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ITR
ITR
ITR - Intertrading - Abridged Audited Results For The Year Ended 28 February
2009, Notice Of Annual General Meeting And Declaration Of Dividend
INTERTRADING LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1987/004777/06)
Share code ITR ISIN ZAE000015566
("Intertrading")
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2009, NOTICE OF ANNUAL
GENERAL MEETING AND DECLARATION OF DIVIDEND
Year Year
ended ended
28 29
February February
2009 2008
R`000 R`000
CONSOLIDATED BALANCE
SHEET
ASSETS
Non current assets
- Property, plant and
equipment 3,441 3,665
- Goodwill
4,648 4,648
- Deferred taxation
3,472 82
Current assets
39,459 51,630
51,020 60,025
EQUITY AND LIABILITIES
Equity
34,179 31,288
Long-term liabilities
- 69
Deferred taxation
284 25
Current liabilities
16,557 28,643
51,020 60,025
CASH FLOW STATEMENT
Cash receipts from
customers 190,049 185,616
Cash paid to suppliers
and employees (190,430) (183,075)
Cash (utilised) /
generated by operations (381) 2,541
Interest income
897 1,410
Finance costs
(108) (1,377)
Taxation refunded/(paid)
(917) 445
Cash (utilised) /
generated by operating (509) 3,019
activities
Net cash inflow arising
from disposal of 21,803
business
Net cash outflow from
other investing (1,150) (423)
activities
Net cash outflow from
financing activities (2,067) (1,233)
Net movement in cash
(3,726) 23,166
Net cash resources at
beginning of the year 21,831 (1,335)
Net cash resources at
end of the year 18,105 21,831
SEGMENTAL ANALYSIS
Segmental revenue
Fresh produce exports
44,535 54,327
Freight forwarding
155,286 157,250
Other
1,500 -
Less internal revenue
(21,825) (23,918)
Net revenue
179,496 187,659
Segmental results
Fresh produce exports
1,224 1,071
Freight forwarding
1,247 2,674
Admin and other group
activities (1,513) (1,606)
Profit on disposal of 3,054
business
Profit before interest
958 5,193
Year Year
ended ended
28 29
February February
2009 2008
R`000 R`000
CONSOLIDATED INCOME
STATEMENT
Revenue
179,496 187,659
Cost of Sales
(155,442) (165,620)
Gross profit
24,054 22,039
Other income
179 1,485
Operating costs
(24,419) (22,750)
Operating profit/(loss)
before material items
separately disclosed
(186) 774
Material operating items
separately disclosed
Bad debt reversal
1,144 1,365
Operating profit before
interest & material non- 958 2,139
operating items
Material non-operating
items separately disclosed
Profit/(loss) on disposal - 3,054
of business
Profit before interest 958 5,193
Investment revenue
897 1,410
Income from equity -
accounted investments 437
Finance costs
(108) (1,377)
Net profit before taxation
2,184 5,226
Taxation
2,707 (546)
Net profit attributable to
shareholders 4,891 4,680
STATEMENT OF CHANGES IN
EQUITY
Equity at beginning of
period 31,288 26,608
Net profit for the period
4,891 4,680
Dividend
(2,000)
Equity at end of period
34,179 31,288
SUPPLEMENTARY INFORMATION
Number of ordinary shares
(` 000) 50,000 50,000
Weighted average number of
shares in issue (`000) 50,000 50,000
Reconciliation of headline
earnings
Headline earnings
4,913 1,626
Add:Profit on disposal of
nuts business - 3,054
Less: Loss on disposal of (22) -
assets
Basic earnings
4,891 4,680
Net asset value per share -
excluding
Intangible assets (cents)
59.1 53.2
Net Asset value per share -
including
intangible assets (cents)
68.4 62.6
The financial information contained in this report
has been audited by the group`s auditors, PKF (Jhb)
Inc. A copy of the unqualified audit report is
available for inspection at Intertrading`s registered
office.
COMMENTARY
PROFILE
The core business of Intertrading remains the procurement and marketing of
fresh produce by the Agrilink division and the provision of airfreight,
forwarding and logistical services to the agricultural sector by Sky Services.
OPERATIONAL REVIEW
The past year was used by management to consolidate and digest the changes
made to the operations. These included the successful implementation of new
operating software at Sky Services, which has streamlined processes and
reduced costs. The implementation of airfreight security measures is also
almost complete. At Agrilink, improved processes in terms of the management
of foreign exchange were instituted.
As a group, Intertrading is now entering the final phase of deregistration of
dormant entities and the absorption of costs associated with outstanding legal
and administrative matters stemming from the rationalisation in prior years.
The joint venture agreement with a farming operation, which forms part of the
South African Government`s Land Restitution Programme, was concluded and
proved to be a very successful venture. This could form the basis of further
investments along similar lines, which will translate into more secure and
direct supply of product.
Results for both Agrilink and Sky Services reflect trading conditions which,
although harsh in the beginning of the financial year, became more favourable,
culminating in a good period during the last quarter of 2008 and the first
quarter of 2009. Sharply increasing fuel prices in the 1st and 2nd quarter of
2008 severely reduced profit margins at Agrilink and to a lesser extent at Sky
Services. Although mitigated by a weakening of the rand, this was not
sufficient to cushion the impact of the global economic crises and its
consequent adverse effect on the operating margin. Results were further
negatively affected at Agrilink due to adverse weather conditions and a
reduced stone fruit crop due to hail damage ten days prior to harvest. These
reduced export tonnages, across the industry, impacted negatively on Sky
Services in terms of earning potential.
In spite of the abovementioned difficulties, group profit before tax is R2.184
million, compared with R 2.172 million for the previous year, excluding the
profit on the sale of the macadamias business unit.
PROSPECTS
The balance sheet remains strong, with embedded cash, creating the ideal
platform from which we can launch projects creating future growth. For
Agrilink the potential on certain product lines are showing promise for the
future in terms of new markets. Sky Services` facilities are top class and
management is well structured and stable, thus ensuring the necessary service
levels for further growth.
The Board of Intertrading ("the Board") believes in the strategy on which it
has embarked, namely the search for a means by which a critical mass
justifying the current overhead and listing costs can be achieved.
DIRECTORATE
Chris Hull resigned as financial director in August 2008 and the Board wish to
thank him for his valuable contribution to Intertrading. Audrey Anne Deiner
was appointed as financial director. No further changes to the management
structure or composition of the Board were made.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The results for the year ended 28 February 2009 and the comparative
information have been prepared in terms of International Financial Reporting
Standards (IFRS). The results also comply with IAS34 (Interim Financial
Reporting) and the relevant sections of the South African Company`s Act 1973,
as amended, as well as in terms of the Listings Requirements of the JSE
Limited. The accounting policies applied in the preparation of the results
for the year ended 28 February 2009 are consistent with those adopted in the
financial statements for the year ended 29 February 2008.
DIVIDEND DECLARATION
The Board has decided that, in view of the steady performance of the group
during the past season and no immediate need for cash, a dividend of R0.06
(six cents) per share will be declared in respect of the financial year ended
28 February 2009.
In accordance with the settlement procedures of Strate, Intertrading has
determined that the last date to trade to participate in the interim dividend
shall be Friday 19 June 2009. The shares will commence trading ex-dividend
from Monday 22 June 2009 and the record date will be Friday 26 June 2009.
Dividends will be paid on Monday 29 June 2009.
Share certificates may not be dematerialised, or rematerialised, between
Monday 22 June 2009 and Friday 26 June 2009, both days inclusive.
NOTICE OF ANNUAL GENERAL MEETING AND POSTING OF ANNUAL REPORT
The shareholders are advised that the annual general meeting will be held at
the offices of Sky Services (Pty) Ltd, Unit 2 Perishable Cargo Triangle,
Northern Perimeter Road, OR Tambo International Airport, Kempton Park at 11:00
on 21 July 2009.
The Annual Report for the year ended 28 February 2009 is expected to be posted
by Tuesday 30 June 2009.
By order of the board
GG Burelli
Chairman
BR Julicher
Executive Director
Registered office
Unit 2, Perishable Cargo Triangle
Northern Perimeter Road
O.R. Tambo International Airport
Johannesburg, 2001
(PO Box 11094, Aston Manor, 1630)
Transfer Secretaries
Computershare Investor Services (Pty) Ltd
70 Marshal Street
Johannesburg, 2001
(PO Box 61051, Marshaltown, 2107)
Directors:
Non-executive: CPV Jousse, GFM van Rooyen,
GG Burelli (Chairman)
Executive: BR Julicher, AA Deiner (Group Financial Director)
Auditors:
PKF (Jhb) Inc
42 Wierda Road West
Wierda Valley
Sandton, 2196
(Private Bag X10046, Sandton, 2146)
Johannesburg
29 May 2009
Sponsor
Sasfin Capital (A division of Sasfin Bank Limited)
Date: 29/05/2009 07:05:02 Produced by the JSE SENS Department.
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