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CRG
CRG
CRG - Cargo Carriers Limited - Audited results for the year ended 28 February
2010 and Dividend announcement
CARGO CARRIERS LIMITED
(Registration Number 1959/003254/06)
Share code: CRG
ISIN: ZAE000001764
("CRG" or "the group")
Audited results for the year ended 28 February 2010 and Dividend announcement
CONSOLIDATED STATEMENT OF COMPREHENSIVE 2009
INCOME 2010 R000
R000
Revenue
443,812 483,041
Other revenue
5,405 5,482
Finance income
9,157 11,504
Operating and administration costs
(386,730) (435,943)
Depreciation
(29,205) (28,580)
Profit on disposal of tangible assets
3,735 1,328
Reversal of impairment in Zimbabwe
operations 2,509 (504)
Fair value adjustment to investment
properties 10,018 (1,468)
Impairment of assets
(12,021) -
Share of profits from associates and
joint venture 1,395 3,309
Profit from operating activities
48,075 38,169
Finance costs
(16,540) (24,630)
Profit before taxation
31,535 13,539
Taxation
(6,709) 3,691
Profit for the year
24,826 17,230
Other comprehensive (loss)/income:
Capital portion of revaluation
4,725 (606)
Income tax effect of revaluation
(1,323) 170
Exchange differences on translation of
foreign operations (4,376) 2,181
Other comprehensive (loss)/income for
the year, net of tax (974) 1,745
Total comprehensive income for the
year, net of tax 23,852 18,975
Total comprehensive income attributable
to:
Equity holders of the company
23,852 18,975
Minority interests
- -
Total comprehensive income for the
year, net of tax 23,852 18,975
FINANCIAL INFORMATION
Dividend per share (cents)
- interim declared during the year
9.5 9.5
- final declared after year end
20.0 9.0
Total dividends
29.5 18.5
Earnings per share (cents)
128.0 88.8
Adjustments:
Profit on sale of tangible assets
(13.9) (4.9)
Impairment of assets held for sale
62.0 -
Reversal of impairment in Zimbabwe
operations (12.9) 2.6
Revaluation of investment property to
fair value (44.4) 6.5
Deferred tax released due to the sale
of the letting enterprise including the - (38.0)
property
Headline earnings per share (cents)
118.8 55.0
Borrowings
Capacity utilized (%) 15.2% 13.0%
Total net borrowing capacity (R`000)
163,012 152,881
Capital commitments (R`000)
1,111 20,436
Net asset value per share (cents)
1,681 1,576
Ordinary shares in issue (closing and
weighted average) (000) 19,406 19,406
SEGMENTAL ANALYSIS
Revenue
Industrial
256,479 299,510
Agricultural
132,650 131,034
Consumer
7,770 10,110
Aviation
12,426 11,704
Supply chain services
37,356 32,734
Property
2,536 3,431
449,217 488,523
Profit/(loss) from operating activities
Industrial
56,665 43,693
Agricultural
(14,969) (11,151)
Consumer
(812) 755
Aviation
6,907 4,185
Supply chain services
(3,182) (388)
Property
3,466 1,075
48,075 38,169
CONSOLIDATED STATEMENT OF FINANCIAL 2010 2009
POSITION R000 R000
Assets
Non-current assets
Tangible assets
332,505 311,265
Deferred taxation
10,530 7,209
Investments in associates
16,435 11,526
Investment in joint venture
14,056 10,905
373,526 340,905
Current assets
Trade and other receivables
69,410 76,249
Inventories
6,185 5,094
Taxation
- 8,638
Cash and cash equivalents
88,506 104,101
164,101 194,082
Assets held for sale
3,249 -
Total Assets
540,876 534,987
Equity and Liabilities
Equity attributable to owners of the
parent
Ordinary shareholders` interest
326,023 305,761
Minority shareholders` interest
- -
Total Equity 326,023 305,761
Non-current liabilities
Deferred taxation
43,673 43,475
Interest-bearing long-term loans
77,881 87,049
121,554 130,524
Current liabilities
Trade and other payables
53,462 61,700
Short term portion of interest-bearing
loans 35,361 37,002
Taxation
4,476 -
93,299 98,702
Total Equity and Liabilities
540,876 534,987
CONSOLIDATED STATEMENT OF CASH FLOWS
Operating profit after non-cash flow
items 62,712 52,821
Increase in working capital
(4,850) (3,390)
Cash generated by operations
57,862 49,431
Finance income
9,157 11,504
Finance costs paid
(16,540) (24,630)
Dividends paid
(3,590) (3,590)
Taxation paid
1,960 (6,283)
Cash inflow from operating activities
48,849 26,432
Net cash (outflow)/inflow from
financing activities (10,809) 25,794
Net cash (outflow)/inflow from
investing activities (53,363) 36,619
Increase in loan to joint venture and
associates (6,667) (853)
Replacement of tangible assets
(64,862) (62,767)
Proceeds on sale of tangible assets
18,166 100,239
Cash (utilized)/generated during period
(15,323) 88,845
Net cash at beginning of period
104,101 14,949
Net foreign exchange difference
(272) 307
Net cash at end of period
88,506 104,101
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Share Non- Distribu-
Capital Distribu- table
table reserves
reserve
Opening balance 1 March 2008
194 104,293 177,469
Total comprehensive income
- (436) 17,230
- Profit for the period
- - 17,230
- Other comprehensive
income/(loss) - (436) -
Transfer of fair value gains
between reserves - (61,006) 61,006
Transfer fair value gains
from deferred taxation to - - 6,457
opening retained profit
Dividends paid
- - (3,590)
Balance at 1 March 2009
194 42,851 258,572
Total comprehensive income
- 3,402 24,826
- Profit for the period
- - 24,826
- Other comprehensive
(loss)/income - 3,402 -
Transfer of fair value gains
between reserves - 3,660 (3,660)
Dividends paid
- - (3,590)
Balance at 28 February 2010
194 49,913 276,148
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY CONTINUED
Foreign Other Total
currency reserves
trans-
lation
reserve
Opening balance 1 March 2008
1,913 50 283,919
Total comprehensive income
2,181 18,975
- Profit for the period
- - 17,230
- Other comprehensive
income/(loss) 2,181 - 1,745
Transfer of fair value gains
between reserves - - -
Transfer fair value gains
from deferred taxation to - - 6,457
opening retained profit
Dividends paid
- - (3,590)
Balance at 1 March 2009
4,094 50 305,761
Total comprehensive income
(4,376) - 23,852
- Profit for the period
- - 24,826
- Other comprehensive
(loss)/income (4,376) - (974)
Transfer of fair value gains
between reserves - - -
Dividends paid
- - (3,590)
Balance at 28 February 2010
(282) 50 326,023
Review
Earnings per share and headline earnings per share have
respectively increased by 44% and 116%. It is most pleasing
to note the increase in headline earnings as this reflects
positively that the Group`s long term strategy of maximising
operating profits and containing costs is being achieved.
Revenue and operating costs during the reporting period have
decreased by 8.1% and 11.3% respectively. This movement is
attributed to the reduction in the fuel price including a
combination of new business gained and decrease in existing
volumes due to the economic recession. Operating costs have
been further contained as a result of stricter cost control
measures and restructures within the Group.
Subsequent to the dollarisation of the Zimbabwe economy and
restoration of fundamental socio-economic policies, the
Group`s Zimbabwe operations have improved in the current year.
As a result, the financial information of the Zimbabwe
operations is material to the Group and has been
reconsolidated into the Group`s results. The accounting
treatment in terms of IFRS issued by the Institute of
Chartered Accountants of Zimbabwe (ICAZ) on the commencement
of consolidation of the Zimbabwe operations gave rise to a
balance sheet take-on gain of R2, 5 million, which is
recognised in the income statement and relates to prior period
write downs of assets in Zimbabwe. This gain is excluded from
headline earnings and profit from operations. It is included
in total net profit.
The disposal of non-operating assets was initiated to generate
cash flows to be used for further capital expansion and
acquisition opportunities in the Group. Further non-core
assets have been impaired and re-classified to `assets held
for sale`, with the intention of disposing of them within the
next 12 months.
Finance income and finance costs have decreased by 20.4% and
32.8% respectively. The decline in finance costs is
attributed to the decrease in interest rates during the
reporting period coupled with lesser interest being paid on
the older finance agreements.
Prospects
The signs of recovery in the regional economy auger well for
business prospects in the coming year. Previous financial
prudence has enabled the Group to take advantage of new
business opportunities which will improve earnings and
increase gearing, particularly in the industrial segment.
Operational initiatives have been implemented in the
agricultural segment, which should lead to improved results.
Weather patterns remain a significant risk. Barring unforseen
circumstances the Group anticipates an increase in headline
earnings per share in the coming year.
Accounting Policies
The financial statements for the year ended 28 February 2010
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,
IFRS 8 - Operating Segments and IFRS 7 - Financial
Instruments. IAS 1 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. IFRS 8
and IFRS 7 have primarily affected the disclosure requirements
within the financial statements.
The accounting policies applied in the current year are
consistent with prior years.
Independent Auditor`s Report
These results have been audited by Ernst & Young Inc and their
unqualified audit opinion is available on request from the
company secretary at Cargo Carriers Limited`s registered
office. The Group`s annual report will be available by the end
of May 2010.
Reclassification of prior year figures
The comparative figures for cash generated by operations and
cash generated during the period in the statement of cash
flows have been changed. This is due to the unrealised
foreign exchange movement on the bank being disclosed
separately from working capital and non-cash flow items.
These changes have also affected the classification of certain
items in the notes.
Changes to the Board of Directors
Mr Shaneel Maharaj was appointed as the Financial Director of
the Company with effect from 14 May 2009.
Dividend Declaration
A final dividend (no. 38) of 20.0 (2009: 9.0) cents per share
has been declared to shareholders recorded in the books of the
company at the close of business on Friday, 18 June 2010. The
last date to trade cum dividend will be Thursday, 10 June 2010
and the shares will trade ex dividend from the commencement of
business on Friday, 11 June 2010. The dividend will be paid
on Monday, 21 June 2010. Share certificates may not be
dematerialised / rematerialised between Friday, 11 June 2010
and Friday, 18 June 2010, both days inclusive.
Registered Office
11A Grace Road, Mountainview,
Observatory, Johannesburg 2041
Transfer Secretaries
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
Johannesburg, 2001
Incorporated in the Republic of South Africa ("Cargo Carriers"
or " the company")
JSE Share code: CRG
ISIN Code: ZAE000001764
By order of the board
MJ Bolton
Company Secretary
14 May 2010
Board of Directors
S G Chilvers# (Chairman), G D Bolton (Joint CEO), M J Bolton
(Joint CEO),
A E Franklin*, B B Fraser#, S Maharaj (FD),
S P Mzimela*, V Raseroka*, M J Vuso*
# non-executive director
* independent non-executive director
Sponsor
Arcay Moela Sponsors (Pty) Ltd
Date: 18/05/2010 17:45:21 Produced by the JSE SENS Department.
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