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SIC
SIC
SIC - Safic - Interim Results for the Six Months Ended 31 December 2006
Safic Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 2004/029691/06)
Share Code: SIC
ISIN Code: ZAE000088068
("Safic" or "the company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2006
HIGHLIGHTS
- Revenue up 17%
- Headline Earnings up 83%
- HEPS up 74%
Consolidated balance sheet
31 December 30 June
2006 2006
Reviewed Audited
pro forma per
prospectus (2)
R`000 R`000
Assets
Non-current assets
Property, plant and equipment 16 623 16 714
Goodwill 25 333 -
Intangible Assets 3 187 3 252
Other financial assets 2 632 490
47 775 20 456
Current Assets
Inventories 30 607 31 477
Trade and other Receivables 34 239 26 572
Cash and cash equivalents 16 089 4 030
80 935 62 079
Total assets 128 710 82 535
Equity and liabilities
Capital and reserves 77 389 33 882
Non-current liabilities 11 035 12 315
Current liabilities 40 286 36 338
Total equity and liabilities 128 710 82 535
Pro forma number of shares in 75 186 521 60 186 521
issue
Net asset value per share (cents) 103 56
Tangible net asset value per share 65 51
(cents)
Note:
The pro forma number of shares in issue is used in order to reflect the effect
of the share capital restructuring as set out in the detailed prospectus dated
15 November 2006 on the earnings per share calculations.
(2) The audited pro-forma combined comparative figures have been presented for
illustrative purposes only due to the fact that the group was constituted
in its present structure after 30 June 2006.
Consolidated income statement
6 months ended 12 months
ended
31 December 31 December Change 30 June
2006 2005 % 2006
Reviewed Unaudited Audited pro
R`000 R`000 forma per
prospectus(2
)
R`000
Revenue 109 705 94 027 17% 188 053
Gross profit 56 372 52 097 8% 104 193
Other income 1 288 586 1 171
Operating costs 49 193 47 406 4% 94 810
Earnings before 8 467 5 277 60% 10 554
interest, tax,
depreciation and
amortisation
Depreciation 1 161 1 527 3 053
Profit before interest 7 306 3 750 95% 7 501
and taxation
Interest paid 659 246 491
Profit before taxation 6 647 3 504 90% 7 010
Taxation 1 928 776 1 553
Profit for the period 4 719 2 728 73% 5 457
Minority interest profit (813) (149) (297)
/ (loss)
Net profit for the 5 532 2 877 92% 5 754
period
Reconciliation of
headline earnings
Profit attributable to 5 532 2 877 5 754
ordinary shareholders
Adjusted for profit on (109) - 177
disposal of property,
plant and equipment
Negative goodwill (172) - -
Impairment reversal - - (352)
Headline earnings 5 251 2 877 83% 5 579
attributable to ordinary
shareholders
Pro forma weighted 63 284 347 60 186 521 60 186 521
average number of shares
in issue (1)
Basic earnings per share 8.74 4.78 9.56
(cents)
Headline earnings per 8.30 4.78 74% 9.27
share (cents)
Note:
The reviewed pro forma weighted number of shares in issue is also used for the
comparative figures in order to reflect a more meaningful comparative by taking
into account the effect of the capital restructurings as set out in the detailed
prospectus dated 15 November 2006 on the earnings per share calculations.
The audited pro-forma combined comparative figures have been presented for
illustrative purposes only due to the fact that the group was constituted in its
present structure after 30 June 2006.
Statement of changes in equity
For the 12 month period ended 30 June 2006 (1)
Share Share NDR Accumu- Minority Total
capital premium lated interest R`000
R`000 R`000 profit
R`000
Balance at 1 - - - 14 535 - 14 535
July 2005
Share Issue 1 - - - - 1
Business - - - 17 259 (2 468) 14791
combinations
Non- - - 349 - - 349
distributable
reserve
Profit for the - - - 5 754 (298) 5 456
year
Dividends - - - (1 250) - (1 250)
Balance at 30 1 - 349 36 298 (2 766) 33 882
June 2006
For the 6 month period ended 31 December 2006
Share Share NDR Accumulated Minority Total
capital premium profit interest R`000
R`000 R`000 R`000
Balance at 1 - - - - - -
July 2006
Share Issue 1 73 938 - - - 73 939
Business - - - - (1 618) (1 618)
combinations
Non- - - 349 - - 349
distributable
reserve
Profit for - - - 5 532 (813) 4 719
the year
Balance at 31 1 73 938 349 5 532 (2 431) 77 389
December 2006
Note:
(1) The statement of changes in equity for the 12 month period ended 30 June
2006 has been presented for information purposes only due to the fact that
the group was constituted in its present structure after 30 June 2006.
Consolidated cash flow statement
6 months Year ended
ended
31 December 30 June
2006 2006
Reviewed Audited pro
R`000 forma per
prospectus (1)
R`000
Cash flows from operating activities 8 448 (16 340)
Cash flows from investing activities (19 748) 7 732
Cash flows from financing activities 25 394 13 441
Cash flows for the period 14 094 4 833
Cash and Cash equivalents at 0 (3 047)
beginning of period
Cash and Cash equivalents at end of 14 094 1 786
period
Note:
(1) The audited pro-forma combined comparative figures have been presented for
information purposes only due to the fact that the group was constituted in
its present structure after 30 June 2006.
INTRODUCTION
The directors are pleased to present the maiden interim financial results of the
group for the six months period ended 31 December 2006.
FINANCIAL RESULTS
The group has achieved a profit of R5.5 million for the six months ended 31
December 2006. This result is in line with the forecast as outlined in the
prospectus. On a turnover growth of 17%, the group has increased its
profitability by 92%. EBITDA increased from 5.6% to 7.7% over the period under
review. This is ahead of the EBITDA of 7.5% presented in the forecast.
Headline earnings per share of 8.30 cents were achieved for the period under
review. The group is well on track to meet the full year forecast of 13.13 cents
per share as set out in the listing prospectus.
PROSPECTS
Revenue increased by 17% over the comparative period in the previous year.
Although a positive growth in revenue has been experienced, the full impact of
the government spend on infrastructural development has not been seen yet. As
the flooring installation usually forms part of the final phases of a
construction project a substantial increase in revenue for the next few years
are expected. The group expects to be successful in obtaining a substantial
component of the increased infrastructural investment on schools and hospitals.
The group is well positioned to benefit from the funding earmarked for high
profile projects such as the Gautrain, the upgrade of exiting airports, the
construction of the planned King Shaka airport and the preparation for the 2010
Soccer Word Cup.
CHANGES TO THE BOARD
Mr. Manne Dipico has been appointed as the Non-Executive Deputy Chairman of the
group with effect from today. Mr. Dipico has served on the board of the group as
a non-executive director from the inception of the company.
CHANGES TO CAPITAL STRUCTURE
The group listed on the Altx on 23 November 2006. Prior to the listing the group
issued and sold 15 000 000 shares in a private placement. The 15 000 000 shares
with a par value of 0.001 cents were issued at R1.00 per share.
DIVIDEND POLICY
In line with the group`s growth strategy, no dividend was declared for the
period.
BASIS OF PREPARATION
The interim financial statements have been prepared in accordance with IAS 34
(Interim Financial Reporting). The interim financial statements have been
prepared in accordance with International Financial Reporting Standards. The
accounting policies used to prepare these financial statements are consistent
with those applied in previous financial years.
Comparative figures have been presented for illustrative purposes only due to
the fact that the group listed on the 23rd November 2006 as a consolidated
group. For the purposes of income statement comparatives the results for the 12
months ended 30 June 2006 have been halved to provide an approximate interim
comparative.
DOCUMENTATION
PKF`s reporting accountants report on the reviewed interim results is available
for inspection at the registered office of the company.
APPRECIATION
The board would like to take this opportunity to thank the various management
teams for their loyalty and dedication towards the achievement of the objectives
that has been set. The milestone objective of listing on the Altx has been
achieved through commitment and hard work. The board would also like to thank
its business partners, advisors and suppliers, and most importantly the
shareholders for their ongoing support and faith in the group.
This announcement has been prepared in accordance with the Listings Requirements
of the JSE.
By order of the Board
22 February 2007
F C Platt A J Voogt
Chief Executive Officer Financial Director
CORPORATE INFORMATION
Non executive directors: M D C Motlatla
M E Dipico
Executive directors: F C Platt
A J Voogt
Dr. D E Platt
Registration number: 2004/029691/06
Registered address: 32 Steele Street
Steeledale
2197
Postal address: P.O. Box 1754
Alberton
1450
Company secretary: G W Delport
Telephone: 0860 4 72342
Facsimile: 06861 4 72342
Transfer secretaries: Computershare Investor
Services 2004 (Pty)
Limited
Designated Adviser: Exchange Sponsors (Pty)
Limited
Date: 22/02/2007 15:13:59 Produced by the JSE SENS Department.
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