To view the PDF file, sign up for a MySharenet subscription.

PBT - PBT Group Limited - Reviewed Interim Results for the six months ended 28

Release Date: 19/04/2011 17:26
Code(s): PBT
Wrap Text

PBT - PBT Group Limited - Reviewed Interim Results for the six months ended 28 February 2011 PBT GROUP LIMITED Incorporated in the Republic of South Africa Registration number: 1936/008278/06 SHARE CODE: PBT ISIN: ZAE000149712 Reviewed Interim Results for the six months ended 28 February 2011 Consolidated Statement of Financial Position Reviewed at Unaudited at Audited at 28 February 31 December 31 August 2011 2009 2010
R R R Assets Non-current assets Property, plant and equipment 1 912 192 - 2 072 768 Goodwill 7 564 932 - 7 564 932 Intangible assets 8 581 605 - 2 794 652 Other financial assets 2 757 718 - 2 614 402 Deferred tax 668 235 247 727 6 029 842 21 484 682 247 727 21 076 596 Current assets Inventories 30 955 443 - 17 195 984 Current tax receivable 1 944 765 - 1 439 698 Trade and other receivables 35 055 661 263 426 27 190 645 Cash and cash equivalents 296 407 13 412 700 14 599 180 68 252 276 13 676 126 60 425 507 Total assets 89 736 958 13 923 853 81 502 103 Equity and liabilities Equity Equity attributable to equity holders of the parent Share capital 128 165 9 876 409 128 165 Reserves 27 816 320 464 930 552 27 816 320 Accumulated profit/(loss) 39 611 884 (462 823 474) 26 719 929 67 556 369 11 983 487 54 664 414
Non-controlling interest 1 707 029 - 1 231 105 69 263 398 11 983 487 55 895 519 Liabilities Non-current liabilities Other financial liabilities 10 925 066 1 460 000 6 339 339 10 925 066 1 460 000 6 339 339 Current liabilities Trade and other payables 5 746 352 300 792 7 537 234 Provisions 2 531 339 - 2 386 468 Current tax payable - 179 574 - Bank overdraft 1 270 803 - 9 343 543 9 548 494 480 366 19 267 245
Total liabilities 20 473 560 1 940 366 25 606 584 Total equity and liabilities 89 736 958 13 923 853 81 502 103 Net asset value per share (cents) 52.3 48.9 223.0 Consolidated Statement of Comprehensive Income Reviewed six months ended 28 February
2011 Note R Revenue 2 94 069 616 Cost of sales (52 255 011) Gross profit 41 814 605 Other income 714 136 Operating expenses (23 547 062) Operating profit 18 981 679 Investment revenue 259 157 Finance costs (362 761) Profit before taxation 18 878 075 Taxation (5 510 196) Profit from continuing operations 13 367 879 Discontinued operations Profit for the period from discontinued operations - Profit for the period 13 367 879 Other comprehensive income - Total comprehensive income 13 367 879 Profit attributable to: Owners of the parent 12 891 955 Profit for the period from continuing operations 12 891 955 Profit for the period from discontinued operations - Non-controlling interest 475 924 13 367 879 Total comprehensive income attributable to: Owners of the parent 12 891 955 Non-controlling interest 475 924 13 367 879 Number of shares issued 230 364 821 Weighted average number of shares 129 146 750 Earnings per share Basic earnings per share (cents) 10.0 Headline earnings per share (cents) 10.0 Diluted earnings per share (cents) 10.0 Diluted headline earnings per share (cents) 10.0 Unaudited Audited six months 14 months ended ended 31 December 31 August
2009 2010 R R Revenue 1 615 064 84 206 592 Cost of sales - (60 824 518) Gross profit 1 615 064 23 382 074 Other income 1 982 804 5 104 160 Operating expenses (2 641 483) (17 791 024) Operating profit 956 385 10 695 210 Investment revenue - 2 305 062 Finance costs (47 550) (810 049) Profit before taxation 908 835 12 190 223 Taxation (179 574) 7 826 729 Profit from continuing operations 729 261 20 016 952 Discontinued operations Profit for the period from discontinued operations 93 235 - Profit for the period 822 496 20 016 952 Other comprehensive income - - Total comprehensive income 822 496 20 016 952 Profit attributable to: Owners of the parent 822 496 19 286 532 Profit for the period from continuing operations 729 261 19 286 532 Profit for the period from discontinued operations 93 235 - Non-controlling interest - 730 420 822 496 20 016 952 Total comprehensive income attributable to: Owners of the parent 822 496 19 286 532 Non-controlling interest - 730 420 822 496 20 016 952 Number of shares issued 470 859 935 470 859 935 Weighted average number of shares 24 516 833 24 516 833 Earnings per share Basic earnings per share (cents) 3.4 78.7 Headline earnings per share (cents) 3.4 74.4 Diluted earnings per share (cents) 3.4 78.7 Diluted headline earnings per share (cents) 3.4 74.4 Consolidated Statement of Cash Flows Reviewed Unaudited Audited six months six months 14 months
ended ended ended 28 February 31 December 31 August 2011 2009 2010 R R R
Cash flows from operating activities Cash receipts from customers 89 139 011 - 58 563 161 Cash paid to suppliers and employees (92 617 805) 238 227 (80 921 835) Cash generated from/(used in) operations (3 478 794) 238 227 (22 358 674) Interest income 259 157 1 615 064 2 305 062 Dividends paid - (47 085 994) - Finance costs (362 761) (47 550) (810 049) Tax received/(paid) (653 654) 1 566 500 (1 616 469) Net cash from operating activities (4 236 052) (43 713 753) (22 480 130) Cash flows from investing activities Purchase of property, plant and equipment (222 197) - (840 015) Purchase of other intangible assets (6 214 193) - (470 817) Purchase of listed investments - (17 725) - Business combinations - - (5 964 931) Sale of financial assets (143 316) 14 262 987 11 708 979 Net cash from investing activities (6 579 706) 14 245 262 4 433 216 Cash flows from financing activities Reduction of share capital or buy-back of shares - - 22 856 828 Proceeds from other financial liabilities 4 585 727 - 4 879 339 Dividends paid - - (47 085 994) Net cash from financing activities 4 585 727 - (19 349 827) Total cash movement for the six months (6 230 031) (29 468 491) (37 396 741) Cash at the beginning of the six months 5 255 637 42 881 191 42 652 378 Total cash at the end of the six months (974 396) 13 412 700 5 255 637 Consolidated Statement of Changes in Equity Total Share Share share capital premium capital
R R R Balance at 1 July 2009 9 876 409 464 680 552 474 556 961 Changes in equity Total comprehensive income for the period - - - Business combination (9 780 709) (464 648 087) (474 428 796) Dividends - - - Total changes (9 780 709) (464 648 087) (474 428 796) Balance at 1 September 2010 95 700 32 465 128 165 Changes in equity Total comprehensive income for the six months - - - Total changes - - - Balance at 28 February 2011 95 700 32 465 128 165 Total attributable
Other Accumulated to equity holders NDR profit/(loss) of the group R R R Balance at 1 July 2009 250 000 (416 598 285) 58 208 676 Changes in equity Total comprehensive income for the six months - 19 286 532 19 286 532 Business combination 27 566 320 471 117 676 24 255 200 Dividends - (47 085 994) (47 085 994) Total changes 27 566 320 443 318 214 (3 544 262) Balance at 1 September 2010 27 816 320 26 719 929 54 664 414 Changes in equity Total comprehensive income for the six months - 12 891 955 12 891 955 Total changes - 12 891 955 12 891 955 Balance at 28 February 2011 27 816 320 39 611 884 67 556 369 Non- controlling Total
interest equity R R Balance at 1 July 2009 - 58 208 676 Changes in equity Total comprehensive income for the six months 730 420 20 016 952 Business combination 500 685 24 755 885 Dividends - (47 085 994) Total changes 1 231 105 (2 313 157) Balance at 1 September 2010 1 231 105 55 895 519 Changes in equity Total comprehensive income for the six months 475 924 13 367 879 Total changes 475 924 13 367 879 Balance at 28 February 2011 1 707 029 69 263 398 Segment Report Segment information The group is organised into two main segments based on the type of industries they deliver services to. The group`s reportable segments are as follows: For management purposes, the group is organised into two distinct business segments, based on the services that each provides. The group is a pure services company and derives no income from the selling of third party software or hardware. The pricing structure for the "insurance and medical aid administration software services" segment is largely based on the number of members administered. Management monitors the operating results of the business segments continuously to optimise the allocation of resources and to assess performance and profitability. Finance costs, finance income and income taxes are managed on a group basis. Computer Insurance and software medical aid consulting administration and software and
implementation services Other R R R COMPREHENSIVE INCOME Revenues from external customers 82 649 943 3 986 621 8 340 268 Intragroup revenues 2 835 455 1 153 033 - Total revenue 85 485 398 5 139 654 8 340 268 Operating profit 18 801 111 870 487 (689 919) Interest income 33 419 1 063 224 675 Interest expenses (296 973) (8 645) (57 143) Income taxes (5 221 955) (214 491) (73 750) Profit/(loss) for the period 13 316 469 648 415 (383 547) FINANCIAL POSITION Reportable segment assets 268 675 685 6 748 058 689 322 702 Total assets 268 675 685 6 748 058 689 322 702 Reportable segment liabilities (710 014 476) (2 384 137) (255 270 681) Total liabilities (710 014 476) (2 384 137) (255 270 681) OTHER INFORMATION Capital expenditure1 5 492 059 944 332 - Depreciation and amortisation 810 013 - - Eliminations and
adjustments Total R R COMPREHENSIVE INCOME Revenues from external customers (907 216) 94 069 616 Intragroup revenues (3 988 488) - Total revenue (4 895 704) 94 069 616 Operating profit - 18 981 679 Interest income - 259 157 Interest expenses - (362 761) Income taxes - (5 510 196) Profit/(loss) for the period - 13 367 879 FINANCIAL POSITION Reportable segment assets (875 009 487) 89 736 958 Total assets (875 009 487) 89 736 958 Reportable segment liabilities 947 195 734 (20 473 560) Total liabilities 947 195 734 (20 473 560) OTHER INFORMATION Capital expenditure1 - 6 436 391 Depreciation and amortisation - 810 013 Notes: 1 Capital expenditure consists of additions to property, plant and equipment and intangible assets. GEOGRAHIC INFORMATION (based on the location of the customer) Revenue from external customers R Australia 3 630 418 Africa and Middle East 30 912 661 Republic of South Africa 59 526 537 94 069 616 Information about major customers Revenue from three customers amounted to R36 680 500, arising from services by the "computer software consulting and implementation" segment. Notes: 1. Basis of preparation The reviewed interim financial statements for the period have been prepared in accordance with the recognition and measurement requirements of IAS 34: Interim Financial Reporting, the AC 500 Standards as issued by the Accounting Practice Board and in compliance with the Listings Requirements of the JSE Limited and the South African Companies Act (1973). The accounting policies and method of measurement and recognition applied in preparation of these reviewed condensed consolidated interim financial statements are consistent with those applied in the audited annual financial statements for the year ended 31 August 2010. The accounting policies and methods have been prepared on the historical cost basis, and they are presented in South African Rands. The reviewed condensed consolidated interim financial information for the period ended 28 February 2011 have been reviewed by the group`s auditors, LDP Inc. The review was conducted in accordance with ISRE 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A copy of their review report is available for inspection at the company`s registered office. Reviewed Unaudited Audited six months Six months 14 months
ended ended ended 28 February 31 December 31 August 2011 2009 2010 R R R
2. Revenue Rendering of services 94 069 616 - 84 206 592 Interest revenue - 1 615 064 - 94 069 616 1 615 064 84 206 592
3. Events after the reporting period PBT Group exceeded its profit before tax warranty of R32 million for the 12 months ending 28 February 2011 and as a result 51 461 997 shares will be issued on Friday, 29 April 2011 to conclude the transaction in terms of the acquisition of PBT Group Limited. 4. Renewal of cautionary announcement Further to the cautionary announcement dated 28 February 2011, shareholders are advised that negotiations are still in progress which, if successfully concluded, may have a material effect on the price of the company`s securities. Accordingly, shareholders are advised to continue exercising caution when dealing in the company`s securities until a further announcement is made. 5. Dividend declaration Notice is hereby given that an interim dividend of 3 cents per share (2010: Rnil) has been declared for the six-month period ending 28 February 2011. Last day to trade cum dividend Friday, 20 May 2011 Shares trade ex dividend Monday, 23 May 2011 Record date Friday, 27 May 2011 Payment date Monday, 30 May 2011 Share certificates may not be dematerialised or rematerialised between Monday, 23 May 2011 and Friday, 27 May 2011, both dates inclusive. 6. Movement in issued share capital Ordinary share 194 767 260 "N" shares conversion 276 092 675 470 859 935
Bonus issue 2010/11/15 19 476 726 Share issue 2010/11/29 4 116 959 760 4 607 296 421 Consolidation 2010/12/06 230 364 821 Issued shares as at 28 February 2011 230 364 821 Commentary Group results The group recorded a profit before taxation of R18 878 075 for the six-month period ending 28 February 2011. Taxation amounted to R5 510 196 resulting in an after-tax profit of R13 367 879. The group realised R5.5 million of the deferred tax asset raised in the previous financial period through the statement of comprehensive income as at 28 February 2011. Earnings per share (EPS) and headline earnings per share (HEPS)for the six-month period amounted to 10.0 cents. Board composition Mr Martin Rennhackkamp resigned as a director with effect from 22 February 2011 and has relocated to Melbourne, Australia where he has been appointed as director of PBT Group (Australia) Pty Limited, significantly strengthening the group`s business intelligence offering in Australia. Mr Jason Kinnear and Mrs Michelle Baron-Williamson have been appointed as directors with effect from 25 February 2011 and Mrs Elizna Read has been appointed as Human Resources Director with effect from 18 April 2011. Dividend An interim dividend of 3 cents per ordinary share (total payment: R8 454 805) has been declared, and will be paid on Monday, 30 May 2011. Earnings and headline earnings per share As PBT Group exceeded its profit before tax warranty of R32 million for the 12 months ending 28 February 2011, the PBT vendors will be issued with an additional 51 461 997 ordinary shares to conclude the acquisition of PBT Group Limited. This will have a significant dilutive effect on future earnings per share and headline earnings per share. Prospects The group increased its client base and cemented its position as the leading business intelligence and data management services company in South Africa. Rapid expansion into the Africa/Middle East regions and Australia will result in the group deriving more than 50% of its income from foreign operations in the next six months. Comparative figures The reverse listing of PBT Group Limited into the Wooltru cash shell and the subsequent change in the year-end and the capital structure have a significant effect on the comparative earnings per share and headline earnings per share figures and requires careful analysis. HC STEYN PJ DE WET (Chairman) (Chief Executive Officer) Cape Town 19 April 2011 Directorate and Administration Directors: HC Steyn (Chairman)*, M Kaplan*, PJ de Wet (Chief Executive Officer), KN Wood, N Vallabh, AM Louw (Financial Director), JJ Kinnear, MR Baron-Williamson, E Read * Independent non-executive Company Registration Number: 1936/008278/06 Share code: PBT ISIN: ZAE000149712 Domicile and Registered Office: Unit 3, Knowledge Park 3 Cnr Century Boulevard and Heron Crescent, Century City, 7441, South Africa Postal Address: PO Box 276, Century City, 7446 Contact Details: Tel: 021 551 0937 Fax: 021 551 0923 Company Secretary: B Pieters Transfer Secretary: Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Johannesburg, 2001, South Africa Principal Banker: The Standard Bank of South Africa Auditors: LDP Inc. Sponsor: Bridge Capital Advisors (Pty) Ltd Date: 19/04/2011 17:26:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Share This Story