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CRG
CRG
CRG - Cargo Carriers Limited - Unaudited results for the six months ended 31
August 2007 and dividend announcement
Cargo Carriers Limited
Registration number: 1959/003254/06
Incorporated in the Republic of South Africa ("Cargo Carriers" or "the
company")
JSE Share code: CRG
ISIN Code: ZAE000001764
Unaudited results for the six months ended 31 August 2007 and Dividend
Announcement
CONSOLIDATED INCOME STATEMENT Unaudited Unaudited 6 Audited
6 months months year to
ended ended 28/02/200
31/08/200 31/08/2006 7 R000
7 R000 R000
Revenue 229 178 199 756 424 849
Other revenue 4 314 3 279 6 687
Operating and administration (194 049) (170 578) (372 950)
costs
Depreciation (14 189) (10 472) (25 124)
(Loss)/Profit on disposal of (1 507) 88 (751)
assets
(Decrease)/Increase in value of (5 069) 0 15 710
assets
Net Monetary gain - Zimbabwe 445 50 2 570
operations
Income/(losses) from associates 754 (475) (1 149)
and joint venture
Profit from operating activities 19 876 21 647 49 842
Finance costs (7 843) (5 932) (10 382)
Profit before taxation 12 034 15 715 39 460
Taxation (3 390) (4 404) (10 192)
Profit of the group for the year 8 644 11 312 29 268
Attributable
to:
Equity holders of the 7 658 11 204 28 912
parent
Minority interests 985 107 356
Profit for the year 8 644 11 312 29 268
FINANCIAL INFORMATION
Dividend per share (cents)
- paid during the period 9.0 22.5 9.5
- declared after period end 9.5 9.0
Total dividends 9.0 32.0 18.5
INCLUDING ZIMBABWE OPERATIONS
Earnings per share (cents) 39.5 57.7 149.0
Adjustments:
- Loss/(Profit) on sale of 0.8 (0.3) 2.8
tangible assets
- Loss on sale of part 4.7 0.0 0.0
investment in subsidiary
- Adjustment to value of assets 18.5 0.0 (69.2)
- Impairment of investment 0.0 0.0 0.5
Headline earnings per share 63.5 57.4 83.1
(cents)
Borrowings
Capacity 69% 51% 40%
utilised (%)
Total net borrowing capacity 120 921 103 302 119 075
(R`000)
Capital commitments (R`000) 9 080 12 174 3 286
Net asset value per share 1246 1054 1215
(cents)
Ordinary shares in issue 19 406 19 406 19 406
(closing and weighted average)
(000)
SEGMENTAL ANALYSIS
Turnover
Industrial 135 185 126 866 237 394
Agricultural 77 663 58 744 155 376
Consumer 10 535 6 222 10 464
Supply chain services 5 795 7 924 21 615
229 178 199 756 424 849
Profit from operating activities
Industrial 17 230 17 540 50 476
Agricultural - post Zimbabwe 4 683 5 191 3 008
asset adjustment
Consumer 348 247 (745)
Supply chain services (2 385) (1 332) (2 897)
19 876 21 647 49 842
CONSOLIDATED BALANCE SHEET Unaudited Unaudited 6 Audited
6 months months year to
ended ended 28/02/200
31/08/200 31/08/2006 7 R000
7 R000 R000
Non-current assets
Tangible assets 251 873 278 974 325 382
Asset held for sale 62 848 - -
Deferred taxation 2 108 197 143
Investments in associates 7 027 2 231 2 576
Investment in joint venture 2 562 3 174 4 409
Current assets
Receivables and inventories 104 344 97 851 61 308
Taxation 4 531 - 1 753
Cash resources 12 184 34 465 51 691
447 478 416 892 447 262
Equity
Ordinary shareholders` interest 241 842 204 478 235 773
Minority shareholders` interest - 2 126 2 377
Non-current liabilities
Deferred taxation 40 980 42 646 42 558
Interest-bearing long-term loans 81 617 72 894 73 226
Current liabilities
Payables 69 619 78 999 67 488
Taxation - 1 875 -
Interest-bearing borrowings 13 419 13 873 25 840
447 478 416 892 447 262
CONSOLIDATED CASH FLOW STATEMENT
Operating profit after non-cash 35 558 29 693 52 224
flow items
Decrease/(Increase) in working (40 904) (23 101) 2 633
capital
Cash generated by operations (5 346) 6 592 54 857
Interest received 3 634 3 279 5 093
Finance costs paid (7 843) (5 932) (10 382)
Dividends paid (1 746) (4 366) (6 210)
Taxation paid (7 785) (3 342) (12 793)
Cash inflow from operating (19 086) (3 769) 30 565
activities
Net cash inflow / (outflow) 10 245 29 366 41 665
from financing activities
Net cash flow from investing (30 666) (41 287) (70 694)
activities
- Disposal of investment in 917 0 0
subsidiary
- Increase in loan to joint (139) 0 (2 485)
venture and associates
- Replacement of tangible (32 313) (47 599) (78 141)
assets
- Proceeds on sale of tangible 869 6 312 9 933
assets
Cash generated / (utilised) (39 507) (15 690) 1 536
during period
Net cash at beginning of period 51 691 50 155 50 155
Net cash at end of period 12 184 34 465 51 691
MOVEMENT IN EQUITY
Opening Equity 235 773 197 275 197 275
Revaluation of tangible assets - 13 233
Transferred to deferred taxation (3 837)
Foreign currency translation 156 364 3 940
reserve
Prior Year Adjustment 0 2 460
Net profit for the period 7 658 11 204 28 912
Dividends paid during the year (1 746) (4 366) (6 210)
241 842 204 478 235 773
Review
Turnover for the period has increased by 14.7%, however, profit before tax has
decreased by 23.4%. The major contributor to the lower profitability of the
group is the impairment charge of R5.07 million incurred on our Zimbabwe
operations. Due to worsening economic conditions and a lack of foreign
exchange in that country an impairment review was undertaken in May 2007, and,
as a result a decision was taken to impair the assets of that subsidiary.
Finance costs and depreciation have both increased in line with the capital
expenditure and interest rate increases in the reporting period. The sale of a
24% portion of our empowerment subsidiary Buhle Betfu Holdings (Pty) Ltd has
resulted in that subsidiary now being accounted for as an associate. The
portion was sold to the Buhle Betfu Trust at a loss of R1.2 million.
The group has taken a decision to dispose of certain property within its
current property portfolio and has accordingly disclosed this fact on the
balance sheet. The agreement of sale is pending finalization and shareholders
have been advised to exercise caution when dealing in the companies
securities.
Profit after tax has declined by 23.6% while headline earnings per share has
increased by 10.6%.
Prospects
The company is well placed to grow revenues through the continuing growth of
the regional economy, coupled with the strategy of concentrating on the main
growth sectors. Logistics contracts gained in the steel sector and the powders
sector will enhance the results of the industrial segment. The better rains
will improve the agricultural segment.
Interest rate increases will affect results but the associated risk is well
controlled through the company`s prudent gearing policy
Accounting Policies
The financial results to half year ended August 2007 have been prepared in
accordance with IAS 34, 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.
Dividend Declaration
An interim dividend (no. 33) of 9.5 (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 14 December 2007. The last date to trade cum dividend will
be Friday 7 December 2007 and the shares will trade ex dividend from the
commencement of business on Monday 10 December 2007. The dividend will be
paid on Tuesday 18 December 2007. Share certificates may not be
dematerialised / rematerialised between Monday 10 December 2007 and Friday 14
December 2007, both days inclusive.
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
24 October 2007
Directors
S G Chilvers (Chairman), G D Bolton,
M J Bolton, A E Franklin, B B Fraser, V Raseroka
Sponsor
Arcay Moela Sponsors (Pty) Ltd
Date: 24/10/2007 15:46:45 Produced by the JSE SENS Department.
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