To view the PDF file, sign up for a MySharenet subscription.

TRANSPACO LIMITED - Condensed consolidated interim results for the six months to 31 December 2019

Release Date: 24/02/2020 12:10
Code(s): TPC     PDF:  
Wrap Text
Condensed consolidated interim results for the six months to 31 December 2019

TRANSPACO LIMITED
Registration number 1951/000799/06 
ISIN: zae000007480
Share code: TPC
(Transpaco or the group)

SHORT-FORM ANNOUNCEMENT:  CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2019 

- NET ASSET VALUE PER SHARE      2 012 CENTS
- HEADLINE EARNINGS PER SHARE    122,3 CENTS
- DIVIDEND PER SHARE             33,0 CENTS

FINANCIAL RESULTS
                                                                                                               Unaudited
                                                                       Unaudited                  Unaudited     adjusted   
                                             Unaudited                  adjusted    Unaudited    six months   six months   
                                            Six months                six months   six months      December     December   
                                           to December      IFRS 16     December     December          2019         2019   
                                                  2019   adjustment         2019         2018      % change     % change
Continuing operations                                                                                                      
Revenue from continuing operations (R'000)     1 078,7            -      1 078,7      1 046,4           3,1          3,1   
Earnings per share (cents)                       161,1          5,0        166,0        136,1          18,4         22,0   
Diluted earnings per share (cents)               161,1          5,0        166,0        136,1          18,4         22,0   
Headline earnings per share (cents)              161,1          5,0        166,1        136,5          18,0         21,7   
Diluted headline earnings per share (cents)      161,1          5,0        166,1        136,5          18,0         21,7   

Discontinued operations                                                                                                    
Loss per share (cents)                           (38,9)           -        (38,9)       (24,1)         61,4         61,4   
Diluted loss per share (cents)                   (38,9)           -        (38,9)       (24,1)         61,4         61,4   
Headline loss per share (cents)                  (38,8)           -        (38,8)       (24,1)         61,1         61,1   
Diluted headline earnings per share (cents)      (38,8)           -        (38,8)       (24,1)         61,1         61,1   

Total operations                                                                                                           
Earnings per share (cents)                       122,2          5,0        127,1        112,0           9,1         13,6   
Diluted earnings per share (cents)               122,2          5,0        127,1        112,0           9,1         13,6   
Headline earnings per share (cents)              122,3          5,0        127,2        112,4           8,8         13,2   
Diluted headline earnings per share (cents)      122,3          5,0        127,2        112,4           8,8         13,2   
Net asset value per share (cents)              2 012,0                                1 908,0           5,5                

DISCONTINUED OPERATIONS 
On 30 September 2019 the board of directors approved a decision to discontinue all recycling manufacturing
operations being carried out by Transpaco Recycling (Pty) Ltd and included in the plastic products reportable
segment. Due to international and local market forces in the plastic recycling industry Transpaco was no longer
deriving any economic benefit from remaining in the post-consumer recycling market. Selling price levels were
restricted due to prevailing virgin polymer prices while energy, labour and distribution costs, among others, 
kept rising. With no likelihood of the situation improving in the short to medium term, and in order to stem 
losses, the board decided to discontinue the operation and to dispose of the business or the assets within the 
next financial year.

DIVIDEND
The board has declared an interim gross cash dividend out of income reserves of 33,0 cents per share
(December 2018: 30,0 cents per share) for the six-month period ended 31 December 2019. After applying the dividend
withholding tax of 20%, a net interim dividend of 26,40000 cents per share will be paid to those shareholders
who are not exempt from the dividends tax. The issued shares at the date of declaration is 32 886 359 ordinary
shares. The income tax reference number is 9975/112/71/6.

The salient dates for the dividend are as follows:
Last date to trade shares cum dividend              Tuesday, 10 March 2020
Shares trade ex dividend                          Wednesday, 11 March 2020
Record date                                          Friday, 13 March 2020
Payment date                                         Monday, 16 March 2020

Share certificates may not be dematerialised or rematerialised between Wednesday, 11 March 2020 and Friday,
13 March 2020, both days inclusive.

ADMINISTRATIVE INFORMATION
This short-form announcement is the responsibility of the directors and is only a summary of the information
in the full announcement. The full announcement was released on SENS on 21 February 2020, and can be found on
the company's website at www.transpaco.co.za and on the following JSE link:
https://senspdf.jse.co.za/documents/2020/jse/isse/TPC/Interims.pdf

Any investment decision should be based on the full announcement published on SENS and on the company's
website.

Copies of the full announcement may be requested from the company secretary at Hendrik@transpaco.co.za.

On behalf of the board

DJJ Thomas                        PN Abelheim                L Weinberg
Non-executive Chairman            Chief Executive            Financial Director

24 February 2020

DIRECTORS
DJJ Thomas (Chairman)*; PN Abelheim (Chief Executive); L Weinberg (Financial Director); HA Bothaˆ; 
SR Bouzaglou; B Mkhondoˆ; SP van der Linde (Lead Independent Director)ˆ 
* Non-executive   ˆ Independent non-executive

Transpaco Limited Registration number: 1951/000799/06, Share code: TPC, ISIN: ZAE000007480 

Auditors Ernst & Young Inc. Company Secretary HJ van Niekerk Sponsor Investec Bank Limited 

Registered office 331 6th Street, Wynberg, Sandton Transfer secretaries Computershare Investor Services
(Pty) Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg

Website www.transpaco.co.za

Date: 24-02-2020 12:10:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story