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Intertrading Limited - Unaudited Interim Results For The Period Ended 31 August
Release Date: 24/10/2003 07:02:00 Code(s): ITR
Intertrading Limited - Unaudited Interim results for the period ended 31 August
2003
INTERTRADING LIMITED
Registration number 1987/004777/06
("Intertrading" or "the company")
Share code: ITR
ISIN code: ZAE000015566
Unaudited Interim results for the period ENDED 31 August 2003
Continuing business growing
NAV per share excluding goodwill at 78 cents
Consolidated income statement
Unaudited Unaudited Audited
half year half year year ended
31 Aug 31 Aug 28 Feb
2003 2002 2003
R"000 R"000 R"000
Revenue 237 372 299 270 637 298
Continuing operations 206 697 157 944 364 467
Discontinuing operations 30 675 141 326 272 831
Operating profit before
interest and amortization
of goodwill 1 066 8 083 13 216
Continuing operations 4 274 5 400 9 845
Discontinuing operations (3 208) 2 683 3 371
Net interest received/(paid) (755) (206) 346
Amortization (1 306) (1 306) (2 182)
Net income before taxation (995) 6 571 11 380
Taxation (280) (3 888) (5 584)
Continuing operations (1 216) (3 160) (4 646)
Discontinuing operations 936 (728) (938)
Net income after taxation (1 275) 2 683 5 796
Continuing operations 1 719 981 3 608
Discontinuing operations (2 994) 1 702 2 188
Net income attributable to
shareholders (1 275) 2 683 5 796
Consolidated balance sheet
Unaudited Unaudited Audited
half year half year year ended
31 Aug 31 Aug 28 Feb
2003 2002 2003
R"000 R"000 R"000
ASSETS
Non-current assets
- Property plant equipment
and trademarks 5 156 5 888 4 989
- Goodwill 34 217 36 399 35 308
- Deferred taxation - 728 -
- investments 5 447 4 583 2 594
Current assets 75 229 207 557 90 250
120 049 255 155 133 141
EQUITY AND LIABILITIES
Share capital and premium 47 452 47 452 47 452
Distributable reserves 26 014 25 176 28 289
Shareholders" interest 73 466 72 628 75 741
Long-term liabilities 301 425 306
Current liabilities 46 282 182 102 57 094
120 049 255 155 133 141
Discontinued grain trading
operation
Total assets 7 650 140 976 44 201
Total liabilities 3 666 134 485 37 224
Cash flow statement
Unaudited Unaudited Audited
half year half year year ended
31 Aug 31 Aug 28 Feb
2003 2002 2003
R"000 R"000 R"000
Cash generated/(utilised) by
operations 7 226 (9 640) 12 649
Net interest received/(paid) (755) (206) 346
Taxation paid (2 607) (1 936) (6 404)
Dividend paid (1 000) - -
Cash generated/(utilised) by
operating activities 2 864 (11 782) 6 591
Net cash flow from investing
activities (3 637) (1 580) (1 657)
Net cash flow from financing
activities 77 (2 020) (2 821)
Net movement in cash (696) (15 382) 2 113
Net cash resources at
beginning of the year 11 319 9 206 9 206
Net cash resources at end of
the period 10 623 (6 176) 11 319
Statement of changes in equity
Unaudited Unaudited Audited
half year half year year ended
31 Aug 31 Aug 28 Feb
2003 2002 2003
R"000 R"000 R"000
Equity at beginning of period 75 741 74 351 74 351
Net profit for the period (1 275) 2 683 5 796
Foreign currency translation
reserve - (2 406) (2 406)
Capitalisation distribution - (2 000) (2 000)
Dividend declared in respect
of prior year (1 000) - -
Equity at end of period 73 466 72 628 75 741
Financial highlights
Unaudited Unaudited Audited
half year half year year ended
31 Aug 31 Aug 28 Feb
2003 2002 2003
R"000 R"000 R"000
Number of ordinary
shares ("000) 50 000 50 000 50 000
Weighted average number
of shares in issue ("000) 50 000 50 000 50 000
Headline earnings per share
(cents) - 8,00 16,00
Less amortization of goodwill (2,60) (2,60) (4,40)
Earnings per share (cents) (2,60) 5,40 11,60
Net asset value per share
- excluding goodwill (cents) 78,5 72,5 80,9
NATURE OF BUSINESS
Intertrading is an international agricultural business service company listed in
the "Food Producers and Processors" sector of the JSE Securities Exchange South
Africa. It procures Southern African fresh fruit, vegetables and macadamia nuts
and markets them internationally via sea and air freight. It also provides
freight forwarding and logistics services for agricultural products.
Financial comment
These results were prepared in accordance with South African Statements of
Generally Accepted Accounting Practice and are consistent with prior periods
except for the implementation of AC133.
Turnover for the six months to end August 2003 in respect of continuing
operations increased by 31% over the same period last year, while operating
profit increased by 21%, from R3,539 million (R5,400 million less realised
foreign currency translation gain of R1,861 million) to R4,274 million. Closure
costs from the discontinued commodities trading division were greater than
expected and resulted in a net loss for the group of R1,275 million.
Improved working capital management ensured that the group always operated well
within its banking facilities.
Since all the group"s produce is exported and its expenses occur in rand,
earnings of Intertrading and its farmer customers were affected by the rand
appreciation of 31% against the US dollar and 23% against the euro over the last
12 months.
Operational review
The airfreight and freight forwarding logistics divisions both performed well
during the period under review, despite this traditionally being the quieter
half of their financial year. High demand for quality South African avocados
during peak season meant that additional volumes were exported by airfreight.
The freight forwarding division has picked up substantial new business and
continues to grow strongly. The South African mango crop did not achieve good
prices this season because of poor quality and changing customer preferences in
Europe. A second year of drought in Australia resulted in high macadamia nut
prices, in conjunction with procurement of nuts increasing by 35% from last
year. Sales of citrus fruits have gone well although returns subsequent to 31
August 2003 are being affected by currency strength. The Cape deciduous fruit
division"s contribution was down due to the initial costs of establishing it as
an independent office.
The winding down of the grain trading operation has proceeded slower and been
more expensive than expected. Its large structured-finance exposures have been
settled. Currently assets comprise debtors and grain that the directors expect
to liquidate without further loss.
Prospects
Notwithstanding concerns about currency volatility and the current drought, all
divisions are performing well to date. Historically the second half of the
financial year realises greater profits, and this trend should continue.
DIRECTORS
The appointment of Cornel van der Merwe as director responsible for the sea
freight division of Intertrading was confirmed at the company"s annual general
meeting held on 8 October 2003. Cornel is a welcome addition to the board,
particularly because of his wealth of experience in fresh fruit sea freight
export and should add significant value to this division of Intertrading.
DIVIDENDS
In accordance with the company"s policy, no dividend has been declared in
respect of the half year.
By order of the board
T Swart
(Chairman)
G F M van Rooyen
(Managing director)
Rosebank
24 October 2003
Registered office
Kuehne and Nagel House
37 Bath Avenue
Rosebank 2196
(PO Box 1720, Parklands 2121)
Transfer secretaries
Computershare Limited
70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
Directors
Mr T J Swart (Chairman), G F M van Rooyen (CEO), T R Y Woods, A J de Kovel*, B R
Julicher, C van der Merwe *Netherlands
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