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Release Date: 06/12/2004 17:15:00 Code(s): NCS
NSX: Nictus - Unaudited interim results for the six months ended 30 September
2004
Nictus Limited
Incorporated in the Republic of South Africa
Registration Number RSA 1981/001858/06
Registration Number NAM 781/11858
JSE share code: NCS
NSX Share code: NCT
ISIN: NA0009123481
(`Nictus` or `the company`)
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004
ABRIDGED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
six months six months year
ended ended ended
30.09.04 30.09.03 31.03.04
R`000 R`000 R`000
Revenue 85 339 99 215 207 830
Operating profit 3 120 3 713 7 390
Interest paid (1 585) (2 449) (5 535)
Preference dividend paid (363) - -
Net profit before tax 1 172 1 264 1 855
Taxation 36 (309) (151)
Net profit after tax 1 208 955 1 704
Minority shareholder`s (227) - (86)
interest
Net profit for the period 981 955 1 618
Earnings per share (cents) 1.84 1.79 3.03
Headline earnings per 1.61 1.88 1.09
share (cents)
Number of shares in issue 53 444 53 444 53 444
(000`s)
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS
Net profit for the period 981 955 1 618
Negative goodwill - - (757)
recognised
Goodwill written off 51 -
Profit on disposal of
property, plant &
equipment (71) - (23)
Profit on disposal of (20) - (71)
investments
Fair value adjustment on (29) - (187)
shares
Headline earnings 861 1 006 580
ABRIDGED CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
at at at
30.09.04 30.09.03 31.03.04
R`000 R`000 R`000
Assets
Non-current assets
Property, plant and 31 938 24 616 29 392
equipment
Goodwill on acquisition 1 647 1 369 1 647
of subsidiary
Investments 17 970 12 819 17 224
Deferred tax 5 399 2 348 5 172
Current assets 196 894 158 458 186 028
Total assets 253 848 199 610 239 463
Equity and liabilities
Capital and reserves 41 502 38 526 41 322
Non-current liabilities
Interest bearing debt 16 372 16 423 16 373
Deferred taxation 3 568 3 395 3 471
Minority shareholder`s 2 124 - 1 897
interest
Insurance technical 125 912 106 181 122 393
provision
Current liabilities 64 370 35 085 54 007
Total equity and 253 848 199 610 239 463
liabilities
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited at Unaudited at Audited at
30.09.04 30.09.03 31.03.04
R`000 R`000 R`000
Opening balance 41 322 40 778 40 778
Change in accounting
policy - - 226
Surplus on
revaluation of land
and buildings - - 1 907
Profit for the period
981 955 1 618
Dividend paid (801) (3 207) (3 207)
Closing balance 41 502 38 526 41 322
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
six months six months year
ended ended ended
30.09.04 30.09.03 31.03.04
R`000 R`000 R`000
Net cash (6 143) (15 806) 5 489
(outflow)/inflow from
operating activities
Net cash outflow from (3 965) (7 546) (18 047)
investing activities
Net cash inflow from 6 344 2 848 1 442
financing activities
Net decrease in cash and (3 764) (20 504) (11 116)
cash equivalents
Cash and cash 25 467 36 583
equivalents at beginning 36 583
of period
Cash and cash 21 703 16 079 25 467
equivalents at end of
period
ABRIDGED SEGMENTAL REPORTING
Unaudited Unaudited Audited
six months six months year
ended ended ended
30.09.04 30.09.03 31.03.04
R`000 R`000 R`000
Motor retail 208 194 1 051
Furniture & carpet 1 338 1 159 1 027
retail
Wholesale (142) (312) (1 220)
Insurance & finance 2 211 2 481 6 368
Other (495) 191 164
Operating profit 3 120 3 713 7 390
ACCOUNTING POLICIES
The statements have been prepared in accordance with South African Statements of
Generally Accepted Accounting Practice. The accounting policies used in
preparing the interim financial statements are consistent with those used in
preparing the annual financial statements.
GROUP PERFORMANCE
Results for the first six months ended 30 September 2004 compared to the
corresponding period:
Although the lower interest rates resulted in improved trading conditions during
this period, the deflationary pressures from the stronger Rand had a negative
effect on the group`s overall performance.
* Group revenue decreased by 14%.
* Operating profit before taxation and interest decreased by 16%.
* Total finance costs, which include interest paid and preference dividend
paid, decreased by 20%.
* Net profit for this period increased by 3%.
Segmental operating results
Motor retail operating profit increased by 7% due to an increase in market share
as a result of the launching of the new General Motors products. Improvements
to our facilities have been completed putting us in an even stronger position to
increase the output through our workshop and parts department and to support the
higher demand for GM products.
Furniture and carpet operating profit increased by 15% due to a growth in demand
in both Namibia and South Africa. The closure of some of the large South
African owned furniture stores in Namibia over the past year has created an
opportunity for further growth in market share in Namibia. We are confident
that the opening of the new Nictus furniture store and a Decomat in our building
in Randburg, South Africa, would facilitate further growth of our furniture and
carpet operations in South Africa.
Wholesale results improved by 54% although this segment is still not performing
at an optimum level. Our renewed focus on marketing should bear fruit in the
next 12 months.
Insurance and finance results declined by 11% compared to the corresponding
period. The lower interest rates put both premium income and margins under
pressure. The results include once-off restructuring costs of our insurance
products that should position this segment for future growth at improved
margins.
EARNINGS PER SHARE
Earnings per share for the six months ended 30 September 2004 were 1.84 cents
(30 September 2003 - 1.79 cents), compared to headline earnings per share of
1.61 cents (30 September 2003 - 1.88 cents).
DIVIDEND
In accordance with our announcement in the March 2004 annual financial
statements, a dividend of 1.5 cents per share was paid on Monday,19 July 2004.
The Nictus board of directors (`board`) proposes no interim dividend.
DIRECTORS
No changes have occurred in the directorate since 31 March 2004.
PROSPECTS
The board expects that the moderate improved trading conditions in the retail
sector will continue for the next six months. Against this background, the
board remains committed to further improve the operating performance of the
group.
On behalf of the board:
N.C. Tromp
F.R. Van Staden
Windhoek,7 December 2004
COMPANY DETAILS
Directors : J L Olivier (Chairman), N C Tromp (Managing Director), Prof. S S
Loubser (non-exec), F R van Staden (Financial Director)
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd, P O Box
61051, Marshalltown 2107
RSA Registered Office: Nictus Building, corner of Pretoria and Dover Street,
Randburg (P O Box 2878, Randburg, 2125)
Namibia Registered Office: 2nd Floor, Corporate House, 17 Luderitz Street,
Windhoek (P O Box 755, Windhoek)
Sponsor on the JSE: KPMG
Sponsor on the NSX: Namibia Equity Brokers
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