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Ifs Group - Consolidated Audited Annual Financial Results For The Year Ended 30
Release Date: 28/08/2003 17:15:00 Code(s): IND
IFS Group - Consolidated Audited Annual Financial Results For The Year Ended 30
June 2003
Independent Financial Services Limited
Company registration number 1950/037061/06
Share code IND
ISIN code ZAE000025300
Consolidated audited annual financial results
for the year ended 30 June 2003
Income statements
30 June 30 June
2003 2002
R000 R000
Gross revenue 13 521 12 706
Profit before taxation 3 092 3 392
Taxation 1 070 1 045
Profit after taxation 2 022 2 347
Minority interests (164) (149)
Dividends (595) (170)
Extraordinary item (90)
Net profit 1 263 1 938
Shares in issue (millions) 34 34
Earnings per share (cents) 5,5 6,5
Intangible write-offs disallowed (cents) 2,5 2,3
Headline earnings per share (cents) 8,0 8,8
Dividend per share (cents) 2,0 1,5
Abridged cash flow statement
Cash flows from:
- operating activities 897 3 733
- investing activities (987) (1 068)
- financing activities (815) (2 005)
Change in cash and equivalents (905) 660
Opening cash and equivalents 72 (588)
Closing cash and equivalents (833) 72
Condensed statement of changes in equity
Opening balances 13 336 11 398
Movements
- Dividends (595) (170)
- Disposal of subsidiary (90)
- Retained earnings 1 858 2 198
Closing balances 14 599 13 336
Abridged balance sheet
30 June 30 June
2003 2002
R000 R000
ASSETS
Non-current assets 14 836 15 232
Tangible 3 027 2 485
Intangible 11 728 12 586
Investments 81 161
Current assets 2 531 1 278
Inventory 1 302 81
Receivables 948 757
Cash resources 281 440
Total assets 17 367 16 510
Equity and liabilities
Capital and reserves 14 599 13 336
Share capital 340 340
Share premium 8 700 8 700
Non distributable reserve 372 372
Retained income 5 187 3 924
Minority interests 493 329
Non-current liabilities 980
Interest-free - 980
Current liabilities 2 275 1 865
Payables 810 1 101
Taxation 351 396
Bank overdraft 1 114 368
Total equity and liabilities 17 367 16 510
Net asset value per share (cents) 42,9 39,2
Accounting policies
The financial statements are prepared on the historical cost basis, consistent
with prior years, in accordance with South African Statements of Generally
Accepted Accounting Practice and with the Companies Act, 1973 as amended. These
results have been audited by Cohen Hill Funk & Co. Their unqualified audit
opinion is available for inspection at the registered office of the company.
Comments
Insurance broking provided the bulk of the income, with the Johannesburg based
brokerage falling short of budget by 10%. We launched IFS Direct as a brand and
renamed Trident Insurance Brokers (Pty) Ltd as IFS Insurance Brokers (Pty) Ltd.
Red Car Hire, Meyers Motor Metal Works and IFS Cape produced satisfactory
results. The inventory build up relates to vehicles being purchased for resale
and should decrease materially by the end of September 2003.
Prospects
We continue to look to acquire quality short term insurance brokerages. Our new
year has started off stronger, and we are targeting increased profits this year.
Declaration of Dividend Number 76
Shareholders are advised that the directors have declared a final dividend of
1,25 cents per share, giving a total of 2 cents per share for the year.
The following dates are important
12 September 2003 - Last date to trade cum dividend (LDT)
15 September 2003 - Trading ex dividend commences
19 September 2003 - Record date
22 September 2003 - Date of payment of dividend
Share certificates may not be dematerialised or rematerialised between Monday 15
September and Friday 19 September 2003, both dates included.
For and on behalf of the board
John Simpson
Chief executive officer
29 August 2003
Directors
EG van der Watt B Proc* JW Simpson M Bhamjee F Boshoff CA(SA)* *Non-executive
Registered office
62 Juta StreetBraamfontein
PO Box 32052 Braamfontein 2017
Tel (011) 339 1835Fax (011) 403 1411
E-mail ifs@insurer.com
Transfer secretaries
Ultra Registrars (Pty) Limited
PO Box 4844Johannesburg 2000
Sponsors
PSG Investment Bank (Pty) Limited
PO Box 987 Parklands 2121
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