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INCENTIVE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013800/06)
Share code ICT ISIN ZAE000019329
Unaudited consolidated interim results for the six months ended 31 August
2001
Consolidated income statements
Six months Six months Year ended
31 Aug 2001 31 Aug 2000 28 Feb 2001
Unaudited Unaudited Audited
R'000 R'000 R'000
Revenue 5 779 19 808 19 841
Expenses Operating
- Realised (8 944) (11 416) (27 797)
Unrealised 4 074 (406) (30 580)
Depreciation (313) - (803)
Amortisation (444) - (755)
Operating income/(loss)
before interest and associate 152 7 986 (40 094)
Share of retained profit/(loss)
of associate 80 275 185
Net interest (paid)/received (788) (454) (1 030)
(Loss)/Profit before taxation (556) 7 807 (40 939)
Taxation - Current - (153) -
- Deferred - (2 187) 10 852
Earnings attributable to
ordinary shareholders (556) 5 467 (30 087)
Earning per share - (cents) (2,0) (2,0) (10,9)
Headline earnings per share (cents) (3,6) (2,0) (10,7)
Amortisation (444) - (755)
Headline earnings attributable to
ordinary shareholders (1 000) 5 467 (30 842)
Abridged cash flow statement
Six months Six months Year ended
31 Aug 2001 31 Aug 2000 28 Feb 2001
Cash flow from
operating activities (510) - (2 698)
Cash flow from
investing activities (1 634) - 6 291
Cash flow from
financing activities (5 680) - (1 949)
Net movement in cash
and cash equivalents (7 824) - 1 644
Cash and cash equivalents
at beginning of year 9 131 - 7 487
Cash and cash equivalents
at end of period 1 307 - 9 131
Consolidated Balance Sheets
31 Aug 2001 31 Aug 2000 28 Feb 2001
Unaudited Unaudited Audited
R'000 R'000 R'000
Assets
Non-current assets 30 337 33 585 29 379
Property, plant and equipment 1 851 2 312 2 174
JSE and SAFEX rights 1 764 1 764 1 764
Intangible assets 3 244 - 3 689
Loans receivable 4 289 10 311 2 644
Investment in associate 19 189 19 198 19 108
Current assets 28 786 91 466 42 113
Total assets 59 123 125 051 71 492
Equity and liabilities
Capital and reserves
Ordinary shareholders' funds 29 077 65 187 29 633
Non-current liabilites 988 12 984 1 171
Interest bearing liabilities 5 529 5 732 5 365
Loan from associate 1 438 188 1 785
Deferred tax (5 979) 7 064 (5 979)
Current liabilities 29 058 46 880 40 688
Total equity and liabilities 59 123 125 051 71 492
Statement of changes in equity
Accumulated
Share Share profit/
capital premium (loss) Total
R'000 R'000 R'000 R'000
Balance at
31 August 2000 275 50 739 14 173 65 187
Net loss for period - - (35 554) (35 554)
Balance at
28 February 2001 275 50 739 (21 381) 29 633
Net loss for period - - (556) (556)
Balance at
31 August 2001 275 50 739 (21 937) 29 077
Commentary
The group continued to experience difficult trading conditions for the
period under review. Active steps taken by management have contained the
loss to R556 000 for the said period.
A strategic overview by the board of the group is in progress with a view
to a reconstruction of the major valuable assets in order to enhance
shareholder value. In this regard, Incentive Life is pursuing certain
promising and significant new business opportunities which should reach
fruition shortly.
Subsequent to 31 August 2001 Mr C R Frame has resigned as a director. A
review of the board is to be taken as part of the strategic overview and the
new directors will be announced shortly. Interim results presented are in
compliance with statements of GAAP.
Registered office Transfer secretaries
Incentive House Mercantile Registrars Limited
170 Oxford Road 10th Floor
Melrose, 2196 11 Diagonal Street
(Private Bag X60) Johannesburg 2001
Saxonworld, 2132 (PO Box 1053, Johannesburg, 2000)
By order of the board
Johannesburg
30 November 2001
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