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CCL
CCL
CCL - Compu-Clearing - Reviewed Results For The Six Month Period Ended 31
December 2006
COMPU-CLEARING OUTSOURCING LIMITED
(Registration number 1998/015541/06)
(Incorporated in the Republic of South Africa)
Share Code: CCL & ISIN: ZAE000016564
("Compu-Clearing" or "the Company")
Reviewed results for the six month period ended 31 December 2006
Commentary
It is with pleasure that we present our results for the six month period
that ended 31 December 2006. Although headline earnings have remained
constant, results are good with excellent cash flows notwithstanding
payment of a dividend of 11 cents per share and a distribution of share
premium of 9 cents per share. Whilst we have achieved a pleasing 8%
increase in revenues, the effect on earnings has been impacted by increased
costs. The principal cause of the increase in costs are development and
advertising expenditures incurred on new products. These expenses are of a
non-recurring nature and consequently, we expect operating margins to
improve in the second half. There was a considerable increase in our
business partner expenses, as a result of the lengthy implementation
process at a major new installation. The successful completion of this
project, together with the commencement of revenues therefrom are set to
further strengthen second half performance.
Prospects
The second half, traditionally evidences revenue growth. We expect this to
continue and to be enhanced by the new implementation mentioned above.
Increased contribution from new products and cost reductions are expected
to further strengthen second half performance.
Condensed Balance Sheet
31 31 30 June
December December 2006
2006 2005 (Audited)
(Reviewed) (Reviewed) R`000
R`000 R`000
ASSETS
Non current 14,788 13,578 15,879
assets
Property, 13,569 11,798 14,370
plant and
equipment
Intangible 840 1,396 1,111
asset
Deferred 379 384 398
taxation asset
Current assets 26,619 26,135 29,194
Inventory 69 64 75
Trade and 5,699 5,977 7,183
other receivables
Taxation 805 509 18
receivable
Investments 2,513 5,204 2,296
Cash and cash 17,533 14,381 19,622
equivalents
Total assets 41,407 39,713 45,073
EQUITY AND
LIABILITIES
Equity 37,539 35,295 40,343
Share capital 9,470 12,664 12,461
and premium
Treasury (1,000) (1,917) (804)
shares
Distributable 29,069 24,548 28,686
reserves
Non-current 1,820 1,598 1,824
liabilities
Post 1,597 1,416 1,583
retirement
medical
obligations
Deferred 223 182 241
taxation
liability
Current 2,048 2,820 2,906
liabilities
Trade and 2,048 2,570 2,906
other payables
Taxation - 250 -
payable
Total equity and 41,407 39,713 45,073
liabilities
Net asset value 94.3 91.6 103.9
per share (cents)
Condensed Income Statement
6 months ended Year
ended
% Inc. 31 31 30 June
/ December December 2006
(decr.) 2006 2005 (Audited)
(Reviewed) (Reviewed)
R`000 R`000 R`000
Rental and 8 20,811 19,355 39,759
other revenue
Operating costs 16,617 14,542 30,260
- Distribution 10,526 9,667 21,961
- 5,709 4,793 7,528
Administration
- Other 382 82 771
Operating (13) 4,194 4,813 9,499
profit
Net financing 977 853 1,648
income
- Financial 978 1,061 1,843
income
- Financial (1) (208) (195)
expenses
Profit before (9) 5,171 5,666 11,147
taxation
Taxation- 1,134 1,654 3,082
company
Taxation- STC 538 480 480
(secondary
tax on
companies)
Profit for the (1) 3,499 3,532 7,585
year
Actual number of shares 39,803 38,511 38,836
in issue (`000)
Weighted 39,385 38,494 38,609
average number
of shares in
issue (`000)
Diluted 39,932 40,681 40,589
weighted
average number
of shares in
issue (`000)
Earnings per
share (cents)
Basic (3) 8.9 9.2 19.6
Diluted 1 8.8 8.7 18.7
Ordinary 10 11.0 10.0 10.0
dividend per
share (cents)
Headline
earnings per
share (cents)
Basic (4) 8.9 9.3 19.9
Diluted 0 8.8 8.8 18.9
Reconciliation of headline earnings
6 months ended Year
ended
31 31 30 June
December December 2006
2006 2005 (Audited)
(Reviewed) (Reviewed)
R`000 R`000 R`000
Profit for the 3,499 3,532 7,585
year
Adjusted for :
Loss on disposal 24 50 123
of property,
plant and
equipment
Taxation effect (7) (15) (36)
Headline 3,516 3,567 7,672
earnings
Condensed segment report
6 months ended Year
ended
% Inc. 31 31 30 June
/ December December 2006
(decr.) 2006 2005 (Audited)
(Reviewed) (Reviewed)
Local sources R`000 R`000 R`000
Software 11 15,234 13,691 28,537
rental revenue
Hardware (3) 4,404 4,535 9,064
rental revenue
Other 4 1,173 1,129 2,158
Total revenue 8 20,811 19,355 39,759
Operating (13) 4,194 4,813 9,499
profit
Operating 20% 25% 24%
margin
Condensed Cash Flow Statement
6 months ended Year
ended
31 31 30 June
December December 2006
2006 2005 (Audited)
(Reviewed) (Reviewed)
R`000 R`000 R`000
Operating 4,194 4,813 9,499
profit
Non cash items 1,572 1,302 2,576
Cash generated by 5,766 6,115 12,075
operations
Increase/ (decrease) 14 (60) 107
in post retirement
medical obligations
Decrease / (increase) 632 374 (507)
in working capital
Cash generated 6,412 6,429 11,675
by operations
Net financing 977 853 1,648
income
- Financial 978 1,061 1,843
income
- Financial (1) (208) (195)
expenses
Income tax paid (2,457) (374) (1,516)
Distributions (7,883) (3,847) (3,847)
to shareholders
- Dividends (4,307) (3,847) (3,847)
paid
- Distribution (3,576) - -
of share
premium
Cash (out) / (2,951) 3,061 7,960
inflow from
operating
activities
Cash flow from (666) (1,423) (1,991)
investing
activities
Acquisition of (350) (737) (4,168)
property, plant
and equipment
Acquisition of (99) (65) (110)
intangible
asset
(Acquisition)/ (217) (621) 2,287
disposal of
other
investments
Cash inflow 1,528 149 1,059
from financing
activities
- Issue of shares and
sale of treasury
shares
(Decrease) / Increase (2,089) 1,787 7,028
in cash and cash
equivalents
Cash and cash
equivalents at the
beginning of the
period
19,622 12,594 12,594
Cash and cash 17,533 14,381 19,622
equivalents at the end
of the period
Statement of changes in equity
Share Share Treasury Retained Share- Total
capital premium shares earnings based
payment
reserve
R`000 R`000 R`000 R`000 R`000 R`000
Balance at 30 June 400 12,061 (1,863) 24,380 418 35,396
2005
Sale of treasury 1,059 1,059
shares
Recognised income 7,585 7,585
and expense
Dividends paid (3,847) (3,847)
Share-based payment 150 150
transaction
Balance at 30 June 400 12,061 (804) 28,118 568 40,343
2006
Sale of treasury (196) 1,139 943
shares
New share allotments 6 579 585
Recognised income 3,499 3,499
and expense
Dividends paid (4,307) (4,307)
Distribution of (3,576) (3,576)
share premium
Share-based payment 228 (176) 52
transaction
Balance at 31 406 9,064 (1,000) 28,677 392 37,539
December 2006
Basis of preparation
The condensed financial statements have been prepared in accordance with
International Financial Reporting Standards. The accounting policies
applied are consistent with those reflected in the financial statements for
the year ended 30 June 2006.
Review report
The Group`s auditors KPMG Inc, have reviewed the financial information for
the six months ended 31 December 2006. Their review report is available for
inspection at the registered office of the Company.
Distributions to shareholders
A dividend of 11 cents per share, relating to the 2006 financial year, was
declared during the period. In addition a distribution of share premium of
9 cents per share was made to shareholders.
Notice is hereby given that, in terms of a general authority granted on 25
October 2006, the board of directors has further resolved to distribute to
ordinary shareholders a portion of the share premium account (`the
distribution`). The distribution will amount to 10 cents per ordinary share
(2005: Nil). The following salient dates to the distribution will apply:
Last date to trade `cum` the distribution Thursday,.15 March 2007
Trading commences `ex` the distribution Friday, 16 March 2007
Record date Friday, 23 March 2007
Date of payment Monday, 26 March 2007
Share certificates may not be dematerialised or rematerialised during the
period Friday, 16 March to Friday, 23 March 2007, both days inclusive.
The following table illustrates the effect of the distribution of share
premium on the earnings and net asset value per Compu-Clearing ordinary
share and is based on these reviewed results. These financial effects are
prepared for illustrative purposes only, are the responsibility of the
board and because of their nature, may not give a true indication of the
company`s financial position and results of operations.
Before After Change%
Earnings per share (cents) 8.9 8.5 -4.3
Headline earnings per share (cents) 8.9 8.5 -4.3
Net asset value and net tangible asset 94.3 86.0 -8.8
value per share (cents)
It is assumed that the capital distribution has been paid to shareholders
on 1 July 2006, based on a reduction of R4,003,845 and an after tax
interest rate of 7.48% earned on cash resources.
Compu-Clearing will consider further distributions to shareholders once its
results for the year ended 30 June 2007 have been finalised.
For and on behalf of the Board
Johannesburg A.Garber J. du Preez
2 March 2007 (Chairman) (Chief
Executive)
Directors: A.Garber, J.du Preez, A.Katz*, M.Lutrin*, D. Rosevear*,
Dr.T.M.Mogale*, M.Steele*, A. Webb*, C.P. Efthymiades, M.Acosta-Alarcon
*(Non-executive)
Transfer secretaries: Registered office:
Computershare Investor Services 2004 Limited 7 Drome Road
GroundFloor Lyndhurst, 2192
70 Marshall Street PO Box 890856
Johannesburg, 2001 Lyndhurst, 2106
Date: 01/03/2007 17:00:01 Produced by the JSE SENS Department.
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