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Cargo Carriers Limited,
Registration number :1959/003254/06
Incorporated in the Republic of South
Africa ("Cargo Carriers" or " the company")
JSE Share Code: CRG
ISIN Code: ZAE000001764
Audited results for the year ended 28 February 2003 and dividend announcement
CONSOLIDATED INCOME STATEMENT
2003 2002
R"000 R"000
Turnover 364,041 346,511
Other revenue 5,349 4,808
Operating and administrative costs (333,180) (311,853)
Operating profit 36,210 39,466
(Loss)/Profit on sale of non-vehicle (37) 490
assets
Investment amortisation (203) (203)
Depreciation (21,256) (21,778)
Operating profit before interest 14,714 17,975
Finance costs (10,870) (7,672)
Profit from operations 3,844 10,303
Adjustments to value of assets 1,780 (1)
Operating profit before result from 5,624 10,302
associate
Income from associate 216 0
Profit before taxation 5,840 10,302
Taxation (1,399) (2,251)
Net profit 4,441 8,051
(Profit)/Loss attributable to outside (32) 111
shareholders
Net profit attributable to ordinary 4,409 8,162
shareholders
FINANCIAL INFORMATION
Dividend per share (cents)
- paid during the period 10.0 2.5
- declared after the period 2.5 7.0
Total dividends 12.5 9.5
Earnings per share (cents) 22.0 40.8
Adjustments:
- Loss/(Profit) on sale of non-vehicle 0.1 (1.7)
assets
- Amortisation of goodwill 0.5 0.5
- Adjustments to value of assets (8.9) -
- Investment amortisation 1.0 1.0
Headline earnings per share (cents) 14.7 40.6
Borrowings
Net interest bearing borrowings to
total shareholders" interest (%) 38.3 21.1
Capacity utilised (%) 76.7 42.3
Total net borrowing capacity (R"000) 56,604 57,163
Capital commitments (R"000) 3,467 2,536
Net asset value per share (cents) 564 570
Ordinary shares in issue (000) 20,000 20,000
CONSOLIDATED BALANCE SHEET 2003 2002
R"000 R"000
Non-current assets
Tangible assets 166,379 156,603
Deferred taxation 1,000 1,276
Loan and unlisted investment 2,014 1,373
Investment in associate 378 162
Goodwill 2,182 2,264
Net indebtedness by deconsolidated 2,996 2,719
subsidiary
Current assets
Receivables and inventories 60,478 49,225
Cash resources 20,133 23,509
255,560 237,131
Equity
Shareholders" interest 112,806 113,956
Outside shareholders" interest 401 369
Non-current liabilities
Deferred taxation 21,819 17,087
Interest-bearing long-term loans 34,876 28,789
Current liabilities
Payables 56,987 58,026
Interest-bearing borrowings 28,671 18,904
255,560 237,131
CONSOLIDATED CASHFLOW STATEMENT
Operating profit after non-cashflow 30,943 34,838
items
Change in working capital (12,036) (5,397)
Cash generated by operations 18,907 29,441
Interest received 2,889 1,568
Finance costs paid (10,870) (7,672)
Dividends paid (2,000) (500)
Taxation paid (351) (586)
Cash from operating activities 8,575 22,251
Net cash inflow from financing 12,354 1,391
activities
Net cashflow from investing activities (27,805) (3,617)
- Acquisition of subsidiary 0 (1,980)
- Acquisition of associate 0 (162)
- Deconsolidation of subsidiary 0 521
- (Increase)/decrease in loan to (277) 358
subsidiary
- Replacement of tangible assets (31,175) (11,640)
- Proceeds on sale of tangible assets 3,587 9,270
- Decrease in loan receivable 60 16
Cash (used)/generated during period (6,876) 20,025
Net cash/(borrowings) at beginning of 13,509 (6,516)
period
Net cash at end of period 6,633 13,509
Cash/(Borrowings)
Cash resources 20,133 23,509
Bank borrowings payable on demand (13,500) (10,000)
6,633 13,509
MOVEMENT IN EQUITY
Revaluation of tangible assets 145 1,657
Transfer to deferred taxation (3,704) -
Foreign currency translation movement 0 82
Net profit attributable to ordinary 4,409 8,162
shareholders
Dividends paid during the period (2,000) (500)
(1,150) 9,401
SEGMENTAL ANALYSIS
Revenue Operating profit
excl assoc
2003 2002 2003 2002
Industrial 198,820 (366) 6,123
236,314
Agricultural 90,459 5,227 5,175
107,882
Consumer 57,232 (1,017) (995)
19,845
364,041 346,511 3,844 10,303
ACCOUNTING POLICY
The accounting policies adopted for the purpose of this report comply with South
African Standards 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 terms of AC 123, and the fair value
adjustment of investment properties in terms of AC 135.
These financial results for the year ended 28 February 2003 have been audited by
the auditors, Ernst & Young. Their report is available for inspection at the
company"s registered office.
Review
The implementation of the restructuring of the business that was outlined in
last year"s annual financial statements, has been successfully completed. This
ensures that capacity and expertise in logistics systems and marketing continue
to be enhanced. The transportation business improved its operating performance,
but this was offset by the increased costs arising from this capacity building
which will produce longer-term benefits.The extent to which the Rand has
strengthened against the US Dollar has been unexpected. This has negatively
affected the current year"s results by R3.4 million, compared to a positive R2.3
million in the prior year.
Prospects
The business areas targeted by the company are projected to grow in the coming
year and this should reflect in a continued improvement in the transport
business. This will be augmented by the business gained through the company"s
substantial logistics planning expertise.
Dividend Declaration
Notice is hereby given that a final dividend (no.24) of 2,5 (2002: 7,0) cents
per share has been declared by the directors to the shareholders recorded in the
books of the company at the close of business on Friday 20 June 2003. The last
date to trade cum dividend will be Thursday 12 June 2003 and the shares will
trade ex dividend from Friday 13 June 2003. The dividend will be paid on Monday
23 June 2003. Share certificates may not be dematerialised/rematerialised
between Friday 13 June 2003 and Friday 20 June 2003, both days inclusive.
By order of the board Registered Office
140 North Reef Road
MJ Bolton Elandsfontein, 1406
Secretary
Transfer secretaries
12 May 2003 Computershare Investor Services
Limited
70 Marshall Street
Directors Johannesburg, 2001
S G Chilvers(Chairman), G D Bolton,
Marshalltown, 2107)
M J Bolton, A E Franklin, B B Fraser
Website: www.cargocarriers.co.za
Sponsor
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/024792/07)
Date: 12/05/2003 05:11:01 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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