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CUL
CUL
CUL - Cullinan Holdings - Unaudited interim results for the six months ended 31
March 2009
Cullinan Holdings Limited
(Registration number 1902/001808/06)
(Share code: CUL ISIN: ZAE000013710)
("the company" or "the group
CULLINAN HOLDINGS LIMITED
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 MARCH 2009
GROUP BALANCE SHEET
Unaudited Unaudited Audited
six months six months year end
31 March 31 March 30 September
2009 2008 2008
R`000 R`000 R`000
Assets
Non-current assets 123 854 116 809 118 205
Property, plant and 57 540 62 128 60 544
equipment
Investment properties - 331 -
Goodwill 34 197 24 091 24 070
Intangible assets 26 328 25 978 27 705
Investment in associate 1 220 1 265 1 220
companies
Investment in joint 1 058 - 1 058
venture
Deferred taxation 3 511 3 016 3 608
Current assets 204 003 262 507 283 953
Inventories 17 159 9 903 9 925
Accounts receivable 98 362 128 441 142 969
Taxation 890 24 890
Cash resources 87 592 124 139 130 169
Non-current assets held 7 757 - 7 757
for sale
Total assets 335 614 379 316 409 915
Equity and Liabilities
Ordinary shareholders` 98 259 102 066 92 855
equity
Preference shareholders` 546 1 046 546
interest
Outside shareholders` 5 5 5
interest
Total shareholders` equity 98 810 103 117 93 406
Non-current liabilities 46 162 41 288 45 928
Deferred tax liability 2 783 1 806 2 386
Interest bearing 33 664 32 589 34 705
liabilities
Operating lease 9 215 6 893 8 337
provision
Preference shares 500 - 500
Current liabilities 190 642 234 911 270 581
Short-term portion of 4 290 1 716 4 351
interest bearing
liabilities
Operating lease 164 61 68
provision
Accounts payable 176 941 231 513 257 527
Taxation 1 227 1 607 741
Preference dividends 14 14 14
Provisions 8 006 - 7 880
Total equity and 335 614 379 316 409 915
liabilities
GROUP INCOME STATEMENT
Unaudited Unaudited Audited
six months six months year end
31 March 31 March 30 September
2009 2008 2008
R`000 R`000 R`000
Turnover 181 926 197 677 389 939
Net operating expenses (174 025) (177 651) (373 229)
Operating income 7 901 20 026 16 710
Finance income 3 943 3 575 7 664
Finance expenses (3 376) (1 854) (4 637)
Preference dividends paid (27) (27) (55)
Share of profit of 342
associates
Share of profit of joint 710
venture
Profit before taxation 8 441 21 720 20 734
Tax expense (2 781) (5 456) (4 424)
Profit for the period 5 660 16 264 16 310
Profit attributable to 5 660 16 264 16 310
equity holders of the
company
Profit attributable to - - -
outside shareholders`
interest
Attributable earnings per 0,79 2,26 2,27
share (cents)
Diluted earnings per share 0,79 2,26 2,27
(cents)
Headline earnings per 0,79 1,82 0,69
share (cents)
Diluted headline earnings 0,79 1,82 0,69
per share (cents)
Dividends per share - - 0,01
Ordinary shares (`000)
- In issue 718 355 718 355 718 355
- Weighted average 718 355 718 355 718 355
Determination of headline
earnings
Reconciliation between
attributable earnings and
headline earnings:
Earnings attributable to 5 660 16 264 16 310
ordinary shareholders
Share of profit of - - (1 052)
associate and joint
venture
Adjustment to fair value - - (7 426)
on investment properties
(Profits)/losses on - (3 769) (4 247)
disposal of property,
plant and equipment
Total tax effect of the - 546 1 387
adjustments
Total minority interest of - - -
the adjustments
Headline earnings 5 660 13 041 4 972
GROUP STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
six months six months year end
31 March 31 March 30 September
2009 2008 2008
R`000 R`000 R`000
Ordinary share capital
Balance at beginning of 7 184 7 184 7 184
period
Issued during period - - -
Balance at end of period 7 184 7 184 7 184
Share premium
Balance at beginning of 59 905 59 905 59 905
period
Premium on issue of shares - - -
Balance at end of period 59 905 59 905 59 905
Share capital reduction
reserve fund
Balance at beginning of 20 876 20 876 20 876
period
Balance at end of period 20 876 20 876 20 876
Capital redemption reserve
fund
Balance at beginning of 4 4 4
period
Balance at end of period 4 4 4
Foreign currency
translation reserve
Balance at beginning of (1 423) (1 063) (1 063)
period
Reserve on translation of (256) (378) (360)
foreign subsidiary
Balance at end of period (1 679) (1 441) (1 423)
Accumulated profit/(loss)
Balance at beginning of 6 309 (726) (3 121)
period
Gain realised on - - 304
additional interest
acquired on subsidiary
Attributable income for 5 660 16 264 16 310
period
Ordinary dividend paid - - (7 184)
Balance at end of period 11 969 15 538 6 309
Ordinary shareholders` 98 259 102 066 92 855
equity
Equity portion of
preference share capital
Balance at beginning of 546 546
period
Balance at end of period 546 546
Outside shareholders`
interest
Balance at beginning of 5 5
period
Profit attributable to - -
outside shareholders
Balance at end of period 5 5
Total income and expense
for the period
Profit for period 5 660 16 264 16 310
- Attributable to equity 5 660 16 264 16 310
shareholders
- Attributable to outside - - -
shareholders
Reserve on translation of (256) (378) (360)
foreign subsidiary
5 404 15 886 15 950
SUMMARISED GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
six months six months year end
31 March 31 March 30
September
2009 2008 2008
R`000 R`000 R`000
Net cash inflow/(outflow) (26 241) 17 642 27 059
from operating activities
Net cash outflow from (15 272) (4 961) (13 098)
investing activities
Net cash outflow from (1 064) (10 710) (5 960)
financing activities
Net (decrease)/increase in (42 577) 1 971 8 001
cash and cash equivalents
Cash and cash equivalents 130 169 122 168 122 168
at beginning of period
Cash and cash equivalents 87 592 124 139 130 169
at end of period
Notes
1. Basis of preparation
The consolidated interim results for the six months ended 31 March 2009 have
been prepared in accordance with IAS 34 Interim Financial Reporting and in
compliance with the South African Companies Act, No 61 of 1973, as amended. The
consolidated interim results for the six months are prepared on the historical
cost basis, with the exception of certain financial instruments which are
measured at fair value.
The policies are consistent with those of the previous annual financial
statements.
2. JSE Limited ("JSE")
The directors of the company ensured compliance with the JSE Listings
Requirements during the period under review.
3. Segmental reporting
Travel & Marine &
Tourism Boating Total
R`000 R`000 R`000
31 March
2009
Turnover 145 284 36 642 181 926
Operating profit 3 358 4 543 7 901
31 March
2008
Turnover 183 203 14 474 197 677
Operating profit 19 690 336 20 026
30 September
2008
Turnover 360 618 29 321 389 939
Operating profit 15 472 1 238 16 710
OVERVIEW
The results for the six month period have been affected by volatile currency
fluctuations and the challenging local and global market conditions. The impact
of current market conditions was felt in the Tourism and Travel sector of the
group. The Marine and Boating divisions have been largely unaffected by the
economy as yet, with the long lead time in boat building meaning the order books
are still strong. Cash flow has declined due to the acquisition of Central
Boating in October paid out of cash reserves, while the Outbound division which
receives payment in advance has seen a shorter booking lead time. This has
resulted in reduced cash inflows. Cash flows have now stabilised and are
expected to improve in the future.
REVIEW OF OPERATIONS
Thompsons Holidays (the Outbound division)
The Outbound division is a wholesale supplier of travel-related products and
holidays to the South African market. The domestic travel market has continued
to be affected by the volatile Rand, high interest rates and inflation and
concerns over the global economy. This resulted in a slow down of sales
especially in the first quarter. Sales appear to have improved slightly in the
second quarter. The division continues to focus on maximising sales
opportunities, while managing costs and increasing efficiencies. Results for the
business are expected to improve as a result of steps by the company to reduce
costs and improve efficiencies.
Thompsons Africa (the Inbound division)
The Inbound division is a tour wholesaler and destination marketing organisation
that sells Africa to the world. The business has been affected by the slow down
in worldwide tourism especially out of the traditional UK and European markets.
The business continues to trade profitably as a result of steps taken over the
last 18 months to improve efficiency in expectation of this slow down.
Thompsons Touring and Safaris
The Touring division provides tourism products for the Incoming division. These
include escorted tours, general sightseeing and open vehicle game drives in the
National Parks which are offered throughout Southern Africa. Turnover and
profits have declined slightly this year although cost control measures have
minimised the effect on profit.
Thompsons Travel
Thompsons Travel is a retail travel agency with offices in Johannesburg, Cape
Town and Durban. The Corporate division has been less affected by the downturn
and continues to trade profitably. The Leisure division has been harder hit and
the company is taking steps to resolve this.
Pentravel
Pentravel is a chain of 23 retail travel outlets located in the major shopping
malls throughout South Africa. The division has seen a drop in sales but
increased margins have meant that the profitability is substantially higher than
last year.
Hylton Ross Tours
Hylton Ross Tours operates coaches and vehicles for hire and charter in the
domestic travel market and also provides day tours in and around the Western
Cape and the Garden Route. It is a well-known brand in the travel market and
enjoys a substantial market share in the Western Cape. The company focuses on
the International Market and has been affected by the drop in Inbound Tourism.
However stringent cost management has meant that the division has generated a
profit marginally below last year.
Thompsons Gateway
Gateway, a sales office in Singapore, has seen a sharp decline in sales out of
its markets in South East Asia. The office continues to look for opportunities
and does have a number of large Incentive Groups in the second half of the year
which will improve the sales outlook.
Planet Africa
Planet Africa is a joint venture operation formed to sell and market Southern
Africa to Far Eastern tourists. In spite of a slow down in volumes, the division
continues to trade profitably.
Manex
Manex is a supplier to the yacht building industry as well as a distributor of a
number of leading brands in the Scuba Diving and Leisure sector. The replacement
of management in late 2008 has resulted in a noticeable improvement in
profitability and working capital management and the business is well placed for
the future.
Central Boating
The company purchased Central Boating with effect from 1 October 2008. Central
Boating is a marine leader in the importation and distribution of leisure marine
equipment to both the yachting and power boat sectors of the market in South
Africa. The company has met profit expactations for the period.
Prospects
Difficult market conditions remain an ongoing challenge for management. The
group continues to look at increasing efficiency and managing costs while
maximising all sales opportunties. The group is well placed to take advantage of
improvements in the global economy and in particular for the 2010 World Cup.
On behalf of the Board
M Tollman D Standage
Executive Chairman Chief Financial Officer
19 June 2009
Auditors
Mazars Moores Rowland were elected as auditors in 2008 and will continue to act
as auditors to the company.
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
(Registration number 2006/033725/07)
Directors
M Tollman (Executive Chairman), MA Ness*, VET O`Hana, DD Hosking**, LA
Pampallis, G Tollman***,
DK Standage (Chief Financial Officer) * British ** New Zealand ***
USA Non-executive
Company secretary
DK Standage
Registered office
6 Hood Avenue, Rosebank, 2196
Transfer secretaries
Computershare Investor Services (Pty) Limited
Ground Floor, 70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
For further information on group activities, please write to:
The Company Secretary, Cullinan Holdings Limited
PO Box 41032, Craighall, 2024
(Registration number 1902/001808/06)
(Share code: CUL ISIN: ZAE000013710)
("the company" or "the group")
Date: 19/06/2009 10:11:09 Produced by the JSE SENS Department.
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