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CCL
CCL
CCL - Compu-Clearing outsourcing - Reviewed Condensed Interim Financial
Statements For The Six Months Ended 31 December 2007
Compu-Clearing outsourcing limited
"Compu-Clearing", "The Company" or "The Group"
(Incorporated in the Republic of South Africa)
Registration number 1998/015541/06
Share code: CCL & ISIN: ZAE000016564
Reviewed condensed interim financial statements for the six months ended 31
December 2007.
Commentary
It is with pleasure that we present our results for the six month period ended
31 December 2007. A pleasing growth in both operating profit and basic headline
earnings per share of 32% and 33% respectively, was achieved as a result of
increased revenues and improved cost controls in the period under review. Growth
has been entirely organic and achieved due to our successful annuity income
model. Once again our cash generation by trading operations has been a
highlight, increasing by 25% against the comparable period.
Prospects
We expect continued revenue growth as a result of increased customers volumes,
more systems being installed by our existing customers, and new customers being
signed up. Revenue growth can also be expected as a result of the rollout of new
products. Marginal expense curtailment will continue supported by continued cash
generation.
Condensed balance sheet
31 December 31 30 June
2007 December 2007
(Reviewed) 2006 (Audited)
(Reviewed)
R`000 R`000 R`000
ASSETS
Non current assets 13,792 14,788 14,657
Property, plant and 12,849 13,569 13,540
equipment
Intangible asset 672 840 718
Deferred taxation 271 379 399
asset
Current assets 30,619 26,619 29,028
Inventory 84 69 102
Trade and other 6,774 5,699 6,085
receivables
Income tax 1,292 805 1,183
receivable
Investments 5,008 2,513 4,616
Cash and cash 17,461 17,533 17,042
equivalents
Total assets 44,411 41,407 43,685
EQUITY AND LIABILITIES
Equity 39,276 37,539 39,189
Share capital and 921 9,470 5,760
premium
Treasury shares (569) (1,000) (601)
Distributable 38,924 29,069 34,030
reserves
Non-current 1,693 1,820 1,804
liabilities
Post retirement 1,531 1,597 1,563
medical obligations
Deferred taxation 162 223 241
liability
Current liabilities 3,442 2,048 2,692
Trade and other 2,770 2,048 2,690
payables
Income tax payable 672 - 2
Total equity and 44,411 41,407 43,685
liabilities
Net asset value per 97.2 94.3 97.1
share (cents)
Condensed income statement
6 months ended Year ended
% Inc. / 31 December 31 December 30 June
(decr.) 2007 2006 2007
(Reviewed) (Reviewed) (Audited)
R`000 R`000 R`000
Rental and other
revenue 8 22,454 20,811 42,292
Operating costs
16,929 16,617 33,143
- Distribution 23,886
12,105 10,526
- Administration 4,713 5,709 8,454
- Other 111 382 803
Operating profit 32 5,525 4,194 9,149
Net finance income 1,182 977 1,739
- Financial income 1,182 978 1,740
- Financial - (1) (1)
expenses
Profit before 30 6,707 5,171 10,888
income tax
Income tax - normal 1,949 1,134 2,132
and deferred
Income tax - STC - 538 538
(secondary tax on
companies)
Profit attributable 36 4,758 3,499 8,218
to ordinary
shareholders
Earnings per share
(cents)
Basic 11.8 8.9 20.6
33
Diluted 11.4 8.8 19.9
30
Ordinary dividend 11.0 11.0
per share (cents) -
Capital 12.0 19.0
distribution 9.0
(cents)
Reconciliation of headline earnings
6 months ended Year ended
31 December 31 December 30 June
2007 2006 2007
(Reviewed) (Reviewed) (Audited)
R`000 R`000 R`000
Profit for the year 4,758 3,499 8,218
attributable to ordinary
shareholders
Adjusted for :
Loss on disposal of 32 24 22
property, plant and
equipment
Taxation effect
(9) (7) (6)
Headline earnings 4,781 3,516 8,234
Headline earnings per
share (cents)
Basic 11.8 8.9 20.6
33
Diluted 11.5 8.8 19.9
30
Actual number of 40,413 39,803 40,380
shares in issue (`000)
Weighted average 40,402 39,385 39,959
number of shares in
issue (`000)
Diluted weighted average 41,687 39,932 41,393
number of shares in issue
(`000)
Condensed segment report
6 months ended Year ended
% Inc. / 31 December 31 December 30 June
(decr.) 2007 2006 2007
(Reviewed) (Reviewed) (Audited)
R`000 R`000 R`000
Software rental 11 16,858 15,234 30,984
revenue
Hardware rental 15 5,063 4,404 8,895
revenue
Other (55) 533 1,173 2,413
Total revenue 8 22,454 20,811 42,292
Operating profit 32 5,525 4,194 9,149
Operating margin 25% 20% 22%
Statement of changes in equity
Share Share Treasury Retained Share-based Total
capital premium shares earnings payment
reserve
R`000 R`000 R`000 R`000 R`000 R`000
Balance at 30 400 12,061 (804) 28,118 568 40,343
June 2006
Recognised 8,218 8,218
income and
expense
- profit for
the year
Sale of 1,748 1,748
treasury
shares
Transfer to (1,545) 1,545 -
retained
earnings
New share 9 871 880
allotments
Dividends paid (4,307) (4,307)
Distribution (7,581) (7,581)
of share
premium
Share-based (112) (112)
payment
transaction
Balance at 30 409 5,351 (601) 33,574 456 39,189
June 2007
Recognised 4,758 4,758
income and
expense
- profit for
the year
Transfer to 32 (32) -
retained
earnings
New share 10 10
allotments
Distribution (4,849) (4,849)
of share
premium
Share-based 168 168
payment
transaction
Balance at 31 409 512 (569) 38,300 624 39,276
December 2007
Condensed cash flow statement
6 months ended Year
ended
31 December 2007 31 December 30 June
(Reviewed) 2006 2007
(Reviewed) (Audited)
R`000 R`000 R`000
Profit before income 6,707 5,171 10,888
tax
Adjusted for: 530 595 1,082
Non cash items 1,712 1,572 2,821
Net financial income (1,182) (977) (1,739)
Cash generated by 7,237 5,766 11,970
trading operations
(Decrease) / increase (32) 14 (20)
in post retirement
medical obligations
(Increase) / decrease (591) 632 855
in working capital
Cash generated by 6,614 6,412 12,805
operations
Net financial revenue 790 977 1,419
- Financial income 790 978 1,420
- Financial expenses - (1) (1)
Income tax paid (1,339) (2,457) (3,834)
Distributions to (4,849) (7,883) (11,888)
shareholders
- Dividends paid - (4,307) (4,307)
- Distribution of (4,849) (3,576) (7,581)
share premium
Cash in / (outflow) 1,216 (2,951) (1,498)
from operating
activities
Cash flow from (807) (666) (3,710)
investing activities
Acquisition of (397) (350) (1,084)
property, plant and
equipment to maintain
operations
Acquisition of (293) - (462)
property, plant and
equipment to expand
operations
Acquisition of (117) (99) (164)
intangible asset
Acquisition of other - (217) (2,000)
investments
Cash inflow from
financing activities
Proceeds from the issue 10 1,528 2,628
of shares and sale of
treasury shares
Increase / (decrease) 419 (2,089) (2,580)
in cash and cash
equivalents
Cash and cash
equivalents at the
beginning of the period
17,042 19,622 19,622
Cash and cash 17,461 17,533 17,042
equivalents at the end
of the period
Basis of preparation
The condensed financial statements have been prepared in accordance with the
recognition and measurement requirements of International Financial Reporting
Standards and the presentation and disclosure requirements of IAS 34. The
accounting policies applied are consistent with those reflected in the financial
statements for the year ended 30 June 2007.
Related party transactions
The Group has entered into various transactions with related parties on an arm`s
length basis and at market rates.
Distributions to shareholders
Compu-Clearing has a policy of paying a single dividend or distribution at year
end. As a result, the company has not declared an interim dividend and/or
distribution to shareholders. A capital distribution of 12 cents per share (2006
- dividend of 11 cents per share and a capital distribution of 9 cents per
share) was paid to shareholders during the period.
Review report
The Group`s auditors KPMG Inc, have reviewed the financial information for the
six months ended 31 December 2007. Their review report is available for
inspection at the registered office of the Company.
Sponsor Auditors
Sasfin Capital KPMG Inc.
3 March 2008
Date: 03/03/2008 16:00:12 Produced by the JSE SENS Department.
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