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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 483 041 423 551
Other revenue 5 482 5 507
Interest income 11 504 4 366
Operating and administration costs (435 943) (377 317)
Depreciation (28 580) (23 628)
Profit on disposal of tangible 1 328 380
assets
Loss on disposal of investment in - (1 282)
subsidiary
Adjustments to value of assets (1 468) 38 953
Impairment of Zimbabwe operations (504) (6 364)
Profit from associates and joint 3 309 1 558
venture
Profit from operating activities 38 169 65 724
Finance costs (24 630) (15 413)
Profit before taxation 13 539 50 311
Taxation 3 691 (9 510)
Profit of the group for the year 17 230 40 801
Attributable to:
Equity holders of the parent 17 230 40 032
Minority interests - 769
Profit for the year 17 230 40 801
FINANCIAL INFORMATION
Dividend per share (cents)
- interim declared during the 9.5 9.5
year
- 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 (4.9) (1.4)
assets
- Loss on disposal of investment - 4.7
in subsidiary
- Write up of investment property 6.5 (172.7)
to fair value
- Impairment of Zimbabwe 2.6 32.8
operations
- Deferred tax released due to (38.0) -
sale of workshop property
Headline earnings per share 55.0 69.7
(cents)
2009 2008
R000 R000
Borrowings
Capacity utilized (%) 13.0% 58.7%
Total net borrowing capacity 152 881 141 959
(R`000)
Capital commitments (R`000) 20 436 12 221
Net asset value per share (cents) 1 576 1 463
Ordinary shares in issue (closing 19 406 19 406
and weighted average) (000)
CONSOLIDATED BALANCE SHEET 2009 2008
R000 R000
Non-current assets
Tangible assets 311 265 283 093
Deferred taxation 7 209 2 008
Investments in associates 11 526 7 736
Investment in joint venture 10 905 10 533
Non-current assets held for sale - 95 000
Current assets
Trade and other receivables 76 249 70 888
Inventories 5 094 6 742
Taxation 8 638 7 770
Cash and cash equivalents 104 101 14 949
534 987 498 719
Equity
Ordinary shareholders` interest 305 761 283 919
Minority shareholders` interest - -
Non-current liabilities
Deferred taxation 43 475 54 008
Interest-bearing long-term loans 87 049 70 966
Current liabilities
Trade and other payables 61 700 62 535
Short term portion of interest- 37 002 27 291
bearing loans
534 987 498 719
CONSOLIDATED CASH FLOW STATEMENT 2009 2008
R000 R000
Operating profit after non-cash 55 002 51 173
flow items
Increase in working capital (5 264) (26 654)
Cash generated by operations 49 738 24 519
Interest received 11 504 4 366
Finance costs paid (24 630) (15 413)
Dividends paid (3 590) (3 590)
Taxation paid (6 283) (9 607)
Cash inflow from operating 26 739 275
activities
Net cash inflow from financing 25 794 19 650
activities
Net cash flow from investing 36 619 (56 667)
activities
- Disposal of investment in - 48
subsidiary
- Investment in associate - (1 560)
- Increase in loan to joint (853) (167)
venture and associates
- Replacement of tangible assets (62 767) (57 602)
- Proceeds on sale of tangible 100 239 2 614
assets
Cash generated / (utilized) during 89 152 (36 742)
period
Net cash at beginning of period 14 949 51 691
Net cash at end of period 104 101 14 949
SEGMENTAL ANALYSIS 2009 2008
R000 R000
Revenue
Industrial 299 510 262 913
Agricultural 131 034 127 638
Consumer 10 110 9 365
Aviation 11 704 3 964
Supply chain services 32 734 21 062
Property 3 431 4 116
488 523 429 058
Profit from operating activities 2009 2008
R000 R000
Industrial 43 693 39 086
Agricultural (11 151) (7 855)
Consumer 755 (217)
Aviation 4 185 75
Supply chain services (388) (4 318)
Property 1 075 38 953
38 169 65 724
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non- Distribut
Share Distribut able Other Total
Capital able reserves reserve
reserve s
Opening 194 59 971 174 332 1 276 235 773
balance 1
March 2007
Revaluation - 15 474 - - 15 474
of tangible
assets
Transferred - (4 487) - - (4 487)
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
Revaluation - (606) - - (606)
of tangible
assets
Transferred - 170 - - 170
to deferred
taxation
Foreign - - - 2 181 2 181
currency
translation
reserve
Transfer - - 6 457 - 6 457
fair value
gains from
deferred
taxation to
opening
retained
profit
Transfers - (61 006) 61 006 - -
between
reserves
Profit for - - 17 230 - 17 230
the period
Dividends - - (3 590) - (3 590)
paid during
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: 21/05/2009 14:33:01 Produced by the JSE SENS Department.
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