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CRG
CRG
Cargo Carriers Limited - Unaudited results for the six months ended
31 August 2006 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
Unaudited results for the six months ended 31 August 2006 and Dividend
Announcement
CONSOLIDATED INCOME STATEMENT Unaudited Unaudited Audited
(R"000) 6 months 6 months year to
ended ended 28/02/2006
31/08/2006 31/08/2005
Turnover 199,756 192,686 353,726
Interest received 3,279 2,405 4,497
Operating and administration (170,528) (163,316) (302,816)
costs
Depreciation (10,472) (8,658) (18,643)
Profit on disposal of tangible 88 626 2,125
assets
Adjustments to value of assets - - 9,115
(Loss)/Income from associates (475) 248 327
and joint venture
Profit from operating 21,647 23,991 48,331
activities
Finance costs (5,932) (4,065) (6,915)
Profit before taxation 15,715 19,926 41,416
Taxation (4,404) (6,754) (9,075)
Net profit of the group 11,312 13,172 32,341
Attributable to:
Ordinary shareholders 11,204 13,093 32,063
Minority shareholders 107 79 278
Net profit for the period 11,312 13,172 32,341
FINANCIAL INFORMATION
Dividend per share (cents)
- paid during the period 22.5 10.0 7.5
- declared after period end 9.5 7.5 22.5
Total dividends 32.0 17.5 30.0
Earnings per share (cents) 57.7 67.5 165.1
Adjustments:
- Profit on sale of tangible (0.3) (2.3) (7.7)
assets
- Loss/(Profit) on sale of - - 1.0
investment in subsidiary
- Write up of investment - - (40.2)
property to fair value
- Impairment of investment - 0.5 1.1
Headline earnings per share 57.4 65.7 119.3
(cents)
Borrowings
Capacity utilised (%) 51 30 7
Total net borrowing capacity 103,302 89,264 99,648
(R"000)
Capital commitments (R"000) 12,174 9,487 11,071
Retirement fund contribution
suspension
contingent liability (R"000) - 10,187 -
Net asset value per share 1,054 915 1,017
(cents)
Ordinary shares in issue 19,406 19,406 19,406
(closing and weighted average)
(000)
SEGMENTAL ANALYSIS (R"000)
Turnover
Industrial 126,866 113,111 220,363
Agricultural 58,744 62,150 90,252
Consumer 6,222 4,528 11,495
Supply chain services 7,924 12,897 31,616
199,756 192,686 353,726
Profit from operating
activities
Industrial 17,540 17,246 43,169
Agricultural 5,191 7,891 13,862
Consumer 247 702 61
Supply chain services (1,332) (1,848) (8,761)
21,647 23,991 48,331
CONSOLIDATED BALANCE Unaudited Unaudited Audited
SHEET (R"000) 6 months 6 months year to
ended ended 28/02/2006
31/08/2006 31/08/2005
Non-current assets
Tangible assets 278,974 240,873 248,074
Deferred taxation 197 435 425
Unlisted investment 0 203 101
Investments in 2,231 2,413 2,321
associates
Investment in joint 3,174 1,073 3,557
venture
Current assets
Receivables and 97,851 71,086 47,693
inventories
Cash resources 34,465 39,854 50,155
416,892 355,937 352,326
Equity
Ordinary shareholders" 204,478 177,529 197,276
equity
Minority shareholders" 2,126 999 2,019
interest
Non-current
liabilities
Deferred taxation 42,646 44,140 40,916
Interest-bearing long- 72,894 56,327 42,808
term loans
Current liabilities
Payables 80,874 66,398 54,714
Interest-bearing 13,873 10,544 14,593
borrowings
416,892 355,937 352,326
CONSOLIDATED CASHFLOW
STATEMENT (R"000)
Operating profit after 29,693 29,127 51,308
non-cashflow items
Increase in working (23,101) (16,127) (3,177)
capital
Cash generated 6,592 13,000 48,131
by/(utilised in)
operations
Interest received 3,279 2,405 4,497
Finance costs paid (5,932) (4,065) (6,915)
Dividends paid (4,366) (1,941) (3,396)
Taxation paid (3,342) (1,699) (4,123)
Cash inflow/(outflow) (3,769) 7,700 38,194
from operating activities
Net cash 24,495 15,030
inflow/(outflow) from 29,366
financing activities
Net cashflow from (41,287) (41,479) (52,207)
investing activities
- Disposal of 573
investment in subsidiary -
- Decrease/(Increase) (0) (4,273)
in loan to joint 321
venture/associates
- Replacement of (47,599) (44,803) (55,464)
tangible assets
- Proceeds on sale of 3,003 6,957
tangible assets 6,312
Cash utilised during (15,690) (9,284) 1,017
period
Net cash at beginning 50,155 49,138 49,138
of period
Net cash at end of 34,465 39,854 50,155
period
MOVEMENT IN EQUITY
(R"000)
Ordinary shareholders"
equity
Equity at beginning of 197,276 166,114
period 166,114
Movement for the
period:
Revaluation of 5,719
tangible assets -
Transfer to deferred (1,658)
taxation -
Foreign currency 364 (1,566)
translation reserve 263
Net profit for the 11,204 13,093 32,063
period
Dividends paid during (4,366) (1,941) (3,396)
the period
204,478 177,529 197,276
Minority interests
Equity at beginning of 2,019 920 920
period
Movement for the
period:
- Disposal of investment in - - 768
subsidiary
- Other movements - - 53
Net profit for the 107 79 278
period
2,126 999 2,019
Basis of Presentation and Accounting Policies
The financial results are prepared in accordance with International
Financial Reporting Standards (IFRS), the requirements of the South
African Companies Act, Act 61 of 1973, and the Listing Requirements of
the JSE Limited ("Listing Requirements"). In terms of the Listing
Requirements the group is required to prepare its consolidated financial
statements in accordance with IFRS from 01 March 2005.
Dividend Declaration
An interim dividend (no. 31) of 9.5 (2005: 22.5) cents per share has been
declared to shareholders recorded in the books of the company at the
close of business on Friday, 15 December 2006. The last date to trade
cum dividend will be Friday, 8 December 2006 and the shares will trade ex
dividend from the commencement of business on Monday, 11 December 2006.
The dividend will be paid on Monday, 18 December 2006. Share
certificates may not be dematerialised/rematerialised between Monday, 11
December 2006 and Friday, 15 December 2006, both days inclusive.
By order of the board
MJ Bolton
Company Secretary
16 October 2006
Directors
S G Chilvers (Chairman), G D Bolton, M J Bolton, A E Franklin, B B
Fraser, V Raseroka
Registered Office
140 North Reef Road
Elandsfontein, 1406
(PO Box 61051, Marshalltown, 2107)
Transfer Secretaries
Computershare Investor Services 2004 (Proprietary) Limited
70 Marshall Street
Johannesburg, 2001
Sponsor
LPC MANHATTAN MOELA
LPC MANHATTAN MOELA (PTY) LIMITED
REGISTRATION NUMBER 2001/009215/07
Website
www.cargocarriers.co.za
Date: 17/10/2006 03:51:04 PM Produced by the JSE SENS Department
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