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Incentive Holdings Limited - Reviewed Consolidated Results For The Year Ended 28
February 2003
INCENTIVE HOLDINGS LIMITED
(Registration number 1998/013800/06)
Share code: ICT ISIN: ZAE000019329
("the company" or "the group")
REVIEWED CONSOLIDATED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2003
CONSOLIDATED INCOME STATEMENT
Year ended Year ended
28 Feb 2003 28 Feb 2002
Reviewed Audited
R"000 R"000
Revenue 4 166 6 743
Other income 8 965 -
Expenses Operating (12 889) (12 187)
Expenses Depreciation (518) (916)
Expenses Amortisation (211) (889)
Operating loss before interest (487) (7 249)
Share of (loss)/profit of associate (147) 62
Net interest paid (1 585) (2 163)
Loss before taxation (2 219) (9 350)
Deferred taxation (10 527) 4 477
Loss attributable to ordinary
shareholders (12 746) (4 873)
Loss attributable to ordinary
shareholders (12 746) (4 873)
Amortisation 211 889
Headline loss attributable
to ordinary shareholders (12 535) (3 984)
Loss per share - cents (4,6) (1,8)
Headline loss per share - cents (4,6) (1,5)
ABRIDGED CASH FLOW STATEMENT
Year ended Year ended
28 Feb 2003 28 Feb 2002
Reviewed Audited
R"000 R"000
Cash flow from operating
activities 10 926 (4 384)
Cash flow from investing
activities 626 387
Cash flow from financing activities (11 812) (3125)
Net movement in cash
and cash equivalents (260) (7 122)
Cash and cash equivalents
at beginning of year 2 009 9 131
Cash and cash equivalents
at end of year 1 749 2 009
CONSOLIDATED BALANCE SHEET
28 Feb 2003 28 Feb 2002
Reviewed Audited
R"000 R"000
ASSETS
Non-current assets 21 605 37 398
Property, plant and
equipment 2 314 2 858
JSE and SAFEX rights 1 304 1 309
Intangible assets - 2 800
Loans receivable 1 263 1 884
Deferred tax - 10 527
Investment in associate 16 724 18 020
Current assets 8 632 24 455
Total assets 30 237 61 853
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders" funds 11 547 24 382
Non-current liabilities 14 531 7 409
Non-interest bearing liabilities 12 510 5 277
Interest bearing liabilities 2 021 2 132
Current liabilities 4 159 30 062
Total equity and liabilities 30 237 61 853
Net asset value per share 4,2 8,9
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
28 February 2001 275 50 739 - (21 381) 29 633
Net loss for
2002 year - - - (4 873) (4 873)
Revaluation of property - - 772 - 772
Balance at 28 February
2002 as previously
reported 275 50 739 772 (26 254) 25 532
Adjustment to retained
income in respect of
change in accounting
policy AC 131 (1 150) (1 150)
Balance at
28 February 2002
restated 275 50 739 772 (27 404) 24 382
Net loss for 2003 year - - - (12 746) (12 746)
Revaluation of property - - (89) - (89)
Balance at
28 February 2003 275 50 739 683 (40 150) 11 547
COMMENTARY
There has been no improvement in corporate activity as applicable to the
company"s traditional activities during the review period. This has naturally
impacted on the company"s results. In anticipation of the developments described
below, the directors have decided to take the most conservative route, which is
reflected in these results. The deferred tax asset has been written-off this
year, as well as goodwill being fully amortised.
"Other income" reflects the outcome of the settlement reached with a major
creditor during the year. The full amount claimed by the creditor was previously
included as a liability.
The directors are pleased to report that the Life Licence of the associate
has now been activated having met the requirements of the Financial Services
Board. This company changed its name to Anglo Dutch Life Limited. This
development will lead to a recapitalisation of the life company in the current
reporting period and the group will continue to own a significant minority
stake.
The directors are pleased to report that Mr Peter Moss has joined the Board
of the company and the directors welcome his vast experience in the short-term
insurance industry, which is a field the group has decided to embark on with a
new division created for this purpose.
The Board has identified an opportunity in the short-term insurance industry
and, with the encouragement of some of the influential participants in this
field, the group is in the process of arranging underwriting facilities which
should generate much needed cash flow.
It is expected that further Board appointments will be made to administer
this new venture and further announcements will be made as soon as the
negotiations and commencement of business are completed.
There have been no further changes in the group"s activities, but, as a
result of the developments discussed above, it is expected that the other
divisions, dedicated to the financial services industry, will be regenerated.
In the light of the group"s results, no dividend is contemplated.
The abridged financial statements have been prepared using accounting policies
which are in accordance with South African Statements of Generally Accepted
Accounting Practice. These policies are consistent with those applied in the
previous year, with the exception of the adoption of AC 131 relating to business
combinations.
The abridged financial statements have been reviewed by Fisher Hoffman PKF
(Jhb) Inc., whose unqualified review report is available for inspection at the
registered office of the company.
Registered Office Transfer Secretaries
Incentive House Computershare Investor Services Limited
170 Oxford Road 70 Marshall Street
Melrose, 2196 Johannesburg, 2001
(Private Bag X60 (PO Box 1053
Saxonwold, 2132) Johannesburg, 2000)
By order of the Board
Johannesburg
30 May 2003
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