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1TM
1TM
1TM - 1time Holdings - Interim results for the period ended 30 June 2007
1TIME HOLDINGS LIMITED
(Formerly 1time Holdings (Pty) Ltd)
(Incorporated in the Republic of South Africa)
(Registration Number: 1999/017536/06)
Share Code: 1TM
ISIN Code: ZAE000102026
("1time Holdings")
Highlights
Headline earnings per share 91% increase
Earnings per share 27% increase
Revenue growth 36%
Passenger growth 25%
Abridged consolidated balance sheet
30 30 31
June(Revi June(Revi December
ewed)2007 ewed)2006 (Audited)
2006
Assets
Non-current assets 157,282,7 78,073,18 96,933,69
42 1 5
Current assets 60,189,90 29,678,06 69,189,13
5 7 3
Total assets 217,472,6 107,751,2 166,122,8
47 48 28
Equity and liabilities
Capital and reserves 47,182,12 6,725,757 35,124,89
5 2
Non-current liabilities 34,677,70 23,246,53 32,313,18
4 3 8
Deferred tax 10,357,90 3,524,986 6,785,514
7
Current liabilities 125,254,9 74,253,97 91,899,23
11 2 4
Total equity and liabilities 217,472,6 107,751,2 166,122,8
47 48 28
1time Holdings Limited
Abridged consolidated income statement
6 months ended Year ended
30 30 Change% 31 December
June(Reviewed)2007 June(Reviewed)2006 (Audited)2006
Revenue 302,151,509 222,032,569 36% 496,637,774
Operating (285,495,455) (209,230,080) 36% (466,557,394)
costs
Earnings 16,656,054 12,802,489 30% 30,080,380
before
interest and
taxation
Net finance (359,951) (275,982) (2,630,273)
charges
Profit 16,296,103 12,526,507 30% 27,450,107
before
taxation
Taxation (4,238,870) (3,024,007) (6,877,238)
Attributable 12,057,233 9,502,500 27% 20,572,869
earnings
Headline
Earnings
Earnings 12,057,233 9,502,500 27% 20,572,869
attributable
to ordinary
shareholders
Discount on - (3,044,479) (3,044,479)
purchase
Profit on - (147,942) (2,202,845)
disposal of
property,
plant and
equipment
Headline 12,057,233 6,310,079 91% 15,325,545
earnings
attributable
to ordinary
shareholders
Pro forma
(see Note 1)
Pro forma 180,000,000 180,000,000 180,000,000
weighted
average
number of
shares in
issue
Pro forma 6.70 5.28 27% 11.43
earnings per
share
(cents)
Pro forma 6.70 3.51 91% 8.51
headline
earnings per
share
(cents)
Actual
( Note 2)
Weighted 11,983 100 230
average
number of
shares in
issue
Earnings per 100,619 9,502,500 8,944,726
share
(cents)
Headline 100,619 6,310,079 6,663,280
earnings per
share
(cents)
Notes:
1. The pro forma weighted number of shares in issue is based on the
restructured number of issued shares on 13 July 2007 in order to make
the comparison more meaningful.
2 The actual earnings and headline earnings per share have to be viewed
with caution when comparing same to previous periods as a result of the
different numbers of shares in issue at the end of each of the three
periods.
1time Holdings Limited
Abridged statement of changes in equity
Shar Share Sharehol Non- Retaine Total
e premium der distribu d
capi loans table earning
tal reserves s
Balance at 31 11,9 18,729, 3,300,00 5,244,60 7,839,1 35,124,
December 2006 83 117 0 5 87 892
Profit for the - - - - 12,057, 12,057,
period 233 233
Balance at 30 June 11,9 18,729, 3,300,00 5,244,60 19,896, 47,182,
2007 83 117 0 5 420 125
Abridged consolidated cash flow statement
6 months ended Year ended
30 30 31
June(Reviewed)2007 June(Reviewed)2006 December(Audited)2006
Cash and 32,318,154 19,785,024 19,785,024
equivalents
at
beginning
of period
Cash flows 20,579,961 10,989,220 24,963,197
from
operating
activities
Cash 21,178,068 11,553,764 28,336,923
generated
from
operations
Interest 3,356,791 2,057,833 2,641,303
received
Interest (3,716,742) (2,333,815) (5,271,576)
paid
Taxation (238,156) (288,562) (743,453)
paid
Cash flows (62,926,855) (27,488,021) (47,421,277)
from
investing
activities
Cash flows 35,154,296 16,073,540 34,991,210
from
financing
activities
Cash and 25,125,556 19,359,763 32,318,154
equivalents
at end of
period
Abridged segment report
6 months ended Year ended
30 30 31
June(Reviewed)2007 June(Reviewed)2006 December(Audited)2006
Gross
revenue
Airline 275,486,165 211,046,280 465,920,203
Charter 5,711,103 12,093,341 24,084,848
Maintenance 60,192,791 29,346,530 66,021,527
Inter- (39,238,550) (30,453,582) (59,388,804)
segment
revenue
Total 302,151,509 222,032,569 496,637,774
Earnings
before
interest and
tax
Airline 4,194,091 3,212,235 12,536,728
Charter 1,880,731 2,576,290 3,664,371
Maintenance 12,142,483 3,951,485 9,514,568
Eliminations (1,561,251) (129,942) (485,784)
Total 16,656,054 9,610,068 25,229,883
Non-
operating
items
Discount on - 3,044,479 3,044,479
purchase
Profit on - 147,942 2,202,845
sale of
asset
Loss on - - (396,827)
foreign
exchange
16,656,054 12,802,489 30,080,380
PERFORMANCE REVIEW
The directors of 1time Holdings are pleased to announce a 27% increase in
attributable earnings from R9,5 million for the six month period last year to
R12,0 million for the six months ended
30 June 2007. Headline earnings per share increased by 91% from 3,5c last year
to 6,7c for the same six month period this year.
The strong earnings growth was achieved on the back of:
* a 36% revenue growth from R222 million to R302 million;
* 1time Airline passengers growing by 25%; and
* significant growth in third party aircraft maintenance demand.
Cash flow from operations for the six months remains strong at R21,2 million
compared to R11,6 million for the same period last year.
Current liabilities are abnormally high due to the group policy of owning its
fleet of aircraft rather than utilising operating leases due to the unique
window of opportunity where ownership cash costs are lower than lease cash
costs. Accordingly ten of the twelve aircraft in the group are owned on balance
sheet. With negligible operating lease commitments the group`s aircraft
acquisition policy remains conservative.
SUBSEQUENT EVENTS
Subsequent to the reporting period, 1time Holdings listed on the AltX on 14
August 2007. The listing raised R30 million share capital which has been
utilised towards the acquisition of two additional MD87 aircraft during August,
and to expand the Aeronexus Technical hanger capacity.
After accounting for the capital raised in the listing and the acquisition of
the two MD87 aircraft on a pro forma basis as at 31 August 2007 the group
balance sheet reflects capital and reserves of approximately R78 million,
aircraft at R180 million and aircraft financing debt of approximately R78
million.
AIRCRAFT FLEET
By the fourth quarter of this year the full fleet of eight MD80 variant aircraft
will be operational in the 1time Airline fleet and the four DC9 aircraft
deployed in the 1time Charter business. We are also pleased to state that the
eight MD80 aircraft in the 1time fleet are all stage 3 (noise and emission)
compliant and will be younger than the average age of the fleets of aircraft
currently operated by most of our competitors.
PROSPECTS
Prospects for the second half remain positive. 1time Airline is expected to
continue to grow its market share in the seasonally stronger second half of the
year.
Aeronexus Technical is expected to benefit from continued strong demand for
aircraft maintenance services from third party airlines for the remainder of the
year.
In the absence of any unexpected events or changes in the current trading and
cost environment the directors remain confident that the R25 million earnings
forecast for the year to December 2007 included in the listing prospectus will
be achieved.
DIVIDEND POLICY
In line with the group`s strategy to reinvest in the group in order to sustain
growth, no dividend has been declared. The dividend policy of 1time Holdings
will be reviewed annually in light of the group`s cash flow, gearing and capital
requirements.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The consolidated interim financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRS) and IAS 34: Interim
Financial Reporting. The accounting policies used in the preparation of these
results are consistent in all material respects with those used in the annual
financial statements for the year ended 31 December 2006.
REVIEW OPINION
The auditors of 1time Holdings, Nexia HBLT Chartered Accountants, have reviewed
the financial information in terms of rule 3.18 of the Listings Requirements of
the JSE Limited. Their unqualified review opinion is available for inspection at
the offices of 1time Holdings.
APPRECIATION
We thank our loyal staff for their commitment and hard work which enabled 1time
Holdings to achieve a successful listing on AltX . We also thank our business
partners, advisors, passengers, and most importantly our shareholders, for their
ongoing support and faith in the group.
By order of the Board
13 September 2007
Glenn Orsmond Sipho Twala
Chief Executive Officer Chairman
CORPORATE INFORMATION
Non-executive directors: S M Twala; R M Loader; G L Wishart
Executive directors: G W Orsmond; R L James; M J Kaminski; G W Harrison; S J
Petersen; M Snyman (Secretary)
Registration number: 1999/017536/06
Registered address: Unit D2 Isando Industrial Park, Isando
Postal address: P.O. 7110, Bonaero Park, 1622
Telephone: 011 928 8000
Facsimile: 0866 492 712
Web address: www.1timeholdings.co.za
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited
Designated Adviser: Exchange Sponsors (Pty) Limited
Date: 13/09/2007 14:26:27 Produced by the JSE SENS Department.
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