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COM
COM
COM - Comair Limited - Unaudited interim results for the six months ended 31
December 2010
Comair Limited
Incorporated in the Republic of South Africa
Registration number 1967/006783/06
Share code: COM
ISIN: ZAE000029823
("Comair" or "the Company" or "the Group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2010
Performance review
The team at Comair delivered a good performance despite the recessionary
environment and tariff increases of between 30% and 40% from the state owned
service providers to the industry. Without increasing the number of scheduled
aircraft, our capacity increased by 26% through improved fleet utilisation and
the introduction of three larger, more efficient Boeing 737-800 aircraft. A
commensurate increase in passenger volumes delivered a 24% increase in turnover,
adequate to cover both the inflationary cost increases as well as a decline in
average ticket prices in the industry. Earnings per share increased by 27% to
10.3 cents per share (prior year: 8.1 cents per share), with weighted ordinary
shares in issue increasing by 17% due to the rights issue in May 2010. During
the period the Company invested in a new flight simulator facility and made
deposits on its new aircraft for delivery from 2012, totaling R110 million.
Our expansion into Africa progressed with the successful introduction of flights
to Dar es Salaam. The roll out of our SLOW lounges at the major airports
countrywide has been very well received by business travelers, who have ranked
the facilities amongst the best in the world. Following on the launch of
improved on-line customer services, including home check-in, we have also
launched the kulula.mobi application and improved self-service functionality at
the airports to streamline our customers` experience. Both the British Airways
and kulula.com brands received further advertising and service awards during the
period.
Prospects
Our focus remains on improving customer service while driving further
efficiencies. The replacement of three Boeing 737-200`s with new generation 737-
800`s signified the next phase in Comair`s ongoing fleet upgrade programme. We
expect that the price of oil will remain above $100 per barrel, and the new
aircraft are the key component in managing this cost. We intend to launch two
further routes into Africa in the next six months. The potential of an
escalating fuel price and further significant increases in airport tariffs
remain the greatest challenges to the growth of air travel in South Africa.
Dividends
No interim dividends have been declared as it is the Group policy to consider
one dividend annually.
Directors` resignation
Following his resignation from British Airways Plc., Rajesh Ramanlal Mehta
resigned as a non-executive director on the 31st of July 2010.
Basis of preparation
In terms of the Listing Requirements of the JSE Limited, the Group has prepared
its consolidated interim results in accordance with International Financial
Reporting Standards including IAS 34 Interim Financial Reporting, the AC 500
standards as issued by the Accounting Standards Board and the requirements of
the Companies Act. The accounting policies used in the preparation of these
results are consistent in all material aspects with those used for the previous
annual financial statements.
Abridged Group Statement of Comprehensive Income
Unaudited Unaudited Audited
six months six months year
31 Dec 31 Dec 30 June
2010 2009 2010
R `000 R `000 R `000
Revenue 1,756,663 1,415,703 3,009,544
Operating expenses (1,607,568) (1,297,378) (2,723,009)
Operating profit before 149,095 118,325 286,535
depreciation
Depreciation (75,149) (64,457) (142,542)
Profit before interest, 73,946 53,868 143,993
dividend and taxation
Investment income 15,775 16,319 32,751
Interest expense (19,108) (23,775) (45,859)
Share of loss of (1,392) (3,010) (6,814)
associates
Profit before taxation 69,221 43,402 124,071
Taxation (20,823) (10,782) (34,364)
Profit after tax 48,398 32,620 89,707
attributable to the
equity holders of the
parent
Other comprehensive
income
Fair value adjustment 4,522 5,181 17,640
on cash flow hedge net
of taxation
Total comprehensive 52,920 37,801 107,347
income for the year
attributable to the
equity holders of the
parent
Earnings per share 10.3 8.1 22.0
(cents)
Headline earnings per 10.3 8.1 22.0
share (cents)
Diluted earnings per 10.2 8.1 21.8
share (cents)
Diluted headline 10.2 8.1 21.8
earnings per share
(cents)
Dividends per share 5.0 5.0 5.0
Ordinary shares in 489,176 420,000 489,176
issue (`000)
Weighted ordinary 470,648 400,814 408,295
shares in issue (`000)
Diluted weighted 474,680 404,510 412,327
ordinary shares in
issue (`000)
Depreciation (R `000) 75,149 64,457 142,542
Reconciliation between
earnings and headline
earnings
Profit after tax 48,398 32,620 89,707
attributable to the
equity holders of the
parent
Headline earnings after 48,398 32,620 89,707
tax
Abridged Group
Statement of Financial
Position
ASSETS
Property, plant and 1,064,964 961,765 991,853
equipment
Investment in 76,637 76,317 75,887
associates
Available-for-sale- - 142,290 153,000
investments
Current assets 656,097 573,642 801,833
1,797,698 1,754,014 2,022,573
EQUITY AND LIABILITIES
Share capital and 755,053 537,197 725,275
reserves
Interest-bearing 245,673 439,242 188,976
liabilities
Deferred taxation 94,702 84,317 78,463
Current liabilities 702,270 693,258 1,029,859
1,797,698 1,754,014 2,022,573
Net asset value per 160.4 134.0 154.1
share (cents)
Unaudited Unaudited Audited
six months Six months year
31 Dec 31 Dec 30 June
2010 2009 2010
R `000 R `000 R `000
Abridged Group
Statement of Cash Flows
Cash and cash 374,277 309,220 309,220
equivalents at the
beginning of the period
Cash from operations 33,859 53,390 247,107
and investment income
Dividends paid (23,533) (20,040) (20,040)
Taxation (paid)/ (37,639) 8,672 1,258
refunded
Cash utilised in (80,215) (130,577) (252,836)
investing activities
Cash Generated by (135,556) 32,086 89,568
Financing Activities
Cash and cash 131,193 252,751 374,277
equivalents at the end
of the period
Abridged Group Segment
Report
Segmental Revenue
Airline 1,723,601 1,401,870 2,978,411
Non Airline 33,062 13,833 31,133
1,756,663 1,415,703 3,009,544
Segmental Results
Airline 139,349 111,610 272,834
Non Airline 9,746 6,715 13,701
Profit before taxation 149,095 118,325 286,535
and depreciation
Depreciation - Airline (73,274) (64,105) (142,139)
Depreciation - Non (1,875) (352) (403)
airline
Profit before interest, 73,946 53,868 143,993
dividend and taxation
Segmental assets - 1,655,883 1,717,827 1,965,959
Airline
Segmental assets - Non 141,815 36,187 56,614
airline
Segmental liabilities - (945,001) (1,182,154) (1,259,079)
airline
Segmental liabilities - (97,644) (34,663) (38,219)
Non airline
Segmental capital 82,113 99,334 217,101
additions - Airline
Segmental capital 66,147 14,843 5,251
additions - Non airline
Abridged Group
Statement of Changes in
Equity
Opening Balance 725,275 517,722 517,722
Rights issue - 115,978
Total comprehensive 52,920 37,801 107,347
income for the period
Dividends paid (23,533) (20,040) (20,040)
Equity settled share- 1,714 1,714 3,428
based payment
adjustment
Net effect of share (1,323) - 840
trust activities
Closing Balance 755,053 537,197 725,275
By order of the Board
D Novick (Chairman)
G Novick (Joint CEO)
E Venter (Joint CEO)
14 February 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 15/02/2011 12:00:02 Produced by the JSE SENS Department.
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