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CRG
CRG
CRG - CRG - Audited Results for the year ended 28 February 2007 and Dividend
Announcement
CARGO CARRIERS LIMITED
(Registration Number 1959/003254/06)
Share code : CRG
ISIN : ZAE000001764
("CRG" or "the group")
Audited Results for the year ended 28 February 2007
and Dividend Announcement
CONSOLIDATED INCOME 2007 2006 CONSOLIDATED 2007 2006
STATEMENT R000 R000 BALANCE SHEET R000 R000
Revenue 424 849 353 726 Non-current
assets
Other revenue 6 687 6 096 Tangible assets 325 382 248 074
Operating and (370 (304 Deferred taxation 143 425
administration costs 380) 415)
Depreciation (25 (18 Loan and unlisted - 101
124) 643) investment
(Loss) / Profit on (751) 2 125 Investments in 2 576 2 321
disposal of tangible associates
assets
Adjustments to value 15 710 9 115 Investment in 4 409 3 557
of assets joint venture
(Losses)/ Income from (1 149) 327
associates and joint
venture
Profit from operating 49 842 48 331 Current assets
activities
Finance costs (10 (6 915) Receivables and 61 308 47 693
382) inventories
Profit before taxation 39 460 41 416 Cash resources 51 691 50 155
Taxation (10 (9 075) 445 509 352 326
192)
Profit of the group 29 268 32 341
for the year
Attributable to: Equity
Equity holders of the 28 912 32 063 Ordinary 235 773 197 275
parent shareholders`
interest
Minority interests 356 278 Minority 2 377 2 020
shareholders`
interest
Profit for the year 29 268 32 341 Non-current
liabilities
Deferred taxation 42 558 40 916
FINANCIAL INFORMATION Interest-bearing 73 226 42 808
long-term loans
Dividend per share Current
(cents) liabilities
- interim declared 9.5 7.5 Payables 65 735 54 714
during the year
- final declared 9.0 22.5 Interest-bearing 25 840 14 593
after year end borrowings
Total dividends 18.5 30.0 445 509 352 326
Earnings per share 149.0 165.2 CONSOLIDATED CASH
(cents) FLOW STATEMENT
Adjustments: Operating profit 52 224 51 308
after non-cash
flow items
- Loss /(Profit) on 2.8 (7.7) Decrease/(Increas 2 633 (3 177)
sale of tangible e) in working
assets capital
- Loss / ( Profit) on 0.0 1.0 Cash generated by 54 857 48 131
sale of investment in operations
subsidiary
- Write up of (69.2) (40.2) Interest received 5 093 4 497
investment property to
fair value
- Impairment of 0.5 1.1 Finance costs (10 (6 915)
investment paid 382)
Headline earnings per 83.1 119.4 Dividends paid (6 210) (3 396)
share (cents)
Taxation paid (12 (4 123)
793)
Cash inflow from 30 565 38 194
operating
activities
Net cash inflow 41 665 15 030
from financing
activities
Borrowings Net cash flow (70 (52
from investing 694) 207)
activities
Capacity utilised (%) 39.8 7.0 Disposal of 0 573
investment in
subsidiary
Total net borrowing 119 075 99 648 Increase in loan (2 485) (4 273)
capacity to joint venture
and associates
Replacement of (78 (55
tangible assets 141) 464)
Proceeds on sale 9 932 6 957
of tangible
assets
Capital commitments 3 286 11 071
Cash generated 1 536 1 017
during period
Net cash at 50 155 49 138
beginning of
period
Net asset value per 1 215 1 017 Net cash at end 51 691 50 155
share (cents) of period
Ordinary shares in 19 406 19 406
issue (closing and
weighted average)
MOVEMENT IN
EQUITY
SEGMENTAL ANALYSIS Opening Equity 197 275 166 114
Turnover Revaluation of 13 233 5 719
tangible assets
Industrial 237 394 220 363 Transferred to (3 837) (1 658)
deferred taxation
Agricultural 155 376 90 252 Foreign currency 3 940 (1 567)
translation
reserve
Consumer 10 464 11 495 Prior year 2 460 -
adjustment
Supply chain services 21 615 31 616 Net profit for 28 912 32 063
the period
424 849 353 726 Dividends paid (6 210) (3 396)
during the year
Profit/(loss) from 235 773 197 275
operating activities
Industrial 50 476 43 169
Agricultural 3 008 13 862
Consumer (745) 61
Supply chain services (2 897) (8 761)
49 842 48 331
Review
Revenue has increased by 20% due to the increased activity in the industrial
sector and additional work obtained by our BEE operation in the Mpumalanga area.
The overall operating results are however most disappointing. The agricultural
sector has suffered due to adverse unexpected weather conditions which resulted
in the sugar cane harvesting season being considerably longer than normal with
unusually wet operating conditions. Greatly increased operating costs to move
the required tonnages, albeit reduced, were thus incurred. These poor results
were ameliorated by the pleasing results achieved in the industrial sector.
Increased capital expenditure to increase efficiencies has resulted in greater
depreciation and interest charges.
Property values in South Africa continue to improve, and this is evidenced by
the large adjustment to the value of the group`s property portfolio.
Accounting Policies
The financial results to 2007 have been prepared in accordance with
International Financial Reporting Standards (IFRS), the requirements of the
South African Companies Act, Act 61 of 1973, and the Listing Requirements of the
JSE Limited.In preparing these financial statements for the year ended 28
February 2006, certain adjustments and reclassifications were applied to comply
with IFRS. In the current period, certain of these adjustments were reassessed
and a credit adjustment to opening retained earnings of R2, 46m was made in
relation to prior period property plant & equipment and related deferred tax
adjustments.
Prospects
The group has a strong balance sheet, has continued to invest in skilled staff,
supply-chain systems, and equipment. This places the group in a strong position
to take advantage of growth prospects.
Earnings growth should be restored in the coming financial year subject to
conditions in the agricultural sector.
Dividend Declaration
A final dividend (no. 32) of 9.0 (2006: 9.5) cents per share has been declared
to shareholders recorded in the books of the company at the close of business on
Friday 22 June 2007. The last date to trade cum dividend will be Friday 15 June
2007 and the shares will trade ex dividend from the commencement of business on
Monday 18 June 2007. The dividend will be paid on Monday 25 June 2007. Share
certificates may not be dematerialised / rematerialised between Monday 18 June
2007 and Friday 22 June 2007, both days inclusive.
Independent Auditor`s Report
These results have been reviewed by Ernst & Young and their review opinion is
available on request from the company secretary at Cargo Limited`s registered
office. The Group`s annual report will be available by the end of May 2007.
Registered Office
140 North Reef Road
Elandsfontein, 1406
Transfer Secretaries
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street
Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Website
www.cargocarriers.co.za
By order of the board
MJ Bolton
Company Secretary
Directors
S G Chilvers (Chairman), G D Bolton,
M J Bolton, A E Franklin, B B Fraser, V Raseroka
Johannesburg
10 May 2007
Sponsors
Arcay Moela Sponsors (Pty) Ltd
Date: 10/05/2007 13:06:04 Produced by the JSE SENS Department.
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