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Sable Holdings Limited - Interim Report
SABLE HOLDINGS LIMITED
("SABLE" or "group")
(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 2004 are as
follows:
Abridged Consolidated Income Statement
Six months Six months Year
ended ended ended
31 Dec 31 Dec 30 June
2004 2003 2004
(Unaudited) (Unaudited) Audited)
R000 R000 R000
Revenue 9,102 38,993 53,996
Operating profit 4,195 8,632 12,355
Net interest paid (3,602) (4,732) (7,040)
Depreciation (345) (632) (1,808)
Dividends received 232 16 44
Net revaluation of investment properties - - 12,126
Profit before taxation 480 3,284 15,677
Taxation (1,011) (847) (3,123)
(Loss)/profit after taxation (531) 2,437 12,554
Profit from associated companies 1,737 701 3,651
Net profit for the period 1,206 3,138 16,205
Number of ordinary shares in issue during the
period after deducting those repurchased in
the buy-back programme (000) 7,506 7,570 7,570
Earnings per ordinary share (cents) 16.1 41.5 214.1
Headline earnings per ordinary share (cents) 16.1 41.5 26.0
Dividend per ordinary share (cents) - - 35.0
Supplementary information
Net profit for the period 1,206 3,138 16,205
Adjustments:
Net revaluation of investment properties
- subsidiaries - - (11,360)
Revaluation of investment properties
- associates - - (2,878)
Headline earnings for the period 1,206 3,138 1,967
Abridged Consolidated Balance Sheet
Six months Six months Year
ended ended ended
31 Dec 31 Dec 30 June
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
R000 R000 R000
Assets
Non-current assets 158,420 157,864 171,425
Investment properties, plant and equipment 104,799 107,179 118,312
Investments - other 26,641 27,960 27,823
Investments - associates 26,234 20,595 23,694
Companies held for resale 350 1,696 1,200
Deferred taxation 19 57 19
Loans receivable 377 377 377
Current assets 39,686 6,986 17,780
Inventories 4,528 3,645 4,528
Trade and other receivables 32,659 3,142 10,969
Cash and cash equivalents 2,499 199 2,283
Total assets 198,106 164,850 189,205
Equity and liabilities
Capital and reserves 107,222 96,248 109,334
Share capital and premium 18,409 19,083 19,083
Non-distributable reserves 24,105 19,418 22,368
Revaluation reserves 24,537 32,556 42,774
Retained profits 40,171 25,191 25,109
Non-current liabilities 61,068 59,787 59,953
Interest-bearing liabilities 59,623 59,022 58,336
Deferred taxation 1,445 765 1,617
Current liabilities 29,816 8,815 19,918
Trade and other payables 4,158 3,597 6,073
Interest-bearing liabilities 21,407 1,973 9,177
Current portion of interest-bearing
liabilities 3,496 2,716 3,159
Shareholders for dividends 17 31 8
Taxation payable 738 498 1,501
Total equity and liabilities 198,106 164,850 189,205
Number of ordinary shares in issue (000) 8,420 8,420 8,420
Less: Shares held as treasury stock (000) (914) (850) (850)
7,506 7,570 7,570
Net asset value per ordinary share (cents) 1,428 1,271 1,444
Interest-bearing liabilities to total
capital and reserves (%) 78.8 66.2 64.6
Abridged Consolidated Cash Flow Statement
Six months Six months Year
ended ended ended
31 Dec 31 Dec 30 June
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
R000 R000 R000
Cash (outflow)/inflow from operating
activities (26,612) 20,374 17,891
Cash inflow/(outflow) from investing
activities 13,649 (7,219) (9,613)
Cash inflow from financing activities 949 2,499 2,256
Net (decrease)/increase in cash and
cash equivalents (12,014) 15,654 10,534
Cash and cash equivalents at the beginning
of the period (6,894) (17,428) (17,428)
Cash and cash equivalents at the end
of the period (18,908) (1,774) (6,894)
Abridged Statement of Changes in Equity
Six months Six months Year
ended ended ended
31 Dec 31 Dec 30 June
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
R000 R000 R000
Balance at beginning of the period 109,334 93,866 93,866
Net profit for the period 1,206 3,138 16,205
Dividend paid (2,644) (756) (737)
Repurchase of shares by subsidiary (674) - -
Balance at end of the period 107,222 96,248 109,334
Comments
Basis of preparation of unaudited group Interim Results
The unaudited group interim results have been prepared in accordance with South
African statements
of Generally Accepted Accounting Practice and are consistent with the accounting
policies applied in the prior period.
Results
Revenue reported was R9.1 million (31 December 2003 - R39.0 million). The
previous comparative period"s revenue was substantially higher due to the
trading of residential housing. The group reported a net and headline profit of
R1.2 million for the period ended 31 December 2004 (31 December 2003 - R3.1
million). Earnings and headline earnings per share decreased from 41.5 cents to
16.1 cents for the period ended 31 December 2004. Operating profits are
represented as follows:
Dec 2004 Dec 2003 June 2004
R000 R000 R000
Property investments and trading 5,010 10,433 14,287
Treasury investments (815) (1,801) (1,932)
4,195 8,632 12,355
Net interest paid amounted to R3.6 million (31 December 2003 - R4.7 million), as
a result of interest rate reductions. Associate profits increased from R0.7
million to R1.7 million and arose primarily from the sale of residential stands
by Sable Homes in Kyalami, Johannesburg.
During the last 6 months, industrial investment property amounting to R15.7
million was acquired in Randburg and Booysens, Johannesburg. Office and retail
properties located in central Johannesburg and Fourways, Johannesburg,
respectively were sold for R30.3 million. Several portions of land were acquired
for future development and have been classified as trade and other receivables.
Short-term interest-bearing borrowings have increased to R21.4 million due to
the financing of developments for resale.
Treasury investments
The investment in The PSG Global Hedge Portfolio reduced by R1.9 million from
R25.5 million to R23.6 million at 31 December 2004. The decrease in the
investment was as a result of the rand again strengthening against the US dollar
to R5.61/$ (a strengthening of 10.4% since 1 July 2004), however the dollar-
based unit price increased by 2.8% over the same period. The domestic share
portfolio managed by BoE Stockbrokers (Pty) Ltd performed exceptionally well by
adding R1.1 million in share value and dividends during the period.
Trading prospects
Profits in the second period of the year will improve substantially due to the
sale of retail investment and residential property.
Dividends
No dividend has been declared for the six months ended 31 December 2004.
For and on behalf of the board
J Nash (Chairman)
PH Nash (Managing director)
29 March 2005
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. PO Box 786390, Sandton 2146.
Transfer secretaries: Computershare investor Services 2004 (Pty) Limited, 70
Marshall Street, Johannesburg. PO Box 61051, Marshalltown 2107.
Sponsor: Sasfin Corporate Finance - A division of Sasfin Bank Limited
Date: 29/03/2005 05:23:31 PM Supplied by www.sharenet.co.za
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