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Invicta - INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003
Invicta Holdings Limited
(Registration number 1966/002182/06)(Incorporated in the Republic of South
Africa)Share code: IVTISIN code: ZAE000029773
("Invicta")
- EARNINGS PER SHARE UP 36%- OPERATING INCOME UP 10%- REVENUE UP 15%INTERIM
RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003
GROUP INCOME STATEMENT
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 Sept 30 Sept 31 March
2003 2002 % 2003
R"000 R"000 Change R"000
Revenue 1 044 577 906 703 15 1 907 317
Operating income 97 318 88 159 10 230 123
Interest received 4 022 3 238 9 279
Finance costs (14 991) (15 855) (34 439)
Profit before taxation 86 349 75 542 14 204 963
Taxation (30 331) (25 605) (64 831)
Profit after taxation 56 018 49 937 12 140 132
Outside shareholders" (17 329) (16 173) (43 630)
interest
Earnings attributable to 38 689 33 764 15 96 502
ordinary shareholders
Determination of headline
earnings
Earnings 38 689 33 764 96 502
Amortisation of goodwill 1 050 1 006 2 433
Profit on disposal of (19) (71) (322)
property, plant and
equipment
Profit on disposal of part (1 583) - -
of subsidiary
Headline earnings 38 137 34 699 98 613
SHARE INFORMATION
Headline earnings per share 63 48 31 136
(cents)
Earnings per share (cents) 64 47 36 133
Diluted earnings per share 64 45 42 130
(cents)
Dividends per share
proposed/declared
Interim dividend (cents) 20 15 33 15
Final dividend (cents) - - 30
Total dividend for the 20 15 45
period (cents)
Weighted average number of 60 646 72 393 72 565
shares in issue (`000)
GROUP BALANCE SHEET
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 Sept 30 Sept 31 March
2003 2002 2003
R"000 R"000 R"000
ASSETS
Non-current assets
Property, plant and 105 596 83 732 101 505
equipment
Intangible assets 13 844 13 898 12 070
Deferred taxation 28 514 16 869 21 089
Long-term receivables 4 980 10 812 11 252
152 934 125 311 145 916
Current assets
Inventories 531 244 442 419 503 480
Accounts receivable 281 939 233 862 260 342
Bank and cash balances 10 734 83 404 70 242
823 917 759 685 834 064
Total assets 976 851 884 996 979 980
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders" 267 388 290 220 343 665
funds
Outside shareholders" 153 961 119 861 144 267
interest
421 349 410 081 487 932
Non-current liabilities
Long-term borrowings 10 455 11 386 10 398
Current liabilities
Bank borrowings 82 571 62 475 47 641
Short-term borrowings 1 781 1 695 2 177
Trade and other payables 460 695 399 359 431 832
545 047 463 529 481 650
Total equity and 976 851 884 996 979 980
liabilities
GROUP CASH FLOW STATEMENT
Cash generated from 90 984 85 721 183 264
operations
Net finance charge (10 969) (12 617) (25 160)
Dividends paid (32 772) (18 088) (33 272)
Taxation paid (42 699) (4 055) (46 589)
Net cash inflow from 4 544 50 961 78 243
operating activities
Net cash flow from (14 434) (18 389) (48 571)
investing activities
Net cash flow from (84 548) (752) 3 820
financing activities
Net (decrease)/increase in (94 438) 31 820 33 492
cash and cash equivalents
Cash and cash equivalents 22 601 (10 891) (10 891)
at the beginning of the
period
Cash and cash equivalents (71 837) 20 929 22 601
at the end of the period
STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 Sept 30 Sept 31 March
2003 2002 2003
R"000 R"000 R"000
Share capital
Balance at beginning of 3 642 3 619 3 619
period
Share options issued 105 - 23
Shares purchased in terms (858) - -
of share buy-back scheme
Balance at end of period 2 889 3 619 3 642
Share premium
Balance at beginning of 125 036 124 211 124 211
period
Share options issued 4 237 - 832
Shares purchased in terms (96 058) (489) (7)
of share buy-back scheme
Balance at end of period 33 215 123 722 125 036
Accumulated profits
Balance at beginning of 214 987 140 953 140 953
period
Earnings attributable to 38 689 33 764 96 502
ordinary shareholders
Dividends paid (22 392) (11 838) (22 468)
Balance at end of period 231 284 162 879 214 987
Ordinary shareholders" 267 388 290 220 343 665
funds
OTHER INFORMATION
Depreciation and 11 335 10 074 21 497
amortisation (R"000)
Net asset value per share 462,8 400,9 471,8
(cents)
Net tangible asset value 438,8 381,7 455,2
per share (cents)
Shares in issue (`000) 57 776 72 393 72 842
NOTES TO THE FINANCIAL INFORMATION
Accounting policies
The financial information is prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and the principal
accounting policies as set out in the Group"s 2003 annual report have been
consistently applied throughout the six month period under review.
COMMENTS
The Invicta Group continues to be a major regional player in the importation and
distribution of:- Bearings, belts, seals, power transmission products, geared
motors and fasteners (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)
Results
The Group has enjoyed good growth in earnings in the first six months of the
year. Revenue increased by 15% over the corresponding 6 months to R1 billion.
Earnings attributable to ordinary shareholders increased by 15% to R39 million.
Headline earnings per share increased by 31% to 63 cents per share and the
dividend by 33% to 20 cents per share.
Cash flow generated by operations continued to be strong with R91 million
generated in the period under review.
The specific repurchase of 17 million shares was successfully concluded. The
resultant reduction in the number of shares in issue has contributed to the
improved earnings per share.
Prospects
Whilst the agricultural division has been fairly strong during the 6 months
under review, the drought and the continued Rand strength are likely to have an
adverse effect on the market. Given this, forecasting for the balance of the
year is difficult.
M Rose-Innes
Chairman
A GoldstoneManaging Director
DIVIDEND
Notice is hereby given that an interim dividend of 20 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, 14 November 2003.
The shares of Invicta Holdings Ltd will commence trading "EX" the dividend from
the commencement of business on Monday, 17 November 2003 and the record date
will be Friday, 21 November 2003. The dividend will be paid to members on
Monday,24 November 2003
Share certificates may not be dematerialised or rematerialised between Monday,
17 November 2003 and Friday 21 November 2003, both days inclusive.
In accordance with AC107, the interim dividend of 20 cents per share proposed by
the directors as shown in the share information has not been reflected in the
financial statements.By order of the boardC BarnardSecretaryJohannesburg
29 October 2003Segment information
Engineering Automotive Capital Non Segment Total
Consumables Spares Equipment Allocations
Unaudited six
months ended
30 September
2003
Revenue 498 130 148 194 398 253 - 1 044 577
Operating
income
73 165 13 010 13 371 (2 228) 97 318
Unaudited six
months ended
30 September
2002
Revenue 488 975 140 505 277 223 - 906 703
Operating 65 983 16 778 6 292 (894) 88 159
income
Geographical segments:
The group has not reported segment information by geographical location as the
operations occur substantially within Southern Africa.REGISTERED OFFICE
Invicta Holdings Limited
Unit 1A, Ground Floor,
Seardel House
Alphen Park,
Constantia Main Road
Constantia 7806
PO Box 89
Constantia 7848
TRANSFER SECRETARIES
Computershare Limited
Ground floor
70 Marshall Street
Johannesburg 2001
PO Box 7184
Johannesburg 2000
DIRECTORSM Rose-Innes, A GoldstoneDI Samuels*, Dr CH Wiese** Non-executive
SPONSOR
Nedbank Corporate
Date: 29/10/2003 05:15:17 PM Produced by the JSE SENS Department
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