|
Unitrans Limited - Results for th esix months ended 31 December 2002
UNITRANS LIMITED
Registration number 1967/003403/06
JSE Share Code: UTR
ISIN: ZAE000007670
("Unitrans")
Financial Highlights
* Headline earnings per share up 20%
* Net asset value per share up 13%
* Revenue up 23%
Announcement of results for the six months ended 31 December 2002
The board of directors of Unitrans announces the following unaudited
consolidated results:
Abridged consolidated income statement
Audited
Unaudited year
Six months ended % ended
R 000 31.12.02 31.12.01* increase 30.06.02
Revenue 3 653 880 2 961 572 23 5 995 020
Operating income before 289 348 246 939 470 584
depreciation
Depreciation of 93 861 88 967 159 380
property, vehicles and
equipment
Operating income after 195 487 157 972 24 311 204
depreciation
Investment income 3 877 - -
Profit on disposal of 647 7 684 18 086
property, vehicles and
equipment
Goodwill amortisation (8 220) (5 525) (13 145)
Net finance costs (20 748) (13 655) (32 992)
Profit before taxation 171 043 146 476 17 283 153
Income taxation expense 44 512 36 676 74 642
STC 8 000 5 000 5 000
Profit after taxation 118 531 104 800 13 203 511
Share of associate and 332 2 951 1 849
joint ventures` losses
Minority interests 6 173 1 497 2 298
Net profit for the 112 026 100 352 12 199 364
period
Weighted average number 76 272 76 203 76 204
of ordinary shares in
issue (`000)
Weighted average number 289 503 281
of ordinary shares that
would be issued on the
conversion of all the
dilutive potential
ordinary shares (`000)
Weighted average number 76 561 76 706 76 485
of shares for purposes
of calculating diluted
earnings per share
(`000)
Earnings per share
- basic (cents) 146,9 131,7 12 261,6
- fully diluted (cents) 146,3 130,8 260,7
Headline earnings per
share
- basic (cents) 157,0 130,5 20 255,1
- fully diluted (cents) 156,4 129,7 254,2
Note: earnings per
share is calculated on
the weighted number of
shares in issue during
the period
Determination of
headline earnings
Net profit for the 112 026 100 352 199 364
period
Adjustments:
- Profit on disposal of (647) (7 684) (18 086)
property, vehicles and
equipment
- Goodwill amortisation 8 220 5 525 13 145
119 599 98 193 194 423
Taxation payable on 168 1 257 -
profit on disposal of
property, vehicles and
equipment
Headline earnings 119 767 99 450 20 194 423
* The prior half-year revenue figure has been restated to include the Transport
and Logistics division`s sub-contractor revenue. This restatement has no impact
on the reported net profits.
Abridged consolidated balance sheet
Unaudited Audited
R 000 31.12.02 31.12.01 30.06.02
Assets
Non-current assets 1 110 599 938 298 1 027 967
Property, vehicles and 836 520 767 910 817 015
equipment
Goodwill 55 456 58 638 51 096
Investment in associate and 96 816 45 247 63 226
joint ventures
Deferred taxation asset 6 752 6 860 6 752
Other non-current assets 115 055 59 643 89 878
Net advances - - -
Advances (after providing for 378 533 718 130 538 347
doubtful debts)
Less liabilities related to (378 533) (718 130) (538 347)
advances
Current assets 1 399 034 1 103 704 1 212 652
Inventories 639 210 433 138 572 320
Trade and other receivables 670 786 544 868 497 861
Cash and bank balances 89 038 125 698 142 471
Total assets 2 509 633 2 042 002 2 240 619
Equity and liabilities
Interest of shareholders of 1 111 039 981 767 1 083 236
Unitrans Limited
Share capital and premium 404 857 404 841 404 857
Reserves 706 182 576 926 678 379
Minority interests 37 614 3 679 5 325
Non-current liabilities 161 153 151 950 168 715
Deferred taxation liabilities 127 352 98 912 126 630
Long-term provision 12 221 22 984 22 983
Vendors for businesses acquired 14 593 6 000 8 000
Interest-bearing borrowings 6 987 24 054 11 102
Current liabilities 1 199 827 904 606 983 343
Trade and other payables 837 988 645 580 741 192
Floorplan 109 471 60 115 92 568
Provisions 1 290 1 514 2 545
Taxation 52 877 52 647 56 099
Vendors for businesses acquired - 12 220 1 650
Short-term borrowings 198 201 132 530 89 289
Total equity and liabilities 2 509 633 2 042 002 2 240 619
Number of shares in issue 76 293 76 241 76 251
Net asset value per ordinary 1 456 1 288 1 421
share (cents)
Note:
1. The assets and liabilities of Unitrans Finance (Proprietary) Limited ("Ufin")
have been disclosed separately on the face of the balance sheet but have been
linked together and offset against each other as the group is not obliged to
support any losses arising in Ufin.
Statement of changes in equity
Audited
Unaudited year
Six months ended ended
R 000 31.12.02 31.12.01 30.06.02
Opening balance 1 083 236 902 713 902 713
Earnings attributable to 112 026 100 352 199 364
shareholders
Dividends paid (64 432) (40 000) (40 000)
Net proceeds of issue of shares - - 16
Unrealised (decrease)/increase on (19 791) 18 702 21 143
translation of net worth of
foreign subsidiaries
Closing balance 1 111 039 981 767 1 083 236
Abridged consolidated cash flow statement
Audited
Unaudited year
Six months ended ended
R 000 31.12.02 31.12.01 30.06.02
Cash generated by operations 289 348 246 939 470 584
Investment income 3 877 - -
Increase in working capital (138 133) (133 343) (73 346)
- Inventories (66 890) 8 187 (115 121)
- Trade and other receivables (172 925) (167 482) (100 244)
- Trade and other payables 84 779 (34 163) 49 452
- Floorplan 16 903 60 115 92 567
Net finance costs and (75 760) (74 484) (104 838)
taxation paid
Cash available from 79 332 39 112 292 400
operations
Dividends paid (68 863) (40 000) (40 000)
Net cash inflow from 10 469 (888) 252 400
operating activities
Investment to maintain (44 999) (72 428) (84 052)
operations
Foreign exchange movements (6 036) 18 702 5 756
Investment to expand
operations
- Property, vehicles and (81 475) (68 196) (129 563)
equipment
- Acquisition of business / (5 550) (270) (37 985)
non-current assets
- Associate and joint (35 582) 495 (47 622)
ventures
Net cash utilised by (163 173) (122 585) (41 066)
operations
Interest-bearing borrowings (4 115) (11 905) (24 857)
repaid
Addition/(reduction) in 4 943 (6 774) (15 343)
vendors for businesses
acquired
Increase in short-term 108 912 105 113 61 872
borrowings
Net proceeds from issue of - - 16
shares
Net cash inflow from 109 740 86 434 21 688
financing activities
Net decrease in cash and bank (53 433) (36 151) (19 378)
balances
Cash and bank balances at the 142 471 161 849 161 849
beginning of the year
Cash and bank balances at the 89 038 125 698 142 471
end of the period
Notes:
1. Capital expenditure commitments amounted to R52 938 585.
2. There were no material litigation claims or undisclosed liabilities at 31
December 2002.
Notes
1. Compliance with GAAP
These interim results have been compiled in accordance with the South African
Statements of Generally Accepted Accounting Practice.
2. Accounting policies
The accounting policies used in the preparation of the interim financial
statements are consistent with those adopted in the annual financial statements
for the year ended 30 June 2002.
3. Dividends
It is the group`s policy to declare an annual dividend.
4. Material subsequent events
No events of note have occurred subsequent to the half-year end.
5. Changes in the business
There were no material changes in the composition of the business during the
interim period.
Segmental analysis
Six months ended 31 December 2002
Operating
income
after Capital
R 000 Revenue % depreciation % employed %
Transport and 959 035 26 121 464 62 788 071 62
Logistics
- Freight and 784 620 98 722 670 059
logistics
- Passenger 174 415 22 742 118 012
Motor 2 694 845 74 74 023 38 491 325 38
- Retail 2 619 302 63 376 434 477
- Financial 75 543 10 647 56 848
Total 3 653 880 100 195 487 100 1 279 396 100
Six months ended 31 December 2001
Operating
income
after Capital
R 000 Revenue % depreciation % employed %
Transport and 820 884 28 103 523 66 664 465 64
Logistics
- Freight and 670 152 84 452 545 594
logistics
- Passenger 150 732 19 071 118 871
Motor 2 140 688 72 54 449 34 370 087 36
- Retail 2 066 763 45 968 343 730
- Financial 73 925 8 481 26 357
Total 2 961 572 100 157 972 100 1 034 552 100
Review of results
The directors are pleased to report a 20% growth in headline earnings for the
six month period ended 31 December 2002 to R119,8m (2001 : R99,5m) against an
increase of 23% in revenue to R3 654m (2001 : R2 962m). Operating margins for
the group increased to 5,4% (2001 : 5,3%).
The increase in net finance costs to R20,8m (2001 : R13,7m) was attributable to
the increase in interest rates and to higher core average borrowings over the
period. The increased level of borrowings was utilised to fund the acquisition
and replacement of fixed and non-current assets, and working capital. During the
period R45m was spent on replacement assets and R87m was spent on assets to
service new contracts and acquisitions.
The Motor division`s working capital rose in December 2002 as a result of the
usual seasonal distortion in debtors relating to the deferral of settlements by
finance houses until January, as a result of customer requirements to register
vehicles in the new registration year. This distortion was further exacerbated
by changes in the Original Equipment Manufacturers` ("OEM") floorplan
arrangements and the requirement to take on additional inventory of new vehicles
in the short term because of the OEM`s annual shutdown. Inventory levels of new
motor vehicles returned to normal levels in January 2003.
Corporate activity
As advised in our 2002 Annual Report, with effect from 1 July 2002, Mvelaphanda
Strategic Investments (Proprietary) Limited acquired a 25% equity stake in
Unitrans Fuel and Chemical (Proprietary) Limited and a 25% equity stake in
Unitrans Express Deliveries (Proprietary) Limited. This strategic alliance has
provided a valuable platform for the further penetration of markets served by
these operations.
During the period under review, the Motor division was awarded a MAN franchise
in Polokwane. The Freight and logistics division acquired three timber transport
operations providing selected logistical services to sawmills in KwaZulu-Natal.
Only a limited portion of the group`s revenue growth was attributable to
acquisitive growth.
Social responsibility and manpower
The group is committed to continuously upgrading the level of environmental
safety and health management in its operations and these issues are closely
monitored and reviewed. International and domestic accreditation programmes are
pursued by the group.
The group is aware of the threat of the HIV pandemic to its operations. In
addition to company initiatives, the group participates in and supports industry
programmes directed at managing this threat. A process of further analysis of
relevant data to determine future strategy is currently underway.
The group has a formalised approach to education and training, which is
compliant with the Skills Development Act and under which staff are developed to
realise their potential.
Corporate governance
The group is substantially compliant with the requirements of the King Report on
Corporate Governance for South Africa ("King II"). A full report on compliance
with King II will be made in the 2003 annual report.
Prospects
The current political and economic problems facing the world will continue to
impact on both the world economy and the South African economy for at least the
remainder of 2003.
Notwithstanding this, the group is on track to meet its objectives and, as
indicated in the 2002 annual report, expects to generate real growth in headline
earnings for the full year.
Communication
As part of the group`s drive towards compliance with King II, the group is
committed to open and transparent communication on the performance of the group
and the group`s businesses.
Dividend
In line with the company`s dividend policy, no interim dividend has been
declared. Payment of a final dividend will be effected subsequent to the
financial year-end.
For and on behalf of the Board
D C Brink K J Grov Illovo
Chairman Chief Executive 25 February 2003
Registered office: 263 Oxford Road, Illovo, Johannesburg 2196
Telephone: 011-912-7000, Telefax: 011-442-7802/20
Transfer secretaries: Computershare Investor Services Limited
70 Marshall Street, Marshalltown, Johannesburg 2001,
Telephone: 011-370-7700, Telefax: 011-834-2446
Directors: DC Brink*, BC Bruce*, PJ Dieperink, KJ Grov, MJ Jooste*, SM Keys, D
Konar*, RH Naisby, PK Quarmby*, RW Rees*, DM van der Merwe* *non-executive
Secretary: JV Radnay
Sponsor
Gensec Bank
Date: 25/02/2003 03:07:01 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
