|
CARGO CARRIERS LIMITED - AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004 AND
DIVIDEND ANNOUNCEMENT
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
AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004 AND DIVIDEND ANNOUNCEMENT
2004 2003
R"000 R"000
__________________________________________________________________
CONSOLIDATED INCOME STATEMENT
Revenue 399,946 364,041
Other revenue 3,159 3,384
Operating and administration costs (356,499) (333,180)
Profit on disposal of tangible assets 4,462 2,423
Impairment of investment (203) (203)
Depreciation (22,526) (21,256)
____________________
Profit from operating activities 28 339 15,209
Finance costs (10,633) (11,365)
____________________
Profit from operations 17 706 3,844
Adjustments to value of assets 4,471 1,780
____________________
Operating profit before result from associate
and joint venture 22,177 5 624
(Losses)/income from associate and joint
venture (12) 216
____________________
Profit before taxation 22,165 5,840
Taxation (6,786) (1,399)
____________________
Net profit 15,379 4,441
Minority interests (17) (32)
____________________
Net profit attributable to ordinary
shareholders 15,362 4,409
____________________
CONSOLIDATED BALANCE SHEET
Non-current assets
Tangible assets 162,635 166,379
Deferred taxation 656 891
Loan and unlisted investment 1,776 2,014
Investment in associate 411 378
Investment in joint venture 576 -
Goodwill and negative goodwill 1,706 2,182
Net indebtedness by non-consolidated subsidiary 2,840 2,996
Current assets
Receivables and inventories 55,868 60,478
Cash resources 54,358 20,133
____________________
280,826 255,451
____________________
Equity
Shareholders" interest 126,968 112,806
Outside shareholders" interest 347 401
Non-current liabilities
Deferred taxation 23,034 21,710
Interest-bearing long-term loans 29,080 34,876
Current liabilities
Payables 86,156 56,987
Interest-bearing borrowings 15,241 28,671
____________________
280,826 255,451
____________________
MOVEMENT IN EQUITY
Transfer to deferred taxation - (3,704)
Revaluation of tangible assets - 145
Net profit attributable to ordinary
shareholders 15,362 4,409
Dividends paid during the year (1,200) (2,000)
____________________
14,162 (1,150)
____________________
CONSOLIDATED CASHFLOW STATEMENT
Operating profit after non-cashflow items 43,508 30,943
Reduction/(increase) in working capital 27,960 (12,036)
____________________
Cash generated by operations 71,468 18,907
Interest received 3,159 3,384
Finance costs paid (10,633) (11,365)
Dividends paid (1,200) (2,000)
Taxation paid (117) (351)
____________________
Cash from operating activities 62,677 8,575
Net cash (outflow)/inflow from financing
activities (5,726) 12,354
Net cashflow from investing activities (9,226) (27,805)
____________________
- Decrease/(increase) in loan to subsidiary 363 (277)
- Disposal of investment in subsidiary 344 -
- Acquisition of joint venture (1) -
- Loan to joint venture (620) -
- Acquisition of tangible assets (18,166) (31,175)
- Proceeds on sale of tangible assets 8,819 3,587
- Decrease in loan receivable 35 60
____________________
Cash generated/(utilised) during the year 47,725 (6,876)
Net cash at beginning of year 6,633 13,509
____________________
Net cash at end of the year 54,358 6,633
____________________
Cash
Cash resources 54,358 20,133
Bank borrowings payable on demand - (13,500)
____________________
54,358 6,633
____________________
FINANCIAL INFORMATION
Dividend per share (cents)
- paid during the year 3.5 3.0
- declared after year end 10.0 2.5
____________________
Total dividends 13.5 5.5
____________________
Earnings per share (cents) 76.8 22.0
Adjustments:
- Profit on sale of tangible assets (15.6) (8.5)
- Amortisation of goodwill 0.6 0.5
- Adjustments to value of assets (21.4) (8.9)
- Impairment of investment 1.0 1.0
____________________
Headline earnings per share (cents) 41.4 6.1
Add back:
- Profit on sale of vehicles 15.8 8.6
____________________
Adjusted headline earnings per share (cents) 57.2 14.7
____________________
Borrowings
Net interest bearing borrowings to
total shareholders" interest (%) - 38.3
Capacity utilised (%) - 76.7
Total net borrowing capacity (R"000) 63,657 56,604
____________________
Capital commitments (R"000) 3,032 3,467
____________________
Retirement fund contribution suspension
contingent liability (R"000) 6,840 3,618
____________________
Net asset value per share (cents) 635 564
Ordinary shares in issue (000) 20,000 20,000
____________________
SEGMENTAL ANALYSIS
Revenue
Industrial 220,935 199,059
Agricultural 120,506 107,882
Consumer 18,990 19,845
Supply chain services 39,515 37,255
____________________
399,946 364,041
____________________
Profit from operations
Industrial 12,978 4,345
Agricultural 6,650 5,227
Consumer 713 (1,017)
Supply chain services (2,635) (4,711)
____________________
17,706 3,844
____________________
Review
The strategic positioning of the company has begun to yield the expected
benefits. The external focus on particular markets and offering greater value
to customers has yielded a revenue growth of 10%. Together with the internal
focus on continuous improvement, efficiency and asset management, this revenue
growth has translated into a 360% increase in profit from operations.
The continued strengthening of the Rand against the US Dollar has again
negatively affected operating results by an amount of R2.1 million, although a
lower interest rate regime has compensated in some measure.
Prospects
The outlook for those industries targeted by the company remains positive,
although the agricultural sector may be affected by drought conditions. The
company"s Black Empowerment initiatives are showing promise and should begin to
contribute in the coming year.
Dividend Declaration
A final dividend (no. 26) of 10,0 (2003: 2,5) cents per share has been declared
for the 2004 year, to the shareholders recorded in the books of the company at
the close of business on Friday 25 June 2004. The last date to trade cum
dividend will be Friday 18 June 2004 and the shares will trade ex entitlement
from Monday 21 June 2004. The dividend will be paid on Monday 28 June 2004.
Share certificates may not be dematerialised/rematerialised between Monday 21
June 2004 and Friday 25 June 2004, both days inclusive.
Accounting policies
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, except for the introduction of
AC133: Financial Instruments - Recognition and Measurement.
Independent Auditor"s Report
The annual financial statements of the group have been audited by the company"s
auditors, Ernst & Young. Their unqualified report is available for inspection
at the registered office of the company.
By order of the board - MJ Bolton, Company Secretary
11 May 2004
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
Date: 11/05/2004 07:00:12 AM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
