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IDQ
IDQ
IDQ - Indequity - Unaudited Condensed Consolidated Interim Results For The Six
Months Ended 31 March 2008
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 2008
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT
6 months 6 months Year ended
ended 31 ended 31 30 September
March 2008 March 2007 2007
Unaudited Unaudited Audited
R`000 R`000 R`000
Insurance income 10 390 7 103 15 919
Investment income 1 924 1 846 3 299
Investment banking and
private equity income 589 556 14 389
Total revenue 12 903 9 505 33 607
Claims incurred, net of
reinsurance 7 792 4 433 9 161
Commission paid 915 440 1 112
Unrealised losses -
investments 4 978 - -
Operating expenses 4 636 3 401 7 477
Total expenses 18 321 8 274 17 750
Finance costs 89 139 275
(Loss)/Profit before (5 507) 1 092 15 582
taxation
Taxation 2 240 (264) (4 139)
(Loss)/Profit for the (3 267) 828 11 443
period
Attributable to:
Equity holders of
the parent (3 272) 453 11 346
Minority interest 5 375 97
Ordinary dividends per
share (cents)
- paid - - -
- declared - - -
Basic earnings per share (27,02) 3,72 95,95
(cents)
Diluted earnings per (27,02) 3,72 95,95
share (cents)
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
31 March 31 March 30 September
2008 2007 2007
Unaudited Unaudited Audited
R`000 R`000 R`000
ASSETS
Property and equipment 223 281 233
Intangible assets 934 935 935
Investments at fair
value through profit and 12 787 6 962 21 382
loss
Loans receivable - 1 585 1 864
Subrogation and salvage
recoveries 1 025 - 727
Deferred tax asset 1 989 2 320 771
Income tax receivable - 3 -
Trade and other 580 526 474
receivables
Cash and cash 8 242 5 745 7 073
equivalents
Total assets 25 780 18 357 33 459
LIABILITIES
Deferred tax liability 1 706 452 2 987
Loans payable 781 2 154 1 809
Preference shareholder`s
interest 232 1 332 1 008
Insurance contract 3 207 1 699 2 438
provisions
Tax payable 509 412 436
Dividends payable 36 - 316
Accounts payable 3 772 2 121 2 626
Total liabilities 10 243 8 170 11 620
EQUITY
Share capital and 14 163 14 060 14 644
premium
Contingency reserve 1 909 1 268 1 566
Accumulated loss (5 690) (8 901) (176)
Shareholders` interest 10 382 6 427 16 034
Minority interest 5 155 3 760 5 805
Total equity 15 537 10 187 21 839
Total equity and 25 780 18 357 33 459
liabilities
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
Share Accumulated Contingen
capital and loss cy Total
premium R`000 reserve R`000
R`000 R`000
Balance as at 1 14 110 (10 716) 1 077 4 471
October 2006
Net profit for 453 453
the 6 months
ended 31 March
2007
Transfer to (191) 191 -
contingency
reserve
Treasury shares 2 2
sold
Treasury shares (52) (52)
acquired
Balance as at 31 14 060 (10 454) 1 268 4 874
March 2007
Net profit for 10 893 10 893
the 6 months
ended 30
September 2007
Ordinary shares 749 749
issued
Transfer to (298) 298 -
contingency
reserve
Treasury shares 246 246
sold
Treasury shares (411) (411)
acquired
Dividends paid (316) (316)
Balance as at 30 14 644 (175) 1 566 16 035
September 2007
Net loss for the
6 months ended 31 (3 272) (3 272)
March 2008
Transfer to (343) 343 -
contingency
reserve
Treasury shares 42 42
sold
Treasury shares (523) (523)
acquired
Dividends paid (1 900) (1 900)
Balance as at 31 14 163 (5 690) 1 909 10 382
March 2008
CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENT
30 September
31 March 31 March 2007
2008 2007 Audited
Unaudited Unaudited R`000
R`000 R`000
Net cash (used in)/from (1 476) 2 012 2 523
operating activities
Net cash from investing 5 060 1 219 29
activities
Net cash used in financing (2 416) (2 571) (1 970)
activities
Net increase in cash and cash 1 168 660 582
equivalents
Cash and cash equivalents at
beginning of period 7 074 5 085 6 492
Cash and cash equivalents at end 8 242 5 745 7 074
of period
SEGMENT INFORMATION
6 months 6 months ended Year ended
ended 31 31 March 2007 30 September
March 2008 Unaudited 2007
Unaudited R`000 Audited
R`000 R`000
Insurance 10 867 7 486 16 369
Investments 1 465 1 617 2 878
Investment banking and 571 402 14 360
private equity
Segment revenue 12 903 9 505 33 607
Insurance
(Loss)/Profit before (892) 156 1 057
taxation
Taxation 1 068 (57) (180)
Investments
Profit before taxation 150 868 897
Taxation 2 (207) (94)
Minority interest (5) (377) (97)
Investment Banking and
Private Equity
(Loss)/Profit before (4 765) 68 13 628
taxation
Taxation 1 170 - (3 865)
Minority interest - 2 -
Segment results (3 272) 453 11 346
COMMENTS ON RESULTS
The group`s insurance and investment operations delivered results according to
expectations. However this was offset by the revaluation of the group`s
investment in African Brick Ltd to mark the shares to market value. The shares
were valued at R0,55 per share at 31 March 2008 (R1,00 per share at 30
September 2007).
PROSPECTS
The group expects its core operations to continue to grow and deliver
corresponding pleasing results. The group is confident that its investment in
a solid business such as African Brick Ltd will deliver the appropriate returns
over the longer term, but it is cognisant of the fact that the value of its
investment is dependant on market conditions at any point in time.
HEADLINE EARNINGS PER SHARE AND DILUTED HEADLINE EARNINGS PER SHARE
6 months 6 months Year ended
ended 31 ended 31 30 September
March 2008 March 2007 2007
Unaudited Unaudited Audited
Headline earnings per share (27,02) 3,72 95,95
(cents)
Diluted headline earnings (27,02) 3,72 95,95
per share (cents)
Number of shares
- in issue 13 170 000 12 170 000 13 170 000
- weighted average 12 106 464 12 170 000 11 826 099
- Diluted 12 106 464 12 170 000 11 826 099
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
2008 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 2007.
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 2008 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 R58,333.33 per share.
On behalf of the board
LJ van Rensburg TC Meyer Johannesburg
Chief Executive Director 25 June 2008
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: 25/06/2008 17:15:01 Produced by the JSE SENS Department.
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