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NCS
NCS
NCS - 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 Six Restated Year
STATEMENT months
ended Six ended
months
ended
30 Sept 30 Sept 31 Mar 08
08 07
R`000 R`000 R`000
Revenue 166,638 121,916 265,229
Cost of sales (103,887) (76,946) (176,314)
Claims incurred (29,404) (19,545) (25,619)
Gross profit 33,347 25,425 63,296
Other income 1,037 1,484 3,535
Investment income from 7,251 5,029 12,043
operations
Operating and (38,845) (31,053) (69,439)
administrative expenses
Operating profit 2,790 885 9,435
Investment income 4,032 985 3,284
Operating profit before 6,822 1,870 12,719
financing costs
Financing costs (3,704) (1,669) (5,536)
Profit before 3,118 201 7,183
taxation
Taxation (1,034) 1,066 (486)
Profit for the 2,084 1,267 6,697
period
Attributable to:
Equity holders 2,084 1,267 6,697
Basic earnings per share 3.96 2.46 12.96
(cents)
Diluted earnings per share 3.90 2.37 12.53
(cents)
Number of shares in issue 52,647 51,458 51,665
(000`s)
CONDENSED CONSOLIDATED at 30 at 30 at 31 Mar
BALANCE SHEET Sept 08 Sept 07 08
R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and 55,238 52,004 53,697
equipment
Intangible assets 2,229 1,962 2,229
and goodwill
Investments 23,790 18,842 16,771
Loans and 144,855 128,617 122,319
receivables
Deferred tax assets 9,411 9,876 8,710
235,523 211,301 203,726
Current assets 279,444 171,921 249,082
Total assets 514,967 383,222 452,808
EQUITY
Share capital 26,323 25,729 25,832
Revaluation reserve 17,002 17,002 17,002
Contingency reserve 9,549 7,199 10,693
Retained income 17,895 14,869 16,800
Total equity 70,769 64,799 70,327
LIABILITIES
Non-current
liabilities
Interest bearing loans and 15,000 17,702 15,000
borrowings
Deferred tax 7,510 5,762 6,135
liabilities
22,510 23,464 21,135
Current liabilities 421,688 294,959 361,346
Total equity and 514,967 383,222 452,808
liabilities
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Revaluation Contingency Total
capital reserve reserve Retained equity
income
R`000 R`000 R`000 R`000 R`000
Balance at 1 April 2007 25,729 17,002 7,199 15,601 65,531
Profit for the period - - - 1,267 1,267
Dividend paid - - - (2,004) (2,004)
Balance at 30 September 25,729 17,002 7,199 14,864 64,794
2007
Total recognised income - - 3,494 1,936 5,430
and expenses
Profit for the period - - - 5,430 5,430
Revaluation of land and - - - - -
buildings
Transfer from - - 3,494 (3,494) -
contingency reserve
Transfer from treasury 103 - - - 103
shares
Balance at 31 March 25,832 17,002 10,693 16,800 70,327
2008
Total recognised income - - (1,144) 1,095 (49)
and expenses
Profit for the period - - - 2,084 2,084
Transfer from - - (1,144) 1,144 -
contingency reserve
Dividend paid - - - (2,133) (2,133)
Transfer from treasury 491 - - - 491
shares
Balance at 30 September 26,323 17,002 9,549 17,895 70,769
2008
Unaudited Audited
CONDENSED CONSOLIDATED CASH FLOW Six months Restated Year
STATEMENT
ended Six months ended
ended
30 Sept 08 30 Sept 07 31 Mar 08
R`000 R`000 R`000
Cash flow from operating
activities
Cash generated by 12,905 1,591 18,052
operations
Investment income from 2,756 1,935 5,413
operations received
Interest paid (3,704) (1,669) (5,536)
Ordinary dividends 4,495 3,094 6,630
received
Taxation (paid) / (910) 598 465
refunded
Net cash flow from operating 15,542 5,549 25,024
activities
Net cash flow from investing (20,282) (12,224) (2,622)
activities
Net cash flow from financing 11,210 702 9,664
activities
Net increase / (decrease) in cash and 6,470 (5,973) 32,066
cash equivalents
Cash and cash equivalents at 90,253 58,187 58,187
beginning of period
Cash and cash equivalents at end of 96,723 52,214 90,253
period
1 - -
CONDENSED SEGMENTAL REPORT Six months Restated Year
ended Six months ended
ended
30 Sept 08 30 Sept 07 31 Mar 08
R`000 R`000 R`000
Segment revenue
Motor retail 100,919 68,743 167,507
Furniture retail 21,758 24,540 46,226
Insurance & Finance 43,961 28,633 51,496
166,638 121,916 265,229
Operating profit / (loss) before - - -
financing cost
Motor retail 2,278 1,684 6,017
Furniture retail 1,128 165 2,133
Insurance & Finance 6,030 2,569 16,402
Other (2,614) (2,548) (11,833)
6,822 1,870 12,719
- - -
RECONCILIATION BETWEEN EARNINGS & Six months Restated Year
HEADLINE EARNINGS
ended Six months ended
ended
30 Sept 08 30 Sept 07 31 Mar 08
Profit for the period 2,084 1,267 6,697
(Profit) / loss on disposal of 14 (78) 28
property, plant and equipment
Headline earnings / 2,098 1,189 6,725
(loss)
Headline earnings / (loss) 3.99 2.31 13.02
per share (cents)
NOTES TO THE FINANCIAL INFORMATION
1. BASIS OF PREPARATION
The interim financial statements have been prepared in accordance
with the recognition and measurement criteria of International
Financial Reporting Standards (IFRS) 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 2008. Standards and interpretations effective
subsequent to this date have not had a material effect on the
results. These interim financial statements also comply with the
presentation and disclosure requirements of IAS 34 - Interim
Financial Reporting.
2. FOREIGN CURRENCY
The group`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 2007 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 2008.
REVIEW OF OPERATIONS
Profit before taxation
Group revenue increased by 37% to R167 million.
The group`s asset base increased by 34% to R515 million.
Cost of sales increased by 35% to R104 million.
Operating and administrative expenses increased by 25% to
R38 million.
Headline earnings increased by 73% to 3.99 cents per share.
Overview of first six months
The profit before taxation for the period compared to the prior
period increased by R2,9m. The efforts from the past year are
starting to bear fruit. In all the segments, various strategies
have been implemented to ensure that the business is able to
achieve sustainable growth. The effect of closing the loss making
operations in the first six months is clearly visible in these
results.
Increases in claims incurred for the period is due to normal
business and is in line with management expectations.
The recent downturn in the South African economy did not have the
same impact on the Namibian operations and management expects this
trend to continue for the foreseeable future.
SEGMENTAL RESULTS
Motor retail: Increases in the revenue for all departments in this
segment contributed to the 47% increase in segment revenue. The
promotion on the Isuzu range of vehicles increased the nominal
sales value per vehicle. Various promotions were held during the
first six months resulting in the positive growth of the segment
compared to the first 6 months in the prior year.
Furniture retail: Revenue decreased by 9% compared to September
2007 due to the closing down of the carpet wholesale division
within the segment. Excluding the effect of the closure of the
carpet wholesale division, growth was experienced in the revenue of
the segment. Gross profit is still under pressure from competitors
in the Namibian market.
Insurance and finance: The marketing strategies of the first
quarter has paid off well and resulted in a 54% increase in premium
income. Operating results, and in particular investment income, are
under pressure due to the significant decrease 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.
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.
BASIC EARNINGS PER SHARE
Earnings per share for the six months ended 30 September 2008 was
3.96 cents (30 September 2007: 2.46 cents), compared to headline
earnings per share of 3.99 cents (30 September 2007: loss of 2.31
cents).
DIVIDEND
The Nictus board of directors proposes no interim
dividend.
DIRECTORS
No changes have occurred in the directorate since 31
March 2008.
PROSPECTS
The slowdown in the world economy has the potential to impact the
business. Recognising this, management has already considered
measures and implemented certain strategies to soften the possible
impact on the results of the group.
Historically the majority of the groups 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, 2 December 2008
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 Luderitz
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
2 December 2008
Sponsor on the JSE: KPMG Services (Pty) Ltd
Sponsor on the NSX: Namibia Equity Brokers (Pty) Ltd
Date: 02/12/2008 09:53:02 Produced by the JSE SENS Department.
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