|
ICC
ICC
ICC - ICC - Unaudited interim results for the six months ended 30 June 2009 and
renewal of the cautionary announcement
INDUSTRIAL CREDIT COMPANY AFRICA HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1997/010950/06)
JSE Code: ICC
ISIN: ZAE000053203
("ICC" or "the Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009 AND RENEWAL OF
THE CAUTIONARY ANNOUNCEMENT
CONSOLIDATED GROUP Unaudited Unaudited Audited for
for the 6 for the 6 the year
months months ended
ended ended
STATEMENT OF COMPREHENSIVE INCOME 30-Jun-09 30-Jun-08 31-Dec-08
R`000 R`000 R`000
Revenue 300 12 165 20 328
Staff costs - (2 320) ( 4 156)
Depreciation - (1 401) ( 4 137)
Other operating expenses ( 535) (20 765) ( 10 141)
- Impairment of loans extended to - (76) (70)
discontinued operations
- Impairment of loan to ISG - (1 339) -
- Impairment of goodwill - (13 038) -
- Normal operating expenditure (535) (6 312) ( 10 071)
-
Total operating expenses ( 535) (24 486) ( 18 434)
Other income
- Profit on disposal of subsidiary - - 28 693
(Loss)/profit before finance costs ( 235) (12 321) 30 587
Finance Costs - (7 488) ( 10 710)
(Loss) / profit before taxation ( 235) (19 809) 19 877
Taxation - (32) -
Net (loss) / profit for the period ( 235) (19 841) 19 877
Loss per share information
(Loss)/profit per share (cents) (0.2) (17.01) 17.04
Headline (loss) per share (cents) (0.2) (4.68) (7.56)
Weighted average number of shares 116 667 116 667 116 667
(`000)
CONSOLIDATED GROUP STATEMENT OF Unaudited Unaudited Audited for
FINANCIAL POSITION for the 6 for the 6 the year
months months ended
ended ended
30-Jun-09 30-Jun-08 31-Dec-08
R`000 R`000 R`000
Assets
Property, plant and equipment - 18 128 1
Loans - - -
Goodwill on acquisition of ICC Zambia - 18 961 -
Net investment in finance leases - 45 747 -
Current assets 16 115 341 1 000
Cash and cash equivalents 16 7 806 -
Loans receivable - 107 535 1 000
Total assets 16 198 177 1 001
Equity and liabilities
Shareholders funds ( 5 106) 17 486 ( 4 871)
Share capital and premium 132 297 132 297 132 297
General risk reserve - 2 620 -
Foreign translation reserve - (19 189) -
Revaluation reserve - 148 -
Accumulated loss ( 137 (98 390) ( 137 168)
403)
Non-current liabilities - 98 493 -
Long-term loans - 86 990 -
Deferred taxation - 11 503 -
Current Liabilities 5 122 82 198 5 872
Short-term borrowings 5 011 68 586 5 262
Due to related parties - - 100
Trade and other payables 111 13 612 510
Total equity and liabilities 16 198 177 1 001
Shares in issue (`000) 116 667 116 667 116 667
Net asset value per share (cents) 14.99
(4.4) (4.2)
Net tangible asset value per share (1.26)
(cents) (4.4) (4.2)
CONSOLIDATED GROUP CASH FLOW Unaudited Unaudited Audited
STATEMENT for the 6 for the 6 for the
months months year
ended ended ended
30-Jun-09 30-Jun-08 31-Dec-08
R`000 R`000 R`000
Cash (utilised in)/generated from 16 (8 523) 142 454
Operating Activities
Cash utilised in Investing - (1 727) 29 338
Activities
Cash generated by/(utilised in) - 21 510 ( 170 442)
Financing Activities
Net movement in cash and cash - 11 260 1 350
equivalents for the period
Cash and cash equivalents at - (4 758) ( 1 053)
beginning of period
Foreign exchange movements on cash 1 304 ( 297)
and cash equivalents
Cash and cash equivalents at end of 16 7 806 -
period
Share Share Foreign
Translation
Capital Premium Reserve
R`000 R`000 R`000
Balance at 31 December 2006 11 667 120 630 (20 331)
Net loss for the period - - -
Revaluation of buildings - - -
Foreign translation reserve - - 2,986
Balance at 31 December 2007 11 667 120 630 (17 345)
Net profit for the year - - -
Disposal of subsidiaries - - 17 345
Balance at 31 December 2008 11 667 120 630 -
Net loss for the period - - -
Balance at 30 June 2009 11 667 120 630 -
General Revaluation
Reserve reserve Total
R`000 R`000 R`000
Balance at 31 December 2 620 148 36 185
2006
Net loss for the period - - (78 496)
Revaluation of - 1 394 1 394
buildings
Foreign translation - - 2 986
reserve
Balance at 31 December 2 620 1 542 (37 931)
2007
Net profit for the year - - 19 877
Disposal of (2 620) (1 542) 13 183
subsidiaries
Balance at 31 December - - (4 871)
2008
Net loss for the period - - (235)
Balance at 30 June 2009 - - (5 106)
COMMENTS
The Board of Directors present the unaudited interim financial results for the
Group for the period ended 30 June 2009 which have been prepared in accordance
with IAS 34 - Interim Financial Reporting, on the basis of accounting policies
that comply with International Financial Reporting Standards ("IFRS").
NATURE OF THE BUSINESS
The primary business of the Group is the financing of secured structured leases
to clients.
BUSINESS REVIEW
The Group have closed operations and is currently negotiating new ventures.
FINANCIAL REVIEW
The ICC Group reported a loss before taxation of R235 000 for the six months
under review, compared to a restated loss before taxation of R19,809 million in
the prior year.
Headline loss per share
30-Jun 30-Jun 31-Dec
2009 2008 2008
Reconciliation of headline
loss:
Net (loss)/profit for the year ( 235) (19 841) 19 877
Adjusted for:
Profit on disposal of - - (28 693)
subsidiary
Impairments - 14 453 -
Headline loss ( 235) (5 388) ( 8 816)
INTERNATIONAL FINANCIAL REPORTING STANDARDS AND COMPANIES ACT REQUIREMENTS
The unaudited interim financial statements were prepared in compliance with
IFRS and the Companies Act. The accounting policies for the period are
consistent with those applied for the year ended 31 December 2008
CORPORATE GOVERNANCE
The group fully subscribes to the principles of, and implements where possible,
the recommendations of the King II Code on Corporate Governance.
DIVIDENDS
Dividends will not be paid in respect of the current financial year.
LITIGATION
The directors are not aware of any outstanding litigation against the company.
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are advised that negotiations are still in progress which, if
successfully concluded, may have a material effect on the price of the company`s
securities. Accordingly, shareholders are advised to continue to exercise
caution when dealing in the company`s securities until a further announcement is
made.
For and on behalf of the Board
M. Pryor
Chairman
22 October 2009
Registered Office:
2nd Floor, East Wing
Standard Bank Building
11 Alice Lane
Sandton
PO Box 653249
Benmore
2010
Transfer Secretaries:
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
JOHANNESBURG
2001
Directors:
MD Pryor* (Chairman)
F Kajee
MD van Rooyen (Acting FD)
FJ Morrison
RE Garrine
EA Quo-Enoo*
R Symonette*
CJ Human*
CM van Nieuwkerk*
*Non-Executive
Sponsor
Vunani Corporate Finance
Date: 22/10/2009 15:44:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| 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 ] | |||||||||||||
|
|||||||||||||
