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1TM
1TM
1TM - 1time Holdings Limited - Interim Results For The Period Ended 30 June 2008
1time Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1999/017536/06)
Share Code: 1TM
ISIN Code: ZAE000102026
("1time Holdings", "the company" or "the group")
INTERIM RESULTS FOR THE PERIOD ENDED 30 JUNE 2008
Highlights
Revenue up 50%
Passenger growth up 28%
EBITDA profit of R5.7 million
Cash flow from operations of R25.8 million
Abridged consolidated balance sheet
6 months 6 months Year
ended30 ended30 ended
June2008 June2007 31
(Reviewed (Reviewe December
) d) 2007
(Audited)
Assets
Non-current assets 297 271 157 971 237 489
798 564 117
Current assets 103 064 60 189 96 113
391 905 389
Total assets 400 336 218 161 333 602
189 469 506
Equity and liabilities
Capital and reserves 100 555 53 078 104 905
570 675 545
Non-current liabilities 86 872 26 535 26 803
487 918 925
Deferred tax 12 240 14 363 22 304
319 902 710
Current liabilities 200 667 124 182 179 588
813 974 326
Total equity and liabilities 400 336 218 161 333 602
189 469 506
Number of shares in issue 210 000 180 000 210 000
000 000 000
Net asset value per share 47.88 29.49 49.96
(cents)
Net tangible asset per share 46.91 28.35 48.98
(cents)
Abridged consolidated income statement
6 months ended30 6 months ended30
June2008(Reviewed) June2007(Reviewed) Year ended31
December2007(Audited)
Revenue 455 435 905 304 820 964 674 606 422
Operating costs (449 709 932) (279 019 679) (623 363 242)
Earnings before 5 725 973 25 801 285 51 243 180
interest and
taxation
Depreciation (11 174 395) (6 308 959) (13 220 455)
Net finance (9 509 966) (3 716 742) (7 359 961)
charges
Investment 4 894 847 3 356 791 4 928 369
Income
(Loss)/profit (10 063 541) 19 132 375 35 591 133
before taxation
Taxation 3 750 256 (4 213 012) (7 013 039)
Attributable (6 313 285) 14 919 363 28 578 094
(loss)/earnings
Headline
Earnings
(Loss)/earnings (6 313 285) 14 919 363 28 578 094
attributable to
ordinary
shareholders
Impairment of - 691 953 (1 411 251)
assets
Profit on - - (4 231)
disposal of
property, plant
and equipment
Headline (6 313 285) 15 611 316 29 985 114
(loss)/earnings
attributable to
ordinary
shareholders
Weighted 210 000 000 180 000 000 191 260 274
average number
of shares in
issue (Note 1)
(Loss)/ (3.01) 8.67 15.68
earnings per
share (cents)
Headline (3.01) 8.29 14.94
(loss)/earnings
per share
(cents)
Note:
The pro forma weighted number of shares in issue for the six months ended 30
June 2007 is based on the restructured number of issued shares on 13 July 2007
in order to make the comparison more meaningful.
Abridged statement of changes in equity
6 months ended Year ended
30 30 31 December
June2008(Reviewed) June2007(Reviewed) 2007(Audited)
Opening 104 905 545 38 159 312 38 159 312
balance
shareholders
funds
Share issue - - 30 000 000
Costs - - (1 985 663)
relating to
listing
Revaluation 296 858 - 14 301 129
Deferred tax 3 966 452 - (4 147 327)
on
revaluation
(Loss)/profit (6 313 285) 14 919 363 28 578 094
before
taxation
Shareholders (2 300 000) - -
loans repaid
Total 100 555 570 53 078 675 104 905 545
shareholders`
funds
Abridged consolidated cash flow statement
6 months ended Year ended
30 30 31
June2008 June2007(Reviewed) December2007(Audited)
(Reviewed)
Cash and 25 889 064 32 318 154 32 318 154
equivalents
at
beginning
of period
Cash flows 25 802 143 31 038 022 60 747 443
from
operating
activities
Cash 30 417 262 31 636 129 63 664 931
generated
from
operations
Interest 4 894 847 3 356 791 4 928 369
received
Interest (9 509 (3 716 742) (7 359 961)
paid 966)
Taxation - (238 156) (485 896)
paid
Cash flows (70 956 (68 003 557) (143 064 621)
from 161)
investing
activities
Cash flows 39 970 524 29 772 937 75 888 088
from
financing
activities
Cash and 20 705 570 25 125 556 25 889 064
equivalents
at end of
period
Abridged segment report
6 months ended Year ended
30 30 31
June2008(Reviewed) June2007(Reviewed) December2007(Audited)
Gross
revenue
Airline 422 919 262 275 486 165 630 539 304
Charter 6 952 532 5 711 103 16 203 592
Technical 64 143 264 62 029 569 122 541 738
Inter- (38 579 153) (38 405 873) (94 678 212)
segment
revenue
Total 455 435 905 304 820 964 674 606 422
Earnings
before
interest and
tax
Airline (7 817 667) 8 554 245 26 307 478
Charter 3 331 334 3 311 640 8 044 532
Technical 10 974 781 14 663 984 18 538 210
Eliminations (762 475) (728 584) (1 647 040)
Total 5 725 973 25 801 285 51 243 180
PERFORMANCE REVIEW
The directors of 1time Holdings herewith announce satisfactory results achieving
a R5, 7 million EBITDA profit for the six month period ended 30 June 2008 (prior
year R25, 8 million). The R6, 3 million headline loss incurred by the group
should be viewed in the context of the most difficult trading period in global
aviation history. The net loss is largely attributed to the 91% increase in
average rand jet fuel prices compared to the same period last year, increasing
fuel costs by R140 million for the six months.
These increased fuel costs were partially recouped by 1time airline`s
exceptional revenue performance, increasing passenger revenue by 54% from R275,5
million last year to R422,9 million on the back of higher yields and a 28%
passenger growth achieved in a stagnant market. Aeronexus Technical and 1time
charters performed satisfactorily growing revenue and maintaining margins.
According to ACSA 1time airline is the fastest growing low cost airline in South
Africa.
Despite the difficult trading conditions the group performed well to generate
R25,8 million cash flow from operating activities (prior year R31,0 million)
Finance costs and depreciation increased in line with the airlines fleet growth.
AIRCRAFT FLEET
During the reporting period the airline acquired an additional MD83 aircraft to
increase 1time airline`s fleet to nine MD80 type aircraft. The standardised
aircraft fleet is fully stage 3 noise and emission compliant, offers the lowest
seat costs in the domestic market and has an average fleet age younger than our
major competitors.
PROSPECTS
Prospects for the second half for the group remain positive. 1time airline is
expected to continue to grow its market share, revenues and yields in the
seasonally stronger second half of the year. Should crude oil and the Rand
Dollar exchange rate remain at current levels the group is confident that it
will achieve headline profits for the full year.
DIVIDEND POLICY
In line with the company`s strategy to reinvest in the group to sustain growth,
no dividend has been declared. The dividend policy of 1time Holdings will be
reviewed annually in light of the group`s cash flow, gearing and capital
requirements.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The consolidated interim financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRS) and IAS 34: Interim
Financial Reporting. The accounting policies used in the preparation of these
results are consistent in all material respects with those used in the annual
financial statements for the year ended 31 December 2007.
PRIOR YEAR COMPARABLES
Interim results for 30 June 2007 have been restated to reflect the change in
accounting policy as detailed in note 2 of the Annual Report for the year ended
31 December 2007.These changes have been reviewed by the auditors.
CAUTIONARY
1time Holdings issued a cautionary announcement on SENS on 22 July 2008 advising
investors to exercise caution when dealing in the company`s securities as the
company had entered into heads of agreement relating to a potential acquisition.
Further announcements are expected to be made in the next few weeks.
REVIEW OPINION
The auditors of 1time Holdings, Nexia HBLT Chartered Accountants, have reviewed
the financial information in terms of rule 3.18 of the Listings Requirements of
the JSE Limited. Their unqualified review opinion is available for inspection at
the offices of 1time Holdings.
APPRECIATION
We thank our loyal staff for their commitment and also thank our business
partners, advisors, passengers, and most importantly our shareholders, for their
ongoing support and faith in the group.
By order of the Board
27 August 2008
Glenn Orsmond Sipho Twala
Chief Executive Officer Chairman
CORPORATE INFORMATION
Non-executive directors: S M Twala; T Matsinhe
Executive directors: G W Orsmond; R L James; M J Kaminski; G W Harrison; S J
Petersen; M Snyman (Secretary)
Registration number: 1999/017536/06
Registered address: Unit D2, Isando Industrial Park, Hulley Road, Isando
Postal address: P.O. 7110, Bonaero Park, 1622
Telephone: 011 928 8000
Facsimile: 0866 492 712
Web address: www.1timeholdings.co.za
Transfer secretaries: Computershare Investor Services (Pty) Limited
Designated Adviser: Exchange Sponsors (Pty) Limited
Date: 26/08/2008 17:50:01 Produced by the JSE SENS Department.
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