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IFS - Consolidated Unaudited Interim Report For The Six Months Ended 31 December
2004
INDEPENDENT FINANCIAL SERVICES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1950/037061/06)
Share code: IND ISIN code: ZAE000025300
(`IFS`)
CONSOLIDATED UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2004
INCOME STATEMENT
Unaudited Unaudited Audited
12 months
6 months to 6 months to to
31 December 31 December 30 June
2004 2003 2004
(R`000) (R`000) (R`000)
Gross revenue 2 222 6 378 13 760
Operating (loss)/profit before
taxation (34) 1 760 5 261
Capital profits 10 426 - -
Intangibles written off (9 729) (408) (1 997)
Profit before taxation 663 1 352 3 264
Taxation (314) (665) (1 764)
Profit after taxation 349 687 1 500
Minority interest - (29) (68)
Net profit 349 658 1 432
Shares in issue (millions) 34 34 34
Earnings per share (cents) 1,0 1,9 4,2
Capital profits eliminated (cents) (30,7)
Intangible write-offs disallowed
(cents) 28,6 1,2 5,9
Headline earnings per share
(cents) (1,1) 3,1 10,1
Dividends per share (cents) - *
declared after period 14,0* - 4,0
CASH FLOW STATEMENT
Cash flows from:
Operating activities (2 916) (16) 5 187
Investing activities 7 652 (631) (1 867)
Financing activities (2 942) 571 (492)
Change in cash and equivalents 1 794 (76) 2 828
Opening cash and equivalents 1 995 (833) (833)
Closing cash and equivalents 3 789 (909) 1 995
STATEMENT OF CHANGES IN EQUITY
Opening balances 14 245 14 598 14 598
Net profit 349 658 1 432
Dividends - (425) (1 785)
Closing balances 14 594 14 831 14 245
BALANCE SHEET
Unaudited Unaudited Audited
31 December 31 December 30 June
2004 2003 2004
(R`000) (R`000) (R`000)
Assets
Non-current assets 1 095 15 091 14 254
Tangible 1 014 3 695 4 294
Intangible - 11 320 9 731
Investment 81 76 81
Loan receivable - - 148
Current assets 13 804 2 833 2 784
Inventories 264 1 874 675
Receivables 9 699 751 114
Cash resources 3 841 208 1 995
Total assets 14 899 17 924 17 038
Equity and liabilities
Capital and reserves 14 594 15 353 14 245
Share capital 340 340 340
Share premium 8 700 8 700 8 700
Non distributable reserve 372 372 372
Retained income 5 182 5 419 4 833
Ordinary shareholders` interest 14 594 14 831 14 245
Minority interest - 522 -
Non-current liabilities - 542 -
Interest free - 542 -
Current liabilities 305 2 029 2 793
Payables 59 588 733
Shareholders for dividend - - 1 360
Taxation 194 324 700
Bank overdraft 52 1 117 -
Total equity and liabilities 14 899 17 924 17 038
Net asset value per share (cents) 42,9 43,6 41,9
Net tangible asset value per share
(cents) 42,9 10,3 13,3
Accounting policies
The consolidated interim financial results have been prepared on the historical
cost basis, in accordance with South African Statements of Generally Accepted
Accounting Practice and are consistent with the accounting policies used in the
previous year. These interim results have not been audited or reviewed by the
auditors of the company.
Comments
Shareholders are referred to the announcement of 5 October 2004, but more
particularly to the detailed terms announcement relating to the disposal of the
remaining principal assets of the IFS Group and the resultant withdrawal of
cautionary announcement, which is published simultaneously with these interim
results.
Pursuant to the previously announced disposal of the business of IFS Insurance
Brokers (Proprietary) Limited (`the IFS business`), with effect from 1 October
2004 and on resolutive conditions relating to regulatory and shareholder
approvals, the consolidated interim results of IFS for the period ended 31
December 2004 only reflect the trading results of the IFS business for the 3
months to 30 September 2004, on the basis that the approvals to fulfil the
relevant resolutive conditions are obtained in due course. Mr JW Simpson who,
directly and indirectly, controls approximately 87% of the issued shares of
IFS, has undertaken to vote in favour of the sale of the IFS business.
Shareholders were advised during August 2004 that the directors had resolved to
realise all assets of the IFS Group and to distribute the net realisation
proceeds to shareholders. Accordingly, the declaration of a special dividend of
14 cents per share was announced on 25 February 2005, and, subject to the final
computation and shareholder approval in due course, it is proposed to
distribute the balance of the net disposal proceeds to shareholders. Such
distribution will not take into account an amount of approximately R6,1
million, which constitutes the balance of the purchase consideration in respect
of the IFS business and which will only be payable to IFS during November 2005.
The directors have been approached by a number of parties for the acquisition
of new assets by IFS and such approaches will now be evaluated seriously.
By order of the board
JW Simpson - Chief executive officer
18 March 2005
Directors: EG van der Watt#*, JW Simpson, MA Hulley*, F Boshoff*
# Chairperson, *Non executive
Address:
PO Box 32052, Braamfontein, 2017
Tel:
(011) 447 3015
Fax:
(011) 447 3004
Transfer secretaries: Ultra Registrars (Pty) Limited,
5th Floor,
11 Diagonal Street,
Johannesburg
(PO Box 4844, Johannesburg, 2000)
Date: 18/03/2005 04:45:31 PM
Produced by the JSE SENS Department
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