| Thu 31 Jan 2002, 0:00 | | Independent Financial Services Limited - Consolida |
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six months ended 31 December 2001
Independent Financial Services Limited
Company registration number 1950/037061/06.
Share code: INDFIN.
ISIN code: INDZAE000025300
Consolidated interim report for the six months ended 31 December 2001
Further cautionary announcement
INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
31/12/01 31/12/00 30/06/01
R000's R000's R000's
Gross revenue 6,360 4,329 10,648
Profit before taxation 1,768 737 2,605
Taxation 693 348 955
Profit after taxation 1,075 389 1,650
Minority interests -79 -76 -180
Mining assets written off -40
Net profit 996 313 1,430
Shares in issue (millions) 34 34 34
Earnings per share (cents) 2.9 0.9 4.3
Intangible write offs
disallowed (cents) 1.2 1.6 2.2
Headline earnings per
share (cents) 4.1 2.5 6.5
ABRIDGED CASH FLOW STATEMENT
Cash flows from:
- operating activities 2,542 1,059 2,262
- investing activities -2,992 -12,785 -13,737
- financing activities 253 10,486 10,353
Change in cash and
Equivalents -197 -1,240 -1,122
Opening cash and
Equivalents -588 534 534
Closing cash and
Equivalents -785 -706 -588
CONDENSED STATEMENT OF
CHANGES IN EQUITY
Opening balances 11,398 2,585 2,585
Movements
- Applied to write off
mining assets -2,029 -2,029
- Shares issued 340 340
- Share premium 8,700 8,700
- Disposal of subsidiary 157 372
- Retained earnings 996 313 1,430
Closing balances 12,394 10,066 11,398
ABRIDGED BALANCE SHEET
Unaudited Unaudited Audited
31/12/01 31/12/00 30/06/01
R000's R000's R000's
ASSETS
Non-current assets 17,951 12,105 15,457
Tangible 5,108 2,674 3,403
Intangible 6,772 7,308 7,348
Investments 6,071 2,123 4,706
Current assets 986 1,295 1,114
Inventory 100 192 72
Receivables 718 914 918
Cash resources 168 189 124
Total assets 18,937 13,400 16,571
EQUITY AND LIABILITIES
Capital and reserves 12,653 10,143 11,578
Share capital 340 340 340
Share premium 8,700 8,700 8,700
Non distributable reserve 372 176 372
Retained income 2,982 850 1,986
Ordinary shareholders'
interest 12,394 10,066 11,398
Minority interests 259 77 180
Non-current liabilities 3,378 1,193 3,132
Interest-bearing 1,684 1,193 1,494
Interest-free 1,694 1,638
Current liabilities 2,906 2,064 1,861
Payables 1,141 829 597
Taxation 812 340 552
Bank overdraft 953 895 712
Total equity and
Liabilities 18,937 13,400 16,571
Net asset value per
share (cents) 55.7 39.4 48.7
Accounting policies:
The financial statements are prepared on the historical cost basis, in
accordance with generally accepted accounting practice and with the
Companies Act, 1973, as amended.
Comments
We are pleased with the 60% increase in headline earnings compared to the
six months to 31 December 2000.
In November 2001 we purchased a second short term brokerage in Cape Town,
which gives us critical mass there.
Our 50% owned panelshop, Meyers Motor Metal Works, reported profits below
expectations, but we expect a significant increase in their profits in the
second half.
Trident Insurance Brokers (Pty) Limited, our Gauteng based short term
insurance brokerage, showed excellent results, however the corporate
business is still underperforming.
Red Car Hire, our contract car hire business had a very good six months.
We outgrew our offices in Forest Town and have relocated our main offices to
Braamfontein.
Further cautionary
Shareholders are referred to the cautionary issued on 5 December 2001. We
believe we are close to concluding the deal, which will be smaller than
originally anticipated. A further announcement will be made in due course.
Shareholders are advised to continue to exercise caution when dealing in
their shares
Declaration of dividend number 73
Shareholders are advised that the directors have declared a dividend of half
a cent per share. The following dates
are important:
- Friday 15 February 2002 - Last date to trade cum dividend (LDT)
- Monday 18 February 2002 - Trading shares ex dividend
- Friday 22 February 2002 - Record date
No dematerialisation or rematerialisation of the company shares will take
place between 11 February 2002 and 22 February 2002 both days inclusive.
- Monday 25 February 2002 - Date of payment of dividend
For and on behalf of the board
John Simpson - CEO
Directors:
E G van der Watt B Proc *, J W Simpson, M Bhamjee, F Boshoff CA (SA)*.
* = non-executive.
Address: 62 Juta Street, Braamfontein, P O Box 32052, Braamfontein, 2017.
Tel 011 339-1835, Fax 011 403-1411, trident @insurer. com
