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COMAIR LIMITED - AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 JUNE 2003
Comair Limited
(Incorporated in the Republic of South Africa)
(Registration number 1967/006783/06)
Share code: COM ISIN: ZAE000029823
The Directors have pleasure in announcing the Group results for the year ended
30 June 2003.
EARNINGS REVIEW
In line with our trading update of 11 July 2003, Comair nevertheless did well to
maintain a R11.9 million operating profit before exceptional items (prior year:
R11.9m) in a year of unprecedented challenges. Headline earnings per share
increased from 3.6 cents last year to 6.5 cents.
Operating margins remained tight with cost fluctuations linked to volatile
currency and crude oil movements during the year. Jet fuel accounts for
approximately 25% of the Company"s total operating costs while about 45% of
total operating costs are linked directly to the US Dollar exchange rate.
The 7% revenue growth was encouraging in a market characterised by general
overcapacity placing yields and load factors under pressure.
Cash generated from operations was strong at R66.7 million (prior year: R45.9
million) contributing to the R168 million cash balance at year-end.
PROSPECTS
The tough trading conditions experienced for the financial year ending June 2003
have continued for the first two months of the 2004 financial year with market
overcapacity impacting on load factors and yields.
The company is expected to achieve operating cost savings should the average
Rand / Dollar exchange rate and crude oil prices be better than the past
financial year.
There are reasonable prospects for an improved operating profit for the June
2004 financial year.
DIVIDEND DECLARATION
The Directors of Comair have resolved to maintain a dividend of 2.0 cents per
share (prior year: 2.0 cents) to shareholders.
The last day to trade (cum the dividend) in order to participate in the dividend
will be Thursday 18 September 2003.
The shares will commence trading "ex" dividend from the commencement of business
on Friday 19 September 2003.
The record date is Friday 26 September 2003.
Share certificates may not be de-materialised or re- materialised between Friday
19 September 2003 and Friday 26 September 2003 both days included.
The dividend payment will be made on Monday, 29 September 2003.
FINANCIAL STATEMENTS
The annual financial statements have been prepared in accordance with the South
African Statements of Generally Accepted Accounting Practice. The accounting
policies used in the preparation of these results is consistent in all material
respects with those used in the previous years. These financial statements have
been audited by Fisher Hoffman PKF (JHB) Inc., whose unqualified audit report is
available for inspection at the registered office of the company. The company"s
annual report will be issued during September 2003.
Notice is hereby given that the Annual General Meeting of shareholders of Comair
will be held in the Comair Stores Building, 1 Marignane Drive, Corner Atlas
Road, Bonaero Park, Kempton Park 1619 on Monday, 27 October 2003 at 12h00.
By order of the Board
D Novick - Chairman
P van Hoven - Managing Director
Johannesburg
1 September 2003
ABRIDGED GROUP BALANCE SHEET 2003 2002
R"000 R"000
ASSETS
Property, plant and equipment 295,452 334,304
Loan to share incentive trust 13,583 14,040
Unlisted investments - 96,226
Current assets 408,642 344,894
717,677 789,464
EQUITY AND LIABILITIES
Share capital and reserves 352,633 383,933
Interest bearing liabilities 21,331 171,460
Deferred taxation 8,017 26,629
Current liabilities 335,696 207,442
717,677 789,464
ABRIDGED GROUP INCOME STATEMENT 2003 2002
R"000 R"000
REVENUE 1,365,907 1,284,962
OPERATING EXPENSES 1,353,976 1,273,104
Operating Profit before 11,931
exceptional items 11,858
Aircraft deposit translation -
loss (11,604)
Aircraft impairment write-down (35,000) -
Sun Air investment settlement (3,600) -
(Loss) / profit from operations (38,273) 11,858
Net investment income / (loss) 987 (1,085)
(Loss) / profit before taxation (37,286) 10,773
Taxation 14,386 4,539
Attributable (loss)/earnings (22,900) 15,312
SALIENT FEATURES 2003 2002
R"000 R"000
Headline earnings per share 3.6
(cents) 6.5
Earnings per share (cents) (5.5) 3.6
Dividends per share (cents) - 2.0
declared 2.0
Weighted ordinary shares issued
("000) 420,000 420,000
Depreciation (R"000) 28,380 25,456
Interest expense (R"000) 30,365 32,474
ABRIDGED STATEMENT OF CHANGES 2003 2002
IN EQUITY R"000 R"000
Opening balance 383,933 402,221
Attributable earnings (22,900) 15,312
Dividends paid (8,400) (33,600)
Closing balance 352,633 383,933
ABRIDGED GROUP CASH FLOW 2003 2002
STATEMENT R"000 R"000
Cash and cash equivalents at the 175,610 267,228
beginning of the year
Cash generated by operations 66,742 45,872
Net interest expense (19,306) (10,708)
Taxation refunded / (paid) 9,242 (2,348)
Dividends paid (8,400) (33,600)
Additions to property, plant and (24,529) (50,117)
equipment
Deposit paid on aircraft (16,696) (30,900)
Cash utilised in financing (14,181) (9,817)
activities
Cash and cash equivalents at the
end of the year 168,482 175,610
HEADLINE EARNINGS 2003 2002
R"000 R"000
Earnings attributable to
ordinary shareholders (22,900) 15,312
Add back Aircraft impairment 35,000 -
Add back Sun Air investment
settlement 3,600 -
Add back Translation loss on
aircraft deposits 11,604 -
Headline earnings attributable
to ordinary shareholders 27,304 15,312
TRANSFER SECRETARIES
Computershare Limited
70 Marshall Street
Johannesburg
2002
(PO Box 61051, Marshalltown, 2107)
REGISTERED OFFICE
COMAIR LIMITED
2nd floor FHS House
15 Girton Road
Parktown
2193
(PO Box 7015, Bonaero Park, 1622)
Date: 02/09/2003 04:00:06 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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