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CCL
CCL
CCL - Compu-Clearing Outsourcing Limited - Reviewed Results for 6 Months Ended
31 December 2010
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 2010 INCLUDING
CONTINUATION OF CAUTIONARY
CONDENSED STATEMENT OF FINANCIAL POSITION
31 December 31 December 30 June
2010 2009 2010
Reviewed Reviewed Audited
R`000 R`000 R`000
ASSETS
Non-current assets 23,597 21,000 23,614
Property, plant and 21,268 19,112 20,882
equipment
Intangible asset 1,629 1,278 1,643
Investment in equity 281 44 263
accounted investees
Deferred taxation asset 419 566 826
Current assets 22,543 22,835 26,021
Inventory 31 26 32
Trade and other 7,957 6,503 8,443
receivables
Income tax receivable 1,471 - 591
Cash and cash equivalents 13,084 16,306 16,955
Total assets 46,140 43,835 49,635
EQUITY AND LIABILITIES
Equity 40,726 39,335 43,148
Share capital and premium 1,959 1,839 1,919
Treasury shares (354) (396) (354)
Distributable reserves 39,121 37,892 41,583
Non-current liabilities 2,178 2,504 2,204
Post retirement medical 1,358 1,439 1,399
obligations
Deferred taxation 820 1,065 805
liability
Current liabilities 3,236 1,996 4,283
Trade and other payables 3,093 1,995 4,127
Income tax payable 143 1 156
Total equity and liabilities 46,140 43,835 49,635
Net asset value per share 98.3 95.3 103.5
(cents)
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
6 months ended
31 December 31 December Year ended
2010 2009 30 June
2010
% Inc. Reviewed Reviewed Audited
/
(decr)
R`000 R`000 R`000
Revenue 13 26,770 23,781 48,898
Operating costs (21,061) (18,597) (38,775)
- Distribution (16,658) (13,976) (29,372)
- Administration (4,151) (4,139) (9,108)
- Other (252) (482) (295)
Operating profit 10 5,709 5,184 10,123
Net finance income 550 789 1,420
- Finance income 641 789 1,420
- Finance expense (91) - -
Share of losses of equity (102) (113) (221)
accounted investees
Profit before income tax 5 6,157 5,860 11,322
Income tax expense (2,431) (2,699) (3,841)
Income tax - normal and (1,810) (1,667) (2,809)
deferred
Income tax - STC (621) (1,032) (1,032)
(secondary tax on
companies)
Profit for the period 18 3,726 3,161 7,481
Other comprehensive - - (652)
income for the period
Revaluation of property, - - (906)
plant and equipment
Income tax on other - - 254
comprehensive income
Total comprehensive 3,726 3,161 6,829
income for the period
Earnings per share
(cents)
Basic 17 9.0 7.7 18.1
Diluted 18 8.9 7.6 17.9
Ordinary dividend per 15.0 25.0 25.0
share (cents)
RECONCILIALTION OF HEADLINE EARNINGS
6 months ended
31 December 31 December Year ended
2010 2009 30 June 2010
Reviewed Reviewed Audited
% Inc. / R`000 R`000 R`000
(decr)
Profit for the period 3,726 3,161 7,481
attributable to
ordinary shareholders
Adjusted for :
(Profit) loss on (19) - 3
disposal of property,
plant and equipment
Taxation effect 5 - (1)
Loss on disposal of - 10 -
intangible assets
Taxation effect - (3) -
Headline earnings 3,712 3,168 7,483
Headline earnings per
share (cents)
Basic 17 9.0 7.7 18.1
Diluted 17 8.9 7.6 17.9
Actual number of shares 41,409 41,271 41,704
in issue (`000)
Weighted average 41,382 41,240 41,295
number of shares in
issue (`000)
Diluted weighted 41,919 41,834 41,842
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 15 20,944 18,276 37,473
Hardware rental revenue 5 5,256 5,028 10,306
Cargowise 16 -
-
Other 16 554 477 1,119
Total revenue from 13 26,770 23,781 48,898
external sources
Segment result - 10,033 8,662 19,104
Software
Segment result - 1,815 1,559 2,247
Hardware
Segment result - (1,156) (400) (1,869)
Cargowise
Segment result - Other (4,110) (3,526) (6,747)
Total segment result 5 6,582 6,295 12,735
Unallocated amounts
Other corporate expenses (323) (322) (1,192)
Share of losses of equity (102) (113) (221)
accounted investee
Profit before income tax 6,157 5,860 11,322
Segmental Assets
Software 6,188 7,925 9,248
Hardware 8,231 7,259 8,856
Cargowise - - -
Other 29,473 28,027 30,205
Total assets for 43,892 43,211 48,309
reportable segments
Investment in equity 281 44 263
accounted investees
Other unallocated amounts 1,967 580 1,063
Total assets 46,140 43,835 49,635
Segmental Liabilities
Software 72 279 1,069
Hardware 961 91 626
Cargowise ` - - -
Other 3,083 2,748 3,287
Total liabilities for 4,116 3,118 4,982
reportable segments
Other unallocated amounts 1,298 1,382 1,505
Total liabilities 5,414 4,500 6,487
CONDENSED STATEMENT OF CASH FLOW
6 months ended
31 December 31 December Year ended
2010 2009 30 June
2010
Reviewed Reviewed Audited
R`000 R`000 R`000
Profit before income tax 6,157 5,973 11,322
Adjusted for: 860 812 1,957
Non cash items 1,410 1,601 3,377
Net finance income (550) (789) (1,420)
Cash generated by trading 7,017 6,785 13,279
operations
Decrease increase in post (41) (38) (78)
retirement medical obligations
Increase in working capital (547) (1,394) (1,188)
Cash generated by operations 6,429 5,353 12,013
Net finance income 550 789 1,420
Finance income 641 789 1,420
Finance expense (91) - -
Income tax paid (2,901) (2,437) (4,281)
Dividends paid (6,205) (10,323) (10,323)
Cash outflow from operating (2,127) (6,618) (7,392)
activities
Cash outflow from investing (1,784) (2,472) (7,392)
activities
Acquisition of property, plant (1,528) (2,214) (6,286)
and equipment to maintain
operations
Acquisition of intangible asset (188) (101) (659)
Proceeds on disposal of equipment 52 - 37
Increase in loan to associate (120) (157) (484)
Cash inflow from financing
activities
Proceeds from the issue of shares 40 223 345
and sale of treasury shares
Decrease in cash and cash (3,871) (8,867) (8,218)
equivalents
Cash and cash equivalents at the 16,955 25,173 25,173
beginning of the period
Cash and cash equivalents at the 13,084 16,306 16,955
end of the period
STATEMENT OF CHANGES IN EQUITY
6 months ended
31 December 31 December Year ended
2010 2009 30 June
2010
Reviewed Reviewed Audited
R`000 R`000 R`000
Balance at beginning of period 43,148 46,251 46,251
Sale of treasury shares - 190 285
Proceeds of share issue 40 33 60
Total comprehensive income for 3,726 3,161 6,829
the period
Profit for the period 3,726 3,161 7,481
Revaluation of property, plant - - (906)
and equipment
Income tax on other comprehensive - - 254
- deferred taxation effect on
impairment
Share-based payment reserve 17 23 46
movement
Dividends paid (6,205) (10,323) (10,323)
Balance at end of period 40,726 39,335 43,148
Commentary
The results for the 6 months ended 31 December 2010 are characterised by
improved operational performance, with a 13 % increase in revenue resulting in a
10 % increase in operating profit, over the corresponding period. Primary
contributors to the increase in revenue were the increase in volumes at existing
clients; an increase in the number of new customers; an annual price increase
and an increase in the contribution of new products. The Group`s core software
revenue, increased by an impressive 15 % (2009 - 6%), over the corresponding
period. A 5 % increase in profit before tax was achieved after charges of R1,2
million pertaining to expenses incurred in the Cargowise division. Three
Cargowise implementations are currently in progress and revenues will commence
in the second half.
Increased profit before tax, together with a lower charge for secondary tax on
companies, resulted in a 18% increase in profit for the period.
Cash generation by operations remains strong and in line with operating profit.
Dividend payments, which remain at very satisfactory levels, have resulted in
lower average cash balances, which together with interest rate cuts have
resulted in lower finance income for the period.
During the period, the Group was rated as a value-added level 6 BBBEE
contributor. Management are mindful of the importance of BBBEE in bringing about
change and are committed to developing the Group`s BBBEE profile, in a
meaningful, sustainable manner.
ProspectsIndications are that the growth in core revenues will continue in the
second half. This will be bolstered by the initial Cargowise revenues.
At the time of publication of this announcement, the Company is engaged in
negotiations, which if successfully concluded may affect its share price.
Shareholders are referred to the cautionary announcement dated 1 March 2011, and
advised to continue to exercise caution when dealing in the company`s
securities.
Basis of preparationThe reviewed condensed consolidated interim financial
statement for the six months ended 31 December 2010 have been prepared in
accordance with the requirements of International Accounting Standard ("IAS") 34
Interim Financial Reporting, the AC 500 series issued by the Accounting
Practices Board, the Listings Requirements of the JSE Limited and the South
African Companies Act, 1973 as amended.
The accounting policies applied in the presentation of the condensed
consolidated interim financial statements are consistent with those applied for
the year ended 30 June 2010, except for new standards and interpretations that
became effective on 1 July 2010. The adoption of these standards has had no
effect on the results for the period nor has it required the restatement of any
prior year figures. The condensed consolidated interim financial statements have
been presented on the historical cost basis and 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 2010.
Related party transactionsThere has been no significant change in related party
relationships since the previous year.
Other than in the normal course of business, there have been no significant
transactions during the period with associate companies, joint ventures and
other related parties.
Distributions to shareholders
Compu-Clearing has a policy of paying a distribution at year end. As a result,
the company has not declared an interim distribution.
Subsequent events
No material events have occurred between the reporting date and the date of
approval of this condensed consolidated interim financial statement, knowledge
of which would affect the ability of the users of this statement to make proper
evaluations and decisions.
Review report
The consolidated statement of financial position at 31 December 2010 and the
consolidated statement of comprehensive income, statement of changes in equity,
segmental analysis and cash flows for the period then ended have been reviewed
by KPMG Inc. 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
07 March 2011 (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)
Registered office
7 Drome Road
Formain, 2090
PO Box 890856
Lyndhurst, 2106
Transfer secretaries:
Computershare Investor Services 2004 Limited
Ground Floor
70 Marshall Street
Johannesburg, 2001
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
07 March 2011
Date: 07/03/2011 17:00:02 Produced by the JSE SENS Department.
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