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CCL
CCL
CCL - Compu-Clearing Outsourcing Limited - Reviewed preliminary condensed
results for the year ended 30 June 2010, cash dividend declaration and notice
of annual general meeting
COMPU-CLEARING OUTSOURCING LIMITED
(Registration number 1998/015541/06)
(Incorporated in the Republic of South Africa)
Share Code: CCL & ISIN: ZAE000016564
("Compu-Clearing" or "the Company" or "The Group")
REVIEWED PRELIMINARY CONDENSED RESULTS FOR THE YEAR ENDED 30 JUNE 2010, CASH
DIVIDEND DECLARATION AND NOTICE OF ANNUAL GENERAL MEETING
Commentary
The results for the year under review reflect an encouraging 38% increase in
operating profit, up from 9% for the first six months, during a period of
continued difficult trading conditions. A 9% increase in turnover and
contained growth in operational expenses of 2,5% are the key contributors to
this increase. Included in operating costs are R1,9 million of expenses,
relating to the Cargowise division. Contracts for the rollout of Cargowise
have been concluded with several clients and the division is due to generate
its first revenues during the 2011 financial year. A satisfactory 13% growth
in profit before income tax includes net financial income of R1,4 million
(2009- R2,6 million), which reflects the lower bank balances held by the
Group.
Profit for the year of R7,5 million (2009 -R6,5 million) was achieved after a
charge of R1,03 million for STC (Secondary Tax on Companies) (2009-R1,02
million), arising from the payment of a dividend during the year under
review.
Cash generation continues to be strong with cash generated from operations
amounting to 116% (2008-149%) of operating profit. Cash balances remain a
very healthy R17,0 million , (2009-R25,2 million ) after distributions to
shareholders of R10,3 million (2009-R10,2 million) and R3 million invested
in a building refurbishment project.
Prospects
There are tangible indications that the decline in import volumes, which are
closely linked to the Group`s revenues, has bottomed out. Revenues for the
Cargowise division will come on stream from July 2010, expanding the Group`s
revenue base. Management continue to focus on maintaining the operating
margin at a satisfactory level.
INCOME STATEMENT
For the year ended 30 June
2010 2009 %
reviewed audited Increase
R`000 R`000
Rental and other revenue 48,898 45,037 9
Operating costs (38,775) (37,684)
- Distribution (29,372) (26,976)
- Administration (9,108) (10,112)
- Other (295) (596)
Operating profit 10,123 7,353 38
Net financial income 1,420 2,639
- Financial income 1,420 2,644
- Financial expense - (5)
Share of losses of equity accounted (221) -
investee
Profit before income tax 11,322 9,992 13
Income tax - Normal and deferred (2,809) (2,461)
Income tax - STC (Secondary Tax on (1,032) (1,022)
Companies)
Profit for the year 7,481 6,509
Other comprehensive income for the (652) 3,583
year
Revaluation of property, plant and (906) 4,501
equipment
Income tax on other comprehensive 254 (918)
income
Total comprehensive income for the 6,829 10,092
year
Basic earnings per share (cents) 18.1 15.8 14
Diluted earnings per share (cents) 17.9 15.6 15
BALANCE SHEET
As at 30 June
2010 2009
reviewed audited
R`000 R`000
ASSETS
Non-current assets 23,614 20,457
Property, plant and equipment 20,882 18,333
Intangible asset 1,643 1,300
Investment in equity accounted investee 263 -
Deferred taxation asset 826 824
Current asset 26,021 31,864
Inventory 32 64
Trade and other receivables 8,443 6,410
Income tax receivable 591 217
Cash and cash equivalents 16,955 25,173
Total assets 49,635 52,321
EQUITY AND LIABILITIES
Shareholders` funds 43,148 46,251
Share capital and premium 1,919 1,683
Treasury shares (354) (463)
Reserves 41,583 45,031
Non-current liabilities 2,204 2,543
Post retirement medical obligations 1,399 1,477
Deferred taxation liability 805 1,066
Current liabilities 4,283 3,527
Trade and other payables 4,127 3,314
Income tax payable 156 213
Total equity and liabilities 49,635 52,321
Net asset value per share (cents) 104.3 112.2
RECONCILIATION OF HEADLINE EARNINGS PER SHARE
For the year ended 30 June
2010 2009 %
reviewed audited Increase /
R`000 R`000 (decrease)
Profit for the year attributable to 7,481 6,509
ordinary shareholders
Adjusted for:
Loss/(profit) on disposal of property, 3 (6)
plant and equipment
Taxation effect (1) 2
Loss on disposal of intangible assets - 20
Taxation effect - (6)
Headline earnings 7,483 6,519 15
Headline earnings per share (cents) 18.1 15.9 14
Diluted headline earnings per share 17.9 15.7
(cents)
Actual number of shares in issue (`000) 41,369 41,208
Weighted average number of shares in 41,295 41,070
issue (`000)
Diluted weighted average number of shares 41,842 41,606
in issue (`000)
SEGMENTAL REPORT
For the year ended 30 June
2010 2009 Increase /
reviewed audited (decrease)
R`000 R`000
Software rental revenue 37,473 33,989 10
Hardware rental revenue 10,306 9,685 6
Cargowise revenue - - -
Other 1,119 1,363 (18)
Total revenue 18,898 45,037 9
Segment result - Software 19,104 16,164 18
Segment result - Hardware 2,247 2,045 10
Segment result - Cargowise (1,869) -
Segment result - Other (9,359) (10,856) 14
Total segment result 10,123 7,353 38
Operating margin 21% 16%
CASH FLOW STATEMENT
For the year ended 30 June 2010 2009
reviewed audited
R`000 R`000
Profit before income tax 11,322 9,992
Adjustments for: 1,957 354
Non cash items 3,377 2,993
Net financial income (1,420) (2,639)
Cash generated by trading operations 13,279 10,346
Increase (decrease) in post retirement (78) 136
medical obligations
Decrease (increase) in working capital (1,188) 443
Cash generated by operations 12,013 10,925
Net financial income 1,420 2,639
- Financial income 1,420 2,644
- Financial expense - (5)
Income tax paid (4,282) (2,833)
Distributions to shareholders (10,323) (10,221)
- Dividend paid (10,323) (10,221)
Cash (outflow) inflow from operating (1,172) 510
activities
Cash outflow from investing activities (7,391) (3,810)
Utillised to maintain operations
Acquisition of property, plant and equipment (6,285) (2,930)
Acquisition of intangible asset (659) (962)
Proceeds on disposal of property, plant and 37 82
equipment
Cash flow from financing activities
Proceeds from the issue of shares and sale 345 695
of treasury shares
Decrease in cash and cash equivalents (8,218) (2,605)
Cash and cash equivalents at the beginning 25,173 27,778
of the year
Cash and cash equivalents at the end of the 16,955 25,173
year
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June
Share Share Treasury
Capital premium shares
R`000 R`000 R`000
Balance at 30 June 2008 412 689 (576)
Total comprehensive income for the year
attributable to equity holders
Profit for the year
Surplus on revaluation of land and
buildings
Deferred taxation effect of revaluation
Sale of treasury shares 137 113
Share issues 4 441
Dividends paid
Share-based payment transaction
Balance at 30 June 2009 416 1,267 (463)
Total comprehensive income for the year
attributable to equity holders
Profit for the year
Impairment of land and buildings
Deferred taxation effect of impairment
Sale of treasury shares 176 109
Share issues 1 59
Dividends paid
Share-based payment transaction
Balance at 30 June 2010 417 1,502 (354)
Non- Retained Share Total
Distributable earnings based R`000
reserve R`000 payment
R`000 reserve
R`000
Balance at 30 June 2008 - 44,480 682 45,687
Total comprehensive income for the 3,583 6,509 10,092
year attributable to equity
holders
Profit for the year 6,509 6,509
Surplus on revaluation of land and 4,501 4,501
buildings
Deferred taxation effect of (918) (918)
revaluation
Sale of treasury shares 250
Share issues 445
Dividends paid (10,221) (10,221)
Share-based payment transaction (2) (2)
Balance at 30 June 2009 3,583 40,768 680 46,251
Total comprehensive income for the (906) 7,481 6,575
year attributable to equity
holders
Profit for the year 7,481 7,481
Impairment of land and buildings (906) (906)
Deferred taxation effect of 254 254
impairment
Sale of treasury shares 285
Share issues 60
Dividends paid (10,323) (10,323)
Share-based payment transaction 46 46
Balance at 30 June 2010 2,903 37,954 726 43,148
Basis of preparation
The condensed consolidated financial statement for the year ended 30 June
2010 have been prepared in accordance with the Recognition and Measurement
requirements of International Financial Reporting Standards ("IFRS"), in
particular the presentation and disclosure 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 financial statements are consistent with those applied for the
year ended 30 June 2009, except for the standards noted that became effective
on 1 January 2009: IAS 1 (Presentation of Financial Statements (revised)),
IFRS 7(Financial Instruments: Improving Disclosures about Financial
Instruments) and IFRS 8 (Operating Segments) and related amendments to IAS 27
Consolidated and Separate Financial Statements, which became effective on 1
July 2009. The condensed consolidated financial statements are presented in
Rand, which is Compu-Clearing`s functional and presentation currency. The
adoption of these standards has no effect on the results, nor has it required
any restatement of the results.
Review report
The consolidated statement of financial position at 30 June 2010 and the
consolidated statement of comprehensive income, statement of changes in
equity, segmental analysis and cash flows for the year ended have been
reviewed by KPMG Inc. Their unmodified report is available for inspection at
the registered office of the company.
Ordinary dividend declaration
Notice is hereby given of the declaration of an ordinary cash dividend of 15
cents per share (2009 - 25 cents per share) (`the dividend`). The following
salient dates will apply to the dividend:
Last date to trade `cum` the dividend Friday, 22 October 2010
Trading commences `ex` the dividend Monday, 25 October 2010
Record date Friday, 29 October 2010
Date of payment of the dividend Monday, 1 November 2010
Share certificates may not be dematerialised or rematerialised during the
period Monday, 25 October 2010 to Friday, 29 October 2010 both days
inclusive.
Board Changes
Mr.A.D Webb resigned as a non-executive director of the Company on
4 September 2009, in order to pursue personal interests.
Posting of annual reports and Annual General Meeting
The annual report will be posted to shareholders on or about 29 September
2010.
The Annual General Meeting of Compu-Clearing will be held at 7 Drome Road,
Lyndhurst, Johannesburg, 2192 on Wednesday, 24 November 2010 at 14h00.
For and on behalf of the Board
Johannesburg A.Garber J. du Preez
3 September 2010 (Chairman) (Chief Executive)
Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)
Date: 03/09/2010 15:00:01 Produced by the JSE SENS Department.
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