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IFS - Group Consolidated Interim Report For The Six Months Ended 31 December
2002
INDEPENDENT FINANCIAL SERVICES LTD
Company registration number 1950/037061/06
Share code: IND
ISIN code: ZAE000025300
GROUP CONSOLIDATED INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2002
INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
31/12/02 31/12/01 30/06/2002
R000`s R000`s R000`s
Gross revenue 6 545 6 360 12 706
Profit before 1 625 1 768 3 392
taxation
Taxation 566 693 1 045
_______ ________ _________
Profit after 1 059 1 075 2 347
taxation
Minority interest -63 -79 -149
Loss on disposal of
subsidiaries
-- -- -90
_______ _______ _______
Net profit 996 996 2 108
_______ _______ _______
Shares in issue 34 34 34
(millions)
Earnings per share
(cents) 2.9 2.9 6.5
Intangible write
offs
(cents) 1.3 1.2 2.3
_________ ________ _________
Headline earnings
per Share (cents) 4.2 4.1 8.8
_________ ________ _________
Dividends per share
(cents) 0.75 0.5 1.5
BALANCE SHEET
Unaudited Unaudited Audited
31/12/02 31/12/01 30/06/2002
R000`s R000`s R000`s
ASSETS
Non-current assets 15 396 17 951 15 232
Tangible 3 246 5 108 2 485
Intangible 11 989 12 843 12 586
Investments 161 -- 161
Current assets 1 337 986 1 278
Inventory 248 100 81
Receivables 495 718 757
Cash resources 594 168 440
Total assets 16 733 18 937 16 510
_______ _______ _______
EQUITY AND
LIABILITIES
Capital and 14 384 12 653 13 665
reserves
Share capital 340 340 340
Share premium 8 700 8 700 8 700
Non-distributable
reserve 372 372 372
Retained income 4 580 2 982 3 924
________ ________ _________
Ordinary
shareholders`
interest 13 992 12 394 13 336
Minority interests 392 259 329
Non-current
liabilities 385 3 378 541
Interest-bearing -- 1 684 --
Interest-free 385 1 694 541
Current liabilities 1 964 2 906 2 304
Payables 746 1 141 1 101
Loan payable -- -- 439
Taxation 405 812 396
Bank overdraft 813 953 368
_________ _________ _________
Equity and 16 733 18 937 16 510
liabilities
_________ _________ _________
Net asset value
per share (cents) 42.3 37.2 40.2
_________ _________ _________
CASH FLOW STATEMENT
Cash flows from:
Operating 473 2 542 3 782
activities
Investing -671 -2 992 -1 118
activities
Financing -93 253 -2 004
activities
_________ ________ _________
Change in cash and
Equivalents -291 -197 660
Opening cash and
Equivalents 72 -588 -588
_________ ________ _________
Closing cash and
Equivalents -219 -785 72
_________ _________ _________
CONDENSED
STATEMENT OF
CHANGES IN EQUITY
Opening balances 13 336 11 398
Retained earnings 996 2 108
Dividend paid -340 -170
_________ _________
13 992 13 336
_________ _________
Accounting policies:
The financial statements are prepared on the historical cost basis, in
accordance with South African Statements of Generally Accepted Accounting
Practice and with the Companies Act, 1973, as amended.
COMMENTS
The results are below expectations, but we expect a better second half. Our
flagship - short term insurance brokerage, Trident Insurance Brokers (Pty)
Limited was slightly below budget, whilst IFS Cape (short term brokerage) and
Meyers Motor Metal Works (autobody repair) both turned in unsatisfactory
profits.
These interests will show improved results in the second half.
Red Car Hire (Pty) Limited performed well. Debt has continued to decline, and
we are pleased to increase the interim dividend from 0,5 cents per share to 0,75
cents per share.
Declaration of dividend number 75
A dividend of 0,75 cents per ordinary share, being the interim dividend for the
six month period ended 31 December 2002, has been declared, payable on 3 March
2003 to those shareholders recorded in the books of the company at the close of
business on 28 February 2003.
In compliance with the requirements of STRATE, the following dates apply:
- Friday 28 February 2003 - Last date to trade cum dividend (LDT)
- Monday 3 March 2003 - Shares trading ex dividend
- Friday 7 March 2003 - Record date
- Monday 10 March 2003 - Payment of dividend
- Share certificates may not be dematerialised or rematerialised between
Monday 3 March and Friday 7 March 2003, both days inclusive.
For and on behalf of the Board
John Simpson - CEO
13 February 2003
Company registration number 1950/037061/06. Share code: IND; ISIN code:
ZAE000025300.
Directors: E G van de Watt B Proc*, J W 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, ifs@insurer.com
Transfer Secretaries: Ultra Registrars (Pty) Ltd; Address: P O Box 4844,
Johannesburg, 2000.
Date: 13/02/2003 05:30:01 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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