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SNV
SNV
SNV - Santova - Interim results for the twelve months ended 31 December 2006
Santova Logistics Ltd
(formerly Spectrum Shipping Ltd)
(Registration number: 1998/018118/06)
(Share code: SNV & ISIN number: ZAE000090650)
INTERIM RESULTS FOT THE TWELVE MONTHS ENDED 31 DECEMBER 2006
INCOME STATEMENT
REVIEWED AUDITED
Twelve months Twelve months
ended ended
31 Dec 2006 31 Dec 2005
Group Group
R`000 R`000
Turnover 86 420 31 009
Gross billings 1 113 484 552 436
Cost of billings (1 027 064) (521 427)
Operating income 14 341 6 629
Depreciation (1 376) (927)
Net finance costs (7 221) (3 532)
Profit before taxation 5 744 2 170
Income tax expense (1 977) (787)
Profit for the period 3 767 1 383
Attributable to:
Equity holders of the parent 3 761 1 383
Minority interest 6 -
Shares in issue (000`s) 1 057 000 849 000
Earnings per share (cents) 0,42 0,16
Headline earnings per share (cents) 0,41 0,16
Diluted earnings per share (cents) 0,39 0,15
Reconciliation between
earnings and headline earnings
Profit attributable to ordinary
shareholders 3 761 1 383
Profit on sale of fixed assets (25) (54)
Taxation effects 7 16
Headline earnings 3 743 1 345
BALANCE SHEET
REVIEWED AUDITED
Twelve months Twelve months
ended ended
31 Dec 2006 31 Dec 2005
Group Group
R`000 R`000
ASSETS
Non-current assets 54 752 5 724
Plant and equipment 9 120 1 759
Goodwill 38 605 265
Loans receivable 4 549 1 022
Deferred taxation 2 478 2 678
Current assets 340 194 145 369
Trade and other receivables 325 819 125 219
Other current assets 29 -
Financial assets 170 -
Cash and cash equivalents 14 176 20 150
Total assets 394 946 151 093
EQUITY AND LIABILITIES
Total equity 62 540 31 039
Share capital and premium 135 415 107 691
Accumulated loss (72 891) (76 652)
Attributable to equity holders of the
company 62 524 31 039
Minority interest 16 -
Non-current liabilities 2 139 -
Long-term borrowings 1 886 -
Deferred taxation 253 -
Current liabilities 330 267 120 054
Trade and other payables 138 653 36 468
Short-term borrowings and overdraft 181 589 80 916
Current tax payable 1 810 -
Provisions 8 215 2 670
Total equity and liabilities 394 946 151 093
CASH FLOW STATEMENT
REVIEWED AUDITED
Twelve months Twelve months
ended ended
31 Dec 2006 31 Dec 2005
Group Group
R`000 R`000
Cash generated by operations
before working capital changes 13 700 6 387
Changes in working capital (13 717) (23 100)
Cash utilised in operating activities (17) (16 713)
Net finance costs (7 221) (3 532)
Net cash flows from operating
activities (7 238) (20 245)
Cash outflows on investing activities (3 585) (598)
Cash outflows on acquisition of
subsidiaries (65 098) -
Cash flows from financing activities (30 726) (1 151)
Net decrease in cash and cash
equivalents (106 647) (21 994)
Cash and cash equivalents at the
beginning of the period (60 766) (38 772)
Cash and cash equivalents at the
end of the period (167 413) (60 766)
STATEMENT OF CHANGES IN EQUITY
Attributable to equity holders of the parent
Share Share Accumulated
capital premium loss Total
R`000 R`000 R`000 R`000
Balance at 01 January 2006
brought forward 849 106 842 (76 652) 31 039
Issue of shares 223 28 445 - 28 668
Minority interest acquired - - - -
Profit for the period - - 3 761 3 761
Treasury shares (15) (929) - (944)
Balance at 31 December 2006 1 057 134 358 (72 891) 62 524
Minority Total
Interest equity
R`000 R`000
Balance at 01 January 2006 brought forward - 31 039
Issue of shares - 28 668
Minority interest acquired 10 10
Profit for the period 6 3 767
Treasury shares - (944)
Balance at 31 December 2006 16 62 540
COMMENTARY
OPERATIONAL REVIEW
The performance of the Group over the twelve month period ending 31 December
2006 has been encouraging, particularly that of the last quarter which
incorporated the newly acquired business of Impson Logistics (Pty) Limited
(formerly Impson Freight (Pty) Limited). Whilst this performance was largely
driven by organic growth and acquisition, the integration of the capabilities,
skills and experience of Impson has, as anticipated, resulted in improved
stability and profitability.
With the combined `bulked` volume of goods now managed in terms of supply chain
logistics, improved economies of scale, together with innovative e- systems and
procedures, have enhanced earnings and this trend is expected to continue.
Whilst re-engineered organisational structures capitalising on the core
competencies and synergies of both companies is not yet complete, the Group has
already benefited from these initiatives to a limited extent and, once fully
operational, they will enhance the quality of earnings even further.
As mentioned in the commentary for the period ending 30 June 2006, the
integration of the businesses of Spectrum and Impson has been the focus of the
Group for the last quarter. Whilst all regions, with the exception of KwaZulu-
Natal, have been successfully merged, the two Durban based businesses will only
be integrated once the move to the new premises takes effect on 26 March 2007.
FINANCIAL REVIEW
The results for the 12 months ended 31 December 2006 are decidedly stronger
than those for the same period last year as a result of strong trade
throughout the Group. In terms of IFRS 3, the results of the two newly
acquired subsidiaries have been consolidated only from the date that all the
suspensive conditions contained in the sale agreements were met. This
represents four and three months` trade respectively from Impson Logistics
(Pty) Limited and Leading Edge Insurance Brokers (Pty) Limited.
The Group EPS has improved from 0,16 cents to 0,42 cents, an increase of 163%
using a weighted average number of shares in issue of 907 513 667. This is
supported by a sizable increase in turnover of 179%. Cashflow has been kept
well under control, with improved credit vetting and collections throughout
the Group. The cash and cash equivalents increase in borrowings of the Group
have improved in relation to the increase in gross billings. The Group`s
borrowing facilities are well within their limits. The net effect on the Group
balance sheet has been an increase of total equity by 101%.
Shareholders are reminded that the financial year-end of the Group has been
changed from December to February and that the February 2007 financial results
will reflect 14 months` trade. Shareholders are also reminded that January and
February are seasonally low months for the retail logistics industry.
ACCOUNTING POLICIES
The condensed interim financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRS).
CHANGE OF NAME
At the general meeting held on 26 January 2007 shareholders approved the change
of name of the company from Spectrum Shipping Limited to Santova Logistics
Limited. The special resolution was registered by Cipro on 31 January 2007.
DIVIDENDS
In line with the company`s policy, no interim dividend has been declared.
For and on behalf of the board
S Zulu G H Gerber
Chairman Chief Executive Officer
23 February 2007
REGISTERED OFFICE AND POSTAL ADDRESS
88 Point Road, Durban. PO Box 6148, Durban, 4000
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Pty) Limited, 70 Marshall Street,
Marshalltown, 2107
AUDITORS
Marwick & Company Inc.
DESIGNATED ADVISOR
River Group
EXECUTIVE DIRECTORS
S J Chisholm (FD), S Donner, G H Gerber (CEO), M F Impson,
TR Mezher, R Singh
NON-EXECUTIVE DIRECTORS
S Zulu (Chairman), M Tembe
COMPANY SECRETARY
J A Lupton, ACIS
A review report is available for inspection at the company`s registered office.
www.santova.com
Date: 23/02/2007 08:10:01 Produced by the JSE SENS Department.
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