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SABLE HOLDINGS LIMITED
('SABLE')
(Registration No. 1968/010636/06)
Share code: SBL ISIN code: ZAE000006383
The audited group results for the year ended 30 June 2001 are as follows:
Consolidated Income Statement
Year ended Year ended
30 June 2001 30 June 2000
(Audited) (Audited)
R000 R000
Revenue 16,890 25,116
Operating profit 8,529 6,635
Net interest paid (450) (1,149)
Depreciation (1,208) (1,889)
Dividends received 215 -
Profit before abnormal items 7,086 3,597
Net abnormal items 4,424 3,279
Profit before taxation 11,510 6,876
Taxation - SA Normal (536) (1,493)
Current 536 1,383
Secondary tax on companies - 110
Profit after taxation 10,974 5,383
Loss from associated companies (2,055) (596)
Net profit for the year 8,919 4,787
Weighted average number of
ordinary shares in issue (000) 8,803 8,773
Earnings per ordinary share (cents) 101.3 54.6
Headline earnings per ordinary share
(cents) 70.8 57.7
Dividend per ordinary share (cents) - 10.0
Supplementary information
1. Headline earnings per ordinary share (R000)
Net profit for the year 8,919 4,787
Less: Net abnormal items (2,685) 271
6,234 5,058
Abridged Cash Flow Statement
Year ended Year ended
30 June 2001 30 June 2000
(Audited) (Audited)
R000 R000
Cash inflow from operating activities 7,987 6,047
Cash (outflow)/inflow from investing
activities (2,060) 968
Cash (outflow)/inflow from financing
activities (12,076) 4,420
Net (decrease)/increase in cash
and cash equivalents (6,149) 11,435
Cash and cash equivalents at
the beginning of the year 8,226 (3,209)
Cash and cash equivalents at
the end of the year 2,077 8,226
Consolidated Balance Sheet
As at As at
30 June 2001 30 June 2000
(Audited) (Audited)
R000 R000
Assets
Non-current assets 77,969 75,960
Properties for resale 3,682 17,462
Investment properties, plant
and equipment 27,119 20,908
Investments - listed 32,554 21,042
Investments - associated companies 11,726 12,752
Companies held for resale 2,511 3,419
Loans receivable 377 377
Current assets 3,636 11,244
Inventories 75 166
Trade and other receivables 1,207 2,852
Cash and cash equivalents 2,354 8,226
Total assets 81,605 87,204
Equity and liabilities
Capital and reserves 75,117 66,974
Share capital and premium 22,521 23,297
Non-distributable reserves 12,987 15,413
Retained profits 39,609 28,264
Non-current liabilities 3,200 14,500
Interest-bearing liabilities
Current liabilities 3,288 5,730
Trade and other payables 2,798 4,184
Interest-bearing liabilities 277 -
Shareholders for dividends 2 881
Taxation payable 211 665
Total equity and liabilities 81,605 87,204
Interest-bearing liabilities to total
capital and reserves (%) 4.6 21.7
Net asset value per ordinary share
(cents) 878 761
Number of ordinary shares in issue
(000) 8,555 8,805
Unlisted investments in associated
companies at directors' valuation
(R000) 11,726 12,752
Statement of Changes in Equity
Year ended Year ended
30 June 2001 30 June 2000
(Audited) (Audited)
R000 R000
Balance at beginning of the year 66,974 62,991
Issue of shares - 76
Cancellation of shares in issue (125) -
Reduction in share premium (651) -
Net profit for the year 8,919 4,787
Dividends payable - (880)
Balance at end of the year 75,117 66,974
Comments
Results
The group reported a net profit of R8.9 million for the year ended 30 June
2001 (2000 - R4.8 million). Headline earnings were
R6.2 million (2000 - R5.1 million) with headline earnings per share of 70.8
cents (2000 - 57.7 cents) reported. Operating profits increased 29% from
R6.6 million to R8.5 million during the year under review.
Net interest paid has decreased by R0.7 million to R0.5 million during the
period under review, mainly due to the further disposal of trading
properties for resale and significant reduction in interest-bearing debt.
The depreciation charge has also decreased by 36% to R1.2 million mainly as
a result of the disposal of Sable's interests in its hotel activities at 30
April 2000. Net abnormal income of R4.4 million (2000 - R3.3 million)
related to non-recurring income from treasury and property investments as
well as a capital loss arising on the disposal of an investment property.
Associate losses totalled R2.1 million and arose as a result of trading
losses of R0.4 million and a write-down of R1.7 million in respect of
certain associated company commercial property and land investments.
The portfolio of properties acquired and held for resale has reduced by
R13.8 million to R3.7 million and the acquisition of an investment property
in Sandton has increased investment properties to R27.1 million (2000 -
R20.9 million). Listed investments have grown to R32.6 million at year-end
through further investment, sustained growth in international equities as
well as rand depreciation during the year under review. Cash and cash
equivalents were invested mainly in investment properties and treasury
investments, as well as in the reduction of long-term interest-bearing debt.
Activities from property investments and trading properties for resale
A commercial office building has been purchased in Wierda Valley, Sandton,
during February 2001 for R10.7 million. The building is occupied by a single
tenant on a five-year lease. A commercial office/retail property investment
in central Johannesburg was disposed of for R0.8 million during November
2000, resulting in a loss on disposal of investment in property of R2.6
million.
A large component of apartments and flats for resale has been disposed of to
property investors and home owners during the year. The balance of the
residential property in Melrose Estate, Johannesburg, has been disposed of
for an amount of R2.0 million during August 2001.
Treasury Investments
Sable has sold a substantial portion of its shares under management by
Gensec Securities and invested in Odyssey Alternative Strategies Fund
Limited, an overseas-based asset management company investing in
international shares, stocks and bonds. The asset management company aims to
achieve consistent and substantial long-term capital appreciation, with
significantly better risk adjusted returns than world equity markets.The
fund delivered an annualised return of approximately 24% with earnings of
R5.0 million for the year. Sable has a number of smaller treasury
investments invested in domestic shares amounting to R2.6 million.
Post year-end events
Sable has entered into a joint venture for the acquisition of a R21.0
million sectional title apartment complex for resale in Glenhazel,
Johannesburg. Sable is required to finance the asset wholly through
commercial bank loans and will share profits in a pre-determined split.
Sable has also identified several opportunities in residential land to be
developed for resale during 2002. A commercial office building has been
acquired in Sunninghill, Johannesburg, for R5.5 million. The building has a
single tenant who has signed a five-year lease.
Prospects
Opportunities in commercial, industrial and residential property continue to
be sought in prime areas through direct investment or on a joint venture
basis.
Dividends
The Board of Directors has resolved not to declare a final dividend, in view
of the financing requirements mentioned under "Post year-end events".
For and on behalf of the board
J Nash (Chairman)
PH Nash (Managing director)
25 September 2001
Registered office: 1st Floor, Sable Place, Fairway Office Park, 52 Grosvenor
Road, Bryanston 2021.
PO Box 786390, Sandton, 2146
Transfer secretaries: Mercantile Registrars Limited,
11 Diagonal Street, Johannesburg 2001.
PO Box 1053, Johannesburg 2000.
Directors: J Nash (Chairman)*, PH Nash (Managing), IR Kemp,
GJ Perrins*.
*Non-executive
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