|
Invicta Holdings Limited - Audited Group Results For The Year Ended 31 March
Release Date: 18/05/2004 10:00:14 Code(s): IVT
Invicta Holdings Limited - Audited Group Results For The Year Ended 31 March
2004
INVICTA HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1966/002182/06)
(Share code: IVT)
ISIN code: ZAE000029773
("Invicta" or "the group")
Dividend up 53%
Earnings per share up 23%
Revenue up 8%
AUDITED GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2004
INCOME STATEMENT
2004 2003 %
R"000 R"000 change
Revenue 2 069 163 1 907 317 8
Operating profit 229 451 230 123
Interest received 6 093 9 279
Finance costs (26 607) (34 439)
Profit before taxation 208 937 204 963
Taxation (70 787) (64 831)
Profit after taxation 138 150 140 132
Outside shareholders" interest (38 519) (43 630)
Earnings attributable to ordinary 99 631 96 502 3
shareholders
Determination of headline earnings
Attributable earnings 99 631 96 502
Adjustments - after taxation and
minority interests where applicable
- Goodwill amortisation 1 733 2 433
- Profit on disposal of investment (1 583) -
- Profit on disposal of property, (839) (322)
plant and equipment
Headline earnings 98 404 98 613
Shares in issue
Weighted average (000"s) 60 571 72 565
At the end of the year (000"s) 57 463 72 842
Weighted average including diluted 62 219 75 178
shares (000"s)
Headline earnings per share (cents) 163 136 20
Earnings per share (cents) 164 133 23
Diluted headline earnings per share 159 133 20
(cents)
Diluted earnings per share (cents) 160 130 23
Dividends per share* (cents) 66 45 33
Interim 20 15
Final 46 30
* In accordance with AC107, the final dividend of 46 cents per share proposed by
the directors has not been reflected in the annual financial statements.
BALANCE SHEET
2004 2003
R"000 R"000
ASSETS
Non-current assets 142 719 145 916
Property, plant and equipment 102 922 101 505
Intangible assets 11 454 12 070
Deferred taxation 22 655 21 089
Long-term receivables 5 688 11 252
Current assets 825 127 834 064
Inventories 501 476 503 480
Accounts receivable 247 718 260 342
Cash and cash equivalents 75 933 70 242
967 846 979 980
EQUITY AND LIABILITIES
Capital and reserves 483 257 487 932
Ordinary shareholders" funds 312 339 343 665
Outside shareholders" interest 170 918 144 267
Non-current liabilities 11 642 10 398
Long-term borrowings 11 642 10 398
Current liabilities 472 947 481 650
Bank borrowings 41 745 47 641
Short-term borrowings 3 027 2 177
Other payables 428 175 431 832
967 846 979 980
CASH FLOW STATEMENT
2004 2003
R"000 R"000
Cash flows from operating activities
Cash generated from operations 285 247 183 264
Finance costs (26 607) (34 439)
Dividends paid (48 904) (33 272)
Taxation paid (96 961) (46 589)
Interest received 6 093 9 279
Net cash inflow from operating activities 118 868 78 243
Cash flows from investing activities
Net cash effects of asset acquisitions (21 310) (45 727)
Net cash effects of investing activities 5 453 (2 844)
Cash flows from financing activities
Net cash effects of share capital repurchased (103 054) (7)
Net cash effects of shares issued 5 286 855
Net cash effects of borrowings raised 6 344 2 972
Net increase in cash and cash equivalents 11 587 33 492
Cash and cash equivalents at the beginning of 22 601 (10 891)
the year
Cash and cash equivalents at the end of the 34 188 22 601
year
STATEMENT OF CHANGES IN EQUITY
2004 2003
R"000 R"000
Share capital
Balance at the beginning of the year 3 642 3 619
Net shares (repurchased) issued (769) 23
Balance at the end of the year 2 873 3 642
Share premium
Balance at the beginning of the year 125 036 124 211
Net shares (repurchased) issued (96 999) 825
Balance at the end the year (28 037) 125 036
Accumulated profits
Balance at the beginning of the year 214 987 140 953
Earnings attributable to ordinary shareholders 99 631 96 502
Dividends paid (33 189) (22 468)
Balance at the end of the year 281 429 214 987
Accounting policiesThe principal accounting policies, as outlined in the 2003
annual report, have been consistently applied. The annual financial statements
have been prepared in accordance with South African Statements of Generally
Accepted Accounting Practice. These results have been prepared in terms of
AC127.
2004 2003
Other information
Depreciation and amortisation (R"000) 23 273 21 497
Net asset value per share (cents) 543,5 471,8
Tangible net asset value per share (cents) 523,6 455,2
GROUP ACTIVITIES
The Invicta group is a major regional importer and distributor of:
Bearings, belts, seals, power transmission products and geared motors (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)
FINANCIAL OVERVIEW
The Invicta group has once again delivered strong results with earnings per
share increasing by 23%. All operations performed better than expected,
particularly Northmec and CSE. This strong performance enabled Northmec and CSE
to increase their respective market shares. Cash flow of R118 million generated
by operations improved by 52%, allowing the group to declare a final dividend of
46 cents per share, up 53%.
PROSPECTS
The prospects for the group continue to be positive despite an increasingly
competitive environment in the industries in which the group operates. Overall,
a stable year is predicted for the period ending 31 March 2005.
For and on behalf of the boardM Rose-Innes
A GoldstoneChairman Managing
Director
Cape Town18 May 2004
DIVIDENDNotice is hereby given that a final dividend of 46 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, 4 June 2004.
The shares of Invicta Holdings Limited will commence trading "EX" the dividend
from the commencement of business on Monday, 7 June 2004. The record date will
be Friday, 11 June 2004. The dividend will be paid to members on Monday, 14 June
2004.
Share certificates may not be dematerialised or rematerialised between Monday, 7
June 2004 and Friday, 11 June 2004, both days inclusive.
In accordance with AC 107, the final dividend of 46 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 BarnardSecretary
Johannesburg18 May 2004AUDIT REPORTThe auditors, Deloitte & Touche, have issued
their opinion on the group"s financial statements for the year ended 31 March
2004. A copy of their unqualified report and these results is available for
inspection at the company"s registered office.
Segment information on these businesses is presented below:
Engineering Automotive
consumables spares
R"000 R"000
2004 2003 2004 2003 2004
Revenue 1 009 305 1 001 787 295 890 280 644 763 968
Operating income 148 356 168 112 24 920 29 899 63 040
before finance
costs and interest
received
Balance sheet
Assets 529 587 550 863 131 625 136 862 396 524
Liabilities 196 626 241 905 128 018 135 535 218 644
Capital Non-segment Consoli-
Equipment allocations dation
R"000 R"000 R"000
2003 2004 2003 2004 2003
Revenue 624 886 - - 2 069 163 1 907 317
Operating income 34 276 (6 865) (2 164) 229 451 230 123
before finance
costs and
interest received
Balance sheet
Assets 302 791 (89 890) (10 536) 967 846 979 980
Liabilities 197 550 (58 699) (82 942) 484 589 492 048
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, 70 Marshall Street, Johannesburg
2001. PO Box 61051, Marshalltown, 2107
Directors: M Rose-Innes, A Goldstone, DI Samuels*, Dr CH Wiese** Non-executive
SPONSOR: Nedbank Capital
www.invictaholdings.co.za
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
