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Registration number 1966/002182/06)
AUDITED GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2001
HEADLINE EARNINGS PER SHARE UP 30%
NET OPERATING PROFIT UP 188%
TURNOVER UP 94%
INCOME STATEMENT
2001 2000 %
R'OOO R'000 change
Turnover 1057 384 544 684 94
Operating profit 78 254 27 136 188
Interest received 12 163 18 839
Interest paid (12 014) (2 730)
Net profit before taxation 78 403 43 245 81
Taxation (23 061) (5 970)
Profit after taxation 55 342 37 275 48
Outside shareholders' (15 758) (629)
interest
Earnings attributable to 39 584 36 646 8
ordinary
Determination of headline
earnings
Earnings 39 584 36 646 8
Adjustments - after tax
where applicable
- Write-off of goodwill 1 299 -
- Reorganisation Costs 618 -
- Profit on disposal of (126) (247)
property, plant and
equipment
Headline earnings 41 375 36 399 14
Shares in issue
Weighted average (000's) 86 286 97 372
At end of period (000's) 80 138 97 558
Weighted average including 91 877 104 150
diluted shares (000's)
Headline earnings per
Headline earnings per 48 37 30
share (cents)
Earnings per share (cents) 46 38 21
Diluted headline earnings 47 36 31
per share (cents)
Diluted earnings per share 45 36 25
(cents)
Dividends per share* 22 20 10
(cents)
Interim 8 8
Final 14 12
* In accordance with AC107, the final dividend of 14 cents per share
proposed by the directors has not been reflected in the financial
statements.
BALANCE SHEET
2001 2000
R'OOO R'000
ASSETS
Non-current assets 92 972 38 537
Property, plant and equipment 60 456 13 829
Intangible Assets 17 662 1 524
Deferred taxation 6 088 -
Long-term receivables 8 766 23 184
Current assets 595 638 382 933
Inventories 340 066 125 619
Finance lease receivables 686 -
Cash and cash equivalents 74 028 169 563
Accounts receivable 180 858 87 751
688 610 421 470
EQUITY AND LIABILITIES
Capital and reserves 352 220 297 083
Ordinary shareholders' funds 263 878 283 144
Outside shareholders' interest 88 342 13 939
Non-current liabilities 13 107 239
Long-term borrowings 13 107 239
Current liabilities 323 283 124 148
Bank Borrowings 80 327 7 412
Short-term borrowings 2 422 963
Other payables 240 534 115 773
688 610 421 470
CASH FLOW STATEMENT
2001 2000
R'OOO R'000
Cash flows from operating
activities
Cash generated from operations 37 129 48 033
Interest paid (12 014) (2 730)
Dividends paid (21 208) (18 492)
Taxation paid (17 187) (2 226)
Interest received 13 290 18 839
Net cash inflow from operating 10 43 424
activities
Cash flows from investing
activities
Net cash effects of assets (11 010) (2 045)
acquisitions
Net cash effects of investing (116 545) (23 184)
activities
Cash flows from financing
activities
Net proceeds from (40 131) 462
(repurchase)/issue of share
capital
Net cash effects of borrowings (1 171) (1 691)
(settled)/raised
Outsiders' shareholders 397 107
Net (decrease)/increase in cash (168 450) 17 073
and cash equivalents
STATEMENT OF CHANGES IN EQUITY
2001 2000
R'OOO R'000
Share capital
Balance at beginning of period 4 878 4 827
Shares repurchased (871) -
Shares issued in terms of share - 51
option scheme
Balance at end of period 4 007 4 878
Share premium
Balance at beginning of period 186 764 186 353
Shares repurchased (39 260) -
Shares issued in terms of share - 411
option scheme
Balance at end of period 147 504 186 764
Foreign currency translation
reserve
Balance at beginning of period 7 14
Foreign currency movements (7) (7)
Balance at end of period - 7
Accumulated profits
Balance at beginning of period 91 495 63 109
Change in accounting policy - 10 389
Net income for the period H39 584 36 646
Dividends paid (18 712) (18 649)
Balance at end of period 112 367 91 495
Comments
The Invicta Group has now established itself as a major player in the
importation and distribution of agricultural equipment, construction
equipment, bearings and transmission products, and automotive engine spares.
The Group currently has annualised turnover in excess of R1,2 billion.
On 1 July 2000 the company acquired a 56,3% interest in Bearing Man Limited.
During the period under review the company repurchased 17 million ordinary
shares.
Results
The 30% increase in headline earnings per share reflects excellent results,
notwithstanding the difficult trading conditions still prevailing in South
Africa, and in particular in the agricultural industry. Growth in turnover
of 94% is mainly as a result of the acquisition of Bearing Man. Operating
profit increased by 188% and profit after taxation increased by 48%. The
Bearing Man results included in the results above are for a period of nine
months, thus the full effect of the acquisition on the Group will be evident
in the coming financial year.
The Bearing Man acquisition and the repurchase of ordinary shares are the
main reasons for the decrease in cash of R168 million.
Prospects
Early trading conditions have been difficult, but the Group anticipates
achieving satisfactory results. The Group is continuing its policy of
seeking suitable acquisitions.
Annual report
The annual financial statements will be posted to shareholders on or about
29 June 2001.
For and on behalf of the board
M Rose-Innes A Goldstone
Chairman Managing Director
Cape Town 24 May 2001
Dividend
Notice is hereby given that a final dividend of 14 cents per share (2000: 12
cents) has been declared by the directors to shareholders registered in the
books of the company at the close of business on 15 June 2001. Dividend
cheques will be posted to members by 29 June 2001.
By order of the board
A Goldstone
Secretary
Registered Office
Invicta Holdings Limited
Constantia Uitsig Farm
Spaanschemat River Road
Constantia 7806
P.O. Box 89
Constantia 7848
TRANSFER SECRETARIES
Mercantile Registrars Limited
10th Floor, 11 Diagonal Street
Johannesburg 2001
P.O. Box 7184
Johannesburg 2000
Directors
M Rose-Innes, A Goldstone
DL McCay*, DI Samuels*
Adv CH Wiese*
* Non-executive
www.invictaholdings.co.za
Date: 24/05/2001 04:40:00 PM
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