Wrap Text
Condensed unaudited results for the six months ended 30 June 2015
RBA HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/009701/06)
(JSE code: RBA ISIN: ZAE000199642)
(“RBA” or the “Company”)
Condensed unaudited interim results for the six months ended 30 June 2015
Overview
Established in 1997, RBA is a supplier of affordable homes in South
Africa. The Company’s business model encompasses the complete property
development process viz. the acquisition of land, town planning, and
project management of services installation, marketing, sale and
construction of quality affordable homes. In addition to the sales of
freehold homes to individual clients the business is increasingly focused
on the construction of housing units for sale to institutional investors.
In line with the turnaround strategy and following a recapitalisation
transaction in December 2014, the Company has increased the number of
serviced stands available for sale, improved its project pipeline,
increased its construction capacity and has achieved record levels of
production and sales performance for the reporting period. Although the
Company reported an operating loss for the reporting period, the results
of the Company’s turnaround strategy is evidenced by the significant
reduction in losses compared to the half year results for the 2015
financial year.
The Company reported a Net Profit after Tax of R1.8 million for the six
months ending 30 June 2015, marking the first profitable reporting period
since the first half of 2012.
Headlines
* Headline Earnings of 1.22 cents per share for the half year to 30 June
2015 compared to a loss of 36.41 per share for the restated results for
30 June 2014;
* Turnaround evidenced by reduction in the loss before tax from R25.3
million for the comparative period to R9.9 million - a 60.5% reduction;
* Ramp up of construction volumes resulted in a 63% increase in the number
of house starts and a 50% increase in revenue compared to the first half
of 2014.
The condensed unaudited interim results for the 6 month period ending
30 June 2015 are presented below:
Consolidated Statement of Financial Position
Restated Restated
30 Jun 30 Jun 31 Dec
2015 2014 2014
R'000 R'000 R'000
Assets
Non-Current Assets 153 764 142 303 128 952
Investment property 12 346 10 731 12 346
Investment property - Rental
Portfolio 96 994 107 013 93 879
Property, plant and equipment 3 176 1 832 1 490
Investment in associate 293 639 293
Investment in joint venture 8 156 – 32
Stands held for trading 9 664 11 831 9 641
Deferred tax 23 135 10 257 11 271
Current Assets 144 070 134 241 126 486
Inventories 2 878 1 879 3 172
Loan to joint venture 103 – 1 349
Stands held for trading 72 652 89 274 75 651
Revenue recognition in excess of
billings 50 179 20 641 8 171
Trade and other receivables 13 696 15 515 9 274
Deposits for land and stand
allocations 1 770 3 387 2 399
Cash and cash equivalents 2 792 3 545 19 650
Investment property - Rental
portfolio - Held for Sale – – 6 820
Total Assets 297 834 276 544 255 438
Equity and Liabilities
Equity 43 204 (2 604) (13 595)
Share capital 153 669 61 470 98 669
Reserves 2 954 2 768 2 954
Accumulated loss (108 502) (63 397) (109 540)
Non-controlling interest (4 917) (3 445) (5 678)
Non-Current Liabilities 187 557 162 907 129 955
Other financial liabilities 121 743 93 560 77 503
Other financial liabilities - Rental
Portfolio 63 477 66 150 49 626
Finance lease obligation 150 410 297
Deferred tax 2 187 2 787 2 529
Current Liabilities 67 073 116 241 139 078
Other financial liabilities 11 438 22 809 70 417
Other financial liabilities - Rental
Portfolio 1 074 1 690 12 479
Loan to be converted to Debenture – 23 726 –
Current tax payable 1 541 1 545 1 126
Finance lease obligation 274 237 248
Trade and other payables 41 553 61 119 45 446
Billings in excess of revenue
recognition 8 357 383 393
Loans from directors and management – – 1 268
Bank overdraft 2 836 4 732 3 183
Investment property - Rental
portfolio - Held for Sale 4 518
Total Equity and Liabilities 297 834 276 544 255 438
Number of Shares in Issue 146 918 258 59 918 258 91 918 258
Net asset value per share (cents)
- Previously reported - 2.77 5.11
- Restated 29.41 (4.35) (14.79)
Net tangible asset value per share
(cents)
- Previously reported – 2.77 5.11
- Restated 29.41 (4.35) (14.79)
Consolidated Statement of Comprehensive Income
Restated Restated
6 months 6 months 12 months
30-Jun-15 30-Jun-14 31-Dec-14
R'000 R'000 R'000
Revenue 140 966 94 891 185 666
Cost of sales (113 644) (80 525) (157 662)
Gross profit 27 322 14 366 28 004
Other income 3 877 62 781
Operating expenses (37 934) (31 514) (78 541)
Operating loss (6 735) (17 086) (49 756)
Investment income - 3 2
Loss on sale on non-current assets (649) (288) (1 865)
Fair value adjustments - - (4 195)
Share of profit/(loss)from Associate and
Joint Venture 8 124 - (313)
Finance costs (10 732) (7 923) (18 901)
Loss before taxation (9 992) (25 294) (75 028)
Taxation 11 791 393 1 747
Total comprehensive profit/(loss) 1 799 (24 901) (73 281)
Profit/(loss)attributable to:
Owners of the company 1 037 (22 108) (68 254)
Non-controlling interest 762 (2 793) (5 027)
1 799 (24 901) (73 281)
Reconciliation of headline earnings/(loss)
Profit/(loss) attributable to ordinary 1 037 (22 108) (68 254)
shareholders
Loss on disposal of property, plant and
equipment 649 288 1 865
Fair value adjustment of investment
properties - - 4 195
Tax affect - - 26
Headline profit/(loss) to ordinary
shareholders 1 686 (21 820) (62 168)
Basic earnings/(loss) per share (cents)
- Restated 0.75 (36.89) (108.68)
- Previously reported - (3.32) (7.92)
Headline earnings/(loss) per share
(cents)
- Restated 1.22 (36.41) (98.99)
- Previously reported - (3.27) (6.99)
Diluted earnings per share (cents)
- Restated (108.68)
* Basic and headline earnings per share for prior periods restated as a
result of restatement of prior year numbers as well as share consolidation
in February 2015.
The table below sets out the total number of shares in issue at the end of
each comparative period as though the share consolidation had already
taken place. The table also sets out the weighted average number of shares
for each period applied for purposes of calculating the earnings per share
set out above:
Number of shares in issue 30-Jun-15 30-Jun-14 31-Dec-14
Shares in issue at beginning of
period 91 918 258 59 918 258 59 918 258
Shares issued 55 000 000 - 32 000 000
Shares in issue at end of period 146 918 258 59 918 258 91 918 258
Held by share trust 3 550 417 1 569 378 3 550 417
Weighted average number of shares 137 802 236 59 918 258 62 800 449
Equivalent weighted average number
shares prior to the share
consolidation - 599 182 580 628 004 495
Consolidated Statement of Cash Flows
Restated Restated
6 months 6 months 12 months
30-Jun-15 30-Jun-14 31-Dec-14
R'000 R'000 R'000
Cash flows from operating activities (57 843) (53 826) (77 135)
Cash used in operations (47 111) (45 905) (62 135)
Interest received - 3 2
Interest paid (10 732) (7 924) (14 939)
Tax paid - - (63)
Cash flows from investing activities 3 264 431 3 163
Purchase of property, plant and
equipment (1 686) (1 076) (1 258)
Proceeds on disposal of Rental Portfolio
held as available for sale 3 705 - -
Sale of property, plant and equipment - 291 320
Sale of investment property - 1 216 5 450
Loan to joint venture 1 245 - (1 349)
Cash flows from financing activities 38 068 56 309 94 541
Proceeds on share issue 55 000 - 37 199
Loans (repaid)/received (16 811) 56 340 57 442
Loans from directors, managers and
employees - - 284
Repayment of finance lease obligation (121) (31) (384)
Cash flows for the period (16 511) 2 914 20 569
Cash and cash equivalents at beginning
of period 16 467 (4 102) (4 102)
Cash and cash equivalents at end of
period (44) (1 188) 16 467
Segmental Report
Property Development
Restated Restated
30-Jun-15 30-Jun-14 31-Dec-14
R'000 R'000 R'000
Revenue 135 711 89 107 173 746
Cost of Sales (113 644) (80 525) (157 662)
Gross Profit 22 067 8 582 16 084
Other income 3 877 62 781
Operating expenses (34 963) (28 921) (72 116)
Investment income - 3 2
(Loss)/profit on sale of non-current
assets (649) (36) (474)
Share of profit of Associate and Joint
Venture 8 124 - (313)
Fair value adjustment - - 140
Finance cost (7 384) (4 539) (11 986)
(Loss)/profit before tax (8 928) (24 849) (67 882)
Total assets 201 220 167 133 150 078
Total liabilities 186 012 206 264 197 770
Rental Portfolio
30-Jun-15 30-Jun-14 31-Dec-14
R'000 R'000 R'000
Revenue 5 255 5 784 11 920
Cost of Sales - - -
Gross Profit 5 255 5 784 11 920
Other income - -
Operating expenses (2 971) (2 593) (6 425)
Investment income - - -
(Loss)/profit on sale of non-current assets - (252) (1 391)
Share of profit of Associate and Joint
Venture - - -
Fair value adjustment - - (4 335)
Finance cost (3 348) (3 384) (6 915)
(Loss)/profit before tax (1 064) (445) (7 146)
Total assets 96 614 109 411 105 360
Total liabilities 68 618 72 884 71 263
Consolidated
Restated Restated
30-Jun-15 30-Jun-14 31-Dec-14
R'000 R'000 R'000
Revenue 140 966 11 568 23 840
Cost of Sales (113 644) - -
Gross Profit 27 322 11 568 23 840
Other income 3 877 - -
Operating expenses (37 934) (5 186) (12 850)
Investment income - - -
(Loss)/profit on sale of non-current assets (649) (504) (2 782)
Share of profit of Associate and Joint
Venture 8 124 - -
Fair value adjustment - - (8 670)
Finance cost (10 732) (6 768) (13 830)
(Loss)/profit before tax (9 992) (890) (14 292)
Total assets 300 640 218 822 210 720
Total liabilities 254 630 145 768 142 526
* available for sale assets and liabilities are included in property
development activities for purposes of segmental reporting
Consolidated Statement of Changes in Equity - Restated
Share
based
Share payment
capital reserve
R'000 R'000
Balance at 1 January 2014 61 470 2 768
Total comprehensive loss for the six month period
Balance at 30 June 2014 61 470 2 768
Total comprehensive loss for the six month period
Issue of shares 37 199
Share-based payment expense 186
Change in shareholding
Equity loan - -
Total movement for the year 37 199 186
Balance at 1 January 2015 98 669 2 954
Issue of shares 55 000
Profit for the year -
Balance at 30 June 2015 153 669 2 954
Accumulated Minority
loss interest Total
R'000 R'000 R'000
Balance at 1 January 2014 (41 290) (651) 22 297
Total comprehensive loss for the
six month period (22 107) (2 794) (24 901)
Balance at 30 June 2014 (63 397) (3 445) (2 604)
Total comprehensive loss for the
six month period (46 146) (2 234) (48 380)
Issue of shares 37 199
Share-based payment expense 186
Change in shareholding 4 4
Equity loan - - -
Total movement for the year (68 249) (5 028) (35 892)
Balance at 1 January 2015 (109 539) (5 679) (13 595)
Issue of shares 55 000
Profit for the year 1 037 762 1 799
Balance at 30 June 2015 (108 502) (4 917) 43 204
Consolidated Statement of Changes in Equity - As previously reported
Share
based
Share payment Accumulated
capital reserve loss
R'000 R'000 R'000
Balance at 1 January 2014 61 470 2 768 (26 042)
Total comprehensive loss for the
six month period (19 900)
Balance at 30 June 2014 61 470 2 768 (45 942)
Total comprehensive loss for the
six month period (32 199)
Issue of shares 37 199
Share-based payment expense 186
Change in shareholding 4
Equity loan - - -
Total movement for the year 37 199 186 (52 095)
Balance at 1 January 2015 98 669 2 954 (78 137)
Issue of shares 55 000
Equity loan
Profit for the year - (1 871)
Balance at 30 June 2015 153 669 2 954 (80 008)
Minority Equity
interest Loan Total
R'000 R'000 R'000
Balance at 1 January 2014 349 - 38 545
Total comprehensive loss for the six
month period (2 061) - (21 961)
Balance at 30 June 2014 (1 712) - 16 584
Total comprehensive loss for the six
month period (1 705) - (33 904)
Issue of shares 37 199
Share-based payment expense 186
Change in shareholding 4
Equity loan - 55 000 55 000
Total movement for the year (3 766) 55 000 36 524
Balance at 1 January 2015 (3 417) 55 000 75 069
Issue of shares 55 000
Equity loan (55 000) (55 000)
Profit for the year (1 553) (3 424)
Balance at 30 June 2015 (4 970) - 71 645
1. Basis of preparation
These interim financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) and IAS 34: Interim
Financial Reporting. The accounting policies used in the preparation of
these results are consistent with those used in the annual financial
statements for the year ended 31 December 2014. This announcement does
not include the information required pursuant to paragraph 16A(j) of IAS
34 relating to the fair value of financial instruments. Note that there
has been no material variation in the fair value of assets since reported
in annual financial statements as at 31 December 2014.
2. Restatement of prior year balances
2.1 Deferred Tax
A change in the estimation approach has resulted in a restatement of
deferred tax assets in prior period results. Whereas deferred tax assets
were previously recognised based on forecasted future profits, the Company
is now applying actual taxable income as convincing other evidence to
support the recognition of deferred tax assets. Where entities in the
group with tax losses are currently generating taxable profit, deferred
tax assets have been recognised in the current reporting period.
As As
previously previously
Restated reported Restated reported
30-Jun-14 30-Jun-14 31-Dec-14 31-Dec-14
R'000 R'000 R'000 R'000
Statement of Financial
Position
Deferred tax assets 10 257 32 103 11 271 47 877
Deferred tax liabilities 2 787 5 445 2 529 5 471
Accumulated loss (63 397) (45 941) (109 540) (78 137)
Statement of Comprehensive
Income
Taxation 393 3 333 1 747 19 163
Total comprehensive loss (24 901) (21 961) (73 281) (55 865)
2.2 Equity Loan
In 2014, the Company entered into an agreement with the Housing Impact
Fund South Africa (“HIFSA”), in terms of which HIFSA would subscribe for
550 million shares at 10 cents each in the share capital of RBA for an
amount of R 55 million. The company received the R 55 million in November
2014 and the shares were issued in January 2015. The loan was classified
as an Equity Loan on the basis that as at 31 December 2014, 72% of
shareholders eligible to vote at the shareholder’s meeting had signed
irrevocable support for the transaction and most suspensive conditions to
HIFSA’s share subscription had been met. The loan has been restated as a
current liability given that not all suspensive conditions had been met as
at 31 December 2014.
As As
previously previously
Restated reported Restated reported
30-Jun-14 30-Jun-14 31-Dec-14 31-Dec-14
R'000 R'000 R'000 R'000
Statement of Financial
Position
Equity loan - - - 55 000
Other financial liabilities
- current - - 70 417 15 417
2.3 Revenue
Project Management Fees previously classified as other income have been
restated in prior years as Revenue.
As As
previously previously
Restated reported Restated reported
30-Jun-14 30-Jun-14 31-Dec-14 31-Dec-14
R'000 R'000 R'000 R'000
Statement of Comprehensive
Income
Revenue - - 185 666 181 368
Other income - - 781 5 079
3. Share Consolidation
At a shareholders meeting held on 19 January 2015 it was approved that the
Company’s shares be consolidated by a factor of ten. As notified by a SENS
dated 23 January 2015 the listing date of the new consolidated shares was
2 February 2015.
In accordance with IAS 33:28 the number of ordinary shares outstanding has
been adjusted proportionately for the share consolidation as if this event
occurred at 30 June 2014. The Basic and Headline Earnings per share for
the comparative periods have been restated accordingly.
4. Revenue recognition in excess of billings
Revenue recognised in excess of billings comprises the revenue for all
houses that have been sold and are either under construction or completed
less any progress amounts already invoiced. The R50.179 million as at
30 June 2015 is a R29.5 million increase relative to the amount as at
30 June 2014. The increase is due to the general increase in sales and
production since 2014; the increase of the portion of sales not funded
through building loans to the individual clients; and due to inter alia:
Deeds Office, Town Council and administrative delays in the final transfer
and hand over of houses to clients.
5. Related parties
Shareholders with significant influence: Housing Impact Fund of South
Africa (HIFSA)
The Company has obtained a working capital facility from HIFSA with a
facility limit of R70 million for permitted projects, construction funding
and contingency funding. The loan agreement is subject to interest at a
market related interest rate
30-Jun-15 30-Jun-14 31-Dec-14
R'000 R'000 R'000
Loan Balance 68 974 - -
Interest paid 1 686 - -
Review of 2015 interim results
In the last quarter of 2014, a recapitalisation transaction was initiated
in terms of which R55 million of new share capital was raised and debentures
in the amount of R31.2 million were converted to equity. The transaction
was approved and finalised in January 2015. In addition, a R70 million
revolving working capital facility was put in place, providing additional
liquidity for project finance, construction and general contingency
funding.
Production levels have ramped up from an average of just under 60 start
orders per month for the first 6 months of 2014 to 93 start orders per
month for the half year ending June 2015 (2013: 33 per month). Production
in quarter 2 of 2015 reached levels last achieved in 2007 prior to the
financial crisis. The number of construction sites increased from 4 to
7 over the same period last year.
The Company would like to highlight the following key items in relation to
the period:
* Revenue was up 48.6% to R141.0 million (2014: R94.9 million)
* Gross profit margin from property development activities increased to
19.1% (June 2014: 15.1%)
* Operating costs increased by 20% to R37.9 million (2014 – R31.5 million)
in line with scaling up of the business.
* Finance costs increased by 35.5% to R10.7 million (2014: R7.9 million) due
to increased working capital funding.
* Loss before tax reduced by to R9.9 million (2014: R25.3 million)
* The net asset value of the Group at 30 June 2015 was 29.41 cents (2014: -
4.35 cents) per share
Profitability
The significant increase in production of freehold houses resulted in a
90% increase in gross profits from R14.4 million to R27.3 million. Gross
Profit margins also improved to 19.1% from 15.1% in the same period last
year and 13.1% for the full 2014 financial year.
The Company reported the first net profit after tax of R 1.8 million since
June 2012. The Company recorded breakeven levels of production in a
number of months over the reporting period and an aggregate loss before
tax of R9.9 million. Compared to the R25.3 million loss before tax for
the same period in 2014, this amounts to a 60.6% decrease in pretax losses
for the comparable 6 month period.
Business review
Key Activity Indicators
The increased production levels, additional sites and improved building
efficiencies are evidenced by the indicators in the table below:
6 months 6 months 6 months
30-Jun-15 30-Jun-14 30-Jun-13
Start orders issued 562 344 196
Freehold houses completed and transferred
to clients in the period 352 334 262
Individual houses under construction at
period end 228 197 139
Bank approved sales during the period 546 461 341
Anticipated approved sales not yet under
construction at period end 460 340 147
Institutional Housing
The Company has launched its first Institutional Housing (“Res 3”) project
since 2012 in the reporting period. This is the largest Res 3 project
undertaken by the company to date and consists of 588 units in the last 6
months, we have completed the installation of services and top structure
construction is ramping up rapidly with 24 blocks currently under
construction. Practical completion of the first 267 units is expected at
the end of June 2016, with the balance to be completed by the end of March
2017.
The Company secured a second Res 3 opportunity consisting of 224 units.
Construction on phase 1 (90 of the 224 units) is expected to commence in
early quarter 1 of 2016, with delivery in quarter 3 of 2016.
The pipeline for further Res 3 opportunities is currently strong, with
transactions for approximately 1,500 units across 3 projects in the
process of final negotiations. With delivery for these units expected to
run from the last quarter of 2016 through to 2019.
Expected
Opening to be Total
Serviced serviced available
Stands in 2015 2015
Secured* 1 021 386 1 407
Prospect** - - -
Total 1 021 386 1 407
Expected Remaining
to be balance
serviced expected
in 2016 after 2016 Total
Secured* 532 1 939
Prospect** 1 186 10 522 11 708
Total 1 718 10 522 13 647
Land
During the period the Company continued to improve its freehold land
pipeline.
Land bank position at 30 June 2015 - freehold houses
Expected
Opening to be Total
Serviced serviced available
Stands in 2015 2015
Secured* 1 085 988 2 073
Prospect** - - -
Total 1 085 988 2 073
Expected Remaining
to be balance
serviced expected
in 2016 after 2016 Total
Secured* 2 211 5 576 9 860
Prospect** 464 11 526 11 990
Total 2 675 17 102 21 850
* Opportunities are reflected as secured opportunities where the Company
directly or indirectly owns the land or in the case of external land
developers an allocation agreement has already been entered into with a
landowner.
** Opportunities are reflected as prospects where negotiations are already
underway and an agreement is expected to be reached with the current
landowner within a period of approximately six months or where an
agreement has already been finalised but finance has not yet been secured
but is expected to be secured within approximately six months.
Sales and Marketing
Sales levels continued to improve with an average of 91 bank approvals per
month for the first 6 months of the year compared to 76 for the
comparative period. Cumulative bank approvals for the period reached 546,
which comprises an 18% increase on the approvals for the same period last
year of 461.
Increased sales levels have resulted in a pipeline of expected approved
sales not yet under construction at period end of 460 deals compared to
340 at the end of June 2014.
Human Capital
At 30 June 2015 the workforce consisted of 608 permanent employees (June
2014 – 660), of which 379 (2014: 461) employees were employed as
construction staff on our building sites.
The Company continues to use sub-contractors on some of its sites where
volumes do not warrant the establishment of permanent teams or in order to
manage risks of interruptions due to gaps between development phases. In
addition the company uses subcontractors for the construction of Res 3
projects where peak workloads in an area vary considerably over the life
of the project.
Appointment of auditors
KPMG was appointed as the Company’s external auditors on 24 August 2015.
As part of KPMG’s preparation of for the 2015 audit KPMG performed a
review of the 2015 opening balances. As part of this process the Company
has considered KPMG’s findings and recommendations and as a result certain
balances have been restated in the comparable reporting periods set out in
the condensed financial results set out above. Restatements include
adjustments to the Deferred Tax Assets accounted for in prior years, a
reclassification of the Equity Loan reported in the December 2014 accounts
to Current Liabilities and reclassification of Project Management Fees
from Other Income to Revenue. The details relating to these restatements
are set out in the notes to the condensed annual financial statements
above.
Subsequent events and further fund raising activities
Systems
The Company has made significant progress with the implementation of the
SAGE ERP system which will include modules for manufacturing, procurement,
payroll administration as well as finance. Implementation is in its final
phases and the system went live on 1 July 2015.
Working Capital
The Company’s customers are funded by commercial banks and other funding
providers in the affordable housing sector. A number of funders provide
finance only on a turnkey basis as opposed to building loans, meaning that
funding is only advanced in full on completion and final transfer of the
house to the client. The Company funds the construction of houses upfront
and as such requires significant working capital funding to build turnkey
houses in line with the sales pipeline. The Company’s construction
receivables volume comprising turnkey houses was approximately 10% of
total production in the last quarter of 2014 and has grown to over 45% by
the end of the reporting period. Also, the Company experienced significant
delays in the registration process of both serviced land as well as
completed houses due to inter alia town council internal processes that
have delayed installation of electrical and water meters, in particular in
Tshwane where three of our largest projects are located and disruptions in
the Deeds Office in Johannesburg.
Due to the factors set out above, the Company experienced liquidity
constraints towards the end of the reporting period and the subsequent
quarter, which has resulted in construction levels temporarily reducing to
below breakeven levels again.
The Company is currently implementing additional working capital solutions
target production volumes.
Additional Equity
In addition, the Board plans to raise additional equity funding to better
position the Company to fund the continued growth expected in 2016 by:
* Improving the equity position of the company that has been negatively
impacted through the reversal of a significant portion of the Deferred Tax
Asset and operating losses in the first half of the year; and
* Reducing the gearing and interest costs that have been associated with
the increased working capital facilities to fund the Company’s growth.
Prospects
Demand for affordable housing remains high
As evidenced by our strong sales pipeline, the number of potential
customers wanting to purchase freehold houses and applying for home loans
remains strong and the affordable housing market remains a focal point of
the major commercial banks.
Strategic initiatives
The strategic focus areas for the business identified by management are:
- Securing additional working capital to continue to increase production
in line with the Company’s growth strategy;
- Strengthening the Balance Sheet to reduce gearing and improve Net Asset
Value to more robust levels;
- Further development to enhance the SAGE ERP System to include management
of land and construction planned for 2016 and integrate this with a new
CRM system in 2016;
- Continuing to build an improved land bank/project pipeline to ensure
sufficient serviced stands are always available for sale and construction;
- Building capacity for the implementation and construction of Res 3
buildings for sale to institutional investors;
- Growing additional sources of revenue from clients through the sale of
financial service offerings e.g. homeowners cover, credit life policies
and home loan origination fees; and
- Improving the Company’s BEE credentials.
Dividends
No interim dividend has been declared during the period.
Appreciation
The Group recognises the value of its management teams and staff and
thanks them for their loyalty and work ethic during the first half of the
year. We also thank our suppliers, business partners, advisors, clients
and shareholders for their support for the group. The improvements in the
Company’s position after many difficult years are becoming increasingly
evident.
By order of the Board
13 October 2015
L Mokhesi A J Rothman
Chairman Chief Executive Officer
Corporate information
Executive directors: A J Rothman, A T Schaefer, B A Stegmann, F S le Roux
Independent non-executive directors: L Mokhesi (Chairman), K M Maroga,
K Hopkins, E Nyandoro
Company Secretary: R Kleyn
Registration number: 1999/009701/06
Registered address: Nedbank Building, Cnr Biccard & Jorissen Street,
Braamfontein, 2017
Postal address: P.O Box 30885, Braamfontein, 2017
Telephone: 011 483 5000
Facsimile: 086 516 0873
Web address: www.rbaholdings.co.za
Transfer secretaries: Computershare Investor Services (Pty) Limited
Auditors: KPMG
Designated Adviser: Exchange Sponsors (2008)(Pty) Limited
Date: 13/10/2015 05:32:00 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
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