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NCS
NCS
NCS - Nictus Limited - Interim Results 30 September 2009
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")
Nictus Limited - Interim Results 30 September 2009
Unaudited Audited
CONDENSED CONSOLIDATED STATEMENT OF Six Six Year
COMPREHENSIVE INCOME months months
ended ended ended
30 Sept 30 Sept 31 Mar 09
09 08
R`000 R`000 R`000
Revenue 184,672 166,638 369,529
Cost of sales (118,605) (103,887) (232,262)
Claims incurred (27,868) (29,404) (57,250)
Gross profit 38,199 33,347 80,017
Other income 1,654 1,037 3,682
Investment income from operations 11,862 7,251 17,083
Operating and administrative
expenses (45,550) (38,845) (90,809)
Operating profit 6,165 2,790 9,973
Investment income 1,888 4,032 3,238
Operating profit before financing
costs 8,053 6,822 13,211
Financing costs (2,750) (3,704) (5,265)
Profit before taxation 5,303 3,118 7,946
Taxation (2,209) (1,034) (2,097)
Profit for the period 3,094 2,084 10,043
Other comprehensive income 0 0 0
Total comprehensive income for
the period 3,094 2,084 10,043
Profit and comprehensive income
attributable to:
Equity holders 3,094 2,084 10,043
Basic earnings per share (cents) 5.85 3.96 18.98
Diluted earnings per share (cents) 5.79 3.90 18.79
Number of shares in issue (000`s) 52,912 52,647 52,912
CONDENSED CONSOLIDATED STATEMENT OF at 30 at 30 at 31 Mar
FINANCIAL POSITION Sept 09 Sept 08 09
R`000 R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 57,628 55,238 55,284
Intangible assets and goodwill 2,125 2,229 2,125
Investments 31,465 23,790 20,670
Loans and receivables 219,240 144,855 186,543
Deferred tax assets 13,650 9,411 13,992
324,108 235,523 278,614
Current assets 387,488 279,444 349,166
Total assets 711,596 514,967 627,780
EQUITY
Share capital 26,456 26,323 26,456
Revaluation reserve 17,002 17,002 17,002
Contingency reserve 20,647 9,549 16,989
Retained income 14,505 17,895 18,409
Total equity 78,610 70,769 78,856
LIABILITIES
Non-current liabilities
Interest bearing loans and
borrowings 21,659 15,000 21,659
Deferred tax liabilities 8,085 7,510 8,413
29,744 22,510 30,072
Current liabilities 603,242 421,688 518,852
Total equity and liabilities 711,596 514,967 627,780
Unaudited Audited
CONDENSED CONSOLIDATED STATEMENT OF Six Six Year
CASH FLOW months months
ended ended ended
30 Sept 30 Sept 31 Mar
09 08 09
R`000 R`000 R`000
Cash flow from operating
activities
Cash generated by
operations 60,957 12,905 100,254
Investment income from
operations received 3,610 2,756 6,739
Interest paid (2,750) (3,704) (5,265)
Ordinary dividends
received 8,252 4,495 10,344
Taxation refunded
/(paid) 2,068 (910) (105)
Net cash flow from operating
activities 72,137 15,542 111,967
Net cash flow from investing
activities (45,839) (20,282) (67,931)
Net cash flow from financing
activities 5,107 11,210 29,218
Net increase in cash and cash
equivalents 31,405 6,470 73,254
Cash and cash equivalents at
beginning of period 163,507 90,253 90,253
Cash and cash equivalents at end of
period 194,912 96,723 163,507
CONDENSED SEGMENTAL REPORT Six Six Year
months months
ended ended ended
30 Sept 30 Sept 31 Mar
09 08 09
R`000 R`000 R`000
Segment revenue
Motor retail 113,022 100,919 255,519
Furniture retail 29,183 21,758 49,806
Insurance & Finance 42,467 43,961 64,204
184,672 166,638 369,529
Operating profit / (loss) before
taxation
Motor retail 1,553 1,613 3,099
Furniture retail 245 (465) 912
Insurance & Finance 9,139 3,599 12,512
10,937 4,747 16,523
Other (5,634) (1,629) (8,577)
5,303 3,118 7,946
RECONCILIATION BETWEEN EARNINGS & Six Six Year
HEADLINE EARNINGS months months
ended ended ended
30 Sept 30 Sept 31 Mar
09 08 09
Profit for the period 3,094 2,084 10,043
Loss on disposal of property, plant
and equipment 0 14 31
Headline earnings 3,094 2,098 10,074
Headline earnings per share
(cents) 5.85 3.99 19.04
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Revaluation Contingenc Retained Total
Capital Reserve y Reserve Earnings Equity
R`000 R`000 R`000 R`000 R`000
Balance at 1 25,832 17,002 10,693 16,800 70,327
April 2008
Total 0 0 (1,144) 1,095 (49)
comprehensive
income
Profit for the
period 0 0 0 2,084 2,084
Transfer from
contingency 1,144 0
reserve 0 0 (1,144)
Dividend paid 0 0 0 (2,133) (2,133)
Transfer from 491 0 0 0 491
treasury shares
Balance at 30 26,323 17,002 9,549 17,895 70,769
September 2008
Total 0 0 7,440 514 7,954
comprehensive
income
Profit for the
period 0 0 0 7,954 7,954
Revaluation of
land and
buildings 0 0 0 0 0
Transfer to
contingency
reserve 0 0 7,440 (7,440) 0
Transfer from
treasury shares 133 0 0 0 133
Balance at 31 26,456 17,002 16,989 18,409 78,856
March 2009
Total 0 0 3,658 (3,904) (246)
comprehensive
income
Profit for the
period 0 0 0 3,094 3,094
Transfer to
contingency
reserve 0 0 3,658 (3,658) 0
Dividend paid 0 0 0 (3,340) (3,340)
Transfer from 0 0 0 0 0
treasury shares
Balance at 30
September 2009 26,456 17,002 20,647 14,505 78,610
CONDENSED CONSOLIDATED STATEMENT OFCHANGES IN EQUITY
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 2009. 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 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 2008 comparatives are consistent with the accounting
policies and basis of presentation applied to both the current
period and the previous year ended 31 March 2009.
REVIEW OF OPERATIONS
Profit before taxation
Group revenue increased by 11% to R185 million.
The group`s asset base increased by 38% to R712 million.
Gross profit increased by 15% to R38m.
Operating profit increased by 121% to R6m.
Cost of sales increased by 14% to R119 million.
Operating and administrative expenses increased by 17% to R46 million.
Headline earnings increased by 47% to 5.85 cents per share.
Overview of first six months
The profit before taxation for the period compared to the prior
period increased by R2m. Positive growth was experienced in all the
operating segments of the group during the first six months of the
financial year. The downturn in the South African economy did not
have the same impact on the Namibian operations.
The group performed well under the economic conditions that existed
during the first 6 months of the financial year. The growth
experienced during this period is due to strategies that were put in
place during the prior financial year and it will stand the group in
good stead in the future.
SEGMENTAL RESULTS
There was no change in the segments from the 31 March 2009 annual
report.
Motor retail: Increases in the revenue for all departments in this
segment contributed to the 12% increase in segment revenue. Various
promotions were held during the first six months resulting in the
positive revenue growth for the segment compared to the first 6
months in the prior year.
Furniture retail: Revenue increased by 34% compared to September
2008. Margins remained under pressure due to the economic downturn.
The Windhoek branch relocated to new premises and the associated
costs impacted negatively on the segment.
Insurance and finance: The premium income for the first 6 months
remained in line with the prior year. Investment income remained
under pressure due to the decrease in the prime rate, but the
correction of the stock exchange had a positive impact on investment
income
HEADLINE EARNINGS
For the year to date no items impacted on the headline earnings for
the group.
BASIC EARNINGS PER SHARE
Earnings per share for the six months ended 30 September 2009 was
5.85 cents (30 September 2008: 3.96 cents), compared to headline
earnings per share of 5.85 cents (30 September 2008: 3.99 cents).
DIVIDEND
The Nictus board of directors proposes no interim dividend.
DIRECTORS
No changes have occurred in the directorate since 31 March 2009.
PROSPECTS
Although the slowdown in the global economy impacted on South Africa
and to a lesser extent on Namibia, we are pleased by the better
results comparing to the same corresponding period. The board has at
this stage reason to believe that this trend ought to endure until
the year end. Historically the majority of the groups earnings are
earned in the second part of the financial year and the board is of
the opinion that the same will apply in the current financial year.
On behalf of the board:
N C Tromp
F R van Staden
Windhoek, 11 December 2009
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), 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
11 December 2009
Sponsor on the JSE: KPMG Services (Pty) Ltd
Sponsor on the NSX: Namibia Equity Brokers (Pty) Ltd
Date: 11/12/2009 11:51:01 Produced by the JSE SENS Department.
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