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ICC
ICC
ICC - Industrial Credit Company Africa Holdings Limited - Unaudited interim
results for the six months ended 30 June 2010 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: ZAE 000053203
("ICC" or "the Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2010 AND RENEWAL OF
THE CAUTIONARY ANNOUNCEMENT
STATEMENT OF COMPREHENSIVE INCOME Unaudited Unaudited Audited
for the 6 for the 6 for the
months months year
ended ended ended
30-Jun-10 30-Jun-09 31-Dec-09
R`000 R`000 R`000
Revenue 64 300 21
Other income - - 471
(350) (535) (1 362)
Operating expenses
Loss before finance costs (286) (235) (870)
Finance Costs (42) - (14)
Loss before taxation (328) (235) (884)
Taxation - - 9 167
Net (loss) / profit for the period (328) (235) 8 282
Profit / (Loss) per share
information
Basic earnings / (loss) per share (0.28) (0.20) 7.10
(cents)
Diluted earnings / (loss) per share (0.28) (0.20) 7.10
(cents)
Weighted average number of shares 116 614 116 667 116 614
(`000)
STATEMENT OF FINANCIAL POSITION Unaudited Unaudited Audited
as at as at as at
30-Jun-10 30-Jun-09 31-Dec-
09
R`000 R`000 R`000
Assets
Non-current Assets 9 914 - 9 931
Property, plant and equipment 8 - 9
Deferred tax 9 167 - 9 167
Finance lease receivables 739 - 755
Current assets 571 16 479
Finance lease receivables 544 - 464
Cash and cash equivalents 27 16 15
Total assets 10 485 16 10 410
Equity and liabilities
Equity 3 083 (5 106) 3 411
Share capital and premium 132 297 132 297 132 297
Accumulated loss (129 214) (137 403) (128
886)
Non-current liabilities 744 - 744
Finance lease obligation 744 - 744
Current liabilities 6 658 5 122 6 255
Loans from shareholders 5 646 - 5 646
Finance lease obligation 511 - 469
Short-term borrowings 351 5 011 -
Trade and other payables 150 111 140
Total equity and liabilities 10 485 16 10 410
Shares in issue (`000) 116 614 116 667 116 614
Net asset value and net tangible 2.64 (4.4) 2.92
asset value per share (cents)
CASH FLOW STATEMENT Unaudited Unaudited Audited
for the 6 for the 6 for the
months ended months ended year
ended
30-Jun-10 30-Jun-09 31-Dec-
09
R`000 R`000 R`000
Cash (utilised in)/generated from (232) 16 (1 521)
operating activities
Cash generated from investing activities - - 990
Cash generated from financing activities 244 - 546
Net movement in cash and cash 12 - 15
equivalents for the period
Cash and cash equivalents at beginning 15 - -
of period
Cash and cash equivalents at end of 27 16 15
period
STATEMENT OF CHANGES IN Share Share Total Accumu-
EQUITY capital premium Share Lated
loss Total
Company R`000 R`000 R`000 R`000 R`000
Balance at 31 December 11 667 120 630 132 297 (147 669) (15 372)
2007
Net profit for the period - - - 10 501 10 501
Balance at 31 December 11 667 120 630 132 297 (137 168) (4 871)
2008
Net profit for the year - - - 8 282 8 282
Balance at 31 December 11 667 120 630 132 297 (128 886) 3 411
2009
Net loss for the period - - - (328) (328)
Balance at 30 June 2010 11 667 120 630 132 297 (129 214) 3 083
COMMENTS
The Board of Directors present the unaudited interim financial results for the
company for the period ended 30 June 2010 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 company is the financing of secured structured
leases to clients.
BUSINESS REVIEW AND FUTURE PROSPECTS
The company is continuing with its principal business and is in continued
discussions with the JSE Limited in regard to its proposed acquisitions.
FINANCIAL REVIEW
The company reported a loss before taxation of R328 000 for the six months under
review, compared to a loss before taxation of R235 000 in the prior year. The
company does not operate in any distinct segments and operates in South Africa
and thus no segmental report is presented.
Headline loss per share
30-Jun 30-Jun 31-Dec
2010 2009 2009
Reconciliation of headline R`000 R`000 R`000
earnings / (loss):
Net (loss)/profit for the year (328) (235) 8 281
Headline (loss) / earnings (328) (235) 8 281
Weighted average number of 116 614 116 667 116 614
shares in issue
Headline (loss) / earnings per (0.28) (0.20) 7.10
share (cents)
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 2009.
CORPORATE GOVERNANCE
The company 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.
DIRECTORS
The following change in directors has taken place during the six months under
review and to the date of this announcement:
Director Appointed / Resigned Date
JC Human Resigned 21 June 2010
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcements dated 28 July 2010 and 8 September 2010
respectively, shareholders are advised that the proposed transaction as referred
to in the announcement dated 08 June 2010 is 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
14 October 2010
Registered Office:
3 Tuscan Office Park
168 Fourteenth Road
Noordwyk
1685
Postal address:
PO Box 6295
Midrand
1685
Transfer Secretaries:
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
JOHANNESBURG
2001
Directors:
MD Pryor* (Chairman)
MD van Rooyen (CEO)
FJ Morrison
JM Mostert (FD)
*Non-Executive
Company Secretary
Arcay Client Support (Pty) Ltd
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
Date: 14/10/2010 09:31:01 Produced by the JSE SENS Department.
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