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Indequity - Unaudited consolidated interim results for the six months ended 31
March 2005
Indequity Group Limited
Incorporated in the Republic of South Africa
Registration number: 1998/015883/06
Share Code: IDQ
ISIN: ZAE000016606
(`Indequity` or `the Group`)
UNAUDITED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2005
CONSOLIDATED INCOME STATEMENT
6 months ended 6 months ended Year ended
31 March 2005 31 March 2004 30 September
Unaudited Unaudited 2004
R R Audited
R
Investment income 1 093 640 601 697 1 275 949
Investment banking & private
equity income 468 184 399 471 1 069 023
Insurance income - proprietary 3 079 696 1 280 677 3 642 253
underwriting
Insurance income - cell captive 1 036 393 (153 071) 1 177 015
underwriting
Total revenue 5 677 913 2 128 774 7 164 240
Expenses/(income) attributable to 1 023 806 (261 977) 743 969
cell holders
Preference shareholders` interest 482 634 - -
in profits
Net underwriting expenses and 1 554 872 1 122 284 2 166 125
claims incurred
Finance charges 115 163 137 093 292 602
Operating expenses 3 113 194 2 438 543 5 774 549
Total expenses 6 289 669 3 435 943 8 977 245
Loss before taxation (611 756) (1 307 169) (1 813 005)
Taxation 94 328 432 731 592 352
Loss from ordinary activities (517 428) (874 438) (1 220 653)
Minority shareholders` interest
in private equity investments` (87 315) 3 901 113 716
(profits)/losses
Net loss (604 743) (870 537) (1 106 937)
Dividends per share (cents)
- paid - - -
- declared - - -
Headline earnings per share (4,97) (7,15) (9,10)
(cents)
Basic earnings per share (cents) (4,97) (7,15) (9,10)
Fully diluted headline earnings (4,97) (7,15) (9,10)
per share (cents)
Number of shares
- in issue 12 170 000 12 170 000 12 170 000
- weighted average 12 170 000 12 170 000 12 170 000
(up to 31 March 2005)
- fully diluted 12 170 000 12 170 000 12 170 000
CONSOLIDATED BALANCE SHEET
31 March 2005 31 March 2004 30 September
Unaudited Unaudited 2004
R R Audited
R
ASSETS
Non-current assets 1 394 350 1 467 239 1 333 182
Property and equipment 499 753 522 004 413 266
Goodwill 894 597 945 235 919 916
Current assets 16 183 721 10 168 657 9 806 451
Marketable securities 7 299 178 - -
Deferred tax asset 2 119 402 1 789 530 1 924 332
Inventory 49 424 6 419 36 472
Receivables 410 629 697 520 464 038
Cash and cash equivalents 6 304 414 7 675 188 7 380 935
Current tax asset 674 - 674
Total assets 17 578 071 11 635 896 11 139 633
EQUITY AND LIABILITIES
Share capital and premium 14 109 766 14 109 766 14 109 766
Contingency reserve 1 128 831 711 598 832 731
Accumulated loss (8 777 659) (7 519 801) (7 876 816)
Ordinary shareholders` funds 6 460 938 7 301 563 7 065 681
Preference shareholders` interest 8 942 383 3 741 898 3 830 520
Total shareholders` funds 15 403 321 11 043 461 10 896 201
Minority shareholders` interest (1 129 796) (1 432 296) (1 542 111)
Non-current liabilities 2 040 627 1 064 945 869 907
Technical insurance provisions 949 270 615 513 534 736
Current liabilities 314 649 344 273 380 900
Trade payables 314 649 344 273 285 165
Provisions - - 95 735
Total equity and liabilities 17 578 071 11 635 896 11 139 633
Net asset value per ordinary 53,09 60,00 58,06
share (cents)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share capital Accumulated Non Total
and premium loss distributable R
R R reserves
R
Balance as at 1 14 109 766 (7 876 816) 832 731 7 065 681
October 2004
Net loss after
taxation for the 6 - (604 743) - (604 743)
months ended 31 March
2005
Transfer to - (296 100) 296 100 -
contingency reserve
Balance as at 31 March 14 109 766 (8 777 659) 1 128 831 6 460 938
2005
CONSOLIDATED CASH FLOW STATEMENT
31 March 2005 31 March 2004 30 September
Unaudited Unaudited 2004
R R Audited
R
Cash flow relating to operating (639 854) (1 415 490) (1 603 846)
activities
Cash flow relating to (6 719 250) 7 500 7 500
investment activities
Cash flow relating to financing 6 282 583 387 236 281 339
activities
Net decrease in cash and cash (1 076 521) (1 020 754) (1 315 007)
equivalents*
Cash and cash equivalents* - 7 380 935 8 695 942 8 695 942
beginning of period/year
Cash and cash equivalents* - 6 304 414 7 675 188 7 380 935
end of period/year
* Consist of cash and cash equivalents as well as bank overdraft
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
continued success of Indequity Specialised Insurance Limited`s short-term
insurance product, which is aimed exclusively at individuals in the affluent and
professional markets.
PROSPECTS
Management expects that the Group will continue to operate with increasing
profitability despite the short-term negative results experienced. This can
largely be attributed to the financial sacrifices made to expand the business.
EVENTS SUBSEQUENT TO BALANCE SHEET DATE
Mr BJ Slabbert, a non-executive director within the Group, resigned as director
on 25 January 2005 due to increased business obligations.
Indequity Investment Managers Ltd has obtained approval from the Financial
Services Board to market the Group`s own series of unit trusts. These unit
trusts were launched on 15 December 2004.
ACCOUNTING POLICIES AND BASIS OF PREPARATION
The accounting policies adopted are in accordance with the Statements of
Generally Accepted Accounting Practice in South Africa and are consistent with
those adopted in the previous period. The results have been prepared in
accordance with South African Statements of Generally Accepted Accounting
Practice`s AC127: Interim financial reporting.
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 15 June 2005
Directors: AV van Jaarsveldt* (British), LJ van Rensburg, TC Meyer, JF Zwarts*
(*non-executive)
Company secretary: S le Roux
Transfer Secretaries: Ultra Registrars (Pty) Ltd
Sponsor: KPMG Services (Pty) Ltd
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: 14/06/2005 05:30:07 PM
Produced by the JSE SENS Department
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