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ICC
ICC
ICC - Industrial Credit Company Africa Holdings Limited - Audited Condensed
Results For The Year Ended 31 December 2009
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")
AUDITED CONDENSED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
Audited Audited
for the for the
year year
ended ended
STATEMENT OF COMPREHENSIVE INCOME 31-Dec-09 31-Dec-
08
R`000 R`000
Revenue 21 1 486
Staff costs (146) -
Depreciation (1) ( 141)
Normal operating expenses (1 215) ( 2 110)
-
Total operating expenses (1 363) (2 271)
Other income
- Profit on disposal of subsidiary - 11 745
- Income from liabilities waived 471
(Loss)/profit before finance costs ( 870) 10 960
Finance Costs (14) ( 459)
(Loss) / profit before taxation ( 884) 10 501
Taxation 9 167 -
Net profit for the period 8 282 10 501
Earnings per share information
Earnings per share (cents) 9.00
7.1
Headline earnings/ (loss) per share (cents) (1.07)
7.1
Weighted average number of shares (`000) 116 614 116 667
STATEMENT OF FINANCIAL POSITION Audited Audited
for the for the
year year
ended ended
31-Dec-09 31-Dec-
08
R`000 R`000
Assets
Non-current assets 9 931 1
Property, plant and equipment 9 1
Net investment in finance leases 755 -
Deferred taxation 9 167
Current assets 479 1 000
Cash and cash equivalents 15 -
Loans receivable - 1 000
Net investment in finance leases 464
Total assets 10 410 1 001
Equity and liabilities
Shareholders funds 3 411 ( 4 871)
Share capital and premium 132 297 132 297
Accumulated loss (128 886) ( 137
168)
Non-current liabilities 744 -
Finance lease obligation 744 -
Current Liabilities 6 255 5 871
Loans from shareholders 5 646 5 100
Finance lease obligation 468
Trade and other payables 141 771
Total equity and liabilities 10 410 1 001
Shares in issue (`000) 116 614 116 667
Net asset value per share (cents)
2.9 (4.2)
Net tangible asset value per share (cents)
2.9 (4.2)
STATEMENT OF CASH FLOW Audited for Audited for
the year the year
ended ended
31-Dec-09 31-Dec-08
R`000 R`000
Cash (used in)/generated from Operating (1 521) 10 547
Activities
Cash (used in)/generated from Investing 990 (875)
Activities
Cash (used in)/generated by Financing 546 (9 676)
Activities
Net movement in cash and cash equivalents 15 (4)
for the period
Cash and cash equivalents at beginning of - 4
period
Cash and cash equivalents at end of period 15 -
STATEMENT OF CHANGES IN
EQUITY
Share Share Accumulated
Capital Premium Loss Total
R`000 R`000 R`000 R`000
Balance at 1 January 11 667 120 630 ( 147 669) (15 371)
2008
Net profit for the year - - 10 500 10 500
Balance at 31 December 11 667 120 630 (137 168) (4 871)
2008
Net profit for the period - - 8 282 8 282
Balance at 31 December 11 667 120 630 (128 886) 3 411
2009
COMMENTS
The Board of Directors present the audited financial results for the Company for
the year ended 31 December 2009, which have been prepared on the basis of
accounting policies that comply with International Financial Reporting Standards
("IFRS").
NATURE OF THE BUSINESS
The main business of the Company is secured financial and operating leasing of
commercial equipment and vehicles to blue chip clients.
BUSINESS REVIEW
The Company`s focus during 2009 as stated was not only to maintain leasing
products and markets, and to further develop and expand its product line in
respect of leases, but to embark on an aggressive strategy to develop and
acquire supporting operations in line with the Company`s business strategies.
FINANCIAL REVIEW
The financial year ended 31 December 2009 resulted in a profit after taxation of
R8 282 381 after recognition of a deferred tax credit in the statement of
comprehensive income of R9 166 532.
Headline earnings per share
31-Dec 31-Dec
2009 2008
R`000 R`000
Reconciliation of headline earnings/(loss):
Net profit for the year 8 281 10 501
Adjusted for:
Profit on disposal of subsidiary - (11 745)
Headline earnings/(loss) 8 281 (1 244)
BASIS OF PREPARATION OF THE AUDITED RESULTS
The audited financial statements were prepared in accordance with the framework
concepts and the measurement and recognition requirements of IFRS and the AC500
Standards as issued by the Accounting Practices Board or its successor, and
contain the information required by IAS34:Interim Financial Reporting, the
Companies Act and the Listings Requirements of the JSE Limited. The accounting
policies for the period are consistent with those applied for the year ended 31
December 2008, save for the impact of new accounting standards that came into
effect in the financial year under review.
The audited financial statements were approved by the Board on 26 March 2010.
AUDIT OPINION
The results have been audited by the Company`s auditors Horwath Leveton Boner.
Their unqualified and unmodified audit opinion is available for inspection at
the Company`s registered office.
CORPORATE GOVERNANCE
The Company fully subscribes to the principles of, and implements where
possible, the recommendations of the King II Code on Corporate Governance.
DIVIDEND
No dividend will be paid in respect of the current financial year.
LITIGATION
The directors are not aware of any outstanding litigation against the company.
NOTICE OF ANNUAL GENERAL MEETING
The Company`s annual general meeting will be held at 3 Tuscan Office Park, 168
Fourteenth Road, Noordwyk, Midrand on Monday, 3 May 2010 at 10h00.
For and on behalf of the Board
JC Human
Chairman
31 March 2010
Registered Office:
3 Tuscan Office Park
168 Fourteenth Road
Noordwyk
1685
PO Box 6295
Midrand
1685
Transfer Secretaries:
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street
JOHANNESBURG
2001
Directors:
JC Human* (Chairman)
MD Pryor*
MD van Rooyen
FJ Morrison
JM Mostert
*Non-Executive
Sponsor
Vunani Corporate Finance
Date: 31/03/2010 12:18:02 Produced by the JSE SENS Department.
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