| Mon 5 Nov 2001, 0:00 | | Invicta Holdings Limited - Interim Results For The |
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September 2001
INVICTA HOLDINGS LIMITED
(Registration number 1966/002182/06)
(Share code:IVT)
ISIN code: ZAE000029773)
INTERIM Results for the six months ended 30 September 2001
REVENUE UP 41%
OPERATING INCOME UP 49%
HEADLINE EARNINGS PER SHARE UP 15%
GROUP INCOME STATEMENT
Unaudited Unaudited % Audited
6 months 6 months Change year
ended ended ended
30 Sept 30 Sept 31 March
2001 2000 2001
R'000 R'000 R'000
Revenue 621 144 439 250 41% 1 057 384
Operating income 43 686 29 296 49% 77 127
Interest received 3 188 8 486 13 290
Interest paid (8 580) (3 907) (12 014)
Income before taxation 38 294 33 875 13% 78 403
Taxation (13 983) (11 147) (23 061)
Income after taxation 24 311 22 728 7% 55 342
Attributable to outside (7 456) (5 205) (15 758)
shareholders
Attributable to ordinary 16 855 17 523 39 584
shareholders
Ordinary dividends paid
Interim dividend - - 7 917
Final dividend 11 261 11 707 11 707
Retained earnings 5 594 5 816 19 960
DETERMINATION OF HEADLINE
EARNINGS
Earnings 16 855 17 523 39 584
Amortisation of goodwill 930 100 1 173
and trademarks
Reorganisation costs - - 618
Headline earnings 17 785 17 623 41 375
SHARE INFORMATION
Headline earnings (cents) 23 20 15% 48
Earnings per share 22 20 10% 46
(cents)
Diluted earnings per 22 20 45
share (cents)
Dividends per share
proposed/declared
Interim dividend 8 8 8
(cents)
Final dividend (cents) - - 14
Total dividend for the 8 8 22
period (cents)
Weighted average number 77 240 88 599 86 286
of
shares in issue (`000)
GROUP BALANCE SHEET
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept 30 Sept 31 March
2001 2000 2001
R'000 R'000 R'000
ASSETS
Non-current assets
Property, plant and equipment 71 152 71 598 60 456
Loans receivable 8 888 9 238 8 766
Deferred taxation 7 362 2 855 6 088
Goodwill 15 965 12 508 16 871
Trade marks 500 700 791
103 867 96 899 92 972
Current assets
Inventories 351 123 316 737 340 066
Accounts receivable 195 946 178 681 181 544
Bank and cash balances 45 491 151 112 74 028
592 560 646 530 595 638
Total assets 696 427 743 429 688 610
EQUITY AND LIABILITIES
Ordinary shareholders' equity 256 446 267 078 263 878
(Note 2)
Outside shareholders equity 92 275 92 542 88 342
348 721 359 620 352 220
Non-current liabilites
Long-term debt 11 212 16 669 13 107
Current liabilites
Interest bearing 80 969 62 636 82 749
Non-interest bearing
- Other 255 525 212 731 240 534
- Amount due to
Bearing Man Vendors - 91 773 -
336 494 367 140 323 283
Total equity and liabilities 696 427 743 429 688 610
Net asset value per share 333,9 305,0 328,1
(cents)
Net tangible asset value per 312,5 289,9 306,1
share (cents)
Shares in issue 76 794 931 87 557 871 80 436 671
GROUP CASH FLOW STATEMENT
Cash generated from/(utilised 55 209 (18 734) 33 248
by) operations
Net finance (charge)/income (5 392) 4 579 1 276
Dividends paid (14 177) (11 767) (21 208)
Taxation paid (22 083) (5 681) (17 187)
Net cash inflow/(outflow) from 13 557 (31 603) (3 871)
operating activities
Net cash flow from investing (28 328) (40 766) (126 808)
activities
Net cash flow from financing (15 528) 2 821 (37 771)
activities
Net decrease in cash and cash (30 299) (69 548) (168 450)
equivalents
Cash and cash equivalents 1 120 - -
reveived from business acquired
Cash and cash equivalents at (6 299) 162 151 162 151
the beginning of the period
Cash and cash equivalents at (35 478) 92 603 (6 299)
the end of the period
STATEMENT OF CHANGE IN EQUITY
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept 30 Sept 31 March
2001 2000 2001
R'000 R'000 R'000
Share capital
Balance at beginning of period 4 007 4 878 4 878
Shares purchased in terms of (213) (500) (871)
share buy-back scheme
Balance at end of period 3 794 4 378 4 007
Share premium
Balance at beginning of period 147 504 186 764 186 764
Shares purchased in terms of (12 813) (21 382) (39 260)
share buy-back scheme
Balance at end of period 134 691 165 382 147 504
Foreign currency translation
reserve
Balance at beginning of period - 7 7
Foreign currency movements - - (7)
Balance at end of period - 7 0
Retained income
Balance at beginning of period 112 367 80 184 80 184
Change in accounting policy - 11 311 11 311
112 367 91 495 91 495
Net income 16 855 17 523 39 584
Dividends paid (11 261) (11 707) (18 712)
Balance at end of period 117 961 97 311 112 367
Ordinary shareholders' equity 256 446 267 078 263 878
NOTES TO THE FINANCIAL INFORMATION
Note 1
Accounting policies
The principal accounting policies as set out in the Group's 2001 annual
report have been consistently applied throughout the six month period under
review.
Note 2
Ordinary shareholders equity
Persuant to the terms of a special resolution, approving the general
repurchase of shares passed at the Annual General Meeting of the company on
27 July 2001, 4 272 640 ordinary shares of the company were repurchased
during the six months ended September 2001, of which
3 642 740 have been cancelled.
Note 3
Acquisition of businesses
During the period under review the Group acquired the businesses of Aftakas,
an assembler and distributor of power take-off shafts, yokes and components
to the agricultural industry, for R4 million, and Turbochargers/Partlek, a
distributor of quality turbochargers and electrical components to the
automotive industry, for R7 million.
COMMENTS
GROUP OVERVIEW
The Invicta Group has established itself as a major player in the
importation and distribution of bearings and transmission products,
agricultural equipment, construction equipment, and automotive engine
spares.
RESULTS
The board is pleased to announce the Group's financial results for the six
months to 30 September 2001. Revenue increased by 41% and operating income
increased by 49% compared with the six months ended 30 September 2000. An
increase of 15% in headline earnings was achieved. It is especially pleasing
that cash generated from operations improved by R73,9 million, from cash
utilised of R18,7 million in the comparative period, to cash generated of
R55,2 million during this period.
PROSPECTS
Current trading conditions continue to be difficult, given world economic
events. Management continues to focus on improved profitability and cash
generation, whilst seeking suitable acquisitions.
M Rose-Innes A Goldstone
Chairman Managing Director
DIVIDEND
Notice is hereby given that an interim dividend of 8 cents per share has
been declared to shareholders. The last day to trade ("CUM" the dividend) in
order to participate in the dividend will be Friday, 23 November 2001.
The share of Invicta Holdings Limited will commence trading "EX" the
dividend from the commencement of business on Monday, 26 November 2001 and
the record date will be Friday, 30 November 2001. Dividends will be paid to
members on Monday, 3 December 2001.
Share certificates may not be dematerialised or rematerialised between
Monday, 19 November 2001 and Friday, 30 November 2001, both days inclusive.
In accordance with AC107, the interim dividend of 8 cents per share proposed
by the directors as shown in the share information has not been reflected in
the financial statements.
By order of the board
A Goldstone
Secretary
Johannesburg
5 November 2001
Registered Office
Invicta Holdings Limited
Constantia Uitsig Farm
Spaanschemat River Road
Constantia 7806
PO Box 89
Constantia 7848
TRANSFER SECRETARIES
Mercantile Registrars Limited
10th Floor, 11 Diagonal Street
Johannesburg 2001
PO Box 7184
Johannesburg 2000
Directors
M Rose-Innes, A Goldstone DL McCay*, DI Samuels* Adv CH Wiese*
* Non-executive
