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Transpaco Limited - Reviewed Group Results For The Year Ended 30 June 2002
Transpaco Limited
Reg.No. 1951/000799/06
ISIN: ZAE000007480 JSE Share code: TPC
REVIEWED GROUP RESULTS FOR THE YEAR ENDED 30 JUNE 2002
CONSOLIDATED INCOME STATEMENT
Reviewed Audited
12 Months % 12 Months
R000`s June-2002 Change June-2001
Turnover 280 190 12 250 675
Cost of sales 186 889 10 169 881
Gross Profit 93 301 15 80 794
Operating costs 63 586 (7) 68 257
Operating income before
depreciation & finance costs 29 715 137 12 537
Depreciation 8 506 11 7 439
Net finance charge 4 805 (20) 5 999
Income/(loss) before taxation 16 404 (901)
Taxation 5 247 (237)
Income/(loss) after taxation 11 157 (664)
Exceptional item (note 1) - 516
Attributable income/(loss) after taxation 11 157 (148)
No. of ordinary shares in issue (000`s) 30 108 30 108
Earnings/(loss) per share (cents) 37,1 (0,5)
Headline earnings/(loss) per share (cents) 37,5 (2,4)
Reconciliation of headline earnings (R0001s)
Basic earnings/(loss) 11 157 (148)
Impairment cost of assets 175 -
Exceptional item - (516)
Surplus on disposal of plant and equipment (50) (56)
Headline earnings/(loss) 11 282 (720)
CONSOLIDATED BALANCE SHEET
R000`s June-2002 June-2001
ASSETS
Non-current assets 57 845 65 223
Property, plant and equipment 55 406 62 424
Deferred taxation 1 702 1 730
Intangibles 737 1 069
Current assets 85 679 82 226
Inventories 24 331 22 029
Accounts receivable 58 761 56 499
Taxation 2 549 3 657
Cash resources 38 41
TOTAL ASSETS 143 524 147 449
EQUITY AND LIABILITIES
Capital and reserves 72 596 61 439
Issued capital 301 301
Reserves 5 525 5 525
Accumulated profit 66 770 55 613
Non current liabilities 17 691 22 726
Interest bearing borrowings 15 521 21 284
Deferred taxation 2 170 1 442
Current liabilities 53 237 63 284
Trade and other payables 40 280 36 432
Taxation 1 018 706
Bank overdraft 6 074 19 874
Current portion of interest bearing borrowings 5 865 6 272
TOTAL EQUITY AND LIABILITIES 143 524 147 449
Number of shares in issue(000`s) 30 108 32 711
Repurchase of shares(000`s) (note 2) - 2 603
Ranking number of shares(000`s) 30 108 30 108
Net asset value per share (cents) 241 204
Notes: 1. Profit on sale of BubblePac division.
2. A wholly owned division of Transpaco purchased 2 602 777 Transpaco
shares with effect from 1 October 2000, in terms of the specific
authority approved by shareholders on 17 January 2001.
ABRIDGED CONSOLIDATED CASH FLOW
12 Months 12 Months
R000`s June-2002 June-2001
Operating cash flow 29 841 12 481
Proceeds Bubble Pac - 516
Movement in working capital (716) (514)
Net interest paid (4 805) (5 999)
Taxation paid (3 072) (4 549)
Dividend paid - (1 635)
Cash generated from operating activities 21 248 300
Net (outflow)/inflow from financing activities (6 170) 7 429
Net fixed assets acquired (1 281) (17 625)
Net movement in cash for the period 13 797 (9 896)
Opening net cash resources (19 833) (9 937)
Closing net cash resources (6 036) (19 833)
STATEMENT OF CHANGES IN EQUITY
12 Months 12 Months
R000`s June-2002 June-2001
Opening balance 61 439 66 846
Prior year adjustment
- depreciation of buildings - (835)
Earnings attributable to shareholders 11 157 (148)
Repurchase of share capital & share premium - (4 424)
Closing balance 72 596 61 439
TRANSPACO LIMITED
Transpaco manufactures and distributes plastic and packaging products with
its business activities being conducted mainly in South Africa and exports
into Africa.
BUSINESS REVIEW
At the beginning of this reporting period the Group set objectives of
increasing turnover and margin, reducing costs and improving working capital
management. All of these have been achieved.
Turnover increased 12% from R250 million to R280 million. Operating income
rose by 137% from R12,5 million to R29,7 million translating into
attributable income of R11,1 million (R148 000 loss). Headline earnings per
share improved to 37,5 cents from a loss of 2,4 cents. Net asset value per
share increased to 241 cents from 204 cents.
The group generated cash from operations of R21,2 million which reduced
gearing to 38% (76%)
ACCOUNTING POLICY
This report is prepared using accounting policies consistent with those
applied in the last annual report and in conformity with South African
Statements of Generally Accepted Accounting Practice except for the application
of AC123-property plant and equipment regarding buildings which were previously
considered to be investment properties and not depreciated. The impact of the
change in accounting policy is a reduction of R835 275 in the opening
accumulated profit. In the period under review an amount of R211 000 is included
in depreciation.
PROSPECTS
The group moves into the new financial year with confidence as profitability
and cash flow continue to improve.
Although economic and trading conditions remain difficult, all divisions in
the group are profitable and well positioned for continued improvement.
Transpaco is budgeting for real earnings growth and further positive cash flow
for the year ahead.
DIVIDEND
Notwithstanding the improved financial position and the prospects going
forward, the directors consider it prudent not to declare a dividend at this
stage but to use the cash flow to further reduce interest bearing debt and fund
growth.
REVIEW OF INDEPENDENT AUDITORS
The group`s auditors Ernst & Young have reviewed the group`s results. Their
unqualified review report is available for inspection at the company`s
registered office.
DIRECTORATE
On 21 June 2002 Mr JL Pamensky resigned as a non executive director and thank
him for his valuable contribution.
JSE Security Exchange classification
Transpaco is currently listed under BASIC INDUSTRIES - CHEMICALS.
Application has been made to re-classify the company under CYCLICAL SERVICES -
SUPPORT SERVICES.
On behalf of the Board:
PN Abelheim SL Chaitel
Chairman & Chief Executive Financial Director
26 August 2002
Directors: PN Abelheim; AJ Aaron*; HA Botha; JS Botha; SR Bouzaglou;
SL Chaitel; DR Hilewitz*; SI Jacobson*; AC Salomon*
*Non executive
Auditors: Ernst & Young
Registered Office: Transfer Secretaries:
331 Sixth Street Computershare Investor Services Limited
Wynberg Diagonal Street
Sandton Johannesburg
Date: 26/08/2002 05:10:00 PM Produced by the JSE SENS Department
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