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CRG
CRG
CRG - Cargo Carriers - Reviewed Results For The Year Ended 29 February
2008 And Dividend Announcement
CARGO CARRIERS LIMITED
(Registration Number 1959/003254/06)
Share code: CRG
ISIN: ZAE000001764
("CRG" or "the group")
Reviewed results for the year ended 29 February 2008 and Dividend announcement
CONSOLIDATED INCOME STATEMENT
2008 2007
R000 R000
Revenue 419,587 424,849
Other revenue 5,507 4,178
Interest income 4,366 5,093
Operating and administration costs (373,353) (372,964)
Depreciation (23,628) (25,124)
Profit/(Loss) on disposal of tangible 380 (751)
assets
Loss on disposal of investment in (1,282) -
subsidiary
Adjustments to value of assets 38,953 15,710
Impairment of Zimbabwe (6,364) -
operations
Income/(losses) from associates and joint 1,558 (1,149)
venture
Profit from operating activities 65,724 49,842
Finance costs (15,413) (10,382)
Profit before taxation 50,311 39,460
Taxation (9,510) (10,192)
Profit of the group for the year 40,801 29,268
Attributable to:
Equity holders of the parent 40,032 28,912
Minority interests 769 356
Profit for the year 40,801 29,268
FINANCIAL INFORMATION
Dividend per share (cents)
- interim declared during the year 9.5 9.5
- final declared after year end 9.0 9.0
Total dividends 18.5 18.5
Earnings per share (cents) 206.3 149.0
Adjustments:
- (Profit)/Loss on sale of tangible assets (1.4) 2.8
- Loss on disposal of investment in 4.7
subsidiary -
- Write up of investment property to fair (172.7) (69.2)
value
- Impairment of Zimbabwe operations 32.8 0.5
Headline earnings per share (cents) 69.7 83.1
Borrowings
Capacity utilised 58.7 39.8
(%)
Total net borrowing capacity (R`000) 141,959 119,075
Capital commitments (R`000) 12,221 3,286
Net asset value per share (cents) 1,463 1,215
Ordinary shares in issue (closing and 19,406 19,406
weighted average) (000)
CONSOLIDATED BALANCE SHEET 2008 2007
R000 R000
Non-current assets
Tangible assets 283,093 325,382
Deferred taxation 2,008 143
Investments in associates 7,736 2,576
Investment in joint venture 10,533 9,617
Non-current assets held for sale 95,000 -
Current assets
Trade and other receivables 77,630 56,100
Taxation 7,770 1,753
Cash and cash equivalents 14,949 51,691
498,719 447,262
Equity
Ordinary shareholders` interest 283,919 235,773
Minority shareholders` interest - 2,377
Non-current liabilities
Deferred taxation 54,008 42,558
Interest-bearing long-term loans 70,966 73,226
Current liabilities
Trade and other payables 62,535 67,488
Short term portion of interest-bearing 27,291 25,840
borrowings
498,719 447,262
CONSOLIDATED CASH FLOW STATEMENT
Operating profit after non-cash flow 51,173 52,535
items
Decrease/(Increase) in working capital (26,654) 7,531
Cash generated by operations 24,519 60,066
Interest received 4,366 5,093
Finance costs paid (15,413) (10,382)
Dividends paid (3,590) (6,210)
Taxation paid (9,607) (12,793)
Cash inflow from operating activities 275 35,774
Net cash inflow / (outflow) from 19,650 41,665
financing activities
Net cash flow from investing (56,667) (75,903)
activities
- Disposal of investment in 48 0
subsidiary
- Investment in associate (1,560) 0
- Increase in loan to joint venture (167) (7,694)
and associates
- Replacement of tangible assets (57,602) (78,141)
- Proceeds on sale of tangible assets 2,614 9,932
Cash generated / (utilised) during (36,742) 1,536
period
Net cash at beginning of period 51,691 50,155
Net cash at end of period 14,949 51,691
Profit from operating activities
Industrial 39,086 36,705
Agricultural (7,855) 1,068
Consumer (217) (744)
Aviation 75
-
Supply chain services (4,318) (2,897)
Property 38,953 15,710
65,724 49,842
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Share Non- Distributa Other Total
Capital Distibutable ble reserves
reserve reserves
Opening 194 37,142 162,602 -2,663 197,275
balance 1
March 2006
Revaluation 13,233 13,233
of tangible
assets
Transferred -3,837 -3,837
to deferred
taxation
Foreign currency 3,940 3,940
translation reserve
Prior year 2,460 2,460
adjustment
Transfers 13,432 -13,432 -
between
reserves
Profit for 28,912 28,912
the period
Dividends -6,210 -6,210
paid during
the year
194 59,970 174,332 1,277 235,773
Opening 194 59,970 174,332 1,277 235,773
balance 1
March 2007
Revaluation 15,474 15,474
of tangible
assets
Transferred -4,487 -4,487
to deferred
taxation
Foreign currency 717 717
translation reserve
Prior year -
adjustment
Transfers 33,305 -33,305 -
between
reserves
Profit for 40,032 40,032
the period
Dividends -3,590 -3,590
paid during
the year
194 104,262 177,469 1,994 283,919
SEGMENTAL ANALYSIS
Revenue
Industrial 261,062 237,394
Agricultural 124,994 155,376
Consumer 9,481 10,464
Aviation 2,988 -
Supply chain services 22,453 23,209
Property 4,116 2,584
425,094 429,027
Review
The company`s results for the year were mixed. The surge in the commodity based
industries and in property values have resulted in record earnings per share for
the company, an increase of 38% from last year. This is tempered by the
agricultural operations which incurred far higher operating costs through moving
sugar cane from wet fields as a result of the untimely rains.
The impairment of the assets of the Zimbabwe subsidiary in view of the
uncertainties in that country resulted in a charge to the income statement of
R6.4 million.
The agreed final tranche of equity in the empowerment company Buhle Betfu
Holdings (Pty) Ltd was sold to the empowerment partners, making this company a
Black owned transporter. This sale resulted in the deconsolidation of that
company from the Cargo Carriers results and being accounted for as an associate.
This has decreased reported revenue and profits.
The rise in interest rates and the increase in borrowings have resulted in an
increase in the interest charge.
The sale of the letting enterprise and its property within Cargo Carriers
Workshop Property (Pty) Ltd is expected to be concluded in the new financial
year. Delays have been experienced with the finalisation of the application to
the Competitions Commission.
Prospects
The strategic positioning of the company in the commodity transport area
continues to be beneficial and the current year`s agricultural outlook is
positive. Consequently prospects for the coming year are favourable.
Accounting Policies
The financial results to year end February 2008 have been prepared in accordance
with IAS 34, the requirements of the South African Companies Act, Act 61 of
1973, and the Listing Requirements of the JSE Limited.
The accounting policies applied in the current year are consistent with prior
years.
Independent Auditor`s Report
These results have been reviewed by Ernst & Young and their review opinion is
available on request from the company secretary at Cargo Limited`s registered
office. The Group`s annual report will be available by the end of May 2008
Restatement of prior year figures
The comparative figures for other revenue and the investment in the joint
venture have been changed. This is due to the reclassification between other
revenue and operating and administration costs of rental income earned by
investment property as well as the amount owing by the joint venture partner
that was reflected in trade receivables in the prior period being reallocated to
the equity accounted investment. These changes have also effected the
classification of certain items in the cashflow statement in the prior year
between working capital changes and investment in joint ventures.
DIVIDEND DECLARATION
A final dividend (no. 34) of 9.0 (2007: 9.0) cents per share has been declared
to shareholders recorded in the books of the company at the close of business on
Friday 20 June 2008. The last date to trade cum dividend will be Thursday 12
June 2008 and the shares will trade ex dividend from the commencement of
business on Friday 13 June 2008. The dividend will be paid on Monday 23 June
2008. Share certificates may not be dematerialised / rematerialised between
Friday 13 June 2008 and Friday 20 June 2008, both days inclusive.
Registered Office
140 North Reef Road
Elandsfontein, 1406
Transfer Secretaries
Computershare Investor Services (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
14 May 2008
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: 14/05/2008 17:55:01 Produced by the JSE SENS Department.
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