Compu-Clearing Outsourcing Ltd HY 2014 results

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Information about Compu-Clearing Outsourcing Ltd HY 2014 results
Investor Relations

Published on March 19, 2014

Author: AfricanisCool

Source: slideshare.net

Description

Compu-Clearing Outsourcing Ltd HY 2014 results

Year ended 31 December 2013 [Reviewed] 31 December 2012 [Restated] 30 June 2013 [Restated] R'000 R'000 R'000 Profit before income tax 9,368 7,048 13,690 Adjusted for: 1,390 1,249 3,468 Non cash items 1,900 1,725 4,468 Net finance income (510) (476) (1,000) Cash generated by trading operations 10,758 8,297 17,158 (19) (38) 24 Increase in working capital (1,142) (668) (198) Cash generated by operations 9,597 7,591 16,984 Net finance income 510 476 1,000 Income tax paid (1,679) (2,270) (3,786) Dividends paid (12,618) (10,384) (10,384) Cash (outflow)/inflow from operating activities (4,190) (4,587) 3,814 (3,427) (1,362) (2,412) (1,135) (1,092) (1,998) Acquisition of intangible asset (2,313) (300) (472) Proceeds on disposal of property, plant and equipment 21 30 58 Cash generated by financing activities 145 78 723 - 78 465 145 - 258 (7,472) (5,871) 2,125 22,468 20,343 20,343 14,996 14,472 22,468 6 months ended STATEMENT OF CASH FLOWS Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period (Decrease) increase in post retirement medical obligations Cash outflow from investing activities Acquisition of property, plant and equipment Proceeds from the sale of treasury shares (Decrease) increase in cash and cash equivalents Proceeds from the issue of shares Changes in accounting policies The Group adopted the new, revised or amended accounting pronouncements as issued by the IASB, which were effective and applicable to the Group from 1 July 2013. IFRS 10 Consolidated Financial Statements IFRS 10 establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. The Group has revised its accounting policies on the consolidation of subsidiaries and concluded that the adoption of IFRS 10 did not result in any material change in the consolidation of the Group. IFRS 13: Fair value measurement IFRS 13 aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRS. IFRS 13 was adopted and applied prospectively and it was assessed that the adoption did not result in any material impact on the financial results of the Group. The face value of the financial instruments presented approximates the fair value. IAS 19 Employee benefits As a result of IAS 19 (2011), the Group has changed its accounting policy with respect to the basis for determining the income or expense related to the defined benefit medical obligation. Under IAS 19 (2011), the Group determines the net interest expense for the period on the net defined benefit liability by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability at the begin- ning of the annual period, taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Consequently, the net interest on the net defined benefit liability now comprises: •interest cost on the defined benefit obligation; •interest income on plan assets; and •interest on the effect on the asset ceiling. In addition the movements in the defined benefit plan are now shown in other comprehensive income and not in profit or loss. The effect on the statement of profit or loss and other comprehensive income is as follows: The change in accounting policy has had no material impact on the statement of financial position. The movement in post retirement medical obligations no longer has a material impact on the statement of cash flows. The movement previously reported for 30 June 2013 and 31 December 2012 was R0,9million. The basic and diluted earnings per share for the year ended 30 June 2013, previously re- ported as 25.9 cents, has moved to 24.3 cents. The basic and diluted earnings per share for the six months ended 31 December 2012, previously reported as 14.4 cents and 14.2 cents have moved to 12.9 and 12.7 cents respectively. Headline earnings and diluted headline earnings per share for the year ended 30 June 2013, previously reported as 27.7 cents, has moved to 26.0 cents. Headline and diluted headline earnings per share for the six months ended 31 December 2012, previously reported as 14.4 cents and 14.2 cents have moved to 12.9 and 12.7 cents respectively. We have assessed the impact of all other new standards that are currently effective and these standards have no material impact on the results of the Group. 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 2013 have been reviewed by the company’s auditor, KPMG Inc. In their reviewed report dated 10 March 2014, which is available for inspection at the Company’s Registered Office. KPMG Inc state that their review was con- ducted 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. Changes to the board of directors Shareholders are referred to the announcement published on SENS on Tuesday, 11 March 2014, wherein it was announced that Mr Costas Efthymiades has stepped down as Group Financial Director from the Board and that Mr Jonathan Davis has been appointed in his stead. The effective date of both changes is 11 March 2014. 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. Significant transactions No material events or circumstances have occurred subsequent to the period end. For and on behalf of the Board Johannesburg A. Garber J. du Preez 10 March 2014 (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: J Davis B Acc CA(SA) under the supervision of the financial director email:jonathan@compuclearing.za.com 14 March 2014 Transfer secretaries: Registered office: Computershare Investor Services Proprietary Limited 7 Drome Road Ground Floor Lyndhurst, 2192 70 Marshall Street PO Box 890856 Johannesburg, 2001 Lyndhurst, 2106 Reviewed condensed consolidated interim financial statements for the six months ended 31 December 2013 Compu-Clearing Outsourcing Limited | "Compu-Clearing", "The Company" or "The Group" | Incorporated in the Republic of South Africa | Registration number 1998/015541/06 | JSE Share code : CCL | ISIN ZAE 000016564 | Listed on the JSE Limited WWW.COMPCLEAR.CO.za 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, CargoWise One (formerly ediEnterprise). For the six months to 31 December 2013 Group revenue grew by 8% to R35,6 million (2012 – R32,9 million). This was driven by a 9% growth in the software rental segment and a 25% growth in the CargoWise One segment, which although off a small base is making good progress by adding new clients. A pleasing 35% growth in operating profit was achieved. This was a result of reasonable revenue growth combined with excellent operating costs control. Cash flow for the period remained robust with cash generated by operations up 26% to R9,6 million (2012 – R7,6 million). The period saw the commencement of a project to entrench and enhance Compu-Clearing’s position as a market leader. The first phase of the Group’s new flagship product Compusolutions Diamond (―Diamond‖), has already met with an enthusiastic response. Development costs amounting to R1,2 million (2012—RNil) attributable to this project have been capitalised to intangible assets and will be amortised against the related revenue flows. Revenue flows from Diamond will commence in the second half of this financial year. Prospects The CargoWise One segment continues to grow with further implementations expected to go live in the second half of the 2014 financial year, which will drive further growth within the segment. The Group will seek further market penetration through the release of Diamond, intensified marketing efforts and continued development of new functionality in existing products. Man- agement continue to monitor costs and maintain operating margins at acceptable levels. Basis of preparation The condensed consolidated interim financial statements for the six months ended 31 Decem- ber 2013 have been prepared and presented in accordance with the requirements of International Financial Reporting Standard IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial 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. In preparing these condensed consolidated interim financial statements, management makes use of judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 June 2013. The accounting policies applied in the presentation of the condensed consolidated interim financial statements, which comply with International Financial Reporting Standards, are consistent with those applied for the year ended 30 June 2013, except for new standards and interpretations that became effective on 1 July 2013. 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 financial statements for the year ended 30 June 2013. 31 December 2013 [Reviewed] 31 December 2012 [Restated] 30 June 2013 [Restated] Profit for the period: Overall decrease in profit for the period - (634) (691) Overall increase in other comprehensive income for the period - 634 691 Overall impact on total comprehensive income for the period - - - 31 December 2013 [Reviewed] 31 December 2012 [Review ed] 30 June 2013 [Audited] R'000 R'000 R'000 ASSETS Non current assets 29,733 23,885 28,657 Property, plant and equipment 25,955 22,116 26,398 Intangible asset 3,561 1,711 1,590 Deferred taxation asset 217 58 669 Current assets 25,015 24,670 32,768 Inventory - 30 23 Trade and other receivables 9,266 8,612 9,800 Taxation receivable 753 1,556 477 Cash and cash equivalents 14,996 14,472 22,468 Total assets 54,748 48,555 61,425 EQUITY AND LIABILITIES Equity 47,128 43,379 53,262 Share capital and premium 2,576 2,120 2,696 Treasury shares - (330) (265) Distributable reserves 44,552 41,589 50,831 Non-current liabilities 3,074 1,351 2,687 Post retirement medical obligations 414 451 433 Deferred taxation liability 2,660 900 2,254 Current liabilities 4,546 3,825 5,476 Trade and other payables 3,777 3,825 5,476 Income tax payable 769 - - Total liabilities 7,620 5,176 8,163 Total equity and liabilities 54,748 48,555 61,425 Net asset value per share [cents] 112.0 104.4 126.7 Net tangible asset value per share [cents] 103.6 100.3 123.0 STATEMENT OF FINANCIAL POSITION Year ended 31 December 2013 [Reviewed] 31 December 2012 [Restated] 30 June 2013 [Restated] R'000 R'000 R'000 Revenue Software rental 9 27,426 25,274 51,063 Hardware rental 3 5,720 5,529 11,310 CargoWise One 25 1,772 1,417 2,919 Headoffice 5 681 646 1,441 Total revenue from external sources 8 35,599 32,866 66,733 Segment profit/(loss) Software rental 13,367 11,119 24,672 Hardware rental 1,847 1,916 1,803 CargoWise One 687 630 1,030 Headoffice (6,533) (6,617) (13,815) Profit before income tax 33 9,368 7,048 13,690 Segment Assets Software rental 14,114 10,867 12,126 Hardware rental 7,253 8,934 7,441 CargoWise One 423 779 852 Headoffice 32,958 27,975 41,006 Total assets 54,748 48,555 61,425 Segment Liabilities Software rental 206 120 693 Hardware rental 87 150 241 CargoWise One 955 625 540 Headoffice 6,372 4,281 6,689 Total liabilities 7,620 5,176 8,163 SEGMENTAL REPORT 6 months ended % Inc. Year ended 31 December 2013 [Reviewed] 31 December 2012 [Restated] 30 June 2013 [Restated] R'000 R'000 R'000 Rental and other revenue 8 35,599 32,866 66,733 Operating costs (26,741) (26,294) (54,043) - Distribution (19,608) (19,290) (39,073) - Administration (5,796) (6,845) (14,530) - Other (1,337) (159) (440) Operating profit 35 8,858 6,572 12,690 Finance income 510 476 1,000 Profit before income tax 33 9,368 7,048 13,690 Income tax - normal and deferred (3,029) (1,698) (3,559) Profit for the period 18 6,339 5,350 10,131 Other comprehensive income for the period - 634 5,085 Total comprehensive income for the period 6,339 5,984 15,216 Earnings per share [cents] Basic 17 15.1 12.9 24.3 Diluted 19 15.1 12.7 24.3 Headline earnings per share [cents] Basic 17 15.1 12.9 26.0 Diluted 18 15.1 12.7 26.0 42,061 41,537 42,022 Weighted average number of shares in issue ['000] 42,048 41,531 41,710 42,048 42,045 41,710 - - 30.0 30.0 25.0 25.0 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 6 months ended Actual number of shares in issue ['000] % Inc. Diluted weighted average number of shares in issue Gross ordinary dividend per share paid [cents] Gross ordinary dividend per share declared[cents] Year ended 31 December 2013 [Reviewed] 31 December 2012 [Restated] 30 June 2013 [Restated] R'000 R'000 R'000 Profit for the period attributable to ordinary shareholders 6,339 5,350 10,131 Adjusted for : Loss on disposal of property, plant and equipment 8 9 1,009 Taxation effect (2) (3) (283) Headline earnings 6,345 5,356 10,857 RECONCILIATION OF HEADLINE EARNINGS 6 months ended % Inc. Year ended 31 December 2013 [Reviewed] 31 December 2012 [Review ed] 30 June 2013 [Audited] R'000 R'000 R'000 Balance at beginning of period 53,262 47,695 47,695 Proceeds of share issues 145 78 723 Total comprehensive income for the period 6,339 5,984 15,216 Share-based payment reserve movement - 6 12 Dividends paid (12,618) (10,384) (10,384) Balance at end of period 47,128 43,379 53,262 6 months ended STATEMENT OF CHANGES IN EQUITY (a division of Sasfin Bank Limited) Highlights Revenue 8%  Cash generated by operations 26%  Operating profit 35%  Headline earnings per share 17%  Profit for the period 18% 

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