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IDQ
IDQ
IDQ - Indequity - Unaudited Condensed Consolidated Interim Results
Indequity Group Limited
Incorporated in the Republic of South Africa
Registration number: 1998/015883/06
Share Code: IDQ
ISIN: ZAE000016606
("Indequity" or "the Group")
UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS
ENDED 31 MARCH 2007
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT
6 months 6 months Year ended
ended 31 ended 31 30 September
March 2007 March 2006 2006
Unaudited Unaudited Audited
R R R
Investment income 793 623 865 392 1 110 433
Asset management income 1 209 566 1 067 032 2 238 259
Private equity operating 398 550 467 921 825 478
income
Insurance income 7 003 656 5 014 726 10 906 580
Total revenue 9 405 395 7 415 071 15 080 750
Income attributable to (100 000) - -
cell holders
Claims incurred, net of 4 432 703 2 519 829 5 206 417
reinsurance
Commission paid 440 469 302 776 655 538
Other operating expenses 3 400 629 3 858 534 7 470 799
Total operating expenses 8 173 801 6 681 139 13 332 754
Finance costs 139 305 129 459 271 006
Profit before taxation 1 092 289 604 473 1 476 990
Taxation (264 326) (602 188) (619 969)
Profit for the period 827 963 2 285 857 021
Attributable to:
Equity holders of 452 992 (111 789) 691 953
the parent
Minority interest 374 971 114 074 165 068
Ordinary dividends per
share (cents)
- paid - - -
- declared - - -
Basic earnings per share 3,72 (0,92) 5,69
(cents)
Diluted earnings per 3,72 (0,92) 5,69
share (cents)
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
31 March 31 March 30 September
2007 2006 2006
Unaudited Unaudited Audited
R R R
ASSETS
Non-current assets 12 082 387 13 458 542 12 968 314
Property and equipment 281 213 355 583 329 859
Intangible assets 935 336 928 075 943 077
Investments 6 961 446 10 325 866 8 713 179
Long-term loans 1 584 979 - 613 024
receivable
Deferred tax asset 2 319 413 1 849 018 2 369 175
Current assets 5 009 568 5 355 740 5 650 244
Income tax receivable 3 378 674 3 378
Inventory 111 398 36 039 33 108
Trade and other 414 581 887 026 529 075
receivables
Cash and cash 4 480 211 4 432 001 5 084 683
equivalents
Total assets 17 091 955 18 814 282 18 618 558
EQUITY AND LIABILITIES
Share capital and 14 060 244 14 109 766 14 109 766
premium
Contingency reserve 1 267 421 1 619 784 1 076 864
Accumulated loss (8 900 925) (10 460 022) (9 113 360)
Minority interest (522 951) (948 916) (897 922)
Ordinary shareholders` 5 903 789 4 320 612 5 175 348
interest
Preference shareholders` 4 283 332 8 194 065 6 530 787
interest
Total equity 10 187 121 12 514 677 11 706 135
Non-current liabilities 3 387 985 3 769 284 3 797 564
Long-term loans 2 154 298 2 437 881 2 222 288
Deferred tax 452 284 - 537 938
Preference shareholder`s 781 403 1 331 403 1 037 338
interest
Current liabilities 3 516 849 2 530 321 3 114 859
Preference shareholder`s 550 000 254 529 550 000
interest
Insurance contract 1 698 675 1 627 917 1 365 834
provisions
Current tax liabilities 411 628 - 105 482
Trade and other payables 856 546 647 875 1 093 543
Total equity and 17 091 955 18 814 282 18 618 558
liabilities
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
Share
capital and Accumulated Contingency Minority
premium loss reserve Interest
R R R R
Balance as at 1 14 109 766 (10 136 206) 1 407 757 (1 062 990)
October 2005
Net (loss)/profit (111 789) 114 074
for the 6 months
ended 31 March
2006
Transfer to (212 027) 212 027
contingency
reserves
Balance as at 31 14 109 766 (10 460 022) 1 619 784 (948 916)
March 2006
Net profit/(loss) 803 742 50 994
for the 6 months
ended 30 September
2006
Reclassification 720 341 (720 341)
of reserves
Transfer to (177 421) 177 421
contingency
reserves
Balance as at 30 14 109 766 (9 113 360) 1 076 864 (897 922)
September 2006
Net profit/(loss)
for the 6 months 452 992 374 971
ended 31 March
2007
Transfer to (190 557) 190 557
contingency
reserves
Treasury shares 2 000
sold
Treasury shares (51 522)
acquired
Dividend paid (50 000)
Balance as at 31 14 060 244 (8 900 925) 1 267 421 (522 951)
March 2007
Preference Total
shareholders R
R
Balance as at 1 10 420 184 14 738 511
October 2005
Net (loss)/profit 1 132 779 1 135 064
for the 6 months
ended 31 March
2006
Preference (3 358 898) (3 358 898)
shareholder`s
interest
reclassified as
liabilities
Transfer to -
contingency
reserves
Balance as at 31 8 194 065 12 514 677
March 2006
Net profit/(loss) (272 075) 582 661
for the 6 months
ended 30 September
2006
Reclassification -
of reserves
Transfer to -
contingency
reserves
Preference share
capital redeemed (1 391 203) (1 391 203)
Balance as at 30 6 530 787 11 706 135
September 2006
Net profit/(loss) (792 256) 35 707
for the 6 months
ended 31 March
2007
Transfer to -
contingency
reserves
Treasury shares 2 000
sold
Treasury shares (51 522)
acquired
Preference shares 600 000 600 000
issued
Preference share
capital redeemed (2 055 199) (2 055 199)
Dividend paid (50 000)
Balance as at 31 4 283 332 10 187 121
March 2007
CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENT
31 March 2007 31 March 2006 30 September
Unaudited Unaudited 2006
R R Audited
R
Net cash from /(used in) 747 917 (492 323) 1 043 624
operating activities
Net cash from / (used in) 2 190 948 (19 235) 355 209
investing activities
Net cash used in financing (3 543 337) (916 465) (2 174 174)
activities
Net decrease in cash and (604 472) (1 428 023) (775 341)
cash equivalents
Cash and cash equivalents at 5 084 683 5 860 024 5 860 024
beginning of period
Cash and cash equivalents at 4 480 211 4 432 001 5 084 683
end of period
SEGMENT INFORMATION
6 months 6 months Year ended
ended 31 ended 31 30 September
March 2007 March 2006 2006
Unaudited Unaudited Audited
R R R
Investments 1 616 788 1 787 087 3 032 765
Investment Banking and Private 402 104 470 358 831 664
Equity
Insurance 7 386 503 5 157 626 11 216 321
Segment revenue 9 405 395 7 415 071 15 080 750
Investments 283 644 (231 965) 94 563
Profit before taxation 867 969 405 648 733 121
Taxation (207 271) (584 553) (537 939)
Minority interest (377 054) (53 060) (100 619)
Investment Banking and Private 69 745 97 916 381 500
Equity
Profit before taxation 67 662 158 930 445 949
Minority interest 2 083 (61 014) (64 449)
Insurance 99 603 22 260 215 890
Profit before taxation 156 658 39 895 297 920
Taxation (57 055) (17 635) (82 030)
Segment results 452 992 (111 789) 691 953
COMMENTS ON RESULTS
The group`s operations delivered satisfactory results with both the Insurance
and Investment divisions showing growth in revenue whilst increases in related
operating costs were restricted to acceptable levels.
CHANGE IN CLASSIFICATION OF COMPARITIVES
Due to a change in the nature of this item and in line with the annual
financial statements, the preference shareholder`s interest is no longer
disclosed as part of equity but has been reclassified as a liability in the
March 2006 comparative figures.
EVENTS SUBSEQUENT TO BALANCE SHEET DATE
Melanie Bosman CA(SA) has resigned as auditor of Indequity Group Ltd and two of
its insurance subsidiaries due to the fact that she has deregistered as public
auditor. She has been replaced by Grant Thornton.
PROSPECTS
The group is now starting to derive the benefits of its efforts to establish a
solid foundation of annuity income. Having reached this milestone the group is
excited and highly motivated to face the challenges that may lie ahead and is
confident that it can build on the base that has now been established.
HEADLINE EARNINGS PER SHARE AND DILUTED HEADLINE EARNINGS PER SHARE
6 months 6 months Year ended
ended 31 ended 31 30 September
March 2007 March 2006 2006
Unaudited Unaudited Audited
Headline earnings per share 3,72 (0,92) 5,69
(cents)
Diluted headline earnings 3,72 (0,92) 5,69
per share (cents)
Number of shares
- in issue 12 170 000 12 170 000 12 170 000
- weighted average 12 170 000 12 170 000 12 170 000
- Diluted 12 170 000 12 170 000 12 170 000
The number of shares has been used in the calculation of earnings per share,
diluted earnings per share and headline earnings per share.
ACCOUNTING POLICIES AND BASIS OF PREPARATION
The condensed interim financial statements for the six months ended 31 March
2007 were prepared in accordance with the recognition, measurement,
presentation and disclosure requirements of International Financial Reporting
Standards ("IFRSs") for interim financial statements, IAS 34 - Interim
Financial Reporting and in compliance with the Listing Requirements of the JSE
Limited. The accounting policies applied in the preparation of these financial
statements are consistent with those used in the annual financial statements
for the year ended 30 September 2006.
The condensed interim financial statements do not include all of the
information required by IFRS for full annual financial statements.
The financial information has been prepared in accordance with IFRSs that are
currently effective. This may differ from IFRS finally in effect at 30
September 2007 as a result of ongoing global developments and possible
amendment by interpretive guidance from the International Financial Reporting
Interpretations Committee of International Accounting Standards Board.
DIVIDENDS
In accordance with the Group`s current cash requirements, no interim dividends
have been declared to ordinary shareholders. The preference shareholder of
Indequity Insurance Holdings Ltd, a wholly owned subsidiary of Indequity Group
Limited, received an interim dividend of R3,846.15 per share.
On behalf of the board
LJ van Rensburg TC Meyer Johannesburg
Chief Executive Director 4 June 2007
Officer
Directors: AV van Jaarsveldt* (British), LJ van Rensburg, TC Meyer, JF Zwarts*
(*non-executive)
Company secretary: S le Roux
Transfer secretaries: Link Market Services South Africa (Pty) Ltd
Sponsor: KPMG Services (Pty) Ltd
Registered address: First Floor, Cascade House, Constantia Office Park, cnr
14th Avenue and Hendrik Potgieter Road, Constantia Kloof, 1709
Postal address: PO Box 5433, Weltevredenpark, 1715
Telephone: (+27 11) 475-0816 Fax: (+27 11) 475-0877
Website: www.indequity.com
Date: 04/06/2007 17:05:00 Produced by the JSE SENS Department.
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