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Compu-Clearing Outsourcing Ltd FY 2013 results
 

Compu-Clearing Outsourcing Ltd FY 2013 results

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Compu-Clearing Outsourcing Ltd FY 2013 results

Compu-Clearing Outsourcing Ltd FY 2013 results

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Compu-Clearing Outsourcing Ltd FY 2013 results Compu-Clearing Outsourcing Ltd FY 2013 results Document Transcript

  • Reviewed preliminary condensed results for the year ended 30 June 2013 and cash dividend declaration Highlights     STATEMENT OF COMPREHENSIVE INCOME for the year ended 30 June 2013 [reviewed] R'000 Revenue 2012 [audited] R'000 2013 [reviewed] R'000 % Increase 63 303 13 650 1 000 14 650 (3 828) (3 828) - 13 898 900 (162) 14 636 (4 413) (3 667) (746) Profit for the year attributable to equity holders Other comprehensive income 10 822 4 394 10 223 - Items that will not be reclassified to profit and loss - Surplus on revaluation of land and buildings - Income tax on other comprehensive income 5 851 (1 457) Total comprehensive income for the year 15 216 10 223 24.7 24.2 5 7 RECONCILIATION OF HEADLINE EARNINGS for the year ended 30 June 2013 [reviewed] R'000 Profit for the year attributable to ordinary shareholders Adjusted for : Loss on disposal of property, plant and equipment Loss on disposal of equity accounted investee Taxation effect Headline earnings % Increase 47 695 2 049 (341) 45 987 2 687 433 2 254 2 161 1 369 792 5 476 5 476 - 5 294 5 292 2 61 425 55 150 126.7 115.0 1 009 (283) 11 548 77 202 (78) 10 424 11 27.7 27.7 25.1 24.7 10 12 42 022 41 486 41 710 41 451 41 710 42 219 2013 [reviewed] R'000 51 063 11 310 2 919 1 441 66 733 24 672 1 803 1 030 (13 855) 13 650 2013 [reviewed] R'000 The ediEnterprise segment made pleasing strides during the year growing revenue by 17% to R2,9 million (2012– R2,5 million) and increasing segment profit by 34% to R1 million (2012– R0,8 million). The discontinuance of Secondary Tax on Companies has resulted in a reduction in the effective rate of income tax to 26.1% (2012– 30.2%). The Group’s owner occupied land and buildings has been revalued by an independent valuer on 15 May 2013. A revaluation surplus of R5,9million (2012—RNil) arising from the valuation is reflected under other comprehensive income. The taxation effect is R1,5 million (2012—RNil). Cash generation remained robust with cash generation from operations up 2% to R17 million (2012- R16,6 million). Prospects 2012 [audited] R'000 14 650 3 468 4 468 (1 000) 14 636 2 921 3 821 (900) Cash generated by trading operations Increase (decrease) in post retirement medical obligations Increase in working capital 18 118 (936) (198) 17 557 58 (1 013) Cash generated by operations Finance income Income tax paid Distributions to shareholders Dividend paid 16 984 1 000 (3 786) 16 602 900 (4 397) (10 384) (7 458) Cash inflow from operating activities Cash outflow from investing activities 3 814 (2 412) 5 647 (4 817) Acquisition of property, plant and equipment Disposal of interest in equity accounted investee Acquisition of intangible assets Proceeds on disposal of property, plant and equipment (1 998) (472) 58 (4 419) (135) (304) 41 723 465 258 103 65 38 2 125 20 343 22 468 933 19 410 20 343 Increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 22% Share capital R'000 418 Share premium R'000 1 541 Treasury shares R'000 (354) NonDistributable reserve R'000 2 858 Share-based Retained payment earnings reserve R'000 R'000 39 603 749 10 223 (45) 1 25 64 45 13 (7 458) 419 1 630 (341) 2 813 4 394 42 413 10 822 10 822 12 761 5 851 (1 457) (45) 3 182 462 45 76 (10 384) 422 Further ediEnterprise sites are scheduled to go live after the reporting date and will drive ongoing growth within this segment. The Group will seek further market penetration through intensified marketing efforts and continued development of new functionality in its existing products. Management continue to monitor costs and maintain operating margins at acceptable levels. Basis of preparation The preliminary condensed consolidated results for the year ended 30 June 2013 have been prepared and presented in accordance with requirements of International Accounting Standard (“IAS”) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the Listings Requirements of the JSE Limited and the South African Companies Act, no 71 of 2008 as amended. The accounting policies applied in the presentation of the preliminary condensed consolidated results which comply with International Financial Reporting Standards are consistent with those applied for the year ended 30 June 2012. The preliminary condensed consolidated results have been presented on the historical cost basis with the exception of certain fixed property which has been revalued and are presented in Rand rounded to the nearest thousand, which is the Company’s functional and presentation currency. Review report Cash inflow from financing activities Proceeds from the issue of shares Proceeds from the sale of treasury shares STATEMENT OF CHANGES IN EQUITY for the year ended 30 June Balance at 30 June 2011 Total comprehensive income for the year -Profit for the year Transactions with owners recorded directly in equity -Transfer from revaluation surplus -Sale of treasury shares -Share issues -Dividends paid Share-based payment transaction Balance at 30 June 2012 Total comprehensive income for the year Profit for the year Surplus on revaluation of land and buildings Deferred taxation effect of revaluation Transactions with owners recorded directly in equity -Transfer from revaluation surplus -Sale of treasury shares -Share issues -Dividends paid Share-based payment transaction Balance at 30 June 2013 Auditors KPMG Inc, Registered Auditor 85 Empire Road, Parktown,2193 Private Bag 9, Parkview, 2122 Sponsors The investment in new servers towards the end of the 2012 financial year resulted in the scrapping of existing servers, which though still serviceable, no longer satisfied our own technical requirements. This resulted in a once-off write-off of R951,000 and is included in loss on property, plant and equipment. After tax, the impact was R684,000. Profit before income tax Adjustments for: Non cash items Net finance income 2012 % [audited] Increase R'000 (decrease) 48 448 5 10 981 3 2 502 17 1 372 5 5 63 303 23 079 7 2 436 (26) 766 34 (12 383) 12 (2) 13 898 20% The year under review has seen the Group deliver a 6% growth in profit for the year to R10,8 million (2012– R10,2 million). This was achieved during a period of flat trade volumes. STATEMENT OF CASH FLOWS for the year ended 30 June 10 223 Operating margin Sasfin Capital a division of Sasfin Bank Ltd (Registration number 1951/002280/06) Sasfin Place,29 Scott Street, Waverley,2090 53 262 2 696 (265) 50 831 Net asset value per share [cents] SEGMENTAL REPORT for the year ended 30 June Software rental revenue Hardware rental revenue EdiEnterprise revenue Head Office revenue Total revenue Segment profit - Software Segment profit - Hardware Segment profit - EdiEnterprise Segment profit - Head Office Total operating profit 55 150 Total equity and liabilities 10 822 Headline earnings per share [cents] Diluted headline earnings per share [cents] Actual number of shares in issue ['000] Weighted average number of shares in issue ['000] Diluted weighted average number of shares in issue ['000] 2012 [audited] R'000 61 425 Current liabilities Trade and other payables Income tax payable 49 25.9 25.9 Basic earnings per share [cents] Diluted earnings per share [cents] - 30 149 29 9 412 365 20 343 Non-current liabilities Post retirement medical obligations Deferred tax liabilities 6 0 32 768 23 9 800 477 22 468 The Group’s core revenue is transaction-based and directly linked to customer import and export volumes. Other segments comprise hardware rental and the distribution of a globally leading third party freight management solution, ediEnterprise. 25 001 22 479 1 705 817 EQUITY AND LIABILITIES Shareholders' funds Share capital and premium Treasury shares Reserves (2) 11 28 657 26 398 1 590 669 Current assets Inventory Trade and other receivables Income tax receivable Cash and cash equivalents 7 Operating profit Finance income Share of losses of equity accounted investee Profit before income tax Income tax expense Income tax - Normal and deferred Income tax - STC (Secondary Tax on Companies) ASSETS Non current assets Property, plant and equipment Intangible asset Deferred tax assets 5 (49 405) (36 594) (12 315) (496) Compu-Clearing is South Africa’s market leader in the provision of IT services and products to the customs clearing and freight forwarding industries. 2012 [audited] R'000 Total assets 66 733 +6% 20% +10% +20% Commentary STATEMENT OF FINANCIAL POSITION at 30 June (53 083) (39 073) (13 570) (440) Operating costs - Distribution - Administration - Other Profit for the year Operating Margin Headline earnings per share Dividends per share 2 274 (265) 7 162 Attorneys Fluxmans Attorneys 11 Biermann Avenue, Rosebank 2196 Private Bag X41, Saxonwold, 2132 Secretary 42 896 12 773 Lutrin and Associates 1st Floor Block B, Sandhavon Office Park, 12 Pongola Crescent, Eastgate Ext 17, Sandton, 2090 www.compu-clearing.com The preliminary condensed consolidated results of Compu-Clearing Outsourcing Limited for the year ended 30 June 2013 have been reviewed by the companies auditor, KPMG Inc. Their review report dated 29 August 2013, 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 opinion on the preliminary condensed results. 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 other related parties. Ordinary cash dividend declaration Notice is hereby given of the declaration of an ordinary cash dividend of 30 cents per share (2012 – 25 cents per share) (‘the dividend’) in respect of the year 30 June 2013. In accordance with the JSE Listing Requirements the following additional information is disclosed ;the dividend has been declared out of income reserves; the local dividend tax Total rate is 15%; the gross local dividend amount is 30 cents per ordinary share for shareholders R'000 exempt from dividend tax; the net local dividend amount is 25.5 cents per ordinary share 44 815 for shareholders liable to pay dividend tax; the company currently has 42 021 645 shares in issue and the company’s income tax reference number is 9913001716. No STC credits have 10 223 been utilised. 38 65 (7 458) 12 47 695 15 216 10 822 5 851 (1 457) 258 465 (10 384) 12 53 262 The following salient dates will apply to the dividend: Last date to trade `cum` the dividend Trading commences `ex` the dividend Record date Date of payment of the dividend Friday, 18 October 2013 Monday, 21 October 2013 Friday, 25 October 2013 Monday, 28 October 2013 Share certificates may not be dematerialised or rematerialised during the period Monday, 21 October 2013 to Friday, 25 October 2013 both days inclusive. Annual General Meeting The Annual General Meeting of Compu-Clearing will be held at 7 Drome Road, Lyndhurst, Johannesburg, 2192 at 14h00 on Thursday 28 November 2013. For and on behalf of the Board Johannesburg 29 August 2013 A.Garber (Chairman) J. du Preez (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 Registered office 7 Drome Road, Lyndhurst, 2192 PO Box 890856, Lyndhurst, 2106 Prepared by : W Fourie Bcompt (Hons) Compu-Clearing Limited (Registration number 1998/015541/06) Share code CCL ISIN ZAE000016564 Transfer Secretaries Computershare Investor Services Proprietary Limited 70 Marshall Street Johannesburg, 2001