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Invicta - Unaudited interim results for the six months ended 30 September 2005
Invicta Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1966/002182/06)
Share code: IVT & ISIN: ZAE000029773
Unaudited interim results for the six months ended 30 September 2005
Buy-out of Bearing Man minorities completed
Headline earnings up 6%
Group income statement
Unaudited Unaudited IFRS restated
six months six months year
ended ended ended
30 Sept 30 Sept 31 March
2005 2004 % 2005
R"000 R"000 change R"000
Revenue 938 092 981 913 (4) 1 937 593
Operating profit 90 161 113 640 (21) 233 321
Interest received 697 3 741 8 758
Finance costs (7 337) (6 088) (15 234)
Profit before taxation 83 521 111 293 (25) 226 845
Taxation (30 894) (37 936) (75 166)
Profit after taxation 52 627 73 357 (28) 151 679
Outside shareholders" 477 (19 304) (41 536)
interest
Earnings attributable to 53 104 54 053 (2) 110 143
ordinary shareholders
DETERMINATION OF HEADLINE
EARNINGS
Attributable earnings 53 104 54 053 110 143
Goodwill impairment - 1 008 -
Loss(profit) on disposal 517 (177) (444)
of property, plant and
equipment
Profit on disposal of - (4 385) (5 882)
investment
Headline earnings 53 621 50 499 6 103 817
Share information
Headline earnings per 73 89 (18) 181
share (cents)
Earnings per share 72 96 (25) 192
(cents)
Diluted earnings per 72 94 (23) 192
share (cents)
Dividends per share
declared
Interim dividend (cents) 27 31 (13) 31
Final dividend (cents) - - 46
Total dividend for the 27 31 (13) 77
period (cents)
Weighted average number 73 861 56 598 57 258
of shares in issue (`000)
Group balance sheet
IFRS
Unaudited Unaudited restated
six months six months year
ended ended ended
30 Sept 30 Sept 31 March
2005 2004 2005
R"000 R"000 R"000
ASSETS
Non-current assets
Property, plant and equipment 126 733 113 287 124 477
Intangible assets 183 832 15 231 30 103
Investments 202 190 202
Deferred taxation 21 187 24 144 20 759
Long-term receivables 5 688 5 688 5 688
337 642 158 540 181 229
Current assets
Inventories 566 937 437 788 553 030
Accounts receivable 233 268 274 092 224 889
Cash and cash equivalents - 54 680 35 784
800 205 766 560 813 703
Total assets 1 137 847 925 100 994 932
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders" funds 662 402 322 137 363 996
Outside shareholders" interest 1 343 161 566 163 739
663 745 483 703 527 735
Non-current liabilities
Long-term borrowings 15 770 10 279 12 821
Current liabilities
Trade and other payables 344 475 425 983 438 274
Short-term borrowings 5 212 5 135 6 421
Bank borrowings 108 645 - 9 681
458 332 431 118 454 376
Total equity and liabilities 1 137 847 925 100 994 932
Group cash flow statement
Cash (utilised by)generated from (8 736) 103 905 197 169
operations
Net finance charge (6 640) (2 816) (6 748)
Dividends paid (35 531) (39 027) (63 228)
Taxation paid (38 511) (54 304) (91 810)
Net cash flow from operating (89 418) 7 758 35 383
activities
Net cash flow from investing (319 784) 36 491 (26 055)
activities
Net cash flow from financing 274 454 (23 757) (17 413)
activities
Net (decrease) increase in cash (134 748) 20 492 (8 085)
and cash equivalents
Cash and cash equivalents at the 26 103 34 188 34 188
beginning of the period
Cash and cash equivalents at the (108 645) 54 680 26 103
end of the period
Statement of changes in equity
IFRS
Unaudited Unaudited restated
six months six months year
ended ended ended
30 Sept 30 Sept 31 March
2005 2004 2005
R"000 R"000 R"000
SHARE CAPITAL
Balance at beginning of period 2 894 2 873 2 873
Shares issued in terms of the 799 - -
offer to Bearing Man minorities
Share options issued - 69 168
Shares purchased in terms of the - (137) (147)
share buy-back scheme
Balance at end of period 3 693 2 805 2 894
SHARE PREMIUM
Balance at beginning of period 6 352 28 037 28 037
Shares issued in terms of the 270 706 - -
offer to Bearing Man minorities
Share options issued - 2 663 8 776
Shares purchased in terms of the - (27 924) (30 461)
share buy-back scheme
Balance at end of period 277 058 2 776 6 352
ACCUMULATED PROFITS
Balance at beginning of period 354 902 281 429 281 429
Earnings attributable to ordinary 53 104 54 053 110 143
shareholders
Dividends paid (26 626) (26 857) (44 864)
IFRS adjustment arising on using 8 194 8 194
fair values as deemed cost of
properties
Balance at end of period 381 380 316 819 354 902
DISTRIBUTABLE RESERVE
Balance at beginning of period (152) - -
Arising on translation of foreign 423 (263) (152)
operations
Balance at end of period 271 (263) (152)
Ordinary shareholders" funds 662 402 322 137 363 996
RECONCILIATION OF PREVIOUS SA GAAP
TO IFRS
Attributable earnings for the 53 173 108 757
period - SA GAAP
Adjustments:
Depreciation 617 1 234
Translation of foreign operations 263 152
Attributable earnings for the 54 053 110 143
period - IFRS
Other information
Debt:Equity ratio (%) 20 5 8
Depreciation and impairment 10 691 10 656 19 952
Net asset value per share (cents) 896,8 574,2 628,8
Tangible net asset value per share 647,9 547,0 576,8
(cents)
Shares in issue ("000) 73 861 56 101 57 884
Notes to the financial information
Basis of preparationThe results for the period ended 31 March 2005 have been
restated due to the adoption of IFRS. These restated results have not been
audited.
The consolidated financial statements have been prepared in accordance with IAS
34 Interim Financial Reporting and IFRS. Accounting policies have been
consistently applied except for the changes required as the result of IFRS
implementation. The effect on equity is set out above.
Comments
Group activitiesThe 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 Limited ("Bearing Man"))
* Agricultural machinery and equipment (Northmec Division ("Northmec"))
* Construction and earthmoving equipment, turf grooming equipment and golf
utility cars (CSE Division ("CSE"))
* Automotive and motorcycle parts (Autobax Division ("Autobax"))
Financial Overview
The group had a challenging six months with the buy-out of the minorities of
Bearing Man, the commencement of restructuring of group companies in order to
accommodate BEE partners, and difficult trading conditions.
The agricultural machinery industry has been particularly hard hit, with
year-on-year industry sales of tractors falling by 19% and combine harvesters by
37%. As a consequence, Northmec"s turnover decreased by R132m. Despite this,
Northmec remains the market leader in sales of combine harvesters and high
kilowatt tractors. Bearing Man increased its turnover by R63m and CSE and
Autobax increased their combined turnover by R25m. In the result, group turnover
decreased by only 4% to R938m.
Gross margins in the group were under pressure, which, coupled with increased
operating costs, resulted in operating profit decreasing by
21% to R90m. However, the buy-out of the minorities in Bearing Man enabled the
group to achieve Earnings Attributable to Ordinary Shareholders of R53,1 m, a
decrease of only 2% . Headline Earnings increased by 6% to R53,6m. The increase
in the number of shares in issue due to the buy-out of the minorities in Bearing
Man resulted in Headline Earnings per Share decreasing by 18% to 73 cents per
share.
The Debt: Equity ratio increased to 20%, largely as a result of cash paid out to
those minorities of Bearing Man who elected to receive cash instead of shares,
and increased investment in working capital.
Prospects
The restructuring of group companies is almost complete and will pave the way to
the group finalising a BEE deal, which will include a staff empowerment scheme.
Appropriate announcements will be made when the process has been completed.
Trading conditions in the agricultural machinery market are expected to continue
to be difficult in the next six months, but the other divisions anticipate
better trading conditions which should result in improved performance. In
addition to the group restructure and pending BEE transaction, the group is
currently involved in negotiations for acquisitions of a strategic nature, aimed
at strengthening the group"s current product offering. Further announcements in
this regard will be made when appropriate.
Dr C H Wiese Chairman
A Goldstone
Managing Director
DividendNotice is hereby given that an interim dividend of 27 cents per share
has been declared. The last day to trade ("CUM" the dividend) in order to
participate in the dividend will be Friday, 25 November 2005.
The shares of Invicta Holdings Limited will commence trading "EX" the dividend
from Monday, 28 November 2005 and the record date will be Friday, 2 December
2005. The dividend will be paid to members on Monday, 5 December 2005.
Share certificates may not be dematerialised or rematerialised between Monday,
28 November 2005 and Friday, 2 December 2005, both days inclusive.
In accordance with IAS 10, the interim dividend of 27 cents per share declared
by the directors and as shown in the share information, has not been reflected
in the financial statements.
By order of the board
C Barnard Johannesburg
Secretary 2 November 2005
Registered OfficeInvicta 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
Dr CH Wiese*
A Goldstone
M Rose-Innes*
DI Samuels*
RE Sherrell*
Dr LJ Marais#
AM Sinclair#,
* Non-executive # Alternate
Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd
Segment information Engineering Capital Non Segment Total
Consumables Equipment Allocations
and Spares
Unaudited six months ended
30 September 2005
Revenue 580 847 357 245 - 938 092
Operating income 70 719 20 071 (629) 90 161
Unaudited six months ended
30 September 2004
Revenue 517 465 464 448 - 981 913
Operating income 73 836 39 767 (448) 113 155
Geographical segments:The group has not reported segment information by
geographical location as the operations occur substantially within Southern
Africa.
Date: 02/11/2005 05:10:11 PM Produced by the JSE SENS Department
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