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INDEQUITY GROUP LIMITED - UNAUDITED INTERIM RESULTS ANNOUNCEMENT
Indequity Group Limited
(`Indequity` or `the Group`)
(Incorporated in the Republic of South Africa)
Registration number: 1998/015883/06
Share Code: IDQ
ISIN: ZAE000016606
Indequity Group Limited - Unaudited Interim Results
Consolidated income statement for the
6 months Year ended 6 months
ended 31 30 ended 31
March 2004 September March 2003
Unaudited 2003 Unaudited
R Audited R
R
Investment income 601 697 987 960 1 334 529
Investment banking & private equity 399 471 1 543 554 -
income
Insurance income 3 454 494 6 628 387 2 912 352
Total revenue 4 455 662 9 159 901 4 246 881
(Income)/Expenses attributable to (152 582) 2 688 295 910 615
cell holders
Net underwriting expenses and 3 339 777 3 434 076 1 718 338
claims incurred
Finance charges 137 093 230 633 86 568
Operating expenses 2 438 543 7 235 844 4 165 411
Total expenses 5 762 831 13 588 848 6 880 932
Loss before taxation (1 307 169) (4 428 947) (2 634 051)
Taxation 432 731 1 035 304 786 818
Loss from ordinary activities (874 438) (3 393 643) (1 847 233)
Minority shareholders` interest in
private equity investments` losses 3 901 159 201 115 519
Net loss (870 537) (3 234 442) (1 731 714)
Dividends per share (cents)
- paid - - -
- declared - - -
Headline earnings per share (cents) (7,15) (26,76) (14,73)
Basic earnings per share (cents) (7,15) (26,76) (14,73)
Fully diluted headline earnings per (7,15) (26,76) (14,73)
share (cents)
Number of shares
- in issue 12 170 000 12 170 000 12 170 000
- weighted average (up to 31 March 12 170 000 12 086 667 11 753 333
2004)
- fully diluted 12 170 000 12 086 667 11 753 333
Consolidated balance sheet as at
31 March 30 September 31 March
2004 2003 2003
Unaudited Audited Unaudited
R R R
ASSETS
Non-current assets 3 256 769 2 992 063 2 404 988
Property and equipment 522 004 642 159 797 123
Intangible assets - - -
Goodwill 945 235 970 554 1 481 398
Deferred tax 1 789 530 1 379 350 126 467
Technical insurance assets - - 76 950
Current assets 8 379 127 9 888 735 11 818 353
Marketable securities - - 2 622 701
Inventory 6 419 89 019 -
Receivables 697 520 739 039 1 336 441
Cash and cash equivalents 7 675 188 9 057 653 6 697 031
Current tax asset - 3 024 1 162 180
Total assets 11 635 896 12 880 798 14 300 291
EQUITY AND LIABILITIES
Share capital and premium 14 109 766 14 109 766 14 609 768
Contingency reserve 711 598 116 859 20 785
Accumulated loss (7 519 801) (6 560 525) (4 961 723)
Ordinary shareholders` funds 7 301 563 7 666 100 9 668 830
Preference shareholders` interest 3 741 898 3 848 716 3 246 798
Total shareholders` funds 11 043 461 11 514 816 12 915 628
Minority shareholders` interest (1 432 296) (1 428 395) (1 384 712)
Non-current liabilities 1 064 945 1 076 891 1 034 098
Technical insurance provisions 615 513 747 874 824 789
Current liabilities 344 273 969 612 910 488
Trade payables 344 273 558 430 405 733
Accruals and provisions - 49 471 -
Bank overdraft - 361 711 504 755
Total equity and liabilities 11 635 896 12 880 798 14 300 291
Net asset value per ordinary share 60,00 62,99 79,45
(cents)
Consolidated statement of changes in equity
Share Accumulated Non Total
capital and loss distributable
premium reserves
R R R R
Balance as at 1 14 109 766 (6 560 525) 116 859 7 666 100
October 2003
Net loss after
taxation for the 6 - (870 537) - (870 537)
months ended 31 March
2004
Movement in - (88 739) 594 739 506 000
contingency reserve
Balance as at 31 14 109 766 (7 519 801) 711 598 7 301 563
March 2004
Consolidated cash flow statement as at
31 March 30 September 31 March
2004 2003 2003
Unaudited Audited Unaudited
R R R
Cash flow to operating activities (1 415 490) (4 341 860) (3 533 213)
Cash flow from investment 7 500 2 841 425 176 341
activities
Cash flow relating to financing 387 236 (52 054) (699 283)
activities
Net decrease in cash and cash (1 020 754) (1 552 489) (4 056 155)
equivalents*
Cash and cash equivalents* - 8 695 942 10 248 431 10 248 431
beginning of period/year
Cash and cash equivalents* - end 7 675 188 8 695 942 6 192 276
of period/year
* Consist of cash and cash equivalents as well as bank overdraft
The interim financial report has been compiled in accordance with AC 127,
Interim financial reporting.
Comments on results
The Group recorded a gratifying improvement in its headline earnings over the
corresponding 6 month period of the previous year. This was mainly due to the
following factors:
- The success of Indequity Specialised Insurance Limited`s short-term insurance
product, which is aimed exclusively at individuals in the affluent and
professional markets;
- Improved management of operating expenditure within the Group; and
- A general improvement in trading conditions.
Prospects
The outlook for the Group remains positive and management expects the
improvement in results to continue for the year to 30 September 2004.
Accounting policies
The accounting policies followed in preparing these interim results comply in
all material respects with South African Statements of Generally Accepted
Accounting Practice and are consistent with those of the previous financial
year.
Dividends
In accordance with the Group`s current cash requirements, no interim dividends
have been declared.
On behalf of the board
L J van Rensburg T C Meyer Johannesburg
Chief Executive Officer Director 22 June 2004
Directors: A V van Jaarsveldt* (British), L J van Rensburg, T C Meyer, B J
Slabbert*, J F Zwarts* (*non-executive). Company secretary: S le Roux.
Registered address: First Floor, Cascade House, Constantia Office Park,
cnr 14th Avenue and Hendrik Potgieter Road, Constantia Kloof, 1709
Postal address: PO Box 5433, Weltevredenpark, 1715
Telephone: (+27 11) 475-0816 Fax: (+27 11) 475-0877 Website: www.indequity.com
Date: 22/06/2004 05:10:07 PM Produced by the JSE SENS Department
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