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Cullinan Holdings Limited - Results For The Year Ended 30 September 2005
Cullinan Holdings Limited
(Registration number 1902/001808/06)
(Share code: CUL ISIN number: ZAE000013710)
RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2005
Group balance sheet
Reviewed Audited
year ended year ended
30 September 30 September
2005 2004
R"000 R"000
Assets
Property, plant and equipment 16 204 16 539
Investment properties 331 331
Goodwill 11 869 9 909
Intangible assets 21 326 17 874
Investment in joint venture 120 -
Loan to joint venture 230 -
Deferred taxation 4 193 12 000
Current assets 174 751 179 544
- Inventories 10 209 9 749
- Accounts receivable 62 752 62 771
- Cash resources 101 790 107 024
Total assets 229 024 236 197
Equity and liabilities
Ordinary shareholders" equity 60 166 52 054
Preference shareholders" equity 1 046 1 046
Total shareholders" equity 61 212 53 100
Current liabilities 167 812 183 097
Accounts payable 154 114 146 433
Provisions 13 681 11 434
Redeemable preference shares - 25 000
Receiver of Revenue 2 22
Preference dividends 15 208
Total equity and liabilities 229 024 236 197
Financial statistics
Current ratio 1:1 1:1
Net asset value per share (cents) 8,5 7,4
Group income statement
Reviewed Audited
year ended year ended
30 September 30 September
2005 2004
R"000 R"000
Revenue 230 299 204 838
Net operating expenses 207 047 (180 120)
Operating income before exceptional items 23 252 24 718
Exceptional items (2 527) (930)
Operating income 20 725 23 788
Interest income 4 968 4 800
Preference dividends paid (1 566) (2 109)
Income before taxation 24 127 26 479
Taxation (8 901) (1 162)
Net income after taxation 15 226 25 317
Outside shareholders" portion of
losses/(profits) - -
Income attributable to ordinary shareholders 15 226 25 317
Attributable earnings per share (cents) 2,1 3,5
Headline earnings per share (cents) 2,5 3,6
Ordinary shares (000"s)
- In issue 718 188 718 188
- Weighted average 718 188 718 188
Earnings per ordinary share (cents) 2,1 3,5
Headline earnings per ordinary share (cents) 2,5 3,6
Determination of headline earnings
Net attributable income 15 226 25 317
Exceptional items (Note 4) 2 527 930
Headline earnings 17 753 26 247
Group statement of changes in equity
Reviewed Audited
year ended year ended
30 September 30 September
2005 2004
R"000 R"000
Ordinary share capital
Balance at the beginning of the year 7 182 7 172
Issued during the period - 10
Balance at the end of the year 7 182 7 182
Share premium
Balance at the beginning of the year 59 900 59 870
Premium on issue of shares - 30
Balance at the end of the year 59 900 59 900
Share capital reduction reserve fund
Balance at the beginning of the year 20 876 20 876
Balance at the end of the year 20 876 20 876
Capital redemption reserve fund
Balance at the beginning of the year 4 4
Balance at the end of the year 4 4
Foreign currency translation reserve
Balance at the beginning of the year (12) (147)
Reserve on translation of foreign subsidiary 67 135
Balance at the end of the year 55 (12)
Accumulated loss
Balance at the beginning of the year (35 896) (51 809)
Adjustment in terms of AC 105:
Operating leases - (2 223)
Restated balance at the beginning of the year (35 896) 54 032
Attributable income for the year 15 226 25 317
Ordinary dividend paid (7 181) (7 181)
Balance at the end of the year (27 851) (35 896)
Ordinary shareholders" equity 60 166 52 054
Summarised group cash flow statement
Reviewed Audited
year ended year ended
30 September 30 September
2005 2004
R"000 R"000
Cash flows from operating activities
20 725 23 788
Operating income
Depreciation 7 635 6 711
Other non cash items 1 038 (245)
Changes in working capital 9 257 20 111
Cash generated from operating activities 38 655 50 365
Interest received 4 968 4 800
Preference dividends paid (1 759) (2 075)
Ordinary dividends paid (7 181) (7 181)
Secondary Taxation on Companies (1 114) (1 164)
Net cash inflow/(outflow) from operating
activities 33 569 44 745
Cash flow from investing activities
Additions to property, plant and equipment (7 543) (14 437)
Additions to intangible assets (3 779) -
Acquisition of goodwill (3 000) -
Proceeds on disposal of property, plant
and equipment 639 1 531
Investment in joint venture (120) -
Net cash inflow/(outflow) from investing
activities (13 803) (12 906)
Cash flow from financing activities
Ordinary share capital issued - 40
Preference share capital redeemed (25 000) -
Short term loans repaid - (1 627)
Net cash inflow/(outflow) from financing
activities (25 000) (1 587)
Net (decrease)/increase in cash and
cash equivalents (5 234) 30 252
Cash and cash equivalents
at beginning of year 107 024 76 772
Cash and cash equivalents
at end of year 101 790 107 024
Notes
1. Accounting policies
The accounting policies used in the preparation of the annual financial
statements for the year ended 30 September 2005 are the same as those used in
the audited results for the financial year ended 30 September 2004 with the
exception that goodwill is no longer amortised and fixed escalation operating
leases are recognised on a straight line basis.
The annual financial statements comply with Statements of South African
Generally Accepted Accounting Practice.
2. Basis of accounting
These consolidated results were drawn up in compliance with statement AC 127 of
South African Statements of Generally Accepted Practice and the company has
complied with the requirements of the Companies Act, 1973 (Act 61 of 1973) as
amended.
3. JSE Limited ("JSE")
The directors of the Company ensured compliance with the JSE Listings
Requirements during the year under review.
4. Exceptional items
12 Months 12 months
2005 2004
R"000 R"000
Impairment of Goodwill (1 040) (1 469)
Amortisation of Goodwill - (982)
Computer implementation costs (1 362) (1 805)
Other 266 326
Acquisition costs (391) -
Deferred tax change - 3 000
(2 527) (930)
Chief Executive Officer"s report
Overview
While the past year has been a demanding one for the South African travel
industry, Cullinan has performed well in difficult circumstances. The
outbound and touring divisions both enjoyed growth in a static market, while
profits for the inbound and travel divisions were slightly lower than last
year. The overall group profit before tax and exceptional items fell by just
under 3%.
In terms of the new GAAP requirements a provision for taxation has been
created. This has had the effect of reducing both headline earnings and
retained earnings. These provisions however are notional and have had no
effect on the cash flow which remains positive.
The comparative results for the year are:
- Profit before tax and exceptional items was 2,7% lower than last year.
- Operating cash flows remained strong with cash balances at year end
totalling
- R101.8 million.
- Headline earnings were 32,6% lower than the past year.
- Attributable earnings were 39,86% lower than the past year.
Operations
Thompsons Tours (the Outbound Division)
The Outbound Division is a travel wholesaler that caters for the travel and
holiday requirements of people living in Southern Africa. This division enjoyed
a good year improving both sales and profits. The Thompsons brand is a market
leader and sales continue to grow to most destinations. During the year further
developments were made to the electronic reservation systems, which are
starting to make a significant contribution to both efficiency and
productivity of this division.
Thompsons Africa (the Inbound Division)
The Inbound Division is a tour wholesaler and destination marketing organisation
that markets Southern Africa to the rest of the world. Turnover from
its major markets in Germany and the Netherlands declined because customers
were not able to secure the necessary air capacity at realistic prices. This
resulted in our product being out priced by competitive destinations such as
the Far East and Brazil. Improved performances from America, Britain and the
Middle East were experienced.
Thompsons Touring
The Touring Division, which provides escorted tours, open vehicle game drives
in the National Parks, excursions, overnight tours and sightseeing, continues
to expand with increased profits. The new offices at Victoria Falls and
Windhoek are both doing well as are all of the locations in South Africa.
Opportunities to expand this division further within Africa are being actively
pursued.
Retail Travel
The corporate division has had a difficult year. In line with strong consumer
demand the leisure division had a better year with increased sales and profits.
Pentravel
Pentravel opened two new shops during the year which brings the total to 20 in
the chain of Retail travel agents which are located in the premier shopping
malls in South Africa. The year was one of consolidation and it is now well
placed to take advantage of the growing leisure travel market in the country.
Manex
Manex supplies the yacht building industry which is mainly located in the Cape.
The industry, where sales are heavily dependent on the rate of exchange, is
slow and Manex has not shown any growth as a consequence.
Prospects
The availability of well priced air seats into South Africa is a pre-requisite
for growth in our Inbound Division which is a major contributor to profits. The
arrival of new carriers, particularly from the Middle East, may help to
ease the congestion on the European routes which are our primary source of
business. The other divisions are well placed to take advantage of the consumer
boom in South Africa.
AA Thompson M Ness
Chief Executive Officer Chairman 14 December 2005
Auditors
BDO Spencer Steward (Jhb) Inc. will continue to act as auditors to the Company.
A preliminary audit review report is available for inspection. The audited
annual financial statements will be mailed to shareholders in December 2005.
Sponsor
LPC Manhattan Moela (Pty) Ltd
4th Floor, Hyde Park Corner
Jan Smuts Avenue, Hyde Park
(Registration number 2001/009215/07)
Directors
MA Ness (Chairman)*, VET O"Hana , DD Hosking **, Mr Bagus, GB Tollman ***,
AA Thompson, QA Southey, LA Pampallis
Company Secretary: QA Southey
* British ** New Zealand *** USA Non-Executive
Registered office
1st Floor, Dunkeld West Centre
277 Jan Smuts Avenue
Dunkeld West
Transfer secretaries
Computershare Investor Services 2004 (Pty) Limited
Ground Floor
70 Marshall Street
Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
For further information on group activities, please write to:
The Group Secretary
Cullinan Holdings Limited
PO Box 41032
Craighall, 2024
Date: 14/12/2005 05:20:33 PM Produced by the JSE SENS Department
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