Registration number: 1966/002182/06 | (Incorporated in the Republic of South Africa)
Share code: IVT | ISIN: ZAE000029773
Preference share code: IVTP | ISIN: ZAE000173399
(“Invicta” or “the Group” or “the Company” )
UNAUDITED CONDENSED GROUP RESULTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2016
Segment operating profit
Total operating profit
HEPS
254c Revenue
R5.8 billion
Operating profit
R485 million
Attributable profit
R271 million
EPS
253c
253c
SEP 2015
SEP 2016
SEP 2013
SEP 2014
243
222
SEP 2015
SEP 2016
SHORT FORM ANNOUNCEMENT 32%
8%
6%
Shareholders are advised that this short form announcement
represents a summary of the information contained in the full
announcement published on SENS and Invicta Holdings Limited’s
website (www.invictaholdings.co.za) on 14 November 2016 and
does not contain the complete or full announcement details. Any
investment decision should be based on consideration of the full
announcement and shareholders and/or investors are encouraged
to review the full announcement. The full announcement is
also available for inspection at the registered office of Invicta
Holdings Limited (3rd Floor, Pepkor House, 36 Stellenberg Road,
Parow Industria) and at Invicta’s Sponsor, Deloitte & Touche
Sponsor Services (Pty) Ltd (Deloitte Place, Building 8, The
Woodlands, 20 Woodlands Drive, Woodmead). Inspection of the
full announcement is available to investors at no charge, during
normal business hours. Copies of the full announcement may also
be requested directly from the Company during normal business
hours. The contents of this short form announcement are the
responsibility of the board of Invicta Holdings Limited.
OVERVIEW OF THE YEAR
7%
7%
7%
Normalised HEPS
21%
7% NAV per share
3877c
(cents)
226
236
SEP 2014
SEP 2015
253
84
72
67
32
46
SEP 2014
Normalised EPS
72c
38
46
SEP 2016
Interim DPS
Ordinary dividends per share
(cents)
22
Financial highlights
254c
194
209
251
219
5,8
Normalised earnings per share
BSG
181
SEP 2015
CEG
48
SEP 2014
(%)
180
5,3
ESG
32
5,3
485
457
427
Operating net debt: Equity
(R million)
(R million)
8%
The Group has delivered outstanding results for the six months
ended 30 September 2016 under challenging market conditions.
South Africa, which accounts for 78% of Group revenue,
experienced poor GDP growth with volatile exchange rates,
political uncertainty, drought, falling demand for earthmoving
machinery and subdued demand for commodities. Demand for
product in Asia, which accounts for 8% of revenue, also suffered
due to the subdued global demand for commodities. The Group,
nevertheless, managed to improve margins, contain controllable
operational costs and produce strong cash flows.
SEP 2014
SEP 2015
SEP 2016
Earnings attributable to ordinary shareholders increased by 7% to
R271 million. Headline earnings increased by a very pleasing 32%
to R272 million. Earnings per share for the period increased 7%
to 253 cents whilst headline earnings per share increased 32%
to 254 cents. An interim dividend of 72 cents per share has been
declared, maintaining the interim dividend cover ratio of 3.5 times.
PROSPECTS The markets served by the Group are expected to remain
challenging and a sustainable upturn is not yet evident in the
markets and economy as a whole. There are positive signs that the
world commodity markets have bottomed and that the devastating
drought in South Africa may be abating. However, improved
confidence in the resource and construction markets in Africa and
Asia is required before investment and expansion returns to the
markets which the Group serves. Management will continue to
focus on generating cash in the businesses whilst preparing for the
next phase of growth.
Any forward looking statements have not been reviewed nor
reported on by the auditors.
PREFERENCE SHARE CASH DIVIDEND
Notice is hereby given that the Directors of the Company have
declared a gross cash dividend of 419.60 cents per preference share
for the period from 11 June 2016 to 31 October 2016. Dividends
are to be paid out of distributable reserves. SEP 2016
SEP 2014
SEP 2015
SEP 2016
Share certificates may not be dematerialised or rematerialised
between Wednesday, 16 November 2016 and Friday, 18 November
2016, both days inclusive.
ORDINARY SHARE CASH DIVIDEND
The board has declared an interim gross cash dividend of 72 cents
per share for the period ended 30 September 2016. Dividends are to
be paid out of distributable reserves. Dividend tax (DT) of 15% will
be withheld in terms of the Income Tax Act for those shareholders
who are not exempt from DT. In accordance with paragraphs
11.17(1)(i) and (x) and 11.17(c) of the JSE Listings Requirements, the
following additional information is disclosed:
• The gross local dividend amount is 72 cents per ordinary share
for shareholders exempt from the Dividend Tax.
• The net local dividend amount is 61,2000 cents per ordinary
share for shareholders liable to pay the Dividend Tax.
• Invicta Holdings Limited has 108 494 738 ordinary shares in issue
(which includes 1 541 823 treasury shares). and
• Invicta Holdings Limited's income tax reference number is
9400/012/03/06.
In compliance with the requirements of Strate the following dates
are applicable:
Last date of trade "CUM"
dividend
Tuesday, 29 November 2016
Dividends tax (DT) of 15% will be withheld in terms of the Income
Tax Act for those shareholders who are not exempt from the DT.
First date of trading "EX"
dividend
Wednesday, 30 November 2016
• Accordingly, shareholders who are not exempt from DT will
receive a net dividend of 356,6600 cents per preference share.
Record date
Revenue grew by 8% to R5.75 billion. Acquisitions made in the
second half of the last financial year contributed R184 million
or 3.5% of the growth in the period, with 4.5% of the growth
being generated organically. Operating profit grew by 6% to
R485 million. If the effect of the once-off profit on the sale of
property in the prior period is removed, operating profit grew by
22%. Acquisitions contributed R19 million or 4% to the growth in
operating profit, with the balance of the growth driven by excellent
gross margin management and cost containment in the period.
• Invicta Holdings Limited has 7 500 000 preference shares in
issue.
Last day of trade “CUM”
dividend
Tuesday, 15 November 2016
Cash generated by operations improved substantially to
R732 million. Net working capital positively contributed R173 million
in the six months since March 2016 as opposed to a net working
capital outflow of R409 million for the comparable prior period.
Capital expenditure of R187 million was incurred in the period. Net
operational debt reduced by R78 million in the period, reducing the
net operating debt: equity ratio to 32% from 34% in March 2016. First day to trading "EX"
dividend
Wednesday, 16 November 2016
• Invicta Holdings Limited's income tax reference number is
9400/012/03/6.
The salient dates for the preference share dividend will be as
follows:
Record date
Payment date
Friday, 18 November 2016
Friday, 2 December 2016
Payment date
Monday, 5 December 2016
Share certificates may not be dematerialised or rematerialised
between Wednesday, 30 November 2016 and Friday, 2 December
2016, both days inclusive. By order of the board
GM Chemaly Company
Secretary
Cape Town
10 November 2016
Monday, 21 November 2016
INVICTA HOLDINGS LIMITED
Registered office: Invicta Holdings Limited, 3rd Floor, Pepkor House, 36 Stellenberg Road Parow Industria, 7493 • PO Box 6077, Parow East, 7501 Transfer secretaries: Computershare Investor Services (Pty) Ltd, Ground Floor, 70 Marshall Street Johannesburg, 2001 • PO Box 61051, Marshalltown, 2107
Directors: Dr CH Wiese* (Chairman), A Goldstone (Deputy Executive Chairman), CE Walters (Chief Executive Officer), C Barnard, R Naidoo^, B Nichles*,
DI Samuels^, LR Sherrell*, AM Sinclair, RA Wally^, Adv JD Wiese*
* Non-executive ^ Independent non-executive
Company Secretary: GM Chemaly
Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd
www.bmgworld.net
www.capitalequipmentgroup.co.za
www.macneil.co.za