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1TM
1TM
1TM - 1time holdings - Condensed results for the year ended 31 December 2009
1time holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1999/017536/06)
Share Code: 1TM
ISIN Code: ZAE000102026
("1time holdings")
CONDENSED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
HIGHLIGHTS
Headline earnings R 82.6 million
Revenue R1.25 billion
Headline EPS 39.35 cents
Revenue growth 19%
Passenger growth 12%
Condensed consolidated statement of financial position
Figures in Rand Audited Audited
31 31
December December
2009 2008
Assets
Non-current assets 459,552, 360,994,
905 521
Current assets 188,999, 99,019,5
814 02
Non-current assets held for sale 21,209,8 28,853,0
42 00
Total assets 669,762, 488,867,
561 023
Equity and liabilities
Capital and reserves 165,922, 144,619,
331 890
Non-current liabilities 124,084, 102,573,
819 494
Deferred tax 36,411,4 22,177,8
83 11
Current liabilities 343,343, 219,495,
928 828
Total equity and liabilities 669,762, 488,867,
561 023
Condensed consolidated statement of comprehensive income
Figures in Rand Audited Audited
31 31
December2 December
009 2008
Gross revenue 1,251,061 1,049,553
,344 ,531
Operating costs (1,095,64 (990,089,
5,708) 755)
Earnings before disclosable items 155,415,6 59,463,77
36 6
Depreciation (43,167,2 (27,667,0
60) 05)
Impairment of assets (50,491,0 (10,837,4
31) 85)
Loss on sale of assets (4,887,29
8) -
Negative goodwill 19,891,36
1 -
Foreign exchange difference 16,621,92 (17,976,0
9 80)
Operating profit 93,383,33 2,983,206
7
Finance costs (32,983,9 (21,178,9
35) 98)
Interest received 4,722,355 7,063,834
Profit/ (loss) before taxation 65,121,75 (11,131,9
7 58)
Taxation (19,029,6 1,270,268
77)
Profit/(loss) after tax 46,092,08 (9,861,69
0 0)
Profit/ (loss) attributable to:
Non-controlling interest 5,223,757
-
Owners of the parent 40,868,32 (9,861,69
3 0)
46,092,08 (9,861,69
0 0)
Headline Earnings
Profit attributable to ordinary 40,868,32 (9,861,69
shareholders 3 0)
Impairment of assets 50,491,03 10,837,48
1 5
Loss on sale of assets 4,887,298
Negative goodwill (13,612,4
25) -
Headline earnings attributable to 82,634,22 975,795
ordinary shareholders 6
Earnings per share
Profit attributable to ordinary 40,868,32 (9,861,69
shareholders 3 0)
Earnings attributable to ordinary 40,868,32 (9,861,69
shareholders 3 0)
HEPS (Cents) 39.35 0.46
EPS (Cents) 19.46 (4.70)
Comprehensive Income
Profit/(loss) after tax 46,092,08 (9,861,69
0 0)
Net (loss)/ gain on aircraft (27,798,5 52,876,03
revaluations 02) 8
Total comprehensive income 18,293,57 43,014,34
8 8
Total comprehensive income
attributable to:
Non-controlling interest 5,223,757
-
Owners of the parent 13,069,82 43,014,34
1 8
18,293,57 43,014,34
8 8
Condensed consolidated statement of changes in equity
Figures in Rand Audited Audited
31 31
December2 December
009 2008
Opening balance 144,619,8 104,905,5
90 42
Non-controlling interest at 3,008,863
acquisition -
Total comprehensive income
- Non-controlling interest 5,223,757
-
- Owners of the parent 13,069,82 43,014,34
1 8
Shareholders loans repaid - (3,300,00
0)
Total 165,922,3 144,619,8
31 90
Condensed consolidated statement of cash flows
Figures in Rand Audited Audited
31 31
December2 December
009 2008
Cash and equivalents at beginning 6,534,243 25,889,06
of year 4
Cash flows from operating 224,204,5 44,227,28
activities 89 3
Cash generated from operations 232,779,5 58,872,04
34 4
Interest received 4,722,355 7,063,834
Interest paid (13,315,5 (21,178,9
89) 98)
Taxation received/ (paid) (529,597)
18,289
Cash flows from investing (131,177, (132,568,
activities 606) 552)
Cash flows from financing (49,232,5 68,986,44
activities 48) 8
Cash and equivalents at end of 50,328,67 6,534,243
year 8
Condensed consolidated segment report
Figures in Rand Audited Audited
31 31
December2 December
009 2008
Consolidated revenue
Airline 1,039,912 994,928,2
,340 98
Charter 9,566,259 11,032,43
3
Saftech 288,859,5 -
28
Aeronexus 45,049,47 191,590,3
4 69
Inter-segment revenue (133,326, (147,997,
257) 569)
Total 1,251,061 1,049,553
,344 ,531
Segment result
Airline 152,759,8 37,629,54
68 0
Charter (430,876) 3,607,633
Saftech 2,086,755
Aeronexus 1,899,078
20,185,64
7
Eliminations (899,189) (1,959,04
4)
Total earnings before disclosable 155,415,6 59,463,77
items 36 6
Finance costs (32,983,9 (21,178,9
35) 98)
Interest received 4,722,355 7,063,834
Impairment of assets (50,491,0 (10,837,4
31) 85)
Foreign exchange difference 16,621,92 (17,976,0
9 80)
Negative goodwill 19,891,36
1
Depreciation (43,167,2 (27,667,0
60) 05)
Taxation (19,029,6 1,270,268
77)
Total profit/(loss) after tax 46,092,08 (9,861,69
0 0)
PERFORMANCE REVIEW
We are pleased to announce excellent financial results for the 1time holdings
group for the year ended 31 December 2009. The group achieved R 82.6 million
attributable headline earnings compared to the R 1 million headline earnings for
2008.
Group revenue increased by 19% from R 1,049 million last year to R 1,251 million
despite the generally difficult economic conditions and tough trading
environment. The revenue growth is underpinned by a 12% increase in passenger
volumes and increased revenue generated from the recently acquired maintenance
facility Safair Technical.
The strengthening of the Rand against the US Dollar translated to a R 16,6
million foreign exchange gain on the write down of foreign debt but also
resulted in a currency based aircraft valuation impairment of R50,5 million.
The net current liability position is largely due to an increase in forward
ticket sales and the policy of replacing all off balance sheet aircraft
operating leases with on balance sheet financing.
Cash generated from operations for the year was exceptionally strong at R232,8
million compared to R58,9 million for 2008. The cash generated has been utilised
to acquire additional aircraft and to reduce debt.
The full assessed tax loss from prior years has been substantially utilised in
the current year due to strong earnings.
1TIME AIRLINE
1time airline performed well growing revenue to R 1,040 million on marginally
lower yields and a 12% passenger increase. The passenger growth was achieved
despite the overall domestic travel market declining by an estimated 7% for the
year, leading to further market share gains for the airline.
The improved margins have been underpinned by the average 34% decrease in Rand
jet fuel prices for the year and a successful campaign to entice corporate
travelers away from the higher priced legacy airlines.
The airline operates a fleet of twelve standard stage III MD80 type aircraft
operating over 1200 flights a month to ten destinations. Our planned African
expansion has continued with Zanzibar and Livingstone performing well and Maputo
planned to commence in the second quarter of this financial year
Our continued unfair exclusion from Lanseria has been referred to the
Competition Tribunal. We expect a final conclusion of the matter this year.
SAFAIR TECHNICAL
Following the acquisition of 72% of Safair Technical by 1time holdings,
Aeronexus Technical was merged into Safair Technical effective April 2009.
Aircraft maintenance revenue has increased from R 191 million last year to a
combined R 334 million for the year ended 31 December 2009. Operating margins
have been under pressure due to initial merger costs and operating
inefficiencies. These matters are now being addressed with recent management
changes.
1TIME CHARTERS
In order to avoid a duplication of overheads, the group has, with effect from
January 2010, run its charter service as a division within 1time airline rather
than through its subsidiary Aeronexus Corporate (Pty) Ltd.
Subsequent to year end Aeronexus Corporate (Pty) Ltd was sold for R1,65 million,
which represents a profit to its net asset value. All aircraft assets and MD80
World Cup charter contracts were transferred from Aeronexus Corporate to 1time
airline.
We expect an increased demand for charters during the World Cup period.
DIVIDEND POLICY
In line with the group`s strategy to reinvest in the group to sustain growth, no
dividend has been declared. The dividend policy of the group will be reviewed
annually in light of the group`s cash flow, gearing and capital requirements.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) and the South African
Companies Act.
The following new standards and amendments to standards have become mandatory
for the financial year beginning 1 January 2009:
IAS 1 (revised) - Presentation of Financial Statements.
The group has elected to present one performance statement; namely a statement
of comprehensive income and to rename the balance sheet to the statement of
financial position. The interim financial statements have been prepared under
the revised disclosure requirements.
IFRS 8 - Operating segments.
This standard requires a `management approach` under which segment information
is presented on the same basis as that used for internal reporting purposes.
IAS 36 - Impairment of assets.
The standard requires disclosures of estimates used to determine the recoverable
amount of cash-generating units containing goodwill or intangible assets with
indefinite useful lives. When discounted cash flows are used to estimate fair
value less costs to sell, disclosure of the period over which the cash flows are
projected, the growth rate used and the discount rate is required.
AUDIT OPINION
The auditors of 1time holdings, SAB-T Chartered Accountants Incorporated, have
audited the financial information in terms of rule 3.18 of the Listings
Requirements of the JSE Limited. Their unqualified audit opinion is available
for inspection at the offices of 1time holdings.
.PROSPECTS
For the airline we expect further revenue growth on expanded capacity and higher
passenger volumes for 2010. There is uncertainty as to what impact the World Cup
will have on earnings for the year. Margins in the airline will be largely
dependent on the average Rand fuel price achieved for 2010. Hedging is, however,
considered and assessed on an ongoing basis.
For the aircraft maintenance business we expect further revenue growth and
improved margins.
APPRECIATION
We thank our loyal staff for their commitment and also thank our business
partners, advisors, passengers, and most importantly our shareholders, for their
ongoing support and faith in the group
By order of the Board
23 March 2010
Glenn Orsmond Sipho Twala
Chief Executive Officer Chairman
CORPORATE INFORMATION
Non-executive directors: S M Twala; T Matsinhe; G L Wishart, M Sinclair (ALT)
Executive directors: G W Orsmond; R L James; M J Kaminski; M Snyman (Company
secretary)
Registration number: 1999/017536/06
Registered address: Unit D2 Isando Industrial Park, Isando
Postal address: P.O. 7110, Bonaero Park, 1622
Telephone: 011 928 8000
Facsimile: 0866 492 712
Web address: www.1timeholdings.co.za
Transfer secretaries: Computershare Investor Services (Pty) Limited
Designated Adviser: Exchange Sponsors (2008) (Pty) Limited
Date: 23/03/2010 14:07:02 Produced by the JSE SENS Department.
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