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Saambou Holdings Limited - Audited Results For The Year Ended 31 March 2003 SAAMBOU HOLDINGS LIMITED Registration Number 1987/004170/06 Share Code: SBO Isin Code: ZAE000006409 GROUP RESULTS AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2003 CONSOLIDATED BALANCE SHEET Audited Audited 31 Mar 2003 31 Mar 2002 R " million R " million ASSETS Property and equipment 0.3 4.1 Investments - 394.6 Other assets 5.5 21.8 Liquid assets 160.2 552.7 166.0 973.2 SHAREHOLDERS" FUNDS AND LIABILITIES Total shareholders" interest 131.2 46.6 Long-term loans 7.2 183.1 Insurance funds 5.2 417.6 Other liabilities and provisions 10.4 174.6 Receiver of Revenue 12.0 151.3 166.0 973.2
CONSOLIDATED INCOME STATEMENT Net interest and related income 19.5 614.6 Provision for losses on advances - (437.2) Net interest income 19.5 177.4 Non-interest income 123.5 598.5 Total income 143.0 775.9 Operating expenditure (13.9) (1,854.2) Net operating income 129.1 (1,078.3) (Loss)/profit from equity accounted investments - (68.8) Net income before tax 129.1 (1,147.1) Tax (37.5) 2.4 Net income after tax 91.6 (1,144.7) Minority interest - 6.0 Income attributable to ordinary shareholders 91.6 (1,138.7) Earnings per share (cent) - Basic 51.7 (691.4) CONSOLIDATED CASH FLOW STATEMENT Audited Audited
31 Mar 2003 31 Mar 2002 R " million R " million Cash flow from operating activities (27.5) (2,442.7) Cash flow from investment activities 15.9 416.3 Cash flow from financing activities (240.8) (581.6) Net increase in cash and cash equivalents (252.4) (2,608.0) Balance at beginning of period 380.2 2,988.2 Balance at end of period 127.8 380.2 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS" FUNDS Shareholders" funds at beginning of the period 46.6 1,157.5 Other changes in shareholders" funds (1.7) 31.3 Net income / ( loss ) 91.6 (1,138.7) Preference share dividend (5.3) (3.5) Shareholders" funds at end of the period 131.2 46.6 COMMENTS 1. Accounting policies The accounting policies adopted for the purpose of this announcement are in compliance with South African Statements of Generally Accepted Accounting Practice and are consistent with those of the previous year. 2. Overview of results The net income before tax of the Saambou Holdings Group for the year ended 31 March 2003 amounted to R 129.1 million, mainly as a result of the profit of R 90.1 million earned on the sale of Saambou Life. The Income Statement for the year ended 31 March 2003 and the Balance Sheet as at 31 March 2003 exclude the income and net assets of Saambou Life ( disposed of with effect from 1 April 2002 ) and Saambou Bank ( investment written off due to the placing of Saambou Bank in curatorship on 9 February 2002 ). 3. Saambou Life disposal Saambou Life was disposed of to Capital Alliance Life for an effective consideration of R 402 million on 1 April 2002. 4. Post Balance Sheet events As previously reported, Natsure was in the process of winding down its business. The directors of Saambou Holdings considered it appropriate to dispose of Natsure. Accordingly an agreement has been concluded with Constantia Ondernemings Limited on 1 June 2003 for the disposal of Natsure for an effective consideration of R 1.5 million, after a dividend payment from Natsure to Saambou Holdings amounting to R11.l million. 5. Preliminary distribution to shareholders Notice is hereby given that a preliminary distribution of 27 cents per share, in the form of a pro-rata reduction of share capital, has been awarded to members recorded in the register of Saambou Holdings Limited at the close of business on Friday 1 October 2004. Shareholders are advised that the last day to trade "CUM" the distribution will be Thursday 23 September 2004. The shares will trade "EX" the distribution as from Monday 27 September 2004, and the record date will be Friday 1 October 2004. Payment will be made on Monday 4 October 2004. Share certificates may not be dematerialised or rematerialised during the period Monday 27 September 2004 and Friday 1 October 2004, both days inclusive. In terms of the requirements of the Companies Act, the directors confirm that after the payment of the distribution, Saambou Holdings Limited will be able to pay its debts as they become due in the ordinary course of business, and its consolidated assets, fairly valued, will exceed its consolidated liabilities. 6. Prospects Due to the conclusion of the Natsure sales agreement, the only remaining activity is the settlement of all outstanding liabilities in winding up the company. A final distribution to shareholders will be announced once all remaining matters are resolved. Shareholders are referred to the Saambou Holdings Limited circular dated 15 August 2002, in which it was stated that the total distribution per Saambou Holdings share could range from 60 cents to 100 cents. The total distribution ( including the distribution mentioned in paragraph 5 above ) to date, amounts to 77 cents per Saambou Holdings share. The directors are of the opinion that the final distribution will not be as substantial as the distribution to date. D M Lawrence B P Botha Chairman Director 18 August 2004 Registered office Saambou Park Alkant Road Lynnwood Manor Pretoria 0081 P.O. Box 74127 Lynnwood Ridge 0040 Share Transfer Secretaries Computershare Investor Services Limited 70 Marshall Street Johannesburg 2001 Date: 18/08/2004 04:03:39 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department
