|
TPC
TPC
TPC - Transpaco - Reviewed Results For The Year Ended 30 June 2009 And Dividend
Announcement
Transpaco Limited
A leading manufacturer, recycler and distributor of plastic and paper packaging
products
Reg. No. 1951/000799/06
ISIN: ZAE000007480
Share Code: TPC
("Transpaco" or "the company")
REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2009 AND DIVIDEND ANNOUNCEMENT
TURNOVER UP 11,5%
OPERATING PROFIT UP 53,9%
EPS UP 80,5%
HEPS UP 83,1%
DIVIDENDS UP 71,4%
INTRODUCTION
The Board is pleased to report on the year ended 30 June 2009 ("the year"), in
which Transpaco continued its growth and delivered a strong performance. Key
growth drivers included the realisation of benefits from prior investments in
plant and the anticipated contribution of well-integrated acquisitions made in
previous financial years. These were supported by improved operating
efficiencies and stringent control of operating expenses.
FINANCIAL RESULTS
Earnings per share increased by 80,5% to 167,6 cents (June 2008: 92,9 cents).
Headline earnings per share grew by 83,1% to 167,1 cents (June 2008: 91,3
cents). Operating profit rose 53,9% to R80,8 million (June 2008: R52,5 million)
on a growth in turnover of 11,5% to R803,0 million (June 2008: R720,2 million).
Interest cover improved to a satisfactory 5,8 times (June 2008: 3,4 times).
Cash generated from operations amounted to R147,3 million (June 2008: R62,9
million) as a result of higher operating profit and well-controlled working
capital. Consequently the net interest-bearing debt-to-equity ratio has improved
to 11% (June 2008: 70%), placing the group in a highly liquid position to take
advantage of opportunities that may arise in the future. The cash position has
enabled the group to declare a dividend commensurate with the results.
Net asset value per share increased by 24,7% to 637 cents (June 2008: 511
cents).
PROSPECTS
Notwithstanding the economic downturn and challenges currently facing the
industry, the group will endeavour to achieve growth by maintaining a strict
fiscal policy and expanding existing businesses. Transpaco will also pursue
appropriate acquisitions.
TRANSFORMATION
Transpaco has established strong relationships with broad based BEE ("BBBEE")
suppliers and continues to promote Employment Equity strategies. Skills
Development and Enterprise Development remain a primary transformation focus.
The group has made substantial contributions to Corporate Social Responsibility
projects.
An independent accredited verification agency assessed Transpaco as a Level 5
BBBEE contributor. The group target is Level 4 by the end of the 2010 financial
year. Policies and initiatives to achieve this aim are in place.
DIVIDEND
The board has declared a final cash dividend of 31,5 cents per share. This
resulted in total dividends of 48 cents per share for the year (2008: 28 cents
per share), an increase of 71,4%.
The salient dates for the dividend are as follows:
Last date to trade shares
cum dividend Friday, 11 September 2009
Shares trade ex dividend Monday, 14 September 2009
Record date Friday, 18 September 2009
Payment date Monday, 21 September 2009
Share certificates may not be dematerialised or rematerialised between Monday,
14 September 2009 and Friday, 18 September 2009, both days inclusive.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
These results are prepared in accordance with the requirements set out in IAS 34
- Interim Financial Reporting and comply with the Listings Requirements of the
JSE Limited and the South African Companies Act, 1973. The accounting policies
are consistent in all material respects with those applied in the preparation of
the group`s annual financial statements for the year ended 30 June 2008.
REVIEW OF INDEPENDENT AUDITORS
The group`s auditors Ernst & Young Inc. have reviewed the condensed consolidated
financial information for the year. Their unqualified report is available for
inspection at Transpaco`s registered office.
ON BEHALF OF THE BOARD
AJ Aaron PN Abelheim L Weinberg
Non-executive Chief Executive Financial Director
Chairman
CONSOLIDATED INCOME STATEMENT
Reviewed % Reviewed
12 Months change 12 Months
R`000 June 2009 June 2008
Turnover 802 987 11,5 720 179
Cost of sales 521 997 499 149
Profit before operating 280 990 27,1 221 030
costs and depreciation
Operating costs 175 544 146 858
Depreciation 24 611 21 644
Operating profit 80 835 53,9 52 528
Net interest paid 14 016 15 335
Profit before taxation 66 819 79,7 37 193
Taxation 20 096 11 578
Profit after taxation 46 723 82,4 25 615
Weighted average number 27 870 27 579
of shares in issue (`000)
Diluted weighted average 31 416 31 576
number of shares in issue
(`000)
Earnings per share 167,6 80,5 92,9
(cents)
Headline earnings per 167,1 83,1 91,3
share (cents)
Diluted earnings per 149,9 81,7 82,5
share (cents)
Diluted headline earnings 149,4 84,2 81,1
per share (cents)
Dividend per share 48,0 28,0
(cents)*
Reconciliation of
headline earnings (R`000)
Basic earnings 46 723 25 615
Profit on disposal of (154) (444)
property, plant and
equipment
Headline earnings 46 569 25 171
*Includes interim dividend of 16,5 cents (December 2008: 10
cents) and a dividend declared after the period of 31,5 cents
(June 2008: 18 cents).
SEGMENTAL ANALYSIS
R`000 Plastic Paper & Properties Total
Products Board & Group
Products Services
Revenue - 623 792 179 195 - 802 987
2009
Revenue - 561 302 158 877 - 720 179
2008
Operating 58 166 18 157 4 512 80 835
Profit -
2009
Operating 27 823 17 799 6 906 52 528
Profit -
2008
CONSOLIDATED BALANCE SHEET
Reviewed Reviewed
12 Months 12 Months
June 2009 June 2008
R`000
ASSETS
Non-current 152 743 152 001
Property, plant and 144 702 143 665
equipment
Intangibles 482 482
Goodwill 3 204 3 204
Unlisted investments 4 123 3 369
Deferred taxation 232 1 281
Current assets 254 499 259 127
Inventories 69 651 86 033
Trade and other receivables 114 379 140 278
Taxation 5 004 5 533
Cash at bank and in hand 65 465 27 283
TOTAL ASSETS 407 242 411 128
EQUITY AND LIABILITIES
Capital and reserves 188 266 150 700
Issued capital 281 277
Preference shareholders` 9 273 9 273
interest
Other reserves 341 1 901
Distributable reserve 178 371 139 249
Non-current liabilities 69 758 82 598
Preference share liability 3 046 3 897
Interest-bearing borrowings 54 717 70 525
Deferred taxation 11 992 8 176
Current liabilities 149 218 177 830
Trade payables and accruals 108 538 113 984
Provisions 10 725 5 599
Current portion of interest- 28 617 20 601
bearing borrowings
Taxation payable 1 338 635
Bank overdraft - 37 011
TOTAL EQUITY AND 407 242 411 128
LIABILITIES
Number of shares in issue
(`000)
Net of treasury shares 27 694 27 159
Net movement in treasury 384 535
shares
Ranking number of shares 28 078 27 694
Salient features
Net asset value per share 637 511
(cents)
Operating margin (%) 10,1 7,3
Net interest-bearing debt: 11 70
equity ratio %
Interest cover (x) 5,8 3,4
ABRIDGED CONSOLIDATED CASH FLOW
Reviewed Reviewed
12 months 12 months
R`000 June 2009 June 2008
Cash flow from operating
activities
Cash generated from 147 321 62 852
operations
Ordinary dividend paid (9 620) (6 914)
Net interest paid (14 016) (15 335)
Taxation paid (13 999) (8 127)
Net cash inflow from 109 686 32 476
operating activities
Cash flow from investing
activities
Proceeds on disposal of 651 739
property, plant and
equipment
Expansion and replacement (26 085) (50 179)
of property, plant and
equipment
Increase in unlisted (754) (820)
investments
Net cash outflow from (26 188) (50 260)
investing activities
Cash flow from financing
activities
Net movement in treasury 335 578
shares
Decrease in preference (848) (775)
share liability
(Decrease)/increase in long- (15 808) 18 902
term borrowings
Increase in short-term 8 016 956
borrowings
Net cash (outflow)/inflow (8 305) 19 661
from financing activities
Net movement in cash for 75 193 1 877
the year
Cash and cash equivalents (9 728) (11 605)
at the beginning of the
year
Cash and cash equivalents 65 465 (9 728)
at the end of the year
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Pref-
erence
Share- Disbri-
Share holders Other butable
R`000 Capital Interest Reserves Reserve Total
Balance at 30 272 9 273 1 773 119 975 131 293
June 2007
Profit for the - - - 25 615 25 615
year
Share-based - - 128 - 128
payments
Dividend paid - - - (6 914) (6 914)
Net movement in 5 - - 573 578
treasury shares
Balance at 30 277 9 273 1 901 139 249 150 700
June 2008
Profit for the - - - 46 723 46 723
year
Transfer - - (1 688) 1 688 -
Share-based - - 128 - 128
payments
Dividend paid - - - (9 620) (9 620)
Net movement in 4 - - 331 335
treasury shares
Balance at 30 281 9 273 341 178 371 188 266
June 2009
DIRECTORS
AJ Aaron (Chairman)*; PN Abelheim (Chief Executive); L Weinberg (Financial
Director); HA Botha*; JS Botha; SR Bouzaglou; SI Jacobson*; D Thomas*; SP van
der Linde*
*non-executive
Date 19 August 2009
Auditors: Ernst & Young Incorporated
Sponsor: Investec Bank Limited
Registered Office: 331 6th Street, Wynberg, Sandton
Transfer Secretaries: Computershare Investor Services (Pty) Limited, 70 Marshall
Street, Johannesburg
Website www.transpaco.co.za
Date: 20/08/2009 07:05:16 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 ] | |||||||||||||
|
|||||||||||||
