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SABLE HOLDINGS LIMITED
('SABLE')
(REGISTRATION NO. 1968/010636/06)
PRELIMINARY PROFIT STATEMENT
THE AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 JUNE 2000 ARE AS FOLLOWS:
CONSOLIDATED INCOME STATEMENT
YEAR ENDED YEAR ENDED
30 JUNE 2000 30 JUNE 1999
(AUDITED) (AUDITED)
R000 R000
TURNOVER 25,116 25,256
CONTINUING OPERATIONS 17,678 11,446
DISCONTINUED OPERATIONS 7,438 13,810
OPERATING PROFIT/(LOSS) 6,635 6,875
CONTINUING OPERATIONS 9,271 6,991
DISCONTINUED OPERATIONS (2,636) (116)
NET INTEREST PAID (1,149) (4,910)
CONTINUING OPERATIONS (1,040) (4,785)
DISCONTINUED OPERATIONS (109) (125)
DEPRECIATION (1,889) (1,993)
CONTINUING OPERATIONS (1,084) (922)
DISCONTINUED OPERATIONS (805) (1,071)
ABNORMAL ITEMS 3,279 -
CONTINUING OPERATIONS 4,730 -
DISCONTINUED OPERATIONS (1,451) -
NET PROFIT/(LOSS) BEFORE TAXATION 6,876 (28)
CONTINUING OPERATIONS 11,877 1,284
DISCONTINUED OPERATIONS (5,001) (1,312)
TAXATION - CONTINUING OPERATIONS (1,493) (182)
NET PROFIT/(LOSS) AFTER TAXATION 5,383 (210)
CONTINUING OPERATIONS 10,384 1,102
DISCONTINUED OPERATIONS (5,001) (1,312)
LOSS FROM ASSOCIATED COMPANIES (596) (1,625)
NET PROFIT/(LOSS) FOR THE YEAR 4,787 (1,835)
WEIGHTED AVERAGE NUMBER OF
ORDINARY SHARES IN ISSUE (000) 8,773 8,687
EARNINGS/(LOSS) PER SHARE (CENTS) 54.6 (21.1)
HEADLINE EARNINGS/(LOSS) PER SHARE (CENTS) 57.7 (6.0)
DIVIDENDS PER SHARE (CENTS) 10.0 -
SUPPLEMENTARY INFORMATION
HEADLINE EARNINGS/(LOSS) PER SHARE (R000)
NET PROFIT/(LOSS) FOR THE YEAR 4,787 (1,835)
LESS: PROFIT ON DISPOSAL OF PROPERTY
INVESTMENTS AND OPERATING ASSETS (4,845) -
ADD: LOSS ON DISPOSAL OF SHARE INVESTMENT 115 -
LOSSES FROM DISCONTINUED OPERATIONS 5,001 1,312
5,058 (523)
CONSOLIDATED CASH FLOW STATEMENT YEAR ENDED YEAR ENDED
30 JUNE 2000 30 JUNE 1999
R000 R000
CASH INFLOW/(OUTFLOW) FROM
OPERATING ACTIVITIES 6,047 (3,181)
CASH GENERATED BY OPERATIONS 6,635 6,760
MOVEMENTS IN WORKING CAPITAL 851 (472)
NET INTEREST PAID (1,149) (4,910)
TAXATION PAID (290) (4,433)
DIVIDEND PAID - (126)
CASH INFLOW/(OUTFLOW) FROM
INVESTING ACTIVITIES 968 (6,308)
INVESTMENT IN ASSOCIATED COMPANIES (4,660) (1,977)
ADDITIONS TO FIXED ASSETS (8,920) (13,235)
(INCREASE)/DECREASE IN CARRYING VALUE
OF INVESTMENTS (3,870) 7,819
PROCEEDS ON DISPOSAL OF FIXED ASSETS 18,418 1,085
CASH INFLOW FROM FINANCING ACTIVITIES 4,420 10,253
PROCEEDS FROM ISSUE OF SHARE CAPITAL 77 300
ADVANCE OF INTEREST-FREE LONG-TERM
LOAN RECEIVABLE (77) -
PROCEEDS FROM INTEREST-BEARING
LONG-TERM LIABILITIES 4,420 9,953
NET INCREASE IN CASH AND CASH
EQUIVALENTS 11,435 764
CASH AND CASH EQUIVALENTS AT THE
BEGINNING OF THE YEAR (3,209) (3,973)
CASH AND CASH EQUIVALENTS AT THE
END OF THE YEAR 8,226 (3,209)
CONSOLIDATED BALANCE SHEET
30 JUNE 2000 30 JUNE 1999
(AUDITED) (AUDITED)
R000 R000
ASSETS
NON-CURRENT ASSETS 75,960 76,057
PROPERTIES FOR RESALE 17,462 20 110
INVESTMENT PROPERTIES 20,826 23,624
VEHICLES AND EQUIPMENT 82 2,744
INVESTMENTS - LISTED 21,042 17,172
INVESTMENTS - ASSOCIATED COMPANIES 12,752 8,688
COMPANIES HELD FOR RESALE 3,419 3,419
LOANS RECEIVABLE 377 300
CURRENT ASSETS 11,244 6,155
INVENTORIES 166 1,476
TRADE AND OTHER RECEIVABLES 2,852 3,775
PREPAID TAXATION - 538
CASH AND CASH EQUIVALENTS 8,226 366
TOTAL ASSETS 87,204 82,212
EQUITY AND LIABILITIES
CAPITAL AND RESERVES 66,974 62,991
SHARE CAPITAL AND PREMIUM 23,297 23,221
NON-DISTRIBUTABLE RESERVES 15,413 16,538
RETAINED PROFITS 28,264 23,232
NON-CURRENT LIABILITIES 14,500 10,080
INTEREST-BEARING LIABILITIES
CURRENT LIABILITIES 5,730 9,141
TRADE AND OTHER PAYABLES 4,185 5,566
BANK OVERDRAFT - 3,575
SHAREHOLDERS FOR DIVIDENDS 880 -
TAXATION PAYABLE 665 -
TOTAL EQUITY AND LIABILITIES 87,204 82,212
INTEREST-BEARING LIABILITIES TO
TOTAL CAPITAL AND RESERVES (%) 21,7 21,7
NET ASSET VALUE PER SHARE (CENTS) 761 719
NUMBER OF ORDINARY SHARES IN ISSUE (000) 8,805 8,767
UNLISTED INVESTMENTS IN ASSOCIATED
COMPANIES AT DIRECTORS' VALUATION (R000) 12,752 8,688
STATEMENT IN CHANGES OF EQUITY
SHARE CAPITAL
BALANCE AT BEGINNING OF YEAR 4,384 4,284
NEW SHARES ISSUED DURING THE YEAR 19 100
4,403 4,384
SHARE PREMIUM
BALANCE AT BEGINNING OF YEAR 18,837 18,637
PREMIUM ON NEW SHARES DURING THE YEAR 57 200
18,894 18,837
NON-DISTRIBUTABLE RESERVES
BALANCE AT BEGINNING OF THE YEAR 16,538 18,194
REALISATION OF REVALUATION SURPLUSES (529) (31)
SHARE OF ASSOCIATED COMPANIES' LOSSES (596) (1,625)
15,413 16,538
RETAINED PROFITS
BALANCE AT BEGINNING OF YEAR 23,232 23,411
NET PROFITS/(LOSS) FOR THE YEAR 4,787 (1,835)
REALISATION OF REVALUATION SURPLUSES
FROM NDR 529 31
LOSS OF ASSOCIATED COMPANIES FROM NDR 596 1,625
DIVIDEND DECLARED (880) -
28 264 23,232
TOTAL EQUITY 66,974 62,991
COMMENTS AND RESULTS
THE GROUP REPORTED A NET PROFIT OF R4.8 MILLION FOR THE YEAR ENDED 30 JUNE 2000
(1999 - NET LOSS OF R1.8 MILLION). HEADLINE EARNINGS WERE R5.1 MILLION (1999 -
NET LOSS OF R523 000) WITH HEADLINE EARNINGS PER SHARE OF 57.7 CENTS (1999 -
LOSS PER SHARE OF 6.0 CENTS). OPERATING PROFITS OF R9.3 MILLION FROM
CONTINUING OPERATIONS WERE R2.3 MILLION HIGHER THAN THOSE OF LAST YEAR.
EARNINGS FROM THE VARIOUS DIVISIONS ARE PRESENTED AS FOLLOWS:
2000 1999
R000 R000
RENTALS 3 179 4 313
PROPERTY TRADING (530) (1 517)
PROPERTY INVESTMENTS 2 829 70
OPERATING ASSETS AND OTHER INVESTMENTS 449 -
HOTEL (2 935) (1 435)
AUTOMOTIVE ACCESSORIES (614) 448
ADMINISTRATION AND TREASURY 2 409 (3 714)
4 787 (1 835)
THE CURRENT TAXATION CHARGE IS SIGNIFICANTLY HIGHER THAN THE PREVIOUS YEAR AS A
RESULT OF A REVISED TAX ASSESSMENT RELATING TO AN ISSUE DISPUTED AND OBJECTED
TO ON A RENT-GENERATING PROPERTY INVESTMENT.
NET FINANCE COSTS HAVE DECREASED BY 77% DUE TO POSITIVE CASH RESOURCES IN THE
SECOND HALF OF THE YEAR, AS WELL AS INTEREST RECEIVED FROM ASSOCIATED COMPANY
INVESTMENTS.
THE BALANCE SHEET REFLECTS CASH AND CASH EQUIVALENTS OF R8.2 MILLION, AN
INCREASE OF R3.9 MILLION IN LISTED INVESTMENTS AS WELL AS FURTHER INVESTMENTS
OF R4.7 MILLION IN ASSOCIATED COMPANIES. CURRENT LIABILITIES HAVE REDUCED BY
37% MAINLY DUE TO SETTLEMENT OF BANK OVERDRAFTS. LONG-TERM INTEREST-BEARING
LIABILITIES HAVE INCREASED BY R4.4 MILLION AS A RESULT OF A LOAN RAISED TO
FINANCE SABLE'S NEW HEAD OFFICE.
ACTIVITIES FROM PROPERTY INVESTMENTS AND TRADING PROPERTIES FOR RESALE
RENTAL EARNINGS OF R3.2 MILLION (1999 - R4.3 MILLION) ARE BELOW THOSE OF LAST
YEAR DUE TO A REVISED TAX CHARGE OF R1.1 MILLION, AS WELL AS SIGNIFICANT
DISPOSALS OF TRADING AND INVESTMENT PROPERTIES IN THE LAST QUARTER OF THE
FINANCIAL YEAR. SABLE ACQUIRED RESIDENTIAL UNITS IN MELROSE ESTATE,
JOHANNESBURG, FOR R1.9 MILLION WHICH ARE TO BE HELD FOR RESALE. SABLE ALSO
TOOK OCCUPANCY OF ITS NEW MULTI-TENANTED HEAD OFFICE IN BRYANSTON, SANDTON.
SABLE'S PREVIOUS HEAD OFFICE IN MORNINGSIDE, SANDTON, WAS SOLD AND REALISED A
PROFIT OF R4.6 MILLION. SEVERAL FACTORY UNITS IN ALRODE, ALBERTON, WERE ALSO
DISPOSED OF, WITH THE BALANCE BEING SOLD DURING THE NEXT FINANCIAL YEAR.
THE PROTEA GARDENS HOTEL IN BEREA, JOHANNESBURG, SHOWED POOR RESULTS FOR THE 10
MONTHS ENDED APRIL 2000. THE HOTEL HAS BEEN SOLD FOR R4 MILLION, WITH THE
PROCEEDS THEREOF BEING RECEIVED DURING MAY 2000. A CAPITAL LOSS OF R2 MILLION
ON THE DISPOSAL HAS BEEN REFLECTED IN THE INCOME STATEMENT.
TREASURY INVESTMENTS
SABLE'S TREASURY INVESTMENTS LINKED TO THE JOHANNESBURG STOCK EXCHANGE HAVE
SHOWED GROWTH OF R3.4 MILLION FOR THE FULL YEAR, EVEN THOUGH THERE WAS NEGATIVE
GROWTH OF R1.3 MILLION IN THE SECOND HALF OF THE YEAR.
SINCE YEAR END, THE BOARD HAS DECIDED TO REALISE R25 MILLION COMPRISING MAINLY
SHARES UNDER MANAGEMENT BY GENSEC SECURITIES AND ENTER INTO AN ASSET SWAP.
THE CASH HAS BEEN INVESTED IN ODYSSEY ALTERNATIVE STRATEGIES FUND LIMITED, AN
ASSET MANAGEMENT COMPANY INVESTING IN INTERNATIONAL SHARES, STOCKS AND BONDS.
AUTOMOTIVE ACCESSORY DIVISION
A SALE WAS SUCCESSFULLY CONCLUDED FOR THE DISPOSAL OF "SPRING SHADES" - AN
AUTOMOTIVE ACCESSORY DIVISION OF SABLE HOLDINGS LTD.
STOCK AND INTELLECTUAL RIGHTS WERE DISPOSED OF FOR R1.3 MILLION DURING OCTOBER
1999. THE REMAINING STOCK OF R166 000 IS BEING TRADED ON A PIECE-MEAL BASIS,
WITH OPERATING ASSETS BEING EITHER RETAINED OR SOLD TO INTERESTED PARTIES.
LOSSES OF R614 000 WERE INCURRED DURING THE 4 MONTHS ENDED OCTOBER 1999, MAINLY
DUE TO RETRENCHMENT PACKAGES AND SHUTDOWN COSTS.
PROSPECTS
SABLE HAS, IN LARGE, ACHIEVED ITS STRATEGY OF DISPOSING OF RESIDENTIAL PROPERTY
FOR RESALE AND OTHER NON-CORE ASSETS. THE RESULTANT CASH PROCEEDS AND FURTHER
GEARING ABILITY WILL BE INVESTED TO MEET STRINGENT "SHAREHOLDER RETURN"
CRITERIA. WITH A MORE BOUYANT PROPERTY INVESTOR MARKET, DEVELOPMENT OF
PROPERTY ASSETS IN ASSOCIATED COMPANIES IS LIKELY TO INCREASE IN THE
FORTHCOMING YEAR.
DIVIDENDS
NOTICE IS HEREBY GIVEN THAT A DIVIDEND OF 10 CENTS PER SHARE -DIVIDEND NO. 38-
(1999 - NIL CENTS PER SHARE) HAS BEEN DECLARED, PAYABLE TO SHAREHOLDERS
REGISTERED IN THE BOOKS OF THE SABLE AT THE CLOSE OF BUSINESS ON FRIDAY 20
OCTOBER 2000. THE DIVIDEND WILL BE PAID ON FRIDAY 3 NOVEMBER 2000.
FOR AND BEHALF OF THE BOARD.
J NASH (CHAIRMAN)
P H NASH (MANAGING DIRECTOR)
22 SEPTEMBER 2000
REGISTERED ADDRESS
SABLE PLACE
FAIRWAY OFFICE PARK
52 GROSVENOR ROAD
BRYANSTON 2021
TRANSFER SECRETARIES
MERCANTILE REGISTRARS
11 DIAGONAL STREET
JOHANNESBURG
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