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Nictus Limited - Unaudited Interim Results For The Six Months
Ended 30 September 2005
Nictus Limited
Incorporated in the Republic of South Africa
Registration Number 1981/001858/06
JSE share code: NCS
NSX Share code: NCT
ISIN: NA0009123481
("Nictus" or "the company")
Consolidated Income Statement
Unaudited Restated Restated
Unaudited Audited
six months six months year
ended ended ended
30.09.05 30.09.04 31.03.05
R"000 R"000 R"000
Revenue 114 710 85 339 209 798
Cost of sales (55 254) (116 412)
(75 943)
Change in gross (5 421) (7 368) (29 901)
provision for unearned
premiums
Claims incurred (7 475) (5 331) (20 527)
Gross profit 25 871 17 386 42 958
Net selling and (24 280) (16 658) (44 289)
administrative
expenses
Operating 1 591 728
profit/(loss) before (1 331)
financing costs
Financial income 1 715 2 004 5 088
Financial expenses (2 617) (1 948) (4 555)
Net financial (902) 56 533
(cost)/income
Share of profit of 162 - -
associates
Net (loss)/profit 851 784 (798)
before taxation
Taxation 576 172 295
Profit/(loss) for the 1 427 956 (503)
period
Attributable to:
Equity holders of the 1 097 726 (435)
parent
Minority interest 330 230 (68)
Net profit/(loss) for
the period 1 427 956 (503)
Earnings per share 2.05 1.36 (0.81)
(cents)
Headline earnings per 1.16 1.44 1.26
share (cents)
Number of ordinary 53 444 53 444 53 444
shares issued (000"s)
Reconciliation between
earnings and headline
earnings
Net profit for the 1 097 726 (435)
period
Impairment of goodwill - - 367
Profit on disposal of (144) (71) (269)
property, plant &
equipm
Profit on disposal of - (20) (44)
investments
Fair value adjustment (332) 161 1 331
on PPE (IAS16)
Fair value adjustment - (29) (276)
on shares
Headline earnings 621 767 674
attributable to
ordinary shareholders
Consolidated Balance Sheet
Unaudited Unaudited Audited
At restated Restated at
at
30.09.05 30.09.04 31.03.05
R"000 R"000 R"000
Assets
Non-current assets
Property, plant and 38 231 35 013 37 517
equipment
Goodwill on 3 212 1 647 3 212
acquisition of
subsidiary
Investments 26 626 17 970 17 035
Deferred tax 8 186 4 863 7 966
Current assets 209 487 196 894 207 356
Total assets 285 742 256 387 273 086
Equity and
liabilities
Capital and 42 396 42 495 41 334
reserves
Minority 451 2 127 121
shareholder"s
interest
42 847 44 622 41 455
Non-current
liabilities
Interest bearing 19 887 16 372 17 247
debt
Deferred taxation 4 182 3 568 4 841
Insurance 152 031 127 454 154 510
technical
provision
Current 66 795 64 371 55 033
liabilities
Total equity and 285 742 256 387 273 086
liabilities
Consolidated Cash Flow Statement
Unaudited Unaudited Audited
six months Restated Restated
ended six year ended
months
ended
30.09.05 30.09.04 31.03.05
R"000 R"000 R"000
Net cash (outflow)/inflow (3 579) (6 140) 244
from operating activities
Net cash outflow from (10 806) (3 968) (7 194)
investing activities
Net cash inflow from 3 620 6 344 8 144
financing activities
Net (decrease)/increase in (10 765) (3 764) 1 194
cash and cash equivalents
Cash and cash equivalents 26 661 25 467 25 467
at beginning of period
Cash and cash equivalents 15 896 21 703 26 661
at end of period
Segmental reporting
Operating profit /(loss)
before financing costs
Unaudited Unaudited Audited
six months restated restated
ended six year ended
30.09.05 months 31.03.05
R"000 ended R"000
30.09.04
R"000
Motor retail 689 687 1 345
Furniture & carpet retail 445 188 (156)
Wholesale 158 (28) (529)
Insurance & finance 954 249 (1 060)
Other (655) (368) (931)
1 591 728 (1 331)
Operating profit
Consolidated statement of changes in equity
Unaudited Unaudited Audited
at restated at restated
30.09.04 at
30.09.05 31.03.05
R"000 R"000 R"000
Opening balance as
previously reported 41 334 41 322 41 322
Amended for adoption
of IFRS (refer IFRS - 1 249 1 249
disclosure)
Opening balance as
restated 41 334 42 571 42 571
Net profit/(loss) for
the period as restated 1 097 726 (435)
Net profit for the
period as previously 1 097 981 1 076
reported
Amended for adoption
of IFRS (refer IFRS
disclosure) - (255) (1 511)
Cumulative equity loss
of associate (35) - -
Dividend paid - (802) (802)
Closing balance 42 396 42 495 41 334
GROUP PERFORMANCE
OVERVIEW
Group revenue increased by 34% to R115 million.
Operating profit before net financing costs increased by 118%
to R1.6 million.
Net profit for this period increased by 49% to R1,4 million.
For the first time, the Nictus group is reporting under
International Financial Reporting Standards (IFRS) and we draw
your attention to the separate section outlining the changes we
have made to our policies.
TRADING RESULTS OF OPERATIONS
The group recorded 118% growth in income from operations
(operating profit/(loss) before financing costs).
Motor retail delivered a trading result similar to that of the
previous period. Although demand remained strong, margins
continue to be under pressure due to the low inflationary
environment.
Furniture and carpet operating profit increased by 137% due to
a growth in demand in both Namibia and South Africa, however
competition in both the furniture and carpet retail segments
remain strong.
Wholesale operating profit improved as a result of better
marketing efforts and more efficient management
Insurance and finance results were above expectations and the
trend should continue during the next six months. The newly
awarded short-term insurance license in the RSA should position
this segment for future growth.
EARNINGS PER SHARE
Earnings per share for the six months ended 30 September 2005
were 2.05 cents (30 September 2004: 1.36 cents) compared to
headline earnings per share of 1.16 cents (30 September 2004:
1.44 cents)
DIVIDEND
The Nictus board of directors proposes no interim dividend.
DIRECTORS
No changes have occurred in the directorate since 31 March
2005.
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,14 December 2005
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 in RSA: KPMG Services (Pty) Ltd
ACCOUNTING POLICIES
The interim financial statements have been prepared in
accordance with International Financial Reporting Standards
(IFRSs) and its interpretations adopted by the International
Accounting Standards Board (IASB). The accounting policies are
consistent with those applied in the comparative financial
periods, except for those which have arisen due to the
transition to IFRS.
COMPLIANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS
(IFRS)
The unaudited results of the group for the six months ended 30
September 2005 have been prepared in accordance with accounting
policies that comply with IFRS, with the date of transition to
IFRS for the group being 1 April 2004.
Comparative information has been restated where applicable to
account for the transition to IFRS.
1. In terms of IFRS 1, Property, plant and equipment have
been measured at its fair value and these fair values have been
used as deemed cost at transition date. Where parts of an item
of property, plant and equipment have different useful lives,
they are accounted for as separate items of property, plant and
equipment.
2. In terms of IFRS 4, insurance contracts and contracts with
discretionary participation features are tested for adequacy by
discounting current estimates of all future contractual cash
flows and comparing this amount to the carrying value of the
liability net of deferred acquisition costs and any related
assets. Where a shortfall is identified, an additional
provision is made and the group recognises the deficiency in
the income for the year.
The conversion to IFRS, with the exception of the items
detailed below, did not result in any material adjustments to
the equity or net profit.
Reconciliation of previous GAAP to IFRS
Unaudited Unaudited Audited
six months restated restated
ended six months year ended
30.09.05 ended 31.03.05
30.09.04
Property, plant and R"000 R"000 R"000
equipment(PPE)
Opening net book
value as previously 38 231 31 938 35 050
stated
IFRS adjustment - 3 463 3 174
Opening net book
value as restated 38 231 35 401 38 224
IFRS adjustment for
the period - (388) (707)
Net book value as
restated 38 231 35 013 37 517
Goodwill on
acquisition of
subsidiary
Opening balance as 3 212 1 647 3 116
previously stated - - 96
IFRS Adjustment on
PPE 3 212 1 647 3 212
Opening balance as
restated
Deferred tax asset
8 186 5 399 7 727
Opening balance as - (1212) (1 111)
previously stated
IFRS adjustment on
PPE - 540 540
IFRS adjustment on
insurance technical 8 186 4 727 7 156
provisions
Opening balance as - 136 810
restated
IFRS adjustment for 8 186 4 863 7 966
the period
Deferred tax asset
restated
Retained earnings &
profit and loss for
the period 41 334 41 322 41 322
Opening balance as - 2 251 2 251
previously stated
IFRS adjustment on
PPE net of tax - (1 002) (1 002)
IFRS adjustment on 41 334 42 571 42 571
insurance technical
provisions after tax 1 097 981 1 076
Opening balance - (388) (707)
restated
Net profit for the - - (1 608)
period as previously
reported - 136 810
IFRS adjustment on
PPE - (3) (6)
Increase in insurance
technical provisions (35) - -
Increase in deferred - (802) (802)
tax asset 42 396 42 495 41 334
Increase in minority
shareholders"
interest
Cumulative equity
loss of associate
Dividend paid 451 2 124 207
Closing balance - - (92)
451 2 124 115
Minority shareholders
interest - 3 6
Opening balance as 451 2 127 121
previously stated
IFRS adjustment on
PPE
Opening balance as
restated 152 031 125 912 151 360
IFRS adjustment for - 1 542 1 542
the period
Closing balance 152 031 127 454 152 902
Insurance Technical - - 1 608
provisions 152 031 127 454 154 510
Opening balance as
previously stated
IFRS adjustment
Opening balance as
restated
IFRS adjustment for
the period
Closing balance
Date: 14/12/2005 05:10:11 PM Produced by the JSE SENS Department
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