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Incentive Holdings Limited - Reviewed Consolidated Results For The Year Ended 29
Release Date: 01/06/2004 16:58:01 Code(s): ICT
INCENTIVE HOLDINGS LIMITED - REVIEWED CONSOLIDATED RESULTS FOR THE YEAR ENDED 29
FEBRUARY 2004
INCENTIVE HOLDINGS LIMITED
(Registration number 1998/013800/06)
Share code: ICT ISIN: ZAE000019329
(`the company` or `the group`)
REVIEWED CONSOLIDATED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004
CONSOLIDATED INCOME STATEMENT
29 Feb 2004 28 Feb 2003
Reviewed Audited
R`000 R`000
Revenue 4 041 4 166
Other income 465 8 965
Expenses - Operating (10 940) (12 889)
- Depreciation (312) (518)
- Recoupment of goodwill - 939
Operating (loss)/profit before interest (6 746) 663
Share of associate* (1 876) (1 297)
Share of loss (726) (147)
Amortisation of goodwill (1 150) (1 150)
Net interest received/(paid) 346 (1 585)
Interest received 591 160
Interest paid (245) (1 745)
Loss before taxation (8 276) (2 219)
Deferred taxation - (10 527)
Loss for year (8 276) (12 746)
Headline loss
Loss for year (8 276) (12 746)
Amortisation of goodwill 1 150 211
Headline loss attributable
to ordinary shareholders (7 126) (12 535)
Loss per share (cents) (3.0) (4.6)
Headline loss per share (cents) (2.6) (4.6)
Net asset value per share (cents) 1.2 4.2
Number of shares in issue (million) 274.8 274.8
*These amounts are based on management accounts
ABRIDGED CASH FLOW STATEMENT
Year ended Year ended
29-Feb-04 28-Feb-03
Reviewed Audited
R`000 R`000
Cash flow from operating activities (4 682) 10 926
Cash flow from investing activities 1 419 626
Cash flow from financing activities 1 962 (11 812)
Net movement in cash and cash
equivalents (1 301) (260)
Cash and cash equivalents
at beginning of year 1 749 2 009
Cash and cash equivalents
at end of year 448 1 749
CONSOLIDATED BALANCE SHEET
29 Feb 2004 28 Feb 2003
Reviewed Audited
R`000 R`000
ASSETS
Non-current assets 17 997 21 605
Property, plant
and equipment 2 077 2 314
JSE and SAFEX rights 1 073 1 304
Loans receivable - 1 263
Investment in associate 14 847 16 724
Current assets 3 334 8 632
Total assets 21 331 30 237
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` funds 3 271 11 547
Non-current liabilities 16 493 14 531
Non-interest bearing liabilities 15 746 12 510
Interest bearing liabilities 747 2 021
Current liabilities 1 567 4 159
Total equity
and liabilities 21 331 30 237
STATEMENT OF CHANGES IN EQUITY
Non-
distribu- Accumu-
Share Share table lated
capital premium reserves loss Total
R`000 R`000 R`000 R`000 R`000
Balance at
28 February 2002 275 50 739 772 (27 404) 24 382
Net loss for
2003 year (12 746) (12 746)
Revaluation of
property (89) (89)
Balance at
28 February 2003 275 50 739 683 (40 150) 11 547
Net loss for
2004 year (8 276) (8 276)
Balance at
29 February 2004 275 50 739 683 (48 426) 3 271
COMMENTARY
There has been no improvement in your company`s financial fortunes during the
reporting period, despite strenuous efforts being made to complete the
transactions initiated during the reporting period.
The losses as reported include further impairments of over R3 million made on
a very conservative basis.
As reported previously, your company entered the short-term insurance
industry, but regrettably the prospects did not withstand the due diligence
review conducted by the company.
Furthermore, your company entered into an agreement with Anglo Dutch Holdings
Limited for the recapitalisation of the group`s life insurance licence. Anglo
Dutch Holdings Limited subsequently procured the change of name of the life
company from Incentive Life Limited to Anglo Dutch Life Limited, but then did
not introduce the required capital for the recapitalisation of the company, as
agreed. Regrettably a legal dispute has arisen with Anglo Dutch Holdings
Limited.
As a result, alternative recapitalisation options are being considered by the
board of the life insurance company.
The unexpected and extended delays in the final award of the taxi
recapitalisation bid, in which your group is participating with a finalist,
has again delayed the expected revenues and created further holding costs.
These events may affect the ability of the group to continue as a going
concern.
Post-year-end, further rationalisation is being conducted, with a renewed
effort to redirect the corporate finance activities into new projects, a
number of which are at an advanced stage.
In light of the group`s results, no dividend is contemplated.
This report has been prepared in accordance with the group`s published
accounting policies which comply with South African Statements of Generally
Accepted Accounting Practice which are consistent in all respects with those
applied in the previous financial year.
These consolidated results have been reviewed by Fisher Hoffman PKF (Jhb) Inc,
whose unqualified review report is available for inspection at the registered
office of the company. The review report does include a matter of emphasis as
follows: `Without qualifying our review opinion, we draw attention to the
directors` comments on the ability of the group to continue as a going
concern. Although the group`s liabilities do not exceed its assets at year-
end, the continued losses indicate the existence of a material uncertainty
which may cast significant doubt about the group`s ability to continue as a
going concern.`
By order of the Board
2 June 2004
Registered Office Transfer Secretaries
Incentive House Computershare Investor Services 2004 (Pty) Ltd
170 Oxford Road 70 Marshall Street
Melrose, 2196 Johannesburg, 2001
(Private Bag X60 (PO Box 1053
Saxonwold, 2132) Johannesburg, 2000)
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