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IDQ
IDQ
IDQ - Indequity Group Limited - Unaudited condensed consolidated interim results
for the six months ended 31 March 2010
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 2010
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
31 March 31 30
2010 March September
Unaudited 2009 2009
R`000 Unaudited Audited
R`000 R`000
ASSETS
Property and equipment 362 511 429
Intangible assets 531 1 530 1 455
Investments at fair value
through profit and loss - 3 932 4 560
Loans receivable - 352 372
Subrogation and salvage
recoveries 2 501 2 164 2 060
Deferred tax asset - 769 259
Income tax receivable - - 210
Inventories - - 69
Trade and other receivables 179 737 328
Cash and cash equivalents 13 282 10 881 12 154
Total assets 16 855 20 876 21 896
LIABILITIES
Deferred tax liability - 48 201
Loans payable 359 1 361 999
Insurance contract provisions
3 909 2 905 2 812
Tax payable 324 563 3
Dividends payable 3 3 3
Trade and other payables 3 585 3 767 3 634
Total liabilities 8 180 8 647 7 652
EQUITY
Share capital and premium 11 861 14 098 14 073
Contingency reserve 2 625 2 379 2 485
Accumulated loss (6 911) (8 517) (6 946)
Ordinary shareholders` interest 7 575 7 960 9 612
Minority interest 1 100 4 269 4 632
Total equity 8 675 12 229 14 244
Total equity and liabilities
16 855 20 876 21 896
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months Year ended
ended 31 ended 31 30
March March September
2010 2009 2009
Unaudited Unaudited Audited
R`000 R`000 R`000
Insurance income 13 589 12 129 25 002
Investment income 304 1 227 3 271
Investment banking and private equity
income - 890 1 220
Total revenue 13 893 14 246 29 493
Claims incurred, net of reinsurance 7 935 7 907 14 841
Commission paid 1 003 962 1 872
Operating expenses 4 011 5 281 10 841
Loss on disposal of businesses 365 - -
Total expenses 13 314 14 150 27 554
Finance costs 19 62 159
Profit before taxation 560 34 1 780
Taxation (385) (225) (101)
Profit/(Loss) for the period 175 (191) 1 679
Attributable to:
Equity holders of the parent 175 144 1 821
Minority interest - (335) (142)
Profit/(Loss) for the period 175 (191) 1 679
Ordinary dividends per share (cents)
- paid - - -
- declared - - -
Basic earnings per share (cents) 1,43 1,20 15,23
Diluted earnings per share (cents) 1,43 1,20 15,23
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
31 March 31 March 30
2010 2009 September
Unaudite Unaudite 2009
d d Audited
R`000 R`000 R`000
Net cash from / (used in) operating
activities 1 655 (142) 1 560
Net cash from investing activities 3 644 3 519 3 282
Net cash from /(used in) financing (4 171) 33 (159)
activities
Net increase in cash and cash equivalents 1 128 3 410 4 683
Cash and cash equivalents at beginning of
period 12 154 7 471 7 471
Cash and cash equivalents at end of period 13 282 10 881 12 154
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
Share Accumulated Contingency Minority
capital
and loss reserve Interest Total
premium
R`000 R`000 R`000 R`000 R`000
Balance as at 1
October 2008 14 183 (8 488) 2 206 4 481 12 382
Net profit/(loss)
for the 6 months 144 (335) (191)
ended 31 March 2009
Transfer to
contingency reserve (173) 173 -
Treasury shares (176) (176)
acquired
Incentive shares 91 91
issued
Preference share 123 123
profit
Balance as at 31
March 2009 14 098 (8 517) 2 379 4 269 12 229
Net profit for the
6 months ended 30 1 677 193 1 870
September 2009
Transfer to
contingency reserve (106) 106 -
Treasury shares (25) (25)
acquired
Preference share 170 170
profit
Balance as at 30
September 2009 14 073 (6 946) 2 485 4 632 14 244
Net profit for the
6 months ended 31 175 175
March 2010
Transfer to
contingency reserve (140) 140 -
Treasury shares (805) (805)
acquired
Treasury shares 1 086 1 086
sold
Incentive shares 7 7
issued
Minority interest (3 532) (3 532)
unbundled
Share premium used (2 500) (2 500)
to finance
unbundling
Balance as at 31
March 2010 11 861 (6 911) 2 625 1 100 8 675
SEGMENT INFORMATION
6 months ended 6 months Year ended
ended
31 March 2010 31 March 30 September
2009 2009
Unaudited Unaudited Audited
R`000 R`000 R`000
Insurance 13 893 12 589 25 884
Investments - 772 2 401
Investment banking and
private equity - 885 1 208
Segment revenue 13 893 14 246 29 493
Insurance 281 218 1 572
Profit before taxation 666 392 2 535
Taxation (385) (174) (963)
Investments - (210) (286)
Loss before taxation - (601) (521)
Taxation - 56 93
Minority interest - 335 142
Investment Banking and - 136 535
Private Equity
Profit/(Loss) before taxation - 243 (234)
Taxation - (107) 769
Unbundling & Head office (106) - -
losses
Segment results 175 144 1 821
* COMMENTS ON RESULTS
The Indequity group has finalised the restructuring of its operations by
unbundling all non-insurance operations into a separate non-listed entity.
The insurance operations continued to grow over this period and this
resulted in an increase in Cash and cash equivalents to a very healthy
R13,3 million from R10,8 million last year.
* PROSPECTS
With the global economic crisis seemingly receding, we are confident that
an improvement in the economic environment will have a positive impact on
group operations in future. We intend to continue to focus on building a
superior quality business and to build on the success of the past. We will
continually strive to enhance and optimise operations for the long-term
benefit of our stakeholders.
HEADLINE EARNINGS PER SHARE AND DILUTED HEADLINE EARNINGS PER SHARE
6 months 6 months Year ended
ended 31 ended 31 30 September
March 2010 March 2009 2009
Unaudited Unaudited Audited
Headline earnings per share 1,43 1,20 15,23
(cents)
Diluted headline earnings per 1,43 1,20 15,23
share (cents)
Number of shares
- in issue 13 170 000 13 170 000 13 170 000
- weighted average 12 254 559 12 010 567 11 958 061
- diluted 12 254 559 12 010 567 11 958 061
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 2010 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 2009.
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 2010 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 insurance operations` current cash
requirements, no interim dividends have been declared to ordinary
shareholders.
On behalf of the board
LJ van Rensburg TC Meyer Johannesburg
Chief Executive Officer Chairman 4 June 2010
Directors: LJ van Rensburg, TC Meyer*, JF Zwarts*, G Williamson*, AV van
Jaarsveldt* (British) (*non-executive) Company secretary: C Koekemoer
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
Date: 04/06/2010 07:05:08 Produced by the JSE SENS Department.
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