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Cargo Carriers - Unaudited results for the six months ended 31 August 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
Unaudited results for the six months ended 31 August 2004 and dividend
announcement
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited
6 months 6 months Audited
ended ended year to
31/08/2004 31/08/2003 29/02/2004
R`000 R`000 R`000
Revenue 198,007 212,924 399,946
Other revenue 1,227 1,459 3,159
Operating and administration
costs (174,470) (188,300) (356,499)
Profit/(loss) on disposal of
tangible assets 686 (159) 4,462
Impairment of investment (101) (102) (203)
Depreciation (10,704) (10,027) (22,526)
Profit from operating activities 14,645 15,795 28,339
Finance costs (3,453) (6,323) (10,633)
Profit from operations 11,192 9,472 17,706
Adjustments to value of assets - - 4,471
Operating profit before result
from associate and joint venture 11,192 9,472 22,177
Losses from associate and
joint venture (124) (211) (12)
Profit before taxation 11,068 9,261 22,165
Taxation (3,495) (2,952) (6,786)
Net profit 7,573 6,309 15,379
Minority interests (140) 16 (17)
Net profit attributable to
ordinary shareholders 7,433 6,325 15,362
CONSOLIDATED BALANCE SHEET
Non-current assets
Tangible assets 170,420 165,778 162,635
Deferred taxation 640 839 656
Loan and unlisted investment 1,615 1,898 1,776
Investment in associate 503 167 411
Investment in joint venture 502 - 576
Goodwill and negative goodwill 1,651 2,110 1,706
Net indebtedness by
non-consolidated subsidiary 2,666 2,913 2,840
Current assets
Receivables and inventories 84,496 82,358 55,868
Cash resources 26,580 22,448 54,358
289,073 278,511 280,826
Equity
Shareholders` interest 132,401 118,631 126,968
Outside shareholders` interest 895 385 347
Non-current liabilities
Deferred taxation 24,948 24,430 23,034
Interest-bearing long-term loans 40,095 33,136 29,080
Current liabilities
Payables 75,186 62,546 86,156
Interest-bearing borrowings 15,548 39,383 15,241
289,073 278,511 280,826
CONSOLIDATED CASHFLOW STATEMENT
Operating profit after
non-cashflow items 23,542 24,729 43,508
(Increase)/reduction in
working capital (41,158) (16,510) 27,960
Cash (utilised in)/generated
by operations (17,616) 8,219 71,468
Interest received 1,227 1,459 3,159
Finance costs paid (3,453) (6,323) (10,633)
Dividends paid (2,000) (500) (1,200)
Taxation paid (6) 9 (117)
Cash (outflow)/inflow from
operating activities (21,848) 2,864 62,677
Net cash inflow/(outflow) from
financing activities 2,393 63 (5,726)
Net cashflow from investing
activities (17,252) (9,521) (9,226)
- Decrease in loan to subsidiary 174 83 363
- Disposal of investment in
subsidiary 459 - 344
- Acquisition of joint venture - - (1)
- Loan to joint venture (143) - (620)
- Acquisition of tangible assets (19,483) (10,887) (18,166)
- Proceeds on sale of tangible
assets 1,681 1,268 8,819
- Decrease in loan receivable 60 15 35
Cash (utilised)/generated during
period (36,707) (6,594) 47,725
Net cash at beginning of period 54,358 6,633 6,633
Net cash at end of period 17,651 39 54,358
Cash
Cash resources 26,580 22,448 54,358
Bank borrowings payable on demand (8,929) (22,409) -
17,651 39 54,358
MOVEMENT IN EQUITY
Net profit attributable to
ordinary shareholders 7,433 6,325 15,362
Dividends paid during the period (2,000) (500) (1,200)
5,433 5,825 14,162
FINANCIAL INFORMATION
Dividend per share (cents)
- paid during the period 10.0 2.5 3.5
- declared after the period 5.0 3.5 10.0
Total dividends 15.0 6.0 13.5
Earnings per share (cents) 37.2 31.6 76.8
Adjustments:
- (Profit)/loss on sale of
tangible assets (2.4) 0.6 (15.6)
- Amortisation of goodwill 0.3 0.4 0.6
- Adjustments to value of assets - - (21.4)
- Impairment of investment 0.5 0.5 1.0
Headline earnings per share (cents) 35.6 33.1 41.4
Add back:
- Profit/(loss) on sale of vehicles 2.9 (0.5) 15.8
Adjusted headline earnings per
share (cents) 38.5 32.6 57.2
Borrowings
Net interest bearing borrowings
To total shareholders` interest(%) 21.8 42.1 -
Capacity utilised (%) 43.7 84.1 -
Total net borrowing capacity
(R`000) 66,648 59,508 63,657
Capital commitments (R`000) 17,577 7,337 3,032
Retirement fund contribution
suspension contingent liability
(R`000) 9,514 5,245 6,840
Net asset value per share (cents) 662 593 635
Ordinary shares in issue (closing
and weighted average) (000) 20,000 20,000 20,000
SEGMENTAL ANALYSIS
Revenue
Industrial 109,861 120,703 220,935
Agricultural 64,501 66,136 120,506
Consumer 4,877 5,849 18,990
Supply chain services 18,768 20,236 39,515
198,007 212,924 399,946
Profit from operations
Industrial 9,935 4,041 12,978
Agricultural 3,390 6,891 6,650
Consumer (141) (75) 713
Supply chain services (1,992) (1,385) (2,635)
11,192 9,472 17,706
Accounting policy
This interim announcement has been prepared in accordance with AC127: `Interim
financial reporting`.
The accounting policies adopted for the purpose of this report comply in all
material respects with South African Statements of Generally Accepted Accounting
Practice. These policies are consistent with those applied in the previous
reporting period.
Review
The increase of 8% in headline earnings and 18% increase in adjusted headline
earnings per share is very pleasing as this has been achieved in adverse
circumstances. This adversity is reflected in the decline in revenue as
compared with the same period in the previous year.
The strengthening in the rand has dramatically decreased the volume of goods
being transported for export, and the late rains in the sugar cane growing areas
resulted in the cane harvesting season starting later than in the previous year.
A lower level of borrowings during the period contributed to a significant
decrease in finance costs.
Prospects
Export volume of goods to be transported to the ports is not expected to
increase in the second half year, but the total volume of the cane harvest is
expected to be comparable with the previous year. This, together with a strong
focus on cost containment, should result in the full year earnings showing an
improvement on the previous year.
Dividend Declaration
An interim dividend (no. 27) of 5.0 (2003: 3.5) cents per share has been
declared to shareholders recorded in the books of the company at the close of
business on Friday 17 December 2004. The last date to trade cum dividend will
be Thursday 9 December 2004 and the shares will trade ex dividend from the
commencement of business on Friday 10 December 2004. The dividend will be paid
on Monday 20 December 2004. Share certificates may not be
dematerialised/rematerialised between Thursday 9 December 2004 and Friday 17
December 2004, both days inclusive.
By order of the board
MJ Bolton
Company Secretary
19 October 2004
Directors
S G Chilvers (Chairman), G D Bolton,
M J Bolton, A E Franklin, B B Fraser, V Raseroka
Sponsor
LPC Manhattan Sponsors (Pty) Ltd
Registered Office
140 North Reef Road
Elandsfontein, 1406
Transfer secretaries
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street
Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Website
www.cargocarriers.co.za
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