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INDEPENDENT FINANCIAL SERVICES LIMITED
(Registration No. 1950/037061/06)
CONSOLIDATED BALANCE SHEET
at 31 December 2000
(Unaudited)
31 December
2000
R000's
ASSETS
Non-current assets 12 105
Tangible assets 2 674
Goodwill 7 308
Investment 2 123
Current assets 1 295
Inventory 192
Trade and other receivables 914
Cash resources 189
13 400
EQUITY AND LIABILITIES
Capital and reserves
Share capital 340
Share premium 8 700
Non Distributable Reserve 176
Accumulated Profits 850
Ordinary Shareholders interest 10 066
Minority interests 77
TOTAL EQUITY 10 143
Non-current liabilities 1 193
Interest-bearing liabilities 1 193
Current liabilities 2 064
Trade and other payables 829
Taxation 340
Bank overdraft 895
TOTAL EQUITY AND LIABILITIES 13 400
CONSOLIDATED INCOME STATEMENT
for the six months ended 31 December 2000
(Unaudited)
31 December
2000
R000's
GROSS REVENUE 4 239
OPERATING EXPENSES 3 427
OPERATING PROFIT 812
NET FINANCE COSTS 75
PROFIT BEFORE TAXATION 737
TAXATION 348
PROFIT AFTER TAXATION 389
MINORITY INTERESTS (76)
NET PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 313
Headline earnings per share (cents) 2.5
Earnings per share (cents) 1.0
Number of shares in issue (millions) 34
STATEMENT IN CHANGES IN GROUP EQUITY
SHARE SHARE NON- ACCUMULATED TOTAL
CAPITAL PREMIUM DISTRIBUTABLE PROFITS
RESERVE
R000'S R000'S R000'S R000'S R000'S
Balance 1 July 2000 2 000 -- -- 555 2 555
Reduction in share
capital (1 960) -- -- -- (1 960)
Shares issued during
period 300 8 700 -- -- 9 000
Attributable profit -- -- -- 313 313
Acquired on acquisition
of subsidiary -- -- 176 -- 176
Prior year adjustment -- -- -- (18) (18)
340 8 700 176 850 10 066
CHIEF EXECUTIVE'S REPORT
Review for 6 months to 31/12/2000.
Group listed on 13/7/2000. The figures reported are the first figures for IFS
as a listed group. Therefore no comparative figures are shown.
The figures for the first 6 months are satisfactory although depressed by
initial listing costs. Our core business, short term insurance broking, showed
private client business on budget, whilst corporate business fell short of
budget.
During the 6 months the following businesses were acquired for cash.
1) 100% of Meyers Motor Metal Works (Pty) Ltd - an autobody repair shop. 50%
of the interest was sold to the manager.
2) 100% of Red Car Hire (Pty) Ltd - a contract car hire business in
Johannesburg. The final adjusted purchase price was R650 000.
3) 100% of a short term insurance brokerage in Cape Town, since named
Independent Financial Services (Cape) (Pty) Limited.
A small contribution to profits has been made by the above acquisitions. As
the acquisitions were made during the latter part of the first 6 months, the
contribution in the second half is expected to increase dramatically.
Prospects
I expect the second half to show an increase of at least 100% on the figures
now reported.
Acquisition
Effective early February we have purchased a short term brokerage, Fidelity
Financial Services (Pty) Ltd. This acquisition should contribute materially to
our earnings in the future.
It is our policy to grow our core business by acquisition and hope to report
further acquisitions in the second half.
Dividend
Whilst no dividend is declared now, we hope to be in a position to pay a
dividend at year end.
JOHN W SIMPSON
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