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Cargo Carriers - Audited results for the year ended 28 February 2005 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
Audited results for the year ended 28 February 2005 and dividend announcement
28/02/2005 29/02/2004
______________________
R000 R000
CONSOLIDATED INCOME STATEMENT
Revenue 371,518 399,946
Other revenue 2,468 3,159
Operating and administration costs (330,949) (356,702)
Depreciation (21,323) (22,526)
Profit on disposal of tangible assets 4,169 4,462
Adjustments to value of assets 2,984 4,471
Income/(losses) from associates and
joint venture 654 (12)
______________________
Profit from operating activities 29,521 32,798
Finance costs (6,147) (10,633)
______________________
Profit before taxation 23,374 22,165
Taxation (6,486) (6,786)
______________________
Net profit 16,888 15,379
Minority interests (164) (17)
______________________
Net profit for the period 16,724 15,362
______________________
FINANCIAL INFORMATION
Dividend per share (cents)
- declared during the year 5.0 3.5
- declared after year end 10.0 10.0
______________________
Total dividends 15.0 13.5
______________________
Earnings per share (cents) 86.2 79.2
Adjustments:
- Profit on sale of tangible assets (15.0) (16.1)
- Profit on sale of investment in subsidiary (0.2) (0.1)
- Amortisation of goodwill 0.5 1.0
- Impairment of goodwill 8.3 0.0
- Write up of investment property to
fair value (16.6) (22.0)
- Impairment of investment 1.0 0.5
______________________
Headline earnings per share (cents) 64.2 42.5
Add back:
- Profit on sale of vehicles 15.8 16.3
______________________
Adjusted headline earnings per share (cents) 80.0 58.8
______________________
Borrowings
Capacity utilised (%) - -
Total net borrowing capacity (R000) 71,803 63,023
______________________
Capital commitments (R000) 4,276 3,032
______________________
Retirement fund contribution suspension
contingent liability (R000) 10,187 6,840
______________________
Net asset value per share (cents) 735 648
Ordinary shares in issue
(closing and weighted average) (000) 19,400 19,400
______________________
SEGMENTAL ANALYSIS R000 R000
Revenue
Industrial 221,548 220,935
Agricultural 108,473 120,506
Consumer 8,304 18,990
Supply chain services 33,193 39,515
______________________
371,518 399,946
______________________
Profit from operating activities
Industrial 30,530 22,788
Agricultural 5,766 11,177
Consumer (82) 1,468
Supply chain services (6,693) (2,635)
______________________
29,521 32,798
______________________
CONSOLIDATED BALANCE SHEET R000 R000
Non-current assets
Tangible assets 166,936 162,635
Deferred taxation 484 656
Loan and unlisted investment 756 507
Investments in associates 501 411
Investment in joint venture 1,131 576
Goodwill and negative goodwill - 1,706
Net indebtedness by non-consolidated
Subsidiary 3,071 2,840
Current assets
Receivables and inventories 53,799 55,868
Cash resources 46,512 54,358
_____________________
273,190 279,557
_____________________
Equity
Shareholders` interest 142,685 125,699
Outside shareholders` interest 920 347
Non-current liabilities
Deferred taxation 24,239 23,034
Interest-bearing long-term loans 33,059 29,080
Current liabilities
Payables 62,975 86,156
Interest-bearing borrowings 9,312 15,241
_____________________
273,190 279,557
_____________________
CONSOLIDATED CASHFLOW STATEMENT R000 R000
Operating profit after non-cashflow items 40,821 43,508
(Increase)/reduction in working capital (19,846) 27,960
_____________________
Cash generated by operations 20,975 71,468
Interest received 2,468 3,159
Finance costs paid (6,147) (10,633)
Dividends paid (2,911) (1,165)
Taxation paid (7,735) (117)
_____________________
Cash inflow from operating activities 6,650 62,712
Net cash outflow from financing activities (1,950) (5,726)
Net cashflow from investing activities (12,546) (9,261)
_____________________
- Disposal of investment in subsidiary 459 344
- Acquisition of joint venture - (1)
- Decrease/(increase) in loan to
joint venture 9 (620)
- Loan to associate (452) -
- Decrease in loan to non-consolidated
subsidiary 1,148 363
- Replacement of tangible assets (26,684) (18,166)
- Proceeds on sale of tangible assets 12,974 8,819
_____________________
Cash (utilised)/generated during the year (7,846) 47,725
Net cash at beginning of year 54,358 6,633
_____________________
Net cash at end of year 46,512 54,358
_____________________
MOVEMENT IN EQUITY R000 R000
Revaluation of tangible assets 4,533 -
Transfer to deferred taxation (1,360) -
Net profit for the period 16,724 15,362
Dividends paid during the year (2,911) (1,165)
_____________________
16,986 14,197
_____________________
Review
Following on the commendable improvement in earnings per share in the previous
year, the increase of 8.8% this year continues this positive trend. The
continuing implementation of the strategy to position the company as the
preferred logistics solutions provider has improved customers` perception of the
company and has increased profit margins in certain areas. Profit from operating
activities in the industrial segment of the business has improved by 34% through
the focus on continuous improvement. The overall operating profit declined by
10% mainly as a result of the extremely negative drought conditions that
affected the agricultural segment of the business.
The strength of the Rand against the US Dollar and the political turmoil in
Zimbabwe placed downward pressure on the volumes to be transported into the
neighbouring countries and for export. This, together with the impairment of
goodwill, has negatively affected the results, particularly in the supply chain
segment.
The formation and promotion of Black Empowered businesses continued during the
year and these have now contributed positively to operating earnings.
The judicious management of funding in the face of these difficulties, and the
favourable interest rate environment reduced finance costs, resulting in an
increase in profits.
Prospects
The outlook for the agricultural sector is much improved, and together with the
growth in industrial demand in the South African economy, improved operating
results are anticipated. The strength of the balance sheet and low interest
rates will be used to improve the company`s vehicle fleet.
Dividend Declaration
A final dividend (no. 28) of 10.0 (2004: 10.0) cents per share has been declared
to shareholders recorded in the books of the company at the close of business on
Friday 24 June 2005. The last date to trade cum dividend will be Friday 17 June
2005 and the shares will trade ex dividend from the commencement of business on
Monday 20 June 2005. The dividend will be paid on Monday 27 June 2005. Share
certificates may not be dematerialised/ rematerialised between Monday 20 June
2005 and Friday 24 June 2005, both days inclusive.
Accounting Policy
The accounting policies adopted for the purpose of this report comply with South
African Statements of Generally Accepted Accounting Practice - AC127: `Interim
financial reporting`. These policies are consistent with those of the previous
year except for a change in accounting policy with respect to the consolidation
of the Share Incentive Trust. The group now consolidates the Share Incentive
Trust to conform with the requirements issued by the JSE Securities Exchange
South Africa.
Independent Auditor`s Report
The annual financial statements of the group have been audited by the company`s
auditors, Ernst & Young. Their unqualified report is available for inspection
at the registered office of the company.
By order of the board
MJ Bolton
Company Secretary
10 May 2005
Directors
SG Chilvers (Chairman), GD Bolton,
MJ Bolton, AE Franklin, BB Fraser, V Raseroka
Registered Office
140 North Reef Road
Elandsfontein, 1406
Website
www.cargocarriers.co.za
Transfer Secretaries
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street
Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Sponsor
LPC Manhattan Moela (Pty) Limited
Registration Number 2001/009215/07
Date: 12/05/2005 07:00:19 AM
Produced by the JSE SENS Department
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