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CRG
CRG
CRG - Cargo Carriers Limited - Audited results for the year ended 29 February
2012 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 29 FEBRUARY 2012 AND DIVIDEND ANNOUNCEMENT
CONSOLIDATED STATEMENT OF 2012 2011
COMPREHENSIVE INCOME R000 R000
Revenue 593 895 546 521
Other income 5 469 5 370
Operating and administration costs -360 707 -334 681
Employment costs -165 203 -156 938
Depreciation -34 235 -32 135
Profit on disposal of tangible 1 240 2 467
assets
Fair value adjustment to 4 060 542
investment properties
(Impairment) of assets/reversal of -3 373 3 262
impairment
Share of profits from associates 4 758 3 814
and joint venture
Profit before finance income and 45 904 38 222
finance cost
Finance income 4 224 6 555
Finance cost -17 336 -17 972
Profit before taxation 32 792 26 805
Taxation -19 870 -9 872
Profit for the year 12 922 16 933
Profit for the year
attributable to:
Equity holders of the 12 600 16 713
company
Non-controlling interest 322 220
12 922 16 933
Other comprehensive income/(loss):
Fair value adjustment to owner 2 975 -3 045
occupied properties
Income tax effect of fair value -833 853
adjustment
Exchange differences on translation 637 -1 771
of foreign operations
Other comprehensive loss for the 2 779 -3 963
year, net of tax
Total comprehensive income for the 15 701 12 970
year, net of tax
Total comprehensive income
attributable to:
Equity holders of the company 15 379 12 750
Minority interests 322 220
Total comprehensive income for the 15 701 12 970
year, net of tax
FINANCIAL INFORMATION
Dividend per share (cents)
- interim declared during the year
9.0 12.0
- final declared after year end
8.0 5.0
Total dividends
17.0 17.0
Earnings per share (cents)
64.9 86.1
Adjustments:
Profit on sale of tangible
assets (4.6) (9.2)
Impairment of assets 17.4 (16.8)
Revaluation of investment property
to fair value (17.0) (2.4)
Fair value adjustment to carrying
value of investment in subsidiary - (9.2)
Headline earnings per share
(cents) 60.7 48.5
Borrowings
Capacity utilized (%) 84.1% 68.5%
Total net borrowing
capacity (R`000) 172 651 166 160
Capital commitments (R`000)
4 065 3 763
Net asset value per share
(cents) 1 771 1 706
Ordinary shares in issue (closing 19 406 19 406
and weighted average) (000)
SEGMENTAL ANALYSIS
Revenue
Industrial
448 121 372 189
Agricultural
103 168 118 560
Consumer
1 628 7 440
Aviation
10 227 10 908
Supply chain services
31 626 40 218
Property
4 594 2 576
599 364 551 891
Profit/(loss) from operating
activities
Industrial 51 395 45 116
Agricultural -10 558 -11 490
Consumer -1 129 -307
Aviation 2 970 3 473
Supply chain services -5 368 -2 201
Property 8 594 3 631
45 904 38 222
CONSOLIDATED STATEMENT OF 2012 2011
FINANCIAL POSITION R000 R000
Restated
Assets
Non-current assets
Tangible assets 471 192 431 020
Deferred taxation *** 25 150 32 144
Investments in associates 18 704 15 208
Investment in joint venture 2 394 1 319
Goodwill 2 685 2 685
520 125 482 376
Current assets
Trade and other receivables 106 523 84 995
Inventories 7 240 6 137
Taxation 2 675 3 265
Cash and cash equivalents 58 152 65 870
174 590 160 267
Non- current assets held for sale 4 385 3 112
Total Assets 699 100 645 755
Equity and Liabilities
Equity
Ordinary shareholders` interest 343 554 330 892
Non- controlling interest 1 749 1 427
Total Equity 345 303 332 319
Non-current liabilities
Deferred taxation *** 84 702 72 503
Secured loans 139 963 130 188
224 665 202 691
Current liabilities
Trade and other payables 65 689 61 233
Short term portion of secured 63 443 49 512
loans
129 132 110 745
Total Equity and Liabilities 699 100 645 755
CONSOLIDATED STATEMENT OF CASH
FLOWS
Operating profit after non-cash 74 296 58 597
flow items
Increase in working capital -18 560 -9 545
Cash generated by operations 55 736 49 052
Finance income 4 224 6 555
Finance costs paid -17 336 -17 972
Dividends paid -2 717 -6 210
Taxation paid -920 -9 492
Cash inflow from operating 38 987 21 933
activities
Net cash inflow from financing 23 706 66 458
activities
Net cash outflow from investing -70 272 -110 948
activities
Decrease in loan to joint venture 270 2 186
and associates
Acquisition of subsidiary 0 580
Replacement of tangible assets -77 853 -123 373
Proceeds on sale of tangible 7 311 9 659
assets
Net decrease in cash -7 579 -22 557
Net cash at beginning of period 65 870 88 506
Net foreign exchange difference -139 -79
Net cash at end of period 58 152 65 870
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Share Asset Distrib-Foreign
Capital revaluation utable currency
reserve reserves translation
reserve
Balance at 1 194 49 913 276 148 -282
March 2010
Total 0 -2 192 16 713 -1 771
comprehensive
income
- Profit for the 0 0 16 713 0
period
- Other 0 -2 192 0 -1 771
comprehensive
income/(loss)
Change in 0 0 -1 671 0
shareholding in
subsidiary
company
Transfer of fair 0 466 -466 0
value gains
between reserves
Dividends paid 0 0 -6 210 0
Balance at 28 194 48 187 284 514 -2 053
February 2011
Total 0 2 142 12 600 637
comprehensive
income
- Profit for the 0 0 12 600 0
period
- Other 0 2 142 0 637
comprehensive
loss
Reallocation 0 -6 053 -315 6 368
between reserves
Transfer of fair 0 3 302 -3 302 0
value gains
between reserves
Dividends paid 0 0 -2 717 0
Balance at 29 194 47 578 290 780 4 952
February 2012
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY (continued)
Non- Other Total
Controllin reserves
g
interests
Balance at 1 March 2010 0 50 326 023
Total comprehensive income 220 0 12 970
- Profit for the period 220 0 16 933
- Other comprehensive 0 0 -3 963
income/(loss)
Change in shareholding in 1 207 0 -464
subsidiary company
Transfer of fair value 0 0 0
gains between reserves
Dividends paid 0 0 -6 210
Balance at 28 February 1 427 50 332 319
2011
Total comprehensive income 322 0 15 701
- Profit for the period 322 0 12 922
- Other comprehensive loss 0 0 2 779
Reallocation between 0 0 0
reserves
Transfer of fair value 0 0 0
gains between reserves
Dividends paid 0 0 -2 717
Balance at 29 February 1 749 50 345 303
2012
Review
The growth in revenue of 8.7% and profit from operating activities of
39.4% is an achievement in light of the current adverse economic climate
and trading conditions faced by many companies. The increased profit from
operating activities is due to the positive effects of contracts awarded
in the prior and current year coupled with the discontinuation of certain
non-profitable contracts. Operating and administration costs and
employment costs have increased modestly by 7.8% and 5.3% respectively and
is in line with growth and cost containment initiatives in the business.
Our investments in strategic joint venture and associate partnerships
continues to bear fruit with equity accounted profits from these entities
increasing by 24.8% year on year.
Finance income and finance cost has decreased respectively by 35.6% and
3.5%. Finance income reduced in relation to a lower cash balance, which
was impacted by expenditure on capital items. The reduction in finance
cost is attributable to lower interest rates charged on secured loans in
conjunction with reduced capital expenditure during the period.
The group`s turnaround efforts for the Agriculture segment have started to
bear fruit with the operating loss reducing from R11.5 million to R10.5
million, which includes an impairment loss of R1.5 million on assets held
for sale. While the division has continued to recover, it has not been
able to meet the recognition criteria of IAS 12 Income Taxes, relating to
deferred tax assets on assessed losses. This has meant that the deferred
tax asset relating to assessed losses amounting to R15 million has been
written off in the current period. As this division continues to improve
its operational results, the ability to recognise any deferred tax assets
relating to assessed losses will be reconsidered in future.
The decline in earnings per share of 24.6% is very disappointing and is
primarily due to the increased capital gains tax rate adjustment and the
net deferred tax asset adjustment during the period, the net effect being
an additional tax charge of R9 million. This has reduced earnings and
headline earnings per share by 46.4 cents and has resulted in a 60.6%
effective tax rate for the Group. Impairments of assets of R3.3 million
further impacted earnings per share by 17.4 cents and relates to non-
current assets held for sale.
The increase in headline earnings per share of 25.2% is pleasing in light
of the additional tax adjustments during the period and reflects the real
growth in operating profits, combined with cost containment initiatives
implemented within the Group.
Prospects
The Group remains committed to its strategy for growth and strategic
acquisitions, which is expected to improve earnings and increase gearing.
Marketing efforts are being emphasised within segments that yield
profitable growth. The agricultural segment is expected to improve its
results in light of the completed restructure of the division and off crop
maintenance undertaken during the current period, however, weather
patterns remain a significant risk. The remaining segments are expected
to improve earnings, barring unforeseen circumstances.
Basis of preparation
The consolidated financial statements for the year ended 29 February 2012
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 29 February 2012. The annual
financial statements are expected to be available to shareholders towards
the end of May 2012. The annual financial statements were prepared under
the supervision of Mr S Maharaj (CA)(SA), the Chief Financial Officer.
The accounting policies applied in the current year are consistent with
those of the previous year , except for the adoption of IAS 24 Related
party disclosures (revised) effective 1 January 2011.
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 2012.
Restatement of prior year deferred tax***
The comparative figures for deferred tax in the balance sheet have been
reclassified to achieve fairer presentation in the current period. The
reclassification relates to the make-up of the timing differences included
in the deferred tax balance. The net deferred tax liability of R40.3m has
however not changed.
DIVIDEND DECLARATION
A final dividend (no. 42) of 8.0 (2011: 5.0) cents per share for the
year ending 29 February 2012 has been declared to shareholders recorded
in the books of the company at the close of business on Friday, 15 June
2012. The last date to trade cum dividend will be Friday 8 June 2012
and the shares will trade ex-dividend from the commencement of business
on Monday 11 June 2012. The dividend will be paid on Monday, 18 June
2012. Share certificates may not be dematerialised /rematerialised
between Monday 11 June 2012 and Friday, 15 June 2012, both days
inclusive.
The directors confirm that the company will satisfy the solvency and
liquidity test immediately after completing the distribution.
In terms of paragraph 11.17 of the JSE Listing Requirements,
shareholders are advised of the following:
The gross local cash dividend will be 8 cents per share.
There are Secondary Tax on Companies (STC) credits available for set off
against the Dividend Withholding Tax of 15% and the Dividend Withholding
Tax and net dividend per share will be announced on or about 1 June 2012
after the completion of the dividend tax cycle at the end of May 2012;
Shareholders exempt from paying the Dividends Withholding Tax will
receive a gross dividend of 8 cents per share.
The ordinary share cash dividend will be made from income reserves.
The issued share capital of Cargo is 20 000 000 ordinary shares on which
the dividend is declared; and
Cargo`s Income Tax reference number is 9900156713.
Registered Office
11A Grace Road, Mountainview,
Observatory, Johannesburg 2198
Transfer Secretaries
Computershare Investor Services 2004 (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
14 May 2012
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 (CFO),
S P Mzimela*, M J Vuso*
# non-executive director
* independent non-executive director
Sponsor
Arcay Moela Sponsors (Pty) Ltd
Date: 15/05/2012 07:05:16 Produced by the JSE SENS Department.
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