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Comair Limited - Audited group results for the year ended 30 June 2002
(Registration No. 1967/006783/06)
Share Code: COM
ISIN Code: ZAE000029823
Abridged 2002 2001
group income
statement
R`000 R`000
Revenue 1,284,962 1,160,000
Operating 11,858 73,843
Profit
Profit on - 25,483
sale of
aircraft
Profit from 11,858 99,326
operations
Net (1,085) 8,706
investment
income /
(expense)
Profit before 10,773 108,032
taxation
Taxation 4,539 (15,070)
Attributable 15,312 92,962
earnings
Abridged
group balance
sheet
Assets
Property, 334,304 309,989
plant and
equipment
Loan to share 14,040 14,000
incentive
trust
Unlisted 96,226 80,493
investments
Current 344,894 372,881
assets
789,464 777,363
Equity and
liabilities
Share capital 383,933 402,221
and reserves
Long term 171,460 181,237
liability
Deferred 26,629 31,168
taxation
Current 207,442 162,737
liabilities
789,464 777,363
Abridged
statement of
changes in
equity
Opening 402,221 338,659
balance
Attributable 15,312 92,962
earnings for
the year
Dividends (33,600) (29,400)
paid
Closing 383,933 402,221
balance
Abridged
group cash
flow
statement
Cash and cash 267,228 315,854
equivalents
at the
beginning of
the year
Cash 45,871 69,720
generated by
operations
Net interest (10,708) 2,160
income /
(expense)
Taxation paid (2,347) (25,363)
Dividends (33,600) (29,400)
paid
Additions to (50,117) (152,146)
property,
plant and
equipment
Proceeds on - 39,536
disposal of
aircraft
Deposit paid (30,900) -
on aircraft
Cash (9,817) 46,867
generated by
financing
activities
Cash and cash 175,610 267,228
equivalents
at the end of
the year
Salient
features
Headline 3.6 22.1
earnings per
share (cents)
Earnings per 3.6 22.1
share (cents)
Dividends per 2.0 8.0
share (cents)
Weighted 420,000 420,000
ordinary
shares issued
(`000)
Depreciation 25,456 14,702
(R`000)
Interest 32,474 28,408
expense
(R`000)
Earnings review
Comair did well to achieve R15,3 million attributable earnings
translating to 3,6 cents headline earnings per share for the June 2002
financial year (prior year R93 million attributable earnings and 22,1
cents headline earnings per share). These earnings were achieved in a
year of unprecedented challenges for the global airline industry
exacerbated by conditions in Southern Africa linked to the collapse of
the Rand and general market overcapacity. The attributable earnings
included a R4,5 million tax credit in respect of an assessed tax loss
asset.
Operating margins were eroded by the negative cost impact of the weaker
Rand on fuel, maintenance, insurance and distribution costs. With half
of Comair`s operating costs linked directly to the US Dollar, the 34%
weakening of the Rand increased unit costs by 17% for the year.
The 11% turnover growth achieved from R1,16 billion last year to R1,28
billion was largely attributed to the R162 million revenue generated by
the kulula.com "no frills" air service launched in August 2001. The
overall load factors for Comair improved from 60% last year to 63% but
yields remained under pressure.
Cash generated by operations was positive at R46 million contributing
towards a healthy R175 million cash balance at financial year end,
supporting the declaration of a final cash dividend of 2,0 cents per
share (prior year 8,0 cents).
Prospects
While trading conditions are expected to remain tough for the June 2003
financial year, the key determinants of performance remain yields, crude
oil prices and a stable Rand. The objective however remains to be
profitable with continued emphasis on cash management.
Fleet changes to be implemented are expected to achieve further
efficiencies. Kulula.com is expected to continue to make a contribution
to earnings in its first full year of operations.
Accounting policies
The financial statements are prepared on the historical-cost basis which
complies in all material respects with South African Statements of
Generally Accepted Accounting Practice. The accounting policies are
materially consistent with those of the previous year. To comply with
AC107, the dividend declared is recorded in the year of payment. The
unqualified audit report is available for inspection at the Company`s
registered office.
Dividends
The Directors of Comair have resolved to declare a dividend of 2,0 cents
per share to all shareholders. The last day to trade ("cum" dividend)
in order to participate in the dividend will be Thursday 19 September
2002. Shares will commence trading ex-dividend from the commencement of
trading on Friday 20 September 2002 and the record date will be Friday
27 September 2002. Dividend cheques will be posted or electronic
dividend payments will be made to certificated shareholders on Monday 30
September 2002.
Shareholders who have dematerialised their share certificates will have
their bank accounts, which are linked to their safe custody accounts
held at their CSDP or broker, credited on Monday 30 September 2002.
In the case of certificated shareholders, notice of any change of
address must reach the transfer secretaries by no later than 16:00 on
Thursday 19 September 2002.
Share certificates may not be dematerialised or rematerialised from
Friday 20 September 2002 to Friday 27 September 2002, both days
inclusive.
Annual report
The annual report for the year ended 30 June 2002 will be posted to
shareholders in the month of September 2002.
By order of the board
D NOVICK P VAN HOVEN
Chairman Managing Director
2 September 2002 2 September 2002
Company Secretary: DH Borer, 1 Marignane Drive, Bonaero Park, 1619, P
O Box 7015, Bonaero Park, 1622.
Transfer office: Computershare Investor Services Limited, 2nd Floor
Edura, 41 Fox Street, Johannesburg. P O Box 61051, Marshalltown, 2107.
Directors: D Novick (Chairman), MD Moritz (Deputy Chairman), P van
Hoven (Managing Director), D Hyde (Br.), JM Kahn, PR Marx, Ms DNM
Mokhobo, GW Orsmond, RC Sacks, BJ van der Linden (Neth.), N Vlok, Dr. PJ
Welgemoed
Date: 03/09/2002 05:15:00 PM Produced by the JSE SENS Department
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