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ITR
ITR
ITR - Intertrading Limited - Unaudited Interim Results and Further Cautionary
For the Six Months Ended 31 August 2009
INTERTRADING LIMITED
Audited results for the year ended 29 February 2008
Registration number 1987/004777/06
("Intertrading", "the group" or "the company")
Share code: ITR
ISIN code: ZAE000015566
UNAUDITED INTERIM RESULTS AND FURTHER CAUTIONARY FOR THE SIX MONTHS ENDED 31
AUGUST 2009
CONSOLIDATED CONDENSED
BALANCE SHEET
Unaudited Unaudited Audited
31 August 31 August 28 February
2009 2008 2009
R`000 R`000 R`000
ASSETS
Non current assets 11,804 9,196 11,562
Property, plant and 3,468 3,549 3,441
equipment
Goodwill 4,648 4,648 4,648
Investment in Joint 83 688 -
Venture
Deferred taxation 3,605 311 3,473
Current assets 30,761 37,758 39,458
42,565 46,954 51,020
EQUITY AND LIABILITIES
Equity 29,295 27,140 34,179
Finance lease - 39 -
obligation
Deferred taxation 287 - 284
Current liabilities 12,983 19,775 16,557
42,565 46,954 51,020
STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
six six year ended
months months 28
ended 31 ended 31 February
August August 2009
2009 2008
R`000 R`000 R`000
Equity at beginning of 34,179 31,288 31,288
period
Net (loss)/profit for the 4,891
period (1,884) (2,148)
Dividend
(3,000) (2,000) (2,000)
Equity at end of period 29,295 27,140 34,179
CASH FLOW STATEMENT
Unaudited Unaudited Audited
six six year ended
months months 28
ended 31 ended 31 February
August August 2009
2009 2008
R`000 R`000 R`000
Cash receipts from customers 64,429 75,493 190,049
Cash paid to suppliers and
employees (68,132) (78,098) (190,430)
Cash utilised by operations
(3,703) (2,605) (381)
Investment revenue 405 350 897
Finance costs
(9) (32) (109)
Taxation refunded / (paid)
(62) (1) (917)
Cash utilised by operating
activities (3,369) (2,288) (510)
Net cash flow from other
investing activities (506) (1,317) (1,149)
Net cash outflow from
financing activities (3,023) (1,974) (2,067)
Net movement in cash
(6,898) (5,579) (3,726)
Net cash resources at 18,105 21,831 21,831
beginning of the year
Net cash resources at end of 11,207 16,252 18,105
the period
CONSOLIDATED
INCOME STATEMENT
Unaudited Unaudited Audited
six six year ended
months months 28
ended 31 ended 31 February
August August 2009
2009 2008
R`000 R`000 R`000
Revenue 62,622 67,236 179,496
Cost of Sales
(53,611) (60,652) (155,442)
Gross profit 9,011 6,584 24,054
Other income 508 1,113 179
Operating costs
(11,222) (12,159) (24,419)
Operating loss before
material items (1,703) (4,462) (186)
separately disclosed
Bad debt (provision) / 809 1,144
reversal (619)
Operating (loss) / 958
profit before interest (2,322) (3,653)
Investment revenue 405 350 897
Income from equity 213 688 437
accounted investments
Finance costs
(9) (32) (109)
Net (loss) / profit 2,183
before taxation (1,713) (2,647)
Taxation 499 2,708
(171)
Net (loss) / profit 4,891
attributable to (1,884) (2,148)
shareholders
SUPPLEMENTARY INFORMATION
Unaudited Unaudited Audited 28
31 August 31 August February
2009 2008 2009
Number of ordinary 50,000 50,000 50,000
shares ( ` 000)
Weighted average number 50,000 50,000 50,000
of shares in issue ( `
000)
Reconciliation of basic & headline (loss)/earnings:
Net (loss)/profit 4,891
attributable to (1,884) (2,148)
shareholders
Loss/(profit) on 22
disposal of assets (2)
Headline earnings 4,913
(1,886) (2,148)
Headline (loss) / 9.8
earnings per share (3.8) (4.3)
(cents)
(Loss)/earnings per 9.8
share (cents) (3.8) (4.3)
Net asset value per 49.3 45.0 59.1
share - excluding
intangible assets
(cents)
Net asset value per 58.6 54.3 68.4
share (cents)
SEGMENTAL ANALYSIS
Unaudited Unaudited Audited
six months six months year ended
ended 31 ended 31 28 February
August August 2009
2009 2008
R`000 R`000 R`000
Segmental revenue
Fresh produce exports 18,516 16,378 44,535
Freight forwarding 52,203 60,810 155,286
Other 218 - 1,500
Less internal revenue (8,315) (9,952) (21,826)
62,622 67,236 179,495
Segmental results
Fresh produce exports (1,928) 1,224
(169)
Freight forwarding (455) (1,677) 1,247
Other - (48) -
Administration & other (1,698) - (1,513)
group activities
Operating (loss) / (2,322) (3,653) 958
profit before interest
PROFILE
Intertrading specialises in the procurement and marketing of fresh produce to
global markets. Allied to this Intertrading also provides services to the
agricultural sector including technical advice, freight forwarding and
logistical services.
OPERATIONAL REVIEW
Due to the seasonality of the agricultural business, the majority of earnings
for the group arise during the second half of the year.
Sky Services, the group freight forwarding operation, has performed better than
the first half of last year, despite the poor economic climate. This was
primarily due to sustained volumes of exports. A strengthening Rand was offset
by reduced fuel and freight costs during this period, which proved to be good
for agricultural exports in general. Sky Services was able to improve profit
margins due to increased leverage on freight rates in an otherwise poor freight
market. Operating costs were well contained and below last year`s levels.
Agrilink enjoyed an improved 6 month period, when compared to the same period
last year. Here, reduced operating costs, combined with better than expected
volumes and markets also resulted in positive results.
DIVIDEND
A dividend of 6 cents per share was declared and paid.
PROSPECTS
The gradual economic recovery, combined with the current lower fuel and freight
costs are positive features, but the persistent strength of the Rand is cause
for concern. Although the results show improvement the underlying businesses
cannot sustain the current costs of remaining a listed entity.
FURTHER CAUTIONARY
Shareholders are referred to the cautionary dated 1 October 2009 and are advised
that the company is still in discussions that may have a material effect on the
share price. Accordingly shareholders are advised to continue to exercise
caution when dealing in their shares until a further announcement is made.
APPOINTMENT OF NEW DIRECTOR
The Board welcomes the appointment of Mr. J.F. Zwarts with effect from 11
November 2009, as a non- executive director. No changes were made to the
management structure.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The results for the six months ended 31 August 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 listing requirements. The accounting policies
applied in the preparation of the results for the six months ended 31 August
2009 are consistent with those adopted in the financial statements for the year
ended 28 February 2009.
By order of the board
GG Burelli BR Julicher
Chairman
O.R. Tambo International Airport 13 November 2009
Registered office Transfer secretaries
Unit 2, Perishable Cargo Triangle Computershare Investor Services
Northern Perimeter Road (Pty) Ltd
O.R. Tambo International Airport 70 Marshall Street
(PO Box 11094, Aston Manor, 1630) Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Directors:
Non-executive: CPV Jousse, GG Burelli (Chairman), JF Zwarts, GFM van Rooyen
Executive: BR Julicher, AA Deiner (Group Financial Director)
Johannesburg
13 November 2009
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 13/11/2009 16:30:01 Produced by the JSE SENS Department.
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