|
Transpaco Limited - Reviewed Group Results For The Year Ended 30 June 2004
TRANSPACO LIMITED
Reg.No.1951/000799/06
ISIN: ZAE000007480
Share Code: TPC
REVIEWED GROUP RESULTS FOR THE YEAR ENDED 30 JUNE 2004
HIGHLIGHTS PER UP
SHARE
HEADLINE EARNINGS 71,8c 18%
OPERATING CASH FLOW 157,2c 16%
DIVIDENDS 18c 20%
NET ASSET VALUE 356c 16%
NATURE OF BUSINESS
Transpaco manufactures, distributes and recycles plastic and packaging products
mainly in South Africa and exports into Africa.
BUSINESS REVIEWThe Board is pleased to report improved results reflecting an
increase in headline earnings per share of 18% to 71,8 cents (June 2003 - 61,1
cents).
Turnover decreased by 6% to R301 million (June 2003 - R320 million) mainly
attributable to the deflationary environment and the decline in sales of plastic
bags as a result of the plastic bag regulations. Notwithstanding the decrease in
turnover, operating income increased by 7% to R29,6 million (June 2003 - R27,7
million) as a result of improved gross profit margins and a 7% reduction in
operating costs.
Strong cash flows and lower interest rates resulted in net interest paid
decreasing by 39% to R2,9 million (June 2003 - R4,7 million). This reduction
contributed to the improved income before taxation by 16% to R26,7 million (June
2003 - R23,0 million). Interest cover increased to 10,3 times (June 2003 - 5,9
times).
The number of ranking shares in issue reduced as a result of the group
repurchasing 572 231 shares at an average price of R3.68 per share for
R2 102 995. The net asset value per share increased by 16% to 356 cents (June
2003 - 306 cents).PROSPECTSTranspaco is expanding group operations into a
specialised film division catering for the pallet wrap and the cast
polypropylene markets. A new factory is being established utilising the latest
plant technology available for the production of cast film products at a cost of
approximately R13 million.
The Group expects real earnings growth and further positive cash flow for the
year ahead due to the following:
the carrier bag business now operates in a settled environment
expansion projects entered into during the reporting period at the Recycling,
Polymer and Sheet Extrusion divisions will benefit the Group for a full twelve-
month period
the Group is ideally poised to take advantage of the buoyant retail sector.BEE
INITIATIVETranspaco continues to be involved in discussions with several parties
relating to a broad based Black Economic Empowerment transaction.
DIVIDENDThe board has declared a dividend of 11 cents per share to shareholders
recorded in the register on Thursday 23 September 2004 payable on Monday 27
September 2004.
The last day to trade `cum` dividend will be Thursday 16 September 2004. Shares
will commence trading `ex` dividend from the commencement of business on Friday
17 September 2004. The record date will be Thursday 23 September 2004. Share
certificates may not be dematerialised or rematerialised between Friday 17 and
Thursday 23 September 2004, both days inclusive.
BASIS OF ACCOUNTINGThese results are prepared in accordance with South African
statements of Generally Accepted Accounting Practice, the Companies Act and the
listing requirements of the JSE Securities Exchange South Africa. The accounting
policies used are consistent in all material respects with those applied in the
previous year except for the consolidation of the Share Incentive Trust.
Comparative figures for earnings per share and headline earnings per share have
been restated to take into account shares held by the Transpaco Share Incentive
Scheme.
REVIEW OF INDEPENDENT AUDITORSThe Group`s auditors Ernst and Young have reviewed
the results. Their unqualified review report is available for inspection at
Transpaco`s registered office.
ON BEHALF OF THE BOARDAJ Aaron PN Abelheim L
WeinbergNon-executive Chairman Chief Executive Financial
Director
DATE: 25 August 2004
CONSOLIDATED INCOME STATEMENT
Reviewed % Audited
12 months Change 12 months
R`000 June 2004 June 2003
Turnover 300 796 (6) 319 607
Cost of sales 193 651 (8) 209 891
Gross Profit 107 145 (2) 109 716
Operating costs 67 309 (7) 72 504
Depreciation 10 277 8 9 545
Operating Income 29 559 7 27 667
Net interest paid 2 871 (39) 4 680
Income before taxation 26 688 16 22 987
Taxation 6 693 28 5 212
Current taxation 4 670 3 525
Deferred taxation 1 179 1 476
Secondary taxation on companies 844 211
Income after taxation 19 995 12 17 775
Weighted average number of shares 27 239 29 442
in issue (`000)
Diluted weighted average number of 29 203 31 015
shares in issue (`000)
Earnings per share (cents) 73,4 22 60,4
Diluted earnings per share (cents) 67,4 19 57,3
Headline earnings per share 71,8 18 61,1
(cents)
Diluted headline earnings per 67,4 16 58,0
share (cents)
Dividends per share (cents) 18,0* 20 15,0
Reconciliation of headline
earnings (R`000)
Basic earnings 19 995 17 775
Impairment of assets 0 187
(Profit)/Loss on disposal of (426) 41
plant and equipment
Headline earnings 19 569 18 003
* Includes interim dividend of 7 cents and a dividend declared after the period
of 11 cents.
CONSOLIDATED BALANCE SHEET
Reviewed Audited
12 months 12 months
R`000 June 2004 June 2003
ASSETS
Non-current assets 67 508 54 888
Property, plant and equipment 66 908 54 259
Intangibles 600 629
Current assets 104 750 98 675
Inventories 28 104 26 389
Accounts receivable 57 930 60 949
Taxation 3 493 3 226
Cash resources 15 214 8 111
TOTAL ASSETS 172 249 153 563
EQUITY AND LIABILITIES
Capital and reserves 96 747 85 091
Issued capital 272 281
Reserves 1 688 1 688
Employee compensation reserve (130) -
Accumulated profit 94 917 83 122
Non-current liabilities 19 125 14 653
Interest bearing borrowings 15 993 12 709
Deferred taxation 3 123 1 944
Current liabilities 56 386 53 819
Trade and other payables 49 144 47 039
Current portion of interest bearing 7 242 6 780
borrowings
TOTAL EQUITY AND LIABILITIES 172 249 153 563
Number of shares in issue `000 `000
Number of shares in issue 27 786 29 805
(net of 2 906 423 treasury shares)
Shares repurchased and cancelled - (2 019)
Shares repurchased (572) -
Ranking number of shares 27 214 27 786
Salient features
Net asset value per share (cents) 356 306
Gearing ratio % 8 13
Shareholders Funds : Total assets % 62 58
Interest cover (x) 10,3 5,9
Operating margin % 9,8 8,7
ABRIDGED CONSOLIDATED CASH FLOW
Reviewed Audited
12 months 12 months
R`000 June 2004 June 2003
Cash flow from operating activities
Cash generated from operations 42 819 40 003
Dividend paid (6 106) -
Finance charges (2 871) (4 680)
Taxation paid (5 781) (5 367)
Net cash flow from operating 28 061 29 956
activities
Cash flow from investing activities
Proceeds on disposal of plant and 2 006 294
equipment
Acquisition of plant and equipment (24 477) (8 877)
Net cash flow from investing (22 471) (8 583)
activities
Cash flow from financing activities
Increase/(Decrease) in long term 3 284 (2 812)
borrowings
Increase in short term borrowings 462 915
Employee compensation reserve (130) -
Repurchase of share capital (2 103) (5 329)
Net cash flow from financing 1 513 (7 226)
activities
Net movement in cash for the year 7 103 14 147
Cash and cash equivalents at the 8 111 (6 036)
beginning of the year
Cash and cash equivalents at the end 15 214 8 111
of the year
STATEMENT OF CHANGES IN EQUITY
Reviewed Audited
12 months 12 months
R`000 June 2004 June 2003
Opening balance 85 091 72 596
Earnings attributable to shareholders 19 995 17 775
Employee compensation reserve (130) -
Dividend paid (6 106) -
Repurchase of share capital (2 103) (5 280)
Closing balance 96 747 85 091
DIRECTORSAJ Aaron* (Chairman) ; PN Abelheim (Chief Executive); HA Botha; JS
Botha; SR Bouzaglou; SL Chaitel; DR Hilewitz*; SI Jacobson*;
AC Salomon*; SP van der Linde*; L Weinberg *non-executiveAUDITORS: Ernst
& Young
SPONSOR: Investec Bank Limited
REGISTERED OFFICE
331 Sixth Street
Wynberg, Sandton
WEBSITE: www.transpaco.co.za
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street, Johannesburg
Date: 25/08/2004 05:52:54 PM 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 ] | |||||||||||||
|
|||||||||||||
