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Incentive Holdings Limited
(Registration number 1998/013800/06)
("Incent")
Audited consolidated results for the year ended 28 February 2001
Consolidated income statement
28 February 29 February
2001 2000
(audited) (audited)
R'000 R'000
Revenue 19 841 47 798
Expenses Operating - Realised (27 807) (36 015)
Operating - Unrealised (30 580) -
Depreciation (793) (815)
Amortisation (755) -
Non-recurring - (1 087)
Operating (loss)/income before
interest and associate (40 094) 9 881
Share of (loss)profit/
retained earnings of associate 185 (202)
Net interest (paid)/received (1 030) 3 787
(Loss)/profit before taxation (40 939) 13 466
Taxation - Current/Notional - (92)
- Deferred 10 852 (4 877)
(Loss)/Earnings attributable to
ordinary shareholders (30 087) 8 497
(Loss)/Earnings per share - cents (10,9) 3,1
(Loss)/Headline earnings
per share - cents (10,7) 3,5
Statement of changes in equity
Share Share Accumulated
Capital premium profit Total
Opening balance at
1 March 1999 57 31 286 210 31 553
Net profit for the
2000 year 8 496 8 496
Issue of shares 218 218
Changes in share
Premium 19 453 19 453
Balance at
1 March 2000 275 50 739 8 706 59 720
Net loss for the 2001
Year (30 087) (30 087)
Closing balance at
28 February 2001 275 50 739 (21 381) 29 633
Consolidated balance sheet
28 February 29 February
2001 2000
(audited) (audited)
Assets R'000 R'000
Non-current assets 33 615 28 858
Property, plant and equipment 2 174 2 734
JSE and SAFEX rights 1 764 1 764
Goodwill 3 689 -
Loans receivable 2 644 10 314
Deferred taxation 5 979 (4 877)
Investment in associate 17 365 18 923
Current assets 42 113 85 870
Total assets 75 728 114 728
Equity and liabilities
Capital and reserves
Ordinary shareholders' funds 29 633 59 720
Non-current liabilities 5 598 5 746
Interest bearing liabilities 5 574 5 558
Loan from associates 24 188
Current liabilities 40 497 49 262
Total equity and liabilities 75 728 114 728
Review of Results
The focus of the Group has always been directed at private equity and
venture capital investments and their management. However, the difficulty
in raising adequate finance for this purpose has proved extremely
restrictive. Various undertakings to provide the necessary funding to
develop the Group's projects were made, which did not materialise. This led
to the failure of certain projects, which caused the board to issue the
profit warning published on 30 April 2001.
A restructure of the operations of these investments is well advanced and it
is anticipated that value will be created from these activities over the
next reporting period.
The results for the past financial year reflect a consolidated loss after
taxation of R30,1 million, after the write-down of R31 million in respect of
the private equity investments referred to above.
Our annuity based financial services division continues to grow from a small
base and we expect a strong performance over the next 12 months.
In the light of the above, management is considering a
re-structure of the Group in order to address the decline in interest in
supporting venture capital projects.
Registered office Transfer secretaries
Incentive House Mercantile Registrars
170 Oxford Road 10th Floor
Melrose, 2196 11 Diagonal Street
(Private Bag X60Johannesburg, 2001
Saxonwold, 2132)(PO Box 1053,
Johannesburg, 2000)
By order of the board
Johannesburg
31 May 2001
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