|
Incentive Holdings Ltd - Audited Consolidated Results For The Year Ended 28
February 2002
INCENTIVE HOLDINGS LIMITED
(Registration number 1998/013800/06)
JSE Share code: ICT ISIN: ZAE000019329
("the group")
AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2002
CONSOLIDATED INCOME STATEMENTS
28 February 28 February
2002 2001
R`000 R`000
Revenue 6 743 19 841
Expenses Operating (12 187) (58 387)
Depreciation (916) (793)
Amortisation (889) (755)
Operating loss before interest
and share of profit of associate (7 249) (40 094)
Share of profit of associate 62 185
Net interest paid (2 163) (1 030)
Loss before taxation (9 350) (40 939)
Deferred taxation 4 477 10 852
Loss attributable to ordinary
shareholders (4 873) (30 087)
Amortisation 889 755
Headline earnings attributable
to ordinary shareholders (3 984) (29 332)
Loss per share (cents) (2,0) (10,9)
Headline loss per share (cents) (1,7) (10,7)
Net asset value per share (cents) 9,3 10,8
CONSOLIDATED BALANCE SHEETS
28 February 28 February
2002 2001
R`000 R`000
ASSETS
Non-current assets 28 021 29 379
Property, plant and
equipment 2 858 2 174
JSE and SAFEX rights 1 309 1 764
Intangible assets 2 800 3 689
Loan receivable 1 884 2 644
Investment in associate 19 170 19 108
Current assets 24 455 42 113
Total assets 52 476 71 492
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` funds 25 532 29 633
Non-current liabilities (3 118) 1 171
Interest bearing liabilities 6 216 5 365
Loan from associate 1 193 1 785
Deferred tax (10 527) (5 979)
Current liabilities 30 062 40 688
Total equity and liabilities 52 476 71 492
ABRIDGED CASH FLOW STATEMENTS
28 February 28 February
2002 2001
Cash flow from
operating activities (4 524) (2 698)
Cash flow from
investing activities 387 6 291
Cash flow from
financing activities (2 985) (1 949)
Net movement in cash
and cash equivalents (7 122) 1 644
Cash and cash equivalents
at beginning of year 9 131 7 487
Cash and cash equivalents
at end of year 2 009 9 131
STATEMENT OF CHANGES IN EQUITY
Non-
Share distribu- Accumu-
capital Share table lated
premium reserve loss Total
R`000 R`000 R`000 R`000 R`000
Balance at
1 March 2000 275 50 739 - 8 706 59 720
Net loss for 2001 year - - - (30 087) (30 087)
Balance at
28 February 2001 275 50 739 - (21 381) 29 633
Net loss for 2002 year - - - (4 873) (4 873)
Revaluation of
property - - 772 - 772
Balance at
28 February 2002 275 50 739 772 (26 254) 25 532
COMMENTARY
The dramatic decline in revenue is a direct result of the ongoing
reorganisation and consolidation of the group`s affairs. This has led to the
activities of the group being severely curtailed and therefore, the overall
cost of maintaining the group has been substantially reduced.
Negotiations for the reorganisation of the group still continue, in
particular, for the disposal of some of its assets and for the re-activation
of the life licence with a suitable partner, who will capitalise and inject
an appropriate premium flow into the life company.
Since the year end an agreement of settlement has been reached with a
major creditor, which will reduce the total liabilities of the group by a
material amount. This agreement will be finalised shortly and its effects
will be reflected in the financial statements in the next reporting period.
Since the last reporting period W Roux resigned as a non-executive
director.
In the light of the group`s results, no dividend is contemplated.
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.
These consolidated results have been audited by Fisher Hoffman PKF (Jhb)
Inc. The audit report is available for inspection at the group`s registered
office.
Registered Office Transfer Secretaries
Incentive House Computershare Investor Services Limited
170 Oxford Road 10th Floor
Melrose, 2196 11 Diagonal Street
(Private Bag X60 Johannesburg, 2001
Saxonwold, 2132) (PO Box 1053, Johannesburg, 2000)
By order of the board
Johannesburg
31 May 2002
Date: 03/06/2002 03:55:00 PM Produced by the SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
