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TRANSPACO LIMITED
Reg. No. 1951/000799/06
ISIN: ZAE000007480
Share Code: TPC
Group results for the 6 months ended 31 December 2002
FINANCIAL HIGHLIGHTS
* Turnover up 20%
* Operating income up 51%
* Headline EPS up 73%
* Gearing down to 32%
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months % 12 months
R000`s Dec 2002 Dec 2001 Change Jun 2002
Turnover 175 580 146 242 20 280 190
Cost of sales 117 141 98 491 19 186 889
Gross Profit 58 439 47 751 22 93 301
Operating Costs 36 383 31 945 14 63 586
Depreciation 4 648 4 261 9 8 506
Operating Income 17 408 11 545 51 21 209
Net interest paid 2 669 3 339 (20) 4 805
Income before taxation 14 739 8 206 80 16 404
Taxation 3 426 1 671 105 5 247
Attributable income after taxation 11 313 6 535 73 11 157
Number of ordinary shares
in issue (000`s) 30 108 30 108 30 108
(net of 2 602 777 treasury shares)
Earnings per share (cents) 37.6 21.7 73 37.1
Headline earnings per share (cents) 37.6 21.7 73 37.5
Reconcilliation of headline
earnings (R000`s)
Basic earnings 11 313 6 535 11 157
Impairment cost of assets - - 175
Surplus on disposal of
plant and equipment - - (50)
Headline earnings 11 313 6 535 11 282
CONSOLIDTED BALANCE SHEET
Unaudited Unaudited Audited
6 months 6 months 12 months
R000`s Dec 2002 Dec 2001 Jun 2002
ASSETS
Non-current assets 57 821 62 109 57 845
Property, plant and equipment 55 953 59 252 55 406
Deferred taxation 1 162 1 830 1 702
Intangibles 706 1 027 737
Current assets 97 777 92 745 85 679
Inventories 24 113 16 672 24 331
Accounts receivable 71 406 73 012 58 761
Taxation 2 215 3 025 2 549
Cash resources 43 36 38
TOTAL ASSETS 155 598 154 854 143 524
EQUITIES AND LIABILITIES
Capital and reserves 83 909 67 974 72 596
Issued capital 301 301 301
Reserves 5 525 5 525 5 525
Accumulated profit 78 083 62 148 66 770
Non-current liabilities 17 051 20 527 17 691
Interest bearing borrowings 14 741 18 681 15 521
Deferred taxation 2 310 1 846 2 170
Current liabilities 54 638 66 353 53 237
Trade and other payables 42 196 39 598 40 280
Taxation 630 152 1 018
Bank overdraft 6 243 21 099 6 074
Current portion of interest
bearing borrowings 5 569 5 504 5 865
TOTAL EQUITY AND LIABILITIES 155 598 154 854 143 524
Salient features
Number of shares in issue (000`s) 30 108 30 108 30 108
(net of 2 602 777 treasury shares)
Net asset value per share (cents) 279 226 241
Gearing ratio % 32 67 38
Interest cover 6.5 3.5 4.4
Operating margin % 9.9 7.9 7.6
ABRIDGED CONSOLIDATED CASH FLOW
Unaudited Unaudited Audited
6 months 6 months 12 months
R000`s Dec 2002 Dec 2001 Jun 2002
Cash flow from operating activities
Cash generated from operations 11 546 7 751 29 124
Net interest paid (2 669) (3 339) (4 805)
Taxation paid (2 801) (1 289) (3 071)
Net cash flow from operating activities 6 076 3 123 21 248
Cash flow from investing activities
Proceeds on disposal of plant
and equipment - 72 934
Proceeds on disposal of intangibles - - 270
Acquisition of fixed assets (5 164) (1 054) (2 485)
Net cash flow from investing activities (5 164) (982) (1 281)
Cash flow from financing activities
Decrease in long term borrowings (780) (3 148) (5 763)
Decrease in short term borrowings (296) (223) (407)
Net cash flow from financing activities (1 076) (3 371) (6 170)
Net movement in cash for the period (164) (1 230) 13 797
Cash and cash equivalents at the
beginning of the year (6 036) (19 833) (19 833)
Cash and cash equivalents at the
end of the period (6 20 (21 063) (6 036)
STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months 12 months
R000`s Dec 2002 Dec 2001 Jun 2002
Opening balance 72 596 61 439 61 439
Earnings attributable to shareholders 11 313 6 535 11 157
Closing balance 83 909 67 974 72 596
NATURE OF BUSINESS
Transpaco manufactures, distributes and recycles plastic and packaging
products focussing its business activities mainly in South Africa and exports
into Africa.
BUSINESS REVIEW
The board is pleased to report outstanding results for the period under
review reflecting an increase in headline earnings per share of 73% to 37,6
cents (December 2001 - 21,7 cents). Turnover increased by 20% to R175 million
(December 2001 - R146 million). Operating Income grew by 51% to R17,4 million
(December 2001 - R11,5 million).
Attibutable income of R11,3 million showed an increase of 73% over the
corresponding period last year, notwithstanding the increase in the tax rate
23,2% to (December 2001 - 20,4%). Transpaco continued to generate strong cash
flows resulting in a decrease in interest paid of 20%. This was achieved in an
environment of high interest rates prevailing during the reporting period.
Gearing reduced to 32% (December 2001 - 67%).
The increased profitability and improvement in gearing had the effect of
strengthening the balance sheet. The net asset value at the reporting date was
R2,79 per share (December 2001 - R2,26 per share).
ACCOUNTING POLICY
The interim results are prepared in accordance with South African Statements
of Generally Accepted Accounting Practice and Schedule 4 of the South African
Companies Act, 1973 as amended, and should be read in conjunction with
the 2002 annual financial statements. The accounting policies adopted are
consistent with those applied in the annual financial statements for the year
ended 30 June 2002.
PROSPECTS
The platform for sustained growth is firmly established, with Transpaco
well positioned to satisfy an increase in the demand for its products.
Traditionally the first half of the year generates more profits than the second
half.
The group`s prospects remain positive.
DIVIDEND
Transpaco is committed to further reducing debt. Consequently the directors
consider it prudent not to declare a dividend at this stage. The declaration of
a dividend will be considered at year end.
ON BEHALF OF THE BOARD:
PN Abelheim SL Chaitel
Chairman & Chief Executive Director
25 February 2003
DIRECTORS:
PN Abelheim; AJ Aaron*; HA Botha; JS Botha; SR Bouzaglou; SL Chaitel;
DR Hilewitz*; SI Jacobson*; AC Salomon*; SP van der Linde*
*Non executive
AUDITORS: Ernst & Young
REGISTERED OFFICE:
331 Sixth Street
Wynberg,
Sandton
TRANSFER SECRETARIES:
Computershare Investor Services Ltd
70 Marshall Street,
Johannesburg
Date: 26/02/2003 07:03:00 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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