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Incentive Holdings Limited - Unaudited Consolidated Interim Results For The Six
Release Date: 28/11/2002 17:07:05 Code(s): ICT
Incentive Holdings Limited - Unaudited consolidated interim results for the six
months ended 31 August 2002
INCENTIVE HOLDINGS LIMITED
(Registration number 1998/013800/06)
Share code: ICT ISIN: ZAE000019329
("the group")
Unaudited consolidated interim results for the six months ended 31 August 2002
CONSOLIDATED INCOME STATEMENTS
Six months Six months Year ended
31 Aug 2002 31 Aug 2001 28 Feb 2002
Unaudited Unaudited Audited
R`000 R`000 R`000
Revenue (note 1) 10 936 5 779 6 743
Expenses: Operating (8 564) (4 870) (12 187)
Depreciation (302) (313) (916)
Amortisation (444) (444) (889)
Operating income/(loss)
before interest and share
of profit of associate 1 626 152 (7 249)
Share of retained
(loss)/profit of associate (152) 80 62
Net interest (paid)/received (1 290) (788) (2 163)
Profit/(loss) before taxation 184 (556) (9 350)
Taxation - Deferred - - 4 477
Profit/(loss) attributable
to ordinary shareholders 184 (556) (4 873)
Amortisation 444 444 889
Headline earnings attributable to
ordinary shareholders 628 (112) (3 984)
Profit/(loss) per share - cents 0,1 (2,0) (1,8)
Headline profit/(loss) per share (cents) 0,2 (3,6) (1,5)
Net asset value per share (cents) 9,3 10,6 9,3
ABRIDGED CASH FLOW STATEMENTS
Six months Six months Year ended
31 Aug 2002 31 Aug 2001 28 Feb 2002
R`000 R`000 R`000
Cash flow from operating activities 17 557 (510) (4 524)
Cash flow from investing activities 451 (1 634) 387
Cash flow from financing activities (18 794) (5 680) (2 983)
Net movement in cash and cash equivalents (786) (7,824) (7 122)
Cash and cash equivalents
at beginning of year 2 009 9 131 9 131
Cash and cash equivalents at end of year 1 223 1 307 2 009
CONSOLIDATED BALANCE SHEETS
Six months Six months Year ended
31 Aug 2002 31 Aug 2001 28 Feb 2002
Unaudited Unaudited Audited
R`000 R`000 R`000
ASSETS
Non-current assets 37 200 36 316 38 548
Property, plant and equipment 2 554 1 851 2 858
JSE and SAFEX rights 1 304 1 764 1 309
Intangible assets 2 356 3 244 2 800
Loans receivable 1 440 4 289 1 884
Investment in associate 19 019 19 189 19 170
Deferred tax 10 527 5 979 10 527
Current assets 19 999 28 786 24 455
Total assets 57 199 65 102 63 003
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` funds 25 716 29 077 25 532
Non-current liabilities 7 248 6 967 7 409
Interest bearing liabilities 6 115 5 529 6 216
Loan from associate 1 133 1 438 1 193
Deferred tax - - -
Current liabilities 24 235 29 058 30 062
Total equity and liabilities 57 199 65 102 63 003
STATEMENT OF CHANGES IN EQUITY
Non-
distribu- Accumu-
Share Share table lated
capital premium reserve loss Total
R`000 R`000 R`000 R`000 R`000
Balance at 31 August 2000 275 50 739 - (21 937) 29 077
Net loss for the period - - - (4 317) (4 317)
Revaluation of property 772 772
Balance at 28 February 2002 275 50 739 772 (26 254) 25 532
Net profit for the period 184 184
Balance at 31 August 2002 275 50 739 772 (26 070) 25 716
COMMENTARY
Following on the last reporting period ended 28 February 2002, the group
continues to suffer losses as a result of the continuous erosion of corporate
activity in the country.
The negotiations for the re-activation of the Life licence have now been
concluded with a suitable partner, who has agreed to re-capitalise the Life
company and inject an appropriate premium flow once certain Financial Services
Board requirements have been met and completed. These Financial Services Board
requirements are in the normal course of business and should be fulfilled within
the next two or three months, whereafter the Life company will be placed in a
strong financial and profitable position.
The results for the current period reflect the settlement reached with the
major creditor as referred to in the previous report.
Negotiations for the re-construction for the balance of the company`s assets
are continuing and it is hoped that these should be concluded in the near
future.
In the light of the group`s results, no dividend is contemplated.
This report has been prepared in accordance with the group`s published
accounting policies which comply with South African Statements of Generally
Accepted Accounting Practice, which are consistent in all respects with those
applied in the previous financial period.
Registered Office:
Incentive House
170 Oxford Road
Melrose, 2196
(Private Bag X60, Saxonwold, 2132)
Transfer Secretaries:
Computershare Investor Services Limited
70 Marshall Street
Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
By order of the board
Johannesburg
29 November 2002
Date: 28/11/2002 05:07:00 PM Produced by the JSE SENS Department
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