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Intertrading - Audited Final Results For The Year Ended 28 February 2005
Intertrading Limited
Registration number 1987/004777/06
Share code: ITR
ISIN code: ZAE000015566
(`Intertrading` or `the company`)
AUDITED FINAL RESULTS FOR the year ended 28 February 2005
CONSOLIDATED 2005 2004
INCOME STATEMENT R`000 R`000
Revenue 270 197 363 024
Continuing operations 266 698 333 110
Discontinuing operations 3 499 29 914
Operating profit before interest and
amortisation of goodwill 3 585 (74)
Continuing operations 2 849 6 410
Discontinuing operations 736 (6 484)
Interest received 1 741 898
Interest (paid) (2 814) (1 341)
Amortisation of goodwill (2 210) (2 182)
Net income/(loss) before taxation 302 (2 699)
Taxation (924) (1 615)
Continuing operations (914) (1 615)
Discontinuing operations (10) -
Net income/(loss) attributable
to shareholders (622) (4 314)
Continuing operations (662) 3 401
Discontinuing operations 40 (7 715)
STATEMENT OF 2005 2004
CHANGES IN EQUITY R`000 R`000
Equity at the beginning of the period 70 427 75 741
Net (loss) for the year (622) (4 314)
Dividend declared in respect of prior year (500) (1 000)
Equity at the end of the period 69 305 70 427
FINANCIAL 2005 2004
HIGHLIGHTS R`000 R`000
Continuing operations
Headline earnings/(loss) 1 548 5 583
Less amortisation of goodwill (2 210) (2 182)
Earnings (662) 3 401
Number of ordinary shares (`000) 50 000 50 000
Weighted average number of shares in issue 50 000 50 000
Headline earnings/(loss) per share (cents) 3,2 (4,2)
Continuing operations 3,1 11,2
Discontinuing operations 0,1 (15,4)
Less amortisation of goodwill (4,4) (4,4)
(Loss)/earnings per share (cents) (1,2) (8,6)
Net asset value per share excluding
goodwill (cents) 75,7 74,6
SEGMENTAL ANALYSIS
2004
R`000 R`000
Segmental revenue
Seafreight 195,265 *
Airfreight 99,820 *
Other 1,795 *
Discontinued operations 3,499 29 914
Less internal revenue (30182) *
270197 363024
Segmental results
Seafreight 1,586 *
Airfreight 1,626 *
Other (363) *
Discontinued operations 736 (6484)
3,585 (74)
* Comparatives figures are not provided as the group results were previously
structured on a different basis
CONSOLIDATED 2005 2004
BALANCE SHEET R`000 R`000
ASSETS
Non-current assets
- Property, plant and equipment 7 022 5 058
- Intangible assets 1 296 1 727
- Goodwill 31 478 33 126
- Investments 1 221 1 613
- Deferred taxation 693 720
Current assets 38 715 42 436
80 425 84 680
EQUITY AND LIABILITIES
Share capital 5 000 5 000
Share premium 42 452 42 452
Distributable reserves 21 853 22 975
Shareholders` interest 69 305 70 427
Long-term liabilities 1 029 1
Deferred taxation 711 -
Current liabilities 9 380 14 252
80 425 84 680
Discontinuing grain trading operation
Total assets 2 787 6 637
Total liabilities 3 485 7 375
CASH FLOW 2005 2004
STATEMENT R`000 R`000
Cash generated by operations 859 10 212
Net interest (paid)/received (1 073) (443)
Taxation paid (2 238) (6 771)
Dividend paid (500) (1 000)
Cash generated from operating activities (2 952) 1 998
Net cash flow from investing activities (2 476) (1 934)
Net cash flow from financing activities (654) (233)
Net movement in cash (6 082) (169)
Net cash resources at the beginning
of the year 11 150 11 319
5 068 11 150
NATURE OF BUSINESS
Intertrading is a trading company that specializes in the procurement of fresh
fruit, vegetables and macadamia nuts from Southern African producers. The Group
markets these products internationally via sea and airfreight. Intertrading also
provides services to agriculture including marketing, technical advice, freight
forwarding and logistical services.
OPERATIONAL REVIEW
Group results were significantly down on last year and on our previous
expectations. A review of the divisional highlights is set out below which
reveals the areas where the Group has performed satisfactorily and those areas
which experienced difficult trading conditions.
SEAFREIGHT
- Cape operations (previously deciduous fruit)
Despite negative trading conditions, this division performed satisfactorily in
the year with turnover and profitability above budget.
- Citrus and Subtropical
This has been one of the most difficult years for the fruit industry. Turnover
in this the largest division was materially down on budget and the prior year,
reflecting a significant decline in volumes produced. Poor quality of actual
production exacerbated the problem. Arising from this, the division experienced
a small loss in the year.
- Macadamia nuts
This division has performed very well in the current year and has justified our
increased investment in this business.
AIRFREIGHT
- Agrilink
This business performed below expectation in the year. The impact of the strong
Rand and the drought depressed volumes and profitability. At year-end, the
business was further affected by a bad debt relating to business conducted with
a Mauritian buyer.
- Skyservices
The ban on ostrich meat in the overseas markets coupled with the impact of the
strong Rand reduced turnover and profitability in this business. In addition the
lower production, which also affected the Citrus, Subtropical and Agrilink
divisions, depressed the results.
Discontinued Operations
The winding down of the grain business continued in the current year. A small
profit arose from this activity. The small parcel of grain on hand at the end of
the financial year has since been disposed of. The business will be closed
completely in the current year.
DIRECTORATE
Fritz Pohl has joined the board as an executive director and will assume the
role of Cornel van der Merwe who became a non-executive director. Thomas Woods,
the financial director resigned.
KATOPGBP INTERNATIONAL
As announced in the press, KatopGBP International has made on offer for all the
shares in Intertrading except those held by certain executive directors and held
by Conafex Holdings. The final date for acceptance of the offer was 20 May 2005.
This is welcomed by the board and will be a positive development for the Group.
Financial
The Group balance sheet remains strong with a favorable net current asset
position.
Prospects
The Group is implementing strategies to increase volume that will, despite the
strong Rand, lead to improved profitability. Ostrich meat exports should resume
in the new financial year. Macadamia nuts are also expected to continue to
expand profitably. On this basis, barring unforeseen circumstances, profits will
improve in the coming year.
AUDIT OPINION
The financial information contained in this announcement has been audited by PKF
(Jhb) Inc., the Group`s independent auditors. A copy of their unmodified audit
report is available for inspection at the company`s registered office.
ACCOUNTING POLICIES
These results were prepared in accordance with South African Statements of
Generally Accepted Accounting Practice and are consistent with the accounting
policies adopted by the Group in the previous financial year.
DIVIDENDS
In light of the prospects and the financial position of the company, the board
has decided to maintain a dividend of one cent per share.
The last day to trade cum dividend is Friday, 15 July 2005. The share will trade
ex dividend on Monday, 18 July 2005, with the record date being Friday, 22 July
2005 and pay date will be Monday, 25 July 2005. Share certificates may not be
dematerialised or rematerialised between Monday, 18 July 2005 and Friday, 22
July 2005, both dates inclusive.
By order of the board
T J Swart
(Chairman)
G F M van Rooyen
(Managing director)
Woodmead
30 May 2005
Registered office
Block 3
Harrowdene Office Park
Western Service Road
Woodmead, 2148
(PO Box 100, Woodlands, 2080)
Transfer secretaries
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street
Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Directors
Non-executive: T J Swart (Chairman), C Jousse, R Wells, C van der Merwe
Executive: G F M van Rooyen (Managing director), A J de Kovel*, B JGBPlicher, F
Pohl *Netherlands
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