| Tue 20 Feb 2001, 0:00 | | Ctp Interim Report |
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CTP HOLDINGS LIMITED
and subsidiary companies
(Registration number 1945/026616/06)
Interim Results for the six months ended 31 December 2000
Consolidated income statement
at 31 December 2000
Unaudited Unaudited Audited
Six Months to Six Months to For the year
31 December 31 December 30 June
2000 1999 (Restated) 2000
R'000 R'000 R'000
turnover 1 227 386 1 152 688 2 258 814
profit from operations 172 763 143 421 262 494
Finance income (net) 38 745 42 650 68 294
depreciation (38 490) (33 407) (69 651)
associated companies 1 914 192 782
income before exceptional items 174 932 152 856 261 919
exceptional items - - 3 093
income before taxation 174 932 152 856 265 012
Taxation (50 046) (35 261) (65 927)
Income after taxation 124 886 117 595 199 085
Attributable to outside shareholders (26 878) (26 612) (40 933)
Earnings attributable to
ordinary shareholders 98 008 90 983 158 152
earnings per ordinary share (cents) 251 238 412
weighted average number of
share in issue 38 994 769 38 188 101 38 375 272
Borrowings
- long term 474 10 018 -
- short term - 20 933 -
Cash resources 538 302 537 191 608 367
Capital expenditure 53 805 101 091 260 905
capital commitments 20 000 43 789 20 000
Cash earnings per share income
before tax and exceptional items 174 932 152 856 261 357
add: Depreciation 38 490 33 407 69 651
less: Net profit on
sale of fixed assets 14 (2 273) (2 273)
taxation (6 433) (17 474) (26 058)
associated companies profits (1 914) (192) (782)
cash earnings 205 089 166 324 301 895
cash earnings
per ordinary share (cents) 525 445 787
statement of change in equity
balance at beginning of period 1 336 690 1 323 012 1 323 012
Retained income 98 008 90 983 158 152
Capitalisation award and
share issue expenses (297) (25 671) (25 671)
Goodwill written-off - (86 206) (112 682)
Share options - - (6 121)
Balance at end of period 1 434 401 1 302 118 1 336 690
Balance sheets
at 31 December 2000
Unaudited Unaudited Audited
Six Months to Six Months to For the year
31 December 31 December 30 June
2000 1999 2000
R'000 R'000 R'000
assets
fixed assets 694 741 669 624 681 699
Investments and loans 165 264 71 249 69 587
Deferred taxation - 26 742 8 232
860 005 767 615 759 518
current assets 1 442 312 1 582 585 1 341 948
total assets 2 302 317 2 350 200 2 101 466
equity and liabilities
ordinary shareholders' equity 1 434 401 1 302 118 1 336 690
Preference share capital 100 100 100
Outside shareholders' interest 371 332 313 220 347 332
Deferred taxation 35 242 - -
Long-term liabilities 475 10 392 488
1 841 550 1 625 830 1 684 610
current liabilities 460 767 724 370 416 856
total equity and liabilities 2 302 317 2 350 200 2 101 466
Earnings
The comparative figures for the six months ended 31 December 1999 have been
restated as a consequence of the changes in Generally Accepted Accounting
Practice affecting deferred taxation.
Caxton Publishers and Printers Limited ("Caxtons") turnover on a comparable
basis rose by 6,5% from R1,152 688 million to R1,227 386 million, which
reflects the difficult trading conditions which prevailed throughout the period
under review.
Profit from operations before depreciation amounted to R172,763 million - an
improvement of 20,5% and translates into a margin of 14% compared to 12,4%
achieved during the six months ended 31 December 1999 and which reflects the
extent to which Caxtons is trading more efficiently.
Depreciation totalled R38,490 million, up from R33,407 million last year. Net
finance income marginally decreased to R38,745 million and associated companies
added R1,914 million.
Taxation absorbed R50,046 million, which is equivalent to a rate of 28,7%, the
major portion namely R43,613 million being in respect of deferred taxation.
After taking into consideration the outside shareholders' share in the profits
of the Group, earnings attributable to shareholders amounted to R98,008
million, an improvement of 7,7% when compared against the comparative earnings
in the six months to December 1999 of R90,983 million.
Earnings per share increased by 5,5% from 238 cents to 251 cents as additional
shares were issued for the capitalisation issue in October 2000 which took
place in lieu of a dividend.
This improvement in earnings is considered by the directors to be good and must
be read in conjunction with the cash earnings of the Group which amounted to
525 cents per share, 18% higher than the cash earnings of 445 cents per share
achieved during the comparative reporting period.
Comments
The period under review witnessed a resumption in advertising spend which
benefited the Caxtons newspaper division and particularly community newspapers.
The relaunch of a number of magazine titles has proved successful and this,
coupled with additional advertising revenues, has had the effect of improving
the results of Caxton Magazines. Caxtons' Academic Publishing, Book Printing
and Stationery divisions all reported profits in excess of their budgets and
their Commercial Printing and Packaging divisions showed real growth ahead of
inflation.
It is apparent from the figures now being reported that the Group is beginning
to show the benefits of the merger with Perskor.
Prospects
The economy remains an unknown quantity and in these circumstances it is
difficult to make any predictions on future earnings, except to state that
budgets have been prepared to take into account a further growth in earnings.
It is important to add that, as at the date of this report the CTP and Caxton
Groups cash and near-cash resources approximate some R800 million.
By order of the Board
G M Utian
T D Moolman
Johannesburg
19 February 2001
