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COM
COM
COM - Comair Limited - Unaudited Interim Results for the six months ended 31
December 2007
Comair Limited
Registration number 1967/006783/06
Incorporated in the Republic of South Africa
("Comair" or "the Company")
ISIN number: ZAE000029823 & Share Code: COM
Unaudited Interim Results for the six months ended 31 December 2007
Commentary
Performance review
The Company performed well in the first half of the 2008 financial year, despite
continued unprofitable pricing by our state owned competitors, some material non
recurring costs and a record high fuel price. Attributable earnings increased
by 14% to R60 million (comparative period: R52 million) resulting in headline
earnings per share of 14.8 cents relative to 13.1 cents in the comparative
period.
Turnover grew by 12% through improvement in both yields and volume. The R60
million increase in the fuel bill was partially offset by the operating
efficiencies achieved by the fleet upgrade programme, with the new aircraft
being 15% more fuel efficient than the MD82 aircraft that they replace. Non-
recurring costs of R15 million were attributable to the expansion of routes out
of Lanseria airport, and the delayed delivery of new aircraft.
Prospects
We anticipate the fuel price to remain high for the foreseeable future and also
anticipate a slowing of the market growth rate. We will, however, continue to
achieve further efficiencies through the fleet replacement programme which will
be completed by the end of our financial year. The new fleet will also achieve
improved reliability and customer satisfaction. Our core airline growth will be
focused on additional services out of Lanseria airport and our network into
Africa.
Continued expansion of our extended businesses, such as our recently launched
kulula.com travel portal, will further diversify our future earnings base. Our
investment in the ground handling venture, Commuter Handling Services, and air
freight venture, Imperial Air Cargo, are expected to perform well and to
contribute to earnings.
The great strength and commitment of our people and the quality of our brands
bodes well for the future.
Dividends
No interim dividends have been declared as it is company policy to declare one
dividend annually.
Basis of preparation
In terms of the listing requirements of the JSE Limited, the Group is required
to prepare the consolidated financial statements in accordance with
International Financial Reporting Standards ("IFRS") and IAS34. The accounting
policies used in the preparation of these results are consistent in material
respects with those used in the financial statements for the year ended 30 June
2007.
Abridged Group
Income Statement
Unaudited Unaudited Audited
six six year
months months
31 Dec 31 Dec 30 June
2007 2006 2007
R `000 R `000 R `000
Revenue
1,258,153 1,127,864 2,211,743
Operating expenses 1,166,008 1,043,863 2,041,975
Profit from 92,145 84,001
operations 169,768
Net investment
expense (1,303) (5,436) (10,228)
Share of profit
(loss) of associates 500 - (2,064)
Profit before
taxation 91,342 78,565 157,476
Taxation
(31,833) (26,319) (48,313)
Attributable
earnings 59,509 52,246 109,163
Earnings per share
(cents) 14.8 13.1 27.3
Headline earnings
per share (cents) 14.8 13.1 25.2
Diluted earnings per
share (cents) 13.4 12.6 25.0
Diluted headline
earnings per share 13.4 12.6 23.0
(cents)
Weighted ordinary 400,740
shares in issue 399,517 399,517
(`000)
Diluted weighted ordinary 442,701
shares in issue (`000) 416,032 437,080
Depreciation (R 47,213
`000) 44,288 87,141
Interest expense (R 16,391
`000) 18,269 35,145
Abridged Group
Balance Sheet
ASSETS
Property, plant and 736,851
equipment 587,886 676,029
Investment in 16,413
associates - 13,404
Available-for- sale- 99,450
investments 78,030 88,740
Current assets 506,806
399,785 366,112
1,359,520
1,065,701 1,144,285
EQUITY AND
LIABILITIES
Share capital and 450,293
reserves 375,906 425,531
Interest-bearing 310,514
liabilities 280,879 259,952
Deferred taxation 33,716
14,787 20,766
Current liabilities 564,997
394,129 438,036
1,359,520
1,065,701 1,144,285
Unaudited Unaudited Audited
six six year
months months
31 Dec 31 Dec 30 June
2007 2006 2007
R `000 R `000 R` 000
Headline earnings
Earnings attributable to 59,509
ordinary shareholders 52,246 109,163
Deduct profit on
sale of subsidiary - - (8,432)
Deduct profit on sale of property,
plant and equipment - - (64)
Headline earnings attributable to
Ordinary Shareholders 59,509 52,246 100,667
Abridged Group Cash
Flow Statement
Cash and cash equivalents at the
beginning of the period 242,024 318,979 318,979
Cash from operations and
investment income 201,467 151,987 305,499
Dividends paid
(36,065) (27,959) (27,959)
Taxation paid
(23,176) (18,212) (33,001)
Cash utilised in
investing activities (121,254) (138,688) (288,736)
Net effect of share
trust activities 1,000 (179) (1,435)
Sale of "A" Class
Shares to BEE - - 741
Partner
Increase/ (decrease) in
interest bearing liabilities 65,466 (15,402) (32,064)
Cash and cash equivalents at 329,462
the end of the period 270,526 242,024
Abridged Group Statement of
Changes in Equity
Share Share BEE Hedging Retained
premium Reserve reserve income Total
capital
R `000 R `000 R `000 R `000 R` 000 R` 000
Balance at 1 July 4,736 8,042
2007 - (485) 413,238 425,531
Profit for the six
months - - - - 59,509 59,509
Dividends paid
during the six - - - - (36,065) (36,065)
months
Equity settled 5,142
sharebased payment - - - - 5,142
adjustment
Net effect of share
trust activities - - - - 1,000 1,000
Net change in
hedging reserve - - - (4,824) - (4,824)
Balance at 31 4,736 8,042 5,142 437,682
December 2007 (5,309) 450,293
By order of the board
D. Novick G.S. Novick E.R. Venter
Chairman Joint CEO Joint CEO
11 February 2008
Company Secretary
D Borer
1 Marignane Drive
Bonaero Park 1619
PO Box 7015
Bonaero Park 1622
Transfer Office
Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street
Johannesburg 2001
PO Box 61051
Marshalltown 2107
Sponsor: Nedbank Capital
Date: 12/02/2008 09:22:01 Produced by the JSE SENS Department.
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