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ITR
ITR
ITR - Intertrading Limited - Unaudited interim results for the six months
ended 31 August 2008
INTERTRADING LIMITED
Registration number 1987/004777/06
("Intertrading", "the group" or "the
company")
Share code: ITR
ISIN: ZAE000015566
UNAUDITED INTERIM RESULTS FOR THE SIX
MONTHS ENDED 31 AUGUST 2008
CONSOLIDATED
BALANCE SHEET
Unaudited Unaudited Audited year
six months six months ended
ended ended
31 August 31 August 28 February
2008 2007 2008
R`000 R`000 R`000
ASSETS
Non current assets
- Property, plant and 3,549 3,576 3,665
equipment
- Intangible assets 4,648 4,897 4,648
- Investments in associates 688 - -
- Other financial assets - 10 -
- Deferred taxation 311 426 82
Current assets 37,758 46,606 51,630
46,954 55,515 60,025
EQUITY AND LIABILITIES
Equity 27,140 26,651 31,288
Long-term liabilities 39 121 69
Deferred taxation - 22 25
Current liabilities 19,775 28,721 28,643
46,954 55,515 60,025
STATEMENT OF CHANGES IN EQUITY
Equity at beginning of period 31,288 26,608 26,608
Net profit/(loss) for the (2,148) 43 4,680
period
Dividend (2,000)
Equity at end of period 27,140 26,651 31,288
CASH FLOW STATEMENT
Cash receipts from customers 75,493 78,048 185,616
Cash paid to suppliers and (78,098) (85,557) (183,075)
employees
Cash generated / (utilised) by (2,605) (7,509) 2,541
operations
Interest income 350 755 1,410
Finance costs (32) (1,244) (1,377)
Taxation refunded/(paid) (1) 791 445
Cash generated/(utilised) by (2,288) (7,207) 3,019
operating activities
Net cash inflow arising from 20,638
disposal of JV & subsidiary
Net cash inflow arising from 21,803
disposal of business
Net cash flow from other (1,317) (121) (423)
investing activities
Net cash outflow from (1,974) 745 (1,233)
financing activities
Net movement in cash (5,579) 14,055 23,166
Net cash resources at 21,831 (1,335) (1,335)
beginning of the year
Net cash resources at end of 16,252 12,720 21,831
the period
CONSOLIDATED
INCOME STATEMENT
Unaudited Unaudited Audited
six months six months year ended
ended ended
31 August 31 August 28
2008 2007 February
2008
R`000 R`000 R`000
Revenue 67,236 64,824 187,659
Cost of Sales (60,652) (57,414) (165,620)
Gross profit 6,584 7,410 22,039
Other income 1,113 1,485
Operating costs (12,159) (11,028) (22,750)
Operating profit/(loss) before
material items
separately disclosed (4,462) (3,618) 774
Material items separately
disclosed
Profit on disposal joint venture 697
Profit on disposal subsidiary 1,677
Profit/(loss) on disposal of - 3,054
business
Bad debt reversal /(provision) 809 1,310 1,365
Operating profit/(loss) before (3,653) 66 5,193
interest
Investment revenue 350 755 1,410
Income from equity accounted 688
investments
Finance costs (32) (1,244) (1,377)
Net profit/(loss) before taxation (2,647) (423) 5,226
Taxation 499 466 (546)
Net profit/(loss) after taxation (2,148) 43 4,680
Net profit/(loss) attributable to (2,148) 43 4,680
shareholders
SUPPLEMENTARY INFORMATION
Number of ordinary shares ( ` 000) 50,000 50,000 50,000
Weighted average number of shares 50,000 50,000 50,000
in issue ( ` 000)
Reconciliation of headline
earnings/(loss) per share
Headline earnings/(loss) per share (4.3) (4.7) 3.3
(cents)
Add:Profit on disposal of nuts - 6.1
business
Add:Profit on sale of JV and 4.8
subsidiary
Profit/(loss) per share (cents) (4.3) 0.1 9.4
Net asset value per share - 45.0 43.5 53.2
excluding intangible assets
(cents)
Net Asset value per share - 54.3 53.3 62.6
including intangible assets
(cents)
SEGMENTAL ANALYSIS
Segmental revenue
Fresh produce exports 16,378 20,435 54,327
Freight forwarding 60,810 53,782 157,250
Other - -
Less internal revenue (9,952) (9,393) (23,918)
67,236 64,824 187,659
Segmental results
Fresh produce exports (1,928) (152) 1,071
Freight forwarding (1,677) (1,308) 2,674
Other * (48) 1,605 1,448
Discontinued Operations (79) -
Operating profit/(loss) before (3,653) 66 5,193
interest
* Mainly profit on sale of subsidiary
PROFILE
Intertrading specialise in the procurement and marketing of fresh produce
to global markets. Allied to this Intertrading also provides services to
the agricultural sector including technical advice, freight forwarding and
logistical services.
OPERATIONAL REVIEW
1 Since, traditionally, the majority of earnings for the group arise during
the second half of the year; the next six months will determine year end
results.
2 The performance of Sky Services, the group freight forwarding operation,
is on budget and marginally better than last year. Turnover till the end
August was higher than budget due to almost monthly increases in airline
fuel levies, which unfortunately impacted adversely on profit margins. Air
freight tonnage was down due to lower than expected volume of fruit,
vegetables and fish, while flowers and meat matched the expected volumes.
3 Agrilink has had an extremely difficult first six months of the year as
the winter season was more severe than usual. This resulted in poor
quality of products with concomitant lower volumes of exports. High fuel
costs, smaller less cost efficient shipments, production inflation and a
firm rate of exchange impaired margins and made some exports unprofitable.
Results are therefore substantially below expectation and lower than last
year.
PROSPECTS
1 The reduction in the price of fuel and a softer rand will undoubtedly
improve the competitive advantage of air freighted perishable cargo and to
some degree compensate for the inflationary pressures in the production
sector. However, the current global financial turmoil will accelerate the
downturn in consumer spending in all the major markets in which the group
operates. The current strong and ungeared balance sheet places the Group
in a very favourable position to take advantage of any upturn in business.
2 As mentioned in the annual report, the current size of the group does not
warrant a listing and actions to generate a critical mass are being
actively pursued by your board. Shareholders will be advised as soon as
current initiatives crystallise.
DIRECTORATE
Chris Hull resigned as a financial director in May 2008 and we thank him
for his valuable contribution to the company. Audrey Anne Deiner was
appointed as financial director at the same time. No further changes to
the management structure or composition of the board were made.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The results for the six months ended 31 August 2008 and the comparative
information have been prepared in terms of International Financial
Reporting Standards (IFRS). The results also comply with IAS34
(International Accounting Standards) and the relevant sections of the South
African Company`s Act 1973, as amended, as well as in terms of listing
requirements. The accounting policies applied in the preparation of the
results for the six months ended 31 August 2008 are consistent with those
adopted in the financial statements for the year ended 28 February 2008.
By order of the board
GG Burelli B Julicher
Chairman
O.R. Tambo International Airport 21 November 2008
Registered office Transfer secretaries
Unit 2, Perishable Cargo Triangle Computershare Investor Services
Northern Perimeter Road 2004 (Pty) Ltd
O.R. Tambo International Airport 70 Marshall Street
(PO Box 11094, Aston Manor, 1630) Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Directors:
Non-executive: CPV Jousse, GG Burelli (Chairman), J Azoulay (Alternate to
GG Burelli), GFM van Rooyen
Executive: B Julicher, AA Deiner (Group Financial Director)
Johannesburg
28 November 2008
Sponsor
Sasfin Capital (A division of Sasfin Bank Limited)
Date: 26/11/2008 09:50:02 Produced by the JSE SENS Department.
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