|
TLM
TLM
TLM - Telemasters - Interim Results For The Six Month Period Ended 31 March 2009
TELEMASTERS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/015734/06)
Share code: TLM & ISIN Number: ZAE000093324
("Telemasters" or "the Company")
TELEMASTERS - INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 MARCH 2009
INCOME STATEMENTS Unaudited Unaudited
6 months 6 months
ended ended
31 March 31 March
2009 2008
R R
Revenue 113,603,358 82,199,921
Cost of sales (96,182,645) (69,065,177)
Gross profit 17,420,713 13,134,744
Operating expenses (8,003,607) (6,381,424)
Operating profit 9,417,106 6,753,320
Investment income 661,076 665,474
Finance costs (366,667) (182,813)
Profit before taxation 9,711,515 7,235,981
Taxation (2,965,948) (2,526,776)
Net profit for the period 6,745,567 4,709,205
Reconciliation of headline earnings:
Net profit for the period 6,745,567 4,709,205
Adjustments: - -
Headline earnings for the period 6,745,567 4,709,205
Weighted average shares in 42,000,000 42,000,000
issue (`000)
Headline earnings per share (cents) 16.06 11.21
Earnings per share (cents) 16.06 11.21
BALANCE SHEETS Unaudited at Unaudited at
31 March 31 March
2009 2008
R R
ASSETS
Non-current assets
Property, plant and equipment 15,443,814 7,885,784
Intangible assets 4,875,702 275,791
Deferred tax 256,610 -
20,576,126 8,161,575
Current assets
Trade and other receivables 23,607,355 15,930,254
Cash and cash equivalents 7,317,902 11,878,773
30,925,257 27,809,027
Total assets 51,501,383 35,970,602
EQUITY AND LIABILITIES
Equity
Share capital 3,828,059 5,508,059
Retained earnings 20,007,104 10,682,730
23,835,163 16,190,789
Non-current liabilities
Instalment sale agreements 3,425,328 742,660
Deferred tax - 81,287
3,425,328 823,947
Current liabilities
Current tax payable 2,821,956 2,026,075
Trade and other payables 17,704,407 16,413,551
Shareholders for distribution 1,680,000 -
Instalment sale agreement obligations 1,996,793 516,240
Bank overdraft 37,736 -
24,240,892 18,955,866
Total equity and liabilities 51,501,383 35,970,602
Number of shares in issue (`000) 42,000,000 42,000,000
Net asset value per share (cents) 56.75 38.54
Net tangible asset value per share 45.14 37.89
(cents)
CASH FLOW STATEMENTS Unaudited at Unaudited at
31 March 31 March
2009 2008
R R
Cash flows from operating activities
Cash generated from operations 4,824,155 3,726,143
Finance costs (366,667) (182,813)
Tax paid (6,383,200) (4,860,830)
Net cash from operating activities (1,925,712) (1,317,500)
Cash flows from investing activities
Property, plant and equipment (5,960,789) (2,279,781)
acquired
Investment income 661,076 665,474
Intangible assets acquired (2,920,412) -
Net cash from investing activities (8,220,125) (1,614,307)
Cash flows from financing activities
Proceeds from borrowings 2,608,982 519,655
Dividends paid (1,680,000) (5,040,000)
Repayment of borrowings (503,734) -
Net cash from financing activities 425,248 (4,520,345)
Total cash movement for the period (9,720,589) (7,452,152)
Cash at beginning of period 17,000,755 19,330,925
Total cash at end of the period 7,280,166 11,878,773
STATEMENT OF CHANGES IN
SHAREHOLDERS` EQUITY
Share Share Total Retained Total
share
capital premium capital income Equity
Balance at 30 4,200 5,503,859 5,508,059 11,013,525
September 2007 16,521,584
Dividends paid - - - (5,040,000) (5,040,000)
during period
ended 31 December
2007
Net profit for - - 4,709,205 4,709,205
the period ended -
31 March 2008
4200 5,503,859 5,508,059 10,682,730
16,190,789
Net profit for - - - 9,298,806 9,298,806
the six months to
30 September 2008
Dividends paid 1 - - - (5,040,000)
January 2008 to (5,040,000)
30 September 2008
Balance at 30 4,200 5,503,859 5,508,059
September 2008 14,941,536 20,449,595
Net profit for - - - 3,175,838 3,175,838
the period ended
31 December 2008
Dividends paid 18 - - - (1,680,000) (1,680,000)
December 2008
Balance at 31 4,200 5,503,859 5,508,059 16,437,374 21,945,433
December 2008
Net profit for - - - 6,745,567 6,745,567
the period ended
31 December 2008
Share premium - (1,680,000) - (1,680,000)
distributed to (1,680,000)
shareholders
Balance at 31 4,200 3,823,859 3,828,059 20,007,104 23,835,163
March 2009
SEGMENT REPORT
The company does not have different operating
segments. The business is conducted in South
Africa and is managed centrally with no
branches. The company is managed as one
operating unit. Accordingly there is no
meaningful segmental information to report
other than the following information:
Unaudited Unaudited
6 months 6 months
ended ended
31 March 31 March
2009 2008
R R
Revenue by Nature
Commissions earned on airtime 104,778,120 75,756,795
Connection incentive bonuses 7,221,630 5,826,100
Other 1,603,608 617,026
113,603,358 82,199,921
Major customers
Revenues from transactions with a single
external customer accounting to 10 percent or
more of the company`s revenue, are disclosed
below:
- Commission - Customer A - 17,525,775
- Commission - Customer B 27,095,837 3,715,000
- Commission and connection incentive bonus 86,507,521 60,959,146
with other customers
113,603,358 82,199,921
1. FINANCIAL RESULTS
1.1 Statement of compliance and basis of preparation
The consolidated interim financial statements for
the six months ended 31 March 2009 have been
presented in accordance with IAS 34, Interim
Financial Reporting. The results have been prepared
in accordance with accounting policies of the
company that are consistent with the prior period
and comply with International Financial Reporting
Standards. These results have not been reviewed or
audited by the Company`s auditors.
1.2 Commentary
The interim results for the first six months of the
2009 year indicate an increase of 38.20% in Revenue
growth as compared to the preceding financial year.
The net profit and EPS have increased by 43.3%.
We attribute this increase to the continued focus on
our business model which requires that we endeavour
to work smarter constantly finding more efficient
ways to operate whilst remaining focused on
delivering premium service to our customers.
The increase in Revenue is in part due to the
acquisitions made by the company towards the end of
the last financial year and at the start of the
current financial period. The balance of the revenue
growth is a result of the optimisation of our
revenue streams through our revenue enhancement
program.
The company remains cash positive with a good
liquidity position. The Net Asset Value (NAV) per
share increased by 47.25% since the end of the
comparative period. The company has invested, during
the six month period, a further R8,881,201 into
fixed and intangible acquisitions, of which 29% was
financed with borrowings and the balance with
internally generated cash flows.
1.3. Dividends
The board has declared a 1st quarter interim
dividend of 4 cents per share, which was paid to all
shareholders recorded in the share register of the
company at the close of business on Friday, 16
January 2009. In addition the directors declared a
capital distribution of 4 cents per share to
shareholders from the Share Premium reserves of the
company on 31 March 2009, which dividend was paid on
04 May 2009. Paying a capital distribution to
shareholders in lieu of a dividend saved the company
Secondary Tax of R168,000 which is equivalent to
increased earnings of 0.4 cents per share.
The board will continue with our policy of declaring
quarterly capital distributions or dividends,
however it has abandoned any formal dividend policy
with effect from 1 April 2009.
2. LITIGATION
There are currently no legal or arbitration
proceedings against the Company (including any
proceedings which are pending or threatened) of
which the Company is aware which may have, or have
had in the 12 months preceding the date of this
report, a material effect on the consolidated
position of the Company.
3. SUBSEQUENT EVENTS
There have been no significant events after the
period end.
4. SHARE CAPITAL
No changes to Share Capital occurred during the
period other than for the decision to distribute 4
cents per share of share premium to shareholders.
5. ACQUISITIONS AND ISSUES OF SHARES
As reported in the first quarter results TeleMasters
acquired the business of African Paradigm
Communications (Pty) Ltd trading as One
Communications, relating to its least-cost routing
operations. This acquisition was in line with the
TeleMasters strategy to grow our least-cost routing
business both organically and through acquisitions.
No shares were issued during the period under
review.
6. OPERATIONAL REVIEW AND PROSPECTS
The growth in Revenue and Earnings per share has
been the result of the tight control which is
maintained on expenditure together with continued
efforts to ensure an efficient delivery of service
to our customer base. We will continue to focus on
the critical aspects of cash flow management and
increased customer service delivery. These actions
in the past which will be continued into the future
will ensure continued growth of the company despite
the slow down in the South African economy. The
mainstay of income is still annuity based and will
remain so for the foreseeable future.
For and on behalf of the Board:
DS van der Merwe MB Pretorius
BR Topham
Non Executive Chairman Chief Executive Officer
Chief Financial Officer
19 May 2009
Designated Advisor:
Arcay Moela Sponsors (Proprietary) Limited
Date: 19/05/2009 08:42:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
