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NCS
NCS
NCS / NCT - Nictus Limited - Interim results
Nictus Limited
(Incorporated in the Republic of South Africa)
(Registration number 1981/001858/06)
JSE Share code: NCS
NSX Share code: NCT
ISIN Code: NA0009123481
("Nictus" or "the company")
Unaudited Audited
CONDENSED CONSOLIDATED INCOME STATEMENT Six months Restated Year
ended Six ended
months
ended
30 Sept 07 30 Sept 31 Mar 07
06
R`000 R`000 R`000
Revenue 121,916 115,006 233,110
Cost of sales (76,946) (76,873) (161,947)
Claims incurred (19,545) (13,879) (20,666)
Gross profit 25,425 24,254 50,497
Other income 1,484 3,706 8,938
Operating and administrative expenses (31,053) (31,449) (59,111)
Operating (loss) / profit before (4,144) (3,489) 324
investment income
Investment income 6,014 9,159 10,325
Operating profit before financing 1,870 5,670 10,649
costs
Financing cost (1,669) (2,834) (5,407)
Share of profits of associates - 2 688
Profit before taxation 201 2,838 5,930
Taxation 1,066 (565) 87
Profit for the period 1,267 2,273 6,017
Attributable to:
Equity holders of the parent 1,267 2,757 6,501
Minority interest - (484) (484)
1,267 2,273 6,017
Basic earnings per share (cents) 2.46 5.16 12.63
Diluted earnings per share (cents) 2.37 5.16 12.16
CONDENSED CONSOLIDATED BALANCE SHEET at 30 Sept at 30 at 31 Mar
07 Sept 06 07
R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 52,004 30,977 50,673
Intangible assets and goodwill 1,962 1,976 1,894
Investments 18,842 11,422 17,817
Loans and receivables 128,617 112,978 119,078
Deferred tax assets 9,876 7,836 8,675
211,301 165,189 198,137
Current assets 171,921 167,892 176,883
Total assets 383,222 333,081 375,020
EQUITY
Issued ordinary share capital 25,729 26,722 25,729
Revaluation reserve 17,002 - 17,002
Contingency reserve 7,199 5,322 7,199
Retained earnings 14,869 13,732 15,601
Total equity 64,799 45,776 65,531
LIABILITIES
Non-current liabilities
Interest bearing loans and borrowings 17,702 6,308 15,000
Deferred tax liabilities 5,762 3,218 5,666
23,464 19,526 20,666
Current liabilities 294,959 267,779 288,823
Total equity and liabilities 383,222 333,081 375,020
Number of shares in issue (000`s) 51,458 53,444 51,458
Unaudited Audited
CONDENSED CONSOLIDATED CASH FLOW Six months Restated Year
STATEMENT
ended Six ended
months
ended
30 Sept 07 30 Sept 31 Mar 07
06
R`000 R`000 R`000
Cash generated by operations 605 16,795 37,286
Interest received 2,920 6,977 5,520
Interest paid (1,168) (2,469) (4,637)
Ordinary dividends received 3,094 2,182 4,805
Preference dividends paid (501) (365) (770)
Taxation refunded / (paid) 598 - (48)
Ordinary dividends paid (1,999) (802) (802)
Net cash flow from operating 3,549 22,318 41,354
activities
Net cash flow from investing (12,224) (14,354) (24,951)
activities
Net cash flow from financing 2,702 6,571 2,127
activities
Net (decrease) / increase in cash and (5,973) 14,535 18,530
cash equivalents
Cash and cash equivalents at beginning of 58,187 39,657 39,657
period
Cash and cash equivalents at end of 52,214 54,192 58,187
period
CONDENSED SEGMENTAL REPORT Six months Restated Year
ended Six ended
months
ended
30 Sept 07 30 Sept 31 Mar 07
06
R`000 R`000 R`000
Segment revenue
Motor retail 68,743 60,056 135,671
Furniture retail 24,540 34,023 56,597
Insurance & Finance 28,633 20,927 40,842
121,916 115,006 233,110
Segment Result
Operating profit / (loss) before - - -
financing costs
Motor retail 1,684 1,679 5,121
Furniture retail 165 (89) 1,662
Insurance & Finance 2,569 3,256 7,998
Other (2,548) 824 (4,132)
1,870 5,670 10,649
- - -
RECONCILIATION BETWEEN EARNINGS & Six months Restated Year
HEADLINE EARNINGS
ended Six ended
months
ended
30 Sept 07 30 Sept 31 Mar 07
06
R`000 R`000 R`000
Profit for the period 1,267 2,757 6,501
(Profit) / loss on disposal of property, (78) 49 219
plant and equipment
Profit on disposal of interest in - (2,154) (2,154)
subsidiaries
Profit on disposal of interest in - - (1,240)
associate
Negative goodwill written off - (1,132) (823)
Headline earnings / (loss) 1,189 (480) 2,503
Headline earnings / (loss) per share 2.31 (0.90) 4.86
(cents)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Attributable to equity holders of the
parent
Share Revalua Conti Total Total
capita tion ngenc Retained Minori equity
l reserve y earnings ty
reser intere
ve st
R`000 R`000 R`000 R`000 R`000 R`000 R`000
Balance at 1 April - 5,322 11,777 43,821 1,031 44,852
2006 26,722
Profit for the - - - 2,757 2,757 (484) 2,273
period
Disposal of shares - - - - - (547) (547)
in subsidiaries
Dividend paid - - - (802) (802) - (802)
Balance at 30 26,722 - 5,322 13,732 45,776 - 45,776
September 2006
Net income recognised
directly in
equity (Revaluation 17,002 - 17,002 - 17,002
of land and
buildings
Profit for the - 3,746 3,746 - 3,746
period
Total recognised income and
expenses for the 26,722 17,002 5,322 17,478 66,524 - 66,524
period
Transfer to treasury (993) - - - (993) - (993)
shares
Transfer to - - 1,877 (1,877) - - -
contingency reserve
Balance at 31 March 25,729 17,002 7,199 15,601 65,531 - 65,531
2007
Profit for the - - - 1,267 1,267 - 1,267
period
Dividend paid - - - (1,999) (1,999) -
(1,999
)
Balance at 30 25,729 17,002 7,199 14,869 64,799 - 64,799
September 2007
NOTES TO THE FINANCIAL INFORMATION
1 BASIS OF PREPARATION
The interim condensed consolidated financial statements have been prepared
in accordance with International Financial Reporting Standards (IFRSs) and
its interpretations adopted by the International Accounting Standards Board
(IASB). The accounting policies are consistent with those applied for the
year ended 31 March 2007 and have been applied consistently by the Group
entities. These condensed consolidated financial statements comply with IAS
34 - Interim Financial Reporting.
2 FUNCTIONAL AND PRESENTATION CURRENCY
The company`s functional currency is Namibian dollars. As the entity`s
primary listing is on the Johannesburg Stock Exchange, the interim
financial statements have been presented in South African Rands being the
group`s presentation currency. The Namibian Dollar and the South African
Rand are translated on a one-to-one basis.
3 COMPARATIVE FIGURES
The September 2006 comparatives have been restated to be consistent with
the accounting policies and basis of presentation applied to both the
current period and the previous year ended 31 March 2007.
4 REVIEW OF OPERATIONS
? Group revenue increased by 6% to R122 million.
? The group`s asset base increased by 15% to R383 million.
? Negligible increase in cost of sales remaining at R77 million.
? Negligible decrease in operating and administrative expenses remaining
at R31 million.
? Headline earnings increased from (0.90) to 2.31 cents per share.
Overview of first six months
The core business results for the period compared to the prior period
increased by R1,7m. In the prior period, profit on the sale of subsidiaries
as well as negative goodwill written back were major contributors to the
profit for the period.
Increases in claims incurred for the period is due to normal business and
is in line with management expectations. Certain costs the group expected
to be incurred in the second part of the financial year realised in the
first 6 months and this had a negative effect on the results of the Group
compared to the prior period.
5 SEGMENTAL RESULTS
Motor retail: Increases in revenue of all departments in the segment
contributed to the 14% increase in segment revenue. A new branch will be
opened in Namibia during January 2008. The addition of luxury vehicles has
increased the nominal value of sales despite a decrease in volume of sold
vehicles. Higher interest rates has placed pressure on segment performance
as a whole resulting in stagnant operating results.
Furniture retail: Revenue decreased by 28% compared to September 2006
mainly due to the diminishing activity in carpet wholesale and retail. The
renovations at South African and Namibian branches had a positive effect on
sales. Gross profit is still under pressure from competitors in the
Namibian market.
Insurance and finance: The marketing strategies of the first quarter have
paid off well and resulted in a 37% increase in premium income. Operating
results, and in particular investment income, are under pressure due to the
correction of the equity markets during the period. Although the higher
interest rate increases investment income, there is an increase in no-
claims bonuses resulting in increased costs.
6 HEADLINE EARNINGS
The only non-trading item which impacted the group`s headline earnings for
the current reporting period is profit on disposal of property, plant and
equipment.
7 BASIC EARNINGS PER SHARE
Earnings per share for the six months ended 30 September 2007 was 2.46
cents (30 September 2006: 5.16 cents), compared to headline earnings per
share of 2.31 cents (30 September 2006: loss of 0.90 cents).
8 DIVIDEND
The Nictus board of directors proposes no interim dividend.
9 DIRECTORS
No changes have occurred in the directorate since 31 March 2007.
10 PROSPECTS
The higher interest rate environment has had a positive impact on our
insurance businesses. The board expects this trend to continue into the
second half of the financial year. Competition in both the South African
and Namibian markets are as tough as ever and will continue into the second
part of the year. Focus has been placed on new business and sustaining the
current market share.
Historically the majority of the Group`s earnings are earned in the second
part of the financial year and the board is positive that the same will
apply in the current financial year.
On behalf of the board:
N.C. Tromp
F.R. van Staden
Windhoek, 6 December 2007
COMPANY DETAILS
Company registration number: RSA: 1981/01858/06, NAM: F81/11858
JSE share code: NCS, NSX Share code: NCT, ISIN number: NA0009123481
Directors: J L Olivier (Chairman), N C Tromp (Managing Director), J N
Campbell (non-exec), Prof. S S Loubser (non-exec), F R van Staden
(Financial Director), J J Retief (Human Resources)
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd, P O
Box 61051, Marshalltown 2107
RSA Registered Office: Nictus Building, corner of Pretoria and Dover
Street, Randburg (P O Box 2878, Randburg, 2125)
Namibia Registered Office: 3rd Floor, Corporate House, 17 L?deritz Street,
Windhoek (P O Box 755, Windhoek)
Sponsor on the JSE: KPMG Services (Pty) Ltd
Sponsor on the NSX: Namibia Equity Brokers (Pty) Ltd
Johannesburg
7 December 2007
Sponsor on the JSE: KPMG Services (Pty) Ltd
Sponsor on the NSX: Namibia Equity Brokers (Pty) Ltd
Date: 07/12/2007 09:26:00 Produced by the JSE SENS Department.
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