Wrap Text
Reviewed Condensed Financial Results for the Year Ended 31 March 2013
PRESCIENT LIMITED
JSE share code: PCT
ISIN: ZAE000163531
PROVISIONAL RESULTS ANNOUNCEMENT
Reviewed Condensed Financial Results
For the year ended 31 March 2013
Highlights
- Listing of Prescient on the JSE in August 2012
- Acquisition of Prescient Ireland in May 2012
- Launch of the Prescient China Balanced Fund in March 2013
- All flagship portfolios consolidated within the Prescient brand during
the year
- Prescient Investment Management was awarded the 2013 Imbasa Yegolide Absolute Returns Manager of
the Year Award
Background to the Prescient Group
Financial Services
Prescient was launched in 1998 as an investment management
firm with the stock broking business following in 1999. Over the
years, Prescient has evolved into a partnership of people and
companies servicing a broad range of clients. The business has
been structured to efficiently and seamlessly meet the needs of
our clients and the investing community. Being a trendsetter in
various fields locally, we've recently spread our wings into sub-
Saharan Africa, Europe and Asia.
What started as a quantitative investment management business has
evolved to include an administration services division, a stockbroking
arm that has developed into a niche player, a wealth manager, retail
product offerings, a linked life company and retirement products.
As the Group expands into new markets and grows the business,
we strive to maintain the culture, work ethic and commitment to
clients that have contributed to our success thus far. To manage the
growth of the business, we ensure that we invest in infrastructure,
systems and people.
Prescient's founding philosophy was and remains the creation
of an organisation that embraces the positive spirit, growth and
development that a partnership with full equity participation in the
new South Africa produces.
Information Technology Services
PBT Group Limited ("PBT") prides itself
in being able to empower businesses to analyse data intelligently
and deliver real, measurable bottom-line value. PBT operates
in more than 25 countries around the world and is currently
implementing large-scale projects throughout Africa, the Middle
East and Australia working with highly respectable clients in
a variety of industries including banking, insurance, medical
healthcare, telecommunications, and retail.
PBT remains independent of products and vendors and is
therefore able to provide clients with tailor-made, end-to-end
solutions that map to their business, rather than the business
having to map to the technology. With the staff being technology
specialists, they are able to oversee a comprehensive integration
of various products and solutions.
With a staff complement of more than 360 highly skilled and
professional consultants with vast Business Intelligence
experience, PBT has established a reputation for delivery
according to expectations symptomatic of worldwide expertise
and local wisdom.
Review of operations
Prescient Holdings (Proprietary) Limited ("Prescient Holdings")
listed on the JSE, in the Financial Services sector, through a reverse
acquisition of PBT Group Limited ("PBT") on 20 August 2012.
The first six months of the year were highlighted by numerous
expansion initiatives resulting in structural changes to the Group.
The most significant of these initiatives was the purchase by
Prescient Holdings on 31 May 2012 of the Dublin-based investment
management business, AIB Asset Management Holdings (renamed
Prescient Investment Managers (Ireland) ("Prescient Ireland")).
The reviewed condensed financial results for the year ended 31 March 2013
include 12 months of operations for the Prescient Holdings'
companies, 10 months of operations for Prescient Ireland and
seven months of operations for PBT.
Revenue for the Group for the year increased by 119% from
R276.6m to R605.4m. The significant increase in revenue is largely
attributable to the acquisitions during the year. Earnings before
tax for the Group increased by 21% from R118.2m to R143.4m
with earnings after tax increasing by 44% from R71.3m to
R103.0m. Basic earnings per share increased by 15% from 6.36c
to 7.34c. Headline earnings per share increased by 18% from
6.36c to 7.51c. Included in earnings is a fair value gain of R14.3m
relating to the reversal of a portion of the contingent purchase
price for Prescient Ireland. In addition there were costs incurred relating
to the Prescient Ireland acquisition and restructure of R14.8m.
The contingent purchase price is a function of assets under management at
31 May 2013 and 30 November 2013.
Financial Services
Financial Services revenue for the year was R401.6m (March
2012: R276.6m) with earnings before tax of R118.7m (March
2012: R118.2m). The increase in revenue is largely attributable to
the acquisition of Prescient Ireland.
The investment management and administration businesses
continue to focus on delivering appropriate investment portfolios
to clients and service excellence in administration.
The investment philosophy at Prescient focusses on risk
management for clients and Prescient Positive Return will remain
a core strategy. Lower equity returns during the period between
the beginning of 2011 to the middle of 2012 resulted in lower
performance for the Prescient Positive Return strategy with no
opportunities to lock in equity returns while still continuing to pay for
protection. Since the middle of 2012, equity performance has picked
up, resulting in improved returns for Positive Return. Prescient was
recently awarded the 2013 Imbasa Yegolide Return Manager of the Year.
In October 2012 Prescient announced that it had given notice on four
mandates that it managed for Nedgroup Investments (Proprietary)
Limited ("Nedgroup"). Prescient had a retail relationship with
Nedgroup where a number of Prescient's flagship mandates were
marketed under the Nedgroup brand. Prescient has reached a
point in its development and growth strategy where it is critical to
market and sell all products under its own brand. The termination
of these mandates resulted in an outflow of approximately R11.3bn
of assets under management ("AUM").
The resignation of these mandates will allow Prescient to offer
improved servicing to its client base through the consolidation of
its mandates through a single entry point.
South African AUM as at 31 March 2013 was R59.6bn.
Prescient launched its Prescient China Balanced Fund on
26 March 2013 with an initial quota of US$50m. Prescient is the
first African investment manager to be granted a Qualified Foreign
Institutional Investor (QFII) license which allows Prescient to
invest directly in mainland China A-shares listed on the Shanghai
and Shenzhen stock exchanges and in the bond, interbank and
futures market. The fund will invest in equity, bonds, cash and
derivatives with the objective of generating inflation-beating
returns at acceptable risk levels.
The Prescient Africa Equity Fund continues to deliver strong
performance, gaining 53.8% for the year ended 31 March 2013.
It was the top performing South African unit trust for the year to
31 December 2012.
Administration outsourcing has grown significantly during the year
with third party assets under administration of R15.8bn. The growth
has arisen from existing co-name partner clients and an increase
in the number of new outsourced relationships. The administration
business continues to invest in technology and is well placed to
offer a comprehensive, cost-effective solution to clients, assisting
them in complying with the increased regulatory requirements.
Prescient Securities (Proprietary) Limited ("Prescient Securities")
performed well in a very competitive market due to its client-
centric focus, coupled with tight cost controls. Prescient Securities'
stature as a niche participant in the South African stock broking
industry was once again affirmed with a strong performance in the
following industry surveys:
2013 Financial Mail Rating of the Analysts
(Equities & Derivatives) - Highlights
- #1 Financial and Industrial Small & Medium Market
Cap Companies
- #2 Derivatives Research
- #2 Derivatives Trading
- #2 Risk Management
- #2 Electronic & Electrical Equipment
- #3 Hotels, Travel & Leisure
- #4 Resources Small & Medium Market Cap Companies
- #4 Quantitative Analysis
2012 Spire Awards (Fixed Income & Derivatives) - Highlights
- #1 Best Agency Broker: Interest Rate Derivatives Volumetric
- #1 Best Agency Broker: Forex Volumetric
- #3 Best Agency Broker: Cash Bonds
Prescient Ireland incurred a loss of R1.2m since acquisition. This
is primarily due to voluntary redundancy costs of R5.1m that were
undertaken during February 2013 and March 2013.
In addition to the operational costs incurred in Ireland there were
non-recurring expenses incurred in South Africa relating to pre-
acquisition and lease breakage costs of R9.7m associated with the
acquisition of Prescient Ireland. The business has been restructured
to a large degree but there will still be further restructuring costs
incurred in the next financial period. The main focus remains the
retention of the current client base and reducing the cost base.
Information Technology Services
The reverse listing of Prescient Holdings resulted in PBT's results
being consolidated for seven months only. PBT contributed strongly
to the Group's results, producing earnings before tax of R24.7m.
Revenue of R203.8m was achieved for the period, of which R91m
was derived from international operations. Strong growth in the
South African operations, however, has resulted in the percentage
of international revenue to total revenue declining to 46.2% for the
year from approximately 50% historically.
Acquisitions of subsidiaries and non-controlling interests
Prescient Ireland
The Group obtained control of Prescient Ireland, an investment
manager based in Dublin, Ireland, by acquiring the entire issued
share capital of the company for an initial R72.2m, with a further
contingent amount of R16.6m. The acquisition was a continuation
of the Group's expansion into the international market, will diversify
the Group's earnings and client base, and provide the local client
base with seamless access to global markets. Prescient's risk
management and asset allocation skills fit well in the Irish market,
where retirement funds' assets are still predominantly defined benefit
and largely underfunded. AUM at 31 March 2013 was EUR4.8bn.
Reverse acquisition of PBT
On 20 August 2012 PBT acquired the entire issued share capital
of Prescient Holdings. This acquisition was classified as a reverse
acquisition in terms of IFRS 3 Business Combinations and PBT
was treated as the accounting acquiree. PBT was acquired for an
amount of R470.5m and the net assets at acquisition are reflected
in the table below.
Prescient Capital
On listing date there was an acquisition of Prescient Capital, an
investment holding company with numerous interests in property
holding companies and a Dublin-based investment administrator.
Prescient Capital was acquired for a consideration of R71.7m.
Other acquisitions included
- A 75% investment in Greenfields Institute of Business ("GIB"),
50% of which was acquired through Prescient Capital and a direct
acquisition of 25% for a consideration of R6.2m.
GIB provides marketing research and consulting services to large
corporates;
- 51% of Cyberpro Consulting ("Cyberpro") for a consideration
of R6.5m. Cyberpro is a leading Microsoft
Certified software services company, and
- 100% of BI Blue Consulting ("BI Blue") for a consideration of
R8m. BI Blue offers business intelligence
services, specialising in SAP technology, to assist clients in
harnessing data to improve decision-making.
If all acquisitions had taken place at the beginning of the period under
review, revenue for the Group would have increased by R155.5m and
net profit before tax would have increased by R15.7m.
The purchase price, in excess of net identifiable assets, has been
provisionally determined as goodwill. The allocation between
intangible assets and goodwill will be determined during the
following financial period.
The following table summarises the recognised amounts of assets and liabilities assumed at acquisition date:
Prescient Prescient
R'000 Ireland PBT Capital Other
Acquisition of subsidiaries and non-controlling interest
Cash and cash equivalents 79 522 83 983 4 366 5 395
Financial assets at fair value through profit or loss 213 43 811 17 279 131
Investment in associate 7 435
Equipment 2 280 2 136 136 321
Investment property 17 967
Intangible assets 14 679 29 408 7 629
Deferred tax asset 197 93 44
Trade and other receivables 55 775 57 871 1 267 5 910
Long-term loans receivable 14 850 1 233 911
Inventories 20 516
Taxation receivable 3 826 700
Current tax payable (8 193) (5 565)
Trade, other payables and provisions (86 811) (18 775) (575) (3 158)
Long-term loans payable (14 037) (191) (487)
Deferred tax liability (5 283)
Bank overdraft (13 233) (97)
Total net identifiable assets 57 662 199 508 56 639 9 670
Provisional goodwill arising from the acquisitions has been recognised as follows:
Prescient Prescient
Ireland PBT Capital Other
Total consideration transferred 72 224 470 466 71 732 28 780
Contingent consideration payable 16 578
Non-controlling interests 9 658
Total net identifiable assets (57 662) (199 508) (56 639) (9 670)
Goodwill 31 140 270 958 15 093 28 768
Capitalisation issue and dividend
The board of directors of the Company ("the Board") have
resolved to declare a distribution of 2.5 cents per ordinary share
either by way of a capitalisation issue ("the Capitalisation Issue"),
or, if elected, a cash dividend ("the Cash Dividend") to ordinary
Shareholders ("Shareholders") recorded in the register of the
Company at the close of business on the Record Date.
Shareholders not electing to be paid the Cash Dividend in respect
of all of their ordinary shareholding will receive the Capitalisation
Issue, without any action on their part, by reference to their
ordinary shareholding as at the close of business on the Record
Date, being Friday, 2 August 2013, in accordance with the ratio
that 2.5 cents per share bears to the Volume Weighted Average
Price of an ordinary Prescient share traded on the JSE during the
five-day trading period ending on Friday, 12 July 2013.
The following table indicates the important dates with respect to the Dividend and the Capitalisation Issue:
EVENT 2013
Announcement released on the Stock Exchange News Service ("SENS") relating to the Cash Dividend and Tuesday, 25 June
the Capitalisation Issue
Circular and Form of Election posted to Shareholders Monday, 1 July
Announcement released on SENS of the ratio based on the five day trading period ending on Friday, Monday, 15 July
12 July 2013
Announcement released in the press of the ratio based on the five day trading period ending on Friday, Tuesday, 16 July
12 July 2013
Last day to trade in order to be eligible for the Capitalisation Issue or, alternatively, the Cash Dividend Friday, 26 July
Ordinary shares trade "ex" the Cash Dividend/Capitalisation Issue Monday, 29 July
Listing of maximum possible number of ordinary shares from the commencement of business Monday, 29 July
Last day to elect to receive the Cash Dividend instead of the Capitalisation Issue. Forms of Election to reach Friday, 2 August
the Transfer Secretaries by 12:00
Record Date in respect of the Cash Dividend and the Capitalisation Issue Friday, 2 August
Share certificates posted on or about, and Cash Dividend payments made/Cash Dividend cheques posted, Monday, 5 August
CSDP/broker accounts updated
Announcement relating to the results of the Cash Dividend and the Capitalisation Issue released on SENS Monday, 5 August
Listing of ordinary shares adjusted at the commencement of business on or about Wednesday, 7 August
Share certificates may not be dematerialised or rematerialised
between Monday, 29 July 2013 and Friday, 2 August 2013, both
dates inclusive.
The Cash Dividend and the Capitalisation Issue are likely
to have tax implications for both resident and non-resident
shareholders. Shareholders are therefore encouraged to consult
their professional tax advisors should there be any doubt as to the
appropriate action to take.
In terms of the Income Tax Act 58 of 1962 ("the Income Tax Act"),
the Cash Dividend will, unless exempt, be subject to Dividend
Withholding Tax ("DWT") that was introduced with effect from 1
April 2012. South African resident Shareholders that are liable for
DWT will be subject to DWT at a rate of 15% of the Cash Dividend
and this amount will be withheld from the Cash Dividend with the
result that they will receive a net amount of 2.125 cents per share.
Non-resident Shareholders may be subject to DWT at a rate of
less than 15% depending on their country of residence and the
applicability of any Double Tax Treaty between South Africa and
their country of residence. The Prescient Income Tax reference
number is 9725/148/71/3.
The Capitalisation Issue is not subject to DWT in terms of the Income
Tax Act, but the subsequent disposal of shares obtained as a result
of the Capitalisation Issue is likely to have Income Tax or Capital
Gains Tax ("CGT") implications. Where any future disposals of
shares obtained as a result of the Capitalisation Issue falls within the
CGT regime, the base cost of such shares will be regarded as nil in
terms of the Income Tax Act (or the value at which such shares will
be included in the determination of the weighted average base cost
method will be zero).
Prescient's current capital adequacy position is such that it
allows for the payment of a full cash dividend. The rationale for
the Capitalisation Issue with the election to receive the Cash
Dividend is to afford Shareholders the opportunity to increase
their shareholding in Prescient, which consequently affords
Prescient the opportunity to strengthen its capital base to support
continued growth as well as to reduce long term debt, whilst
providing flexibility for those Shareholders who would prefer to
receive the Cash Dividend. A detailed circular including a form of
election will be sent to shareholders in due course.
The Company's issued ordinary share capital at reporting date is
1 576 346 232 ordinary shares of which 24 317 180 are held as
treasury shares.
Prospects
Financial Services
The prospects for continued growth in existing products, the
international expansion of the Group in Europe, the QFII licence
as well as the expanded range of Prescient products in the retail
market has opened the doors for a number of exciting growth
opportunities in the future. The investment philosophy at Prescient
will continue to be applied consistently across all our mandates to
ensure that we deliver stability to our clients.
Furthermore, the administration capability at Prescient will allow for
strong growth in administration to a growing client base. With our
systems and people, we believe we are well placed for growth in
a market that requires strong administration functionality and the
ability to deliver on growing reporting and regulatory demands
imposed on our clients.
Prescient Securities remains focused on offering its clients a
value-add research and trade offering, enhanced by strong BEE
credentials. The Company is exploring various innovative initiatives
to increase its market share in South Africa and expand its trade
offering to include international markets.
Information Technology Services
PBT is currently experiencing strong demand and growth in its
South African operations and all indications are that this trend
will continue throughout the next financial period. Our Oracle,
IBM, SAP and Microsoft service offerings are highly regarded
and in great demand. Continuous investment in these identified
technology stacks is cementing PBT's leading position in data and
information management and healthcare software services.
Earnings per share
Reviewed Audited
31 March 31 March
2013 2012
Weighted average number 1 396 375 360 1 120 596 744
of shares in issue during
the year
Weighted average number 1 396 375 360 1 120 596 744
of shares potentially in
issue
R'000 R'000
Earnings attributable to 102 958 71 324
shareholders
Non-controlling interests (502)
Earnings attributable to 102 456 71 324
ordinary shareholders
Change in fair value of 2 361
investment property
Headline earnings 104 817 71 324
attributable to ordinary
shareholders
Actual number of shares 1 576 346 232 1 120 596 744
in issue at the end of the
year
Changes to the Board of Directors
During the year the following changes were made to the board
of directors: on 10 July 2012 Heather Sonn, Keneilwe Moloko
and Zane Meyer were appointed as independent non-executive
directors and Pierre De Wet resigned as a director. On 13
December 2012 Herman Steyn was appointed to the Board and
assumed the role of Chief Executive Officer. Furthermore there
was a change in responsibility of directors with the appointment
of Michael Buckham as Financial Director and Murray Louw
resigning as Chief Executive Officer to assume the role as
Chairman on 13 December 2012, whilst Monty Kaplan remains
on the Board as the lead independent non-executive director.
Basis of preparation
The condensed consolidated provisional annual financial
statements are prepared in accordance with the framework
concepts and recognition and measurement principles of
International Financial Reporting Standards and presented in
accordance with the minimum content, including disclosures,
prescribed by IAS 34 Interim Financial Reporting applied to year
end reporting, the SAICA Financial Reporting Guides as issued by
the Accounting Practices Committee, and the requirements of the
Companies Act of South Africa. These condensed consolidated
provisional annual financial statements have been prepared
in accordance with the historical cost basis except for certain
financial instruments and investment property which are stated
at fair value. The condensed consolidated provisional annual
financial statements are presented in rand, rounded to the nearest
thousand. The accounting policies applied in the presentation
of the condensed consolidated provisional financial statements are in
accordance with International Financial Reporting Standards
and are consistent with those presented in the previous annual
financial statements except for including accounting policies for
investment property and inventory which have become relevant for
Prescient during the year.
The condensed consolidated provisional annual financial
statements have been prepared under the supervision of
the Financial director, Michael Buckham CA(SA). The condensed
consolidated provisional annual financial statements have been reviewed by
the Group's external auditors, KPMG Inc.
Judgements and estimates
Preparing the financial report requires management to make
judgements, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets and
liabilities, income and expense. Actual results may differ from
these estimates.
In preparing this condensed consolidated provisional annual
financial statements significant judgements made by management
in applying the Group's accounting policies and key sources of
estimation uncertainty were the same as those that applied to the
consolidated financial statements as at and for the year ended
31 March 2012. In addition significant judgements were made
in the current year, relating to business combinations.
Related party transactions
The Group, in the ordinary course of business, entered into
various intercompany transactions with related parties.
Subsequent events
With the exception of the items disclosed in this report there were
no material events subsequent to the reporting date.
External audit review
The condensed consolidated provisional financial statements of
Prescient Limited for the year ended 31 March 2013 have been
reviewed by the Company's auditor, KPMG Inc. In their review
report dated 25 June 2013, which is available for inspection at the
Company's Registered Office, KPMG Inc state that their review
was conducted in accordance with the International Standard
on Review Engagements 2410, Review of Interim Information
Performed by the Independent Auditor of the Entity, which applies
to a review of consolidated provisional financial information, and
have expressed an unmodified conclusion on the condensed
consolidated provisional financial statements.
Forward-looking statements
This announcement contains certain forward-looking statements
with respect to the financial condition and results of the
operations of Prescient Limited that, by their nature, involve risk
and uncertainty because they relate to events and depend on
circumstances that may or may not occur in the future. These may
relate to future prospects, opportunities and strategies. If one or
more of these risks materialise, or should underlying assumptions
prove incorrect, actual results may differ from those anticipated.
By consequence, none of the forward-looking statements have
been reviewed or reported on by the Group's auditors.
Company information
Directors: AM Louw (Chairman), HC Steyn (CEO), M Buckham (Financial Director), M Kaplan (Lead independent Non-executive), H Sonn (Independent Non-executive),
K Moloko (Independent Non-executive), Z Meyer (Independent Non-executive), R van Rooyen (Non-executive)
Registered office: Prescient House, Westlake Business Park, Otto Close, Westlake, 7945, South Africa
Postal address: PO Box 31142, Tokai, 7966
Registration number: 1936/008278/06
Auditor: KPMG
Sponsor: Bridge Capital Advisors (Proprietary) Limited
Transfer secretaries: Link Market Services
JSE share code: PCT
ISIN: ZAE000163531
Condensed consolidated statement of financial position
Reviewed Audited
31 March 31 March
2013 2012
R'000
Assets R'000 R'000
Non-current assets 6 672 040 4 941 986
Equipment 14 155 7 569
Investment property 17 711
Goodwill and intangible assets 472 816 69 348
Deferred tax asset 1 079 1 379
Long-term loans receivable 32 918 31 332
Investment in equity-accounted investees 1 398 2 225
Financial assets at fair value through profit or loss 139 949 46 702
Linked investments backing policyholder funds 5 992 014 4 783 431
Current assets 676 985 672 804
Inventories 16 096
Trade and other receivables 167 139 17 855
Amounts owing by clearing houses 223 730 298 882
Amounts owing from clients 151 429 300 996
Taxation receivable 11 688 2 240
Cash and cash equivalents 106 903 52 831
Total assets 7 349 025 5 614 790
Equity
Share capital and premium 637 062 53 309
Reserves 280 (13 038)
Retained income 93 595 63 963
Total equity attributable to owners of the Company 730 937 104 234
Non-controlling interests 9 781
Total equity 740 718 104 234
Non-current liabilities 6 099 502 4 837 867
Deferred tax liability 5 507 4 130
Deferred income 3 206
Policyholder investment contract liabilities 5 989 473 4 782 822
Long-term loans payable 101 316 50 915
Current liabilities 508 805 672 689
Trade, other payables and provisions 111 237 38 951
Amounts owing to clearing houses 47 454
Amounts owing to clients 374 591 545 541
Deferred income 2 491
Current tax payable 14 224 3 824
Shareholders for dividend 36 919
Bank overdraft 6 262
Total liabilities 6 608 307 5 510 556
Total equity and liabilities 7 349 025 5 614 790
Condensed Consolidated segment report
Financial services IT services Group
Reviewed Audited Reviewed Audited Reviewed Audited
31 March 31 March 31 March 31 March 31 March 31 March
2013 2012 2013 2012 2013 2012
R'000 R'000 R'000 R'000 R'000 R'000
Segment external revenue 401 633 276 595 203 760 605 393 276 595
Segment profit before tax 118 715 118 167 24 667 143 382 118 167
Assets* 6 686 004 5 547 466 212 969 - 6 898 973 5 547 466
Liabilities (6 561 686) (5 510 556) (46 621) - (6 608 307) (5 510 556)
* Goodwill not managed as part of segment assets, therefore excluded.
Condensed consolidated statement of comprehensive income
Reviewed % Audited
31 March Change 31 March
2013 2012
R'000 R'000
Revenue 605 393 119% 276 595
Fair value gain on contingent purchase price 14 323 -
Expenses 463 380 202% 153 464
Profit from operations 156 336 123 131
Share of loss of equity-accounted investees (net of tax) 219 135
Finance costs 12 735 4 829
Profit before taxation 143 382 21% 118 167
Income tax expense 40 424 46 843
Profit for the year 102 958 44% 71 324
Other comprehensive income
Foreign currency translation differences - foreign operations 12 396
Tax on other comprehensive income
Other comprehensive income for the year, net of tax 12 396
Total comprehensive income for the year 115 354 71 324
Profit attributable to:
Owners of the Company 102 456 44% 71 324
Non-controlling interests 502
Profit for the year 102 958 71 324
Total comprehensive income attributable to:
Owners of the Company 114 852 71 324
Non-controlling interests 502
Total comprehensive income for the year 115 354 71 324
Earnings per share (cents)
-Basic 7.34 15% 6.36
-Diluted 7.34 6.36
Notes to the statement of comprehensive income
Headline earnings per share (cents)
-Basic 7.51 18% 6.36
-Diluted 7.51 6.36
Dividend per share (cents)
-Interim - declared 26 July 2011 - 3.18
-Interim - declared 14 November 2012 (2012: 2 December 2011 3.30 9% 3.02
-Final - declared 25 June 2013 (2012: 30 March 2012) 2.50 (24%) 3.29
Condensed consolidated statement of cash flows
Reviewed Audited
31 March 31 March
2013 2012
R'000 R'000
Cash flows from operating activities
Profit before taxation 143 382 118 167
Non-cash movements and adjustments to profit before tax (15 593) 2 419
Changes in working capital (10 213) (23 568)
Dividends received 544 1 364
Dividends paid (88 137) (69 995)
Interest received 16 309 9 301
Interest paid (12 735) (4 829)
Taxation paid (52 031) (40 782)
Net cash outflow from operating activities (18 474) (7 923)
Cash inflow from investing activities 66 759 17 819
Cash (outflow)/inflow from financing activities (9 755) 1 756
Net increase in cash and cash equivalents 38 530 11 652
Effect of exchange rate fluctuations on cash held 9 280 (214)
Cash and cash equivalents at beginning of year 52 831 41 393
Cash and cash equivalents at end of year 100 641 52 831
Condensed consolidated statement of changes in equity
Attributable to owners of the Company
Non-
Share Share Translation Treasury Retained controlling Total
capital premium reserve shares income Total interests equity
R'000
Balance at 1 April 2011 1 53 308 (19 246) 100 394 134 457 (49) 134 408
Total comprehensive income
for the year
Profit for the year 71 324 71 324 71 324
Total comprehensive income
for the year 71 324 71 324 71 324
Transactions with owners
recognised directly in equity
Contributions by and
distributions to owners of the
Company
Treasury shares sold 6 208 6 208 6 208
Dividends declared during the year (106 914) (106 914) (106 914)
Total contributions by and
distributions to owners of the
Company 6 208 (106 914) (100 706) (100 706)
Changes in ownership interests
in subsidiaries
Acquisition of noncontrolling
interests (841) (841) 49 (792)
Total changes in ownership
interests in subsidiaries (841) (841) 49 (792)
Total transactions with owners of
the Company 6 208 (107 755) (101 547) 49 (101 498)
Balance at 31 March 2012 1 53 308 (13 038) 63 963 104 234 104 234
Attributable to owners of the Company
Non-
Share Share Translation Treasury Retained controlling Total
capital premium reserve shares income Total interests equity
R'000
Balance at 1 April 2012 1 53 308 (13 038) 63 963 104 234 104 234
Total comprehensive income
for the year
Profit for the year 102 456 102 456 502 102 958
Total other comprehensive
income 12 396 12 396 12 396
Total comprehensive income
for the year 12 396 102 456 114 852 502 115 354
Transactions with owners
recognised directly in equity
Contributions by and
distributions to owners of the
Company
Treasury shares sold 922 922 922
Dividends declared during the year (51 218) (51 218) (51 218)
Issue of ordinary shares related
to business combinations 583 753 583 753 583 753
Total contributions by and
distributions to owners of the
Company 583 753 922 (51 218) 533 457 533 457
Changes in ownership interests
in subsidiaries
Acquisition of noncontrolling
interests (21 606) (21 606) 9 279 (12 327)
Total changes in ownership
interests in subsidiaries (21 606) (21 606) 9 279 (12 327)
Total transactions with owners of
the Company 583 753 922 (72 824) 511 851 9 279 521 130
Balance at 31 March 2013 1 637 061 12 396 (12 116) 93 595 730 937 9 781 740 718
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