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IFS - Provisional results for the year ended 30 June 2005
Independent Financial Services Limited
Incorporated in the Republic of South Africa
(Registration number: 1950/037061/06)
Share code: IND & ISIN: ZAE000025300
("IFS" or "the Group")
PROVISIONAL RESULTS FOR THE YEAR ENDED 30 JUNE 2005
GROUP BALANCE SHEET
Audited Audited
30 June 30 June
2005 2004
(R"000) (R"000)
ASSETS
Non-current assets 4 918 14 254
Property, plant and equipment 1 009 4 294
Goodwill 3 828 9 731
Investments 81 81
Loans receivable - 148
Current assets 7 521 2 784
Inventory - 675
Accounts receivables 64 114
Taxation 80 -
Cash resources 7 377 1 995
Total assets 12 439 17 038
EQUITY AND LIABILITIES
Capital and reserves 11 830 14 245
Issued capital 340 340
Share premium 8 700 8 700
Non-distributable reserve 372 372
Retained income 2 418 4 833
Current liabilities 609 2 793
Accounts payable 609 733
Taxation - 700
Shareholders for dividends - 1 360
Total equity and liabilities 12 439 17 038
Net asset value per share (cents) 34,8 41,9
GROUP INCOME STATEMENT
Audited 12 Audited 12
months to 30 months to 30
June 2005 June 2004
(R"000) (R"000)
Revenue 2 783 13 760
Operating expenses (3 287) (10 501)
Profit/(Loss) from operation (504) 3 259
Investment income 347 160
Finance costs (9) (155)
Profit/(Loss) before taxation (166) 3 264
Taxation (1 574) (1 764)
Profit/(Loss) after taxation (1 740) 1 500
Outside shareholders" interest - (68)
Extraordinary items 4 085 -
Net profit for the period 2 345 1 432
Number of issued shares and weighted
average number of shares (millions) 34 34
Earnings per share (cents) 6,9 4,2
Headline earnings per share (cents) 7,2 10,1
Dividends per share (cents) 14,0 4,0
Reconciliation between earnings and
headline earnings per share:
Earnings per share (cents) 6,9 4,2
Goodwill written off per share 17,4 5,9
(cents)
Capital profits per share (cents) (17,1) -
Headline earnings per share (cents) 7,2 10,1
GROUP STATEMENT OF CHANGES IN EQUITY
Audited 12 Audited 12
months to 30 months to 30
June 2005 June 2004
(R"000) (R"000)
Issued capital
Opening balance 340 340
Share premium
Opening balance 8 700 8 700
Non-distributable reserve
Opening balance 372 372
Retained income 2 418 4 833
Opening balance 4 833 5 186
Net profit for the year 2 345 1 432
Dividends declared and paid (4 760) (1 785)
Total 11 830 14 245
GROUP CASH FLOW STATEMENT
Audited 12 Audited 12
months to 30 months to 30
June 2005 June 2004
(R"000) (R"000)
Cash flows from operating activities (6 701) 5 187
Cash generated by operations 946 7 023
Interest received 347 160
Interest paid (9) (155)
Taxation paid (1 879) (1 416)
Dividends paid (6 120) (431)
Dividends received 14 6
Cash flows from investing activities 11 929 (1 867)
Cash flows from financing activities 154 (492)
Increase in cash and cash 5 382 2 828
equivalents
Cash and cash equivalents at the
beginning of the period 1 995 (833)
Cash and cash equivalents at the end 7 377 1 995
of the period
Commentary
Business and operations
In a circular to shareholders dated 17 August 2005 ("the circular"),
shareholders were advised that IFS had finalised agreements to dispose of all
its remaining operating subsidiaries or their businesses ("the disposals") in
order to realise all the group assets and to distribute the net realisation
proceeds to shareholders.
Following the disposals, and the distributions, being, a cash distribution, a
dividend in specie and a special dividend, IFS has retained R3 million cash.
In the circular, shareholders were also advised that entities owned or
controlled by Mr J W Simpson had sold 26 640 000 IFS shares ex the dividends, to
a consortium led by Mr Des Rosen.
After the disposals and the distributions, IFS"s remaining assets would be
wholly or mainly cash and accordingly IFS has become a cash shell.
The present directors believe that new assets will be injected into the cash
shell which will produce exciting prospects.
Distributions
Distributions were made to shareholders on the following dates:
17 May 2005:
- a special dividend of 14 cents.
26 September 2005
- a cash distribution of 7,67 cents by way of a reduction of share premium;
- a special dividend of 6,25 cents paid from the capital or other reserves of
IFS;
- a dividend in specie of one share in IFS Insurance Brokers for each share
held in IFS.
Other events subsequent to the year end
In terms of the IFS Insurance Brokers sale agreement, a final dividend which is
dependant upon the purchaser"s retention of clients and claims history up until
30 September 2005, will be paid to IFS Insurance Brokers shareholders. As
approved at the special general meeting on 8 September 2005, this final dividend
will be paid to the shareholders of IFS Insurance Brokers, having received their
shares in IFS Insurance Brokers as a dividend in specie. It is anticipated that
the final dividend will be paid during December 2005.
Accounting policies and audit
The financial statements are prepared on the historical cost basis. The group"s
accounting policies conform with South African Statements of Generally Accepted
Accounting Practise and are consistent with those applied in the previous year.
The results have been audited by Cohen Hill Funk & Co and their unqualified
audit report is available for inspection at the registered office.
Registered office
62 Juta Street, Braamfontein, Johannesburg, 2001
(PO Box 32052 Braamfontein, 2017)
Tel: (011) 477 3015
Directors
EG van der Watt (Chairman)*, JW Simpson (CEO), F Boshoff*, MA Hulley*
* Non-executive
Company secretary
Franz Boshoff CA (SA)
1 Sunridge, 14 Weltevreden Road, Northcliff, Johannesburg
(PO Box 73314, Fairland, 2030)
Transfer secretaries
Ultra Registrars (Proprietary) Limited
(PO Box 4844, Johannesburg, 2000)
Date: 14/10/2005 07:05:12 AM Produced by the JSE SENS Department
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