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Transpaco Limited - Reviewed Group Results For The Year Ended 30 June 2003
Release Date: 26/08/2003 17:25:20 Code(s): TPC
Transpaco Limited - Reviewed Group Results For The Year Ended 30 June 2003
Transpaco Limited
Registration number: 1951/000799/06
Share code: TPC ISIN: ZAE000007480
REVIEWED GROUP RESULTS FOR THE YEAR ENDED 30 JUNE 2003
FINANCIAL HIGHLIGHTS
* Turnover up 14%
* Operating income up 30%
* Headline EPS up 61%
* Dividend per share (cents) 15
* Gearing down from 38% to 13%
CONSOLIDATED INCOME STATEMENT
Reviewed Audited
12 months % 12 months
R"000 June 2003 Change June 2002
Turnover 319 607 14 280 190
Cost of sales 209 891 13 186 889
Gross Profit 109 716 18 93 301
Operating Costs 70 750 6 66 487
Depreciation 9 545 12 8 506
29 421 61 18 308
(Loss)/Profit on Foreign Exchange (1 754) 2 901
Operating Income 27 667 30 21 209
Net interest paid 4 680 (3) 4 805
Income before taxation 22 987 40 16 404
Taxation 5 212 (1) 5 247
Income after taxation 17 775 59 11 157
-
Weighted average ranking number of
ordinary shares in issue ("000) 29 746 30 108
Earnings per share (cents) 59,8 61 37,1
Headline earnings per share (cents) 60,5 61 37,5
Reconcilliation of headline earnings (R"000)
Basic earnings 17 775 11 157
Impairment cost of assets 187 175
Loss/(Profit) on disposal of plant and
equipment 41 (50)
Headline earnings 18 003 60 11 282
CONSOLIDATED BALANCE SHEET
Reviewed Audited
12 months 12 months
R"000 June 2003 June 2002
ASSETS
Non-current assets 56 402 57 845
Property, plant and equipment 54 259 55 406
Deferred taxation 1 514 1 702
Intangibles 629 737
Current assets 99 153 85 679
Inventories 26 389 24 331
Accounts receivable 60 949 58 761
Taxation 3 704 2 549
Cash resources 8 111 38
TOTAL ASSETS 155 555 143 524
EQUITY AND LIABILITIES
Capital and reserves 85 091 72 596
Issued capital 281 301
Reserves 1 688 5 525
Accumulated profit 83 122 66 770
Non-current liabilities 16 167 17 691
Interest bearing borrowings 12 709 15 521
Deferred taxation 3 458 2 170
Current liabilities 54 297 53 237
Trade and other payables 47 039 40 280
Taxation 478 1 018
Bank overdraft - 6 074
Current portion of interest bearing
borrowings 6 780 5 865
TOTAL EQUITY AND LIABILITIES 155 555 143 524
Number of shares in issue "000 "000
Number of shares in issue 30 108 30 108
(net of 2 602 777 treasury shares)
Shares repurchased and cancelled (2 019) -
Ranking number of shares 28 089 30 108
Salient features
Net asset value per share (cents) 303 241
Gearing ratio % 13 38
Shareholders Funds: Total assets % 58 50
Operating margin % 8,7 7,6
Interest cover (x) 5,9 4,4
ABRIDGED CONSOLIDATED CASH FLOW
Reviewed Audited
12 months 12 months
R"000 June 2003 June 2002
Cash flow from operating activities
Cash generated from operations 40 003 29 124
Net interest paid (4 680) (4 805)
Taxation paid (5 367) (3 071)
Net cash flow from operating activities 29 956 21 248
Cash flow from investing activities
Proceeds on disposal of plant and
equipment 294 934
Proceeds on disposal of intangibles - 270
Acquisition of plant and equipment (8 877) (2 485)
Net cash flow from investing activities (8 583) (1 281)
Cash flow from financing activities
(Decrease) in long term borrowings (2 812) (5 763)
(Decrease)/Increase in short term
borrowings 915 (407)
Repurchase of share capital (5 329) -
Net cash flow from financing activities (7 226) (6 170)
Net movement in cash for the year 14 147 13 797
Cash and cash equivalents at the beginning
of the year (6 036) (19 833)
Cash and cash equivalents at the end of
the year 8 111 (6 036)
STATEMENT OF CHANGES IN EQUITY
Reviewed Audited
12 months 12 months
R"000 June 2003 June 2002
Opening balance 72 596 61 439
Earnings attributable to shareholders 17 775 11 157
Repurchase of share capital (5 280) -
Closing balance 85 091 72 596
NATURE OF BUSINESS
Transpaco manufactures, distributes and recycles plastic and packaging
products focussing on business activities mainly in South Africa and on
exports into Africa.
BUSINESS REVIEW
The board is pleased to report excellent results for the year under
review reflecting an increase in headline earnings per share of 61% to
60,5 cents (June 2002 - 37,5 cents). Turnover increased by 14% to
R320 million (June 2002 - R280 million). Operating income grew by 30% to
R27,7 million (June 2002 - R21,2 million) despite a foreign exchange loss of
R1,8 million (June 2002 - profit R2,9 million).
Attributable income of R17,8 million represented an increase of 59%
compared to last year. Transpaco generated R29,9 million (101 cents per
share) from operating activites resulting in a reduction in gearing to 13%
(June 2002 - 38%), after funding the repurchase of 2 018 717 shares at an
average price of R2,64 per share for a total of R5 329 141, all of which
have been cancelled and delisted from the JSE Securities Exchange South
Africa.
Strict control of operating costs which increased by 6%, continued
improvement in margins and stringent working capital management contributed
to the improvement.
The net asset value per share increased by 25,7% to R3,03 (June 2002 -
R2,41 per share).
PROSPECTS
Transpaco derives a portion of its turnover from plastic carrier bags
directly affected by the new regulations. Cognisance of the decline in
demand for carrier bags has been taken into account in determining budgets
for the 2004 year.
Transpaco is expanding existing group operations and has committed
R13 million capital expenditure for the Recycling, Polymer and Rigid Sheet
divisions. A state of the art PET sheet extrusion line will be commissioned
during September 2003 at Transpaco Sheet Extrusion. Pre-washing and
recycling capacities have been increased at Transpaco Recycling and
Transpaco Polymers respectively.
Notwithstanding the decline in carrier bag sales, the group expects real
earnings growth and further positive cash flow for the year ahead.
DIVIDEND
The board has declared a dividend of 15 cents per share to shareholders
recorded in the register on Friday 26 September 2003 payable on Monday
29 September 2003.
The last day to trade "cum" dividend will be Thursday 18 September 2003.
Shares will commence trading "ex" dividend from the commencement of
business on Friday 19 September 2003. The record date will be Friday
26 September 2003. Share certificates may not be dematerialised or
rematerialised between Friday 19 and Friday 26 September 2003, both days
inclusive.
ACCOUNTING POLICY
These results are prepared in accordance with South African Statements of
Generally Accepted Accounting Practice and the South African Companies Act.
The accounting policies used are consistent with those in the audited
financial statements for the year ended 30 June 2002, except for the
adoption of AC 133 Financial Instruments: Recognition and Measurement, which
has no material impact on these financial statements.
REVIEW OF INDEPENDENT AUDITORS
The group"s auditors Ernst & Young have reviewed the results. Their
unqualified review report is available for inspection at Tranpaco"s
registered office.
ON BEHALF OF THE BOARD:
PN Abelheim SL Chaitel
Chairman & Chief Executive Director
DATE: 26 August 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 SPONSOR: Investec Bank Limited
REGISTERED OFFICE; TRANSFER SECRETARIES;
331 Sixth Street Computershare Limited
Wynberg, Sandton 70 Marshall Street, Johannesburg
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