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CCL
CCL
CCL - Compu-Clearing Outsourcing Limited - Condensed interim financial
statements for the six months ended 31 December 2011
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")
Condensed interim financial statements for the six months ended 31 December 2011
Commentary
The results for the 6 months ended 31 December 2011 are characterised by
improved operational performance, with a 16% increase in revenue resulting in a
24% increase in operating profit. Primary contributors to the increase in
revenue were higher volumes at existing clients and the commencement of new Edi
Enterprise revenues. Core software revenue, increased by an impressive 15% (2010
- 15%),over the corresponding period. Three Edi Enterprise implementations have
been successfully rolled out and five are currently in progress. Additional
revenues from these implementations will commence in the second half of the
financial year.
Increased profit before tax, together with a lower charge for tax on companies
due to a Research and Development deduction, resulted in a pleasing 36% increase
in net profit after tax.
Cash generation remains strong. Cash generated by operations was again in line
with operating profit. Dividend payments and capital expenditure to maintain
operations have resulted in lower average cash balances.
The Group was rated as a value-added level 6 BBBEE contributor. Management are
mindful of the importance of BBBEE in bringing about transformation and are
committed to developing the Group`s BBBEE profile, in a meaningful, sustainable
manner.
Prospects
The Group traditionally performs more strongly in the second half of the
financial period. Five new Edi Enterprise implementations are planned for the
second half, and will make a contribution towards revenues. The Group`s presence
in Durban and Cape Town is being expanded with a view to improve customer
service levels, and achieve further market penetration.
STATEMENT OF COMPREHENSIVE INCOME
6 months ended Year
ended
% Inc. 31 31 30 June
December December 2011
2011 2010 (Audited)
(Reviewed) (Reviewed)
R`000 R`000 R`000
Rental and other revenue 16 31 097 26 770 55 503
Operating costs (24 043) (21 061) (45 119)
- Distribution (18 269) (16 658) (33 455)
- Administration (4 945) (4 151) (10 747)
- Other (829) (252) (917)
Operating profit 24 7 054 5 709 10 384
Net financial income 457 550 980
- Finance income 457 641 1 072
- Finance expense - (91) (92)
Share of losses of
equity accounted (114) (102) (400)
investees
Profit before income tax 20 7 397 6 157 10 964
Income tax - normal and
deferred (1 596) (1 810) (2 534)
Income tax - STC
(secondary tax on (746) (621) (621)
companies)
Profit for the period 36 5 055 3 726 7 809
Other comprehensive
income for the period - - -
Total comprehensive
income for the period 5 055 3 726 7 809
Earnings per share
(cents)
Basic 36 12.2 9.0 18.9
Diluted 35 12.0 8.9 18.5
Ordinary dividend per
share (cents) 18.0 15.0 15.0
STATEMENT OF FINANCIAL POSITION
31 31 30 June
December December 2011
2011 2010 (Audited)
(Reviewed) (Reviewed)
R`000 R`000 R`000
ASSETS
Non current assets 25 639 23 597 24 256
Property, plant and 22 810 21 268 21 072
equipment
Intangible asset 1 797 1 629 1 875
Investment in equity 366 281 229
accounted investee
Deferred taxation asset 666 419 1 080
Current assets 22 324 22 543 28 114
Inventory 38 31 39
Trade and other 8 828 7 957 8 315
receivables
Taxation receivable 852 1 471 350
Cash and cash equivalents 12 606 13 084 19 410
Total assets 47 963 46 140 52 370
EQUITY AND LIABILITIES
Equity 42 443 40 726 44 815
Share capital and premium 1 984 1 959 1 959
Treasury shares (354) (354) (354)
Distributable reserves 40 813 39 121 43 210
Non-current liabilities 2 124 2 178 2 168
Post retirement medical 1 267 1 358 1 311
obligations
Deferred taxation 857 820 857
liability
Current liabilities 3 396 3 236 5 387
Trade and other payables 3 378 3 093 5 218
Income tax payable 18 143 169
Total equity and 47 963 46 140 52 370
liabilities
Net asset value per share
(cents) 102.4 98.3 108.2
STATEMENT OF CASH FLOWS
6 months ended Year
ended
31 31 30 June
December December 2011
2011 2010 (Audited
(Reviewed) (Reviewed) )
R`000 R`000 R`000
Profit before income tax 7 397 6 157 10 964
Adjusted for: 1 342 860 2 328
Non cash items 1 799 1 410 3 308
Net finance income (457) (550) (980)
Cash generated by
trading operations 8 739 7 017 13 292
Decrease in post
retirement medical (44) (41) (88)
obligations
Increase / (decrease) in
working capital (2 352) (547) 1 212
Cash generated by
operations 6 343 6 429 14 416
Net finance income 457 550 980
Income tax paid (2 539) (2 901) (3 102)
Dividends paid (7 458) (6 205) (6 205)
Cash inflow/(outflow)
from operating (3 197) (2 127) 6 089
activities
Cash outflow from
investing activities (3 632) (1 784) (3 674)
Acquisition of property,
plant and equipment (3 250) (1 528) (2 649)
Acquisition of
intangible asset (130) (188) (699)
Proceeds on disposal of
property, plant
and equipment
- 52 40
Increase in loan to
associate (252) (120) (366)
Proceeds from the issue
of shares 25 40 40
Increase/(decrease) in
cash and cash equivalents (6 804) (3 871) 2 455
Cash and cash equivalents
at the beginning of the 19 410 16 955 16 955
period
Cash and cash equivalents
at the end of the period 12 606 13 084 19 410
STATEMENT OF CHANGES IN EQUITY
6 months ended Year
ended
31 31 30 June
December December 2011
2011 2010 (Audited)
(Reviewed) (Reviewed)
R`000 R`000 R`000
Balance at beginning of
period 44 815 43 148 43 148
Proceeds of share issues
in terms of the
share incentive scheme 25 40 40
Total comprehensive 5 055 3 726 7 809
income for the period
Share-based payment
reserve movement 6 17 23
Dividends paid (7 458) (6 205) (6 205)
Balance at end of period 42 443 40 726 44 815
RECONCILIATION OF HEADLINE EARNINGS
6 months ended Year
ended
% Inc. 31 December 31 30 June
2011 December 2011
(Reviewed) 2010 (Audited)
(Reviewed)
R`000 R`000 R`000
Profit for the
period attributable
to ordinary 5 055 3 726 7 809
shareholders
Adjusted for :
Loss / (Profit) on
disposal of 111 (19) -
property, plant and
equipment
Taxation effect (31) 5 -
Headline earnings 5 135 3 712 7 809
Headline earnings
per share (cents)
Basic 38 12.4 9.0 18.9
Diluted 37 12.2 8.9 18.5
Actual number of
shares in issue (`000) 41 434 41 409 41 409
Weighted average
number of shares
in issue (`000) 41 426 41 382 41 396
Diluted weighted
average number of
shares in issue 42 233 41 919 42 228
(`000)
SEGMENTAL REPORT
6 months ended Year
ended
% Inc. 31 31 30 June
December December 2011
2011 2010 (Audited)
(Reviewed) (Reviewed)
R`000 R`000 R`000
Software rental 15 24 131 20 944 43 089
revenue
10 836
Hardware rental 2 5 344 5 256
revenue
Edi Enterprise 984 16 378
1 200
Other 15 638 554
Total revenue from
external sources 16 31 097 26 770 55 503
Segment profit -
Software 11 411 10 033 20 581
Segment profit -
Hardware 1 699 1 815 2 705
Segment loss - Edi
Enterprise (210) (1 156) (2 212)
Segment loss - Other (5 389) (4 110) (9 710)
Total profit result 14 7 511 6 582 11 364
Unallocated amounts
Other corporate
expenses - (323) -
Share of losses of
equity accounted
investee (114) (102) (400)
Profit before income 7 397 6 157 10 964
tax
Segmental Assets
Software 11 090 6 188 11 512
Hardware 9 521 8 231 7 905
Edi Enterprise 1 263 - 789
Other 25 723 29 473 31 935
Total assets for
reportable segments 47 597 43 892 52 141
Investment in equity
accounted investee 366 281 229
Other unallocated
amounts - 1 967 -
Total assets 47 963 46 140 52 370
Segmental Liabilities
Software 151 72 1 214
Hardware 204 961 705
Edi Enterprise 537 - 430
Other 4 628 3 083 5 206
Total liabilities for
reportable segments 5 520 4 116 7 555
Other unallocated
amounts - 1 298 -
Total liabilities 5 520 5 414 7 555
Basis of preparation
The condensed consolidated interim financial statements for the six months ended
31 December 2011 have been prepared and presented in accordance with the
requirements of International Accounting Standard IAS 34 Interim Financial
Reporting, and South African Statements and Interpretations of Statements of
Generally Accepted Accounting Practice (AC 500 Series), the Listings
Requirements of the JSE Limited and the South African Companies Act, No 71 of
2008.
The accounting policies applied in the presentation of the condensed
consolidated interim financial statements which comply with International
Financial Reporting Standards are consistent with those applied for the year
ended 30 June 2011, except for new standards and interpretations that became
effective on 1 July 2011. The adoption of these standards has had no material
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 rounded to
the nearest thousand, which is the Group`s functional and presentation currency.
This interim report should be read in conjunction with the annual financial
statements for the year ended 30 June 2011.
Related party transactions
There 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 year with associate companies, joint
ventures and other related parties.
Subsequent events
The Group has exited its investment in its equity accounted investee, which
incurred a loss of R 114,000 (2010 - R 102,000) during the period, with effect
from 1 March 2012.
Distributions to shareholders
Compu-Clearing has a policy of paying a dividend at year end. The dividend per
share of 18 cents noted in the Statement of Comprehensive income relates to the
final dividend declared for the year ended 30 June 2011.
Review report
The condensed consolidated financial statements of Compu-Clearing Outsourcing
Limited for the six months ended 31 December 2011 have been reviewed by the
company`s auditor, KPMG Inc. In their reviewed report dated 5 March 2012, which
is available for inspection at the Company`s Registered Office, KPMG Inc state
that their review was conducted in accordance with the International Standard on
Review Engagements 2410, Review of Interim Information Performed by the
Independent Auditor of the Entity, and have expressed an unmodified conclusion
on the condensed consolidated interim financial statements.
For and on behalf of the Board
Johannesburg A. Garber J. du Preez
5 March 2012 (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)
Prepared by: W Fourie B.Compt Hons email:wikus@compu-clearing.com
Date: 07/03/2012 07:53:00 Produced by the JSE SENS Department.
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