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Condensed consolidated interim financial statements for the six months ended 31 December 2012
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 consolidated interim financial statements for the
six months ended 31 December 2012
Commentary
Compu-Clearing is South Africa’s market leader in the
provision of IT services and products to the customs clearing
and freight forwarding industries.
The Group’s core revenue is transaction-based and directly
linked to customer import and export volumes. Other revenue
segments comprise hardware rental and the distribution of a
globally leading third party freight management solution,
ediEnterprise.
For the six months to 31 December 2012, Group revenue grew by
6% to R32,9 million (2011 – R31,1 million). Revenue growth in
the Group’s core software rental segment was modest – a
reflection of the small increase in bill of entry volumes
compared to the previous period. Although still small, the
ediEnterprise division continues to make promising strides.
Staff costs were the main contributor to an 6% increase in
operating costs. The headcount increased slightly as part of
an expanded focus on quality control.
Cash flow for the period remained robust with cash generated
by operations of R7,6 million (2011 – R6,3 million) at 102% of
operating profit (2011- 90%).
Prospects
The Group’s core segments traditionally have a stronger second
half. In addition, the ediEnterprise segment continues to grow
with further implementations expected to go live in the second
half of the 2013 financial year. Management continue to
monitor costs and maintain operating margins at acceptable
levels.
STATEMENT OF COMPREHENSIVE INCOME
6 months ended Year
ended
% Inc./(Dec.) 31 31 30 June
December December 2012
2012 2011 Audited
Reviewed Reviewed
R'000 R'000 R'000
Rental and other revenue 6 32 866 31 097 63 303
Operating costs 6 (25 414) (24 043) (49 405)
- Distribution (19 290) (18 269) (36 594)
- Administration (5 965) (4 945) (12 315)
- Other (159) (829) (496)
Operating profit 6 7 452 7 054 13 898
Net financial income 476 457 900
- Finance income 476 457 900
Share of losses of - (114) (162)
equity accounted
investees
Profit before income tax 7 7 928 7 397 14 636
Income tax - normal and
deferred (1 944) (1 596) (3 667)
Income tax - STC
(secondary tax on - (746) (746)
companies)
Profit for the period 18 5 984 5 055 10 223
Total comprehensive
income for the period 5 984 5 055 10 223
Earnings per share
[cents]
Basic 18 14.4 12.2 24.7
Diluted 18 14.2 12.0 24.2
Headline earnings per
share [cents]
Basic 16 14.4 12.4 25.1
Diluted 16 14.2 12.2 24.7
Actual number of shares
in issue ['000] 41 537 41 434 41 486
Weighted average
number of shares in
issue ['000] 41 531 41 426 41 451
Diluted weighted average
number of shares in
issue ['000] 42 045 41 952 42 219
Gross ordinary dividend
per share declared
[cents] - - 25.0
Gross ordinary dividend
per share paid [cents] 25.0 18.0 18.0
RECONCILIATION OF HEADLINE EARNINGS
6 months ended Year
ended
% Inc. 31 December 31 December 30 June
2012 2011 2012
Reviewed Reviewed Audited
R'000 R'000 R'000
Profit for the
period attributable
to ordinary 5 984 5 055 10 223
shareholders
Adjusted for :
Loss on disposal of 9 111 77
property, plant and
equipment
Loss on disposal of
equity accounted
investee - - 202
Taxation effect (3) (31) (78)
Headline earnings 5 990 5 135 10 424
STATEMENT OF FINANCIAL POSITION
31 31 30 June
December December 2012
2012 2011 [Audited]
Reviewed Reviewed
R'000 R'000 R'000
ASSETS
Non-current assets 23 885 25 639 25 001
Property, plant and 22 116 22 810 22 479
equipment
Intangible asset 1 711 1 797 1 705
Investment in equity - 366 -
accounted investee
Deferred taxation asset 58 666 817
Current assets 24 670 22 324 30 149
Inventory 30 38 29
Trade and other 8 612 8 828 9 412
receivables
Taxation receivable 1 556 852 365
Cash and cash equivalents 14 472 12 606 20 343
Total assets 48 555 47 963 55 150
EQUITY AND LIABILITIES
Equity 43 379 42 443 47 695
Share capital and premium 2 120 1 984 2 049
Treasury shares (330) (354) (341)
Distributable reserves 41 589 40 813 45 987
Non-current liabilities 1 351 2 124 2 161
Post-retirement medical 451 1 267 1 369
obligations
Deferred taxation 900 857 792
liability
Current liabilities 3 825 3 396 5 294
Trade and other payables 3 825 3 378 5 292
Income tax payable - 18 2
Total equity and 48 555 47 963 55 150
liabilities
Net asset value per share
[cents] 104.4 102.4 115.0
Net tangible asset value
per share [cents] 100.3 98.1 110.9
STATEMENT OF CASH FLOWS
6 months ended Year
ended
% 31 31 30 June
Inc. December December 2012
2012 2011 Audited
Reviewed Reviewed
R'000 R'000 R'000
Profit before income tax 7 928 7 397 14 636
Adjusted for: 1 249 1 342 2 921
Non cash items 1 725 1 799 3 821
Net finance income (476) (457) (900)
Cash generated by
trading operations 9 177 8 739 17 557
Increase /(decrease) in post
retirement medical obligations
(918) (44) 58
(Increase) in working
capital (668) (2 352) (1 013)
Cash generated by
operations 20 7 591 6 343 16 602
Net finance income 476 457 900
Income tax paid (2 270) (2 539) (4 397)
Dividends paid (10 384) (7 458) (7 458)
Cash inflow / (outflow)
from operating (4 587) (3 197) 5 647
activities
Cash outflow from investing
activities (1 362) (3 632) (4 817)
Acquisition of property, plant
and equipment (1 092) (3 250) (4 419)
Acquisition of
intangible asset (300) (130) (304)
Proceeds on disposal of
property, plant
and equipment
30 - 41
Increase in loan to
associate - (252) (135)
Cash inflow from
financing activities
Proceeds from the issue of
shares 78 25 103
Increase / (decrease) in cash
and cash equivalents (5 871) (6 804) 933
Cash and cash equivalents at
the beginning of the period 20 343 19 410 19 410
Cash and cash equivalents at
the end of the period 14 472 12 606 20 343
STATEMENT OF CHANGES IN EQUITY
6 months ended Year
ended
31 31 30 June
December December 2012
2012 2011 Audited
Reviewed Reviewed
R'000 R'000 R'000
Balance at beginning of
period 47 695 44 815 44 815
Total comprehensive
income for the period
- Profit for the period 5 984 5 055 10 223
Transactions with owners
directly recorded in
equity
- Proceeds of share
issues in terms of the
share incentive scheme 40 25 65
- Proceeds on sale of
treasury shares 38 - 38
- Dividends paid (10 384) (7 458) (7 458)
Share-based payment
reserve movement 6 6 12
Balance at end of period 43 379 42 443 47 695
SEGMENTAL REPORT
6 months ended Year
ended
% Inc./(Dec.) 31 31 30 June
December December 2012
2012 2011 Audited
Reviewed Reviewed
R'000 R'000 R'000
Revenue
Software rental 5 25 274 24 131 48 448
Hardware rental 3 5 529 5 344 10 981
Edi Enterprise 44 1 417 984 2 502
Headoffice 1 646 638 1 372
Total revenue from
external sources 6 32 866 31 097 63 303
Segment profit -
Software 11 119 11 411 23 079
Segment profit -
Hardware 1 916 1 699 2 436
Segment profit/(loss)
-
Edi Enterprise 630 (210) 766
Segment loss -
Headoffice (5 737) (5 389) (11 483)
Total profit result 6 7 928 7 511 14 798
Share of losses of
equity accounted
investee - (114) (162)
Profit before income 7 928 7 397 14 636
tax
Segment Assets
Software 10 867 11 090 10 934
Hardware 8 934 9 521 9 166
Edi Enterprise 779 1 263 811
Headoffice 27 975 25 723 34 239
Total assets for
reportable segments 48 555 47 597 54 988
Investment in equity
accounted investee - 366 -
Total assets 48 555 47 963 55 150
Segment Liabilities
Software 120 151 570
Hardware 150 204 699
Edi Enterprise 625 537 438
Headoffice 4 281 4 628 5 748
Total liabilities 5 176 5 520 7 455
Basis of preparation
The condensed consolidated interim financial statements for
the six months ended 31 December 2012 have been prepared and
presented in accordance with the requirements of International
Accounting Standard IAS 34 Interim Financial Reporting, the
SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee, 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
condensed interim financial statements which comply with
International Financial Reporting Standards are consistent
with those applied for the year ended 30 June 2012, except for
new standards and interpretations that became effective on 1
July 2012. The adoption of these standards has had no material
effect on the results for the period nor has it required the
restatement of any prior year figures. The condensed
consolidated interim financial statements have been presented
on the historical cost basis and are presented in Rand rounded
to the nearest thousand, which is the Group`s functional and
presentation currency.
This interim report should be read in conjunction with the
annual financial statements for the year ended 30 June 2012.
Distributions to shareholders
Compu-Clearing has a policy of paying a dividend at year end.
As a result, the company has not declared an interim dividend.
Reviewed report
The condensed consolidated interim financial statements of
Compu-Clearing Outsourcing Limited for the six months ended 31
December 2012 have been reviewed by the company’s auditor ,
KPMG Inc. In their reviewed report dated 11 March 2013, 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 conclusion on the condensed consolidated interim
financial statements.
Related party transactions
There has been no significant change in related party
relationships since the previous year. Other than in the
normal course of business, there have been no significant
transactions during the year with related parties.
For and on behalf of the Board
Johannesburg A. Garber J. du Preez
11 March 2013 (Chairman) (Chief Executive)
Executive directors: A. Garber, J. du Preez, M. Acosta-
Alarcon, C. Efthymiades
Independent non-executive directors : A. Katz, Dr. T. Mogale
Non-executive directors : D. Cleasby, M. Lutrin, G. McMahon
Prepared by: W Fourie B.Compt Hons
email:wikus@compu-clearing.com
Date released on SENS : 13 March 2013
Date: 13/03/2013 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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