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Compu-Clearing Outsourcing Limited - Reviewed Interim Results
COMPU-CLEARING OUTSOURCING LIMITED
(Registration number 1998/015541/06)
(Incorporated in the Republic of South Africa)
(`Compu-Clearing`, ` The Company` or `The Group`)
Share code CCL ISIN ZAE 000016564
COMMENTARY
I am pleased to report the results for the six months ended 31 December 2004.
Once again the group`s results were characterised by strong operational cash
flows, with cash generated by operations of R3,95 million (December 2003 - R5,27
million).
Operating revenues continue to strengthen, offset by an increased charge for STC
(secondary tax on companies) of R0,86 million (2003 - R0,29 million), resulting
from the increased dividends paid in October 2004, in respect of the financial
year ended 30 June 2004. This equates to an additional charge of 1,5 cents per
share and was the predominant factor in the 1,4 cents per share drop in
earnings.
Prospects
The group retains its dominant position as a provider of information technology
solutions to the customs clearing and freight forwarding industries, with
further gains in market share. I am confident that the second half offers
improved prospects for the group, as a result of organic growth. I am excited by
the prospects for our international operation, which is showing encouraging
signs. The group is in the process of launching a business partner programme
aimed at broadening the group`s distribution capabilities, both locally and
abroad. The initial response to the programme has been most encouraging and is
expected to have a positive impact on revenues and operating margins.
BALANCE SHEET
%
31/12/2004 31/12/2003 Inc. / 30/6/2004
(Reviewed) (Reviewed) (decr.) (Audited)
R`000 R`000 R`000
ASSETS
Non current assets 12,294 13,075 12,445
Tangible assets 11,704 12,351 12,027
Financial assets 290 -
-
Deferred taxation asset 590 418
434
Current assets 21,836 23,370 30,865
Liquid current assets 12,704 17,173 21,929
Other current assets 9,132 6,197 8,936
Total assets 34,130 36,445 43,310
EQUITY AND LIABILITIES
Shareholders` funds 30,720 31,587 34,638
Non-current liabilities 1,560 1,844 1,595
Post retirement medical 1,539 1,844 1,591
obligations
Deffered taxation 4
liability 21 -
Current liabilities 1,850 3,014 7,077
Total equity and 34,130 36,445 43,310
liabilities
Net asset value per share
(cents) 80.0 82.8 (3) 90.9
INCOME STATEMENT
Six Six % Year
months months Inc. / ended
ended ended (decr.) 30/6/2004
31/12/2004 31/12/2003 (Audited)
(Reviewed) (Reviewed)
R`000 R`000 R`000
Rental and other revenue
18,522 17,823 35,322
Operating costs
14,532 13,929 27,590
- Distribution
9,543 8,503 17,423
- Administration
4,663 5,366 9,855
- Other
326 60 312
Operating profit
3,990 3,894 2 7,732
Net finance revenue
733 691 1,303
Profit before taxation
4,723 4,585 3 9,035
Taxation- company
1,342 1,415 2,741
Taxation- STC (secondary
tax on companies) 857 287 287
Attributable earnings
2,524 2,883 (12) 6,007
Actual number of shares in
issue (`000) 38,380 38,162 38,117
Weighted average number
of shares
in issue (`000)
38,159 38,207 38,286
Diluted weighted
average number
of shares in issue
(`000) 39,827 39,624 39,523
Earnings per share (cents)
6.6 7.5 (12) 15.7
Headline earnings per
share (cents) 6.6 7.8 (16) 16.0
Diluted earnings per share
(cents) 6.3 7.3 (13) 15.2
Ordinary dividend per
share (cents) 8.0 6.0 6.0
Special dividend per share
(cents) 10.0 - -
RECONCILIATION OF HEADLINE
EARNINGS
Attributable earnings 2,524 2,883
6,007
Adjusted for :
Impairment of property
- 100 100
(Profit) / loss on
disposal of fixed assets (19) - 12
Taxation effect
6 - (4)
Headline earnings
2,511 2,983 (16) 6,115
SEGMENTAL REPORT
Local sources
Software rental income 13,156 12,294 24,452
7
Hardware rental income 4,748 4,386 8,657
8
Other 582 1,143 1,671
(49)
Total revenue from local 18,486 17,823 34,780
sources 4
Operating profit from 4,660 4,527 8,353
local sources 3
Operating margin from 25% 25% 24%
local sources
International sources
Software rental income
36 - 4
Operating loss from
international sources (670) (633) (621)
Total revenue 18,522 17,823 34,784
Total operating profit 3,990 3,894 7,732
Operating margin from all 22% 22% 22%
sources
CASH FLOW STATEMENT
Six Six months Year
months ended ended
ended 31/12/2003 30/6/2004
31/12/2004 (Reviewed) (Audited)
(Reviewed)
R`000 R`000 R`000
Operating profit before
interest and taxation 3,990 3,894 7,732
Non cash items
1,550 1,847 3,493
Cash generated by trading
operations 5,540 5,741 11,225
Decrease in post retirement
medical obligations (52) (59) (312)
(Increase)/decrease in working
capital (1,540) (413) 651
Cash generated by operations
3,948 5,269 11,564
Taxation paid
(6,237) (1,453) (2,499)
Dividend paid
(6,862) (2,292) (2,292)
Net finance revenue
733 691 1,303
Cash flow from operating
activities (8,418) 2,215 8,076
Cash flow from investing
activities (1,227) (1,255) (2,287)
Cash flow from financing
activities 420 (223) (296)
Decrease (Increase) in cash
and cash equivalents (9,225) 737 5,493
Cash and cash equivalents at
the beginning of the period 21,929 16,436 16,436
Cash and cash equivalents at
the end of the period 12,704 17,173 21,929
STATEMENT OF CHANGES IN EQUITY
Share Share Total
capital premium Distributable
reserves
R`000 R`000 R`000 R`000
Balance at 30 June 383
2003 9,961 20,875 31,219
Repurchase of shares
(2) (294) (296)
Attributable earnings
6,007 6,007
Dividend paid
(2,292) (2,292)
Balance at 30 June 381
2004 9,667 24,590 34,638
Sale of treasury
shares 3 417 420
Attributable earnings
2,524 2,524
Dividend paid
(6,862) (6,862)
Balance at 31 December 384
2004 10,084 20,252 30,720
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The reviewed interim results have been prepared in accordance with South African
statements of Generally Accepted Accounting Practice (GAAP) and the accounting
policies used are consistent with the annual financial statements.
REVIEW REPORT
The group`s auditors KPMG Inc, have reviewed the financial information for the
six months ended 31 December 2004. Their unqualified review opinion is available
for inspection at the registered office of the Company.
DIVIDEND
Compu-Clearing has a policy of paying a single dividend at year end. As a
result, the group has not declared an interim dividend.
Johannesburg A.Garber J. du Preez
14 March 2005 (Chairman) (Managing Director)
Directors: A.Garber, J.du Preez, A.Katz
, M.Lutrin*, D. Rosevear*,
Dr.T.M.Mogale
, M.Steele*, A. Webb*, C.P. Efthymiades
M.Acosta-Alarcon.
*(Non-executive)
(Independent)
Transfer secretaries: Registered office:
Computershare Investor 7 Drome Road
Services 2004 (Pty) Limited Lyndhurst, 2106
Ground Floor PO Box 890856
70 Marshall Street Lyndhurst, 2106
Johannesburg, 2001
Sponsor Auditors
Sasfin Corporate Finance KPMG
Date: 17/03/2005 05:00:01 PM
Produced by the JSE SENS Department
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