|
IND
IND
IND - Independent Financial Services Limited - Reviewed Interim Results
Independent Financial Services Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1950/037061/06)
Share code: IND & ISIN: ZAE000025300
("IFS")
REVIEWED CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2006
INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
31 December 31 December 30 June
2006 2005 2006
(R"000) (R"000) (R"000)
Gross revenue - - -
Operating (loss) profit before (1,449) 4,450 3,639
taxation
Intangible assets written off - -
(Loss)/profit before taxation (1,449) 4,450 3,639
Taxation - (265) -
Net (loss)/profit (1,449) 4,185 3,639
Share in issue (millions) 34 34 34
Earnings/(loss) per share (cents) (4.3) 12.3 10.7
Capital items eliminated (cents) - (15.2) (15.2)
Intangible assets written offs - - -
(cents)
Headline loss per share (cents) (4.3) (2.9) (5.3)
Dividends per share (cents) - - 6.3 6.3
declared after period
CASH FLOW STATEMENT
Cash flows from:
Operating activities (1,623) (12,405) (1,449)
Investing activities (513) 5,028 5,014
Financing activities 265 - (8,991)
Change in cash and equivalents (1,871) (7,377) (5,426)
Opening cash and equivalents 1,951 7,377 7,377
Closing cash and equivalents 80 - 1,951
STATEMENT OF CHANGES IN EQUITY
Opening balances 1,756 11,940 11,940
Net (loss) profit (1,449) 4,185 3,639
Share premium write off - (8,698) (8,619)
Dividends - (2,125) (2,125)
Dividends in specie - (2,735) (2,813)
Closing balances 307 2,567 1,756
BALANCE SHEET
Assets
Non-current assets 524 - 14
Tangible 11 - 14
Intangible - - -
Loan Receivable 513 - -
Current assets 250 3,027 2,008
Inventories - - -
Receivables - 3,027 -
Taxation 170 - 57
Cash resources 80 - 1,951
Total assets 774 3,027 2,022
Equity and liabilities
Capital and reserves 307 2,568 1,756
Share capital 340 340 340
Share premium 1 1 1
Non distributable reserve - - -
Retained income (34) 2,227 1,415
Ordinary shareholder`s interest - - -
Long term liabilities 265 - -
Loans from directors 265 - -
Current liabilities 202 459 266
Payables 77 334 141
Shareholders for dividend 106 106 106
Taxation 19 19 19
Bank overdraft - - -
Total equity and liabilities 774 3,027 2,022
Net asset and net tangible asset
value per share (cents) 0.9 7.6 5.2
ACCOUNTING POLICIES
The group has adopted International Financial Reporting Standards (IFRS) for the
6 months ending 31 December 2006. The accounting policies have remained
consistent throughout the period.
These results have been reviewed by the company`s auditors, PKF Inc., whose
report is available for inspection at IFS`s offices.
COMMENTS
On 18 September 2006, IFS announced that the proposed acquisition of Allcare
Administrators (Proprietary) Limited would not be implemented.
The majority of the losses during the period ended 31 December 2006 relate to
legal fees, due diligences, corporate finance charges and press advertising that
were expended in relation to the failed transaction.
On 25 January 2007, IFS announced that in terms of Section 3.26 of the Listing
Requirements of the JSE Limited ("JSE"), the JSE has advised that IFS has a
period of six months, expiring on 29 June 2007, during which to announce the
acquisition of new assets that satisfy the conditions for listing as per Section
4 of the JSE Listing Requirements. If the company fails to do so, the shares in
the company will be suspended by the JSE and, should suitable assets not be
injected into the company within 3 months following the suspension, the listing
of the company`s shares on the JSE will be terminated.
Your directors are working on various initiatives to introduce assets and
enhance value for all shareholders within the period stipulated by the JSE.
Certain directors representing the majority shareholders have agreed to
personally fund, via directors loan account, all reasonable working capital
deficits in IFS until 29 June 2007 in order to succesfully implement a
transaction that satisfies the JSE requirements.
For and on behalf of the board.
Phillip Vallet Des Rosen
Non-Executive Chairman Chief Executive Officer
Bryanston
30 March 2007
Directors
D Castle*, I Dlamini*, S Medalie*, D N Rosen, P Vallet*, S Zungu*
* Non- Executive
Registered Office
168 Eccleston Crescent Bryanston 2125
Company Secretary
J Jones (Mrs)
Transfer Secretaries
Link Market Services (Proprietary) Limited
5th Floor, 11 Diagonal Street, Johannesburg
P.O Box 4844, Johannesburg,2000)
Sponsor
Java Capital (Proprietary) Limited
Date: 30/03/2007 15:59:51 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
