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SNV - Santova Logistics Limited - Audited abridged group results for the year
ended 28 February 2010
SANTOVA LOGISTICS LIMITED
REGISTRATION NUMBER 1998/018118/06
SHARE CODE SNV
ISIN ZAE000090650
AUDITED ABRIDGED GROUP RESULTS
for the year ended 28 February 2010
STATEMENT OF COMPREHENSIVE INCOME
2010 2009
R`000 R`000
Turnover 98 038 118 229
Gross billings 1 493 371 1 885 240
Cost of billings (1 395 333) (1 767 011)
Other income 1 924 3 582
Depreciation and amortisation (2 669) (1 963)
Administrative expenses (84 875) (93 573)
Operating income 12 418 26 275
Interest received 3 648 3 397
Finance costs (9 213) (18 585)
Profit before taxation 6 853 11 087
Income tax expense (2 666) (3 227)
Profit for the year 4 187 7 860
Attributable to:
Equity holders of the parent 3 748 7 794
Minority interest 439 66
Other comprehensive income
Exchange differences arising from translation of
foreign operations 619 488
Total comprehensive income 4 806 8 348
Attributable to:
Equity holders of the parent 4 367 8 282
Minority interest 439 66
Basic earnings per share (cents) 0,30 0,63
Diluted earnings per share (cents) 0,29 0,62
SUPPLEMENTARY INFORMATION
Reconciliation between earnings and headline earnings:
Profit attributable to equity holders of the parent 3 748 7 794
Loss on disposals of plant and equipment 67 232
Variation of restraint of trade agreement - (4 323)
Cost of variation of restraint of trade agreement - 4 323
Taxation effects (19) 343
Headline earnings 3 796 8 369
Shares in issue (000`s) 1 256 049 1 297 356
Weighted average number of shares (000`s) 1 231 457 1 235 843
Diluted number of shares (000`s) 1 291 038 1 257 873
Shares for net asset value calculation (000`s) 1 216 328 1 200 856
Performance per ordinary share
Basic headline earnings per share (cents) 0,31 0,68
Diluted headline earnings per share (cents) 0,29 0,67
Net asset value per share (cents) 6,60 6,19
Tangible net asset value per share (cents) 3,35 4,03
CONDENSED STATEMENT OF CASH FLOWS
2010 2009
R`000 R`000
Cash generated from operations before working capital
changes 14 605 28 431
Changes in working capital 31 096 35 095
Cash generated from operating activities 45 701 63 526
Interest received 3 634 3 397
Finance costs (8 430) (18 585)
Taxation paid (1 423) (3 380)
Net cash flows from operating activities 39 482 44 958
Cash flows from other investing activities (2 548) (3 321)
Cash outflows from acquisition of subsidiaries (8 428) -
Cash inflow from sale of investment 2 975 -
Net cash flows from investing activities (8 001) (3 321)
Net cash flows from financing activities (34 121) (41 453)
Net (decrease)/increase in cash and cash equivalents (2 640) 184
Effects of exchange rate changes on cash and cash
equivalents 380 488
Cash and cash equivalents at beginning of year 6 582 5 910
Cash and cash equivalents at end of year 4 322 6 582
STATEMENT OF FINANCIAL POSITION
2010 2009
R`000 R`000
ASSETS
Non-current assets 52 297 38 876
Plant and equipment 8 942 8 710
Intangible assets 39 527 25 948
Financial asset 579 164
Deferred taxation 3 249 4 054
Current assets 188 465 219 717
Trade receivables 176 576 203 158
Other receivables 6 911 4 959
Current tax receivable 622 605
Amounts owing from related parties 34 4 413
Cash and cash equivalents 4 322 6 582
Total assets 240 762 258 593
EQUITY AND LIABILITIES
Capital and reserves 80 277 74 366
Share capital and premium 145 579 145 112
Other reserves 132 -
Foreign currency translation reserve 1 148 529
Accumulated loss (67 633) (71 275)
Attributable to equity holders of the parent 79 226 74 366
Minority interest 1 051 -
Non-current liabilities 6 772 5 361
Interest-bearing borrowings 416 79
Long-term provision 2 136 2 252
Financial liabilities 4 206 3 030
Deferred taxation 14 -
Current liabilities 153 713 178 866
Trade and other payables 84 458 78 294
Current tax payable 796 471
Amounts owing to related parties 97 156
Current portion of interest-bearing borrowings 321 379
Financial liabilities 3 485 1 092
Short-term borrowings and overdraft 62 591 95 488
Short-term provisions 1 965 2 986
Total equity and liabilities 240 762 258 593
CONDENSED SEGMENTAL ANALYSIS
South Africa Hong Kong Australia
GEOGRAPHICAL SEGMENTS R`000 R`000 R`000
2010
Turnover (external) 89 458 2 752 2 903
Operating income/(loss) 10 330 641 2 673
Interest received 3 593 22 33
Finance costs (8 718) - (338)
Income tax (expense)/credit (1 964) (101) (673)
Profit/(loss) for the year 3 241 562 1 695
Segment assets 180 174 4 135 12 761
Intangible assets 38 731 - 790
Deferred taxation 2 981 - 268
Total assets 221 886 4 135 13 819
Total liabilities 146 062 2 193 9 238
Depreciation and amortisation 2 142 18 453
Capital expenditure 2 054 - 2 311
2009
Turnover (external) 109 651 2 378 -
Operating income/(loss) 26 733 616 -
Interest received 3 367 30 -
Finance costs (18 423) (42) -
Income tax (expense)/credit (2 675) (98) -
Profit/(loss) for the year 9 002 506 -
Segment assets 224 111 3 560 -
Intangible assets 25 293 - -
Deferred taxation 4 054 - -
Total assets 253 458 3 560 -
Total liabilities 180 364 1 767 -
Depreciation and amortisation 1 874 20 -
Capital expenditure 2 831 20 -
Europe Group
GEOGRAPHICAL SEGMENTS R`000 R`000
2010
Turnover (external) 2 925 98 038
Operating income/(loss) (1 226) 12 418
Interest received - 3 648
Finance costs (157) (9 213)
Income tax (expense)/credit 72 (2 666)
Profit/(loss) for the year (1 311) 4 187
Segment assets 916 197 986
Intangible assets 6 39 527
Deferred taxation - 3 249
Total assets 922 240 762
Total liabilities 2 992 160 485
Depreciation and amortisation 56 2 669
Capital expenditure 130 4 495
2009
Turnover (external) 6 200 118 229
Operating income/(loss) (1 074) 26 275
Interest received - 3 397
Finance costs (120) (18 585)
Income tax (expense)/credit (454) (3 227)
Profit/(loss) for the year (1 648) 7 860
Segment assets 920 228 591
Intangible assets 655 25 948
Deferred taxation - 4 054
Total assets 1 575 258 593
Total liabilities 2 096 184 227
Depreciation and amortisation 69 1 963
Capital expenditure 8 2 859
Freight forwarding
and clearing Insurance Group
BUSINESS SEGMENTS R`000 R`000 R`000
2010
Profit for the year 3 939 248 4 187
Total assets 237 204 3 558 240 762
Total liabilities 158 490 1 995 160 485
2009
Profit for the year 7 220 640 7 860
Total assets 256 678 1 915 258 593
Total liabilities 183 627 600 184 227
STATEMENT OF CHANGES IN EQUITY
Attributable to equity holders of the parent
Share Share Treasury Treasury
capital premium share capital share premium
R`000 R`000 R`000 R`000
Balances at 29
February 2008 1 367 158 285 (45) (4 491)
Total comprehensive
income - - - -
Issue of share capital 8 1 277 - -
Equity recognised
on share commitments - - - -
Shares returned in
terms of variation of
restraint of trade
agreement (47) (4 620) - -
Repurchase of
shares in terms of
share commitments (31) (3 102) - -
Share commitments
lapsed - - - -
Purchase of
remaining interest
in subsidiary - - - -
Shares returned in
terms of employee
share scheme - - - (15)
Minority interest
allocated against
equity of the parent - - - -
Balances at 28
February 2009 1 297 151 840 (45) (4 506)
Total comprehensive
income - - - -
Transfers of
contingency reserve - - - -
Issue of share
capital 61 4 835 - -
Repurchase of
shares in terms of
share commitments (11) (1 106) - -
Repurchase of
unallocated shares in
Share Trust (45) (4 506) 45 4 506
Repurchase of shares
previously allocated
to beneficiaries in
Share Trust (46) (4 383) - -
Minority interest
arising on 25% sale
of subsidiary - - - -
Reversal of minority
interest allocated
against parent - - - -
Balances at 28
February 2010 1 256 146 680 - -
Foreign
currency
Share Other translation Accumulated
commitments reserves reserve loss
R`000 R`000 R`000 R`000
Balances at 29
February 2008 1 285 - 41 (79 043)
Total
comprehensive income - - 488 7 794
Issue of share capital (1 285) - - -
Equity recognised
on share commitments (13 831) - - -
Shares returned in
terms of variation of
restraint of trade
agreement - - - -
Repurchase of
shares in terms of
share commitments 3 133 - - -
Share commitments
lapsed 7 224 - - -
Purchase of
remaining interest
in subsidiary - - - -
Shares returned in
terms of employee
share scheme - - - -
Minority interest
allocated against
equity of the parent - - - (26)
Balances at 28
February 2009 (3 474) - 529 (71 275)
Total
comprehensive income - - 619 3 748
Transfers of
contingency reserve - 132 - (132)
Issue of share capital - - - -
Repurchase of
shares in terms of
share commitments 1 117 - - -
Repurchase of
unallocated shares in
Share Trust - - - -
Repurchase of
shares previously
allocated
to beneficiaries
in Share Trust - - - -
Minority interest
arising on 25%
sale of subsidiary - - - -
Reversal of
minority interest
allocated against parent - - - 26
Balances at 28
February 2010 (2 357) 132 1 148 (67 633)
Minority Total
Total interest equity
R`000 R`000 R`000
Balances at 29 February 2008 77 399 39 77 438
Total comprehensive income 8 282 66 8 348
Issue of share capital - - -
Equity recognised on share commitments (13 831) - (13 831)
Shares returned in terms of variation of
restraint of trade agreement (4 667) - (4 667)
Repurchase of shares in terms of
share commitments - - -
Share commitments lapsed 7 224 - 7 224
Purchase of remaining interest in
subsidiary - (131) (131)
Shares returned in terms of employee
share scheme (15) - (15)
Minority interest allocated against
equity of the parent (26) 26 -
Balances at 28 February 2009 74 366 - 74 366
Total comprehensive income 4 367 439 4 806
Transfers of contingency reserve - - -
Issue of share capital 4 896 - 4 896
Repurchase of shares in terms of
share commitments - - -
Repurchase of unallocated shares in
Share Trust - - -
Repurchase of shares previously allocated
to beneficiaries in Share Trust (4 429) - (4 429)
Minority interest arising on 25% sale
of subsidiary - 638 638
Reversal of minority interest allocated
against parent 26 (26) -
Balances at 28 February 2010 79 226 1 051 80 277
COMMENTARY
GROUP PROFILE
Santova Logistics Ltd ("Santova Logistics" or "the Company") and its subsidiary
companies ("Santova" or "the Group"), operating out of South Africa, Hong Kong,
Australia, the United Kingdom and the Netherlands, provide integrated
"end-to-end" logistics solutions for importers/exporters and consumers
worldwide.
OPERATIONAL REVIEW
Santova was not immune to the global economic downturn, which significantly
affected all the world`s economies, particularly South Africa. In the first six
months of calendar 2009, South Africa`s gross domestic product showed negative
growth of 6,4% for the first quarter and negative 3,0% for the second quarter.
Consequently, even the moderate economic recovery experienced in the fourth
quarter of the year was not sufficient to ensure sustainable year-on-year
growth.
Group consolidated turnover was R98,0 million and profit after tax R4,2
million. Compared to the same period last year, this amounted to a decrease of
17,1% and 46,7% respectively, attributable in the main to the global economic
downturn, which resulted in reduced trade volumes and significantly diminished
margins. Whilst decisive actions were taken to realign the business with
falling activity levels, the cost reduction exercise implemented in July
resulted in a 15,2% or R14,6 million saving in administrative expenses. It is
important to point out, however, that the full effect or benefit of this
exercise was only apparent in the final six months of the financial year.
Whilst Santova`s results were to a large extent affected by reduced trade
volumes and freight buy and sell rates, currency fluctuation also had a
significant impact on earnings.
Freight buy and sell rates (profit margin): In response to diminishing ocean
volumes, ocean carriers removed significant capacity from the market and
introduced price increases in the latter quarter of calendar 2009. This
resulted in previously favourable buying opportunities for the Group being
limited to a large extent and margins associated with buying and selling of
space on vessels to clients being significantly eroded. These price increases
were to a great extent absorbed by the Group and margins will be recovered
going forward as the pricing structure in the industry stabilises.
Currency fluctuations: A predominant portion of the Group`s revenue is derived
from fees based on the weighted Rand value of goods, which is adversely
affected by a strong Rand against the US Dollar. This effect is compounded even
further as the differential between the buy and sell rate (profit margin) is
also accounted for in US Dollars. As can be noted, this situation prevailed for
most of financial 2010 and is still in play at present.
Despite these unprecedented trading conditions, the Group displayed resilience
and continued to build on its sound business model and operational capability.
This view was reinforced by the fact that whilst net earnings attributable to
shareholders in the first six months of this financial year were 88,2% down
compared to the same period in the 2009 financial year, earnings attributable
to shareholders for the full year ending February 2010 were only 51,9% down on
the previous year.
South Africa
Impson Logistics (Pty) Ltd ("Impson")
In spite of difficult trading conditions, our South African logistics business
benefited from the mid-year cost reduction exercise and went on to produce much
improved results during the second half of the financial year. This business
has evolved into a meaningful player in the logistics industry whose
capability, particularly through improved intelligent information technological
solutions, has delivered truly effective supply chain management solutions for
clients.
The focus of South African companies is more than ever on being more
competitive in what is still a flat to moderate economic climate. According to
the 2010 edition of supplychainforesight, issues coming to the fore are
strategic alignment of the supply chain with business strategy, lead time
reduction and technology deployment; all of which will promote the opportunity
for our logistics business to assist clients in their recovery from the
recession. In fact, this is supported by the number of new clients that have
been contracted in over the last year and whose supply chains have been
analysed and improved upon by subjecting them to detailed analysis of every
conceivable aspect of the supply chain, whilst also clearly defining roles,
structures, systems, work flow processes and standards of delivery.
The South African operation still continues to provide the "hub" of development
and support for the Group`s business worldwide.
Leading Edge Insurance Brokers (Pty) Ltd ("Leading Edge")
The insurance arm of the Group did not escape the effects of the recession.
Whilst this business managed to acquire a significant number of quality new
clients during the course of the year, this progress was offset by restructures
(down-sizing) and cancellations (due to affordability) of clients trying to
survive the times. Furthermore, closely aligned to the Group`s shipping
activities, the revenue of this business derived from marine insurance was
adversely affected by the reduced volumes shipped.
During the year Leading Edge acquired the business of Standard Insurance
Consultants. This is a Durban based short-term insurance business which
was acquired as a going concern. This business was only fully incorporated
into Leading Edge in the month of September and will serve to bulk-up
the current book of Leading Edge, which will benefit from economies of scale.
Looking ahead, the Group expects a relatively quick recovery and the
restoration of good earnings from our insurance arm.
Hong Kong
The effect of the world recession on Hong Kong was not as severe as that in
South Africa. The earnings for this business are modestly up on last year
(11,2%) and the acquisition of new clients, predominantly sourced by our
offices globally, continued at an impressive rate. As mentioned previously, the
ability of the Group to facilitate, control and manage end-to-end comprehensive
supply chain logistics at source for clients is of great strategic value. This
is becoming more and more apparent as the Group expands internationally.
Australia
The disclosures in terms of IFRS 3 on the acquisition of McGregor Sea and Air
Services Pty Ltd were disclosed in our 31 August 2009 Group interim results
announcement, dated 30 October 2009. Considering the circumstances in which the
Australian operation has had to perform, the performance of this office during
the first year under the Santova umbrella is pleasing. This observation is even
more relevant when one takes cognisance of the additional expenditure incurred
during this first year as a direct result of its integration into the Santova
Group. Additional systems, procedures, controls and the upgrade of
infrastructure and resources were introduced to ensure that the business was
aligned to meet the standards and controls that are expected of a listed
company. To this end, this business is now well placed to progress to its next
level of development. The recent acquisition of Freight Matters, a small
clearing business, by the Australian entity will further enhance its earnings
in the year ahead.
Europe
United Kingdom
Whilst initiatives to realign the business to significantly reduced volumes
were introduced, the task has proved a lot more challenging than expected.
Whilst operationally the business has improved, the strengthening of the Rand
against the British Pound has resulted in a foreign exchange loss being
accounted for in the statement of comprehensive income. This relates
specifically to the Santova Logistics (South Africa) loan to Santova Logistics
Limited (United Kingdom) and impacts significantly on the extent of the loss to
date.
In regard to the business going forward, this office plays a significant role
in so far as end-to-end supply chain management of Santova`s clients worldwide
are concerned. Furthermore, additional initiatives are in process which, if
successful, will result in this business returning to profitability. It is
important to note that operationally, this office made a profit in the first
month of the new financial year, which is encouraging when considering it is
one of the quieter months of the financial year.
Netherlands
A significant milestone for the Group was the acquisition of a small operation
(Santova Logistics B.V., previously Maxxs B.V.) in Rotterdam, the Netherlands.
The rationale for such an acquisition is based on the premise that the Group
would have a strategic advantage by having its own office in one of the busiest
ports in the world - a gateway to Europe. Santova Logistics B.V.
constitutes a start-up business, which has been in operation since 1 October
2009. The previous shareholders, now directors of the business, have extensive
experience in the logistics industry, which bodes well for the future
development of the business.
This office not only benefits from existing shipments from Santova`s offices
worldwide to Europe, but they will also benefit from new business currently
being negotiated with large multinational companies. Furthermore, insofar as
our alliances in China are concerned, this office will also receive third party
shipments from that region, which could result in a meaningful contribution to
the earnings of the business and Group. More importantly, Santova`s current
clients in the European zone will now be maintained and managed by Santova
Logistics B.V. in Rotterdam.
OUTLOOK FOR FISCAL 2011
Since the last quarter of calendar 2009, there have been numerous signs that
the worst of the economic recession is over. The South African Reserve Bank`s
March 2010 quarterly Bulletin shows that South Africa`s economy is recovering.
Interestingly enough, the Country`s current account deficit narrowed to 2,8% of
gross domestic product ("GDP") in the fourth quarter of last year from 3,1% in
the third. This is far better than the current account deficit in 2008 of 7,1%
of GDP and 4,0% for last year as a whole. The Bulletin also confirms that the
manufacturing (export related) sector which was severely affected during
calendar 2008 and the first half of 2009, has posted much improved results
since the third quarter of 2009. Closely aligned to this is the mining sector,
which is up 4,6% in the fourth quarter from the third. Other indicators include
car sales figures, which are now improving on a month-to-month basis; rising
business confidence and a turnaround in household consumption expenditure which
grew 1,4% in the fourth quarter from the prior quarter of calendar 2009,
following the prior quarter`s near 2,0% contraction. Easing inflationary
pressures and the recent 50 basis point interest rate cut have also provided
consumers with some relief as reduced debt servicing costs have resulted in
improved levels of disposable income for households.
Indicators clearly support a turnaround in our economy, however, there is still
a large amount of caution being exercised. Whilst these economic indicators
have in most part showed signs of improvement, they are still well below the
long-term average. Retail sales are still slow, impacted by limited credit
extension; government consumption expenditure has slowed somewhat;
and the strong Rand is limiting the ability of the South African export market
to compete on global markets.
Considering the above and the challenges facing Europe, the Greek fiscal
situation, and the ability of global stimulation packages remaining intact, it
could take some time before the South African and world economies can consider
the future without stumbling blocks to economic recovery.
The Group will continue to remain vigilant in its strategic decision making and
operational activity. During this difficult period, internal systems, processes
and ultimately capabilities were vastly improved upon and this will now enable
the Group to take advantage of an improving economy. More than ever before,
aligning the supply chain with business strategy and reducing costs for clients
is a priority for companies and an opportunity for the Santova Group.
FINANCIAL REVIEW
Overview of fiscal 2010 performance
The effect of the economic downturn has had a significant impact on the Group
despite the cost-cutting measures implemented during the year, additional
clients signed on, acquisition of new businesses and restructures. Although
finance costs decreased by 50,4%, in line with reduced borrowing requirements
and the reduced cost of borrowing experienced throughout the year, the decrease
in profits attributable to the shareholders of Santova Logistics could only be
limited to 51,9%.
Net asset value has increased from 6,19 cents per share in 2009 to 6,60 cents
per share as at 28 February 2010, a 6,6% increase. The condensed statements of
cash flows for the Group reflects borrowings repaid of R32,9 million.
During the year, the following share movements took place in the issued share
capital of the Company:
11 171 520 shares were repurchased on 31 August 2009 from the Camilla Coleman
Trust;
61 200 014 shares were allotted to Coolaroo Holdings Pty Ltd on 31 August
2009 for the purchase of McGregor Sea and Air Services Pty Ltd (previously
McGregor Customs Pty Ltd); and
91 335 509 shares were repurchased, 45 607 175 on 3 December 2009 and 45 728
334 on 26 February 2010, from the Santova Logistics Share Purchase and Option
Scheme Share Trust.
SUBSEQUENT EVENTS
At signature date, Santova Logistics is in the process of acquiring the full
share capital of a South African registered company specialising in clearing
and forwarding of freight, which if successfully concluded, will be acquired
effective 1 March 2010. This acquisition, if successful, will give the Group a
stronger presence in Gauteng, South Africa.
We are unable to disclose further information in relation to this acquisition,
as required in terms of IFRS 3, due to the timing of the acquisition.
No other events of a material nature have occurred between the financial year
end and the date of this report.
BASIS OF PREPARATION
The audited abridged Group results have been prepared using accounting policies
that comply with International Financial Reporting Standards. The accounting
policies adopted and methods of computation are consistent with those applied
in the financial statements for the year ended 28 February 2009 and are applied
consistently throughout the Group. The Group has adopted all of the new and
revised Standards and Interpretations issued by the International Financial
Reporting Interpretations Committee of the International Accounting Standards
Board that are relevant to its operations and effective as at 1 March 2009.
The abridged Group results comply with International Accounting Standard 34 -
Interim Financial Reporting, as well as with Schedule 4 of the South African
Companies Act, 1973, as amended, and the JSE Listings Requirements.
AUDITED BY INDEPENDENT AUDITOR
The abridged Group results have been derived from the Group annual financial
statements and are consistent in all material respects, with the Group annual
financial statements. The Company`s independent auditor, Deloitte & Touche,
have issued unmodified opinions on the 28 February 2010 Company and Group
annual financial statements and on these abridged Group results. These reports
are available for inspection at the Company`s registered office during office
hours.
OTHER MATTERS
The Santova Logistics Ltd 2010 annual report will be issued on or around 28 May
2010, both in electronic and printed form.
DIVIDENDS
In line with the Company`s policy, no dividend has been declared for the year.
ACKNOWLEDGEMENTS
The Board would like to express its appreciation to all management and staff
for their efforts during the year.
For and on behalf of the Board,
GH Gerber SJ Chisholm
Chief Executive Officer Group Financial Director
10 May 2010
REGISTRATION NUMBER 1998/018118/06
SHARE CODE SNV
ISIN ZAE000090650
WEBSITE www.santova.com
REGISTERED OFFICE AND POSTAL ADDRESS Santova House, 88 Mahatma Gandhi Road,
Durban, 4001; PO Box 6148, Durban, 4000
INDEPENDENT NON-EXECUTIVE DIRECTORS ESC Garner (Chairman), WA Lombard, M Tembe
(resigned 29 April 2010)
EXECUTIVE DIRECTORS GH Gerber (CEO), SJ Chisholm (GFD), S Donner, MF Impson,
GM Knight
TRANSFER SECRETARIES Computershare Investor Services (Pty) Ltd, 70 Marshall
Street, Marshalltown, 2107
COMPANY SECRETARY JA Lupton, FCIS
DESIGNATED ADVISORS River Group
AUDITORS Deloitte & Touche (Registered Auditor - SD Munro)
Date: 12/05/2010 16:44:02 Supplied by www.sharenet.co.za
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