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2002 and dividend announcement
Cargo Carriers Limited
Unaudited results for the six months ended 31 August 2002 and dividend
announcement
CONSOLIDATED INCOME STATEMENT
R`000 6 months 6 months Audited year
ended ended to
31/08/2002 31/08/2001 28/02/2002
Revenue 189,449 175,038 346,511
Other revenue 3,868 3,827 10,308
Operating and
administrative costs (168,630) (156,004) (311,853)
Operating profit 24,687 22,861 44,966
Profit on sale of non-vehicle assets - 189 490
Investment amortisation (102) (102) (203)
Depreciation (10,753) (11,091) (21,778)
Operating profit before interest 13,832 11,857 23,475
Finance costs (6,263) (5,834) (13,172)
Profit from operations 7,569 6,023 10,303
Reversal of impairment/
(Impairment) of assets 475 (25) (1)
Operating profit before
result from associate 8,044 5,998 10,302
Attributable share of
associate earnings 227 - -
Profit before taxation 8,271 5,998 10,302
Taxation (2,813) (1,125) (2,251)
Profit after taxation 5,458 4,873 8,051
(Profit)/Loss attributable to
outside shareholders (36) - 111
Net profit attributable to
ordinary shareholders 5,422 4,873 8,162
FINANCIAL INFORMATION
Dividend per share (cents)
- paid during the period 7.0 - 2.5
- declared after period 3.0 2.5 7.0
Total dividends 10.0 2.5 9.5
Earnings per share (cents) 27.1 24.4 40.8
Adjustments:
Profit on sale of
non-vehicle assets - (0.7) (1.7)
- Amortisation of goodwill 0.3 - 0.5
(Reversal of impairment)/
Impairment of assets (2.4) 0.1 -
- Investment amortisation 0.5 0.5 1.0
Headline earnings per share (cents) 25.5 24.3 40.6
Borrowings
Net interest bearing borrowings to
total shareholders` interest (%) 23 35 21
Capacity utilised (%) 46 71 42
Total net borrowing capacity
(R`000) 63,895 54,748 57,163
Capital commitments (R`000) 15,583 4,742 2,536
Net asset value per share (cents) 637 547 570
Ordinary shares in issue (000) 20,000 20,000 20,000
MOVEMENT IN EQUITY
Foreign currency translation movement (15) 68 82
Revaluation of property,
land and buildings 9,420 - 1,657
Net profit attributable to
ordinary shareholders 5,422 4,873 8,162
Dividends paid during the period (1,400) - (500)
13,427 4,941 9,401
CONSOLIDATED BALANCE SHEET
Non-current assets
Property, plant and equipment 166,759 162,358 156,603
Deferred taxation 1,362 877 1,276
Loan and unlisted investment 1,705 1,465 1,373
Investment in associate 389 - 162
Goodwill 2,202 - 2,264
Net indebtedness by
subsidiary companies 2,415 - 2,719
Current assets
Receivables and inventories 75,668 60,977 49,225
Bank 32,787 17,164 23,509
283,287 242,841 237,131
Equity
Shareholders` interest 127,383 109,496 113,956
Outside shareholders` interest 406 - 369
Non-current liabilities
Deferred taxation 18,310 14,359 17,087
Interest-bearing long-term loans 30,323 24,383 28,789
Current liabilities
Payables 75,144 63,184 58,026
Interest-bearing borrowings 31,721 31,419 18,904
283,287 242,841 237,131
CONSOLIDATED CASHFLOW STATEMENT
Operating profit after
non-cashflow items 23,117 22,830 34,838
Change in working capital (12,504) (16,141) (5,397)
Cash generated by operations 10,613 6,689 29,441
Interest received 2,447 2,057 7,068
Interest paid (6,263) (5,834) (13,172)
Dividends paid (1,400) - (500)
Taxation paid (271) (353) (586)
Cash from operating activities 5,126 2,559 22,251
Net loans raised 1,959 (5,000) 1,391
Net cashflow from
investing activities (10,199) 1,621 (3,617)
- Acquisition of subsidiary - - (1,980)
- Acquisition of associate - - (162)
- Deconsolidation of subsidiary - - 521
- Repayment of loan to subsidiary 304 - 358
- Acquisition of fixed assets (12,031) (4,793) (11,640)
Proceeds on sale of
fixed assets 1,961 6,414 9,270
(Increase)/Decrease in
loan receivable (433) - 16
Cash generated during period (3,114) (820) 20,025
Net borrowings
at beginning of period 13,509 (6,516) (6,516)
Net cash/(borrowings)
at end of period 10,395 (7,336) 13,509
Cash/(Borrowings)
Cash resources 32,787 17,164 23,509
Bank borrowings
payable on demand (22,392) (24,500) (10,000)
10,395 (7,336) 13,509
SEGMENTAL ANALYSIS
Revenue
Industrial 106,741 91,316 197,153
Agricultural 65,653 55,921 90,459
Consumer 13,629 27,801 57,232
Other 3,426 - 1,667
189,449 175,038 346,511
Operating profit before result from associate
Industrial (157) 263 8,212
Agricultural 11,824 5,957 5,175
Consumer (844) 366 (995)
Other (2,779) (588) (2,090)
8,044 5,998 10,302
ACCOUNTING POLICIES
The accounting policies adopted for the purpose of this report comply with South
African Statements of Generally Accepted Accounting Practice. These accounting
policies are consistent with those of the previous year, except for the
depreciation of owner occupied properties in the current period as required by
AC123 and AC135. The effect of the adoption of these accounting statements on
the current period`s results is not material.
COMMENTARY
Review
The 8% increase in turnover for the period has been achieved through significant
growth in the Industrial and Agricultural sectors of the business. This growth
has more than compensated for the decline in the revenue from the Consumer
sector of the business.
Operating profit before interest has grown by a pleasing 16%. This has been
achieved mainly in the Agricultural sector and in certain areas of the
Industrial sector. The comparative figures at 31 August 2001 include the
operating profit of R1,7 million attributable to Heavy Hauliers (Pvt) Ltd, a
wholly owned Zimbabwean company. Due to the significant deterioration in the
macro-economic, social and political environment in Zimbabwe this company was
deconsolidated with effect from 1 September 2001 and remains deconsolidated at
31 August 2002.
The information technology and logistics elements of the business have shown
pleasing progress with a growing revenue stream. A group company has been
appointed as a Microsoft Business Solutions Partner and the product portfolio
and skills base continues to be enhanced, resulting in improved product
offerings to both internal and external customers.
Prospects
Whilst the Board is pleased with the results for the half year, shareholders are
cautioned that the agricultural season experienced an early start up in the
current year that will result in an early close. This, together with the
traditional business slowdown in December and January, will cause the results
for the second half year to be far lower than those in the first half.
Dividend Declaration
An interim dividend (no.23) of 3.0 (2001: nil) cents per share has been declared
to shareholders recorded in the books of the company at the close of business on
Friday 27 December 2002. The last date to trade cum entitlement will be
Wednesday 18 December 2002 and the shares will trade ex entitlement from the
commencement of businsess on Thursday 19 December 2002. The dividend will be
paid on Monday 30 December 2002. Share certificates may not be
dematerialised/rematerialised between Thursday 19 December 2002 and Friday 27
December 2002, both days inclusive.
By order of the board
MJ Bolton
Secretary Transfer secretary
Computershare Investor
Services Limited
21 October 2002 70 Marshall Street
Johannesburg, 2001
Directors (PO Box 61051,
Marshalltown, 2107)
S G Chilvers(Chairman), G D Bolton,
M J Bolton, A E Franklin, B B Fraser Website
www.cargocarriers.co.za
Registered Office
140 North Reef Road Cargo Carriers Limited,
Elandsfontein, 1406 Registration number:
1959/003254/06
Incorporated in the
Republic of
Sponsor South Africa
LPC Manhattan Sponsors (Pty) Ltd ("Cargo Carriers" or
"the company")
JSE Share code: CRG
ISIN Code: ZAE000001764
Date: 21/10/2002 05:15:00 PM Produced by the JSE SENS Department
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