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CCL
CCL
CCL - Compu-Clearing Outsourcing Limited - Reviewed preliminary condensed
results for the year ended June 2008
Compu-Clearing Outsourcing Limited
(Incorporated in the Republic of South Africa)
Registration number 1998/015541/06
Share code CCL
ISIN ZAE 000016564
"Compu-Clearing", "The Company" or "The Group"
Reviewed preliminary condensed results for the year ended June 2008
Tenth year as a JSE listed company
Ordinary dividend of 25 cps declared
Cash on hand a record R27.8 million
Cash generated 120% of operating income
Revenue UP 8%
Operating income UP 35%
Headline earnings UP 33%
Headline Earnings per Share UP 31%
E STATEMENT
PRELIMINARY INCOME STATEMENT
Year ended Year %
30/6/2008 ended Increase
(reviewed) 30/6/2007 /
(audited) (decrease
R`000 R`000
Rental and other revenue 45,496 42,292 8
Operating costs 33,112 33,143
- Distribution 24,266 23,886
- Administration 8,342 8,454
- Other 504 803
Operating profit 12,384 9,149 35
Net finance revenue
- Financial income 2,629 1,740
- Financial expense - (1)
Profit before income tax 15,013 10,888 38
Income tax - Normal and 4,107 2,132
deferred
Income tax - STC (secondary
tax on companies) - 538
Profit for the year 33
attributable to ordinary 10,906 8,218
shareholders
Basic earnings per share 27.0 20.6 31
(cents)
Diluted earnings per share 33
(cents) 26.5 19.9
PRELIMINARY BALANCE SHEET Year ended Year %
30/6/2008 ended Increase
(reviewed) 30/6/2007 /
(audited) (decrease
R`000 R`000
Assets
Non current assets 14,869 14,657
Property, plant and 13,655 13,540
equipment
Intangible asset 662 718
Deferred taxation asset 552 399
Current assets 35,842 29,028
Inventory 66 102
Trade and other receivables 6,696 6,085
Taxation receivable 1,302 1,183
Investments - 4,616
Cash and cash equivalents 27,778 17,042
Total assets 50,711 43,685
EQUITY AND LIABILITIES
Shareholders` funds 45,687 39,189
Share capital and premium 1,102 5,760
Treasury shares (577) (601)
Reserves 45,162 34,030
Non-current liabilities 1,509 1,804
Post retirement medical 1,341 1,563
obligations
Deferred taxation liability 168 241
Current liabilities 3,515 2,692
Trade and other payables 3,160 2,690
Taxation payable 355 2
Total equity and liabilities 50,711 43,685
Net asset value per share 112.4 97.1 16
(cents)
PRELIMINARY CASH FLOW STATEMENT Year ended Year
30/6/2008 ended
(reviewed) 30/6/2007
(audited)
R`000 R`000
Profit before income tax 15,013
10,888
Adjustments for: 1,082
213
Non cash items 2,842 2,821
Net financial revenue (2,629) (1,739)
Cash generated by trading operations 15,226 11,970
(Decrease) / increase in post
retirement medical obligations (222) (20)
(Increase)/ decrease in working capital 855
(105)
Cash generated by operations 14,899 12,805
Net financial revenue 1,419
2,629
- Financial income 2,629 1,420
- Financial expense - (1)
Income tax paid (3,834)
(4,099)
Distributions to shareholders (4,889) (11,888)
- Dividend paid
(4,307)
- Distribution of share premium (4,889) (7,581)
Cash flow from operating activities 8,540 (1,498)
Cash flow from investing activities 1,941 (3,710)
Utilised to expand operations
Acquisition of property, plant and
equipment (462)
Utilised to maintain operations
Acquisition of property, plant and
equipment (2,423) (1,084)
Acquisition of intangible asset (252) (164)
(Acquisition)/ disposal of investments 4,616 (2,000)
Cash flow from financing activities
Proceeds from the issue of shares and 255 2,628
sale of treasury shares
Increase/ (decrease) in cash and cash
equivalents 10,736 (2,580)
Cash and cash equivalents at the
beginning of the year 17,042 19,622
Cash and cash equivalents at the end of
the year 27,778 17,042
RECONCILIATION OF HEADLINE EANINGS
Year ended Year %
30/6/2008 ended Increase
(reviewed) 30/6/2007 /
(audited) (decrease
R`000 R`000
Profit for the year 10,906 8,218
attributable to ordinary
shareholders
Adjusted for :
Loss on disposal of property, 25 22
plant and equipment
Taxation effect (7) (6)
Headline earnings 10,924 8,234 33
Headline earnings per share 27.0 20.6 31
(cents)
Diluted headline earnings per 26.6 19.9
share (cents)
Actual number of shares in 40,658 40,380
issue (`000)
Weighted average number of 40,460 39,959
shares in issue (`000)
Diluted weighted average 41,096 41,393
number of shares in issue
(`000)
STATEMENT OF CHANGES IN EQUITY
Share Share Treasury Retained Share- Total
capital premium shares earnings based
payment
reserve
R`000 R`000 R`000 R`000 R`000 R`000
Balance at 400 12,061 (804) 28,118 568 40,343
30 June 2006
Sale of 203 1,545 1,748
treasury
shares
New share
allotments 9 871 880
Recognised
income and
expense
- Profit 8,218 8,218
for the year
Dividends (4,307) (4,307)
paid
Distribution (7,581) (7,581)
of share
premium
Share-based (112) (112)
payment
transaction
Balance at 409 5,351 (601) 33,574 456 39,189
30 June 2007
Sale of 0
treasury
shares
New share 3 24 27
allotments
Distribution (4,661) (4,661)
of share
premium
Recognised
income and
expense
- Profit 10,906 10,906
for the year
Share-based 226 226
payment
transaction
Balance at 412 690 (577) 44,480 682 45,687
30 June 2008
PRELIMINARY SEGMENTAL REPORT
Year ended Year %
30/6/2008 ended Increase
(reviewed) 30/6/2007 /
(audited) (decrease
R`000 R`000
Software rental revenue 34,124 30,984 10
Hardware rental revenue 10,327 8,895 16
Other 1,045 2,413
Total revenue 45,496 42,292 8
Segment result - Software 18,010 15,022
Segment result - Hardware 2,919 3,078
Segment result - Other (8,951)
(8,545)
Total segment result 12,384 9,149 35
Operating margin 27% 22%
Commentary
2008 marks the tenth year of Compu-Clearing`s listing on the JSE and its quarter
century since founding in 1983. During this period the company has grown to
become a pivotal provider of software and hardware solutions for the clearing
and forwarding industry. The majority of South African customs entries are
processed via the company`s systems. Compu-Clearing is privileged to have
leading corporations and international logistics providers as customers and it
enjoys a long-standing and constructive relationship with the South African
Customs authorities.
The financial results for the year ended June 2008 once again underscore Compu-
Clearing`s consistent cash generative qualities. Cash generated amounted to 120%
of operating profit. Cash on hand at balance sheet date amounted to a record
R27.8 million.
Revenue increased by 8% to R45.5 million and a combination of strict expense
control and improved efficiencies resulted in operating profit increasing by 35%
to R12.4 million. Operating margin of 27.2% is at an all time high. The company
expenses all costs associated with continuous improvement and development of its
intellectual property. The robust cash position bolstered finance income, which
increased by 51% to R2.6m. Tax is charged at a rate of 27.4% for the year, up
from 24.5%. Headline earnings increased by 33% to R10.9m and headline earnings
per share increased by 31% to 27.0 cents.
Both volume and value of goods imported to South Africa declined as the year
progressed. Compu-Clearing is sensitive to the number of shipments in and out of
the country and therefore actual transactions processed rather than absolute
tonnage. Company revenue is thus substantially less cyclical than country
trading patterns and benefits too from a base load of contractual recurring
income from a diverse customer base.
Prospects
With a strong balance sheet, skilled and stable workforce, and recurring revenue
sources, Compu-Clearing is well placed to withstand less favourable economic
times. Investment in hardware infrastructure will continue and new state-of-the-
art software products are in the pipeline for introduction to local and
international customers. Earnings growth is anticipated in 2009.
Basis of preparation
The preliminary condensed financial statements have been prepared in accordance
with the recognition and measurement requirements of International Financial
Reporting Standards (IFRS), the presentation and disclosure requirements of IAS
34 Interim Financial Reporting and in the manner required by the Companies Act
of South Africa. The accounting policies applied are consistent with those
reflected in the financial statements for the year ended 30 June 2007.
Review report
The Group`s auditors KPMG Inc, have reviewed the preliminary condensed financial
statements for compliance with IFRS and the Companies Act of South Africa for
the year ended 30 June 2008. Their unqualified review opinion is available for
inspection at the registered office of the Company.
Capital repayments to shareholders
A capital repayment from the share premium of 12 cents per ordinary share
relating to the 2007 financial year was declared and made to shareholders during
the period.
Ordinary dividend declaration
Notice is hereby given of the declaration of an ordinary cash dividend of 25
cents per share (2007 - nil) (`the dividend`). The following salient dates will
apply to the dividend:
Last date to trade `cum` the dividend 2008
Last date to trade `cum` the dividend Friday, 12
September
Trading commences `ex` the dividend Monday, 15
September
Record date Friday, 19
September
Date of payment of the dividend Monday, 22
September
Share certificates may not be dematerialised or rematerialised during the period
Monday, 15 September to Friday, 19 September both days inclusive.
For and on behalf of the Board
Johannesburg A.Garber
J. du Preez
25 August 2008 (Chairman) (Chief Executive)
Directors: A.Garber, J.du Preez, D.Cleasby*, A.Katz*, M.Lutrin*, Dr.T.M.Mogale*,
M.Steele*, A.Webb*, C.Efthymiades, M.Acosta-Alarcon
*(Non-executive)
Transfer secretaries:
Registered office:
Computershare Investor Services (Pty) Ltd. 7 Drome Road
Ground Floor Lyndhurst, 2106
70 Marshall Street PO Box 890856
Johannesburg, 2001 Lyndhurst, 2106
Sponsor:
Sasfin Capital
(a division of Sasfin Bank Limited)
Auditors:
KPMG Inc.
Date: 25/08/2008 17:47:03 Produced by the JSE SENS Department.
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