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Condensed Preliminary Reviewed Results For The Year Ended 30 June 2012 And Cash Dividend Declaration
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")
CONDENSED PRELIMINARY REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2012
AND CASH DIVIDEND DECLARATION
Commentary
The results for the year under review are characterised by a good
operational performance with a pleasing 14% increase in revenue and a 34%
increase in operating profit. The primary contributors to the increase in
revenue were higher volumes at existing clients and an increase in Edi
Enterprise revenues, resulting from successful implementations at new
customers. Increased Edi Enterprise revenues also made a positive
contribution of R0.8 million (2011– a R2.2 million loss).
Profit for the year of R10,2 million (2011 –R7,8 million) was achieved after
a charge of R0.7 million for STC (2011—R0,6 million), arising from the
payment of a dividend during the year.
Cash generation remains strong with cash generated by operations amounting
to 119% (2011—139%) of operating profit. Dividend payments remain at very
satisfactory levels.
Prospects
The strong second half performance from core activities has continued into
the new year. The Edi Enterprise division is gaining momentum with three new
implementations commencing towards the end of the financial year. Five
further installations are already scheduled for the new financial year.
Management continue to focus on maintaining the operating margin at a
satisfactory level.
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE
2012 2011 % Increase
[reviewed] [audited]
R'000 R'000
Revenue 63 303 55 503 14
Operating costs (49 405) (45 119) 9
- Distribution (36 594) (33 455)
- Administration (12 315) (10 747)
- Other (496) (917)
2012 2011 % Increase
[reviewed] [audited]
R'000 R'000
Operating profit 13 898 10 384 34
Net finance income 900 980 (8)
- Finance income 900 1 072
- Finance expense - (92)
Share of losses of equity accounted (162) (400)
investee
Profit before income tax 14 636 10 964 33
Income tax expense (4 413) (3 155)
Income tax - Normal and deferred (3 667) (2 534)
Income tax - STC (Secondary Tax on (746) (621)
Companies)
Profit and total comprehensive income 10 223 7 809 31
for the year
Basic earnings per share [cents] 24.7 18.9 30
Diluted earnings per share [cents] 24.2 18.5 31
STATEMENT OF FINANCIAL POSITION AT 30 JUNE
2012 2011
[reviewed] [audited]
R'000 R'000
Non current assets 25 001 24 256
Property, plant and equipment 22 479 21 072
Intangible asset 1 705 1 875
Investment in equity accounted investee - 229
Deferred taxation 817 1 080
Current assets 30 149 28 114
Inventory 29 39
Trade and other receivables 9 412 8 315
Income tax receivable 365 350
Cash and cash equivalents 20 343 19 410
Total assets 55 150 52 370
EQUITY AND LIABILITIES
Shareholders' funds 47 695 44 815
Share capital and premium 2 049 1 959
Treasury shares (341) (354)
Reserves 45 987 43 210
Non-current liabilities 2 161 2 168
2012 2011
[reviewed] [audited]
R'000 R'000
Post retirement medical obligations 1 369 1 311
Deferred taxation 792 857
Current liabilities 5 294 5 387
Trade and other payables 5 292 5 218
Income tax payable 2 169
Total equity and liabilities 55 150 52 370
Net asset value per share [cents] 115.0 108.2
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE
Profit before income tax 14 636 10 964
Adjustments for: 2 921 2 328
Non cash items 3 821 3 308
Net finance income (900) (980)
Cash generated by trading operations 17 557 13 292
Increase (decrease) in post retirement medical 58 (88)
obligations
(Increase) decrease in working capital (1 013) 1 212
Cash generated by operations 16 602 14 416
Net finance income 900 980
Finance income 900 1 072
Finance expense - (92)
Income tax paid (4 397) (3 103)
Distributions to shareholders
Dividend paid (7 458) (6 205)
Cash inflow from operating activities 5 647 6 088
Cash outflow from investing activities (4 817) (3 673)
Utilsed to maintain operations :
Acquisition of property, plant and equipment (4 419) (2 649)
Disposal of interest in equity accounted investee (135) -
Increase in investment in equity accounted investee - (366)
Acquisition of intangible assets (304) (699)
Proceeds on disposal of property, plant and 41 41
equipment
Cash inflow from financing activities
Proceeds from the issue of shares 65 40
2012 2011
[reviewed] [audited]
R'000 R'000
38 -
Proceeds from the sale of treasury shares
Increase in cash and cash equivalents 933 2 455
Cash and cash equivalents at the beginning of the 19 410 16 955
year
Cash and cash equivalents at the end of the year 20 343 19 410
STATEMENT OF CHANGES IN EQUITY FOR YEAR ENDED 30 JUNE
Share Share Treasury Non- Retained Share- Total
capital premium shares Distribu earnings based
table payment
reserve reserve
R'000 R'000 R'000 R'000 R'000 R'000 R'000
Balance at 30 417 1 502 (354) 2 903 37 954 726 43 148
June 2010
Total
comprehensive
income for the
year
Profit for the 7 809 7 809
year
Transfer from (45) 45 -
revaluation
surplus
Share issues 1 39 40
Dividends paid (6 205) (6 205)
Share-based 23 23
payment
transaction
Balance at 30 418 1 541 (354) 2 858 39 603 749 44 815
June 2011
Total
comprehensive
income for the
year
Profit for the 10 223 10 223
year
Transfer from (45) 45 -
revaluation
surplus
Sale of 25 13 38
treasury
shares
Share Share Treasury Non- Retained Share- Total
capital premium shares Distribu earnings based
table payment
reserve reserve
R'000 R'000 R'000 R'000 R'000 R'000 R'000
Share issues 1 64 65
Dividends paid (7 458) (7 458)
Share-based 12 12
payment
transaction
Balance at 30 419 1 630 (341) 2 813 42 413 761 47 695
June 2012
RECONCILIATION OF HEADLINE EARNINGS FOR THE YEAR ENDED 30 JUNE
[reviewed] [audited]
R'000 R'000
Profit for the year attributable 10 223 7 809
to ordinary shareholders
Adjusted for:
Loss on disposal of property, 77 -
plant and equipment
Loss on disposal of equity 202 -
accounted investee
Taxation effect (78) -
Headline earnings 10 424 7 809 33
Headline earnings per share 25.1 18.9 33
[cents]
Diluted headline earnings per 24.7 18.5 33
share [cents]
Actual number of shares in issue 41 486 41 409
['000]
Weighted average number of shares 41 451 41 396
in issue ['000]
Diluted weighted average number 42 219 42 228
of shares in issue ['000]
SEGMENTAL REPORT FOR THE YEAR ENDED 30 JUNE
2012 2011 % Increase/
[reviewed] [audited] (decrease)
R'000 R'000
Software rental revenue 48 448 43 090 12
Hardware rental revenue 10 981 10 836 1
Edi Enterprise revenue 2 502 378 562
Other revenue 1 372 1 199 14
Total revenue 63 303 55 503 14
Segment profit - Software 23 079 20 581 12
Segment profit - Hardware 2 436 2 705 (10)
Segment profit – EdiEnterprise 766 (2 212) (135)
Segment profit - Other (12 383) (10 690) 16
Total operating profit 13 898 10 384 34
Operating margin 22% 19%
Basis of preparation
The preliminary condensed consolidated financial statements for the year
ended 30 June 2012 have been prepared and presented in accordance with
requirements of International Accounting Standard (“IAS”) 34 Interim
Financial Reporting, the AC 500 series issued by the Accounting Practices
Board, the Listings Requirements of the JSE Limited and the South African
Companies Act, no 71 of 2008.
The accounting policies applied in the presentation of the preliminary
condensed consolidated financial statements which comply with
International Financial Reporting Standards are consistent with those applied
for the year ended 30 June 2011, except for a new standard that became
effective on 1 July 2011 , IAS 24: Related party disclosure. The adoption of
this standard had no effect on the results, nor has it required any
restatement of any prior year figures. The preliminary condensed consolidated
financial statements have been presented on the historical cost basis with
the exception of certain fixed property which has been revalued and are
presented in Rand rounded to the nearest thousand, which is the Company’s
functional and presentation currency.
Review report
The preliminary condensed consolidated financial statements of Compu-Clearing
Outsourcing Limited for the year ended 30 June 2012 have been reviewed by the
companies auditor, KPMG Inc. In their review report dated 30 August 2012,
which is available for inspection at the Company’s Registered Office. KPMG
Inc state that their review was conducted in accordance with the
International Standard on Review Engagements 2410, Review of Interim
Information Performed by the Independent Auditor of the Entity, and have
expressed an unmodified opinion on the preliminary condensed financial
statements.
Related party transactions
There has been no significant change in related party relationships since the
prior year. Other than in the normal course of business, there have been no
significant transactions during the year with associate companies, joint
ventures and other related parties.
Ordinary cash dividend declaration
Notice is hereby given of the declaration of an ordinary cash dividend of 25
cents per share (2011 – 18 cents per share) (‘the dividend’). Dividends will
be subject to dividends tax that was introduced with effect 1 April 2012. In
accordance with the JSE listing requirements the following additional
information is disclosed ;the dividend has been declared out of income
reserves; the local dividend tax rate is 15%; there was no secondary tax on
companies (STC) credits utilised; the gross local dividend amount is 25 cents
per ordinary share for shareholders exempt from dividend tax; the net local
dividend amount is 21.25 cents per ordinary share for shareholders liable to
pay dividend tax; the company currently has 41 486 037 shares in issue and
the company’s income tax reference number is 9913001716.
The following salient dates will apply to the dividend:
Last date to trade `cum` the dividend Friday, 19 October 2012
Trading commences `ex` the dividend Monday, 22 October 2012
Record date Friday, 26 October 2012
Date of payment of the dividend Monday, 29 October 2012
Share certificates may not be dematerialised or rematerialised during the
period Monday, 22 October 2012 to Friday, 26 October 2012 both days
inclusive.
Annual General Meeting
The Annual General Meeting of Compu-Clearing will be held at 7 Drome
Road,Lyndhurst, Johannesburg, 2192 at 14h00 on Thursday
29 November 2012.
For and on behalf of the Board
Johannesburg A.Garber J. du Preez
30 August 2012 (Chairman) (Chief Executive)
Directors
A.Garber, J.du Preez, D.E. Cleasby*,A.Katz*, M.Lutrin*,G. McMahon*,
Dr.T.M.Mogale*, C.P. Efthymiades,M.Acosta-Alarcon *(Non-executive)
Registered office:
7 Drome Road, Lyndhurst, 2106
PO Box 890856, Lyndhurst, 2106
Transfer secretaries
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001
Secretary
Lutrin, Abrams
1st Floor Block B, Sandhavon Office Park, 12 Pongola Crescent,
Eastgate Ext 17, Sandton, 2090.
Auditors
KPMG Inc, Registered Auditor,
KPMG Crescent,85 Empire Road, Parktown, 2193.
Private Bag 9,Parkview, 2122
Sponsors
Arcay Moela Sponsors (Pty) Ltd (Registration number 2006/033725/07)
Arcay House II, 3 Anerley Road, Parktown, 2193.
Prepared by:
W Fourie Bcompt (Hons)
Date: 05/09/2012 11:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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