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CRG
CRG
CRG - Cargo Carriers Limited - Audited results for the year ended 28 February
2011 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 2011 and Dividend
announcement
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2011 2010
R`000 R`000
Revenue 538 298 443 812
Other income 5 370 5 405
Operating and administration (326 458) (268 808)
costs
Employment costs (156 938) (117 922)
Depreciation (32 135) (29 205)
Profit on disposal of tangible assets 2 467 3 735
Reversal of impairment in Zimbabwe operations - 2 509
Fair value adjustment to investment properties 542 10 018
Reversal of impairment/(impairment) of (12 021)
assets 3 262
Share of profits from associates and joint 1 395
venture 3 814
Profit before finance income and finance cost 38 222 38 918
Finance income 6 555 9 157
Finance cost (17 972) (16 540)
Profit before taxation 26 805 31 535
Taxation (9 872) (6 709)
Profit for the year 16 933 24 826
Profit for the year
attributable to:
Equity holders of the company 16 713 24 826
Non-controlling interest 220 -
16 933 24 826
Other comprehensive (loss)/income:
Capital portion of (3 045) 4 725
revaluation
Income tax effect of revaluation 853 (1 323)
Exchange differences on translation of foreign (1 771) (4 376)
operations
Other comprehensive loss for the year, net of (3 963)
tax (974)
Total comprehensive income for the year, net of 23 852
tax 12 970
Total comprehensive income attributable to:
Equity holders of the company 12 750 23 852
Minority interests 220 -
Total comprehensive income for the year, net of 23 852
tax 12 970
FINANCIAL INFORMATION
Dividend per share (cents)
- interim declared during the year 12.0 9.5
- final declared after year end 5.0 20.0
Total dividends 17.0 29.5
Earnings per share (cents) 86.1 128.0
Adjustments (cents):
Profit on sale of tangible assets (9.2) (13.9)
Impairment of assets held for sale (16.8) 62.0
Reversal of impairment in Zimbabwe operations - (12.9)
Revaluation of investment property to fair (2.4) (44.4)
value
Fair value adjustment to carrying value of (9.2) -
investment in subsidiary
Headline earnings per share
(cents) 48.5 118.8
Borrowings
Capacity utilized (%) 68.5% 15.2%
Total net borrowing capacity 166 160 163 012
(R`000)
Capital commitments (R`000) 3 763 1 111
Net asset value per share 1 681
(cents) 1 706
Ordinary shares in issue (closing and weighted 19 406
average) (`000) 19 406
SEGMENTAL ANALYSIS
Revenue
Industrial 363 966 256 479
Agricultural 118 560 132 650
Consumer 7 440 7 770
Aviation 10 908 12 426
Supply chain services 40 218 37 356
Property 2 576 2 536
543 668 449 217
Profit/(loss) from operating activities
Industrial 45 116 47 508
Agricultural (11 490) (14 969)
Consumer (307) (812)
Aviation 3 473 6 907
Supply chain services (2 201) (3 182)
Property 3 631 3 466
38 222 38 918
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2011 2010
R`000 R`000
Assets
Non-current assets
Tangible assets 431 020 332 505
Deferred taxation 11 128 10 530
Investments in associates 15 208 16 436
Investment in joint venture 1 319 14 056
Goodwill 2 685 -
461 360 373 527
Current assets
Trade and other receivables 84 995 69 410
Inventories 6 137 6 184
Taxation 3 265 -
Cash and cash equivalents 65 870 88 506
160 267 164 100
Non- current assets held for sale 3 112 3 249
Total Assets 624 739 540 876
Equity and Liabilities
Equity
Ordinary shareholders` interest 330 892 326 023
Non- controlling interest 1 427 -
Total Equity 332 319 326 023
Non-current liabilities
Deferred taxation 51 487 43 673
Secured loans 130 188 77 881
181 675 121 554
Current liabilities
Trade and other payables 61 233 53 462
Short term portion of secured loans 49 512 35 361
Taxation - 4 476
110 745 93 299
Total Equity and Liabilities 624 739 540 876
CONSOLIDATED STATEMENT OF CASH FLOWS 2011 2010
R`000 R`000
Operating profit after non-cash flow items 58 597 62 712
Increase in working capital (9 545) (4 850)
Cash generated by operations 49 052 57 862
Finance income 6 555 9 157
Finance costs paid (17 972) (16 540)
Dividends paid (6 210) (3 590)
Taxation (paid)/received (9 492) 1 960
Cash inflow from operating activities 21 933 48 849
Net cash inflow/(outflow) from financing 66 458 (10 809)
activities
Net cash outflow from investing activities (110 948) (53 363)
Decrease/(increase) in loan to joint venture and 2 186 (6 667)
associates
Acquisition of subsidiary 580 -
Replacement of tangible assets (123 373) (64 862)
Proceeds on sale of tangible assets 9 659 18 166
Net decrease in cash (22 557) (15 323)
Net cash at beginning of period 88 506 104 101
Net foreign exchange difference (79) (272)
Net cash at end of period 65 870 88 506
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Share Asset Distrib- Foreign
Capital revaluation utable currency
reserve reserves trans-
lation
reserve
Opening balance 1 March 258 572 4 094
2009 194 42 851
Total comprehensive income - 3 402 24 826 (4 376)
- Profit for the period - - 24 826 -
- Other comprehensive (4 376)
income/(loss) - 3 402 -
Transfer of fair value (3 660)
gains between reserves - 3 660 -
Dividends paid - - (3 590) -
Balance at 1 March 2010 194 49 913 276 148 (282)
Total comprehensive income - (2 192) 16 713 (1 771)
- Profit for the period - - 16 713 -
- Other comprehensive loss - (2 192) - (1 771)
Change in shareholding in (1 671)
subsidiary company - - -
Transfer of fair value
gains between reserves - 466 (466) -
Dividends paid - - (6 210) -
Balance at 28 February 2011 194 48 187 284 514 (2 053)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONTINUED
Non- Other Total
Controlling reserves
interests
Opening balance 1 March 2009 - 50 305 761
Total comprehensive income - 23 852
- Profit for the period - - 24 826
- Other comprehensive
income/(loss) - - (974)
Transfer of fair value gains
between reserves - - -
Dividends paid - - (3 590)
Balance at 1 March 2010 - 50 326 023
Total comprehensive income 220 - 12 970
- Profit for the period 220 - 16 933
- Other comprehensive loss - - (3 963)
Change in shareholding in 1 207
subsidiary company - (464)
Transfer of fair value gains
between reserves - - -
Dividends paid - - (6 210)
Balance at 28 February 2011 1 427 50 332 319
Review
Revenue and operating and administration costs during the reporting
period have increased by 21.0% and 21.4% respectively. The increase
in revenue is most pleasing in light of the Group`s long term growth
strategy. Operating and administration costs have increased in line
with revenue notwithstanding the increases in fuel and labour related
costs. Other overhead costs relating to business establishment of
new contracts gained, an increase in the wage costs which was higher
than inflation and a provision raised for bad debt of R4.7 million
created for a loan owing by an associate company, have contributed to
a decrease in earnings per share of 32.7% and headline earnings per
share of 59.2%.
The decline in earnings is further compounded by the Group`s high
effective tax rate that reflects certain losses incurred in
subsidiary companies for which no deferred tax assets have been
raised, and the reallocation in the current period of the fair value
adjustment to owner occupied property to the asset revaluation
reserve, which was expensed in the prior year.
The Group continues with its plan of disposing of non-operating
assets to enable cash generation for further capital expansion and
acquisition opportunities. Further non-core assets have been
impaired and re-classified to `non-current assets held for sale` with
the intention of disposing of them within the next 12 months.
Finance income has decreased by 28.4% and finance costs have
increased by 8.7% respectively. The reduction in finance income is
due to lower interest rates and the increase in finance costs is in
line with increased capital expenditure.
Prospects
The Group remains positive about the coming financial year and
expects its new contracts to generate the required level of returns.
A major restructure of the agricultural operation`s management team
was also implemented during the current period and this is expected
to lead to improved results, however, weather patterns remain a
significant risk. The Group`s long term strategy of growth remains a
key focus initiative.
Accounting Policies
The consolidated financial statements for the year ended 28 February
2011 have been prepared in accordance with IAS 34 and the Listings
Requirements of the JSE Limited. The condensed consolidated
financial statements do not include all the information and
disclosures required in the annual financial statements, and should
be read in conjunction with the Group`s annual financial statements
as at 28 February 2011. The annual financial statements are expected
to be available to shareholders towards the end of May 2011.
The accounting policies applied in the current year are consistent
with those of the previous year, except for the adoption of IFRS 3
Business Combinations (Revised) and IAS 27 Consolidated and Separate
Financial Statements (Amended) and Improvements to IFRSs (April
2009).
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 2011.
Dividend Declaration
A final dividend (no. 40) of 5.0 (2010: 20.0) cents per share for the
year ending 28 February 2011 has been declared to shareholders
recorded in the books of the company at the close of business on
Friday, 17 June 2011. The last date to trade cum dividend will be
Thursday, 9 June 2011 and the shares will trade ex dividend from the
commencement of business on Friday, 10 June 2011. The dividend will
be paid on Monday, 20 June 2011. Share certificates may not be
dematerialised / rematerialised between Friday, 10 June 2011 and
Friday, 17 June 2011, both days inclusive.
Registered Office
11A Grace Road, Mountainview,
Observatory, Johannesburg 2041
Transfer Secretaries
Computershare Investor Services
(Proprietary) Limited
70 Marshall Street
Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Website
www.cargocarriers.co.za
Cargo Carriers Limited,
Registration number :1959/003254/06
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
19 May 2011
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: 20/05/2011 07:05:37 Produced by the JSE SENS Department.
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