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PBT - PBT Group - Unaudited condensed consolidated interim results for the six
months ended 29 February 2012
PBT GROUP
(Registration number 1936/008278/06)
Share code: PBT ISIN: ZAE000149712
("PBT Group" or "the company" or "the group")
//UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED
29 FEBRUARY 2012
Consolidated Statement of financial Position
Unaudited Reviewed Audited
29 February 28 February 31 August
Figures in Rand 2012 2011 2011
Assets
Non-current assets
Property, plant and equipment 2 042 132 1 912 192 1 875 479
Goodwill 7 564 932 7 564 932 7 564 932
Intangible assets 20 487 406 8 581 605 16 288 219
Other financial assets 3 741 228 2 757 718 2 904 256
Deferred tax - 668 235 -
33 835 698 21 484 682 28 632 886
Current assets
Inventories 29 586 912 30 955 443 24 838 963
Current tax receivable 1 617 212 1 944 765 1 739 110
Trade and other receivables 47 713 492 35 055 661 50 025 419
Cash and cash equivalents 3 925 599 296 407 3 103 970
82 843 215 68 252 276 79 707 462
Total assets 116 678 913 89 736 958 108 340 348
Equity and liabilities
Equity
Equity attributable to equity
holders of parent
Share capital 128 165 128 165 128 165
Reserves 28 019 740 27 816 320 27 831 450
Retained earnings 44 102 037 39 611 884 41 191 336
72 249 942 67 556 369 69 150 951
Non-controlling interest 3 975 246 1 707 029 3 273 748
76 225 188 69 263 398 72 424 699
Liabilities
Non-current liabilities
Other financial liabilities 3 079 380 10 925 066 1 678 601
Deferred tax 5 738 597 - 1 990 655
8 817 977 10 925 066 3 669 256
Current liabilities
Trade and other payables 14 827 245 5 746 352 13 554 949
Provisions 2 777 144 2 531 339 4 506 215
Bank overdraft 14 031 359 1 270 803 14 185 229
31 635 748 9 548 494 32 246 393
Total liabilities 40 453 725 20 473 560 35 915 649
Total equity and liabilities 116 678 913 89 736 958 108 340 348
Net asset value per share (cents) 25.6 29.3 24.5
Consolidated Statement of Comprehensive Income
Unaudited Reviewed Audited
6 months 6 months 12 months
ended ended ended
29 February 28 February 31 August
Figures in Rand 2012 2011 2011
Revenue 2 107 339 236 94 069 616 190 576 074
Cost of sales (73 181 240) (52 255 011) (121 872 505)
Gross profit 34 157 996 41 814 605 68 703 569
Other income 3 207 242 714 136 1 755 470
Operating expenses (18 604 635) (23 547 062) (34 343 038)
Operating profit 18 760 603 18 981 679 36 116 001
Investment revenue 215 702 259 157 693 216
Finance costs (478 374) (362 761) (1 360 172)
Profit before
taxation 18 497 931 18 878 075 35 449 045
Taxation (5 004 654) (5 510 196) (10 775 629)
Profit for the year 13 493 277 13 367 879 24 673 416
Other comprehensive
income
Exchange
differences on
translating foreign
operations 231 044 - 180 749
Total comprehensive
income 13 724 321 13 367 879 24 854 165
Total comprehensive
income attributable
to:
Owners of the parent 12 483 823 12 891 955 22 676 211
Non-controlling
interest 1 240 498 475 924 1 997 205
13 724 321 13 367 879 24 673 416
Profit attributable
to:
Owners of the parent 12 295 533 12 891 955 22 856 960
Non-controlling
interest 1 197 744 475 924 1 997 205
13 493 277 13 367 879 24 854 165
Number of shares
issued 281 826 818 230 364 821 281 826 818
Weighted average
number of shares 281 826 818 129 146 750 197 795 721
Earnings per share
(cents)
Basic earnings per
share 4.4 10.0 11.5
Headline earnings
per share 4.4 10.0 11.5
Diluted earnings
per share 4.4 10.0 11.5
Diluted headline
earnings per share 4.4 10.0 11.5
Consolidated Statement of Changes in Equity
Total Foreign currency
Share share translation
Figures in Rand Share capital premium capital reserve
Balance at 1
September 2010 95 700 32 465 128 165 -
Changes in equity
Total comprehensive
income
for the twelve months - - - 180 749
Business combination - - - -
Transfer of
redemption reserve - - - -
Dividends - - - -
Total changes - - - 180 749
Balance at 1
September 2011 95 700 32 465 128 165 180 749
Changes in equity
Total comprehensive
income
for the six months - - - 188 290
Dividends - - - -
Total changes - - - 188 290
Balance at 29
February 2012 95 700 32 465 128 165 369 039
Total
attributable to
Other non- equity holders
distributable Retained of the group/
Figures reserve Total reserves earnings company in
Rand
Balance
At 1 September
2010 27 816 320 27 816 320 26 719 929 54 664 414
Changes
in equity
Total
comprehensive
income
for the
twelve months - 180 749 22 676 211 22 856 960
Business
combination 84 381 84 381 - 84 381
Transfer of
redemption
reserve (250 000) (250 000) 250 000 -
Dividends - - (8 454 804) (8 454 804)
Total
changes (165 619) 15 130 14 471 407 14 486 537
Balance
at
1 September
2011 27 650 701 27 831 450 41 191 336 69 150 951
Changes
in equity
Total
comprehensive
income
for the
six months - 188 290 12 295 533 12 483 823
Dividends - - (9 384 832) (9 384 832)
Total
changes - 188 290 2 910 701 3 098 991
Balance
at
29 February
2012 27 650 701 28 019 740 44 102 037 72 249 942
Non-controlling
Figures in Rand interest Total equity
Balance at 1 September 2010 1 231 105 55 895 519
Changes in equity
Total comprehensive income
for the twelve months 1 997 205 24 854 165
Business combination 45 438 129 819
Transfer of redemption reserve - -
Dividends - (8 454 804)
Total changes 2 042 643 16 529 180
Balance at 1 September 2011 3 273 748 72 424 699
Changes in equity
Total comprehensive income
for the six months 1 240 498 13 724 321
Dividends (539 000) (9 923 832)
Total changes 701 498 3 800 489
Balance at 29 February 2012 3 975 246 76 225 188
Consolidated Statement of Cash Flows
Unaudited Reviewed Audited
6 months 6 months 12 months
ended ended ended
29 February 28 February 31 August
Figures in Rand 2012 2011 2011
Cash flows from operating
activities
Cash receipts from customers 110 123 925 89 139 011 89 139 010
Cash paid to suppliers and
employees (91 362 910) (92 617 805) (75 313 659)
Cash generated from (used
in) operations 18 761 015 (3 478 794) 13 825 351
Interest income 215 702 259 157 693 216
Finance costs (478 374) (362 761) (1 360 172)
Tax paid (1 134 815) (653 654) (3 054 543)
Exchange differences on
translating foreign
operations 249 925 - 180 748
Net cash from operating
activities 17 613 453 (4 236 052) 10 284 600
Cash flows from investing
activities
Purchase of property, plant
and equipment (657 813) (222 197) (849 890)
Sale of property, plant and
equipment - - 344 533
Purchase of other intangible
assets (6 620 116) (6 214 193) (15 688 572)
Business combinations - - 2 876 638
Purchase of financial assets (836 972) (143 316) (188 663)
Net cash from investing
activities (8 114 901) (6 579 706) (13 505 954)
Cash flows from financing
activities
Proceeds from other financial
liabilities 1 400 779 4 585 727 -
Repayment of other financial
liabilities - - (4 660 738)
Dividends paid (9 923 832) - (8 454 804)
Net cash from financing
activities (8 523 053) 4 585 727 (13 115 542)
Total cash movement for the
six months 975 499 (6 230 031) (16 336 896)
Cash at the beginning of the
six months (11 081 259) 5 255 637 5 255 637
Total cash at the end of the
six months (10 105 760) (974 396) (11 081 259)
Notes:
1. Basis of preparation
The unaudited condensed consolidated interim financial statements 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
Practices Board or its successor and in compliance with the Listings
Requirements of the JSE Limited and the Companies Act No. 71 of 2008 of South
Africa. The accounting policies and method of measurement and recognition
applied in preparation of these unaudited condensed consolidated interim
financial statements are consistent with those applied in the audited annual
financial statements for the year ended 31 August 2011. The accounting policies
and methods have been prepared on the historical cost basis and they are
presented in South African Rands. The unaudited condensed consolidated interim
financial statements were prepared under the supervision of Bianca Pieters
CA(SA).
Unaudited Reviewed Audited
6 months 6 months 12 months
ended ended ended
29 February 28 February 31 August
Figures in Rand 2012 2011 2011
2. Revenue
Rendering of services 107 339 236 94 069 616 190 576 074
107 339 236 94 069 616 190 576 074
3. Dividend declaration
A final gross dividend of 3.45 cents per share (2011: 6.33 cents per share) was
declared for the period ended 31 March 2012 on 25 April 2012 and paid on
21 May 2012. The final gross dividend was based on estimates utilising unaudited
management accounts for the year.
Segment Report
The group is organised into two main segments based on the type of industries
they deliver services to.
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 and 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.
Insurance and
Computer medical aid
software administration
consulting and software and
Figures in Rand implementation services Other
COMPREHENSIVE INCOME
Revenues from external
customers 97 917 546 9 421 690 -
Intragroup revenues 6 180 432 760 185 -
Revenue total 104 097 978 10 181 875 -
Operating profit 18 219 685 1 767 007 (1 226 089)
Interest income 1 415 551 162 232 (1 362 081)
Interest expenses (715 458) (4 608) 241 692
Income taxes (4 709 913) (294 741) -
Profit (loss) for the
period 14 209 865 1 629 890 (2 346 478)
FINANCIAL POSITION
Reportable segment assets 294 578 672 8 510 056 732 494 541
Assets total 294 578 672 8 510 056 732 494 541
Reportable segment
liabilities (717 060 799) (2 934 447) (125 732 086)
Liabilities total (717 060 799) (2 934 447) (125 732 086)
OTHER INFORMATION
Capital expenditure(2) 5 816 212 1 461 717 -
Depreciation and
amortisation (2 293 504) (618 585) -
Movement in provision for
leave pay and bonuses 1 729 071 18 601 -
Eliminations and
Figures in Rand adjustments Consolidated
COMPREHENSIVE INCOME
Revenues from external
customers - 107 339 236
Intragroup revenues (6 940 617)(1) -
Revenue total (6 940 617) 107 339 236
Operating profit 8 849 717 18 760 603
Interest income 1 909 100 215 702
Interest expenses (1 909 100) (478 374)
Income taxes - (5 004 654)
Profit (loss) for the period 8 849 717 13 493 277
FINANCIAL POSITION
Reportable segment assets
Assets total (918 904 356) 116 678 913
Reportable segment (918 904 356) 116 678 913
liabilities 886 181 057 40 453 725
Liabilities total 886 181 057 40 453 725
OTHER INFORMATION
Capital expenditure(2) - 7 277 929
Depreciation and
amortisation - (2 912 089)
Movement in provision for
leave pay and bonuses - 1 747 672
Notes:
1. Intergroup consulting fees are charged at approximate market prices.
2. Capital expenditure consists of additions to property, plant and equipment
and intangible assets.
Geographic information
Revenue from external customers Rand
Africa and Middle East 37 436 747
Australia 26 057 163
Republic of South Africa 43 845 326
107 339 236
The revenue information above is based on the location of the customer.
Commentary
Group results
The group recorded a profit before taxation of R18 497 931 for the six-month
period ending 29 February 2012. Taxation amounted to R5 004 654 resulting in an
after-tax profit of R13 493 277. The group realised the balance of the deferred
tax asset raised in the previous financial period through the statement of
comprehensive income as at 29 February 2012.
Earnings per share and headline earnings per share for the six-month period
amounted to 4.4 cents per share.
Board composition
In anticipation of the reverse listing of the Prescient Group, Herman Steyn
resigned as non-executive chairman of PBT Group Limited with effect from 27
February 2012. Ken Wood, Nitesh Vallabh, Jason Kinnear, Elizna Read and Michelle
Baron-Williamson resigned as directors with effect from the same date. Mike
Buckham and Ronell van Rooyen have been appointed as independent non-executive
directors with effect from 27 February 2012.
Dividend
A final gross dividend of 3.33 cents per ordinary share (total payment: R9 384
832) for the financial year ending 31 August 2011 was paid on 9 January 2012.
The group`s year-end changed to 31 March resulting in a seven-month financial
year. A final gross dividend, based on the results for this period, of 3.45
cents per ordinary share (total payment: R9 723 025) was paid on 21 May 2012.
Prospects and events after reporting period
Demand for the group`s services remains buoyant.
Business intelligence services is still experiencing a high demand globally and
the company is well positioned to continue benefitting from this sector. In the
healthcare sector the companies` Australian operation is showing strong growth.
The South African operations continue to perform as expected.
Subsequent to the reporting period, PBT has made two further acquisitions:
* 100% of Bi-Blue Consulting which is a SAP business objects specialist company;
and
* 51% of Cyberpro Consulting, which is highly regarded in the Microsoft
environment, specialising in application development. There are still suspensive
conditions to be met for this acquisition.
Neither of these acquisitions are significant in size but will strengthen PBT`s
product offering to the market.
M Kaplan PJ de Wet
Independent Non-executive Chairman Chief Executive Officer
Cape Town
31 May 2012
Directorate and administration
Directors: M Kaplan (Chairman)*, PJ de Wet (Chief Executive Officer)
AM Louw (Financial Director), R van Rooyen*, M Buckham*
* Independent non-executive
Company registration number:
1936/008278/06
Share code: PBT ISIN: ZAE000149712
("PBT Group" or "the company" or "the group")
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: Link Market Services South Africa (Pty) Limited
13th Floor, Rennie House, 19 Ameshoff Street
Braamfontein, 2001
Principal banker: Nedbank Limited
Auditors: LDP Inc.
Sponsor and Corporate advisor: Bridge Capital Advisors (Pty) Limited
Date: 31/05/2012 17:28:32 Supplied by www.sharenet.co.za
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