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CRG
CRG
CRG - Cargo Carriers - Unaudited Results For The Six Months Ended 31 August
2009 And Dividend Announcement
Cargo Carriers Limited
(Incorporated in the Republic of South Africa)
(Registration No: 1959/003254/06)
Share code: CRG ISIN code: ZAE000001764
("Cargo Carriers" or "the company")
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2009 AND DIVIDEND
ANNOUNCEMENT
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Half-year Half-year Audited
ended ended year ended
31 August 31 August 28 February
2009 2008 2009
R`000 R`000 R`000
Revenue 236 932 263 457 483 041
Other revenue 2 971 2 764 5 482
Finance income 4 596 3 296 11 504
Operation and administration costs (206 312) (231 577) (435 943)
Depreciation (14 797) (12 719) (28 580)
Profit/(loss) on disposal of assets 1 694 (108) 1 328
Adjustments to fair value of assets -- -- (1 468)
Impairment to Zimbabwe operations -- -- (504)
Income from associates and joint 1 794 1 575 3 309
venture
Profit from operating activities 26 878 26 688 38 169
Finance costs (9 499) (12 095) (24 630)
Profit before tax 17 379 14 593 13 539
Income tax (3 995) (3 934) 3 691
Profit for the period from 13 384 10 659 17 230
continuing operations
Other comprehensive income:
Capital portion of revaluation -- -- (606)
Exchange (loss)/gain on translation (3 845) 263 2 181
of foreign operations
Income tax relating to components -- -- 170
of other comprehensive income
Other comprehensive income for half (3 845) 263 1 745
year, net of tax
Total comprehensive income for the 9 539 10 922 18 975
period
Profit attributable to:
Equity holders of parent 13 384 10 659 17 230
Minority interests -- -- --
Profit of the group 13 384 10 659 17 230
Total comprehensive income
attributable to:
Equity holders of the parent 9 539 10 922 18 975
Minority interests -- -- --
Total comprehensive income 9 539 10 922 18 975
FINANCIAL INFORMATION
Dividend per share (cents)
- paid during the period 9.0 9.0 9.5
- declared after period end 9.5 9.5 9.0
Total dividends 18.5 18.5 18.5
Basic/diluted earnings per share 69.0 54.9 88.8
(cents)
Adjustments:
- Profit/(loss) on sale of tangible (6.3) 0.4 (4.9)
assets
- Impairment of Zimbabwe operations -- -- 2.6
- Deferred tax released from sale -- -- (38.0)
of property
- Write up of investment property -- -- 6.5
to fair value
Basic/diluted headline earnings per 62.7 55.3 55.0
share (cents)
Borrowings
Capacity utilised (%) 36.8% 90.5% 13.0%
Total net borrowing capacity 156 777 146 547 152 881
(R`000)
Capital commitments (R`000) 1 148 21 945 20 436
Net asset value per share (cents) 1 616 1 510 1 576
Ordinary shares in issue (closing 19 406 19 406 19 406
and weighted average) (`000)
SEGMENTAL ANALYSIS
Half-year Half-year Audited year
ended ended ended
31 August 2009 31 August 2008 28 February
2009
R`000 R`000
R`000
Turnover
Industrial 128 936 164 939 299 510
Agricultural 81 337 74 583 131 034
Consumer 3 900 4 775 10 110
Aviation 6 539 5 613 11 704
Supply chain services 17 909 14 270 32 734
Property 1 282 2 041 3 431
239 903 266 221 488 523
Profit from operating
activities
Industrial 17 727 22 164 43 693
Agricultural 6 936 3 430 (11 151)
Consumer (298) 409 755
Aviation 3 579 2 456 4 185
Supply chain services (2 112) (2 266) (388)
Property 1 046 495 1 075
26 878 26 688 38 169
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Half-year Half-year Audited
ended ended year ended
31 August 31 August 28 February
2009 2008 2009
R`000 R`000
R`000
ASSETS
Non-current assets 389 486 346 979 340 905
Tangible assets 353 964 324 639 311 265
Deferred taxation 6 706 1 901 7 209
Investments in associates
15 808 9 794 11 526
Investment in joint venture 13 008 10 645 10 905
Current assets
Inventories 6 824 6 416 5 094
Trade and other receivables
89 400 129 132 76 249
Letting enterprise receivable -- 95 000 --
Taxation 5 350 6 291 8 638
Cash and cash equivalents 76 081 9 032 104 101
Total Assets 567 141 592 850 534 987
EQUITY AND LIABILITIES
Equity attributable to owners of
the parent
Share capital 194 194 194
Distributable reserves 270 210 186 387 258 572
Non-distributable reserves 43 150 106 514 46 995
313 554 293 095 305 761
Minority interest -- -- --
Total Equity 313 554 293 095 305 761
Non-current liabilities 133 875 165 898 130 524
Deferred taxation 43 034 54 862 43 475
Interest-bearing long term loans
90 841 111 036 87 049
Current liabilities 119 712 133 857 98 702
Trade and other payables 76 761 103 287 61 700
Short-term portion of interest- 42 951 30 570 37 002
bearing loans
Total equity and liabilities 567 141 592 850 534 987
reclassification of prior year to achieve fairer presentation
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Non- Distributable Other Total
Capital Distributable reserves reserves
reserve
Balance at 28 194 42 821 258 752 4 174 305 761
February 2009
Net profit for -- -- 13 384 -- 13 384
the period
Other -- -- -- (3 845) (3 845)
comprehensive
income for half
year
Dividends paid -- -- (1 746) -- (1 746)
Balance at 31 194 42 821 270 210 329 313 554
August 2009
CONSOLIDATED CASH FLOW STATEMENT
Half-year Half-year Audited year
ended ended ended
31 August 31 August 28 February
2009 2008 2009
R`000 R`000
R`000
Operating profit after non-cash 30 326 36 701 55 002
flow items
Increase in working capital
(423) (18 907) (5 264)
Cash generated by operations 29 903 17 794 49 738
Finance income 4 596 3 296 11 504
Finance costs (9 499) (12 095) (24 630)
Dividends paid (1 746) (1 746) (3 590)
Taxation paid (624) (1 401) (6 283)
Cash flow from operating 22 630 5 848 26 739
activities
Net cash inflow from financing 9 741 43 344 25 794
activities
Net cash from investing (60 391) (55 109) 36 619
activities
- Increase in loan to joint (4 591) (933) (853)
venture and associates
- Replacement of tangible assets (60 970) (56 305) (62 767)
- Proceeds on sale of tangible 5 170 2 129 100 239
assets
Cash (utilised)/generated during (28 020) (5 917) 89 152
period
Net cash at beginning of period 104 101 14 949 14 949
Net cash at end of period 76 081 9 032 104 101
reclassification of prior year to achieve fairer presentation
Accounting Policies
The interim financial statements for the half-year ended 31 August 2009 have
been prepared in accordance with IAS 34, International Financial Reporting
Standards (IFRS), the requirements of the South African Companies Act, Act 61
of 1973 and the Listing Requirements of the JSE Limited. The accounting
policies are consistent with those applied in the prior year financial
statements, except for the adoption by the group of the amendments to IAS 1 -
Presentation of Financial Statements. This standard affects the presentation
of owner changes in equity and comprehensive income and does not impact on
recognition, measurement and disclosure of specific transactions as required
by any other IFRS standard. The Group has presented a `statement of
comprehensive income` which replaces the income statement and also includes
all non-owner changes in equity. All changes in equity resulting from
transactions with owners in their capacity as owners are presented in the
`statement of changes in equity`. These results have not been audited nor
have they been reviewed by the group`s auditors, Ernst & Young Inc.
Review
In the current difficult operating environment where volumes have decreased
between 20% and 30%, an increase in headline earnings of 13.3% is most
pleasing. Revenue and operating and administration costs for the period have
decreased by 10.1% and 10.9% respectively while profit from operating
activities has increased by 0.7%. The decrease in revenue during the
reporting period is primarily attributed to the downturn experienced in the
global and local economy which has filtered through to our customers. Volumes
within the industrial sector, particularly the steel business, decreased
significantly thereby contributing to lowering the group`s revenue. The
dramatic decrease in the fuel price during the period has been passed on to
customers resulting in lower revenue but also lower operating cost. The
reduction in finance costs during the period is attributed to the decrease in
interest rates, disposal of non-operating assets and a more efficient cash
management strategy. Increased capital expenditure has resulted in the
increased depreciation expense.
The Zimbabwe sugar operation is now consolidated in the interim financial
results. This consolidation follows the macroeconomic changes that
essentially occurred when Zimbabwe moved to a US dollar and Rand based economy
and, in so doing, restored relevant key fundamentals to the economy. In prior
periods, the investment in Zimbabwe was impaired in full resulting in a nil
value take-on balance sheet and hence no adjustment to comparatives was
required.
Prospects
The growth in volumes in the industrial segment, particularly steel, has
started to materialise and this should result in increased earnings. The
agricultural segment, excluding the Zimbabwe operations, has once again been
adversely affected by external factors beyond the control of management, such
as unfavourable weather patterns. The full year contribution from this
segment is not expected to increase.
The company`s favourable gearing and strong cash position, especially in the
current economic climate, presents an ideal opportunity for strategic
acquisitions. The company is actively seeking potential acquisitions which
would increase the revenue streams and profitability of the group, whilst
still maintaining our culture of integrity and high levels of service delivery
to customers.
Dividend Declaration
An interim dividend (no. 37) of 9.5 (2008: 9.5) cents per share has been
declared to shareholders recorded in the books of the company at the close of
business on Friday, 11 December 2009. The last date to trade cum dividend
will be Friday, 4 December 2009 and the shares will trade ex dividend from the
commencement of business on Monday, 7 December 2009. The record date for the
dividend payment will be Friday, 11 December 2009 and the dividend will be
paid on Monday, 14 December 2009. Share certificates may not be
dematerialised / rematerialised between Monday, 7 December 2009 and Friday 11
December 2009, both days inclusive.
Registered Office
11A Grace Road
Mountainview, Observatory
2198
Transfer Secretaries
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Website
www.cargocarriers.co.za
By order of the board
MJ Bolton
Company Secretary
30 October 2009
Directors
SG Chilvers# (Chairman), GD Bolton (Joint CEO), MJ Bolton
(Joint CEO), AE Franklin*, BB Fraser#, S Maharaj (Financial
Director), SP Mzimela*, V Raseroka#, MJ Vuso*
#non-executive director
*independent non-executive director
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
Date: 02/11/2009 17:03:02 Produced by the JSE SENS Department.
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