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ITR
ITR
ITR - Intertrading - Unaudited interim Results for the six months
ended 31 August 2007
INTERTRADING LIMITED
Registration number 1987/004777/06
("Intertrading" or "the company")
Share code: ITR ISIN code: ZAE000015566
Unaudited Interim Results for the six months ended 31 August 2007
Consolidated Balance Sheet Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2007 2006 2007
R`000 R`000 R`000
ASSETS
Non-current assets
- Property, plant and 3 576 15 097 12 755
equipment
- Intangible assets 4 897 31 597 6 442
- Deferred taxation 426 3 478 770
- Investments 10 66 10
- Loan to related party - 2 681 2 505
Current assets 46 606 67 319 55 668
55 515 120 238 78 150
EQUITY AND LIABILITIES
Share capital and premium 47 452 47 452 47 452
Non-distributable reserves - 9 503
Distributable reserves (20 801) 14 818 (21 347)
Shareholders` interest 26 651 62 279 26 608
Long-term liabilities 121 2 036 1 881
Deferred taxation 22 760 1 124
Current liabilities 28 721 55 163 48 537
55 515 120 238 78 150
Statement of Changes in Unaudited Unaudited Audited
Equity
six months six months year
ended ended ended
31 August 31 August 28 February
2007 2006 2007
R`000 R`000 R`000
Equity at beginning of 26 608 64 132 64 132
period
Net (loss) for the period 43 (1 853) (37 524)
Equity at end of period 26 651 62 279 26 608
Cash Flow Statement Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2007 2006 2007
R`000 R`000 R`000
Cash receipts from 78 048 122 859 295 972
customers
Cash paid to suppliers and (85 557) (130 835) (285 302)
employees
Cash generated/(utilised) (7 509) (7 976) 10 670
by operations
Interest received 755 274 5 118
Interest paid (1 244) (1 169) (7 670)
Taxation paid 791 (1 307) 819
Dividend paid - - -
Cash generated/(utilised) (7 207) (10 178) 8 937
by operating activities
Net cash inflow arising
from disposal of JV and
subsidiary 20 638 - -
Net cash flow from other (121) (2 120) (3 002)
investing activities
Net cash outflow from 745 557 1 070
financing activities
Net movement in cash 14 055 (11 741) 7 005
Net cash resources at
beginning of the year (1 335) (8 340) (8 340)
Net cash resources at end 12 720 (20 081) (1 335)
of the period
Consolidated Income Statement Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2007 2006 2007
R`000 R`000 R`000
Revenue 64 824 137 503 293 478
Cost of sales (57 414) (122 505) (250 637)
Gross profit 7 410 14 998 42 841
Operating costs (11 028) (16 583) (42 414)
Operating (loss)/profit (3 618) (1 585) 427
before exceptional items
Exceptional Items
Profit on disposal joint 697 - -
venture
Profit on disposal subsidiary 1 677 - -
Retrenchment costs - - (518)
Bad debt provision 1 310 - (3 798)
Software write off - - (1 365)
Impairment of goodwill - - (26 299)
Operating (loss) before 66 (1 585) (31 553)
interest
Interest received 755 274 4 410
Interest paid (1 244) (1 169) (6 962)
Net (loss) before taxation (423) (2 480) (34 105)
Taxation 466 627 (3 419)
Net income after taxation 43 (1 853) (37 524)
Net (loss)/income
attributable to shareholders 43 (1 853) (37 524)
Supplementary Information Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2007 2006 2007
R`000 R`000 R`000
Number of ordinary shares 50 000 50 000 50 000
(`000)
Weighted average number of
shares in issue (`000) 50 000 50 000 50 000
Reconciliation of headline
loss per share
Headline loss per share (4,7) (3,7) (22,5)
(cents)
Add: Impairment of goodwill - - (52,5)
Add: Profit on sale of JV 4,8 - -
and subsidiary
Profit/(Loss) per share 0,1 (3,7) (75,0)
(cents)
Net asset value per share - 43,5 61,4 40,3
excluding intangible assets
(cents)
Net asset value per share - 53,3 124,6 53,2
including intangible assets
Segmental analysis Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2007 2006 2007
R`000 R`000 R`000
Segmental revenue
Seafreight 3 089 84 488 143 018
Airfreight 71 129 62 299 183 758
Other - 3 666 6 245
Less internal revenue (9 393) (12 950) (39 543)
64 824 137 503 293 478
Segmental results
Seafreight 35 (3 173) (8 141)
Airfreight (1 494) (2 940) (700)
Other* 1 604 4 528 (22 613)
Discontinued operations (79) - (99)
Operating loss before 66 (1 585) (31 553)
interest
*Mainly profit on sale of subsidiary.
Profile
Intertrading specialises in the procurement and marketing of fresh produce to
global markets. Allied to this Intertrading also provides services to the
agricultural sector including technical advice, freight forwarding and
logistical services.
Operational review
As reported in the review of the results for the year ended February 2007 the
group has divested of its macadamia nuts interests and has ceased to trade in
the citrus and deciduous fruit businesses.
As a consequence the activities of the group at present comprise the marketing
of fresh produce mainly by airfreight and the freight forwarding operations.
As in the past the peak season for the airfreight operations occurs in the
summer period November through February and as a result losses are generally
incurred in the first half of the year and are recouped in the second six
months.
Agrilink was affected in the period under review by the loss of crop volumes,
caused by the abnormally cold weather and black frost in mid winter. In addition
avocado volumes have also been disappointing. Despite the reduction in volumes
over last year the first half loss is in line with that of last year.
Sky Services has seen a 30% increase in turnover compared to last year which is
mainly attributable to increased business in Johannesburg generated by senior
level recruitments. Revenue in the Cape Town branch is up on last year despite
disappointing volumes of fish exports. It is pleasing to report that the loss
reported in the period is well below that of the prior year.
Directorate
As announced on 28 June 2007 Frik van Rooyen stood down as Managing Director
with effect from 30 September but will remain on the board as a non-executive
director. Frik has made a significant contribution to the group over many years
but his skills will not be lost, as he has been appointed a consultant with
particular emphasis on new business for Agrilink. With effect from I October
Bernd Julicher was appointed Managing Director of Agrilink and remains Managing
Director of Sky Services. Jacques Azoulay withdrew as a director in May 2007 and
was immediately appointed as alternate to Mr GG Burelli.
Shareholding
The control of Katope International, the largest single shareholder in
Intertrading, has changed in the period with that group being acquired by Univeg
Group; a Belgium-based company. Univeg is one of the largest fresh produce
distributors in the world. The takeover is subject to regulatory approval in the
European Union and, if applicable, the Securities Regulation Panel (SRP) in
South Africa.
Prospects
All indications are that Agrilink and Sky will experience a good summer season
over the next three months. Accordingly in the absence of exceptional
agricultural events or a marked strengthening of the rand or further increases
in fuel levies the group should report an operating profit for the year.
Your directors are conscious that the scale of the current businesses following
the restructuring does not justify a listing on the JSE. As such your directors
are actively seeking to increase critical mass through mergers and or
acquisitions.
Basis of preparation and accounting policies
The results for the six months ended 31 August 2007 and the comparative
information have been prepared in terms of International Financial Reporting
Standards (IFRS). The results also comply with IAS 34 (International Accounting
Standards) and the relevant sections of the South African Company`s Act 1973, as
amended.
The accounting policies applied in the preparation of the results for the six
months ended 31 August 2007 are consistent with those adopted in the financial
statements for the year ended 28 February 2007.
By order of the board
C Jousse B Julicher
Acting Chairman
Woodmead
23 November 2007
Registered office Transfer secretaries
Block 3, Harrowdene Office Park
Computershare Investor Services 2004 (Pty) Limited
Western Service Road, Woodmead, 2148
70 Marshall Street, Johannesburg, 2001
(PO Box 100, Woodlands, 2080) (PO Box 61051, Marshalltown, 2107)
Directors:
Non-executive: C Jousse (Acting Chairman), GG Burelli (Alternate J Azoulay), GFM
van Rooyen
Executive: B Julicher, CJ Hull (Group Financial Director)
Date: 23/11/2007 17:06:49 Produced by the JSE SENS Department.
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