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Invicta Holdings Limited - Audited Group Results
INVICTA HOLDINGS LIMITED
(Registration number 1966/002182/06)
(Share code:IVT)
(ISIN code: ZAE000029773)
EARNINGS PER SHARE UP 30%
OPERATING PROFIT UP 50%
REVENUE UP 28%
AUDITED GROUP Results for the YEAR ended 31 MARCH 2002
INCOME STATEMENT
2002 2001 %
R`000 R`000 change
Revenue 1 352 311 1 057 384 28
Operating profit 115 667 77 127 50
Interest received 6 184 13 290
Finance costs (22 878) (12 014)
Profit before taxation 98 973 78 403
Taxation (27 949) (23 061)
Profit after taxation 71 024 55 342
Outside shareholders` interest (25 033) (15 758)
Earnings attributable to ordinary 45 991 39 584 16
Shareholders
Determination of headline
earnings
Earnings 45 991 39 584
Adjustments - after taxation
where applicable
- Goodwill amortisation 1 819 1 299
- Reorganisation costs - 618
- Profit on disposal of property, (162) (126)
plant and equipment
Headline earnings 47 648 41 375
Shares in issue
Weighted average (000`s) 76 772 86 286
At the end of the year (000`s) 72 393 80 138
Weighted average including 81 776 91 877
diluted shares (000`s)
Headline earnings per 62 48 29
share (cents)
Earnings per share (cents) 60 46 30
Diluted headline earnings 60 47 28
per share (cents)
Diluted earnings per share 58 45 29
(cents)
Dividends per share* (cents) 24 22 9
Interim 8 8
Final 16 14
In accordance with AC107, the final dividend of 16 cents per share proposed
by the directors has not been reflected in the annual financial statements.
BALANCE SHEET
2002 2001
R`000 R`000
ASSETS
Non-current assets 111 635 92 972
Property, plant and equipment 74 098 60 456
Intangible assets 15 586 17 662
Deferred taxation 13 543 6 088
Long-term receivables 8 408 8 766
Current assets 703 846 595 638
Inventories 426 408 340 066
Finance lease receivables - 686
Accounts receivable 209 795 180 858
Cash and cash equivalents 67 643 74 028
815 481 688 610
EQUITY AND LIABILITIES
Capital and reserves 377 185 352 220
Ordinary shareholders` funds 268 783 263 878
Outside shareholders` interest 108 402 88 342
Non-current liabilities 11 661 13 107
Long-term borrowings 11 661 13 107
Current liabilities 426 635 323 283
Bank borrowings 78 534 80 327
Short-term borrowings 1 805 2 422
Other payables 346 296 240 534
815 481 688 610
CASH FLOW STATEMENT
2002 2001
R`000 R`000
Cash flows from operating activities
Cash generated from operations 133 380 33 248
Finance costs (22 878) (12 014)
Dividends paid (22 800) (21 208)
Taxation paid (37 652) (17 187)
Interest received 6 184 13 290
Net cash inflow (outflow) from 56 234 (3 871)
operating activities
Cash flows from investing activities
Net cash effects of asset acquisitions (27 555) (11 010)
Net cash effects of investing activities (7 970) (115 798)
Cash flows from financing activities
Net cash effects of share capital (23 681) (40 131)
repurchased
Net cash effects of borrowings (1 620) 2 360
(settled) raised
Net decrease in cash and cash (4 592) (168 450)
equivalents
Cash and cash equivalents at the (6 299) 162 151
beginning of the year
Cash and cash equivalents at the (10 891) (6 299)
end of the year
STATEMENT OF CHANGES IN EQUITY
2002 2001
R`000 R`000
Share capital
Balance at the beginning of the year 4 007 4 878
Shares repurchased (388) (871)
Balance at the end of the year 3 619 4 007
Share premium
Balance at the beginning of the year 147 504 186 764
Shares repurchased (23 293) (39 260)
Balance at the end the year 124 211 147 504
Accumulated profits
Balance at beginning of period 112 367 91 495
Earnings attributable to ordinary 45 991 39 584
shareholders
Dividends paid (17 405) (18 712)
Balance at the end of the year 140 953 112 367
Accounting policies
The principal accounting policies, as outlined in the 2001 annual report,
have been consistently applied. The annual financial statements have been
prepared in accordance with South African Statements of Generally Accepted
Accounting Practice.
2002 2001
Other information
Depreciation and amortisation (R`000) 17 353 13 172
Net asset value per share (cents) 371,2 329,2
Tangible net asset value per share 349,7 307,2
(cents)
Comments
The Invicta Group is a major regional player in the importation and
distribution of:
Bearings, belts, seals, power transmission products and geared motors
(Bearing Man)
Agricultural machinery and equipment (Northmec)
Construction and earthmoving equipment, turf grooming equipment and golf
utility cars (CSE)
Automotive engine spares (Engineparts-Turbochargers and Autobax)
During the year under review, the company repurchased 7,7 million ordinary
shares.
Results
The results for the past year are most pleasing. The 30% increase in
earnings per share (EPS) exceeds the Group target of increasing EPS by 20%
per annum. Trading conditions in the second half of the year were more
favourable than the first, which enabled the Group to improve it`s operating
margins over last year.
Cash generated during the year was better than last year. The Bearing Man
acquisition and the integration of Invicta Bearings into Bearing Man have
been completed satisfactorily.
Prospects
Early trading conditions have been within expectations, and barring
something unforeseen, the Group should achieve satisfactory results. The
Group is continuing its policies of seeking suitable acquisitions, and
repurchasing its own shares if appropriate.
Annual report
The annual financial statements will be posted to shareholders on or about
28 June 2002.
For and on behalf of the board
M Rose-Innes A Goldstone
Chairman Managing Director
Cape Town
17 May 2002
DIVIDEND
Notice is hereby given that a final dividend of 16 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, 7 June 2002. The shares
of Invicta Holdings Limited will commence trading "EX" the dividend from the
commencement of business on Monday, 10 June 2002 and the record date will be
Friday, 14 June 2002. Dividends will be paid to members on Tuesday, 18 June
2002.
Share certificates may not be dematerialised or rematerialised between 3
June 2002 and 14 June 2002, both days inclusive.
By order of the board
C Barnard
Secretary
Johannesburg
17 May 2002
Registered Office
Invicta Holdings Limited
Constantia Uitsig Farm
Spaanschemat River Road
Constantia 7806
PO Box 89
Constantia 7848
TRANSFER SECRETARIES
Computershare Services
Edura House
2nd Floor, 41 Fox Street
Johannesburg 2001
PO Box 7184
Johannesburg 2000
Directors
M Rose-Innes
A Goldstone
DL McCay*, DI Samuels*
Adv CH Wiese*
* Non-executive
Date: 17/05/2002 05:05:00 PM Produced by the SENS Department
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