| Wed 16 Feb 2005, 8:51 | | interim results for the six months ended 31 Decem |
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Comair - Unaudited interim results for the six months ended 31 December 2004
Comair Limited
(Incorporated in the Republic of South Africa)
(Registration number 1967/006783/06)
JSE Share code: COM
ISIN number: ZAE000029823
(`Comair`)
Earnings review
The company reports a revenue increase of 14% over the comparable period ended
31 December 2003, due primarily to increased passenger volumes and improved load
factors. Operating costs benefited from the strong rand. The fleet upgrade
programme contributed to improved operating efficiency while also increasing the
average capacity per aircraft. The negative effect of the high fuel price was
partially offset by a fuel surcharge on ticket sales.
The above factors contributed to attributable earnings of R27.3 million for the
six months to 31 December 2004 compared to an attributable loss of R9.2 million
for the six months to 31 December 2003. Headline earnings of 5.4 cents was
achieved compared to a loss of 1.4 cents in the prior year. Operating profit
amounted to R40.7 million compared to an operating loss of R2.9 million for the
comparable period. Cash generated by operations remained strong at R33.1
million compared to the 6 months to 31 December 2003, where operations utilised
cash of R17.6 million.
Prospects
Volumes are expected to remain strong, but with sustained pressure on yields due
to excessive market capacity. Costs remain favourable subject to the exchange
rate and oil prices. Further operating efficiencies are expected from continued
upgrades to the fleet in the second half of the 2005 financial year. Prospects
for the full year appear promising under current trading conditions.
Dividends
No interim dividend has been declared for the period as it is company policy to
declare one dividend annually in September.
Financial Statements
These interim financial statements have been prepared in accordance with the
South African Statements of Generally Accepted Accounting Practice. The
accounting policies used in the preparation of these results are consistent in
all material respects with those used in the annual financial statements for the
year ended 30 June 2004.
By order of the board
D. Novick P. van Hoven
Chairman Managing Director
15 February 2005
ABRIDGED GROUP INCOME STATEMENT
Unaudited Unaudited Audited
six months six months 12 months
31 December 31 December 30 June
2004 2003 2004
R`000 R`000 R`000
________________________________________________________________________________
Revenue 830,906 729,549 1,474,549
________________________________________________________________________________
Operating profit before exceptional
items 40,743 (2,850) 40,745
Aircraft deposit translation loss - (3,580) (5,120)
Aircraft impairment write-down - (115,106)
Aircraft deposit write-off - - (24,752)
Aircraft forward cover exchange loss - - (16,658)
Profit on sale of aircraft components 5,760
________________________________________________________________________________
Profit /(loss) from operations 46,503 (6,430) (120,891)
Net investment income /(expense) (7,240) (6,358) (15,257)
________________________________________________________________________________
Profit / (loss) before taxation 39,263 (12,788) (136,148)
Taxation (11,976) 3,594 39,448
________________________________________________________________________________
Attributable earnings 27,287 (9,194) (96,700)
________________________________________________________________________________
ABRIDGED GROUP BALANCE SHEET
Unaudited Unaudited Audited
six months six months 12 months
31 December 31 December 30 June
2004 2003 2004
R`000 R`000 R`000
Assets
Property, plant and equipment 332,070 454,634 343,927
Deferred Taxation 19,459 - 31,435
Current assets 324,701 420,571 316,639
________________________________________________________________________________
676,230 875,205 692,001
________________________________________________________________________________
Equity and liabilities
Share capital and reserves 253,534 320,484 234,236
Interest-bearing liabilities 162,370 202,146 190,787
Deferred taxation - 3,769 -
Current liabilities 260,326 348,806 266,978
________________________________________________________________________________
676,230 875,205 692,001
________________________________________________________________________________
ABRIDGED GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
six months six months 12 months
31 December 31 December 30 June
2004 2003 2004
R`000 R`000 R`000
Cash and cash equivalents at the
beginning of the period 210,201 168,482 168,498
Cash from operations and investment
income 33,061 (17,604) 30,067
Dividends paid (7,989) (7,989) (7,989)
Taxation refunded / (paid) - (654) (2)
Cash utilised in investing activities (2,651) (163,209) (42,637)
Cash generated by / (applied) in
financing activities * (28,417) 193,074 62,264
________________________________________________________________________________
Cash and cash equivalents at the
end of the period 204,205 172,100 210,201
________________________________________________________________________________
* including the early settlement of flight simulator finance of R20 million
SALIENT FEATURES
Unaudited Unaudited Audited
six months six months 12 months
31 December 31 December 30 June
2004 2003 2004
R`000 R`000 R`000
Headline earnings
Earnings attributable to ordinary
shareholders 27,287 (9,194) (96,700)
Add back Aircraft deposit translation
loss - 3,580 5,120
Add back Aircraft impairment
write-down - 115,106
Add back Aircraft deposit write-off - - 24,752
Deduct profit on sale of aircraft
components (5,760)
__________________________________________
Headline Earnings attributable to
Ordinary Shareholders 21,527 (5,614) 48,278
__________________________________________
Earnings per share (cents) 6.8 (2.3) (24.2)
Headline earnings per share (cents) 5.4 (1.4) 12.1
Weighted ordinary shares issued (`000) 399,431 399,434 399,431
Depreciation (R `000) 14,508 14,449 32,184
Interest expense (R `000) 12,496 21,358 44,480
________________________________________________________________________________
STATEMENT OF CHANGES IN EQUITY
Share Share Retained
capital premium income Total
R`000 R`000 R`000 R`000
Balance at 1 July 2004 3,994 8,042 222,200 234,236
Profit/(Loss) for the six months - - 27,287 27,287
Dividends paid during the six
months - - (7,989) (7,989)
Balance at 31 December 2004 3,994 8,042 241,498 253,534
________________________________________________________________________________
Company secretary
D. Borer
1 Marignane Drive
Bonaero Park, 1619
P.O. Box 7015, Bonaero Park, 1622
Transfer office
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street
Johannesburg, 2001
P.O. Box 61051, Marshalltown, 2107
Sponsor: Nedbank Capital
Date: 16/02/2005 07:26:09 AM
Produced by the JSE SENS Department
