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Insure - Audited Results For The Year Ended 28 February 2003
INSURANCE OUTSOURCING MANAGERS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013121/06)
("INSURE" or "the company")
JSE Code: INS ISIN Code: ZAE000033221
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2003
The audited results for the year ended 28 February 2003, the interim results for
the six months ended 31 August 2002 and the audited results for the year ended
28 February 2002 are presented below.
Consolidated Income Statements
Audited Reviewed Audited
results interim results
For the results for for the
year ended the year ended
28 February six months 28 Februar
2003 R"000 ended y 2002
31 August R"000
2002
R"000
Gross collections 1 085 108 557 341 525 961
Revenue 21 542 8 645 32 374
Operating income before
interest, amortisation,
exceptional items and
taxation
Ongoing operations 1 000
316 3 393
Discontinued operations - (237) (1 089)
Net interest received / 603 217 (4 618)
(paid)
Net income / (loss) 1 603 296 (2 314)
before amortisation
Amortisation of goodwill - - (413)
& intangibles
Exceptional items - - (6 640)
Net income / (loss) 1 603 296 (9 367)
before taxation
Taxation (185) 279 39
Net income / (loss) 1 417 575 (9 328)
after taxation
Outside shareholders - - (460)
interest
Dividends (555) - -
Attributable income /
(loss) 862 575 (9 788)
retained for the period
Determination of
headline earnings /
(loss)
Attributable income / 1 417 575 (9 788)
(loss)
Add back: Amortisation - - 8 190
Deduct: Outside
shareholders share of - (239)
amortisation -
Profit on disposal of - (43)
assets (84)
Headline earnings / 1 333 575 (1 880)
(loss)
Earnings per share
Shares in issue (000"s) 111 092 111 092 111 092
Fully diluted shares in 111 092 111 092 122 201
issue (000"s)
Earnings / (loss) per 1.3 0.5 (8.8)
share (cents)
Headline earnings / 1.2 0.5 (2.5)
(loss) per share (cents)
Fully diluted earnings / 1.3 0.5 (8.0)
(loss) per share (cents)
Fully diluted headline
earnings / (loss) per 1.2 0.5 (2.2)
share (cents)
Dividends per share 0.5 0.0 0.0
(cents)
Consolidated Balance Sheets
Audited Reviewed Audited
As at interim As at
28 As at 28
February 31 August February
2003 2002 2002
R"000 R"000 R"000
ASSETS
Non-current assets 19 358 18 834 17 557
Property, plant and 16 602 15 714 14 448
equipment
Deferred taxation 2 756 3 120 3 109
Current assets 67 198 64 787 66 728
Accounts receivable 61 429 57 797 70 387
Less: unearned finance (4 183) (3 857) (3 965)
charges
Cash resources 9 952 10 847 306
Total assets 86 556 83 621 84 285
EQUITY AND LIABILITIES
Capital and reserves 16 358 16 071 15 496
Issued capital 53 654 53 654 53 654
Non-distributable reserves 2 773 2 810 2 848
Distributable reserves (40 069) (40 393) (41 006)
Non current liabilities - 273 899
Long term liabilities & - 273 899
shareholder loan
Current liabilities 70 198 67 277 67 890
Accounts payable 66 873 65 867 59 069
Taxation 92 - 268
Shareholders for dividend 555 - -
Bank overdrafts 2 678 1 410 8 553
Total equity and 86 556 83 621 84 285
liabilities
Shares in issue (`000) 111 092 111 092 111 092
Net asset value per share 14.7 14.5 13.9
(cents) 14.7 14.5 13.9
Tangible net asset value 14.7 14.5 12.7
per share
Fully diluted net asset
value per share (cents)
Consolidated Statement of Changes in Equity
Non
Share Share Accumula distrib
Capit Premiu ted utable Total
al m Loss Reserve R"000
R`000 R"000 R"000 R"000
Balance at 01 March 2002 11 53 643 (41 006) 2 848 15 496
Earnings attributable to
shareholders
Ongoing operations 1 417 - 1 417
Revaluation depreciation 75 (75) -
Dividend paid (555) - (555)
Balance at 28 February 2003 11 53 643 (40 069) 2 773 16 358
Abridged Consolidated Cash Flow Statement
Audited Reviewed Audited
Twelve Six Months Twelve
Months 31 August Months
28 2002 28 February
February R"000 2002
2003 R`000
R`000
Cash flow generated by 14 253 14 846 38 188
operating activities
Cash flow used in investing (4 146) (2 200) (6 180)
activities
Cash flow generated / 5 415 (5 529)
(used in) by financing 5 038
activities
Cash and cash equivalents - (8 247) (8 247) (34 726)
beginning of year
Cash and cash equivalents - 7 275 (8 247)
end of year 9 437
Segmental Analysis
Audited Reviewed Audited
Twelve Months Six Months Twelve Months
28 February 31 August 28 February 2002
2003 2002
% R"000 % R"000 % R`000
Revenue
Interest earned 60% 13 014 66% 5 747 33% 10 801
Fees charged 33% 7 090 34% 2 898 14%
4 365
Other 7% 1 438 - - -
-
100% 21 542 100% 8 645 47% 15 166
Disposed subsidiaries
Commissions received - - - - 53% 17 177
Revenue as reported 100% 21 542 100% 8 645 100% 32 373
Accounting policies
This report has been prepared in accordance with South African Statements of
Generally Accepted Accounting Practice. The accounting policies and methods of
measurement are in all material respects consistent with those applied in
previously reported financial statements, and have been consistently applied
throughout the period under review. INSURE"s auditors, Compendium Pretoria Inc.
have given an unqualified audit opinion, which opinion is available for
inspection at the registered office of the company.
COMMENTS
Overview
INSURE successfully managed a return to profitability in the year under review.
INSURE"s strong focus on becoming the preferred independent financial services
outsource provider to the short-term insurance industry, solidified INSURE"s
foundation for profitability, enhanced capacity and increasing cost
effectiveness.
INSURE has now concluded all restructuring initiatives, enabling management to
concentrate further on increasing market share through the achievement of
clearly defined strategic objectives. INSURE is confident on fast becoming a
leader in premium collections, premium financing and specialist outsource
services through its integrated offerings and professional service levels.
INSURE"s range of synergistic products and outsource capabilities offered to
Insurance Brokers, Insurers, Underwriting Managers and Administrators, provides
a new level of credit management to the industry. INSURE does not underwrite
risk, rather it provides a secure financial services framework in which its
clients and industry users can operate.
For the year under review core turnover increased by 40%, from R15.2 million to
R22.5 million, and headline earnings by 171%. Total revenue decreased from R
32,4 million to R21,5 million as a result of the divestment from two of INSURE"s
non-core subsidiaries.
Despite certain limitations from reduced banking facilities and the
restructuring initiatives, a 109% growth in gross collections and premiums
handled was achieved. This supported INSURE"s R3.2 million turnaround from a
previously reported R1.9 million headline loss (February 2002), to a headline
profit of R1.3 million.
Prospects
INSURE will remain focused on its core business and will continue driving
towards organic growth in all areas of the business.
Change in control
During the year, a change in control occurred whereby 55% of INSURE"S shares
were acquired by Management. A circular to this effect was issued to all
shareholders on 25 October 2002.
Dividend
The Board has declared a dividend of 0.5 cent a share on 28 February 2003,
details of which were published on SENS and posted to shareholders on 07 April
2003. This is the first dividend distribution by INSURE since its reverse
listing onto the Johannesburg Securities Exchange in October 2000. It is the
Boards intention to continue paying dividends based on profitability.
For and on behalf of the Board
D.G Eriksson D. M. Burns
Chairman Chief Executive
2 May 2003
Directors
D.G. Eriksson* (Chairman), D.M. Burns (Chief Executive)(British), C.J.P.
Cilliers (Managing), B.B. Dunn* (Alternate A.J. Dunn)
(* Non-Executive)
Secretary and registered office
Mr. J. Vogelzang, 6 St Giles Street, Randburg, 2125.
Transfer secretaries
Computershare Investor Services Limited, 70 Marshall Street, Johannesburg, 2001.
Postal address and E-mail
P.O. Box 2867, Randburg, 2125
and
"results2003@ioh.co.za"
Sponsor
Arcay Group Limited
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