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ICC - Industrial Credit Company Africa Holdings Limited - Unaudited interim results for the six months ended 30 June 2010 and renewal of the cautionary announcement INDUSTRIAL CREDIT COMPANY AFRICA HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration Number: 1997/010950/06) JSE Code: ICC ISIN: ZAE 000053203 ("ICC" or "the Company") UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2010 AND RENEWAL OF THE CAUTIONARY ANNOUNCEMENT STATEMENT OF COMPREHENSIVE INCOME Unaudited Unaudited Audited for the 6 for the 6 for the months months year ended ended ended 30-Jun-10 30-Jun-09 31-Dec-09
R`000 R`000 R`000 Revenue 64 300 21 Other income - - 471 (350) (535) (1 362)
Operating expenses Loss before finance costs (286) (235) (870)
Finance Costs (42) - (14) Loss before taxation (328) (235) (884)
Taxation - - 9 167 Net (loss) / profit for the period (328) (235) 8 282 Profit / (Loss) per share information Basic earnings / (loss) per share (0.28) (0.20) 7.10 (cents) Diluted earnings / (loss) per share (0.28) (0.20) 7.10 (cents) Weighted average number of shares 116 614 116 667 116 614 (`000)
STATEMENT OF FINANCIAL POSITION Unaudited Unaudited Audited as at as at as at 30-Jun-10 30-Jun-09 31-Dec- 09
R`000 R`000 R`000 Assets Non-current Assets 9 914 - 9 931 Property, plant and equipment 8 - 9 Deferred tax 9 167 - 9 167 Finance lease receivables 739 - 755 Current assets 571 16 479 Finance lease receivables 544 - 464 Cash and cash equivalents 27 16 15 Total assets 10 485 16 10 410 Equity and liabilities Equity 3 083 (5 106) 3 411 Share capital and premium 132 297 132 297 132 297 Accumulated loss (129 214) (137 403) (128 886) Non-current liabilities 744 - 744 Finance lease obligation 744 - 744 Current liabilities 6 658 5 122 6 255 Loans from shareholders 5 646 - 5 646 Finance lease obligation 511 - 469 Short-term borrowings 351 5 011 - Trade and other payables 150 111 140
Total equity and liabilities 10 485 16 10 410 Shares in issue (`000) 116 614 116 667 116 614 Net asset value and net tangible 2.64 (4.4) 2.92 asset value per share (cents) CASH FLOW STATEMENT Unaudited Unaudited Audited for the 6 for the 6 for the months ended months ended year ended 30-Jun-10 30-Jun-09 31-Dec-
09 R`000 R`000 R`000 Cash (utilised in)/generated from (232) 16 (1 521) operating activities Cash generated from investing activities - - 990 Cash generated from financing activities 244 - 546 Net movement in cash and cash 12 - 15 equivalents for the period Cash and cash equivalents at beginning 15 - - of period Cash and cash equivalents at end of 27 16 15 period STATEMENT OF CHANGES IN Share Share Total Accumu- EQUITY capital premium Share Lated loss Total Company R`000 R`000 R`000 R`000 R`000 Balance at 31 December 11 667 120 630 132 297 (147 669) (15 372) 2007 Net profit for the period - - - 10 501 10 501 Balance at 31 December 11 667 120 630 132 297 (137 168) (4 871) 2008 Net profit for the year - - - 8 282 8 282 Balance at 31 December 11 667 120 630 132 297 (128 886) 3 411 2009 Net loss for the period - - - (328) (328) Balance at 30 June 2010 11 667 120 630 132 297 (129 214) 3 083 COMMENTS The Board of Directors present the unaudited interim financial results for the company for the period ended 30 June 2010 which have been prepared in accordance with IAS 34 - Interim Financial Reporting, on the basis of accounting policies that comply with International Financial Reporting Standards ("IFRS"). NATURE OF THE BUSINESS The primary business of the company is the financing of secured structured leases to clients. BUSINESS REVIEW AND FUTURE PROSPECTS The company is continuing with its principal business and is in continued discussions with the JSE Limited in regard to its proposed acquisitions. FINANCIAL REVIEW The company reported a loss before taxation of R328 000 for the six months under review, compared to a loss before taxation of R235 000 in the prior year. The company does not operate in any distinct segments and operates in South Africa and thus no segmental report is presented. Headline loss per share 30-Jun 30-Jun 31-Dec 2010 2009 2009 Reconciliation of headline R`000 R`000 R`000 earnings / (loss): Net (loss)/profit for the year (328) (235) 8 281 Headline (loss) / earnings (328) (235) 8 281 Weighted average number of 116 614 116 667 116 614 shares in issue Headline (loss) / earnings per (0.28) (0.20) 7.10 share (cents) INTERNATIONAL FINANCIAL REPORTING STANDARDS AND COMPANIES ACT REQUIREMENTS The unaudited interim financial statements were prepared in compliance with IFRS and the Companies Act. The accounting policies for the period are consistent with those applied for the year ended 31 December 2009. CORPORATE GOVERNANCE The company fully subscribes to the principles of, and implements where possible, the recommendations of the King II Code on Corporate Governance. DIVIDENDS Dividends will not be paid in respect of the current financial year. LITIGATION The directors are not aware of any outstanding litigation against the company. DIRECTORS The following change in directors has taken place during the six months under review and to the date of this announcement: Director Appointed / Resigned Date JC Human Resigned 21 June 2010 RENEWAL OF CAUTIONARY ANNOUNCEMENT Further to the cautionary announcements dated 28 July 2010 and 8 September 2010 respectively, shareholders are advised that the proposed transaction as referred to in the announcement dated 08 June 2010 is still in progress which, if successfully concluded, may have a material effect on the price of the company`s securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in the company`s securities until a further announcement is made. For and on behalf of the Board M. Pryor Chairman 14 October 2010 Registered Office: 3 Tuscan Office Park 168 Fourteenth Road Noordwyk 1685 Postal address: PO Box 6295 Midrand 1685 Transfer Secretaries: Computershare Investor Services (Proprietary) Limited 70 Marshall Street JOHANNESBURG 2001 Directors: MD Pryor* (Chairman) MD van Rooyen (CEO) FJ Morrison JM Mostert (FD) *Non-Executive Company Secretary Arcay Client Support (Pty) Ltd Sponsor Arcay Moela Sponsors (Proprietary) Limited Date: 14/10/2010 09:31:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
