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COMPU-CLEARING - REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2004
Compu-Clearing Outsourcing Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/015541/06)
Share code: CCL ISIN: ZAE000016564
(`Compu-Clearing` or `the Company`)
REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2004
Highlights:
Operating margin - 22%
Net asset value per share - up 12%
Total revenue - up 8%
Dividend paid - up 100%
Ordinary dividend declared of 8 cents per share - up 33%
Special dividend declared of 10 cents per share
BALANCE SHEET
30 June 2004 30 June 2003 % Inc./
(Reviewed) (Audited) (decr.)
R`000 R`000
ASSETS
Non current assets 12,445 14,513
Tangible assets 12,027 12,943
Financial assets - 290
Deferred taxation 418 1,280
Current assets 28,137 22,735
Liquid current assets 21,929 16,436
Other current assets 6,208 6,299
Total assets 40,582 37,248
EQUITY AND LIABILITIES
Shareholders` funds 34,638 31,219
Non-current liabilities 1,595 1,941
Deferred taxation 4 38
Post retirement medical 1,591 1,903
obligations
Current liabilities 4,349 4,088
Total equity and liabilities 40,582 37,248
Net assets value per share (cents)
90.9 81.5 12
INCOME STATEMENT
Year ended Year ended % Inc./
30 June 2004 30 June 2003 (decr.)
(Reviewed) (Audited)
R`000 R`000
Sales - hardware and networking 396 1,323
Cost of sales 227 698
Net sales - hardware and 169 625
networking
Rental and other revenue 35,153 32,156
Total revenue 35,322 32,781
Operating costs 27,590 25,150
- Distribution 17,423 17,757
- Administration 9,855 6,102
- Other 312 1,291
Operating profit 7,732 7,631
Net finance revenue 1,303 1,724
Profit before taxation 9,035 9,355
Taxation - company 2,741 2,855
Taxation - STC (secondary tax on 287 150
companies)
Attributable earnings 6,007 6,350
Actual number of shares in issue 38,117 38,307
(`000)
Weighted average number of 38,286 39,571
shares in issue (`000)
Diluted weighted average number of 40,759 41,776
shares in issue (`000)
Earnings per share (cents) 15.7 16.0 (2)
Headline earnings per share 16.0 16.1
(cents)
Diluted earnings per share (cents) 14.7 15.2
Dividend per share (cents) 6.0 3.0
RECONCILIATION OF HEADLINE
EARNINGS
Attributable earnings 6,007 6,350
Adjusted for :
Impairment of property 100 56
Profit on disposal of fixed assets 12 (36)
Taxation effect (4) 11
Headline earnings 6,115 6,381
SEGMENTAL REPORT
Local sources
Net hardware and networking 169 625
sales
Software rental income 24,452 21,826 12
Hardware rental income 8,657 8,735
Networking rental income 1,671 1,322
Other income 369 273
Total revenue from local sources 35,318 32,781 8
Operating profit from local 8,353 7,631 9
sources
Operating margin from local 24% 23%
sources
International sources
Software rental income 4 -
Operating loss from international (621) -
sources
Total revenue 35,322 32,781
Total operating profit 7,732 7,631
Operating margin from all sources 22% 23%
CASH FLOW STATEMENT
Year ended Year ended
30 June 2004 30 June
(Reviewed) 2003
(Audited)
R`000 R`000
Operating profit before interest and taxation 7,732 7,631
Non cash items 3,493 3,438
Cash generated from trading operations 11,225 11,069
Decrease in post retirement medical obligations (312) (93)
Decrease in working capital 651 675
Cash generated from operations 11,564 11,651
Taxation paid (2,499) (2,830)
Dividends paid (2,292) (1,201)
Net finance revenue 1,303 1,724
Cash flows from operating activities 8,076 9,344
Cash flows from investing activities (2,287) (2,317)
Cash flows from financing activities (296) (2,992)
Increase in cash and cash equivalents 5,493 4,035
Cash at the beginning of the year 16,436 12,401
Cash at the end of the year 21,929 16,436
STATEMENT OF CHANGES IN
EQUITY
Share Share Total
capital premium Distributable
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) (294) (296)
Profit after taxation 6,007 6,007
Dividends paid (2,292) (2,292)
Balance at 30 June 2004 381 9,667 24,590 34,638
COMMENTARY
We are pleased to report the results for the year ended 30 June 2004. Once
again it has been a period of cash generation which has further improved our
already favourable liquid position. For the fifth year in succession cash
generated from trading operations is in excess of our attributable income. It
positions us well for growth, particularly in the International arena, where
small but meaningful inroads have been made. Compu-Clearing continues to build
a steady and solid company based on annuity income. Our core business income,
being software rental, which is all annuity generated, grew by a healthy 12%,
and operating margins have been sustained. Our attributable earnings dropped
marginally due to increased expenditure mainly from our increase in head count.
This is a deliberate strategy that enables us to continually increase our
service levels and prepare the Company for anticipated customer growth.
Earnings were affected by additional non recurring costs resulting from our roll
out of a new version of our software in the early part of this financial year.
A further factor was the increased Secondary Tax on Companies as a result of the
higher dividend paid during the year. Although the strong Rand did not have a
direct effect on our operations, it caused a deterioration of client margins
which resulted in a slowdown of growth in client spend. We look ahead to the
coming financial year with positive anticipation for moderate growth as well as
the possibility of acquisitions.
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 accounting
policies which are consistent with the prior year.
INDEPENDENT REVIEW
The Group`s auditors KPMG Inc, have reviewed the financial information for the
year ended 30 June 2004. Their report is available for inspection at the
registered office of the Company.
DIVIDENDS
Notice is hereby given that due to the high cash holdings, the board of
directors of the company has declared an ordinary cash dividend of 50% of its
earnings per share, being 8 cents per share (2003: 6 cents) (`the ordinary
dividend`) plus a special cash dividend of 10 cents per share (2003: nil) (`the
special dividend`). The ordinary dividend and the special dividend make a total
of 18 cents per share for the period (`the total dividend`). The total dividend
will be payable to shareholders recorded in the books of the Company at the
close of business on Friday, 15 October 2004. Shareholders are advised that the
last day to trade `cum` the total dividend will be Friday, 8 October 2004. The
shares will trade `ex` the total dividend as from Monday, 11 October 2004, and
the record date will be Friday, 15 October 2004. The total dividend will be paid
on Monday, 18 October 2004. Share certificates may not be dematerialised or
rematerialised during the period Monday, 11 October 2004 to Friday, 15 October
2004, both days inclusive.
Johannesburg A.Garber J. du Preez
23 September 2004 (Chairman) (Managing Director)
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:
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street
Johannesburg, 2001
Registered office:
Ground Floor
7 Drome Road
Lyndhurst, 2106
PO Box 890856
Lyndhurst, 2106
Sponsor:
Sasfin Corporate Finance
A Division of Sasfin Bank Limited
13-15 Scott Street
Waverley, 2090
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