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Intertrading Limited -
Intertrading limited
Registration number 1987/004777/06
("Intertrading" or "the company")
Share code: ITR ISIN code: ZAE000015566
REVIEWED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2003
- Headline earnings per share at 16 cents
- Turnover up
- Grain trading discontinued
Consolidated income statement
Reviewed Audited
Reviewed Discontinued Audited Discontinued
Group operations Group operations
Year Year Year Year
Ended Ended Ended Ended
28 February 28 February 28 February 28 February
2003 2003 2002 2002
R"000 R"000 R"000 R"000
Revenue 637 298 272 831 418 043 179 081
Operating profit
before interest
and amortization
of goodwill 11 355 3 371 18 445 5 517
Net interest
received/(paid) 346 (245) 446 (7)
Amortization of
goodwill (2 182) - (2 048) -
Net income before
taxation 9 519 3 126 16 843 5 510
Taxation (3 513) (938) (5 921) (1 653)
Net income after
taxation 6 006 2 188 10 922 3 857
Post tax realised
foreign currency
translation
reserve (210) - - -
Income from
associated
companies - - 118 -
Net income
attributable to shareholders 5 796 2 188 11 040 3 857
Statement of changes in equity
Reviewed Audited
Reviewed Discontinued Audited Discontinued
Group operations Group operations
Year Year Year Year
Ended Ended Ended Ended
28 February 28 February 28 February 28 February
2003 2003 2002 2002
R"000 R"000 R"000 R"000
Equity at
28 February 2002 74 351 4 789 62 405 932
Net profit for
the period 5 796 2 188 11 040 3 857
Foreign Currency
Translation Reserve (2 406) - 2 406 -
Capitalisation
Distribution (2 000) - - -
Dividend declared
in respect of prior year - - (1 500) -
Equity at
28 February 2003 75 741 6 977 74 351 4 789
Financial highlights
Reviewed Audited
Reviewed Discontinued Audited Discontinued
Group operations Group operations
Year Ended Year Ended Year Ended Year Ended
28 February 28 February 28 February 28 February
2003 2003 2002 2002
R"000 R"000 R"000 R"000
Number of ordinary shares ("000) 50 000 50 000 50 000 50
000
Weighted average
number of shares
in issue ("000) 50 000 50 000 50 000 50 000
Earnings per
share (cents) 11,6 4,4 22,1 7,7
Add Amortization
of Goodwill 4,6 - 4,1 -
Headline earnings
per share (cents) 16,0 4,4 26,2 7,7
Net asset value
per share - excluding
goodwill (cents) 80,9 14,0 79,1 9,6
Cash flow statement
Reviewed Audited
Reviewed Discontinued Audited Discontinued
Group operations Group operations
Year Ended Year Ended Year Ended Year Ended
28 February 28 February 28 February 28 February
2003 2003 2002 2002
R"000 R"000 R"000 R"000
Cash generated/
(utilised) by
operations 11 678 (218) 19 780 (500)
Net interest
received/(paid) 346 (245) 446 (7)
Taxation paid (6 402) (33) (2 401) (193)
Dividend paid - - (1 500) -
Cash generated/
(utilised) by
operating
activities 5 622 (496) 16 325 (700)
Net cash flow
from investing activities (1 287) (63) (3 293) (4 938)
Net cash flow from
financing
activities (2 222) 1 (156) 6 600
Net movement in
cash 2 113 (558) 12 876 962
Net cash resources
at beginning of the year 9 206 528 (3 670) (434)
Net cash resources
at end of the
period 11 319 (30) 9 206 528
Consolidated balance sheet
Reviewed Audited
Reviewed Discontinued Audited Discontinued
Group operations Group operations
Year Ended Year Ended Year Ended Year Ended
28 February 28 February 28 February 28 February
2003 2003 2002 2002
R"000 R"000 R"000 R"000
ASSETS
Non current assets
- Property, plant,
equipment and
trademarks 4 989 90 5 667 49
- Goodwill 35 308 - 34 815 -
- Deferred
taxation 529 610 809 809
- Investments 2 594 - 4 146 -
Current assets 90 251 43 501 118 649 76 700
133 671 44 201 164 086 77 558
EQUITY AND LIABILITIES
Share capital 5 000 1 5 000 1
Share premium 42 451 - 44 452 -
Foreign Currency
Translation
Reserve - - 2 406 -
Distributable
reserves 28 290 6 976 22 493 4 788
Shareholders
interest 75 741 6 977 74 351 4 789
Long-term
liabilities 224 17 445 16
Deferred taxation - - 81 -
Current
liabilities 57 706 37 207 89 209 72 753
133 671 44 201 164 086 77 558
Nature of business
Intertrading is an international agricultural business service company focused
on the procurement and global marketing of Southern African fruit and nuts via
sea and airfreight.
The shares are listed in the Industrial - "Food" sector of the JSE Securities
Exchange South Africa.
Comment on results
Like other Rand-hedge companies, Intertrading felt the effects of the recovery
of the Rand - particularly in the fixed price airfreight division - and this is
reflected in the results reported here.
Net income before tax fell by 43% from R16,843 million to R9,519 million, while
headline earnings per share were down at 16 cents per share.
Turnover was higher at R637,299 million including the Grain division.
Intertrading"s profits have now returned to the level of two years ago - the
year before the then weakness of the Rand led to the windfall record profits of
2001/02. The financial information contained in this announcement has been
reviewed by Fisher Hoffman PKF, the company"s independent auditors. A copy of
their unmodified review report is available for inspection at the company"s
registered office.
These results were prepared in accordance with South African Statements of
Generally Accepted Accounting Practice (`GAAP") and are consistent with the
accounting policies adopted by the Group in the previous financial year.
Operational review
The business has been segmented between its Fruit and Grain trading as
disclosed by the above balances.
DECIDUOUS FRUIT - The expansion of the company"s deciduous fruit markets and
product range remained on line during the year, thus creating a stronger
platform from which to operate in the future.
The Western Cape operations have settled well into new premises following the
acquisition of the core trading team of Blue Continent Fruit. Although yet to be
fully bedded down, the acquisition is already making a contribution.
CITRUS - The citrus activities performed well as a result of increased volumes
in expanded markets and because most shipments were finalised before the
steepest stage of the Rand"s recovery.
MACADAMIA NUTS - This division, too, escaped the most damaging period of the
Rand"s revival and thus performed satisfactorily.
Additional drying facilities were installed in Mpumalanga, Limpopo and KwaZulu-
Natal provinces to gear up for the new plantings in these areas. These
developments will ensure that Intertrading not only maintains but increases its
market share.
AGRILINK - The airfreight division, Agrilink, bore the brunt of the Rand"s
recovery - the effects of which were most profound at the peak of the trading
season (November/December).
Given the fixed nature of its contracts, Agrilink was effectively compelled to
deliver shipments at a loss in order to retain continuity of supply to valued
customers. Furthermore, the division was forced to absorb additional costs to
ensure that it could maintain the steady price structure demanded by export
customers.
SKYSERVICES - The performance of this operation - which handles virtually all
the cargo of Agrilink as well as most of the group"s seaborne freight - was
satisfactory and has vindicated the decision to acquire, during the year, the
remaining 82 per cent interest not previously held.
GRAIN - The Grain division was wound down steadily during the second half of the
year. At year-end the unsold maize inventory has been written down from cost to
estimated current market price of R 3,5 million, but volatility in the grain
prices and exchange rates may impact on the ultimate realisable value.
Directorate
Thomas Woods was appointed financial director with effect from 1 August 2002 in
succession to the late Dr Alfred Hahn.
Prospects
In spite of the continued strength of the Rand, the new year has generally
started on a positive note. With the high-exposure grain trading division now
closed, the company is fully focused on its core business of fresh fruit and
vegetable exports.
Since the year-end, there has been a strong flow of export fruit going through
Agrilink, with avocados in particularly strong demand.
Apart from exchange rate considerations, the only area of concern is in the
mango trade, which seems set for a disastrous year for all participants. Prices
and volumes are down sharply as a result of increased competition from overseas
markets, low European prices and occasional quality problems.
Taking all factors into account, first-half earnings should be satisfactory.
DIVIDEND
A dividend of 2 cents per share has been declared. The last day to trade cum
dividend is 18 July 2003. The share will trade ex dividend on 21 July 2003, with
the record date 25 July 2003 and the pay date 28 July 2003. Share certificates
may not be dematerialised or rematerialised between Monday, 21 July 2003 and
Friday, 25 July 2003, both dates inclusive.
By order of the board.
G F M van Rooyen
Managing Director
Johannesburg
26 May 2003
Registered office
Kuehne and Nagel House
37 Bath Avenue
Rosebank 2196
(PO Box 1720, Parklands 2121)
transfer secretaries
Computershare Investor Services Limited
Ground Floor
70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
directors
Mr. T J Swart (Chairman),
G F M van Rooyen (CEO), T R YWoods,
A J de Kovel*, B R Julicher
*Netherlands
Date: 26/05/2003 05:42:13 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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