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Compu-Clearing Outsourcing Limited - Reviewed Results For The Year Ended 30 June
2005
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: ZAE000016564
REVIEWED RESULTS
for the year ended 30 June 2005
COMMENTARY
Once again we are pleased to report satisfactory results, reflecting our steady
and highly cash generative trend. Revenues and margins have been sustained,
despite the absorption of costs pertaining to the closure of our Durban and Cape
Town offices, as well as non-recurring expenses relating to the establishment of
a new Business Partner Program. Headline earnings were also dampened by the
payment of a significantly increased STC charge (Secondary Tax on Companies),
resulting from the large special dividend paid in October 2004. The closure of
the branches and their replacement by the Business Partner Program will result
in increased service levels to our clientele and a reduction of our costs.
Prospects
Compu-Clearing has embarked on a number of new initiatives. One of them is the
development of systems to facilitate banking transactions for the Customs
Clearing and Freight Forwarding Industry, for which it has entered into working
agreements with two niche banks. It has also developed order planning systems
for importers. Both these developments will yield positive results in the new
financial year. The two International pilot customers report excellent
performance after 2 years of operation and significant prospects are in the
offing. Approval of Compu-Clearing software for use by freight forwarders and
air cargo companies, to relay manifest information to US Customs, is an
important development in advancing our international prospects. Compu-Clearing
is one of only three software houses outside of the United States to receive
such approval. Compu-Clearing continues to be committed to developing systems
for both local and overseas markets.
BALANCE SHEET
30/06/2005 30/06/2004
(Reviewed) (Audited) % Inc. /
R`000 R`000 (decr.)
ASSETS
Non current assets 12,788 12,445
Property, plant
and equipment 11,979 12,027
Deferred taxation asset 809 418
Current assets 25,536 30,865
Liquid current assets 17,177 21,929
Other current assets 8,359 8,936
Total assets 38,324 43,310
EQUITY AND LIABILITIES
Shareholders` funds 34,225 34,638
Non-current liabilities 1,552 1,595
Post retirement
medical obligations 1,476 1,591
Deferred taxation liability 76 4
Current liabilities 2,547 7,077
Total equity and
liabilities 38,324 43,310
Net asset value
per share (cents) 89.0 90.9 (2)
INCOME STATEMENT
Year ended Year ended
30/6/2005 30/6/2004 % Inc/
(Reviewed) (Audited) (decr.)
R`000 R`000
Rental and other revenue 37,563 35,322
Operating costs 29,502 27,590
- Distribution 21,880 17,423
- Administration 6,839 9,855
- Other 783 312
Operating profit 8,061 7,732 4
Branch closure expenses (281) -
Net finance revenue 1,699 1,303
Profit before taxation 9,479 9,035 5
Taxation- company 2,723 2,741
Taxation- STC
(secondary tax on
companies) 857 287
Attributable earnings 5,899 6,007 (2)
Actual number
of shares in issue
(`000) 38,461 38,117
Weighted average number
of shares
in issue (`000) 38,296 38,286
Diluted weighted average
number
of shares in issue
(`000) 39,845 40,759
Earnings per share
(cents) 15.4 15.7 (2)
Headline earnings
per share (cents) 15.6 6.0 (3)
Diluted earnings
per share (cents) 14.8 14.7 1
Ordinary dividend paid
per share (cents) 8.0 6.0
Special dividend
paid per share (cents) 10.0 -
RECONCILIATION OF HEADLINE EARNINGS
Attributable earnings 5,899 6,007
Adjusted for :
Impairment of property - 100
Loss on disposal of
property, plant and
equipment 97 12
Taxation effect (28) (4)
Headline earnings 5,968 6,115 (2)
SEGMENTAL REPORT
Local sources
Software rental income 26,212 24,452 7
Hardware rental income 8,885 8,657 3
Other 2,378 2,209 8
Total revenue from
local sources 37,475 35,318 6
Operating profit from
local sources 8,449 8,353 1
Operating margin from
local sources 23% 24%
International sources
Software rental income 88 4
Operating loss from
international sources (388) (621)
Total revenue 37,563 35,322
Total operating profit 8,061 7,732
Operating margin
from all sources 21% 22%
CASH FLOW STATEMENT
Year ended Year ended
30/6/2005 30/6/2004
(Reviewed) (Audited)
R`000 R`000
Operating profit 8,061 7,732
Non cash items 3,233 3,493
Cash generated by
trading operations 11,294 11,225
Decrease in post retirement
medical obligations (115) (312)
Branch closure costs (281) - -
(Increase)/decrease in
working capital (1,055) 651
Cash generated by
operations 9,843 11,564
Taxation paid (6,797) (2,499)
Dividend paid (6,862) (2,292)
Net finance revenue 1,699 1,303
Cash flow from operating
Activities (2,117) 8,076
Cash flow from investing
activities (3,185) (2,287)
Cash flow from financing
activities 550 (296)
(Decrease)/increase in
cash and cash
equivalents (4,752) 5,493
Cash and cash equivalents
at beginning of year 21,929 16,436
Cash and cash
equivalents
at end of year 17,177 21,929
STATEMENT OF CHANGES IN EQUITY
Share Share Distributable
Capital Premium reserves Total
R`000 R`000 R`000 R`000
Balance at
30 June 2003 383 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 2004 381 9,667 24,590 34,638
Sale of treasury
shares 3 547 550
Attributable earnings 5,899 5,899
Dividend paid (6,862) (6,862)
Balance at
30 June 2005 384 10,214 23,627 34,225
STATEMENT OF CHANGES IN EQUITY
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice (GAAP) and the accounting
policies used are consistent with the prior year.
INDEPENDENT REVIEW
The Group`s auditors KPMG Inc, have reviewed the financial information for the
year ended 3 0 June 2005. Their report is available for inspection at the
registered office of the Company.
DIVIDEND
Notice is hereby given of the declaration of an ordinary cash dividend of
10 cents per share (2004: 8 cents; special dividend - 10 cents) (`the
dividend`). The dividend will be payable to shareholders recorded in the books
of the Company at the close of business on Friday, 9 September 2005.
Shareholders are advised that the last day to trade `cum` dividend will be
Friday, 2 September 2005. The shares will trade `ex` dividend as from Monday, 5
September 2005, and the record date will be Friday, 9 September 2005. The pay
date will be Monday, 12 September 2005. Share certificates may not be
dematerialised or rematerialised during the period Monday, 5 September 2005 to
Friday, 9 September 2005, both days inclusive.
Johannesburg A.Garber J.du Preez
22 August 2005 (Chairman) (Chief Executive)
Directors: M.Acosta-Alarcon , J.du Preez, C.P. Efthymiades, A.Garber, A.Katz*,
M.Lutrin*, T.M.Mogale*, D.Rosevear*, M.Steele*, A. Webb*,.
*(Non-executive)
Transfer secretaries: Registered office:
Computershare Investor Services 2004 Limited 7 Drome Road
Ground Floor Lyndhurst, 2106
70 Marshall Street
Johannesburg, 2001
PO Box 890856
Lyndhurst, 2106
Date: 22/08/2005 07:19:17 AM
Produced by the JSE SENS Department
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