manco and Gauteng Casino
Resort Manco have been valued by capitalising its annual dividend at a rate of
4,6%.
3. Based on the bid price of Oceana of R15,60 per share.
4.Life Esidimeni"s normalised dividends were capitalised at a rate of 6,9% to
which surplus net cash was added.
5.Based on the bid price of Dimension Data plc of R4,20 per share.
NOTES ON THE BASIS OF PREPARATION
In accordance with the revised JSE Limited Rules and Regulations for South
African listed companies, Real Africa is required to adopt International
Financial Reporting Standards (IFRS) for the year ending 31 March 2006. However,
the group"s significant associates have financial year-ends subsequent to Real
Africa"s and these entities have not yet completed their conversion to IFRS.
The group has obtained dispensation from the JSE Limited and 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 2005 annual report. As soon as the IFRS compliant
financial information of the associates becomes available, the group will
republish its interim results in conformity with IFRS. The conversion to IFRS by
Real Africa and its subsidiaries is not expected to have a significant impact on
the results of the group.
We refer to the group"s 2005 annual report. With effect from 16 June 2005, PQAH
became a wholly owned subsidiary of Real Africa. In preparing the financial
information for the period under review, those minority interests in PQAH that
retained their entitlement to Business Connexion Group Limited (BCX) shares have
been allocated their full share of the attributable increase in fair value of
R19,5 million on their investment in BCX. Group investment gains/(losses)
include an increase in the fair value adjustment of R12,7 million in respect of
the group"s investment in Dimension Data plc of which R9,0 million is
attributable to Real Africa.
By order of the board
FJ van der Merwe DJJ Vlok
(Chairman) (Director)
30 November 2005
Physical address
Aberdeen House, Peter Place Park
54 Peter Place, Bryanston, 2021
Tel: 011 463 0010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 02/12/2005 02:41:05 PM Produced by the JSE SENS Department
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