| Tue 20 May 2003, 10:47 | | Invicta Holdings Limited - Audited Group Results F |
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Invicta Holdings Limited - Audited Group Results For The Year Ended 31 March
2003 and Cautionary AnnouncementInvicta Holdings Limited
(Registration number 1966/002182/06)(Share code: IVT)(ISIN code:
ZAE000029773)("Invicta" or "the group")EARNINGS PER SHARE UP 122%OPERATING
PROFIT UP 88%REVENUE UP 41%AUDITED GROUP RESULTS FOR THE YEAR ENDED 31 MARCH
2003 AND CAUTIONARY ANNOUNCEMENTINCOME STATEMENT
2003 2002 %
R"000 R"000 change
Revenue 1 907 317 1 352 311 41
Operating profit 230 123 122 405 88
Interest received 9 279 6 184
Finance costs (34 439) (29 616)
Profit before taxation 204 963 98 973 107
Taxation (64 831) (27 949)
Profit after taxation 140 132 71 024
Outside shareholders" interest (43 630) (25 033)
Earnings attributable to ordinary 96 502 45 991 110
shareholders
Determination of headline earnings
Attributable earnings 96 502 45 99
Adjustments - after taxation where
applicable
- Goodwill amortisation 2 433 1 819
- Profit on disposal of property, plant (322) (162)
and equipment
Headline earnings 98 613 47 648
Shares in issue
Weighted average (000"s) 72 565 76 772
At the end of the year (000"s) 72 842 72 393
Weighted average including diluted 74 767 81 776
shares (000"s)
Headline earnings per share (cents) 136 62 119
Earnings per share (cents) 133 60 122
Diluted headline earnings per share 133 60 122
(cents)
Diluted earnings per share (cents) 130 58 124
Dividends per share* (cents) 45 24 88
Interim 15 8
Final 30 16
* In accordance with AC107, the final dividend of 30 cents per share proposed by
the directors has not been reflected in the annual financial statements.BALANCE
SHEET
2003 2002
R"000 R"000
ASSETS
Non-current assets 145 916 111 635
Property, plant and equipment 101 505 74 098
Intangible assets 12 070 15 586
Deferred taxation 21 089 13 543
Long-term receivables 11 252 8 408
Current assets 834 064 703 846
Inventories 503 480 426 408
Accounts receivable 260 342 209 795
Cash and cash equivalents 70 242 67 643
979 980 815 481
EQUITY AND LIABILITIES
Capital and reserves 487 932 377 185
Ordinary shareholders" funds 343 665 268 783
Outside shareholders" interest 144 267 108 402
Non-current liabilities 10 398 11 661
Long-term borrowings 10 398 11 661
Current liabilities 481 650 426 635
Bank borrowings 47 641 78 534
Short-term borrowings 2 177 1 805
Other payables 431 832 346 296
979 980 815 481
CASH FLOW STATEMENT 2003 2002
R"000 R"000
Cash flows from operating activities
Cash generated from operations 183 264 140 118
Finance costs (34 439) (29 616)
Dividends paid (33 272) (22 800)
Taxation paid (46 589) (37 652)
Interest received 9 279 6 184
Net cash inflow from operating activities 78 243 56 234
Cash flows from investing activities
Net cash effects of asset acquisitions (45 727) (36 569)
Net cash effects of investing activities (2 844) 1 044
Cash flows from financing activities
Net cash effects of share capital (7) (23 681)
repurchased
Net cash effects of shares issued 855 -
Net cash effects of borrowings raised 2 972 (1 620)
(settled)
Net increase (decrease) in cash and cash 33 492 (4 592)
equivalents
Cash and cash equivalents at the beginning (10 891) (6 299)
of the year
Cash and cash equivalents at the end of the 22 601 (10 891)
year
STATEMENT OF CHANGES IN EQUITY
2003 2002
R"000 R"000
Share capital
Balance at the beginning of the year 3 619 4 007
Net shares issued (repurchased) 23 (388)
Balance at the end of the year 3 642 3 619
Share premium
Balance at the beginning of the year 124 211 147 504
Net shares issued (repurchased) 825 (23 293)
Balance at the end the year 125 036 124 211
Accumulated profits
Balance at beginning of period 140 953 112 367
Earnings attributable to ordinary 96 502 45 991
shareholders
Dividends paid (22 468) (17 405)
Balance at the end of the year 214 987 140 953
Accounting policiesThe principal accounting policies, as outlined in the 2002
annual report, have been consistently applied. The annual financial statements
have been prepared in accordance with South African Statements of Generally
Accepted Accounting Practice.
2003 2002
Other information
Depreciation and amortisation (R"000) 21 497 17 353
Net asset value per share (cents) 471,8 371,3
Tangible net asset value per share (cents) 455,2 349,8
CommentsThe Invicta Group is a major regional player in the importation and
distribution 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)
ResultsThe group has enjoyed an exceptional year. The major factors which
influenced the group during the year under review were a weaker Rand for most of
the year, the robust domestic economy and the strong agricultural sector.
Revenue increased by 41% to R1,9 billion, while earnings attributable to
ordinary shareholders increased by 110% to R97 million. A reduction in the
weighted average number of shares in issue, as a result of share repurchases,
helped to increase earnings per share by 122% to 133 cents per share.
ProspectsThe Group expects trading conditions in the coming year to be adversely
affected by a stronger Rand, an anticipated decline in the agricultural
equipment market, reduced activity in manufacturing and mining sectors, and a
generally weaker economy. Current expectations are that earnings for the coming
year are unlikely to match those achieved in 2003.
Cautionary Announcement
Shareholders are advised that the company is involved in negotiations to
repurchase a significant block of shares in terms of a specific purchase, which
may have a material effect on the price at which Invicta shares trade on the JSE
Securities Exchange South Africa. Shareholders are accordingly advised to
exercise caution when dealing in Invicta shares until a further announcement is
made.
Annual ReportThe annual financial statements will be posted to shareholders on
or about 27 June 2003.
For and on behalf of the boardM Rose-Innes
A GoldstoneChairman Managing
Director
Cape Town20 May 2003DIVIDENDNotice is hereby given that a final dividend of 30
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, 6 June
2003. The shares of Invicta Holdings Limited will commence trading "EX" the
dividend from the commencement of business on Monday, 9 June 2003 and the record
date will be Friday, 13 June 2003. Dividends will be paid to members on Tuesday,
17 June 2003.
Share certificates may not be dematerialised or rematerialised between 9 June
2003 and 13 June 2003, both days inclusive.
By order of the boardC BarnardSecretary
Johannesburg20 May 2003
Audit ReportThe auditors, Deloitte & Touche, have issued their opinion on the
group"s financial statements for the year ended 31 March 2003.
A copy of their unqualified report is available for inspection at the company"s
registered office.Segment information on these businesses is presented below:
Engineering Automotive
consumables Spares
R000 R000
2003 2002 2003 2002
Revenue 1 001 787 756 002 280 644 237 658
Operating income before 168 112 101 616 29 899 14 115
finance costs and
interest received
Balance sheet
Assets 550 863 484 791 136 862 113 811
Liabilities 241 905 252 060 135 535 130 081
Capital Non-segment
Equipment Allocation Consolidation
R000 R000 R000
2003 2002 2003 2002 2003 2002
Revenue 624 886 358 651 - - 1 907 317 1 352 311
Operating 34 276 14 767 (2 164) (8 093) 230 123 122 405
income before
finance costs
and interest
received
Balance sheet
Assets 302 791 184 281 (10 536) 32 598 979 980 815 481
Liabilities 197 550 108 749 (82 942) (52 594) 492 048 438 296
Geographical segments:The group has not reported segment information by
geographical location as the operations occur substantially within Southern
AfricaRegistered Office: Invicta Holdings Limited, Constantia Uitsig Farm ,
Spaanschemat River Road, Constantia 7806
PO Box 89, Constantia 7848
TRANSFER SECRETARIES: Computershare Investor Services Limited, 70 Marshall
Street, Johannesburg 2001
PO Box 61051, Marshalltown 2107
Sponsor
Nedbank Corporate
Directors: M Rose-Innes, A Goldstone, DL McCay*, DI Samuels*, Adv CH Wiese** Non
executive
www.invictaholdings.co.za
Date: 20/05/2003 10:00:21 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
