| Fri 27 Sep 2002, 17:49 | | Compu-clearing Outsourcing Ltd- Reviewed Results F |
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Compu-Clearing Outsourcing Ltd- Reviewed Results for the year ended 30 June 2002
Compu-Clearing Outsourcing Limited
(Registration number 1998/015541/06)
Share code CCL ISIN ZAE000016564
Reviewed Results for the year ended 30 June 2002
* Cash generated in excess of retained income for the year
* Consistent record of increased dividends
* Satisfactory earnings in difficult year
BALANCE SHEET
As at As at
30 June 30 June
2002 2001 %
(Reviewed) (Audited) Increase/
R`000 R`000 (Decrease)
ASSETS
Tangible assets 14 034 16 450
Financial assets 320 200
Deferred taxation - 61
Current assets 18 914 14 711
Liquid current assets 12 401 8 091
Other current assets 6 513 6 620
Total assets 33 268 31 422
EQUITY AND LIABILITIES
Shareholders` funds 29 062 26 388
Non-current liabilities 1 996 2 085
Deferred taxation 11 -
Current liabilities 2 199 2 949
Total equity and liabilities 33 268 31 422
Net assets value per share (cents) 71,4 63,1 13
CASH FLOW STATEMENT
30 June 30 June
2002 2001
(Reviewed) (Audited)
R`000 R`000
Operating profit 7 071 7 134
Non-cash items 2 973 3 587
Cash generated from trading operations 10 044 10 721
Decrease in post retirement
medical obligations (89) (76)
Decrease/(increase) in working capital 62 (118)
Cash generated from operations 10 017 10 527
Taxation paid (3 213) (3 144)
Dividends paid (1 046) (991)
Net finance revenue 679 928
Cash flows from operating activities 6 437 7 320
Cash flows from investing activities (677) (6 706)
Cash flows from financing activities (1 450) (5 303)
Increase/(Decrease) in cash
and cash equivalents 4 310 (4 689)
Cash at the beginning of the year 8 091 12 780
Cash at the end of the year 12 401 8 091
SEGMENTAL REPORT
Year ended Year ended
30 June 30 June %
2002 2001 Increase/
(Reviewed) (Audited) (Decrease)
Net hardware and networking sales 534 537 (1)
Software rental income 18 454 16 076 15
Hardware rental income 8 794 10 800 (19)
Networking rental income 1 529 456 235
Other income 119 253 (53)
Total revenue 29 430 28 122 5
Operating profit 7 071 7 134 (1)
Operating margin 24% 25%
INCOME STATEMENT
Year ended Year ended
30 June 30 June
2002 2001 %
(Reviewed) (Audited) Increase/
R`000 R`000 (Decrease)
Sales - hardware and networking 1 257 1 477
Less cost of sales 723 940
Net sales - hardware and networking 534 537 (1)
Rental and other revenue 28 896 27 585 5
Total revenue 29 430 28 122 5
Operating costs 22 359 20 988 7
Operating profit 7 071 7 134 (1)
Net finance revenue 679 928 (27)
Profit before taxation 7 750 8 062 (4)
Taxation 2 580 2 561
Attributable earnings 5 170 5 501 (6)
Dividends paid 1 046 991
Retained income for the year 4 124 4 510 (9)
Actual number of shares in issue (`000) 40 721 41 832
Weighted average number of shares
in issue (`000) 41 581 43 827
Diluted weighted average number of
shares in issue (`000) 43 561 46 282
Earnings per share (cents) 12,4 12,6
Headline earnings per share (cents) 11,7 12,5
Diluted earnings per share (cents) 12,2 12,2
Dividends per share (cents) 2,5 2,2 14
RECONCILIATION OF HEADLINE EARNINGS
Attributable earnings 5 170 5 501
Adjusted for:
Profit on disposal of fixed assets (431) (17)
Taxation effect 129 5
Headline earnings 4 868 5 489
STATEMENT OF CHANGES IN EQUITY
Distri-
Share Share butable
capital premium reserves Total
R`000 R`000 R`000 R`000
Balance at 30 June 2000 463 19 706 8 654 28 823
Change in accounting policy (1 562) (1 562)
Restated opening balance 463 19 706 7 092 27 261
Repurchase of shares (45) (5 338) (5 383)
Profit after taxation 5 501 5 501
Dividends paid (991) (991)
Balance at 30 June 2001 418 14 368 11 602 26 388
Repurchase of shares (11) (1 439) (1 450)
Profit after taxation 5 170 5 170
Dividends paid (1 046) (1 046)
Balance at 30 June 2002 407 12 929 15 726 29 062
Commentary
Despite the lower operating profit achieved this year the results are
considered satisfactory in the light of both international and local economic
events.
The volume of transactions processed by a significant number of our clients
declined, however, revenue levels, on software, increased due to a significant
increase in our customer base.
The various activities of the group have now been departmentalised allowing
for greater control over profit contributions, costs and service levels.
A trend that is discernable is for our customers to acquire their own hardware.
This will result in a drop of turnover, however the high manpower cost
associated with this division will be eliminated over time.
The sale of hardware, previously rented to customers, resulted in after-tax
profits from the sale of fixed assets of R302,000 during the year.
Pleasing aspects of our operations during the year have been the following:
- positive signs in developing international markets
- growth in the strength of our Financial Statements with Cash Flows in
excess of our Profits for the year
- operating margins indicating efficient management of our resources were
sustained (24% compared with 25% in the prior year)
- a dividend of 3 cents per share on profits earned during the year has been
declared.
The new financial year has seen an improvement in volumes, which gives every
reason to be optimistic as to future prospects. Current profit levels are
encouraging.
We will also continue our policy of share buy backs, as opportunities arise.
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with South African
statements of Generally Accepted Accounting Practice and the accounting policies
used are consistent with the prior year other than as set out below.
CHANGE IN ACCOUNTING POLICIES
In accordance with recently amended South African statements of Generally
Accepted Accounting Practice with regard to depreciation of buildings and post-
retirement funding provisions, opening balances have been accordingly restated
in the statement of changes in equity.
These changes in accounting policies have had no effect on the headline
earnings per share for the year.
INDEPENDENT REVIEW
The Group`s auditors KPMG Inc, have reviewed the financial information for
the year ended 30 June 2002. Their report is available for inspection at the
registered office of the Company.
DIVIDEND
Notice is hereby given that a cash dividend of 3 cents per share (2001: 2,5)
("the dividend") has been declared, payable to shareholders recorded in the
books of the Company at the close of business on Friday, November 8 2002.
Shareholders are advised that the last day to trade "cum" the dividend will be
Friday, November 1 2002. The shares will trade "ex" dividend as from Monday,
November 4 2002, and the record date will be Friday, November 8 2002. Payment
will be made on Monday, November 11 2002. Share certificates may not be
dematerialised or rematerialised during the period Monday, November 4 2002 to
Friday, November 8 2002, both days inclusive.
Johannesburg A. Garber J. du Preez
27 September 2002 (Chairman and Chief Executive) (Managing Director)
Directors: A. Garber, J. du Preez, A. Katz*, M. Lutrin, Dr. T.M. Mogale*,
D. Rosevear*, M. Steele*, M. Acosta-Alacon, A. Robbertse
*(Non-executive)
Transfer secretaries: Registered office:
Computershare Investor Services Limited 7 Drome Road
Ground Floor Lyndhurst 2106
70 Marshall Street PO Box 89856
Johannesburg 2001 Lyndhurst 2106
SOUTH AFRICA`S LEADING IT SPECIALIST FOR THE FREIGHT INDUSTRY
Date: 27/09/2002 05:28:00 PM Produced by the JSE SENS Department
