The Group’s unaudited condensed consolidated interim financial statements for the six months ended 31 January 2010
 
  • ACQUISITION OF CONTROL OF BETTING WORLD
  • PBITDA UP 21%
  • HEPS DOWN 6%
  • CASH GENERATED FROM OPERATIONS UP R52 MILLION

  • DISTRIBUTION TO SHAREHOLDERS MAINTAINED
 
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months 12 months
31 Jan 31 Jan 31 Jul 
% 2010 2009 2009
change R’000 R’000 R’000
Revenue
– Local operations Excluding Betting World (1) 348 989 352 508 693 615
  Betting World* 43 338
– International operations (3) 55 023 56 860 110 730
9 447 350 409 368 804 345
Net betting income
– Local operations Excluding Betting World 272 443 273 056 538 719
  Betting World* 37 234
– International operations 19 14 210 11 899 23 616
14 323 887 284 955 562 335
Other operating income
– Local operations Excluding Betting World 1 66 670 65 703 124 838
  Betting World* 2 257
– International operations (9) 40 736 44 903 87 000
Net income 10 433 550 395 561 774 173
Operating expenses and overheads
– Stakes (1) (79 350) (80 457) (156 982)
– Local operations Excluding Betting World (212 889) (212 574) (412 558)
  Betting World* (28 170)
– International operations (5) (40 754) (42 823) (84 593)
Profit before interest, income tax, depreciation and amortisation 21 72 387 59 707 120 040
Depreciation and amortisation 36 (16 316) (12 034) (24 831)
Profit before interest and income tax 18 56 071 47 673 95 209
Investment income (68) 1 978 6 136 9 651
Finance costs
  Excluding Betting World (15) (42) (77) 
  Betting World* (365) 
Profit before share of profit of associated companies 7 57 669 53 767 104 783
Profit on remeasurement of Betting World becoming a subsidiary 4 443
Share of profit of associated companies
  Automatic Systems Limited 560 574 1 031
  Betting World*  2 554  2 359
Profit before income tax 10 62 672 56 895 108 173
Income tax (21 537) (19 164) (37 508)
Profit for the period 9 41 135 37 731 70 665
Other comprehensive income/(expense) net of taxation
– Exchange differences on translating foreign operations (532) (148) (172)
Total comprehensive income for the period 40 603 37 583 70 493
Profit attributable to: Equity holders of the parent 2 38 624 37 731 70 665
Non-controlling interest 2 511
Profit for the period 41 135 37 731 70 665
Total comprehensive income attributable to:
Equity holders of the parent 1 38 092 37 583 70 493
Non-controlling interest 2 511
Total comprehensive income for the period 40 603 37 583 70 493
* The results of Betting World have been consolidated into those of the Group during the current period following the increase in the shareholding to 59%. In prior periods Betting World was accounted for as an associate.
Earnings per share (cents)
– Basic 3 51.10 49.76 93.35 
– Diluted basic 3 51.10 49.72 93.35
SUPPLEMENTARY STATEMENT OF COMPREHENSIVE INCOME INFORMATION
Reconciliation of headline earnings
Earnings attributable to equity holders of parent 2 38 624 37 731 70 665
Adjusted for: Net loss on disposal of property, plant and equipment  243 359 355
Tax effect  (68) (36) (108)
Profit on remeasurement of Betting World becoming a subsidiary (4 443)
Tax effect  1 244
Headline earnings (6) 35 600 38 054 70 912
Headline earnings per share (cents) (6) 47.10 50.18 93.67
Diluted headline earnings per share (cents) (6) 47.10 50.15 93.67
Headline earnings per share excluding Betting World (cents) (10) 42.05 46.81 90.56
Net asset value per share (cents) 6 490.22 460.45 481.52
Interim distribution/dividend 
Distribution out of share premium (cents) 7.5
Dividend per ordinary share (cents) 17.5 25.00 25.00
Final dividend
Dividend per ordinary share (cents) 43.00
Number of shares in issue 75 582 338 75 565 471 75 590 371
Weighted average number of shares in issue for basic and headline earnings per share calculation 75 590 240 75 831 898 75 700 146
Weighted average number of shares in issue for diluted earnings per share calculation 75 590 240 75 880 878 75 700 146

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
31 Jan 31 Jan 31 Jul
2010 2009 2009
R’000 R’000 R’000
Net cash inflow/(outflow) from
operating activities 10 972 (40 740) (3 626)
Cash generated from operations
74 296 61 060 123 143
(15 531) (32 218) (21 607)
58 765 28 842 101 536
(16 885) (42 982) (63 151)
1 978 6 136 9 651
(380) (42) (77)
(32 506) (32 694) (51 585)
Increase in working capital
Cash generated from operating activities
Taxation paid
Investment income
Finance costs
Dividends paid
Net cash outflow from investing activities (51 961) (19 746) (35 305)
Acquisition of investments
(100) (442)
(7 961)
(1 500)
(44 057) (19 646) (33 467)
57 104
Acquisition of Betting World net of loan funds repaid
Associated companies investment and loan
Acquisition of property, plant and equipment
Proceeds on disposal of property, plant and equipment
Net cash outflow from financing activities (89) (5 237) (5 086)
Issue of share capital
818 969
(89) (6 055) (6 055)
Share re-purchases
Net decrease in cash and cash equivalents (41 078) (65 723) (44 017)
Cash and cash equivalents at beginning of period 100 181 144 198 144 198
Cash and cash equivalents at end of period 59 103 78 475 100 181

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 Jan 31 Jan 31 Jul
2010 2009 2009
R’000 R’000 R’000
ASSETS

Non-current assets 385 611 318 357 320 806
Property, plant and equipment
332 957 287 656 288 505
30 143 500 500
4 613 5 175 4 613
12 226 3 312 3 312
4 781 21 165 22 985
891 549 891
Intangible assets
Deferred tax asset
Goodwill
Interest in associated companies
Investments
Current assets 148 656 149 055 179 565
Inventories
5 833 5 849 5 823
82 100 63 235 67 872
1 620 1 496 5 689
59 103 78 475 100 181
Trade and other receivables
Income tax receivable
Cash and cash equivalents
Total assets 534 267 467 412 500 371
EQUITY AND LIABILITIES
Total equity 386 921 347 940 363 980
Share capital and premium
1 890 1 889 1 890
369 172 346 040 362 103
(545) 11 (13)
370 517 347 940 363 980
16 404
Retained earnings
Non-distributable reserves
Equity attributable to ordinary shareholders
Non-controlling interest
Non-current liabilities 6 823 4 100 5 779
Deferred tax liability
5 418 2 625 4 413
1 366 1 475 1 366
39
Retirement benefit obligations
Finance lease liabilities
Current liabilities 140 523 115 372 130 612
Trade and other payables
132 378 115 372 130 594
731 18
7 414
Income tax payable
Short term loans from minority shareholders
Total equity and liabilities 534 267 467 412 500 371
 
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