The Group’s summarised preliminary consolidated financial statements for the year ended 31 July 2009
 

  • REVENUE FROM INTERNATIONAL OPERATIONS UP 19%

  • HEADLINE EARNINGS PER SHARE DOWN 20%

  • CASH RESERVES OF R100 MILLION

  • DIVIDEND MAINTAINED AT 43 CENTS PER SHARE
 
SUMMARISED CONSOLIDATED INCOME STATEMENTS

 

 % change Audited
12 months
31 Jul 2009
R’000		 Restated
Audited
12 months
31 Jul 2008
R’000
Revenue      
– Local operations 1 693 615 689 679
– International operations 19 110 730 92 960
  3 804 345 782 639
Net betting income      
– Local operations 1 538 719 534 067
– International operations 76 23 616 13 391
  3 562 335 547 458
Other operating income      
– Local operations
   Ongoing operations 2 134 489 132 438
Surplus on disposal of Bloemfontein Racecourse     27 815
– International operations 9 87 000 79 501
Net income   783 824 787 212
Operating expenses and overheads      
– Stakes 10 156 982 142 661
– Local operations 3 436 889 423 058
– International operations 23 85 093 68 999
Profit from operations (31) 104 860 152 494
Finance costs   77 180
Profit before share of profit of associated companies (31) 104 783 152 314
Share of profit of associated companies (17) 3 390 4 108
Profit before income tax (31) 108 173 156 422
Income tax (13) 37 508 43 361
Profit for the year  (37) 70 665 113 061
Attributable to:      
– Equity holders of the parent  (37) 70 665 113 061
Earnings per share (cents)      
– Basic (37) 93,35 148,13
– Diluted (37) 93,35 147,73
       
SUPPLEMENTARY INCOME STATEMENT INFORMATION      
Reconciliation of headline earnings      
Earnings attributable to equity holders      
– Derived from ongoing operating activities (20) 70 665 88 110
– Surplus on disposal of Bloemfontein Racecourse and bookmaking concern after tax     24 951
    70 665 113 061
Adjusted for:      
Net loss/(surplus) on disposal of property, plant and equipment and bookmaking concern   355 (27 725)
Tax effect    (108) 4 119
Headline earnings (21) 70 912 89 455
Headline earnings per share (cents) (20) 93,67 117,20
Diluted headline earnings per share (cents) (20) 93,67 116,89
Net asset value per share (cents) 5 481,52 457,57
Interim dividend      
Dividend per ordinary share (cents)   25,00 25,00
Final dividend      
Dividend per ordinary share (cents)   43,00 43,00
Number of shares in issue   75 590 371 75 859 571
Weighted average number of shares in issue for basic and headline earnings per share calculation   75 700 146 76 325 185
Weighted average number of shares in issue for diluted earnings per share calculation   75 700 146 76 530 533

 

SUMMARISED CONSOLIDATED CASH FLOW STATEMENTS

 

 Audited
12 months
31 Jul2009
R’000		 Audited
12 months
31 Jul 2008
R’000
Cash generated by operations 123 143 129 848
(Increase)/decrease in working capital (21 607) 20 549
Cash generated by operating activities 101 536 150 397
Investment income 9 651 12 611
Net finance costs and taxation paid (63 228) (45 867)
Dividends paid (51 585) (49 730)
Net cash (outflow)/inflow from operating activities (3 626) 67 411
Net cash outflow from investing activities (35 305) (50 297)
Net cash inflow from financing activities before share repurchases 969 3 683
Share re-purchases (6 055) (15 715)
Net (decrease)/increase in cash and cash equivalents (44 017) 5 082
Cash and cash equivalents at beginning of year 144 198 139 116
Cash and cash equivalents at end of year 100 181 144 198

 

SUMMARISED CONSOLIDATED BALANCE SHEETS

 

 Audited
31 Jul 2009
R’000		 Audited
31 Jul 2008
R’000
ASSETS    
Non-current assets 320 806 307 840
Property, plant and equipment
288 505 280 367
4 613 5 175
3 312 3 312
500 400
22 985 18 037
891 549
Deferred taxation
Goodwill
Intangible asset
Interest in associated companies
Investments
Current assets 179 565 202 227
Inventories
5 823 4 469
67 872 53 560
100 181 144 198
5 689  
Trade and other receivables
Cash and cash equivalents
Income tax receivable
Total assets 500 371 510 067
EQUITY AND LIABILITIES    
Total equity 363 980 347 110
Share capital and premium
1 890 1 897
362 103 345 054
(13) 159
Retained earnings
Non-distributable reserves
Non-current liabilities 5 779 4 100
Deferred taxation
4 413 2 625
1 366 1 475
Retirement benefit obligations
Current liabilities 130 612 158 857
Trade and other payables
130 594 136 535
18 22 322
Income tax payable
Total equity and liabilities 500 371 510 067
 
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