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Independent Financial Services Limited - Consolidated audited annual financial
results for the year ended 30 June 2002
Independent Financial Services Limited
Company registration number 1950/037061/06
Share code IND ISIN code ZAE000025300
Financial highlights
- Revenue increased 19%
- Headline earnings per share increased 35%
- Liabilities to outsiders decreased by 42%
Income statements
2002 2001
R000 R000
Gross revenue 12 706 10 648
Profit before taxation 3 392 2 605
Taxation 1 045 955
Profit after taxation 2 347 1 650
Minority interests (149) (180)
Dividends (170)
Extraordinary item (90)
Mining assets written off (40)
Net profit 1 938 1 430
Shares in issue (millions) 34 34
Earnings per share (cents) 6,5 4,3
Intangible write offs disallowed (cents) 2,3 2,2
Headline earnings per share (cents) 8,8 6,5
Abridged cash flow statements
Cash flows from
- operating activities 3 733 2 262
- investing activities (1 068) (13 737)
- financing activities (2 005) 10 353
Change in cash and equivalents 660 (1 122)
Opening cash and equivalents (588) 534
Closing cash and equivalents 72 (588)
Condensed statement of changes in equity
Opening balances 11 398 2 585
Movements
- Applied to write off mining assets (2 029)
- Shares issued 340
- Share premium 8 700
- Dividends (170)
- Disposal of subsidiary (90) 372
- Retained earnings 2 198 1 430
Closing balances 13 336 11 398
Abridged balance sheets
2002 2001
R000 R000
ASSETS
Non-current assets 15 232 15 457
Tangible 2 485 3 403
Intangible 12 586 12 054
Investments 161 -
Current assets 1 278 1 114
Inventory 81 72
Receivables 757 918
Cash resources 440 124
Total assets 16 510 16 571
EQUITY AND LIABILITIES
Capital and reserves 13 336 11 398
Share capital 340 340
Share premium 8 700 8 700
Non-distributable reserve 372 372
Retained income 3 924 1 986
Minority interests 329 180
Non-current liabilities 980 3 132
Interest-bearing - 1 494
Interest-free 980 1 638
Current liabilities 1 865 1 861
Payables 1 101 597
Taxation 396 552
Bank overdraft 368 712
Total equity and liabilities 16 510 16 571
Net asset value per share (cents) 39,2 33,5
Accounting policies
The financial statements are prepared on the historical cost basis, consistent
with prior years, in accordance with Statements of Generally Accepted Accounting
Practice and with the Companies Act, 1973 as amended. These results have been
audited by Cohen Hill Funk & Co. Their unqualified audit opinion is available
for inspection at the registered office of the company.
Comments
Trident Insurance Brokers (Pty) Ltd, our major subsidiary, again produced
outstanding results. Our circle of value which encompasses motor assessing,
autobody repair and car hire provides a unique advantage in the marketplace.
Prospects
We continue to look to acquire quality insurance brokerages and to take
advantage of the expected further consolidation in the short-term insurance
industry. We believe our growth will exceed inflation in the current year and we
will launch new, exciting products in the insurance market. We hope to further
increase our dividends in the future.
Declaration of dividend number 74
Shareholders are advised that the directors have declared a dividend of one cent
per share.
The following dates are important
19 September 2002 - Last date to trade cum dividend (LDT)
20 September 2002 - Trading shares ex dividend
27 September 2002 - Record date
No dematerialisation or rematerialisation of the company`s shares will take
place between 20 September and 27 September 2002 inclusive.
30 September 2002 - Date of payment of dividend
For and on behalf of the board
John Simpson
Chief executive officer
3 September 2002
Directors
EG van der Watt B Proc* JW Simpson M Bhamjee F Boshoff CA(SA)*
*Non-executive
Address
62 Juta Street Braamfontein PO Box 32052 Braamfontein 2017
Tel (011) 339 1835 Fax (011) 403 1411 trident@insurer.com
Date: 03/09/2002 05:20:00 PM Produced by the JSE SENS Department
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