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CCL
CCL
CCL - Compu-Clearing - Reviewed Results For 6 Months Ended 31 December 2009
Compu-Clearing Outsourcing Limited
Incorporated in the Republic of South Africa
Registration number 1998/015541/06
Share code: CCL & ISIN: ZAE000016564
("Compu-Clearing", "the Company" or "the Group")
REVIEWED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2009
CONDENSED STATEMENT OF FINANCIAL POSITION
31 December 31 December 30 June
2009 2008 2009
Reviewed Reviewed Audited
R`000 R`000 R`000
ASSETS
Non-current assets 21,000 15,669 20,457
Property, plant and 19,112 14,327 18,333
equipment
Intangible asset 1,278 919 1,300
Loans receivable 44 - -
Deferred taxation asset 566 423 824
Current assets 22,835 28,294 31,864
Inventory 26 69 64
Trade and other receivables 6,503 7,213 6,410
Taxation receivable - 1,302 217
Cash and cash equivalents 16,306 19,710 25,173
Total assets 43,835 43,963 52,321
EQUITY AND LIABILITIES
Equity 39,335 39,359 46,251
Share capital and premium 1,839 1,548 1,683
Treasury shares (396) (528) (463)
Distributable reserves 37,892 38,339 45,031
Non-current liabilities 2,504 1,464 2,543
Post retirement medical 1,439 1,303 1,477
obligations
Deferred taxation liability 1,065 161 1,066
Current liabilities 1,996 3,140 3,527
Trade and other payables 1,995 2,625 3,314
Income tax payable 1 515 213
Total equity and liabilities 43,835 43,963 52,321
Net asset value per share 95.3 95.7 112.2
(cents)
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
6 months ended
31 December 31 December Year ended
2009 2008 30 June
2009
% Inc. Reviewed Reviewed Audited
/
(decr)
R`000 R`000 R`000
Revenue 6 23,781 22,500 45,037
Operating costs (18,597) (17,765) (37,684)
- Distribution (13,976) (12,777) (26,976)
- Administration (4,139) (4,809) (10,112)
- Other (482) (179) (596)
Operating profit 9 5,184 4,735 7,353
Net finance income 789 1,422 2,639
- Finance income 789 1,422 2,644
- Finance expense - - (5)
5,973 6,157 9,992
Share of losses of equity (113) - -
accounted investees
Profit before income tax (5) 5,860 6,157 9,992
Income tax - normal and (1,667) (1,713) (2,461)
deferred
Income tax - STC (1,032) (1,022) (1,022)
(secondary tax on
companies)
Profit for the period (8) 3,161 3,422 6,509
Other comprehensive
income
Revaluation of property, - - 4,501
plant and equipment
Income tax on other - - (918)
comprehensive income
Other comprehensive - - 3,583
income for the period,
net of tax
Total comprehensive 3,161 3,422 10,092
income for the period
Earnings per share
(cents)
Basic (8) 7.7 8.4 15.8
Diluted (8) 7.6 8.3 15.6
Ordinary dividend per 25.0 25.0 -
share (cents)
RECONCILIALTION OF HEADLINE EARNINGS
6 months ended
31 December 31 December Year ended
2009 2008 30 June 2009
Reviewed Reviewed Audited
% Inc. / R`000 R`000 R`000
(decr)
Profit for the year 3,161 3,422 6,509
attributable to
ordinary shareholders
Adjusted for :
Profit on disposal of (6)
property, plant and
equipment
Taxation effect 2
Loss on disposal of 10 10 20
intangible assets
Taxation effect (3) (3) (6)
Headline earnings 3,168 3,429 6,519
Headline earnings per (8) 7.7 8.4 15.9
share (cents)
Diluted headline (9) 7.6 8.3 15.7
earnings per share
(cents)
Actual number of shares 41,271 41,110 41,208
in issue (`000)
Weighted average 41,240 40,901 41,070
number of shares in
issue (`000)
Diluted weighted 41,834 41,446 41,606
average number of
shares in issue (`000)
CONDENSED SEGMENT REPORT
6 months ended
31 December 31 December Year ended
2009 2008 30 June
2009
(Reviewed) (Reviewed) (Audited)
% Inc. / R`000 R`000 R`000
(decr.)
Software rental revenue 6 18,276 17,241 33,989
Hardware rental revenue 7 5,028 4,706 9,685
Cargowise - -
-
Other (14) 477 553 1,363
Total revenue 23,781 22,500 45,037
Segment result - 8,662 8,043 16,164
Software
Segment result - 1,559 1,451 2,045
Hardware
Segment result - (400)
Cargowise
Segment result - Other (4,637) (4,759) (10,856)
Total segment result 9 5,184 4,735 7,353
Operating margin 22% 21% 16%
CONDENSED STATEMENT OF CASH FLOW
6 months ended
31 December 31 December Year ended
2009 2008 30 June
2009
Reviewed Reviewed Audited
R`000 R`000 R`000
Profit before income tax 5,973 6,157 9,992
Adjusted for: 812 88 354
Non cash items 1,601 1,510 2,993
Net finance income (789) (1,422) (2,639)
Cash generated by operations 6,785 6,245 10,346
(Decrease) increase in post (38) (38) 136
retirement medical obligations
(Increase) decrease in working (1,394) (1,056) 443
capital
Cash generated by operations 5,353 5,151 10,925
Net finance income 789 1,422 2,639
Income tax paid (2,437) (2,452) (2,833)
Dividends paid (10,323) (10,221) (10,221)
Cash (outflow) inflow from (6,618) (6,100) 510
operating activities
Cash outflow from investing (2,472) (2,463) (3,810)
activities
Acquisition of property, plant (2,214) (2,131) (2,848)
and equipment to maintain
Acquisition of intangible asset (101) (332) (962)
Increase in loan to associate (157) - -
Cash inflow from financing
activities
Proceeds from the issue of 223 495 695
shares and sale of treasury
shares
Decrease in cash and cash (8,867) (8,068) (2,605)
equivalents
Cash and cash equivalents at 25,173 27,778 27,778
the beginning of the period
Cash and cash equivalents at 16,306 19,710 25,173
the end of the period
STATEMENT OF CHANGES IN EQUITY
Share Share Treasury Retained
capital premium shares earnings
R`000 R`000 R`000 R`000
Balance at 30 June 2008 412 689 (576) 44,480
Total comprehensive
income
for the period attributable to equity holders 6,509
Profit for the year 6,509
Surplus on revaluation of land and buildings 4,501
Deferred taxation effect of (918)
revaluation
Share issues 4 441
Sale of treasury shares 137 113
Dividends paid (10,221)
Share-based payment
transaction
Balance at 30 June 2009 416 1,267 (463) 40,768
Total comprehensive 3,161
income for the period
attributable to equity
holders
Transfer from revaluation 16
surplus
Sale of treasury shares 123 67
Share issues 1 32
Dividends paid (10,323)
Share-based payment
transaction
Balance at 31 December 417 1,422 (396) 33,622
2009
STATEMENT OF CHANGES IN EQUITY (cont.)
Revaluation Share- Total
reserve based
payment
reserve
R`000 R`000 R`000
Balance at 30 June 2008 - 682 45,687
Total comprehensive income 3,583 10,092
for the period attributable
to equity holders
Profit for the year 6,509
Surplus on revaluation of 4,501
land and buildings
Deferred taxation effect of (918)
revaluation
Share issues 445
Sale of treasury shares 250
Dividends paid (10,221)
Share-based payment (2) (2)
transaction
Balance at 30 June 2009 3,583 680 46,251
Total comprehensive income 3,161
for the period attributable
to equity holders
Transfer from revaluation (16)
surplus
Sale of treasury shares 190
Share issues 33
Dividends paid (10,323)
Share-based payment 23 23
transaction
Balance at 31 December 2009 3,567 703 39,335
Commentary
The results for the 6 months ended 31 December 2009 suggest a bottoming out of
the decline in import and export volumes. Software rental revenue increased by 6
percent year on year, an improvement on the flat earnings growth for the year
ended 30 June 2009. Operating profit has increased by 9 percent and includes
R0,4 million of expenses incurred in the running of the newly created Cargowise
division, the revenues of which will come on stream during the next financial
year. As previously announced, the Group has secured the regional distribution
rights for Cargowise, an enterprise cargo management solution that will enable
the Group to broaden its revenue base. Response to the product has been
enthusiastic and the first implementation will commence in July 2010.
The decline in net financial income from R 1,4 million to R0,8 million is a
result of a drop in interest rates as well as lower cash holdings precipitated
by the payment of a dividend of R10,3 million.
A subsidiary company, Compu-Clearing (Pty) Ltd is a minority investor in Ndlela
Travel, a fledgling, black empowered travel agency. Ndlela is treated as an
associate company in these reviewed condensed interim financial statements and
accounted for on the equity method.
Cash generation continues to be strong and bank balances remain at satisfactory
levels after the dividend payment.
Prospects
The company traditionally performs more strongly in the second half and is
hopeful of a moderate increase in cargo volumes. As mentioned above, the first
Cargowise revenues will be realised in the next financial year. Agreements in
principle for additional implementations should result in a positive
contribution from the division in the forthcoming year.
Basis of preparation
The condensed interim financial statements have been prepared in accordance with
the Listings Requirements of the JSE Limited, the recognition and measurement
requirements of International Financial Reporting Standards, the presentation
and disclosure requirements of IAS 34 and 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 2009, except for the adoption of the
amendments to
- IAS 1 (Revised) - Presentation of financial statements
- IAS 27 (Revised) - Consolidated and separate financial statements
- IFRS2 (Amendment) - Share-based payment
- IFRS3 (Revised) - Business Combinations
- IFRS 8 - Operating segments
- IFRIC 16 - Hedges of a net investment in a foreign operation
The adoption of these revised standards and interpretations have not had a
material impact on the reported results. Consequently, no adjustments relating
to these amendments have been made to previously reported figures.
The condensed consolidated financial statements have been prepared in accordance
with the historic cost convention except for land and buildings which are stated
at fair value. The condensed consolidated financial statements are presented in
Rand, which is Compu-Clearing`s functional and presentation currency.
This interim report should be read in conjunction with the annual financial
statements for the year ended 30 June 2009.
Related party transactions
The Group has entered into various transactions with related parties on an arm`s
length basis and at market rates.
Distributions to shareholders
Compu-Clearing has a policy of paying a dividend at year end. As a result, the
company has not declared an interim dividend.
Review report
The Group`s auditors KPMG Inc, have reviewed the financial information for the
six months ended 31 December 2009. Their unmodified review report is available
for inspection at the registered office of the Company.
For and on behalf of the Board
Johannesburg A. Garber J. du Preez
8 March 2010 (Chairman) Chief Executive)
Directors: A. Garber, J. du Preez, A. Katz*, M. Lutrin*, D. Cleasby*,
Dr. T. Mogale*, G. McMahon*, C. Efthymiades, M. Acosta-Alarcon.
*(Non-executive)
Transfer secretaries: Registered office:
Computershare Investor Services 2004 Limited 7 Drome Road
Ground Floor Lyndhurst, 2192
70 Marshall Street PO Box 890856
Johannesburg, 2001 Lyndhurst, 2106
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
08 March 2010
Date: 08/03/2010 14:00:02 Produced by the JSE SENS Department.
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