|
NCS
NCS
NCS - Nictus Limited - Interim Results for the six months ended 30 September
2011
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")
Unaudited Audited
CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Six Six Year
months months
ended ended ended
30 Sept 30 Sept 31 Mar 11
11 10
R`000 R`000 R`000
Revenue 273 037 194 522 494 109
Cost of sales (205 822) (142 746) (377 350)
Claims incurred (13 455) (11 892) (24 057)
Gross profit 53 760 39 884 92 702
Other income 5 342 2 736 10 793
Investment income from 19 950 14 517 27 828
operations
Operating and administrative (68 261) (53 365) (113 481)
expenses
Operating 10 791 3 772 17 842
profit
Investment 2 738 3 899 6 722
income
Operating profit before 13 529 7 671 24 564
financing costs
Financing costs (1 948) (2 241) (5 090)
Profit before 11 581 5 430 19 474
taxation
Taxation (1 301) (2 024) (3 991)
Profit for the 10 280 3 406 15 483
period
Other 7 426 - -
comprehensive
income
Total comprehensive income for the 17 706 3 406 15 483
period
Profit and total comprehensive income
attributable to:
Equity 17 706 3 406 15 483
holders
Basic earnings per share 19.24 6.41 28.97
(cents)
Diluted earnings per share 19.24 6.37 28.97
(cents)
Number of shares in issue 53 443 53 177 53 443
(000`s)
CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
at 30 at 30 Sept at 31
Sept 11 10 Mar 11
R`000 R`000 R`000
ASSETS
Non-current assets
Investment - 16 217 17 840
property
Property, plant 99 216 73 589 89 378
and equipment
Intangible 1 858 2 238 2 191
assets and
goodwill
Investments 44 473 33 545 38 296
Loans and 248 251 244 103 252 184
receivables
Deferred tax 13 190 13 992 13 391
assets
406 988 383 684 413 280
Current asset 541 380 462 445 522 778
Non-current 18 849 - -
assets held for
sale
Total assets 967 521 846 129 936 058
EQUITY
Share capital 26 722 26 589 26 722
Revaluation 37 857 30 431 30 431
reserve
Contingency 15 659 24 632 17 083
reserve
Retained income 43 869 17 572 37 198
Total equity 124 107 99 224 111 434
LIABILITIES
Non-current
liabilities
Interest bearing loans and 4 776 11 799 11 748
borrowings
Deferred tax 15 583 14 549 14 131
liabilities
20 359 26 348 25 879
Current 822 751 720 557 798 745
liabilities*
Insurance 715 224 616 441 690 216
contract
liability
Other current 107 527 104 116 108 529
liabilities
Total 843 110 746 905 824 624
liabilities
Total equity 967 217 846 129 936 058
and liabilities
* Included in current liabilities is the insurance contract
liability. Premiums received under this liability are invested in
terms of the respective insurance acts enacted in Namibia and South
Africa with the result that certain investments are of a long term
nature.
Unaudited Audited
CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOW
Six Six months Year
months
ended ended ended
30 Sept 30 Sept 10 31 Mar 11
11
R`000 R`000 R`000
Cash flow from operating
activities
Cash generated 759 30 595 47 710
by operations
Investment income from 6 844 3 856 10 516
operations received
Interest paid (1 948) (2 241) (5 090)
Ordinary 13 106 5 353 17 312
dividends
received
Taxation (394) (2 059) (86)
refunded /
(paid)
Net cash flow from 18 367 35 504 70 362
operating activities
Net cash flow (utilised (2 901) 6 463 (29 309)
by)/ from investing
activities
Net cash flow from (24 561) (8 647) (5 702)
financing activities
Net (decrease)/increase in cash and (9 095) 33 320 35 351
cash equivalents
Cash and cash equivalents at beginning 273 333 237 982 237 982
of period
Cash and cash equivalents at end of 264 238 271 302 273 333
period
CONDENSED SEGMENTAL REPORT
Six Six months Year
months
ended ended Ended
30 Sept 30 Sept 10 31 Mar 11
11
R`000 R`000 R`000
Segment assets
Motor retail 207 025 128 063 161 575
Furniture 142 703 97 845 111 225
retail
Insurance & 832 103 756 034 819 544
Finance
1 181 981 942 1 092 344
831
Head office and (214 614) (135 813) (156 286)
eliminations
967 217 846 129 936 058
Segment revenue
Motor retail 197 761 139 920 358 648
Furniture 46 801 36 931 80 103
retail
Insurance & 29 274 25 218 60 299
Finance
273 836 202 069 499 050
Head office and (799) (7 547) (4 941)
eliminations
273 037 194 522 494 109
Operating profit / (loss)
after taxation
Motor retail 1 420 2 015 2 492
Furniture 1 335 1 748 (1 780)
retail
Insurance & 11 617 4 395 16 194
Finance
14 372 8 158 20 466
Head office and (4 092) (4 752) (4 983)
eliminations
10 280 3 406 15 483
RECONCILIATION BETWEEN EARNINGS &
HEADLINE EARNINGS
Six Six months Year
months
Ended ended ended
30 Sept 30 Sept 10 31 Mar 11
11
Profit for the 10 280 3 406 15 483
period
Loss on disposal of property, plant 20 13 81
and equipment
Headline 10 300 3 419 15 564
earnings
Headline earnings per share 19.27 6.43 29.12
(cents)
CONDENSED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Share Revaluation Conting Retained Total
capital reserve ency income equity
reserve
R`000 R`000 R`000 R`000 R`000
Balance at 1 26 589 30 431 21 282 20 356 99 158
April 2010
Total - - - 3 406 3 406
comprehensive
income
Profit for the - - - 3 406 3 406
period
Transfer from - - 3 350 (3 350) -
contingency
reserve
Dividend paid - - - (3 340) (3 340)
Transfer from - - - - -
treasury shares
Balance at 30 26 589 30 431 24 632 17 572 99 224
September 2010
Total - - - 12 077 12 077
comprehensive
income
Profit for the - - - 12 077 12 077
period
Revaluation of - - - - -
land and
buildings
Transfer to - - (7 549) 7 549 -
contingency
reserve
Transfer from 133 - - - 133
treasury shares
Balance at 31 26 722 30 431 17 083 37 198 111 434
March 2011
Total - 7 730 - 9 976 17 706
comprehensive
income
Profit for the - 7 730 - 9 976 17 706
period
Transfer to - - (1 434) 1 424 -
contingency
reserve
Dividend paid - - - (5 033) (5 033)
Transfer from - - - - -
treasury shares
Balance at 30 26 722 38 161 15 659 43 869 124 107
September 2011
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 Companies Act and
the AC 500 series. The accounting policies are consistent with those
applied for the year ended 31 March 2011. 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 recognition, measurement, presentation and
disclosure requirements of IAS 34 - Interim Financial Reporting.
2. FOREIGN CURRENCY
The Group`s functional currency is Namibia 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 Namibia Dollar and the South
African Rand are translated on a one-to-one basis.
3. COMPARATIVE FIGURES
The September 2010 comparatives are consistent with the accounting
policies and basis of presentation applied to both the current period
and the previous year ended 31 March 2011.
4. RELATED PARTIES
During the period, certain companies within the Group entered into
transactions with each other. These intra-group transactions have been
eliminated on consolidation. Related party information is unchanged
from that reported at 31 March 2011. Refer to the 2011 annual report
for further information.
REVIEW OF OPERATIONS
Profit before taxation
Group revenue increased by 40% to R273 million.
The Group`s asset base increased by 14% to R967 million.
Gross profit increased by 35% to R54m.
Profit for the period increased by 202% to R10.3 million.
Cost of sales increased by 44% to R206 million.
Operating and administrative expenses increased by 28% to
R68 million.
Headline earnings increased by 200% to 19.27 cents per
share.
Overview of first six months
The profit for the period increased significantly compared to the
first six months of the prior period. A major contributor to the
increase in profits is investment income that increased significantly
compared to the comparable period. It is expected that the high
investment income earned during the first six months will not be
repeated in the following six months of the year.
The growth experienced in the motor and furniture division in terms
of revenue is in line with the growth of the Group. Costs of
establishing new branches in South Africa and Namibia however placed
the profits in the vehicle and furniture segment under pressure.
SEGMENTAL RESULTS
There was no change in the segments from the 31 March 2011 annual
report.
Motor retail: Increases in the revenue for all departments in this
segment contributed to the 41% increase in segment revenue. The
branches that were opened and taken over during the last 6 months of
the prior financial year were the major contributors to the revenue
growth. Returning the new branches to profitability was a challenge
since take over with the processes completed during the first 6
months of the year. Obtaining vehicle stock however remains a problem
after the tsunami that hit Japan earlier in the year and it is
expected that availability of vehicle stock will return to normal
during November 2011.
Furniture retail: Revenue increased by 27% compared to September
2010. The administration office for the South African furniture
division was relocated from Windhoek to Randburg in order to
accommodate the growth within the segment. This resulted in
additional expenses being incurred during the first 6 months of the
year. The new branch in Soweto will also be profitable towards year-
end. It is expected that the following 6 months within the segment
will result in positive growth. The debtors book within the segment
is very healthy compared to industry standards.
Insurance and finance: The premium income for the first 6 months
increased compared to the comparable period. Investment income was
significantly higher than in the previous period resulting in a good
first 6 months for the segment. The performance of equities on the
JSE remains highly unpredictable and is monitored constantly to
ensure returns are maximised.
HEADLINE EARNINGS
For the year to date the only item that impacted on the headline
earnings was the loss on sale of equipment.
BASIC EARNINGS PER SHARE
Earnings per share for the six months ended 30 September 2011 was
19.24 cents (30 September 2010: 6.41 cents), compared to headline
earnings per share of 19.27 cents (30 September 2010: 6.43 cents).
DIVIDEND
No interim dividend has been proposed by the Board of
directors.
DIRECTORS
Prof BJ Willemse was appointed chairman of the Group during August
2011 after JL Olivier completed his term in office. JL Oliver will
remain on the board as a non-executive director.
PROSPECTS
Subsequent to year-end Corporate Properties (Pty) Ltd, a subsidiary
in the Group, was sold. The profits relating to the sale of the
subsidiary will only be accounted for after September 2011 and
proceeds from the sale will be utilised for development of current
properties to support the growth of the Group. Historically the
majority of the Group`s 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
W O Fourie
Windhoek, 9 December 2011
COMPANY DETAILS
Company registration number: RSA: 1981/01858/06,
NAM: F81/11858
JSE share code: NCS, NSX Share code: NCT, ISIN
number: NA0009123481
Directors: B J Willemse (Chairman - Non-executive),J L Olivier (Non-
executive), N C Tromp (Managing Director), J N Campbell
(Non-executive), F R van Staden (Executive Director), J J Retief
(Executive Director), W O Fourie (Financial Director).
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
29 November 2011
Sponsor on the JSE: KPMG Services (Pty) Ltd
Sponsor on the NSX: Namibia Equity Brokers (Pty) Ltd
Date: 29/11/2011 12:27:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
