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TPC
TPC
TPC - Transpaco Limited - Unaudited interim group results for the 6 months ended
31 December 2008 and dividend announcment
Transpaco Limited
Reg. No. 1951/000799/06
ISIN: ZAE000007480
Share Code: TPC
("Transpaco")
UNAUDITED INTERIM GROUP RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2008 AND
DIVIDEND ANNOUNCMENT
TURNOVER UP 28%
HEADLINE EARNINGS PER SHARE UP 101%
DIVIDEND PER SHARE UP 65%
INTRODUCTION
Transpaco achieved outstanding results for the six months ended 31 December 2008
("the period"). Strong organic growth across the group, supported by substantial
investment in new plant over the previous two years, is reflected in the
results.
FINANCIAL RESULTS
Earnings per share for the period increased by 96,7% to 106,0 cents (December
2007: 53,9 cents) while headline earnings per share grew by 101% to 105,9 cents
(December 2007: 52,6 cents). Operating profit rose by 74,4% to R50,8 million
(December 2007: R29,1 million), notably outstripping the growth in turnover of
27,9% to R452,2 million(December 2007: R353,4 million). The group`s operating
costs, depreciation and net interest paid increased commensurate with the growth
in turnover and were well contained. Interest cover improved to a satisfactory
5,9 times (December 2007: 4,1 times).
The ranking and weighted number of shares in issue increased marginally due to
shares being taken up in terms of the Transpaco Share Option Scheme. This also
affected diluted earnings per share.
Cash generated from operations amounted to R45,5 million (December 2007:
utilised R5,3 million) as a result of higher operating profit and strict
management of working capital. Consequently the net interest-bearing debt:equity
ratio has improved significantly to 53% (December 2007: 93%).
Net asset value per share increased by 24,1% to 597 cents (December 2007: 481
cents).
PROSPECTS
Notwithstanding current adverse economic conditions, the group will endeavour to
achieve continued organic growth. Transpaco will also pursue appropriate
acquisitions.
DIVIDEND
The board has declared an interim cash dividend of 16,5 cents per share (Dec
2007: 10 cents per share).
The salient dates for the dividend are as follows:
Last date to trade shares cum dividend Friday, 20 March 2009
Shares trade ex dividend Monday, 23 March 2009
Record date Friday, 27 March 2009
Payment date Monday, 30 March 2009
Share certificates may not be dematerialised or rematerialised between Monday,
23 March 2009 and Friday, 27 March 2009, both days inclusive.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The unaudited interim financial results for the period are prepared in
accordance with International Financial Reporting Standards ("IFRS") and
International Accounting Standards including IAS 34 - Interim Financial
Reporting, and comply with the Listings Requirements of the JSE Limited and the
South African Companies Act, 1973. The accounting policies applied in these
unaudited interim financial statements are consistent in all material respects
with those applied in the preparation of the group`s annual financial statements
for the previous year ended 30 June 2008.
ON BEHALF OF THE BOARD
AJ Aaron PN Abelheim L Weinberg
Non-executive Chief Executive Financial Director
Chairman
DIRECTORS
AJ Aaron (Chairman)*; PN Abelheim (Chief Executive); L Weinberg (Financial
Director); HA Botha*; JS Botha; SR Bouzaglou; SI Jacobson*;
D Thomas*; SP van der Linde*
*non-executive
Date 25 February 2009
Auditors Ernst & Young Incorporated
Sponsor Investec Bank Limited
Registered Office 331 6th Street, Wynberg, Sandton
Transfer Secretaries Computershare Investor Services (Pty) Limited, 70
Marshall Street, Johannesburg
Website www.transpaco.co.za
SEGMENTAL ANALYSIS - UNAUDITED 6 MONTHS DECEMBER 2008
R`000 Plastic Plastic Paper and Properties Total
Recycling Products Board and Group
Products Services
Turnover -
2008 53 464 306 576 92 120 - 452 160
Turnover -
2007 38 636 236 365 78 407 - 353 408
Operating
profit -
2008 8 372 27 988 11 745 2 724 50 829
Operating
profit -
2007 1 652 15 324 10 395 1 770 29 141
CONSOLIDATED INCOME STATEMENT
R`000 Unaudited Unaudited Audited
6 months % 6 months 12 months
Dec 2008 Change Dec 2007 June 2008
Turnover 452 160 27,9 353 408 720 179
Cost of sales 300 705 239 188 499 149
Profit before operating
costs and depreciation 151 455 32,6 114 220 221 030
Operating costs 88 378 74 709 146 858
Depreciation 12 248 10 370 21 644
Operating profit 50 829 74,4 29 141 52 528
Net interest paid 8 611 7 159 15 335
Profit before taxation 42 218 92,1 21 982 37 193
Taxation 12 730 7 262 11 578
Profit after taxation 29 488 100,3 14 720 25 615
Weighted average number
of shares in issue
(`000) 27 806 27 27 579
317
Diluted weighted
average number of
shares in issue (`000) 31 461 31 788 31 576
Earnings per share
(cents) 106,0 96,7 53,9 92,9
Headline earnings per
share (cents) 105,9 101,4 52,6 91,3
Diluted earnings per
share (cents) 94,3 100,7 47,0 82,5
Diluted headline
earnings per share
(cents) 94,1 105,3 45,9 81,1
Dividend per share
(cents)* 16,5 65 10,0 28,0
Reconciliation of headline earnings (R`000)
Basic earnings 29 488 14 720 25 615
Profit on disposal of
property, plant and
equipment (54) (359) (444)
Headline earnings 29 434 105,0 14 361 25 171
*Dividend declared after the period
CAPITAL COMMITMENTS
R`000 Unaudited Unaudited Audited
6 months 6 months 12 months
Dec 2008 Dec 2007 June 2008
Capital expenditure
authorised and contracted
Plant and equipment 2 000 4 585 8 512
CONSOLIDATED BALANCE SHEET
R`000 Unaudited at Unaudited at Audited at
31 Dec 2008 31 Dec 2007 30 June 2008
ASSETS
Non-current assets 158 697 136 401 152 001
Property, plant and
equipment 149 281 127 868 143 665
Intangibles 482 482 482
Goodwill 3 204 3 204 3 204
Unlisted investments 3 673 3 012 3 369
Deferred taxation 2 057 1 835 1 281
Current assets 261 400 255 103 259 127
Inventories 65 751 77 037 86 033
Trade and other
receivables 169 538 159 434 140 278
Taxation receivable 2 190 4 934 5 533
Cash at bank and in hand 23 921 13 698 27 283
TOTAL ASSETS 420 097 391 504 411 128
EQUITY AND LIABILITIES
Capital and reserves 175 369 142 494 150 700
Issued capital 278 277 277
Other reserves 1 965 1 837 1 901
Preference shareholders`
interest 9 273 9 273 9 273
Distributable reserve 163 853 131 107 139 249
Non-current liabilities 75 819 75 516 82 598
Preference share
liability 3 049 4 285 3 897
Interest-bearing
borrowings 62 307 63 505 70 525
Deferred taxation 10 463 7 726 8 176
Current liabilities 168 909 173 494 177 830
Trade payables and
accruals 105 371 91 827 113 984
Provisions 8 221 2 226 5 599
Current portion of
interest- bearing
borrowings 31 188 17 839 20 601
Taxation payable 2 992 1 361 635
Bank overdraft 21 137 60 241 37 011
TOTAL EQUITY AND
LIABILITIES 420 097 391 504 411 128
Number of shares in issue
(`000)
(Net of 2 706 000
treasury shares) 27 694 27 116 27 116
Net movement on treasury
shares 120 561 578
Ranking number of shares 27 814 27 777 27 694
Salient features
EDITDA (R`000) 64 000 40 504 76 238
Net asset value per share
(cents) 597 481 511
Operating margin (%) 11.2 8.3 7.3
Net interest-bearing
debt:equity ratio % 53 93 70
Interest cover (x) 5.9 4.1 3.4
ABRIDGED CONSOLIDATED CASH FLOW
R`000 Unaudited 6 Unaudited 6 Audited
months months 12 months
Dec 2008 Dec 2007 June 2008
Cash flow from operating
activities
Cash generated
from/(utilised by)
operations 45 484 (5 272) 61 673
Ordinary dividend paid (5 003) (4 144) (6 914)
Increase/(decrease) in
provisions 2 622 (2 194) 1 179
Net interest paid (8 611) (7 159) (15 335)
Taxation paid (5 519) (3 490) (8 127)
Net cash flow from operating
activities 28 973 (22 259) 32 476
Cash flow from investing
activities
Proceeds on disposal of
property, plant and
equipment 240 590 739
Expansion and replacement of
property, plant and
equipment (18 038) (23 056) (50 179)
Increase in unlisted
investments (304) (463) (820)
Net cash flow from investing
activities (18 102) (22 929) (50 260)
Cash flow from financing
activities
(Decrease)/increase in long-
term borrowings (8 218) 11 882 18 902
Increase/(decrease) in short-
term borrowings 10 587 (1 806) 956
Decrease in preference share
liability (848) (387) (775)
Net movement on treasury
shares 120 561 578
Net cash flow from financing
activities 1 641 10 250 19 661
Net movement in cash for the
period 12 512 (34 938) 1 877
Cash and cash equivalents at
the beginning of the period (9 728) (11 605) (11 605)
Cash and cash equivalents at
the end of the period 2 784 (46 543) (9 728)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
R`000 Share Preference Other Distributable Total
Capital Shareholders Reserves Reserves
Interest
Balance at 30
June 2007
(audited) 272 9 273 1 773 119 975 131 293
Profit for the
year - - - 25 615 25 615
Share-based
payment - - 128 - 128
Dividend paid - - - (6 914) (6 914)
Net movement
on treasury
shares 5 573 578
Balance at 30
June 2008
(audited) 277 9 273 1 901 139 249 150 700
Profit for the
period - - - 29 488 29 488
Share-based
payments - - 64 - 64
Dividend paid - - - (5 003) (5 003)
Net movement
in treasury
shares 1 - - 119 120
Balance at 31
December 2008
(unaudited) 278 9 273 1 965 163 853 175 369
25 February 2009
Sponsor: Investec Bank Limited
Date: 25/02/2009 07:05:11 Produced by the JSE SENS Department.
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