| Fri 31 Aug 2001, 0:00 | | Compu-clearing Outsourcing - Audited Results For T |
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COMPU-CLEARING OUTSOURCING LIMITED
(Registration number 1998/015541/06)
Share code CCL ISIN code ZAE000016564
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2001
Operating Income up 11,8%
Headline earnings per share up 10,5%
Cash generated consistently in excess of profits earned
CONSOLIDATED BALANCE SHEET
As at As at
30 June 30 June
2001 2000
R'000 R'000
(Audited) (Audited)
ASSETS
Tangible assets 16 552 13 380
Financial assets 200 292
Current assets 14 711 18 522
Liquid current assets 8 091 12 780
Other current assets 6 620 5 742
Total assets 31 463 32 194
EQUITY AND LIABILITIES
Shareholders' funds 27 950 28 823
Deferred Taxation 564 63
Current liabilities 2 949 3 308
Total equity and liabilities 31 463 32 194
Net assets value per share (cents) 66,8 62,2
CASH FLOW STATEMENT
30 June 2001 30 June 2000
(Audited) (Audited)
Operating income before
interest and tax 7 111 6 358
Non-cash items 3 534 3 050
Cash generated from trading operations 10 645 9 408
Increase in working capital (118) (1 950)
Cash generated from operations 10 527 7 458
Taxation paid (3 144) (1 982)
Dividends paid (991) (479)
Nett interest income 928 1 435
Cash flows from operating activities 7 320 6 432
Cash flows from investing activities (6 706) (5 539)
Cash flows from financing activities (5 303) (2 163)
Increase/(Decrease) in cash
and cash equivalents (4 689) (1 270)
Cash at the beginning of the period 12 780 14 050
Cash at the end of the period 8 091 12 780
CONSOLIDATED INCOME STATEMENT
Year ended Year ended
30 June 30 June
2001 2000
(Audited) (Audited) %
R'000 R'000 Increase
TURNOVER 29 062 24 986 16,3
Operating income before interest 7 111 6 358 11,8
Net Interest received 928 1 435
Profit before taxation 8 039 7 793 3,2
Taxation 2 538 2 399
Attributable earnings 5 501 5 394 2,0
Actual number of shares in issue ('000) 41 832 46 321
Weighted average number of shares
in Issue ('000) 43 827 47 735
Diluted weighted average number
of shares in issue ('000) 46 282 47 870
Earnings per share (cents) 12,6 11,3 11,1
Headline earnings per share (cents) 12,5 11,3 10,5
Diluted earnings per share (cents) 12,2 11,2 9,3
Depreciation for the period (R'000) 3 551 3 053 16,3
CHANGES IN EQUITY
Share capital Distributable
and premium reserves Total
R'000 R'000 R'000
Balance at 30 June 1999 20 753 3 739 24 492
Trademarks and goodwill set off 5 174 - 5 174
25 927 3 739 29 666
Write-off of trademark net of
taxation and goodwill (3 925) - (3 925)
Share issue expenses charged against
share premium (7) - (7)
Repurchase of shares (1 826) - (1 826)
Profit after taxation - 5 394 5 394
Dividend - (479) (479)
Balance at 30 June 2000 20 169 8 654 28 823
Repurchase of shares (5 383) - (5 383)
Profit after taxation - 5 501 5 501
Dividends declared - (991) (991)
Balance at 31 December 2000 14 786 13 164 27 950
COMMENTARY
We are pleased to report satisfactory results for the year ended June 2001.
Significant is that turnover increased by 16%, operating profit 11,8% and
our headline earnings per share increased to 12,5 cents per share, a growth
of 10,5%.
Operating margins decreased slightly from 25% last year to 24% this year.
Whilst still considered satisfactory this was mainly attributable to
expanding our infrastructure to cope with anticipated growth.
The benefits of this expansion is now being felt with the signing of
significant new clients and potential for further business.
Our investment in manpower, motivated by our policy of constantly
improving service levels has also proved to be successful and will result
ultimately in increased profitability.
The pursuit of our already established international contacts together
with a constant flow of new enquiries is also cause for optimism
Of particular significance is our ongoing ability to convert profits into
cash resources on a constant basis. This enables us to have a strong balance
sheet with good cash flows. We are therefore able to pay an increased
dividend this year and still be able to fund growth. In the climate of
difficult economic conditions these results are considered satisfactory.
The fine tuning of our business model with improved service levels, a
growth in our client base and potential for international business allows us
to look forward to improved results in the coming year.
STRATE
Compu-Clearing moved to the Share Transaction Totally Electronic ("STRATE")
system on 7 May 2001. Trading for electronic settlement commenced on 28 May
2001 and the first electronic settlement of Compu-Clearing share trades
followed on 4 June 2001.
SHARE BUY BACKS
During the year a further 4 489 500 shares were repurchased making a total
number of shares repurchased since commencing buy backs of 6 053 400 shares.
Of the shares repurchased, 2 826 300 shares have been cancelled and the
remaining 3 227 100 shares are being held by a subsidiary company.
If deemed advantageous to the Company, share buy backs will continue.
DIVIDEND
A dividend in respect of the year to June 2001 of 2,5 cents per share is
being paid to shareholders registered on the 14 of September 2001, and will
be paid on the 25 September 2001 (2000 - 2,2 cents per share).
30 August 2001
SOUTH AFRICA'S LEADING IT SPECIALIST FOR THE FREIGHT INDUSTRY
