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COMPU-CLEARING OUTSOURCING LIMITED - REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE
2003
COMPU-CLEARING OUTSOURCING LIMITED
(Registration number 1998/015541/06)
Share code: CCL
ISIN: ZAE 000016564
REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2003
Highlights :
Headline earnings per share - Up 38%
Earnings per share - Up 29%
Attributable earnings - Up 23%
Operating margin - 23%
Net asset value per share - Up 14%
Total revenue - Up 11%
Cash flow from operating activities - Up 45%
Dividend - Up 100%
COMMENTARY
We are delighted to report the results for the year ended 30 June 2003. It has
been a period of exceptional cash flow generation and further improvement on our
already favourable liquidity. This positions us well for growth, particularly
in the International arena. Compu-Clearing continues to build a steady and solid
company based on annuity income. The nature of the business continues to change,
becoming focused on software for the Customs Clearing and Freight Forwarding
Industry and less dependent on hardware and networking sales. Whilst our
overall turnover has grown by 11%, core business turnover (software rental) has
grown by 18%. Operating margin has dropped slightly by 1% remaining at a still
very healthy 23%. Net margin has improved from 18% to 19%. Cash flow generated
by operating activities increased by some 45%, due to Compu-Clearing having
fulfilled its hardware renewal program. Some new IBM AS/400"s are being
purchased now continuing its commitment to that platform, thus ensuring long
lasting returns on investments. The company will continue with its policy of
paying an annual dividend, with this year"s dividend being double that of last
year. We look ahead to the coming financial year, particularly the launching of
our International services through the Internet. We have now completed the
rationalisation of our network and the ensuing cost benefits will start
filtering through during this coming financial year. Our local customer base
continues to offer steady growth opportunities. We are continuing to strengthen
our human resources, at both management and technical levels.
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with South African
statements of Generally Accepted Accounting Practice (GAAP) and the accounting
policies used are consistent with the prior year.
INDEPENDENT REVIEW
The Group"s auditors KPMG Inc. have reviewed the financial information for the
year ended 30 June 2003. Their report is available for inspection at the
registered office of the Company.
DIVIDEND
Notice is hereby given that a cash dividend of 6 cents per share (2002: 3 cents)
("the dividend") has been declared, payable to shareholders recorded in the
books of the Company at the close of business on Friday, 17 October 2003.
Shareholders are advised that the last day to trade "cum" dividend will be
Friday, 10 October 2003. The shares will trade "ex" dividend as from Monday, 13
October 2003, and the record date will be Friday, 17 October 2003. Share
certificates may not be dematerialised or rematerialised during the period
Monday, 13 October 2003 to Friday, 17 October 2003, both days inclusive.
BALANCE SHEET
30 June %
30 June 2002 Inc. /
2003 (Audited) (decr.)
(Reviewed) R"000
R"000
ASSETS
Non current assets 14,513 14,880
Tangible assets 12,943 14,034
Financial assets 290 320
Deferred taxation asset 1,280 526
Current assets 22,735 18,914
Liquid current assets 16,436 12,401
Other current assets 6,299 6,513
Total assets 37,248 33,794
EQUITY AND LIABILITIES
Shareholders" funds 31,219 29,062
Non-current liabilities 1,941 2,533
Deferred taxation liability 38 537
Post retirement medical 1,903 1,996
obligations
Current liabilities 4,088 2,199
Total equity and liabilities 37,248 33,794
Net assets value per share 81.5 71.4 14
(cents)
INCOME STATEMENT
30 June 30 June %
2003 2002 Inc. /
(Reviewed) (Audited) (decr.)
R"000 R"000
Sales - hardware and 1,323 1,257
networking
Cost of sales 698 723
Net sales - hardware and 625 534
networking
Rental and other revenue 32,156 28,896
Total revenue 32,781 29,430 11
Operating costs 25,150 22,359
- Distribution 17,757 16,809
- Admiistrtion 6,102 4,862
- Other 1,291 688
Operating profit 7,631 7,071 8
Net finance revenue 1,724 679
Profit before taxation 9,355 7,750 21
Taxation 3,005 2,580
Attributable earnings 6,350 5,170 23
Actual number of shares in 38,307 40,721
issue ("000)
Weighted average number of
shares in
issue ("000) 39,571 41,581
Diluted weighted average
number of
shares in issue ("000) 43,741 43,561
Earnings per share (cents) 16.0 12.4 29
Headline earnings per share 16.1 11.7 38
(cents)
Diluted earnings per share 15.2 12.2 25
(cents)
Dividend per share (cents) 3.0 2.5 20
RECONCILIATION OF HEADLINE
EARNINGS
Attributable earnings 6,350 5,170
Adjusted for:
Impairment of property 56 -
Profit on disposal of fixed (36) (431)
assets
Taxation effect 11 129
Headline earnings 6,381 4,868 31
SEGMENTAL REPORT
Net hardware and networking 625 534 17
sales
Software rental income 21,826 18,454 18
Hardware rental income 8,735 8,794 (1)
Networking rental income 1,322 1,529 (14)
Other income 273 119 129
Total revenue 32,781 29,430 11
Operating profit 7,631 7,071
Operating margin 23% 24%
CASH FLOW STATEMENT
Year Year
ended ended
30 June 30 June
2003 2002
(Reviewed (Audited)
)
R"000 R"000
Operating income before 7,631 7,071
interest and taxation
Non cash items 3,438 2,973
Cash generated by trading 11,069 10,044
operations
Decrease in post retirement (93) (89)
medical obligations
Decrease in working capital 675 62
Cash generated by operations 11,651 10,017
Taxation paid (2,830) (3,213)
Dividend paid (1,201) (1,046)
Net finance revenue 1,724 679
Cash flow from operating 9,344 6,437
activities
Cash flow from investing (2,317) (677)
activities
Cash flow from financing (2,992) (1,450)
activities
Increase in cash and cash 4,035 4,310
equivalents
Cash and cash equivalents at 12,401 8,091
the beginning of the year
Cash and cash equivalents at 16,436 12,401
the end of the year
STATEMENT OF CHANGES IN
EQUITY
Share Share Total
capital premium Distribut
able
reserves
R"000 R"000 R"000 R"000
Balance at 30 June 2001 418 14,368 11,602 26,388
Repurchase of shares (11) (1,439) (1,450)
Attributable earnings 5,170 5,170
Dividend paid (1,046) (1,046)
Balance at 30 June 2002 407 12,929 15,726 29,062
Repurchase of shares (24) (2,968) (2,992)
Attributable earnings 6,350 6,350
Dividend paid (1,201) (1,201)
Balance at 30 June 2003 383 9,961 20,875 31,219
A.Garber J. du Preez
(Chairman and Chief Executive) (Managing Director)
Directors:
A.Garber, J.du Preez, A.Katz*, M.Lutrin*, Dr.T.M.Mogale*, M.Steele*,
D. Rosevear*, A. Webb*, M.Acosta-Alarcon, C.P. Efthymiades.
*(Non-executive)
Transfer secretaries: Registered office:
Computershare Limited 7 Drome Road
Ground Floor Lyndhurst, 2106
70 Marshall Street PO Box 890856
Johannesburg, 2001 Lyndhurst, 2106
Sponsor
Sasfin Bank Limited
Johannesburg
11 September 2003
Date: 11/09/2003 03:00:57 PM Produced by the JSE SENS Department
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