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CCL - Compu-Clearing Outsourcing Limited - Reviewed preliminary condensed
results for the year ended 30 June 2011 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" or "The Group")
Reviewed preliminary condensed results for the year ended 30 June 2011 and cash
dividend declaration
Commentary
The results for the year under review reflect an encouraging 14% increase in
revenue. Operating profit growth of 3% includes costs of R1,3 million (2010-
Nil) in respect of an aborted acquisition and once-off consulting expenses. In
the absence of these expenses, operating profit would have grown by 15%. The
Cargowise division earned its maiden revenues towards the end of the year,
amounting to R0,4 million against operating costs for the full year of R2,6
million.
Profit for the year of R7,8 million (2010 -R7,5 million) was achieved after a
charge of R0.6 million for STC (Secondary Tax on Companies) (2010-R1,03
million), arising from the payment of a dividend during the year under review.
Cash generation remains strong with cash generated by operations increasing to
139% (2010-119%) of operating profit. Dividend payments, which remain at very
satisfactory levels, have resulted in lower average cash balances, which
together with interest rate cuts have resulted in lower finance income for the
period.
Prospects
A strong second half performance from core activities, before writing off once-
off costs, has continued into the new year. Cargowise revenues commenced towards
the end of the year, with further installations coming online after the year
end. Management continue to focus on maintaining the operating margin at a
satisfactory level.
CONDENSED STATEMENT OF COMPREHENSIVE INCOME for the year ended 30 June
2011 2010 % Increase
(reviewed) (audited)
R`000 R`000
Rental and other revenue 55 503 48 898 14
- Group 55 125 48 898
- Cargowise 378 -
Operating costs (44 368) (38 775)
- Group Distribution (30 865) (27 503)
- Cargowise Distribution (2 590) (1 869)
- Administration (10 747) (9 108)
- Other (166) (295)
Operating profit before
aborted acquisition cost 11 135 10 123 10
- Other-Aborted acquisition cost (751) -
Operating profit
before net finance income 10 384 10 123
Net finance income 980 1 420
- Finance income 1 072 1 420
- Finance expense (92) -
Share of losses of
equity accounted investee (400) (221)
Profit before income tax 10 964 11 322 (3)
Income tax expense (3 155) (3 841)
Income tax - Normal and deferred (2 534) (2 809)
Income tax - STC
(Secondary Tax on Companies) (621) (1 032)
Profit for the year 7 809 7 481 4
Other comprehensive
income for the year - (652)
Revaluation of property,
plant and equipment - (906)
Income tax on other
comprehensive income - 254
Total comprehensive
income for the year 7 809 6 829
Basic earnings per share (cents) 18.9 18.1 4
Diluted earnings per share (cents) 18.5 17.9 3
CONDENSED STATEMENT OF FINANCIAL POSITION as at 30 June
2011 2010
(reviewed) (audited)
R`000 R`000
ASSETS
Non current assets 24 256 23 614
Property, plant and equipment 21 072 20 882
Intangible asset 1 875 1 643
Investment in equity
accounted investee 229 263
Deferred taxation 1 080 826
Current assets 28 114 26 021
Inventory 39 32
Trade and other receivables 8 315 8 443
Income tax receivable 350 591
Cash and cash equivalents 19 410 16 955
Total assets 52 370 49 635
EQUITY AND LIABILITIES
Shareholders` funds 44 815 43 148
Share capital and premium 1 959 1 919
Treasury shares (354) (354)
Reserves 43 210 41 583
Non-current liabilities 2 168 2 204
Post retirement
medical obligations 1 311 1 399
Deferred taxation 857 805
Current liabilities 5 387 4 283
Trade and other payables 5 218 4 127
Income tax payable 169 156
Total equity and liabilities 52 370 49 635
Net asset value per share (cents) 108.2 103.5
RECONCILIATION OF HEADLINE EARNINGS for the year ended 30 June
2011 2010 %
(reviewed)(audited) Increase
R`000 R`000
Profit for the year
attributable to ordinary
shareholders 7 809 7 481
Adjusted for :
Loss on disposal of property,
plant and equipment - 3
Taxation effect - (1)
Headline earnings 7 809 7483 4
Headline earnings per share (cents) 18.9 18.1 4
Diluted headline
earnings per share (cents) 18.5 17.9
Actual number of shares in issue (`000) 41 409 41 369
Weighted average number
of shares in issue (`000) 41 396 41 295
Diluted weighted average number
of shares in issue (`000) 42 228 41 842
CONDENSED SEGMENTAL REPORT for the year ended 30 June
2011 2010
(reviewed)(audited)%Increase/
R`000 R`000(decrease)
Software rental revenue 43 090 37 473 15
Hardware rental revenue 10 836 10 306 5
Cargowise revenue 378 -
Other revenue 1 200 1 119 7
Total revenue 55 503 48 898 14
Segment result - Software 20 581 19 104 8
Segment result - Hardware 2 705 2 247 20
Segment result - Cargowise (2 212) (1 869)
Segment result - Other (10 690) (9 359) (14)
Total operating profit 10 384 10 123 3
Operating margin 19% 21%
CONDENSED STATEMENT OF CASH FLOWS for the year ended 30 June
2011 2010
(reviewed)(audited)
R`000 R`000
Profit before income tax 10 964 11 322
Adjustments for: 2 328 1 957
Non cash items 3 308 3 377
Net finance income (980) (1 420)
Cash generated by trading operations 13 292 13 279
Decrease in post retirement
medical obligations (88) (78)
Increase (decrease) in working capital 1 212 (1 188)
Cash generated by operations 14 416 12 013
Net finance income 980 1 420
- Finance income 1 072 1 420
- Finance expense (92) -
Income tax paid (3 102) (4 281)
Distributions to shareholders
- Dividend paid (6 205) (10 323)
Cash inflow (outflow) from
operating activities 6 089 (1 171)
Cash outflow from investing activities (3 674) (7 392)
Utilsed to maintain operations
Acquisition of property,
plant and equipment (2 649) (6 286)
Acquisition of intangible assets (699) (659)
Proceeds on disposal of
property, plant and equipment 40 37
Increase in investment in
equity accounted investee (366) (484)
Cash inflow from financing activities
Proceeds from the issue of
shares and sale of treasury shares 40 345
Increase (decrease) in cash
and cash equivalents 2 455 (8 218)
Cash and cash equivalents at
the beginning of the year 16 955 25 173
Cash and cash equivalents at
the end of the year 19 410 16 955
STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June
Share Share Treasury Non- Retained Share- Total
Capital Premium Shares Distri Earnings Based R,000
R,000 R,000 R,000 butable R,000 payment
reserve reserve
R,000 R,000
Balance at 416 1 267 (463) 3 583 40 768 680 46 251
30 June
2009
Total (652) 7 481 6 829
comprehensi
ve income
for the
year
attributabl
e to equity
holders
Profit 7 481 7 481
for the
year
Surplus (906) (906)
on
revaluation
of land and
buildings
Deferred 254 254
taxation
effect of
revaluation
Transfer (28) 28 -
from
revaluation
surplus
Sale of 176 109 285
treasury
shares
Share 1 59 60
issues
Dividends (10 323) (10 323)
paid
Share-based 46 46
payment
transaction
Balance at 417 1 502 (354) 2 903 37 954 726 43 148
30 June
2010
Total
comprehensi
ve income
for the
year
attributabl
e to equity
holders
Profit 7 809 7 809
for the
year
Transfer (45) 45 -
from
revaluation
surplus
Sale of -
treasury
shares
Share 1 39
issues
Dividends (6 205) (6 205)
paid
Share-based 23 23
payment
transaction
Balance at 418 1 541 (354) 2 858 39 603 749 44 815
30 June
2011
Basis of preparation
The preliminary condensed consolidated financial statement for the year ended 30
June 2011 have been prepared in accordance with the Recognition and Measurement
requirements of International Financial Reporting Standards ("IFRS"), in
particular the presentation and disclosure 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.
The accounting policies applied in the presentation of the preliminary condensed
consolidated financial statements are consistent with those applied for the year
ended 30 June 2010, except for the standards noted that became effective on 1
January 2010: IFRS2 amendment (Group Cash-settled payment transactions) and
IAS32 (Classification of Rights Issue), which became effective on 1 February
2010. The adoption of these standards has no effect on the results, nor has it
required any restatement of the results. The preliminary condensed consolidated
financial statements are presented in Rand, which is Compu-Clearing`s functional
and presentation currency.
Review report
The consolidated statement of financial position at 30 June 2011 and the
consolidated statement of comprehensive income, statement of changes in equity,
segmental analysis and statement of cash flows for the year then ended have been
reviewed by KPMG Inc. Their unmodified report is available for inspection at the
registered office of the company.
Ordinary cash dividend declaration
Notice is hereby given of the declaration of an ordinary cash dividend of 18
cents per share for the year ended 30 June 2011 (2010 - 15 cents per share)
(`the dividend`). The following salient dates will apply to the dividend:
Last date to trade `cum` the dividend Friday, 21 October 2011
Trading commences `ex` the dividend Monday, 24 October 2011
Record date Friday, 28 October 2011
Date of payment of the dividend Monday, 31 October 2011
Share certificates may not be dematerialised or rematerialised during the period
Monday, 24 October 2011 to Friday, 28 October 2011 both days inclusive.
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. For and on behalf of the Board
Annual General Meeting
The Annual General Meeting of Compu-Clearing will be held at 7 Drome Road,
Lyndhurst, Johannesburg, 2192 at 14h00 on Thursday 24 November 2011.
For and on behalf of the Board
Johannesburg A.Garber J. du Preez
2 September 2011 (Chairman) (Chief Executive)
Sponsors Sasfin Capital (a division of Sasfin Bank Limited (Registration number
1951/002280/06)Sasfin Place, 29 Scott Street, Waverley, 2090
Date: 05/09/2011 07:07:22 Supplied by www.sharenet.co.za
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