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Cargo Carriers - Unaudited results for the six months ended 31 August 2003 and
dividend announcement
Cargo Carriers
(Registration number 1959/003254/06)
Incorporated in the Republic of South Africa
("Cargo Carriers" or " the company")
JSE Share code: CRG
ISIN Code: ZAE000001764
Unaudited results for the six months ended 31 August 2003 and dividend
announcement
Unaudited Unaudited
6 months 6 months Audited
ended ended year to
R"000 31/08/2003 31/08/2002 28/02/2003
CONSOLIDATED INCOME STATEMENT
Revenue 212,924 189,449 364,041
Other revenue 1,300 2,583 5,844
Operating and
administrative costs (188,295) (168,630) (333,180)
Operating profit 25,929 23,402 36,705
Loss on sale of
non-vehicle assets (5) 0 (37)
Investment amortisation (102) (102) (203)
Depreciation (10,027) (10,753) (21,256)
Operating profit before
interest 15,795 12,547 15,209
Finance costs (6,323) (4,978) (11,365)
Profit from operations 9,472 7,569 3,844
Adjustments to value of Assets 0 475 1,780
Operating profit before result
from associate 9,472 8,044 5,624
(Loss)/income from associate (211) 227 216
Profit before taxation 9,261 8,271 5,840
Taxation (2,952) (2,813) (1,399)
Net profit 6,309 5,458 4,441
Loss/(profit) attributable to
outside shareholders 16 (36) (32)
Net profit attributable to
ordinary shareholders 6,325 5,422 4,409
CONSOLIDATED BALANCE SHEET
Non-current assets
Tangible assets 165,778 157,339 166,379
Deferred taxation 839 1,362 1,000
Loan and unlisted investment 1,898 1,705 2,014
Investment in associate 167 389 378
Goodwill 2,110 2,202 2,182
Net indebtedness by
deconsolidated subsidiary 2,913 2,415 2,996
Current assets
Receivables and inventories 82,358 75,668 60,478
Cash resources 22,448 32,787 20,133
278,511 273,867 255,560
Equity
Shareholders" interest 118,631 117,963 112,806
Outside shareholders" interest 385 406 401
Non-current liabilities
Deferred taxation 24,430 18,310 21,819
Interest-bearing long-term
loans 33,136 30,323 34,876
Current liabilities
Payables 62,546 75,144 56,987
Interest-bearing borrowings 39,383 31,721 28,671
278,511 273,867 255,560
MOVEMENT IN EQUITY
Foreign currency
translation movement 0 (15) 0
Transfer to deferred taxation 0 0 (3,704)
Revaluation of tangible assets 0 0 145
Net profit attributable to
ordinary shareholders 6,325 5,422 4,409
Dividends paid during the
period (500) (1,400) (2,000)
5,825 4,007 (1,150)
CONSOLIDATED CASHFLOW STATEMENT
Operating profit after
non-cashflow items 24,729 23,117 30,943
Change in working capital (16,510) (12,504) (12,036)
Cash generated by operations 8,219 10,613 18,907
Interest received 1,459 1,162 3,384
Finance costs paid (6,323) (4,978) (11,365)
Dividends paid (500) (1,400) (2,000)
Taxation paid 9 (271) (351)
Cash from operating activities 2,864 5,126 8,575
Net cash inflow from financing
activities 63 1,959 12,354
Net cashflow from investing
activities (9,521) (10,199) (27,805)
- Decrease/(increase) in loan
to subsidiary 83 304 (277)
- Acquisition of tangible
assets (10,887) (12,031) (31,175)
- Proceeds on sale of
tangible assets 1,268 1,961 3,587
- Decrease/(increase) in
loan receivable 15 (433) 60
Cash utilised during period (6,594) (3,114) (6,876)
Net cash at beginning of
period 6,633 13,509 13,509
Net cash at end of period 39 10,395 6,633
Cash
Cash resources 22,448 32,787 20,133
Bank borrowings payable on
demand (22,409) (22,392) (13,500)
39 10,395 6,633
FINANCIAL INFORMATION
Dividend per share (cents)
- paid during the period 2.5 7.0 10.0
- declared after period 3.5 3.0 2.5
Total dividends 6.0 10.0 12.5
Earnings per share (cents) 31.6 27.1 22.0
Adjustments:
- Loss on sale of tangible
assets 0.6 0.0 0.1
- Amortisation of goodwill 0.4 0.3 0.5
- Adjustment to value of assets 0.0 (2.4) (8.9)
- Investment amortisation 0.0 0.5 1.0
Headline earnings per share
(cents) 32.6 25.5 14.7
Borrowings
Net interest bearing
Borrowings to total
shareholders" interest (%) 42.1 24.7 38.3
Capacity utilised (%) 84.1 49.4 76.7
Total net borrowing capacity
(R"000) 59,508 59,185 56,604
Capital Commitments (R"000) 7,337 15,583 3,467
Retirement Fund contribution
suspension contingent
liability (R"000) 5,245 2,163 3,682
Net asset value per share
(cents) 593 590 564
Ordinary shares in issue
(closing and weighted average)
(000) 20,000 20,000 20,000
SEGMENTAL ANALYSIS
Revenue
Industrial 120,703 94,411 199,059
Agricultural 66,136 65,653 107,882
Consumer 5,849 13,629 19,845
Supply chain services 20,236 15,756 37,255
212,924 189,449 364,041
Operating profit/(loss)
Industrial 4,041 (1,092) 4,345
Agricultural 6,891 11,663 5,227
Consumer (75) (843) (1,017)
Supply chain services (1,385) (2,159) (4,711)
9,472 7,569 3,844
COMMENTARY
Review
Group turnover for the period has increased by 12%, mainly through growth in
contractual work in the industrial segment. Revenue from supply chain services
continues to grow with improved logistics solutions being brought to the market.
Profit from operations has shown a pleasing 25% increase for the period, mainly
through increased volumes and improved vehicle maintenance cost control.
Agricultural sector profits have been hampered by a later start up in the sugar
harvesting season than last year and very detrimental labour unrest in
Swaziland, both at a national and local level.
The poor macro-economic, social and political environment persists in Zimbabwe
and so the results of operations in that country have continued to be
deconsolidated.
Black Economic Empowerment (BEE) initiatives have been launched to address
empowerment imperatives. To date, a joint venture, Ezethu Logistics (Pty) Ltd,
has been launched with a BEE consortium to bid for further market share in the
company"s selected market sectors and an owner-driver programme has been
established. The Buhle-Betfu venture in the Mpumalanga area continues to
operate successfully.
Prospects
The half year results have shown a marked improvement but shareholders are
cautioned that the second half results will be negatively affected by the normal
business slowdown in December and January, as well as the normal close of the
sugar harvesting season. Expectations are that the Industrial sector business
will continue to show acceptable results.
Consequently second half results are expected to be lower than those achieved in
the first half.
Dividend Declaration
An interim dividend (no. 25) of 3.5 (2002: 3.0) cents per share has been
declared to shareholders recorded in the books of the company at the close of
business on Friday 19 December 2003. The last date to trade cum entitlement
will be Thursday 11 December 2003 and the shares will trade ex entitlement from
the commencement of business on Friday 12 December 2003. The dividend will be
paid on Monday 22 December 2003. Share certificates may not be
dematerialised/rematerialised between Friday 12 December 2003 and Friday 19
December 2003, both days inclusive.
Accounting policy
The accounting policies adopted for the purpose of this report comply with South
African Statements of Generally Accepted Accounting Practice. These policies are
consistent with those of the previous year.
By order of the board
MJ Bolton
Secretary
21 October 2003
Directors
S G Chilvers(Chairman), G D Bolton, M J Bolton, A E Franklin,
B B Fraser, V Raseroka
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
Registered Office
140 North Reef Road, Elandsfontein, 1406
Website
www.cargocarriers.co.za
Transfer secretaries
Computershare Limited
70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Sponsor
LPC Manhattan Sponsors (Pty) Ltd
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