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SABLE HOLDINGS LIMITED
("Sable")
(Registration No. 1968/010636/06) Share code: SBL ISIN code:
ZAE00006383
(Incorporated in the Republic of South Africa)
Interim Report
The unaudited group results for the half-year ended 31 December 2001 are as
follows:
CONSOLIDATED INCOME STATEMENT
Six months Six months Year ended
31 Dec 2001 31 Dec 2000 30 June 2001
(Unaudited) (Unaudited) (Audited)
R000 R000 R000
Revenue 19 805 10 354 16 890
Operating profit 12 342 9 874 8 529
Net interest paid (567) (415) (450)
Depreciation (516) (569) (1 208)
Dividends received - - 215
Profit before abnormal
items 11 259 8 890 7 086
Profit/(loss) on
disposal of investment
in subsidiary 129 (2 635) (2 630)
Loss on disposal of
operating assets - (8) (56)
Disposal of
demutualisation
shares - - 6 378
Profit on disposal of
property investments 38 150 732
Profit before taxation 11 426 6 397 11 510
Taxation - SA Normal
current (898) (443) (536)
Profit after taxation 10 528 5 954 10 974
Loss from associated
companies (499) (1 877) (2 055)
Net profit for the
period 10 029 4 077 8 919
Weighted average number
of ordinary shares in
issue during the period
after deducting those
repurchased in the
buy-back programme
(000) 8 420 8 805 8 803
Earnings per ordinary
share (cents) 119.1 46.3 101.3
Headline earnings per
ordinary share
(cents) 117.1 94.4 70.8
Dividend per ordinary
share (cents) - - -
Supplementary information
Headline earnings per
ordinary share (R000)
Net profit for the
period 10 029 4 077 8 919
Net abnormal items (167) 4 232 (2 685)
9 862 8 309 6 234
CONSOLIDATED BALANCE SHEET
Six months Six months Year ended
31 Dec 2001 31 Dec 2000 30 June 2001
(Unaudited) (Unaudited) (Audited)
R000 R000 R000
Assets
Non-current assets 94 741 74 492 77 969
Properties for resale 6 240 13 493 3 682
Investment properties,
plant and equipment 33 741 17 145 27 119
Investments - other 40 733 29 407 32 554
Investments -
associates 11 528 11 171 11 726
Companies held for
resale 2 122 2 899 2 511
Loans receivable 377 377 377
Current assets 3 729 15 015 3 636
Inventories 75 99 75
Trade and other
receivables 2 347 2 548 1 207
Cash and cash
equivalents 1 307 12 368 2 354
Total assets 98 470 89 507 81 605
Equity and liabilities
Capital and reserves 81 521 71 051 75 117
Share capital and
premium 19 024 23 297 22 521
Non-distributable
reserves 12 359 13 536 12 987
Retained profits 50 138 34 218 39 609
Non-current liabilities 11 014 14 500 3 200
Interest-bearing
liabilities
Current liabilities 5 935 3 956 3 288
Trade and other
payables 4 146 3 437 2 798
Interest-bearing
liabilities 1 129 425 277
Shareholders for
dividends 2 7 2
Taxation payable 658 87 211
Total equity and
liabilities 98 470 89 507 81 605
Ordinary shares issued
and listed (000) 8 555 8 805 8 555
Treasury shares
repurchased (000) (985) - -
Ordinary shares in
issue (000) 7 570 8 805 8 555
Net asset value per
ordinary share
(cents) 1 077 807 878
Interest-bearing
liabilities to total
capital and
reserves (%) 14.9 21.0 4.6
Unlisted investments in
associated companies
at directors'
valuation (R000) 11 528 11 171 11 726
ABRIDGED CASH FLOW STATEMENT
Six months Six months Year ended
31 Dec 2001 31 Dec 2000 30 June 2001
(Unaudited) (Unaudited) (Audited)
R000 R000 R000
Cash inflow from
operating activities 3 272 7 188 7 987
Cash outflow from
investing activities (12 985) (3 471) (2 060)
Cash inflow/(outflow)
from financing
activities 7 814 - (12 076)
Net (decrease)/increase
in cash and cash
equivalents (1 899) 3 717 (6 149)
Cash and cash
equivalents at
the beginning of
the period 2 077 8 226 8 226
Cash and cash
equivalents at
the end of the
period 178 11 94 3 2 077
STATEMENT OF CHANGES IN EQUITY
Six months Six months Year ended
31 Dec 2001 31 Dec 2000 30 June 2001
(Unaudited) (Unaudited) (Audited)
R000 R000 R000
Balance at beginning
of period 75 117 66 974 66 974
Repurchase of shares by
subsidiary (3 497) - -
Cancellation of shares
in issue - - (125)
Reduction in share
premium - - (651)
Realisation of
revaluation reserves (128) - -
Net profit for the
period 10 029 4 077 8 919
Balance at end of
period 81 521 71 051 75 117
COMMENTS
RESULTS
The group reported a net profit of R10.0 million for the period ended
31 December 2001 (December 2000 - R4.1 million). Headline earnings were R9.9
million (December 2000 - R8.3 million) with headline earnings per share of
117.1 cents (December 2000 - 94.4 cents) reported.
Revenue increased by 91% mainly through sectional title apartment sales in a
short-term joint venture project.
Operating profits increased 25% from R9.9 million to R12.3 million and
comprised the following activities:
Dec 2001 Dec 2000
R000 R000
Rentals 2 781 3 171
Property trading 2 672 195
Administration and treasury 6 889 6 508
12 342 9 874
Properties for resale has increased by R2.6 million primarily through the
purchase of residential land under sectional title in Bryanston, Sandton.
The investment property portfolio has increased from R27.1 million to R33.7
million, through the purchase of a commercial office building in
Sunninghill, Sandton, for R5.5 million. Other treasury investments have
grown by R8.2 million to R40.7 million.
A subsidiary of Sable has repurchased 985299 of its own shares for an amount
of R3.5 million during the period. 850299 of these shares are being held as
treasury stock and the balance of the shares will be cancelled on the JSE
Securities Exchange South Africa.
In accordance with AC416, the capital outlay of the share repurchase has
been offset against the share capital and premium account. Earnings and
headline earnings per share have been calculated on the weighted average
number of ordinary shares in issue during the period after deducting those
repurchased in the buy-back programme.
ACTIVITIES FROM PROPERTY INVESTMENTS AND TRADING PROPERTIES FOR RESALE
In an extremely buoyant property market, Sable has sold its remaining
residential portfolio in Kew and Melrose Estate, Johannesburg. Sable has
however, acquired 2 hectares of prime land in Bryanston, Sandton, to be
developed as townhouses and apartments for resale during 2002/3.
Sable Homes, an associate of Sable Holdings, has to a large extent developed
and let its residential development at the Wanderers Country Club,
Johannesburg. The development consists of 66 2- and 3-bedroomed units and
will be held as a long-term investment. A joint venture entered into for the
acquisition and resale of 124 units in a sectional title apartment complex
in Glenhazel, Johannesburg, was successfully concluded during March 2002 and
added R2.3 million in net profits to the interim results.
A commercial office building has been purchased in Sunninghill, Sandton,
during September 2001 for R5.5 million. The building is occupied by a single
tenant with a five-year lease in place.
TREASURY INVESTMENTS
Investments in domestic shares totalling R1.7 million were relatively
unchanged from June 2001. The investment in Odyssey Alternative Strategies
Fund Limited, an overseas-based asset management company investing in
International shares, stocks and bonds, grew exceptionally well by R8.1
million to R38.1 million (June 2001 - R30.0 million).
POST-INTERIM EVENTS
Hobart Shopping Centre, a retail shopping centre in Bryanston, Sandton, was
acquired for R14.2 million through bank financing and internal capital. The
diversified nature of the tenant mix in well-positioned retail centres
minimises exposure to business risk and, as such, Sable is evaluating other
similar opportunities to add to its portfolio. Additional residential land
in Lonehill, Fourways, measuring 1 hectare has been purchased during March
2002 for development in early 2003/4.
DIVIDENDS
It is anticipated that a final dividend will be paid in respect of the
current financial year.
For and on behalf of the board
J Nash (Chairman)
P H Nash (Managing director) 26 March 2002
Registered office: Sable Place, Fairway Office Park, 52 Grosvenor Road,
Bryanston 2021. Transfer secretaries: Mercantile Registrars Limited, 11
Diagonal Street, Johannesburg 2001.
Directors: J Nash* (Chairman), P H Nash (Managing), I R Kemp,
G J Perrins* (*Non-executive)
