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INDEPENDENT FINANCIAL SERVICES LTD
INDEPENDENT FINANCIAL SERVICES LTD
Company registration number 1950/037061/06.
Share code: IND; ISIN code: ZAE000025300
CONSOLIDATED INTERIM REPORT
FOR THE SIX MONTHS ENDED
31 DECEMBER 2003
INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
31/12/03 31/12/02 30/06/03
R000"s R000"s R000"s
Gross revenue 6 378 6 545 13 521
Profit before taxation 1 352 1 625 3 091
Taxation 665 566 1 070
687 1 059 2 021
Profit after taxation
Minority interest -29 -63 -164
Net profit 658 996 1 857
Shares in issue
(millions) 34 34 34
Earnings per share (cents) 1.9 2.9 5.5
Intangible amortisation
(cents) 1.2 1.3 2.5
Headline earnings per share
(cents) 3.1 4.2 8.0
Dividends per share (cents) 0.75 2.0
CASH FLOW STATEMENT
Cash flows from:
- operating
activities - 16 473 898
- investing
activities -631 -671 -987
- financing
activities 571 -93 -816
_________ ________ _________
Change in cash and
Equivalents -76 -291 -905
Opening cash and
Equivalents - 833 72 72
_________ ________ _________
Closing cash and
Equivalents -909 -219 -833
CONDENSED
STATEMENT OF
CHANGES IN EQUITY
Opening balances 14 598 13 336 13 336
Retained earnings 658 996 1 857
Dividend paid -425 -340 -595
14 831 13 992 14 598
BALANCE SHEET
Unaudited Unaudited Audited
31/12/03 31/12/02 30/06/03
R000"s R000"s R000"s
ASSETS
Non-current assets 15 091 15 396 14 836
Tangible 3 695 3 246 3 027
Intangible 11 320 11 989 11 728
Investments 76 161 81
Current assets 2 833 1 337 2 531
Inventory 1 874 248 1 302
Receivables 751 495 948
Cash resources 208 594 281
Total assets 17 924 16 733 17 367
EQUITY AND LIABILITIES
Capital and reserves 15 353 14 384 15 091
Share capital 340 340 340
Share premium 8 700 8 700 8 700
Non distributable reserve 372 372 372
Retained income 5 419 4 580 5 186
Ordinary shareholders"
interest 14 831 13 992 14 598
Minority interests 522 392 493
Non-current liabilities 542 385 --
Interest-free 542 385 --
Current liabilities 2 029 1 964 2 276
Payables 588 746 810
Taxation 324 405 352
Bank overdraft 1 117 813 1 114
_________ _________ ________
Total equity and
liabilities 17 924 16 733 17 367
Net asset value
per share (cents) 43.6 41.1 42.9
Accounting policies:
The financial statements are prepared on the historical cost basis in accordance
with South African Statements of Generally Accepted Accounting Practice and with
the Companies Act, 1973, as amended.
COMMENTS
The 27% decline in headline earnings is disappointing. We have consistently
earned more in the second half.
We have decided not to pay an interim dividend. This will be reviewed at the
year-end.
The Board of Directors of the Company wishes to bring to the attention of its
shareholders that the JSE has decided to close the Development Capital Market of
the JSE, on which the Company is listed. Following the successful negotiations
on the ongoing Alternative Exchange (AltX) listing costs, the board has decided
to apply to list on Alternative Exchange (AltX).
The date the JSE currently has in mind is 30 July 2004. The JSE has, in the
meantime, asked all companies listed on the DCM to consider applying to move
their listings to the Alternative Exchange (AltX).
We will continue to negotiate for our shareholders" rights to trade and to limit
the costs of remaining listed on the JSE.
For and on behalf of the Board
John Simpson - CEO
2 February 2004
Company registration number: 1950/037061/06.
Share code: IND;
ISIN code: ZAE000025300.
Directors: E G van de Watt B Proc*, J W Simpson, M Bhamjee, F Boshoff CA (SA)*,
* = Non-Executive.
Address: 62 Juta Street, Braamfontein, PO Box 32052, Braamfontein 2017, Tel
(011) 339-1835,
Fax: (011) 403-1411, ifs@insurer.com
Transfer Secretaries:
Ultra Registrars (Pty) Ltd
Address: P O Box 4844, Johannesburg, 2000.
Date: 04/02/2004 05:15:11 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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