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Cargo Carriers
(Registration number 1959/003254/06)
Audited results for the year ended 28 February 2002 and dividend
announcement
INCOME STATEMENT 2002 2001
R000 R000
Revenue 346,511 318,810
Other revenue 10,308 8,168
Operating and administrative costs (312,056) (289,562)
Operating profit 44,763 37,416
Profit on sale of non-vehicle assets 490 124
Depreciation (21,778) (23,293)
Operating profit before interest 23,475 14,247
Finance costs (13,172) (12,373)
Profit from operations 10,303 1,874
Impairment/write-down of assets (1) (4,387)
Profit/(Loss) before taxation 10,302 (2,513)
Taxation (2,251) (57)
Profit/(Loss) after taxation 8,051 (2,570)
Loss attributable to outside 111 -
shareholders
Net profit/(loss) attributable to
ordinary shareholders 8,162 (2,570)
FINANCIAL INFORMATION
Dividend per share (cents)
- paid during year 2,5 4,5
- declared after year end 7,0 -
Total dividends 9,5 4,5
Earnings per share (cents) 40,8 (12.9)
Adjustments:
- Profit on sale of non-vehicle assets (1.7) (0.4)
- Amortisation of goodwill 0,5 -
- Impairment/write-down of assets - 22,0
- Investment amortisation 1,0 1,0
Headline earnings per share (cents) 40,6 9,7
Borrowings
Net interest bearing borrowings to
total shareholders` interest (%) 21,1 41,3
Capacity utilised (%) 42,3 82,5
Total borrowing capacity (R`000) 57,163 52,278
Net asset value per share (cents) 570 523
Ordinary shares in issue (000) 20,000 20,000
MOVEMENT IN EQUITY
Foreign currency translation movement 82 48
Revaluation of land and buildings 1,657 10,082
Net profit/(loss) attributable to
ordinary shareholders 8,162 (2,570)
Dividends paid during the year (500) (900)
9,401 6,660
BALANCE SHEET
Non-current assets
Property, plant and equipment 156,603 172,956
Deferred taxation 1,276 553
Loan and unlisted investment 1,373 1,592
Investment in associate 162 -
Goodwill 2,264 -
Net indebtedness by subsidiary 2,719 -
companies
Current assets 49,225 48,076
Bank 23,509 12,984
237,131 236,161
Equity
Shareholders` interest 113,956 104,555
Outside shareholders` interest 369 -
Non-current liabilities
Deferred taxation 17,087 14,156
Interest-bearing long-term loans 18,789 9,793
Borrowings on call 10,000 19,500
Current liabilities 58,026 61,648
Interest-bearing borrowings 18,904 26,509
237,131 236,161
CASHFLOW STATEMENT
Operating profit after non-cashflow 34,838 31,049
items
Change in working capital (5,397) 717
Cash generated by operations 29,441 31,766
Interest received 7,068 4,222
Interest paid (13,172) (12,373)
Dividends paid (500) (900)
Taxation paid (586) (723)
Cash from operating activities 22,251 21,992
Net loans raised 1,391 9,232
Net cashflow from investing activities (3,617) (7,037)
- Acquisition of subsidiary (1,980) -
- Acquisition of associate (162) -
- Deconsolidation of subsidiary 521 -
- Repayment of loan to subsidiary 358 -
- Acquisition of fixed assets (11,640) (12,860)
- Proceeds on sale of fixed assets 9,270 5,833
- Repayment/(increase) on loan 16 (10)
Cash generated during period 20,025 24,187
Net borrowings at beginning of year (6,516) (30,703)
Net cash/(borrowings) at end of year 13,509 (6,516)
COMMENTARY
Review
The profit attributable to ordinary shareholders has improved significantly
in comparison with the prior year. The main contributing factors have been:
- improved weather conditions in the sugar cane growing areas which have
allowed the harvesting and transportation of the sugar cane to take place
without incurring additional cost;
- stable volumes from the industrial segment which has resulted in greater
efficiency in logistics provision; and
- the exit from volatile seasonal business where the business risk was
assessed as being too high.
Prospects
The building of the group`s logistics skills base and the focus on
particular markets where the group can add value, should yield growth in
market share and in margin. The outlook for the southern African industrial
and agricultural sectors is positive at this stage, and accordingly growth
in earnings is anticipated.
Dividend Declaration
Notice is hereby given that a final dividend (no.22) of 7,0 (2001:nil) cents
per share has been declared by the directors to the shareholders recorded in
the books of the company at the close of business on Wednesday 26 June 2002.
The last date to trade cum entitlement will be Wednesday 19 June 2002 and
the shares will trade ex entitlement from Thursday 20 June 2002. The
dividend will be paid on Thursday 27 June 2002. Share certificates may not
be dematerialised/rematerialised between Wednesday 12 June 2002 and
Wednesday 26 June 2002, both days inclusive.
By order of the board
MJ Bolton
Secretary
10 May 2002
Directors
S G Chilvers(Chairman), G D Bolton, M J Bolton, B B Fraser
Registered Office
140 North Reef Road
Elandsfontein, 1406
Sponsor
LPC Manhattan Sponsors (Pty) Ltd
Transfer secretary
Computershare Services (South Africa) (Proprietary) Limited
2nd Floor Edura, 41 Fox 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
Date: 13/05/2002 05:35:00 PM Produced by the SENS Department
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