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Compu-clearing Outsourcing Limited - Reviewed Interim Results For The Six Months
Release Date: 26/03/2004 07:13:01 Code(s): CCL
Compu-Clearing Outsourcing Limited - Reviewed Interim Results For The Six Months
Ended 31 December 2003
COMPU-CLEARING OUTSOURCING LIMITED.
(Registration number 1998/015541/06)
(Incorporated in the Republic of South Africa)
("Compu-Clearing", "The Company" or "The Group")
Share code CCL
ISIN ZAE000016564
REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2003
BALANCE SHEET
% Increase Year
31/12/2003 31/12/2002 / ended
(Reviewed) (Reviewed) (decrease) 30/6/2003
R"000 R"000 (Audited)
R"000
ASSETS
Non current assets 13,075 13,954
14,475
Tangible assets 12,351 13,234 12,943
Financial assets 290 320 290
Deferred taxation 434 400
1,242
Current assets 23,370 21,104 22,735
Liquid current 17,173 15,381 16,436
assets
Other current 6,197 5,723 6,299
assets
Total assets 36,445 35,058 37,210
EQUITY AND
LIABILITIES
Shareholders" funds 31,587 29,851 31,219
Non-current
liabilities
Post retirement 1,844 1,947 1,903
medical obligations
Current liabilities 3,014 3,260 4,088
Total equity and 36,445 35,058 37,210
liabilities
Net asset value per 10
share (cents) 82.8 75.1 81.5
INCOME STATEMENT
Six Six % Year
months months Increase ended
ended ended / 30/6/2003
31/12/2003 31/12/2002 (decrease) (Audited)
(Reviewed) (Reviewed)
R"000 R"000 R"000
Sales - hardware and 204 918
networking 1,323
Less cost of sales 124 490
698
Net sales - hardware
and networking 80 428 625
Rental and other
revenue 17,743 15,835 32,156
Total revenue 10
17,823 16,263 32,781
Operating costs
13,929 12,283 25,150
Operating profit -2
3,894 3,980 7,631
Net finance revenue
691 847 1,724
Profit before -5
taxation 4,585 4,827 9,355
Taxation
1,702 1,593 3,005
Attributable -11
earnings 2,883 3,234 6,350
Actual number of
shares in issue 38,162 39,742 38,307
("000)
Weighted average
number of shares in 38,207 40,342 39,571
issue ("000)
Diluted weighted
average number of 41,952 42,322 43,741
shares in issue
("000)
Earnings per share -6
(cents) 7.5 8.0 16.0
Headline earnings -3
per share (cents) 7.8 8.0 16.1
Diluted earnings per -9
share (cents) 7.1 7.8 15.2
Dividends per share 100
(cents) 6.0 3.0 3.0
RECONCILIATION OF
HEADLINE EARNINGS
Attributable 2,883 6,350
earnings 3,234
Adjusted for :
Impairment of
property - - 56
Loss / (profit) on
disposal of fixed 100 (8) (36)
assets
Taxation effect
- 2 11
Headline earnings -8
2,983 3,228 6,381
SEGMENTAL REPORT
Six Six Year
months months ended
ended ended 30/6/2003
31/12/2003 31/12/2002 (Audited)
(Reviewed) (Reviewed)
R"000 R"000 R"000
Local sources
Net 80 428 625
hardware and
networking sales
Software 12,294 10,473 17 21,826
rental income
Hardware 4,386 4,567 -4 8,735
rental income
900 656 37 1,322
Networking rental
income
Other 163 139 17 273
income
Total revenue from 17,823 16,263 10 32,781
local sources
Operating profit 4,527 3,980 14 7,631
from local sources
Operating margin 25% 24% 23%
from local sources
International
sources
Software
rental income - - -
Operating loss from (633)
international - -
sources
Total revenue 17,823 16,263 32,781
Total operating 3,894 3,980 7,631
profit
Operating margin 22% 24% 23%
from all sources
CASH FLOW STATEMENT
Six Six Year
months months ended
ended ended 30/6/2003
31/12/2003 31/12/2002 (Audited)
(Reviewed) (Reviewed)
R"000 R"000 R"000
Operating profit
before interest and 3,894 3,980 7,631
taxation
Non cash items
1,847 1,763 3,438
Cash generated from
trading operations 5,741 5,743 11,069
Decrease in post
retirement medical (59) (49) (93)
obligations
(Increase)/decrease
in working capital (413) 969 675
Cash generated from
operations 5,269 6,663 11,651
Taxation paid
(1,453) (1,122) (2,830)
Dividends paid
(2,292) (1,201) (1,201)
Net finance revenue
691 847 1,724
Cash flows from
operating activities 2,215 5,187 9,344
Cash flows from
investing activities (1,255) (963) (2,317)
Cash flows from
financing activities (223) (1,244) (2,992)
Increase in cash and
cash equivalents 737 2,980 4,035
Cash at the
beginning of the 16,436 12,401 12,401
period
Cash at the end of
the period 17,173 15,381 16,436
STATEMENT OF CHANGES
IN EQUITY
Share Share Distributable Total
capital premium reserves
R"000 R"000 R"000 R"000
Balance at 30 June
2002 407 12,929 15,726 29,062
Repurchase of shares
(24) (2,968) (2,992)
Profit after
taxation 6,350 6,350
Dividends paid
(1,201) (1,201)
Balance at 30 June
2003 383 9,961 20,875 31,219
Repurchase of shares
(2) (221) (223)
Profit after
taxation 2,883 2,883
Dividends paid
(2,292) (2,292)
Balance at 31
December 2003 381 9,740 21,466 31,587
COMMENTARY
We are pleased to report the results for the six months ended 31 December 2003.
Earnings per share for the period are 7.5 cents, a decrease of 6% over the
comparative period. Earnings per share were effected mainly due to non-recurring
costs incurred in the roll out of our new accounting software for the freight
industry and development costs of our international operations. A further factor
was the increased Secondary Tax on Companies charges on the higher dividend paid
in this period over the previous period. Turnover during the period increased by
9.6% and more significantly income from software rental, our core business,
increased by 17,4%. The Company retains its dominant position in the freight
industry with new clients being gained. It is anticipated that the results for
the second half of the year will enable a growth in earnings per share to be
achieved. The dividend policy of declaring one dividend at year-end will be
continued.
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.
REVIEW REPORT
The Group"s auditors KPMG Inc, have reviewed the financial information for the
six months ended 31 December 2003. Their report is available for inspection at
the registered office of the Company.
DIVIDEND
Compu-Clearing has a policy of not paying an interim dividend.
Johannesburg A.Garber J. du Preez
25 March 2004 (Chairman) (Chief Executive)
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 Corporate Finance, a division of Sasfin Bank Limited
Auditors: KPMG Inc
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