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CCL
CCL
CCL - Compu-Clearing Outsourcing - Reviewed Group Preliminary Condensed Results
For The Year Ended 30 June 2009 And Cash Dividend Declaration
COMPU-CLEARING OUTSOURCING LIMITED
(Registration number 1998/015541/06)
(Incorporated in the Republic of South Africa)
Share Code: CCL & ISIN: ZAE000016564
("Compu-Clearing" or "the Company" or "The Group")
REVIEWED GROUP PRELIMINARY CONDENSED RESULTS FOR THE YEAR ENDED 30 JUNE 2009 AND
CASH DIVIDEND DECLARATION
Commentary
The year under review was dominated by difficult economic conditions. The
Group`s revenues are closely linked to import volumes, which have declined by
some 30% during the period under review. Increases in the Group`s payroll
expense of 17,6% arose from the necessity to retain skilled personnel and an
increase in headcount, to facilitate long-term skills transfer and continuity of
the Group`s skills base. The increased payroll costs resulted in an increase of
13,8% in operating costs and an operating margin of 16,3% (2008 : 27.2%).
Attributable earnings of R6,5m (2008 : R10,9) were achieved after a charge of
R1,02 million for STC (secondary tax on companies) (2008 : Nil), arising from
the payment of a dividend during the year.
Cash generation continues to be strong with cash generated from operations
amounting to 150% (2008 : 120%) of operating profit. Cash balances remain a very
healthy R25,2m, (2008 : R27,8m) after payments to shareholders of R10,2m (2008 :
R4,9m).
Prospects
The Group`s core activities continue to be influenced by the slowdown in the
global economy. However, the customer base continues to grow, serving to
mitigate the impact of a general decline in import volumes. The 1% drop in
revenue compared to the 30% decrease in import volumes positions the Group
favourably to benefit from a turnaround in the economy.
There has been pleasing growth in users of STASH, a pc-based warehousing
solution and the Group`s online tariff book, albeit off a low base. We
anticipate these products will experience further positive growth in the year
ahead. The Group is making increasing use of the Internet as a distribution
mechanism for its products, expanding our reach, without significant incremental
costs.
Management plan to broaden the revenue base through the introduction of new
products and to this end has been appointed as the sole local distributor of
Cargowise, an ERP freight management solution.
INCOME STATEMENT
For the year ended 30 June 2009 2008 %Increase/
(reviewed) (audited) (decrease)
R`000 R`000
Rental and other revenue 45,037 45,496 -1
Operating costs -37,684 -33,112
- Distribution -26,976 -24,266
- Administration -10,112 -8,342
- Other -596 -504
Operating profit 7,353 12,384 -41
Net financial income 2,639 2,629
- Financial income 2,644 2,629
- Financial expense -5 -
Profit before income tax 9,992 15,013 -33
Income tax - Normal and deferred -2,461 -4,107
Income tax - STC -1,022 -
(secondary tax on companies)
Profit for the year attributable 6,509 10,906 -40
to ordinary shareholders
Basic earnings per share (cents) 15.8 27 -41
BALANCE SHEET
As at 30 June 2009 2008
(reviewed) (audited)
R`000 R`000
ASSETS
Non current assets 20,457 14,869
Property, plant and equipment 18,333 13,655
Intangible asset 1,300 662
Deferred taxation asset 824 552
Current assets 31,864 35,842
Inventory 64 66
Trade and other receivables 6,410 6,694
Income tax receivable 217 1,304
Cash and cash equivalents 25,173 27,778
Total assets 52,321 50,711
EQUITY AND LIABILITIES
Shareholders` funds 46,251 45,687
Share capital and premium 1,683 1,101
Treasury shares -463 -576
Reserves 45,031 45,162
Non-current liabilities 2,543 1,509
Post retirement medical 1,477 1,341
obligations
Deferred taxation liability 1,066 168
Current liabilities 3,527 3,515
Trade and other payables 3,314 3,157
Income tax payable 213 358
Total equity and liabilities 52,321 50,711
Net asset value per share (cents) 112.2 112.4
RECONCILIATION OF HEADLINE EARNINGS PER SHARE
For the year ended 30 June 2009 2008 Increase /
(reviewed) (audited) (decrease)
R`000 R`000
Profit for the year attributable 6,509 10,906
to ordinary shareholders
Adjusted for:
(Profit)/ loss on disposal of -6 25
property, plant and equipment
Taxation effect 2 -7
Loss on disposal of intangible 20 -
assets
Taxation effect -6 -
Headline earnings 6,519 10,924 -40
Headline earnings per share 15.9 27 -41
(cents)
Diluted headline earnings per 15.7 26.6
share (cents)
Actual number of shares in issue 41,208 40,658
(`000)
Weighted average number of shares 41,070 40,460
in issue (`000)
Diluted weighted average number 41,606 41,096
of shares in issue (`000)
SEGMENTAL REPORT
For the year ended 30 June 2009 2008 Increase /
(reviewed) (audited) (decrease)
R`000 R`000
Software rental revenue 33,989 34,124 0
Hardware rental revenue 9,685 10,327 -6
Other 1,363 1,045 30
Total revenue 45,037 45,496 -1
Segment result - Software 16,164 18,142 -11
Segment result - Hardware 2,045 4,036 -49
Segment result - Other -10,856 -9,794 11
Total segment result 7,353 12,384 -41
Operating margin 16% 27%
CASH FLOW STATEMENT
For the year ended 30 June 2009 2008
(reviewed) (audited)
R`000 R`000
Profit before income tax 9,992 15,013
Adjustments for: 354 213
Non cash items 2,993 2,842
Net financial income -2,639 -2,629
Cash generated by trading 10,346 15,226
operations
Increase (decrease) in post 136 -222
retirement medical obligations
Decrease (increase) in working 443 -106
capital
Cash generated by operations 10,925 14,898
Net financial income 2,639 2,629
- Financial income 2,644 2,629
- Financial expense -5 -
Income tax paid -2,833 -4,098
Distributions to shareholders -10,221 -4,889
- Dividend paid -10,221 -
- Distribution of share premium - -4,889
Cash inflow from operating 510 8,540
activities
Cash (outflow) inflow from -3,810 1,941
investing activities
Utilsed to maintain operations
Acquisition of property, plant -2,930 -2,423
and equipment
Proceeds on disposal of property, 82 -
plant and equipment
Acquisition of intangible asset -962 -252
Disposal of other investment - 4,616
Cash flow from financing activities
Proceeds from the issue of shares 695 255
and sale of treasury shares
(Decrease) increase in cash and -2,605 10,736
cash equivalents
Cash and cash equivalents at 27,778 17,042
the beginning of the year
Cash and cash equivalents at the 25,173 27,778
end of the year
Share Share Treasury Non-
Capital premium shares Distributable
reserve
R`000 R`000 R`001 R`000
Balance at 30 June 2007 409 5,351 -601 -
recognised income and expense
- Profit for the year
Share issues 3 252
Distribution of share premium -4,914 25
Share-based payment
transaction
Balance at 30 June 2008 412 689 -576 -
recognised income and expense 3,583
- Profit for the year
- Surplus on revaluation of
land and buildings 4,501
- Deferred taxation effect
of revaluation -918
Sale of treasury shares 137 113
New share allotments 4 441
Dividends paid
Share-based payment
transaction
Balance at 30 June 2009 416 1,267 -463 3,583
Share
-based
Retained payment
earnings reserve Total
R`000 R`001 R`000
Balance at 30 June 2007 33,574 456 39,189
recognised income and expense
- Profit for the year 10,906 10,906
Share issues 255
Distribution of share premium -4,889
Share-based payment
transaction 226 226
Balance at 30 June 2008 44,480 682 45,687
recognised income and expense 6,509 10,092
- Profit for the year 6,509 6,509
- Surplus on revaluation of
land and buildings 4,501
- Deferred taxation effect
of revaluation -918
Sale of treasury shares 250
New share allotments 445
Dividends paid -10,221 -10,221
Share-based payment
transaction -2 -2
Balance at 30 June 2009 40,768 680 46,251
Basis of preparation
The preliminary condensed financial statements have been prepared in accordance
with the recognition and measurement requirements of International Financial
Reporting Standards (IFRS), the presentation and disclosure requirements of IAS
34 Interim Financial Reporting and in the manner required by the Companies Act
of South Africa. The accounting policies applied are consistent with those
reflected in the financial statements for the year ended 30 June 2008, other
than land and buildings, which changed from the cost value method to the fair
value method of recognition.
Review report
The Group`s auditors KPMG Inc, have reviewed the preliminary condensed financial
statements for the year ended 30 June 2009. Their unmodified review conclusion
is available for inspection at the registered office of the Company.
Ordinary dividend declaration
Notice is hereby given of the declaration of an ordinary cash dividend of 25
cents per share (2008 - 25 cents per share) (`the dividend`). The following
salient dates will apply to the dividend:
Last date to trade `cum` the dividend Friday, 2 October 2009
Trading commences `ex` the dividend Monday, 5 October 2009
Record date Friday, 9 October 2009
Date of payment of the dividend Monday, 12 October 2009
Share certificates may not be dematerialised or rematerialised during the period
Monday, 5 October 2009 to Friday, 9 October 2009 both days inclusive.
Posting of annual reports and Annual General Meeting
The annual report will be posted to shareholders on or about 29 September 2009.
The Annual General Meeting of Compu-Clearing will be held at 7 Drome Road,
Lyndhurst, Johannesburg, 2192 on 25 November 2009.
For and on behalf of the Board
Johannesburg A.Garber J. du Preez
4 September 2009 (Chairman) (Chief Executive)
Sponsors: Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 04/09/2009 15:00:52 Produced by the JSE SENS Department.
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