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CRG
CRG
CRG - Cargo Carriers Limited - Unaudited results for the six months ended 31
August 2011 and Dividend Announcement
CARGO CARRIERS LIMITED
(Registration Number 1959/003254/06)
Share code: CRG
ISIN: ZAE000001764
("Cargo Carriers" or "the Company")
Unaudited results for the six months ended 31 August 2011 and Dividend
Announcement
CONSOLIDATED STATEMENT OF COMPREHENSIVE Half-year Half-year Audited
INCOME ended ended year ended
31/08/2011 31/08/2010 28/02/2011
R`000 R`000 R`000
Revenue 291 062 279 732 538 298
Other income 3 348 2 472 5 370
Operating and administration costs (173 460) (169 799) (326 458)
Employment costs (84 374) (75 205) (156 938)
Depreciation (16 817) (15 273) (32 135)
Profit from operating activities 19 759 21 927 28 137
Profit on disposal of tangible assets 422 575 2 467
Fair value adjustment to investment - - 542
properties
Reversal of impairment/(impairment) of - (2 622) 3 262
assets
Fair value adjustment to investment in - 1 782 -
joint venture
Share of profits from associates and 1 806 1 839 3 814
joint venture
Profit before finance income and finance 21 987 23 501 38 222
cost
Finance income 2 406 2 864 6 555
Finance costs (9 604) (7 798) (17 972)
Profit before taxation 14 789 18 567 26 805
Taxation (4 213) (4 488) (9 872)
Profit for the period from continuing 10 576 14 079 16 933
operations
Profit for the year attributable to:
Equity holders of the company 10 464 14 079 16 713
Non-controlling interest 112 - 220
10 576 14 079 16 933
Other comprehensive income:
Capital portion of revaluation - - (3 045)
Income tax effect of revaluation - - 853
Exchange loss on translation of foreign (130) (850) (1 771)
operations
Other comprehensive loss for the half (130) (850) (3 963)
year
Total comprehensive income for the half 10 446 13 229 12 970
year
Total comprehensive income for the half
year attributable to:
Equity holders of the parent 10 334 13 229 12 750
Non-controlling interest 112 - 220
Total comprehensive income for the half 10 446 13 229 12 970
year
FINANCIAL INFORMATION
Dividend per share (cents)
- paid during the period 5.0 20.0 12.0
- declared after the period end 9.0 12.0 5.0
Total dividends 14.0 32.0 17.0
Basic/diluted earnings per share (cents) 53.9 72.5 86.1
Adjustments to earnings per share:
Profit on sale of tangible assets (1.6) (2.1) (9.2)
Impairment of assets held for sale - 13.5 (16.8)
Revaluation of investment property to - - (2.4)
fair value
Fair value adjustment to carrying value - (9.2) (9.2)
of investment in subsidiary
Basic/diluted headline earnings per 52.3 74.7 48.5
share (cents)
Borrowings
Net borrowing capacity (R`000) 170 898 167 686 166 160
Net borrowing capacity utilized (R`000) 129 046 130 846 113 830
Net borrowing capacity utilized (%) 75.5% 78.0% 68.5%
Capital commitments (R`000) 14 201 3 609 3 763
Net asset value per share (cents) 1753 1728 1706
Ordinary shares in issue (closing and 19 406 19 406 19 406
weighted average) (`000)
SEGMENTAL ANALYSIS
Revenue
Industrial 211 367 178 838 363 966
Agricultural 59 928 74 317 118 560
Consumer 1 603 3 597 7 440
Aviation 4 935 6 390 10 908
Supply chain services 13 888 17 708 40 218
Property 2 689 1 354 2 576
294 410 282 204 543 668
Profit before finance income and finance cost
Industrial 22 232 20 603 45 116
Agricultural 1 923 (136) (11 490)
Consumer (733) (43) (307)
Aviation 1 403 3 734 3 473
Supply chain services (4 859) (1 681) (2 201)
Property 2 021 1 024 3 631
21 987 23 501 38 222
CONSOLIDATED STATEMENT OF FINANCIAL Half-year Half-year Audited
POSITION ended ended year ended
31/08/2011 31/08/2010 28/02/2011
R`000 R`000 R`000
Assets
Non-current assets
Tangible assets 442 315 436 363 431 020
Deferred taxation 11 335 10 871 11 128
Goodwill 2 685 2 685 2 685
Investments in associates 16 434 15 439 15 208
Investment in joint venture 2 025 - 1 319
474 794 465 358 461 360
Current assets
Trade and other receivables 127 249 129 771 84 995
Inventories 8 183 7 583 6 137
Taxation - - 3 265
Cash and cash equivalents 54 528 82 663 65 870
189 960 220 017 160 267
Assets held for sale 1 417 4 384 3 112
Total Assets 666 171 689 759 624 739
Equity and Liabilities
Equity attributable to owners of the
parent
Share capital 194 194 194
Distributable reserves 294 008 286 346 284 514
Non-distributable reserves 46 054 48 831 46 184
340 256 335 371 330 892
Non-controlling interest 1 539 - 1 427
Total Equity 341 795 335 371 332 319
Non-current liabilities
Deferred taxation 53 351 46 834 51 487
Interest-bearing long-term loans 125 950 148 669 130 188
179 301 195 503 181 675
Current liabilities
Trade and other payables 86 759 91 037 61 233
Short term portion of interest-bearing 57 624 64 840 49 512
loans
Taxation 692 3 008 -
145 075 158 885 110 745
Total Equity and Liabilities 666 171 689 759 624 739
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash receipts from customers 255 077 230 702 524 889
Cash paid to suppliers and employees (237 692) (214 303) (475 837)
Cash generated by operations 17 385 16 399 49 052
Finance income 2 406 2 864 6 555
Finance costs (9 604) (7 798) (17 972)
Dividends paid (970) (3 881) (6 210)
Taxation received/(paid) 2 021 (4 820) (9 492)
Cash inflow from operating activities 11 238 2 764 21 933
Cash inflow from financing activities 3 874 100 966 66 458
Cash outflow from investing activities (25 776) (108 883) (110 948)
Decrease in loan to joint venture and 177 997 2 186
associates
Acquisition of subsidiary - (1 000) 580
Replacement of tangible assets (29 438) (112 492) (123 373)
Proceeds on sale of tangible assets 3 485 3 612 9 659
Decrease in cash during the period (10 664) (5 153) (22 557)
Cash at the beginning of the year 65 870 88 506 88 506
Foreign exchange movement during the (678) (690) (79)
period
Cash at the end of the period 54 528 82 663 65 870
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Asset Distributable Foreign
Capital revaluation reserves Currency
reserve Translation
Reserve
Balance at 31 August 194 49 913 286 346 (1 132)
2010
Total comprehensive - (2 192) 6 515 (921)
income
- Profit for the period - - 6 515 -
- Other comprehensive - (2 192) - (921)
loss
Change in shareholding - - (1 671) -
in subsidiary company
Transfer of fair value - 466 (466) -
gains between reserves
Dividends paid - - (6 210) -
Balance at 1 March 2011 194 48 187 284 514 (2 053)
Total comprehensive - - 10 464 (130)
income
- Profit for the period - - 10 464 -
- Other comprehensive - - - (130)
loss
Dividends paid - - (970) -
Balance at 31 August 194 48 187 294 008 (2 183)
2011
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONTINUED
Non-Controlling Other reserves Total
interest
Balance at 31 August 2010 - 50 335 371
Total comprehensive income 220 - 3 622
- Profit for the period 220 - 6 735
- Other comprehensive loss - - (3 113)
Change in shareholding in 1 207 - (464)
subsidiary company
Transfer of fair value - - -
gains between reserves
Dividends paid - - (6 210)
Balance at 1 March 2011 1 427 50 332 319
Total comprehensive income 112 - 10 446
- Profit for the period 112 - 10 576
- Other comprehensive loss - - (130)
Dividends paid - - (970)
Balance at 31 August 2011 1 539 50 341 795
Review
Revenue has increased by 4.1% despite the negative effects of strike action
in industries that are served and the discontinuation of certain work that
was not yielding the required returns. The revenue increase in the
Industrial segment is a pleasing 18.2%. Employment costs reflect the
increased number of people employed and the increase in cost of employment.
Other costs have been well controlled but have been increased by a R3
million write down of the amount owing by a debtor.
Finance costs have increased by 23.2% and is primarily due to the
significant investment in tangible assets which have been financed. Finance
income declined by 16.0% and is attributable to the reduction in interest
rates over the period coupled with an increase in working capital
requirements.
Earnings per share and headline earnings per share have been impacted by the
strike action, discontinuation costs, and the bad debt provision previously
mentioned. This has resulted in a decrease of 25.7% in earnings per share
and 30.0% in headline earnings per share when compared to the prior period.
Prospects
The Group`s low gearing and current cash position still augers well for
growth and the raising of debt finance. Strategic acquisitions and organic
growth remain a core focus area for the Group. The industrial segment is
benefitting from new contracts and continues to drive its growth
initiatives. The agricultural segment has undergone transformation within
its business units and has thus far managed to streamline a lot of its
processes and retain profitable contracts. The Group remains committed and
focussed on growing the business profitably.
Accounting Policies
The financial statements for the half-year ended 31 August 2011 have been
prepared in accordance with IAS 34: Interim Financial Reporting,
International Financial Reporting Standards (IFRS), the requirements of the
South African Companies Act, No. 71 of 2008, and the Listing Requirements of
the JSE Limited. The accounting policies are consistent with those applied
in the prior year financial statements. These results have not been audited
nor have they been reviewed by the group`s auditors, Ernst & Young Inc.
Dividend Declaration
An interim dividend (no. 41) of 9.0 (2010: 12.0) cents per share for the six
month period ended 31 August 2011 has been declared to shareholders recorded
in the books of the company at the close of business on Thursday, 15
December 2011. The last date to trade cum dividend will be Thursday, 8
December 2011 and the shares will trade ex-dividend from the commencement of
business on Friday, 9 December 2011. The dividend will be paid on Monday,
19 December 2011. Share certificates may not be dematerialised /
rematerialised between Friday, 9 December 2011 and Thursday, 15 December
2011, both days inclusive.
Reclassification of prior year figures
Certain comparative figures in the segmental analysis have been re-
classified between the industrial, agricultural, consumer and supply chain
services segments to achieve fairer presentation.
Changes to the Board of Directors
During the period under review, Mr Vincent Raseroka resigned as an
independent non-executive director of the Company as a result of a potential
conflict of interest arising out of his other business commitments.
Registered Office
11A Grace Road
Mountainview, Observatory
2198
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
21 November 2011
Directors
S G Chilvers# (Chairman), G D Bolton (Joint CEO), M J Bolton (Joint CEO), A
E Franklin*, B B Fraser#, S Maharaj (Financial Director), S P Mzimela*, M J
Vuso*
# non-executive director
* independent non-executive director
Sponsor
Arcay Moela Sponsors (Pty) Ltd
Date: 21/11/2011 17:33:06 Produced by the JSE SENS Department.
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