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Release Date: 13/05/2004 14:29:02 Code(s): CUL
Cullinan Holdings Limited - Interim Results For The Six Months Ended 31 March
2004
CULLINAN HOLDINGS LIMITED
(Registration number 1902/001808/06)
Share code: CUL ISIN: ZAE000013710
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2004
* Headline income up 20%
* Attributable income up 36%
* Dividend maintained
GROUP BALANCE SHEET
Unaudited Unaudited Audited
six months six months year end
31 March 31 March 30 September
2004 2003 2003
R"000 R"000 R"000
Assets
Property, plant and equipment 30 615 25 409 28 577
Goodwill 11 790 11 198 12 501
Deferred taxation 9 000 6 000 9 000
Current assets 169 391 146 523 143 352
Inventory 8 537 8 016 9 247
Accounts receivable 65 573 57 089 57 333
Cash resources 95 281 81 418 76 772
Total assets 220 796 189 130 193 430
Equity and Liabilities
Ordinary shareholders equity 49 464 34 192 35 966
Outside shareholders interest - - -
Interest bearing term loans 26 046 26 667 27 673
Preference share capital 26 046 26 046 26 046
Short term loans - 621 1 627
Current liabilities 145 286 128 271 129 791
Accounts payable 138 971 117 632 121 409
Provisions 6 107 10 104 8 184
Receiver of revenue 23 251 24
Preference dividends 185 284 174
Total equity and liabilities 220 796 189 130 193 430
Financial statistics
Gearing (%) - - 1,1
Current ratio 1,2 1,1 -
Net asset value per share (cents) 6,89 4,78 5,01
GROUP INCOME STATEMENT
Unaudited Unaudited Audited
six months six months year end
31 March 31 March 30 September
2004 2003 2003
R"000 R"000 R"000
Revenue 91 527 83 637 160 075
Net operating expenses (78 145) (72 882) (142 502)
Trading income 13 382 10 755 17 573
Exceptional items (Note 2) (1 226) (2 223) (362)
Net operating income 12 156 8 532 17 211
Interest income 2 356 2 936 5 580
Preference dividend (1 089) (1 503) (2 907)
Income before taxation 13 423 9 965 19 884
Taxation - STC (136) (187) (1 263)
Income after taxation 13 287 9 778 18 621
Outside shareholder"s interest - - 160
Income attributable to ordinary
shareholders 13 287 9 778 18 781
Ordinary shares (000"s)
In issue 718 088 715 688 717 188
Earnings per ordinary share 1,85 1,36 2,62
Fully diluted earnings per share 1,85 1,36 2,62
Headline earnings per ordinary
share (cents) 2,02 1,68 2,67
Determination of headline
earnings
Net attributable income 13 287 9 778 18 781
Exceptional items (Note 2) 1 226 2 223 362
Headline income 14 513 12 001 19 143
GROUP STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
six months six months year end
31 March 31 March 30 September
2004 2003 2003
R"000 R"000 R"000
Ordinary share capital
Balance at the beginning of period 7 172 7 157 7 157
Issued during the period 9 - 15
Balance at the end of period 7 181 7 157 7 172
Share premium
Balance at the beginning of period 59 870 59 795 59 795
Premium on issue of shares 27 - 75
Balance at the end of period 59 897 59 795 59 870
Revaluation reserve
Balance at the beginning of period - 232 232
Transfer to accumulated loss - - (232)
Balance at the end of period - 232 -
Share capital reduction
reserve fund
Balance at the beginning of period 20 876 20 876 20 876
Balance at the end of period 20 876 20 876 20 876
Capital redemption reserve fund
Balance at the beginning of period 4 4 4
Balance at the end of period 4 4 4
Foreign currency translation
reserve
Balance at the beginning of period (147) - -
Reserve on translation of foreign
subsidiary 175 - (147)
Balance at the end of period 28 - (147)
Accumulated profit/(loss)
Balance at beginning of period (51 809) (63 650) (63 650)
Attributable income for the
period 13 287 9 778 18 781
Transfer from revaluation reserve - 232
Ordinary dividend paid - (7 172)
Balance at the end of period (38 522) (53 872) (51 809)
Ordinary shareholders" equity 49 464 34 192 35 966
GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
six months six months year end
31 March 31 March 30 September
2004 2003 2003
R"000 R"000 R"000
Cash flow from operating
activities
Operating income 12 156 8 532 17 211
Depreciation 3 098 2 059 5 880
(Profit)/Loss on sale of fixed assets 134 - (182)
Other non-cash Items 889 2 218 (92)
Decrease in working capital 7 958 5 678 6 086
Cash generated from
operating activities 24 235 18 487 28 903
Interest received 2 356 2 936 5 580
Preference dividends paid (1 078) (1 500) (3 014)
Ordinary dividends paid - - (7 172)
Secondary Taxation on Companies (137) (65) (1 367)
Net cash inflow/(outflow)
from operating activities 25 376 19 858 22 930
Cash flows from investing
activities
Investment to maintain operations:
Additions to property, plant and
equipment (5 671) (5 459) (13 831)
Acquisition of goodwill - - (2 000)
Proceeds on disposal of property,
plant and equipment 395 - 1 558
Net cash inflow/(outflow)
from investing activities (5 276) (5 459) (14 273)
Cash flows from financing activities
Ordinary share capital issued 36 - 90
Interest bearing term loans repaid (1 627) (1 049) (43)
Net cash inflow/(outflow) from
financing activities (1 591) (1 049) 47
Net increase in cash and cash
equivalents 18 509 13 350 8 704
Cash and cash equivalents at
beginning of period 76 772 68 068 68 068
Cash and cash equivalents at
end of period 95 281 81 418 76 772
Notes:
1. ACCOUNTING POLICIES
The accounting policies used in the preparation of the interim financial
statements for the six months to March 2004 are the same as those used in the
audited results for the financial year ended September 2003.
The interim financial statements comply with Statements of South African
Generally Accepted Accounting Practice.
2. EXCEPTIONAL ITEMS
Unaudited Unaudited Audited
six months six months 12 months
ended ended ended
31 March 31 March 30 September
2004 2003 2003
R"000 R"000 R"000
Amortisation of goodwill (489) (384) (814)
Computer implementation costs (723) (1064) (1 817)
Other (14) - 36
Restructuring costs - (775) (767)
Deferred tax change - - 3 000
Total (1 226) (2223) (362)
3. BASIS OF ACCOUNTING
These consolidated results for the six months were drawn up in compliance
with statement AC127 of South African Statements of Generally Accepted
Accounting Practice and the company has complied with the requirements of the
Companies Act, 1973 (Act 61 of 1973) as amended.
4. JSE SECURITIES EXCHANGE SOUTH AFRICA ("JSE")
The directors of the company ensured compliance with the JSE Listings
Requirements during the year under review.
5. SEGMENTAL REPORTING
The directors are of the opinion that a segmental report is not required as
the Group"s operations consist mainly of tourism and travel.
COMMENTS
The Group performed well over the past six months with headline earning per
share growing by 20% over the same period last year. Revenue increased by 9%,
while operating profit increased by 24%. Trading, both incoming and outgoing
with the Eastern markets has returned to normal after heavy losses sustained
last year as a result of the SARS health epidemic.
The half year was characterised by an increase in activity and significant
changes in both the outbound product mix and source of inbound customers. Cash
balances improved from R81, 4 million to R95, 2 million at the end of March
2004. However net financing income declined by 11, 6% as a consequence of lower
interest rates.
Thompsons Tours (Outbound)
Over the border sales, which have become increasingly more affordable as the
currency improved, have increased and record turnovers have been experienced in
a number of destinations. The activity levels required to achieve these results,
on the back of a stronger rand, increased significantly which caused an increase
in operating costs.
The market remains competitive and margins continue to be under pressure, even
in a buoyant sales environment.
Thompsons South Africa (Inbound)
The number of passengers handled, turnover and profits increased over the
previous reporting period. The strong currency has had an adverse effect on
traffic in some of our marginal markets, but this has been more than balanced by
strong performances out of Holland and the United Kingdom. The footprint of our
inbound business continues to expand with new delivery hubs being opened in
Namibia and at the Victoria Falls. This is in line with our objective of
expanding our branded services throughout Southern Africa.
Retail Travel
The Leisure Retail brands had a good six months with turnover and profits up on
the previous period. Two new Retail shops will be opened by Pentravel this year
which are not expected to add materially to the Group"s short-term performance.
The Corporate Retail divisions had a disappointing six months and steps have
been taken to consolidate the business under the Thompson Travel brand. Manex
and Power Marine Manex which is a supplier to the Yacht building and Scuba
diving industries, suffered reduced profits in difficult trading conditions. The
strong rand is inhibiting growth in yacht exports which in turn affects
turnover. By contrast the sale of imported diving equipment has been good.
Prospects for the next six months
Barring unforeseen circumstances, the company is expected to trade at levels
above those achieved during the second six months last year.
Dividend
The board has declared an ordinary dividend for the financial year ending
September 2004 of 1 cent per ordinary share (number 125) to all ordinary
shareholders. The last date to trade cum dividend will be Friday 28th May
2004. Shares will commence trading ex dividend from Monday 31st May 2004. The
record date will be Friday the 4th June 2004. The dividend will be paid on
Monday 7th June 2004. Share certificates may not be dematerialised or
rematerialised between Monday 31st May 2004 and Friday 4th June 2004, both days
inclusive.
Directors
M A Ness (Non-executive Chairman), D D Hosking (Non-executive),
V E T O" Hana (Non-executive) A A Thompson (CEO), Q A Southey (FD),
M R Bagus (Non-executive) G B Tollman (Non-executive), L A Pampallis
Registered Office
1st Floor
Dunkeld West Centre
Corner Jan Smuts Avenue and Bompas Road
Dunkeld West
Johannesburg, South Africa
Transfer Secretaries
Computershare Limited
Ground Floor
70 Marshall Street
Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
For further information on group activities, please write to:
The Group Secretary
Cullinan Holdings Limited
PO Box 41032
Craighall, 2024
Date: 13/05/2004 02:29:19 PM Produced by the JSE SENS Department
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