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Invicta Holdings Limited - Interim Results For The Six Months Ended 30 September
Release Date: 01/11/2004 17:00:12 Code(s): IVT
Invicta Holdings Limited - Interim Results For The Six Months Ended 30 September
2004
INVICTA HOLDINGS LIMITED
(Registration number 1966/002182/06)
(Incorporated in the Republic of South Africa)
(Share code: IVT)
(ISIN code: ZAE000029773)
EARNINGS PER SHARE UP 47%
OPERATING PROFIT UP 16%
ATTRIBUTABLE EARNINGS UP 37%
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004
GROUP INCOME STATEMENT
Unaudited Unaudited % change Audited
six months six months year ended
ended 30 ended 30 31 March
Sept 2004 Sept 2003 2004
R`000 R`000 R`000
Revenue (note 1) 981 913 1 044 577 (6) 2 069 163
Operating profit 112 538 97 318 16 229 451
Interest received 3 741 4 022 6 093
Finance costs (6 557) (14 991) (26 607)
Profit before taxation 109 722 86 349 27 208 937
Taxation (37 936) (30 331) (70 787)
Profit after taxation 71 786 56 018 138 150
Outside shareholders` (18 613) (17 329) (38 519)
interest
Earnings attributable 53 173 38 689 37 99 631
to ordinary
shareholders
Determination of
headline earnings
Attributable earnings 53 173 38 689 99 631
Goodwill 1 008 1 050 1 733
impairment/amortisation
Profit on disposal of (177) (19) (839)
property, plant and
equipment
Profit on disposal of (4 385) (1 583) (1 583)
investment
Headline earnings 49 619 38 137 98 942
SHARE INFORMATION
Headline earnings per 88 63 40 163
share (cents)
Earnings per share 94 64 47 164
(cents)
Diluted earnings per 92 64 44 160
share (cents)
Dividends per share
proposed/declared
Interim dividend 31 20 55 20
(cents)
Final dividend - - 46
(cents)
Total dividend for 31 20 66
the period (cents)
Weighted average 56 598 60 646 60 571
number of shares in
issue (`000)
GROUP BALANCE SHEET
Unaudited six Unaudited six Audited year
months ended months ended ended 31
30 Sept 2004 30 Sept 2003 March 2004
R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and 95 703 105 596 102 922
equipment
Intangible assets 15 231 13 844 11 454
Investments 190 - -
Deferred taxation 25 994 28 514 22 655
Long-term receivables 5 688 4 980 5 688
142 806 152 934 142 719
Current assets
Inventories 437 788 531 244 501 476
Accounts receivable 274 092 281 939 247 718
Cash and cash equivalents 54 680 10 734 75 933
766 560 823 917 825 127
Total assets 909 366 976 851 967 846
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` funds 313 326 267 388 312 339
Outside shareholders` 154 643 153 961 170 918
interest
467 969 421 349 483 257
Non-current liabilities
Long-term borrowings 10 279 10 455 11 642
Current liabilities
Bank borrowings - 82 571 41 745
Short-term borrowings 5 135 1 781 3 027
Trade and other payables 425 983 460 695 428 175
431 118 545 047 472 947
Total equity and liabilities 909 366 976 851 967 846
GROUP CASH FLOW STATEMENT
Unaudited six Unaudited six Audited year
months ended months ended ended 31
30 Sept 2004 30 Sept 2003 March 2004
R`000 R`000 R`000
Cash generated from 103 905 90 984 285 247
operations
Net finance charge (2 816) (10 969) (20 514)
Dividends paid (39 027) (32 772) (48 904)
Taxation paid (54 304) (42 699) (96 961)
Net cash inflow from 7 758 4 544 118 868
operating activities
Net cash flow from investing 36 491 (14 434) (15 857)
activities
Net cash flow from financing (23 757) (84 548) (91 424)
activities
Net increase (decrease) in 20 492 (94 438) 11 587
cash and cash equivalents
Cash and cash equivalents at 34 188 22 601 22 601
the beginning of the period
Cash and cash equivalents at 54 680 (71 837) 34 188
the end of the period
STATEMENT OF CHANGES IN EQUITY
Unaudited six Unaudited six Audited year
months ended months ended ended 31
30 Sept 2004 30 Sept 2003 March 2004
R`000 R`000 R`000
Share capital
Balance at beginning of 2 873 3 642 3 642
period
Share options issued 69 105 129
Shares purchased in terms of (137) (858) (898)
share buy-back scheme
Balance at end of period 2 805 2 889 2 873
Share premium
Balance at beginning of 28 037 125 036 125 036
period
Share options issued 2 663 4 237 5 157
Shares purchased in terms of (27 924) (96 058) (102 156)
share buy-back scheme
Balance at end of period 2 776 33 215 28 037
Accumulated profits
Balance at beginning of 281 429 214 987 214 987
period
Earnings attributable to 53 173 38 689 99 631
ordinary shareholders
Dividends paid (26 857) (22 392) (33 189)
Balance at end of period 307 745 231 284 281 429
Ordinary shareholders` funds 313 326 267 388 312 339
Unaudited six Unaudited six Audited year
months ended months ended ended 31
30 Sept 2004 30 Sept 2003 March 2004
R`000 R`000 R`000
OTHER INFORMATION
Depreciation and 11 758 11 335 23 273
impairment/amortisation
Net asset value per share 558,5 462,8 543,5
(cents)
Tangible net asset value per 531,4 438,8 523,6
share (cents)
Shares in issue (`000) 56 101 57 776 57 463
NOTES TO THE FINANCIAL INFORMATION
Accounting policies
The financial information is prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and the principal
accounting policies as set out in the Group`s 2004 annual report have been
consistently applied throughout the six month period under review.
Note 1
Revenue for the corresponding previous six months includes the revenue of
Engineparts (Pty) Ltd, which was disposed of effective 1 April 2004 (see
comments below).
Segment information
Engineering Capital Non Segment Total
Consumables Equipment Allocations
and Spares
Unaudited six
months ended 30
September 2004
Revenue 517 465 464 448 - 981 913
Operating income 73 219 39 767 (448) 112 538
Unaudited six
months ended 30
September 2003
Revenue 498 130 546 447 - 1 044 577
Operating income 73 165 26 381 (2 228) 97 318
Geographical segments:
The group has not reported segment information by geographical location as the
operations occur substantially within Southern Africa.
COMMENTS
Group activities
The Invicta Group continues to be a major regional player in the importation and
distribution of:
- Bearings, belts, seals, power transmission products, geared motors and
fasteners (Bearing Man)
- Agricultural machinery and equipment (Northmec)
- Construction and earthmoving equipment, turf grooming equipment and golf
utility cars (CSE)
- Automotive and motorcycle parts (Autobax)
Disposal by Invicta of its 51% shareholding in Engineparts (Proprietary) Limited
(`Engineparts`)
CSE Equipment Company (Proprietary) Limited (`CSE`), a wholly owned subsidiary
of Invicta, entered into an agreement to dispose of its 51% stake in Engineparts
to BKMcI Investments (Proprietary) Limited (`BKM) and Investec Bank Limited
(`Investec`), respectively (`the share sale agreement`) (`the disposal`). In
terms of the share sale agreement, Invicta disposed as one indivisible
transaction its 51% stake in Engineparts, to BKM and Investec for a total
consideration of R13 621 494. BKM acquired 38,5% of Engineparts for a cash
consideration of R10 281 494, while Investec acquired 12,5% of Engineparts for a
cash consideration of R3 340 000. The effective date of the disposal was 1 April
2004. The board of directors has considered the terms of the disposal and is
unanimously of the opinion that the disposal is in the best interests of the
Company and its shareholders.
Financial overview
The group has, mainly due to buoyant conditions in the agricultural machinery
division, delivered good growth. Earnings attributable to ordinary shareholders
increased by 37% to R53 173 000, which translates to earnings per share of 94
cents per share, up 47%.
2 739 484 shares were repurchased during the period. The resultant reduction in
the number of shares in issue has contributed to the improved earnings per
share. The sale of Engineparts contributed 8 cents per share to EPS.
Prospects
The group does not anticipate the same level of growth in the second half of the
financial year, largely due to a slow-down in the agricultural sector.
M Rose-Innes
Chairman
A Goldstone
Managing Director
DIVIDEND
Notice is hereby given that an interim dividend of 31 cents per share has been
declared. The last day to trade (`CUM` the dividend) in order to participate in
the dividend will be Friday, 19 November 2004.
The shares of Invicta Holdings Limited will commence trading `EX` the dividend
from Monday, 22 November 2004 and the record date will be Friday 26 November
2004. The dividend will be paid to members on Monday, 29 November 2004.
Share certificates may not be dematerialised or rematerialised between Monday,
22 November 2004 and Friday 26 November 2004, both days inclusive.
In accordance with AC107, the interim dividend of 31 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 board
C Barnard
Secretary
Johannesburg
1 November 2004
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 Investor Services 2004 (Pty) Limited
Ground Floor
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
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