| Wed 5 Sep 2001, 0:00 | | Ctp Holdings Limited - Preliminary Audited Results |
|
And subsidiary companies
CTP Holdings Limited
(Registration number 1945/026616/06)
JSE Sharecode CTPP
ISIN Number ZAE000001889
PRELIMINARY AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2001
consolidated income statement
for the year ended 30 June 2001
Audited Audited
Year to Year to
30 June 2001 30 June 2000
R'000 R'000
Revenue 2 510 208 2 366 061
Turnover 2 380 233 2 258 814
Other operating income 45 472 32 615
2 425 705 2 291 429
Changes in inventories of finished goods
and work in progress (22 405) (16 564)
Raw materials and consumables used 982 106 1 003 246
Staff costs 449 614 405 933
Other operating expenses 687 109 636 320
Total operating expenses 2 096 424 2 028 935
Profit from operating activities 329 281 262 494
Depreciation and amortisation expense (88 490) (69 651)
Net finance income 81 929 68 294
Associated companies (1 573) 782
Profit before exceptional items 321 147 261 919
(Exceptional items) - 3 093
Profit before taxation 321 147 265 012
Taxation (97 046) (65 927)
Profit from ordinary activities 224 101 199 085
Attributable to minority interest (49 809) (40 888)
(Preference dividend) - (45)
Net profit for the year
attributable to shareholders 174 292 158 152
Earnings per ordinary share (cents) 469 434
Diluted earnings per share (cents) 449 412
Adjusted headline earnings (cents) 475 419
Diluted adjusted headline earnings
per share (cents) 454 398
Cash earnings per share (cents) 984 787
Dividend per share (cents) 200 -
Preference dividends per share (cents) 170 90
Consolidated cash flow statement
for the year ended 30 June 2001
Audited at Audited at
2001 2000
R'000 R'000
Cash flow from operating activities 324 939 206 576
Cash generated by operations 325 292 279 716
Increase in working capital (50 549) (64 744)
Cash generated by operating activities 274 743 214 972
Less: Taxation paid (29 315) (50 495)
Interest received net 79 511 67 895
Net cash inflow from operating
activities 324 939 232 372
Dividends paid - (25 796)
Cash flows from investment activities (206 700) (297 158)
Fixed assets - additions to
maintain operations (99 475) (259 818)
- proceeds from disposals 17 449 47 735
(82 026) (212 083)
Investments (124 674) (85 075)
Cash flows from financing activities (94) (11 619)
Decrease in long-term liabilities (94) (4 141)
Decrease short-term borrowings - (1 387)
increase in amount owing to/by
subsidiaries - 30
Shares acquired in cash - (6 121)
Net cash increase in cash equivalents 118 145 (102 201)
Cash and cash equivalents at
beginning of year 608 367 710 568
Cash and cash equivalents at
end of year 726 512 608 367
Consolidated BALANCE SHEET
for the year ended 30 June 2001
Audited at Audited at
30 June 2001 30 June 2000
R'000 R'000
Assets
Non-current assets
Fixed assets 727 966 681 699
Investments in associated companies 27 158 24 151
Investments - Listed 89 636 -
- Unlisted 8 747 8 536
Long-term debtors 33 962 36 900
(Deferred taxation) - 8 232
Current assets 1 523 879 1 341 948
Total assets 2 411 348 2 101 466
Equity and liabilities
Equity
Ordinary shareholders equity 1 530 705 1 336 690
Preference shareholders 100 100
Minority interest 389 411 347 332
Non-current liabilities
Long-term loans 538 488
Deferred taxation 63 965 -
Current liabilities 426 629 416 856
Total equity and liabilities 2 411 348 2 101 466
Weighted number of shares in issue 37 115 249 36 479 152
Net asset value per share (cents) 3 947 3 664
Market value of listed investments 123 437 -
Director's value of unlisted
Investments and associated companies 42 386 32 687
Capital expenditure for year 120 492 260 906
Capital expenditure committed 25 000 20 000
Cash resources - net 726 512 608 367
Adjusted headline earnings:
Earnings per attributable to
ordinary shareholders 174 292 158 196
Add adjustments: 2 063 (5 345)
Profit of sale of investments (1 607) (2 802)
(Rationalisation costs) - (19 096)
(Fixed assets write-down) - 18 805
Goodwill written-off 8 470 -
Profit on sale of fixed assets (4 800) (2 273)
(Taxation provided) - 1 648
(Outside shareholders' interest) - (1 627)
Adjusted headline earnings 176 355 152 851
Comments
Caxton Publishers and Printers Limited ("Caxton") in which company CTP holds
78% of the equity produced good results for the year ended 30 June 2001. It
is pleasing to report that all Caxton divisions contributed to the
improvement in profitability.
This has been made possible by maximising the efficiency of the operations
of the various business units, especially those taken over from Perskor at
the time of the merger in July 1998.
Caxton's overall business is now structured as optimally as possible and is
geared, particularly in terms of plant capacity, which is not being fully
utilised, to take advantage of any improvement in consumer spending should
this take place. Additional efficiencies are not anticipated. The bulk of
the capital expenditure projects and upgrades are completed and it will be
unnecessary for them to embark on any major capital expenditure in the
foreseeable future.
Earnings
Turnover increased by 5,4% from R2,259 million to R2,380 million, which
relatively low rate of increase, reflects just how difficult trading
conditions in consumer goods have been for the year under review. Profit
from operating activities before depreciation amounted to R329,281 million -
an impressive improvement of 25,4% and which equates into a margin of
13,83%. The maximisation of efficiencies referred to earlier is reflected in
this margin which has improved from 11,62%.
Depreciation and amortisation expense totalled R88,490 million and includes
an amount of R8,470 million written-off goodwill, and net finance income
increased from R68,294 million to R81,929 million.
Income before taxation amounted to R321,147 million compared to R265,012
million - an increase of 21,1%.
Taxation absorbed R97,046 million which is equivalent to a rate of 30%, the
major portion of which, namely R72,197 million, being in respect of deferred
taxation - the previous year's tax rate was 24,9%.
Net profit for the year attributable to shareholders, after eliminating
outside shareholders share in the profits of the company, amounted to
R174,292 million, an increase of 10,2%.
Diluted earnings per share of 449 cents is an improvement of 9% on the 412
cents per share earned in the previous year. Cash earnings for the year was
984 cents per share which compares extremely favourably with 787 cents per
share, being 25% up.
Prospects
There appear to be a number of dark clouds gathering over world economies,
and the South African economy, which has problems of its own, will not
escape the contagion that the fall in World economic growth will bring.
There have been a number of reports of late indicating that advertising
spend is yet again under pressure. Caxton's future is very much predicated
upon growth in spending and it is in these uncertain circumstances that it
is impossible to predict what future earnings will be. Caxton has, however,
over the years displayed the ability to produce reasonable results and, more
importantly, a good cash flow, and the directors are of the opinion that the
ensuing year will not be an exception.
Declaration of Dividends
Ordinary Dividend
The board has declared a dividend of 200 cents per ordinary share (2000:
nil) to all shareholders of CTP Holdings Limited. To comply with the
procedures of STRATE, the following dates are applicable:
Date dividend declared 4 September 2001
Last day to trade "cum" the dividend 20 September 2001
Date to commence trading "ex" the dividend 21 September 2001
Record date 28 September 2001
Date of payment 1 October 2001
Certificated shareholders may not dematerialise their shares between Friday,
14 September and Friday, 28 September 2001, both days inclusive.
JSE Sharecode CTP
ISIN Number ZAE000001871
Preference Dividends
The board has declared a preference dividend of 170 cents per share (2000:
90 cents) to all preference shareholders of CTP Holdings Limited. To comply
with the procedures of STRATE, the following dates are applicable:
Date dividend declared 4 September 2001
Last day to trade "cum" the dividend 20 September 2001
Date to commence trading "ex" the dividend 21 September 2001
Record date 28 September 2001
Date of payment 1 October 2001
Certificated shareholders may not dematerialise their shares between Friday,
14 September and Friday, 28 September 2001, both days inclusive.
By order of the Board
DR. F. van Zyl Slabbert (Chairman)
G M Utian (managing director)
T D Moolman (Chief executive officer)
Johannesburg
4 September 2001
