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CRG
CRG
CRG - Cargo Carriers Limited - Audited results for the year ended 28 February
2009 and Dividend announcement
CARGO CARRIERS LIMITED
(Registration number :1959/003254/06)
Incorporated in the Republic of South Africa
JSE Share code: CRG ISIN Code: ZAE000001764
("Cargo Carriers" or " the company")
Audited results for the year ended 28 February 2009 and Dividend
announcement
CONSOLIDATED INCOME STATEMENT 2009 2008
R000 R000
Revenue 483 423
041 551
Other revenue 5
482 5 507
Interest income 11
504 4 366
Operating and administration (435 (377
costs 943) 317)
Depreciation (28 (23
580) 628)
Profit on disposal of tangible 1
assets 328 380
Loss on disposal of investment in (1
subsidiary - 282)
Adjustments to value of assets (1 38
468) 953
Impairment of Zimbabwe operations (6
(504) 364)
Profit from associates and joint 3
venture 309 1 558
Profit from operating activities 38 65
169 724
Finance costs (24 (15
630) 413)
Profit before taxation 13 50
539 311
Taxation 3 (9
691 510)
Profit of the group for the year 17 40
230 801
Attributable to:
Equity holders of the parent 17 40
230 032
Minority interests
- 769
Profit for the year 17 40
230 801
FINANCIAL INFORMATION
Dividend per share (cents)
- interim declared during the
year 9.5 9.5
- final declared after year end
9.0 9.0
Total dividends
18.5 18.5
Earnings per share (cents)
88.8 206.3
Adjustments:
- Profit on sale of tangible
assets (4.9) (1.4)
- Loss on disposal of investment
in subsidiary - 4.7
- Write up of investment property
to fair value 6.5 (172.7)
- Impairment of Zimbabwe
operations 2.6 32.8
- Deferred tax released due to
sale of workshop property (38.0) -
Headline earnings per share
(cents) 55.0 69.7
2009 2008
R000 R000
Borrowings
Capacity utilized (%) 13.0% 58.7%
Total net borrowing capacity 152 141
(R`000) 881 959
Capital commitments (R`000) 20 12
436 221
Net asset value per share (cents) 1
576 1 463
Ordinary shares in issue (closing 19 19
and weighted average) (000) 406 406
CONSOLIDATED BALANCE SHEET 2009 2008
R000 R000
Non-current assets
Tangible assets 311 283
265 093
Deferred taxation 7 2
209 008
Investments in associates 11 7
526 736
Investment in joint venture 10 10
905 533
Non-current assets held for sale - 95 000
Current assets
Trade and other receivables 76 70
249 888
Inventories 5 6
094 742
Taxation 8 7
638 770
Cash and cash equivalents 104 14
101 949
534 498
987 719
Equity
Ordinary shareholders` interest 305 283
761 919
Minority shareholders` interest - -
Non-current liabilities
Deferred taxation 43 54
475 008
Interest-bearing long-term loans 87 70
049 966
Current liabilities
Trade and other payables 61 62
700 535
Short term portion of interest- 37 27
bearing loans 002 291
534 498
987 719
CONSOLIDATED CASH FLOW STATEMENT 2009 2008
R000 R000
Operating profit after non-cash 55 51
flow items 002 173
Increase in working capital (26
(5 264) 654)
Cash generated by operations 49 24
738 519
Interest received 11 4
504 366
Finance costs paid (24 (15
630) 413)
Dividends paid (3
(3 590) 590)
Taxation paid (9
(6 283) 607)
Cash inflow from operating 26
activities 739 275
Net cash inflow from financing 25 19
activities 794 650
Net cash flow from investing 36 (56
activities 619 667)
- Disposal of investment in -
subsidiary 48
- Investment in associate (1
- 560)
- Increase in loan to joint
venture and associates (853) (167)
- Replacement of tangible assets (62 (57
767) 602)
- Proceeds on sale of tangible 100 2
assets 239 614
Cash generated / (utilized) 89 (36
during period 152 742)
Net cash at beginning of period 14 51
949 691
Net cash at end of period 104 14
101 949
SEGMENTAL ANALYSIS 2009 2008
R000 R000
Revenue
Industrial 299 262
510 913
Agricultural 131 127
034 638
Consumer 10 9
110 365
Aviation 11 3
704 964
Supply chain services 32 21
734 062
Property 4
3 431 116
488 429
523 058
Profit from operating activities 2009 2008
R000 R000
Industrial 43 39
693 086
Agricultural (11 (7
151) 855)
Consumer
755 (217)
Aviation
4 185 75
Supply chain services (4
(388) 318)
Property 38
1 075 953
38 65
169 724
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non-
Share Distribut Distribut Other Total
Capital able able reserve
reserve reserves s
Opening 194 59 971 174 332 1 276 235 773
balance 1
March 2007
- 15 474 - - 15 474
Revaluation
of tangible
assets
- (4 487) - - (4 487)
Transferred
to deferred
taxation
Foreign - - - 717 717
currency
translation
reserve
Transfers - 33 305 (33 305) - -
between
reserves
Profit for - - 40 032 - 40 032
the period
Dividends - - (3 590) - (3 590)
paid during
the year
194 104 263 177 469 1 993 283 919
Opening 194 104 263 177 469 1 993 283 919
balance 1
March 2008
- (606) - - (606)
Revaluation
of tangible
assets
- 170 - - 170
Transferred
to deferred
taxation
Foreign - - - 2 181
currency 2 181
translation
reserve
Transfer - - 6 457 -
fair value 6 457
gains from
deferred
taxation to
opening
retained
profit
Transfers - (61 006) 61 006 -
between -
reserves
Profit for - - 17 230 -
the period 17 230
Dividends - - (3 590) -
paid during (3 590)
the year
194 42 821 258 572 4 174 305 761
Review
The revenue increase of 14% is pleasing and was achieved despite the severe
downturn in volumes that were experienced in the second half of the year.
The operating profit, excluding the effect of the adjustment to the value of
assets in the property segment, has increased by 48% . This margin increase
was achieved mainly in the industrial, supply chain and aviation segments of
the business.
The agricultural sector of the business has again been affected by adverse
weather conditions and industrial action which has collectively reduced
profitability.
The sale of the letting enterprise and its property within Cargo Carriers
Workshop Property (Pty) Ltd has been concluded and its effects are shown in
the high cash holding position.
The increased interest rates and additional borrowings have resulted in an
increase in the overall finance costs. The increase in borrowings has been
utilized to fund the acquisition of vehicles and aircrafts in the business.
Interest income has also increased due to higher interest rates and the
investment of the proceeds received on the disposal of the letting
enterprise and the property.
Prospects
The business conditions in the coming year are expected to be extremely
challenging with volumes in the industrial sector showing a decrease of
between 15 and 40%. This is balanced by the positive outlook in the
agricultural sector. The company`s strategic positioning and strong balance
sheet will ensure that the company will weather the current business
conditions and be in a position to take advantage of growth opportunities
that arise.
DIVIDEND DECLARATION
A final dividend (no. 36) of 9.0 (2008: 9.0) cents per share has been
declared to shareholders recorded in the books of the company at the close
of business on Friday, 19 June 2009. The last date to trade cum dividend
will be Thursday, 11 June 2009 and the shares will trade ex dividend from
the commencement of business on Friday, 12 June 2009. The dividend will be
paid on Monday, 22 June 2009. Share certificates may not be dematerialized
/ rematerialized between Friday, 12 June 2009 and Friday, 19 June 2009, both
days inclusive.
Accounting Policies
The financial results to year end February 2009 have been prepared in
accordance with IAS 34, the requirements of the South African Companies Act,
Act 61 of 1973, and the Listing Requirements of the JSE Limited.
The accounting policies applied in the current year are consistent with
prior years.
Independent Auditor`s Report
These results have been audited by Ernst & Young Inc and their opinion is
available on request from the company secretary at Cargo Carriers Limited`s
registered office. The Group`s annual report will be available by the end of
May 2009.
Restatement of prior year figures
The comparative figures for other revenue and operating and administration
costs have been changed. This is due to the reclassification of aircraft
revenue from operating and administration costs to revenue. These changes
have also effected the classification of certain items in the value added
statement, segment report as well as the income statement and notes.
By order of the board
MJ Bolton
Company Secretary
20 May 2009
Registered Office
11A Grace Road, Mountainview,
Observatory, Johannesburg 2041
Transfer Secretaries
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street
Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Website
www.cargocarriers.co.za
Board of Directors
*S G Chilvers (Chairman), G D Bolton, M J Bolton,
#A E Franklin, *B B Fraser, #M P Mzimela
*V Raseroka, #M J Vuso
* non-executive director
# independent non-executive director
Sponsor
Arcay Moela Sponsors (Pty) Ltd
Date: 20/05/2009 17:51:01 Produced by the JSE SENS Department.
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