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Incentive Holdings Limited - Unaudited Consolidated Interim Results For The
Release Date: 28/11/2003 07:00:01 Code(s): ICT
INCENTIVE HOLDINGS LIMITED - UNAUDITED CONSOLIDATED INTERIM RESULTS FOR THE
SIX MONTHS ENDED 31 AUGUST 2003
INCENTIVE HOLDINGS LIMITED
(Registration number 1998/013800/06)
Share code: ICT ISIN: ZAE000019329
("the company" or "the group")
UNAUDITED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2003
CONSOLIDATED INCOME STATEMENT
Six months Six months Year ended
31 Aug 2003 31 Aug 2002 28 Feb 2003
Unaudited Unaudited Audited
R"000 R"000 R"000
Revenue 2 457 10 936 13 131
Expenses Operating (4 204) (8 564) (12 889)
Expenses Depreciation (101) (302) (518)
Expenses Amortisation* (575) (444) (211)
Operating loss or income
before interest and share
of profit of associate (2 423) 1 626 (487)
Share of retained loss
of associate (152) (147)
Net interest paid (47) (1 290) (1 585)
Taxation deferred (10 527)
(Loss)/Profit attributable to
ordinary shareholders (2 470) 184 (12 746)
Loss per share cents (0,9) 0,1 (4,6)
Headline loss per share
(cents) (0,7) 0,2 (4,6)
Net asset value per share
(cents) 3,3 9,3 4,2
ABRIDGED CASH FLOW STATEMENT
Six months Six months Year ended
31 Aug 2003 31 Aug 2002 28 Feb 2003
Unaudited Unaudited Audited
R"000 R"000 R"000
Cash flow from operating
activities 296 17 557 14 729
Cash flow from investing
activities (642) 451 626
Cash flow from financing
activities (375) (18 794) (15 615)
Net movement in cash
and cash equivalents (721) (786) (260)
Cash and cash equivalents
at beginning of year 1 749 2 009 2 009
Cash and cash equivalents
at end of year 1 028 1 223 1 749
*Amortisation in respect of goodwill on the investment in associate
CONSOLIDATED BALANCE SHEET
Year ended
31 Aug 2003 31 Aug 2002 28 Feb 2003
Unaudited Unaudited Audited
R"000 R"000 R"000
ASSETS
Non-current assets 21 572 37 200 21 605
Property, plant and
equipment 2 237 2 554 2 314
JSE and SAFEX rights 1 304 1 304 1 304
Intangible assets 2 356
Loans receivable 1 882 1 440 1 263
Investment in associate 16 149 19 019 16 724
Deferred tax 10 527
Current assets 6 865 19 999 8 632
Total assets 28 437 57 199 30 237
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders"
funds 9 077 25 716 11 547
Non-current liabilities 14 155 7 248 14 531
Interest bearing liabilitie s 785 837 812
Loan from associate 880 1 133 1 209
Non-interest bearing
liabilities 12 490 5 278 12 510
Current liabilities 5 205 24 235 4 159
Total equity and liabilitie s 28 437 57 199 30 237
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 2003 275 50 739 683 (40 150) 11 547
Net loss for
the six months (2 470) (2 470)
Balance at
31 August 2003 275 50 739 683 (42 620) 9 077
HEADLINE EARNINGS
Six months Six months Year ended
31 Aug 2003 31 Aug 2002 28 Feb 2003
Unaudited Unaudited Audited
R"000 R"000 R"000
(Loss)/Profit attributable
to ordinary shareholders (2 470) 184 (12 746)
Amortisation* 575 444 211
Headline (loss)/earnings
attributable to ordinary
shareholders (1 895) 628 (12 535)
COMMENTARY
Since the annual report, steady progress has been made to enter the short-term
insurance industry and the business commenced on 1 August 2003.
A further development has been that your company has negotiated to acquire a
short term insurance portfolio, the effect of which will contribute to turning
the Group to a cash positive position in the new year.
No further progress has been made in regard to Anglo Dutch Life and we still
await the capitalisation of the company as agreed with Anglo Dutch Holdings
Limited.
The Group has been successful in reducing the operating costs as contemplated
and expects to reduce these even further for the current financial year.
Negotiations continue to expand the company"s activities into the financial
services industry.
In light of the group"s results, no dividend is contemplated.
This report has been prepared on the historical cost basis, in accordance with
South African Statements of Generally Accepted Accounting Practice, and
incorporates policies, which are consistent in all respects with those applied
in the previous financial periods.
By order of the Board
26 November 2003
Registered Office Transfer Secretaries
Incentive House Computershare Limited
170 Oxford Road 70 Marshall Street
Melrose, 2196 Johannesburg, 2001
(Private Bag X60 (PO Box 1053
Saxonwold, 2132) Johannesburg, 2000)
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