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Ended 30 September
2002
Invicta Holdings Limited
(Registration number 1966/002182/06
(Share code: IVT)
(ISIN code: ZAE000029773)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002
- Earnings per share up 114
- Operating income up 102%
- Revenue up 46%
GROUP INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept 30 Sept 31 March
2002 2001 % 2002
R`000 R`000 Change R`000
Revenue 906 703 621 144 46 1 352 311
Operating income 88 159 43 686 102 115 667
Interest received 3 238 3 188 6 184
Finance costs (15 855) (8 580) (22 878)
Profit before taxation 75 542 38 294 97 98 973
Taxation (25 605) (13 983) (27 949)
Earnings attributable to 49 937 24 311 105 71 024
shareholders
Earnings attributable to (16 173) (7 456) (25 033)
outside shareholders
Earnings attributable to 33 764 16 855 100 45 991
ordinary shareholders
Determination of headline
earnings
Earnings 33 764 16 855 45 991
Amortisation of goodwill 1 006 930 1 819
and trademarks
Profit on disposal of (71) - (162)
property, plant and
equipment
Headline earnings 34 699 17 785 47 648
SHARE INFORMATION
Headline earnings per share 48 23 109 62
(cents)
Earnings per share (cents) 47 22 114 60
Diluted earnings per share 45 22 105 58
(cents)
Dividends per share
proposed/declared
Interim dividend (cents) 15 8 88 8
Final dividend (cents) - - 16
Total dividend for the 15 8 24
period (cents)
Weighted average number of 72 393 77 240 76 772
shares in issue (`000)
GROUP BALANCE SHEET Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept 30 Sept 31 March
2002 2001 2002
R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and 83 732 71 152 74 098
equipment
Intangible assets 13 898 16 465 15 586
Deferred taxation 16 869 7 362 13 543
Long-term receivables 10 812 8 888 8 408
125 311 103 867 111 635
Current assets
Inventories 442 419 351 123 426 408
Accounts receivable 233 862 195 946 209 795
Bank and cash balances 83 404 45 491 67 643
759 685 592 560 703 846
Total assets 884 996 696 427 815 481
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` funds 290 220 256 446 268 783
Outside shareholders` 119 861 92 275 108 402
interest
410 081 348 721 377 185
Non-current liabilities
Long-term borrowings 11 386 11 212 11 661
Current liabilitiesBank 62 475 80 969 78 534
borrowings
Short term borrowings 1 695 - 1 805
Trade and other payables 399 359 255 525 346 296
463 529 336 494 426 635
Total equity and liabilities 884 996 696 427 815 481
Net asset value per share 400,9 333,9 371,2
(cents)
Net tangible asset value per 381,7 312,5 349,7
share (cents)
Shares in issue 72 393 76 794 72 393
GROUP CASH FLOW 85 721 55 209 133 380
STATEMENTCash generated from
operations
Net finance charge (12 617) (5 392) (16 694)
Dividends paid (18 088) (14 177) (22 800)
Taxation paid (4 055) (22 083) (37 652)
Net cash inflow from 50 961 13 557 56 234
operating activities
Net cash flow from investing (18 389) (27 208) (35 525)
activities
Net cash flow from financing (752) (15 528) (25 301)
activities
Net increase/(decrease) in 31 820 (29 179) (4 592)
cash and cash equivalents
Cash and cash equivalents at (10 891) (6 299) (6 299)
the beginning of the period
Cash and cash equivalents at 20 929 (35 478) (10 891)
the end of the period
STATEMENT OF CHANGE IN EQUITY
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept 30 Sept 31 March
2002 2001 2002
R`000 R`000 R`000
Share capital
Balance at beginning of 3 619 4 007 4 007
period
Shares purchased in terms of - (213) (388)
share buy-back scheme
Balance at end of period 3 619 3 794 3 619
Share premium
Balance at beginning of 124 211 147 504 147 504
period
Shares purchased in terms of (489) (12 813) (23 293)
share buy-back scheme
Balance at end of period 123 722 134 691 124 211
Accumulated profits
Balance at beginning of 140 953 112 367 112 367
period
Earnings attributable to 33 764 16 855 45 991
ordinary shareholders
Dividends paid (11 838) (11 261) (17 405)
Balance at end of period 162 879 117 961 140 953
Ordinary shareholders` funds 290 220 256 446 268 783
NOTES TO THE FINANCIAL INFORMATION
Accounting policies
The financial information is prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and the principal
accounting policies as set out in the Group`s 2002 annual report have been
consistently applied throughout the six month period under review.COMMENTS
Overview
The Invicta Group is one of Southern Africa`s leading importers and distributors
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).
RESULTSWe are pleased to report on outstanding results for the six months under
review. All sections of the Group enjoyed improved trading conditions, except
for CSE, our construction and earthmoving machinery operation, which experienced
subdued conditions.
Revenue increased by 46% from R621 million to R907 million, largely attributable
to 3 factors: a buoyant agricultural machinery industry, a 41% increase in
revenue at Bearing Man and price increases necessitated by the substantially
weaker Rand during the period under review.
Operating income increased by 102% to R88 million. Finance costs, which include
foreign exchange costs, rose from R9 million to R16 million due mainly to higher
costs of forward cover.
Headline earnings per share increased by 109% from 23 cents to 48 cents per
share, and the dividend declared increased by 88% from 8 to 15 cents per share.
Cash generation during the period under review continued to be strong, with bank
and cash balances increasing from R45 million to R83 million.
PROSPECTSThe excellent results in the first half of the financial year provides
a solid base for the Group for the whole financial year. If the current
favourable trading conditions continue, the Group should show an improved
performance over the first half of the financial year.M Rose-Innes
A GoldstoneChairman Managing Director
DIVIDENDNotice is hereby given that an interim dividend of 15 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, 15 November 2002. The share
of Invicta Holdings Limited will commence trading "EX" the dividend from the
commencement of business on Monday, 18 November 2002 and the record date will be
Friday, 22 November 2002. Dividends will be paid to members on Wednesday, 27
November 2002.
Share Certificates may not be dematerialised or rematerialised between Monday,
11 November 2002 and Friday 15 November 2002, both days inclusive.
In accordance with AC107, the interim dividend of 15 cents per share proposed by
the directors` as shown in the share information has not been reflected in the
financial statements.By order of the boardC BarnardSecretaryJohannesburg28
October 2002
Registered OfficeInvicta Holdings LimitedConstantia Uitsig Farm Spaanschemat
River RoadConstantia 7806PO Box 89Constantia 7848
TRANSFER SECRETARIESComputershare Investor Services Ltd70 Marshall
StreetJohannesburg 2001PO Box 7184Johannesburg 2000
DIRECTORSM Rose-Innes, A GoldstoneDL McCay*, DI Samuels*Adv CH Wiese** Non-
executive
www.invictaholdings.co.za
Date: 29/10/2002 05:05:00 PM Produced by the JSE SENS Department
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