| Wed 20 Feb 2002, 0:00 | | Unitrans - Financial Results |
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UNITRANS
Registration number 1967/003403/06
JSE Share Code: UTR
ISIN Code : ZAE000007670
("Unitrans")
ANNOUNCEMENT OF RESULTS
for the six months ended 31 December 2001
FINANCIAL HIGHLIGHTS
* Headline earnings per share up by 21,7%
* Return on shareholders' funds increased to 21,3%
* Continued strong balance sheet
The board of directors of Unitrans announces the following consolidated
results:
Abridged Consolidated Income Statement
Audited
Unaudited year
Six months ended % ended
R 000's 31.12.01 31.12.00 increase 30.6.01
Revenue 2 933 609 2 662 580 10,2 5 242 533
Operating income before
Depreciation 247 261 218 747 397 985
Deprecation 90 179 87 259 154 757
Operating income after
Depreciation 157 082 131 488 19,5 243 228
Profit on disposal
of property,
plant and equipment 7 684 7 669 22 142
Earnings before
goodwill,
interest and tax 164 766 139 157 18,4 265 370
Goodwill amortised 5 525 1 063 8 292
Earnings before
interest and tax 159 241 138 094 15,3 257 078
Net finance costs 13 655 13 003 21 089
Net earnings before
Tax 145 586 125 091 16,4 235 989
Taxation 36 284 34 274 60 731
STC 5 000 4 551 6 977
Earnings after tax 104 302 86 266 20,9 168 281
Share of associate's
Loss 2 453 - 2 416
Outside shareholders'
Interest 1 497 536 1 252
Earnings attributable
to shareholders 100 352 85 730 17,1 164 613
Note:
Earnings before interest
and taxation includes
interest income
derived from finance activities.
Weighted average number of
ordinary shares
in issue (000's) 76 203 75 940 75 952
Weighted average number of
ordinary shares that would be
issued on the
conversion of all the
dilutive potential
ordinary shares (000's) 503 589 708
Weighted average number of
shares for purposes
of calculating
diluted earnings
per share (000's) 76 706 76 529 76 660
Earnings per share
(cents) 131,7 112,9 16,7 216,7
Diluted earnings per
share (cents) 130,8 112,0 214,7
Headline earnings
per share (cents) 130,5 107,2 21,7 203,2
Note:
Earnings per share is calculated on the weighted number of shares in issue
during the year.
Determination of Headline Earnings
Attributable earnings per
the income statement 100 352 85 730 164 613
Adjustment for :
- profit on disposal
of property,
plant and equipment (7 684) (7 669) (22 142)
- goodwill amortisation 5 525 1 063 8 292
98 193 79 124 150 763
Tax effect of above 1 257 2 300 3 581
Headline earnings
for the period 99 450 81 424 22,1 154 344
Note:
The prior year figures for the six months have been restated to comply with
Statements of Generally Accepted Accounting Practice AC 130 and 135.
Abridged Consolidated Balance Sheet
Unaudited Audited
R 000's 31.12.01 31.12.00 30.06.01
Assets
Non-current assets 933 318 886 466 883 363
Property, plant and
Equipment 784 872 684 244 708 072
Goodwill 58 638 13 502 45 645
Investment in associate 23 305 107 879 26 636
Deferred tax asset 6 860 - 6 860
Other non-current
assets 59 643 80 841 96 150
Net advances - - -
- Gross advances
(after providing
for doubtful debts) 718 130 722 410 831 682
- Less: Liabilities
related to advances (718 130) (722 410) (831 682)
Current assets 1 124 257 897 037 1 000 791
Inventories 433 138 422 843 441 325
Accounts receivable 562 543 443 574 397 617
Cash and cash
equivalents 128 576 30 620 161 849
Total assets 2 057 575 1 783 503 1 884 154
Equity and liabilites
Capital and reserves 981 767 837 771 902 713
Ordinary share
capital and premium 404 841 404 870 404 841
Reserves 576 926 432 901 497 872
Minority interest 3 679 1 438 2 154
Non-current liabilities 151 950 174 399 182 422
Deferred tax
liabilities 98 912 100 872 106 712
Long term provision 22 984 32 372 25 528
Vendors for businesses
acquired 6 000 4 450 14 223
Interest-bearing
borrowings 24 054 36 705 35 959
Current liabilities 920 179 769 895 796 865
Accounts payable and
provisions 722 782 616 058 694 286
Income tax payable 52 647 43 940 64 392
Vendors for businesses
acquired 12 220 - 10 770
Short term borrowings 132 530 109 897 27 417
Total equity and
liabilities 2 057 575 1 783 503 1 884 154
Number of shares in
issue 76 241 75 954 76 091
Net asset value per
share (cents) 1 288 1 103 1 186
Notes:
1. The assets and liabilities of Unitrans Finance (Proprietary) Limited
("Ufin"), have been disclosed separately on the face of the balance sheet
but have been linked together and offset against each other as the Group is
not obliged to support any losses arising in Ufin.
2. Prior year figures for the six months have been restated to comply with
Statements of Generally Accepted Accounting Practice AC 130 and 135.
Statement of Changes in Equity
Audited
Unaudited Year
Six months ended ended
R 000's 31.12.01 31.12.00 30.06.01
Opening balance 1 July 2001 902 713 789 119 789 119
Earnings attributable
to shareholders 100 352 85 730 164 613
Dividend paid (40 000) (36 446) (55 820)
Issue of shares - - (29)
Unrealised increase on
translation of
net worth of foreign
subsidiaries 18 702 (632) 4 830
Closing balance 31
December 2001 981 767 837 771 902 713
Abridged Consolidated Cash Flow Statement
Audited
Unaudited Year
Six months ended ended
R 000's 31.12.01 31.12.00 30.06.01
Cash generated by operations 247 261 218 747 397 985
Non cash flow items 18 702 - 6 331
(Decrease)/increase in
working capital (130 787) (106 479) 2 181
- Inventories 8 187 (56 433) (74 657)
- Accounts receivable (164 926) (50 745) 2 834
- Accounts payable and
provisions 25 952 699 74 004
Net finance costs and
tax paid (74 484) (43 123) (56 844)
Cash available from
operations 60 692 69 145 349 653
Dividend paid (40 000) (36 446) (55 820)
Cash retained from
operations 20 692 32 699 293 833
Investment to maintain
operations (72 428) (47 443) (78 801)
Investment to expand operations
- net fixed assets (68 196) (83 241) (138 257)
- acquisition of business/
non-current assets (270) (27 708) (69 638)
- joint ventures and
associates 495 (95 659) (29 920)
Net cash utilised by
operations (119 707) (221 352) (22 783)
Interest-bearing
borrowings repaid (11 905) (1 250) (1 996)
Vendors for businesses
acquired (6 774) 1 500 22 043
Increase/(decrease) in
short term borrowings 105 113 37 664 (49 444)
Net costs from issue of
shares - - (29)
Net cash inflow/(outflow)
from financing activities 86 434 37 914 (29 426)
Net decrease in cash
equivalents (33 273) (183 438) (52 209)
Notes:
1. Capital expenditure commitments at 31 December 2001 amounted to
R61 877 000.
2. There were no material litigation claims or undisclosed liabilities as at
31 December 2001.
Notes
1. Compliance with GAAP
These interim results have been compiled in accordance with Generally
Accepted Accounting Practice.
2. Accounting policies
The accounting policies used in the preparation of the interim financial
statements are consistent with those adopted in the annual financial
statements for the year ended 30 June 2001.
3. Dividends
It is the Group's policy to declare an annual dividend.
4. Material subsequent events
No events of note have occurred subsequent to the half year end.
5. Changes in the business
There were no material changes in the composition of the business during the
interim period.
6. Seasonality of earnings
The earnings in Transport and Logistics are skewed towards the first half as
a result of the seasonality of earnings in Unitrans Freight, Unitrans
Passenger and Unitrans Express Deliveries.
7. Segmental analysis
Six months to December 2001
Operating
income
after Net
R 000's Revenue % depreciation % assets %
Transport
and Logistics 792 921 27 102 633 65 661 587 64
- Freight and
logistics 642 189 83 562 542 716
- Passenger 150 732 19 071 118 871
Motor and
Financial
Services 2 140 688 73 54 449 35 370 087 36
- Retail 2 066 763 45 968 343 730
- Financial 73 925 8 481 26 357
Total 2 933 609 100 157 082 100 1 031 674 100
Six months to December 2000
Operating
income
after Net
R 000's Revenue % depreciation % assets %
Transport and
Logistics 679 923 26 87 930 67 605 627 63
- Freight and
logistics 546 103 71 612 466 983
- Passenger 133 820 16 318 138 644
Motor and
Financial
Services 1 982 657 74 43 558 33 354 014 37
- Retail 1 922 538 38 604 346 638
- Financial 60 119 4 954 7 376
Total 2 662 580 100 131 488 100 959 641 100
Comments on Results
Headline earnings for the Group for the six months ended 31 December 2001
increased by 22,1% to R99,5m (2000: R81,4m). This was achieved against an
increase in turnover of 10,2% to R2 934m (2000: R2 663m). Headline earnings
per share increased by 21,7% to 130,5 cents (2000: 107,2 cents).
During the period, the Group's operations generated operating cash of
R247,3m (2000: R218,8m).
Continued focus has been placed on working capital management. The increase
in accounts receivable to R563m (2000: R444m) was largely attributable to
the increase in debtors in our Motors Division as a result of high December
motor vehicle sales in anticipation of price increases. Payment for these
sales was received in January 2002.
The Group's policy of investment to maintain and expand its operations led
to capital expenditure of R140,6m in the period (2000: R130,7m).
The net asset value per share increased to 1288 cents (2000: 1103 cents).
CORPORATE ACTIVITY
The acquisition of 7 motor dealerships by Unitrans Motors (Proprietary)
Limited from Senwes Co-operative, effective 1 February 2002, has been
approved by the Competition Tribunal.
PROSPECTS
The Transport and Logistics Division, with its underpin of long term
contracts, should continue to perform well. The Division's expansion into
Africa will provide an opportunity to expand our hard currency earnings into
the future.
Notwithstanding the impact of substantial price increases in motor vehicles
and the uncertain interest rate environment, we believe that the Motor and
Financial Services Division should perform well in the second half.
DIVIDEND
In line with the Company's dividend policy, no interim dividend has been
declared. Payment of a final dividend will be considered subsequent to the
financial year end.
By order of the Board
D C BRINK K J GROV Johannesburg
Chairman Chief Executive Officer 20 February 2002
Registered office:
263 Oxford Road, Illovo, Johannesburg 2196
Telephone: 011-442-8551, Telefax: 011-442-7802/20
Transfer secretaries:
Computershare Services (Pty) Limited
4th Floor, Edura House, 41 Fox Street
Johannesburg 2001
Telephone: 011-370-7700, Telefax: 011-834-2446
Directors:
D.C. Brink (Chairman), K.J. Grov (Chief Executive),
B.C. Bruce, P.J. Dieperink, M.J. Jooste, S.M. Keys,
D Konar, R.H. Naisby, P.K. Quarmby, R.W. Rees*,
D.M. van der Merwe *British
Secretary: J.V. Radnay*
Sponsor
Gensec Bank
www.unitrans.co.za
