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COM
COM
COM - Comair - Unaudited interim results: six months ended 31 December 2006
Comair Limited
(Registration number 1967/006783/06)
(Incorporated in the Republic of South Africa)
ISIN number: ZAE000029823
Share Code: COM
(Comair or "the Company")
Unaudited Interim Results for the six months ended 31 December 2006
Commentary
Performance review
Attributable earnings for the six months increased by 95% to R52 million
(comparative period: R27 million) despite a record high average fuel price
adding R60 million to operating costs. Headline earnings per share of 13.1
cents represent an increase of 96% on the comparative period earnings of 6.7
cents.
The strength of our British Airways and kulula.com brands, along with a
consistent focus on customer service, has driven revenue growth in excess of the
industry average. Turnover increased by 16% to R1,1 billion through growth in
passenger volumes, occupancy levels and yields.
The fleet replacement programme continued to improve operating efficiencies
while enhancing the potential for revenue growth. A further Boeing 737-400 was
purchased for cash during the period, and we plan to upgrade three additional
aircraft to more modern and efficient models during the remainder of the
financial year. The balance sheet remains strong with cash on hand of R 271
million
Prospects
The launch of a third state owned, no frills airline, has further increased
competition in the already overtraded domestic market. This will add downward
pressure on ticket prices and occupancy levels for the privately owned airlines
as well as for the state owned airlines. On a positive note, early indications
are that there may be some relief on the fuel price for the second half of the
year, and we will continue to realise the benefits of the fleet upgrade
programme.
The key to overcoming the industry challenges remains our ability to attract,
develop and retain the best people. We expect that the strength of our brands
and quality of our people will continue to deliver the high levels of service
that will ensure a successful 2007 financial year.
Dividends
No interim dividends have been declared as it is company policy to declare one
dividend annually in September.
Basis of preparation
In terms of the listing requirements of the JSE Limited, the Group is required
to prepare the consolidated financial statements in accordance with
International Financial Reporting Standards ("IFRS"). The accounting policies
used in the preparation of these results are consistent in all material respects
with those used in the annual financial statements for the year ended 30 June
2006.
Abridged Group Income
Statement
Unaudited Unaudited Audited
Six six year to
months months
31 Dec 31 Dec 30 June
2006 2005 2006
R `000 R `000 R `000
Revenue
1,127,864 973,783 1,973,245
Operating expenses
1,043,863 922,989 1,840,099
Profit from
operations 84,001 50,794 133,146
Net investment
expense (5,436) (7,641) (17,272)
Profit before
taxation 78,565 43,153 115,874
Taxation
(26,319) (16,385) (37,074)
Attributable earnings
52,246 26,768 78,800
Earnings per share
(cents) 13.1 6.7 19.7
Headline earnings per
share (cents) 13.1 6.7 19.7
Diluted earnings per
share (cents) 12.6 6.6 19.5
Diluted headline earnings per
share (cents) 12.6 6.6 19.5
Weighted ordinary shares in
issue (`000) 399,517 399,440 399,412
Diluted weighted ordinary
shares in issue (`000) 416,032 403,610 403,364
Depreciation (R `000)
44,288 36,366 76,161
Interest expense (R
`000) 18,269 15,607 34,300
Abridged Group
Balance Sheet
ASSETS
Property, plant and
equipment 587,886 516,630 503,455
Unlisted investments
78,030 56,610 67,320
Current assets
399,785 370,909 488,777
1,065,701 944,149 1,059,552
EQUITY AND
LIABILITIES
Share capital and
reserves 375,906 287,028 368,061
Interest-bearing
liabilities 280,879 313,042 296,281
Deferred taxation
14,787 10,744 5,128
Current liabilities
394,129 333,335 390,082
1,065,701 944,149 1,059,552
Unaudited Unaudited Audited
Six six year to
months months
31 Dec 31 Dec 30 June
2006 2005 2006
R `000 R `000 R` 000
Headline earnings
Earnings attributable to
ordinary shareholders 52,246 26,768 78,800
Deduct profit on sale of property,
plant and equipment - - (45)
Headline earnings attributable
to Ordinary Shareholders 52,246 26,768 78,755
Abridged Group Cash Flow
Statement
Cash and cash equivalents at
the beginning of the period 318,979 215,672 215,672
Cash from operations and
investment income 151,987 99,681 205,423
Dividends paid
(27,959) (27,961) (27,960)
Taxation paid
(18,212) (12,805) (21,659)
Cash utilised in
investing activities (138,688) (133,360) (170,644)
Net cost of share
trust purchases (179) (14,024) (4,340)
(Decrease)/ increase in
interest bearing liabilities (15,402) 135,302 122,487
Cash and cash equivalents at
the end of the period 270,526 262,505 318,979
Abridged Group Statement of
Changes in Equity
Share Share Hedging Retained
premium reserve income Total
capital
R `000 R `000 R `000 R` 000 R` 000
Balance at 1 July
2006 3,994 8,042 22,556 333,469 368,061
Profit for the six
months - - - 52,246 52,246
Dividends paid during
the six months - - - (27,959) (27,959)
Net cost of share
trust purchases - - - (179) (179)
"A" Class Share issue
741 - - - 741
Realisation of
hedging reserve - - (17,004) - (17,004)
Balance at 31
December 2006 4,735 8,042 5,552 357,577 375,906
By order of the board
D Novick G.S. Novick E.R. Venter
Chairman Joint CEO Joint CEO
7 February 2007
Company Secretary
D. Borer
1 Marignane Drive
Bonaero Park, 1619
PO Box 7015, Bonaero Park, 1622
Transfer office
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street
Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Sponsor: Nedbank Capital
Date: 07/02/2007 07:00:01 Produced by the JSE SENS Department.
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