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SABLE HOLDINGS LIMITED - INTERIM REPORT
SABLE HOLDINGS LIMITED
("SABLE")
(Registration No. 1968/010636/06)
Share code: SBL ISIN code: ZAE00006383
Interim Report
The unaudited group results for the half-year ended 31 December 2003 are as
follows:
Abridged Consolidated Income Statement
Six months Six months Year ended
31 Dec 31 Dec 30 June
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
R000 R000 R000
Revenue 38,993 8,595 16,832
Operating profit/(loss) 8,632 (942) 2,643
Net interest paid (4,732) (3,848) (7,941)
Depreciation (632) (447) (1,084)
Amortisation of goodwill - - (7,066)
Dividends received 16 - 30
Net revaluation of investment
properties - - 10,973
Profit on disposal of investment
properties - 68 -
Profit/(loss) before taxation 3,284 (5,169) (2,445)
Taxation (847) (8) (1,246)
Profit/(loss) after taxation 2,437 (5,177) (3,691)
Profit from associated companies 701 6,038 8,121
Net profit for the period 3,138 861 4,430
Number of ordinary shares
in issue during the period
after deducting those
repurchased in the buy-back
programme (000) 7,570 7,570 7,570
Earnings per ordinary share (cents) 41.5 11.4 58.5
Headline earnings/(losses) per
ordinary share (cents) 41.5 (58.2) (78.6)
Dividend per ordinary share
(cents) - - 10.00
Supplementary information
Net profit for the period 3,138 861 4,430
Adjustments:
Amortisation of goodwill - - 7,066
Net revaluation of investment
properties - subsidiaries - - (10,655)
Profit on disposal of investment
properties - subsidiaries - (68) -
Revaluation of investment
properties - associates - (5,205) (6,790)
Headline earnings/(losses) for
the period 3,138 (4,412) (5,949)
Abridged Consolidated Cash Flow Statement
Six months Six months Year ended
31 Dec 2003 31 Dec 2002 30 June 2003
(Unaudited) (Unaudited) (Audited)
R000 R000 R000
Cash inflow/(outflow) from
operating activities 20,374 (10,564) (19,601)
Cash outflow from investing
activities (7,219) (315) (2,881)
Cash inflow from financing
activities 2,499 831 5,216
Net increase/(decrease) in cash
and cash equivalents 15,654 (10,048) (17,266)
Cash and cash equivalents at the
beginning of the period (17,428) (162) (162)
Cash and cash equivalents at the
end of the period (1,774) (10,210) (17,428)
Abridged Consolidated Balance Sheet
Six months Six months Year ended
31 Dec 2003 31 Dec 2002 30 June 2003
(Unaudited) (Unaudited) (Audited)
R000 R000 R000
Assets
Non-current assets 157,864 148,117 152,313
Investment properties,
plant and equipment 107,179 95,519 101,356
Investments - other 27,960 32,298 29,499
Investments - associates 20,595 17,112 19,328
Companies held for resale 1,696 1,696 1,696
Deferred taxation 57 16 57
Loans receivable 377 1,476 377
Current assets 6,986 13,437 26,964
Inventories 3,645 10,933 23,938
Trade and other receivables 3,142 2,439 2,382
Cash and cash equivalents 199 65 644
Total assets 164,850 161,554 179,277
Equity and liabilities
Capital and reserves 96,248 90,297 93,866
Share capital and premium 19,083 19,083 19,083
Non-distributable reserves 19,418 16,879 18,716
Revaluation reserves 32,556 24,293 32,556
Retained profits 25,191 30,042 23,511
Non-current liabilities 59,787 51,455 55,722
Interest-bearing liabilities 59,022 50,910 54,957
Deferred taxation 765 545 765
Current liabilities 8,815 19,802 29,689
Trade and other payables 3,597 4,351 6,657
Interest-bearing liabilities 1,973 11,374 18,072
Interest-free liability - 1,802 1,614
Current portion of interest-
bearing liabilities 2,716 2,142 2,668
Shareholders for dividends 31 20 20
Taxation payable 498 113 658
Total equity and liabilities 164,850 161,554 179,277
Number of ordinary shares in
issue (000) 8,420 8,420 8,420
Less: Shares held as treasury
stock (000) (850) (850) (850)
7,570 7,570 7,570
Net asset value per ordinary
share (cents) 1,271 1,193 1,240
Interest-bearing liabilities to
total capital and reserves (%) 66.2 71.3 80.6
Abridged Statement of Changes in Equity
Six months Six months Year ended
31 Dec 2003 31 Dec 2002 30 June 2003
(Unaudited) (Unaudited) (Audited)
R000 R000 R000
Balance at beginning of the
period 93,866 90,950 90,950
Net profit for the period 3,138 861 4,430
Dividend paid (756) (1,514) (1,514)
Balance at end of the period 96,248 90,297 93,866
Comments
Accounting policies
The accounting policies applied in the preparation of these financial statements
conform to South African Statements of Generally Accepted Accounting Practice
and are consistent with the accounting policies applied in the prior year.
Results
Revenue reported was R39.0 million (31 December 2002 - R8.6 million), due to the
development and sale of sectional title apartments and cluster homes. The group
reported a net profit of R3.1 million for the period ended 31 December 2003 (31
December 2002 - R0.9 million). Earnings per share increased from 11.4 cents to
41.5 cents for the period ended 31 December 2003. Headline profits were R3.1
million (31 December 2002 - headline losses of R4.4 million) with headline
earnings per share of 41.5 cents (31 December 2002 - losses of 58.2 cents)
reported.
Operating profits are represented as follows:
Dec 2003 Dec 2002 June 2003
R"000 R"000 R"000
Property investments and trading 10,433 5,145 11,181
Treasury investments (1,801) (6,087) (8,538)
8,632 (942) 2,643
Net interest paid amounted to R4.7 million (31 December 2002 - R3.8 million), as
a result of increased short-term borrowings utilised to develop properties for
resale.
Investment properties are valued at R106.5 million (31 December 2002 - R95.4
million). During the last six months, a residential development comprising 48
units for rental developed by Sable Homes in Bryanston, Sandton, and a small
retail shopping centre in Fourways, Sandton, were acquired for R10.8 million,
whilst unserviced land in Killarney, Johannesburg was sold for R4.4 million.
Inventory comprising residential property for resale in Mill Hill, Bryanston,
was sold, reducing inventory to R3.6 million at 31 December 2003. The remaining
land will be developed and disposed of in the early part of 2005.
Long-term interest-bearing borrowings have increased from R50.9 million (31
December 2002) to R59.0 million, as a result of the investment properties
acquired.
Treasury Investments
The investment in The PSG Global Hedge Portfolio reduced from R28.1 million at
June 2003 to R25.9 million at 31 December 2003.
The decrease in the investment was as a result of rand strengthening against the
US dollar by 10.4%, however
the dollar-based unit price increased by 2.4% over the same period. The domestic
share portfolio managed by BOE Securities (Pty) Ltd performed well by adding
R0.5 million to an investment value of R1.2 million.
Prospects
Sable Holdings is currently in advanced discussions with parties involving
industrial, retail and commercial property, whilst Sable Homes has launched
several property developments comprising stands for sale in Midrand,
Modderfontein and Pretoria East.
Dividends
No dividend has been declared for the six months ended 31 December 2003.
For and on behalf of the board
J Nash (Chairman) PH Nash (Managing director)
23 March 2004
Directors: J Nash* (Chairman), PH Nash (Managing), IR Kemp,
JA Pelser* (*Non-executive)
Registered office: Sable Place, Fairway Office Park, 52 Grosvenor Road,
Bryanston 2021.
Transfer secretaries: Computershare Limited, 70 Marshall Street, Johannesburg
2001.
Sponsor: Sasfin Corporate Finance - A division of Sasfin Bank Limited
Date: 24/03/2004 05:15:08 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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