Sharenet Sites 
Sharenet Sites
Transpaco Limited - Reviewed Group Results For The Year Ended 30 June 2002 Transpaco Limited Reg.No. 1951/000799/06 ISIN: ZAE000007480 JSE Share code: TPC REVIEWED GROUP RESULTS FOR THE YEAR ENDED 30 JUNE 2002 CONSOLIDATED INCOME STATEMENT Reviewed Audited 12 Months % 12 Months
R000`s June-2002 Change June-2001 Turnover 280 190 12 250 675 Cost of sales 186 889 10 169 881 Gross Profit 93 301 15 80 794 Operating costs 63 586 (7) 68 257 Operating income before depreciation & finance costs 29 715 137 12 537 Depreciation 8 506 11 7 439 Net finance charge 4 805 (20) 5 999 Income/(loss) before taxation 16 404 (901) Taxation 5 247 (237) Income/(loss) after taxation 11 157 (664) Exceptional item (note 1) - 516 Attributable income/(loss) after taxation 11 157 (148) No. of ordinary shares in issue (000`s) 30 108 30 108 Earnings/(loss) per share (cents) 37,1 (0,5) Headline earnings/(loss) per share (cents) 37,5 (2,4) Reconciliation of headline earnings (R0001s) Basic earnings/(loss) 11 157 (148) Impairment cost of assets 175 - Exceptional item - (516) Surplus on disposal of plant and equipment (50) (56) Headline earnings/(loss) 11 282 (720) CONSOLIDATED BALANCE SHEET R000`s June-2002 June-2001 ASSETS Non-current assets 57 845 65 223 Property, plant and equipment 55 406 62 424 Deferred taxation 1 702 1 730 Intangibles 737 1 069 Current assets 85 679 82 226 Inventories 24 331 22 029 Accounts receivable 58 761 56 499 Taxation 2 549 3 657 Cash resources 38 41 TOTAL ASSETS 143 524 147 449 EQUITY AND LIABILITIES Capital and reserves 72 596 61 439 Issued capital 301 301 Reserves 5 525 5 525 Accumulated profit 66 770 55 613 Non current liabilities 17 691 22 726 Interest bearing borrowings 15 521 21 284 Deferred taxation 2 170 1 442 Current liabilities 53 237 63 284 Trade and other payables 40 280 36 432 Taxation 1 018 706 Bank overdraft 6 074 19 874 Current portion of interest bearing borrowings 5 865 6 272 TOTAL EQUITY AND LIABILITIES 143 524 147 449 Number of shares in issue(000`s) 30 108 32 711 Repurchase of shares(000`s) (note 2) - 2 603 Ranking number of shares(000`s) 30 108 30 108 Net asset value per share (cents) 241 204 Notes: 1. Profit on sale of BubblePac division. 2. A wholly owned division of Transpaco purchased 2 602 777 Transpaco shares with effect from 1 October 2000, in terms of the specific authority approved by shareholders on 17 January 2001. ABRIDGED CONSOLIDATED CASH FLOW 12 Months 12 Months
R000`s June-2002 June-2001 Operating cash flow 29 841 12 481 Proceeds Bubble Pac - 516 Movement in working capital (716) (514) Net interest paid (4 805) (5 999) Taxation paid (3 072) (4 549) Dividend paid - (1 635) Cash generated from operating activities 21 248 300 Net (outflow)/inflow from financing activities (6 170) 7 429 Net fixed assets acquired (1 281) (17 625) Net movement in cash for the period 13 797 (9 896) Opening net cash resources (19 833) (9 937) Closing net cash resources (6 036) (19 833) STATEMENT OF CHANGES IN EQUITY 12 Months 12 Months R000`s June-2002 June-2001 Opening balance 61 439 66 846 Prior year adjustment - depreciation of buildings - (835) Earnings attributable to shareholders 11 157 (148) Repurchase of share capital & share premium - (4 424) Closing balance 72 596 61 439 TRANSPACO LIMITED Transpaco manufactures and distributes plastic and packaging products with its business activities being conducted mainly in South Africa and exports into Africa. BUSINESS REVIEW At the beginning of this reporting period the Group set objectives of increasing turnover and margin, reducing costs and improving working capital management. All of these have been achieved. Turnover increased 12% from R250 million to R280 million. Operating income rose by 137% from R12,5 million to R29,7 million translating into attributable income of R11,1 million (R148 000 loss). Headline earnings per share improved to 37,5 cents from a loss of 2,4 cents. Net asset value per share increased to 241 cents from 204 cents. The group generated cash from operations of R21,2 million which reduced gearing to 38% (76%) ACCOUNTING POLICY This report is prepared using accounting policies consistent with those applied in the last annual report and in conformity with South African Statements of Generally Accepted Accounting Practice except for the application of AC123-property plant and equipment regarding buildings which were previously considered to be investment properties and not depreciated. The impact of the change in accounting policy is a reduction of R835 275 in the opening accumulated profit. In the period under review an amount of R211 000 is included in depreciation. PROSPECTS The group moves into the new financial year with confidence as profitability and cash flow continue to improve. Although economic and trading conditions remain difficult, all divisions in the group are profitable and well positioned for continued improvement. Transpaco is budgeting for real earnings growth and further positive cash flow for the year ahead. DIVIDEND Notwithstanding the improved financial position and the prospects going forward, the directors consider it prudent not to declare a dividend at this stage but to use the cash flow to further reduce interest bearing debt and fund growth. REVIEW OF INDEPENDENT AUDITORS The group`s auditors Ernst & Young have reviewed the group`s results. Their unqualified review report is available for inspection at the company`s registered office. DIRECTORATE On 21 June 2002 Mr JL Pamensky resigned as a non executive director and thank him for his valuable contribution. JSE Security Exchange classification Transpaco is currently listed under BASIC INDUSTRIES - CHEMICALS. Application has been made to re-classify the company under CYCLICAL SERVICES - SUPPORT SERVICES. On behalf of the Board: PN Abelheim SL Chaitel Chairman & Chief Executive Financial Director 26 August 2002 Directors: PN Abelheim; AJ Aaron*; HA Botha; JS Botha; SR Bouzaglou; SL Chaitel; DR Hilewitz*; SI Jacobson*; AC Salomon* *Non executive
Auditors: Ernst & Young Registered Office: Transfer Secretaries: 331 Sixth Street Computershare Investor Services Limited Wynberg Diagonal Street Sandton Johannesburg Date: 26/08/2002 05:10:00 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department
