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CCL
CCL
CCL - Compu-Clearing - Reviewed Results For 6 Months Ended 31 December 2008
Compu-Clearing Outsourcing Limited
Incorporated in the Republic of South Africa
Registration number 1998/015541/06
Share code: CCL & ISIN: ZAE000016564
("Compu-Clearing", "the Company" or "the Group")
REVIEWED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2008
CONDENSED BALANCE SHEET
31 31 30 June
December December 2008
2008 2007 (Audited)
(Reviewed) (Reviewed)
R`000 R`000 R`000
ASSETS
Non current 15,669 13,792 14,869
assets
Property, 14,327 12,849 13,655
plant and
equipment
Intangible 919 672 662
asset
Deferred 423 271 552
taxation asset
Current assets 28,294 30,619 35,842
Inventory 69 84 66
Trade and 7,213 6,774 6,696
other receivables
Taxation 1,302 1,292 1,302
receivable
Investments - 5,008 -
Cash and cash 19,710 17,461 27,778
equivalents
Total assets 43,963 44,411 50,711
EQUITY AND
LIABILITIES
Equity 39,359 39,276 45,687
Share capital 1,548 921 1,101
and premium
Treasury (528) (569) (576)
shares
Distributable 38,339 38,924 45,162
reserves
Non-current 1,464 1,693 1,509
liabilities
Post 1,303 1,531 1,341
retirement
medical
obligations
Deferred 161 162 168
taxation
liability
Current 3,140 3,442 3,515
liabilities
Trade and 2,625 2,770 3,157
other payables
Income tax 515 672 358
payable
Total equity and 43,963 44,411 50,711
liabilities
Net asset value 95.7 97.2 112.4
per share (cents)
CONDENSED INCOME
STATEMENT
6 months ended Year ended
% Inc. 31 31 30 June
/ December December 2008
(decr.) 2008 2007 (Audited)
(Reviewed) (Reviewed)
R`000 R`000 R`000
Rental and other - 22,500 22,454 45,496
revenue
Operating costs 17,765 16,929 33,112
- Distribution 12,777 12,105 24,266
- Administration 4,809 4,713 8,342
- Other 179 111 504
Operating profit (14) 4,735 5,525 12,384
Financial income 1,422 1,182 2,629
Profit before (8) 6,157 6,707 15,013
income tax
Income tax - 1,713 1,949 4,107
normal and
deferred
Income tax - STC 1,022 - -
(secondary tax
on companies)
Profit for the (28) 3,422 4,758 10,906
year attributable
to ordinary
shareholders
Earnings per
share (cents)
Basic (29) 8.4 11.8 27.0
Diluted (27) 8.3 11.4 26.5
Ordinary dividend 25.0 - -
per share (cents)
Capital - 12.0 12.0
distribution
(cents)
RECONCILIALTION
OF HEADLINE
EARNINGS
6 months ended Year ended
% Inc. 31 31 30 June
/ December December 2008
(decr.) 2008 2007 (Audited)
(Reviewed) (Reviewed)
R`000 R`000 R`000
Profit for the 3,422 4,758 10,906
year attributable
to ordinary
shareholders
Adjusted for :
Loss on disposal 10 32 25
of property,
plant and
equipment
Taxation effect (3) (9) (7)
Headline earnings 3,429 4,781 10,924
Headline earnings
per share (cents)
Basic (29) 8.4 11.8 27.0
Diluted (28) 8.3 11.5 26.6
Actual number of shares 41,110 40,413 40,658
in issue (`000)
Weighted 40,901 40,402 40,460
average number
of shares in
issue (`000)
Diluted weighted 41,446 41,687 41,096
average number of
shares in issue
(`000)
CONDENSED SEGMENT
REPORT
6 months ended Year ended
% Inc. 31 31 30 June
/ December December 2008
(decr.) 2008 2007 (Audited)
(Reviewed) (Reviewed)
R`000 R`000 R`000
Software 2 17,241 16,858 34,124
rental revenue
Hardware (7) 4,706 5,063 10,327
rental revenue
Other 4 553 533 1,045
Total revenue - 22,500 22,454 45,496
Segment result 8,043 8,519 18,142
- Software
Segment result 1,451 1,297 4,036
- Hardware
Segment result (4,759) (4,291) (9,794)
- Other
Total sement (14) 4,735 5,525 12,384
result
Operating margin 21% 25% 27%
CONDENSED CASH
FLOW STATEMENT
6 months ended Year ended
31 December 31 December 30 June
2008 2007 2008
(Reviewed) (Reviewed) (Audited)
R`000 R`000 R`000
Profit before 6,157 6,707 15,013
income tax
Adjusted for: 88 530 213
Non cash items 1,510 1,712 2,842
Net financial (1,422) (1,182) (2,629)
income
Cash generated by 6,245 7,237 15,226
trading operations
Decrease in post (38) (32) (222)
retirement medical
obligations
(Increase) in (1,056) (591) (106)
working capital
Cash generated by 5,151 6,614 14,898
operations
Financial income 1,422 790 2,629
Income tax paid (2,452) (1,339) (4,098)
Distributions to (10,221) (4,849) (4,889)
shareholders
- Dividends paid (10,221) - -
- Distribution of - (4,849) (4,889)
share premium
Cash (outflow) / (6,100) 1,216 8,540
inflow from
operating
activities
Cash (outflow) / (2,463) (807) 1,941
inflow from
investing
activities
Acquisition of - (293) -
property, plant
and equipment to
expand operations
Acquisition of (2,131) (397) (2,423)
property, plant
and equipment to
maintain
operations
Acquisition of (332) (117) (252)
intangible asset
Disposal of - - 4,616
investments
Cash inflow from
financing
activities
Proceeds from the 495 10 255
issue of shares
and sale of
treasury shares
(Decrease) / (8,068) 419 10,736
increase in cash
and cash
equivalents
Cash and cash 27,778 17,042 17,042
equivalents at the
beginning of the
period
Cash and cash 19,710 17,461 27,778
equivalents at the
end of the period
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 30 409 5,351 (601) 33,574 456 39,189
June 2007
Recognised 10,906 10,906
income and
expense
- profit for
the year
Share issues 3 252 255
Distribution (4,914) 25 (4,889)
of share
premium
Share-based 226 226
payment
transaction
Balance at 30 412 689 (576) 44,480 682 45,687
June 2008
Recognised 3,422 3,422
income and
expense
- profit for
the year
Sale of 22 48 70
treasury
shares
Share issues 4 421 425
Dividends (10,221) (10,221)
paid
Share-based (24) (24)
payment
transaction
Balance at 31 416 1,132 (528) 37,681 658 39,359
December 2008
Commentary
The 6 months ended 31 December 2008 has been a challenging period for the
Company as import and export volumes declined. Core revenue remained at a
similar level to the corresponding period, while expenses increased by 5%.
Secondary Tax on Companies (`STC`) of R1 million relating to dividends paid
during the period, resulted in a 3,4 cents drop in headline earnings per share
and earnings per share to 8,4 cents. Distributions to shareholders in the
corresponding period were made by way of a reduction in share capital, which was
not subject to STC. Excluding the effect of the STC in the current period,
headline earning per share and earnings per share would have decreased by 8,0%
and 7.7% respectively. The company continues to be a strong generator of cash.
Prospects
Prospects for the coming year appear good with a stable client base, with the
rollout of some new products expected to take place during the second half of
this financial year. Volumes are not expected to increase. Management remains
committed to the further development of new products.
Basis of preparation
The condensed interim financial statements have been prepared in accordance with
the listings requirements of the JSE Limited, the recognition and measurement
requirements of International Financial Reporting Standards, the presentation
and disclosure requirements of IAS 34 and 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 2008.
Related party transactions
The Group has entered into various transactions with related parties on an arm`s
length basis and at market rates.
Distributions to shareholders
Compu-Clearing has a policy of paying a single dividend at year end. As a
result, the company has not declared an interim dividend.
Review report
The Group`s auditors KPMG Inc, have reviewed the financial information for the
six months ended 31 December 2008. Their unmodified review report is available
for inspection at the registered office of the Company
For and on behalf of the Board
Johannesburg
27 February 2009
A. Garber (Chairman)
J. du Preez
(Chief Executive)
Johannesburg
2 March 2009
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
Date: 02/03/2009 15:25:56 Produced by the JSE SENS Department.
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