Professional Documents
Culture Documents
SUMMARISED AUDITED
ANNUALFINANCIAL STATEMENTS
FOR THE YEAR ENDED
28FEBRUARY 2015 AND
DIVIDENDANNOUNCEMENT
Performance at a glance
Revenue R913.4 million
0.2%
2.8%
37.7%
8.7%
17.5%
Corporate information
Cargo Carriers Limited
Registration number: 1959/003254/06
Incorporated in the Republic of South Africa
JSE share code: CRG
ISIN code: ZAE000001764
(Cargo Carriers or the company or the group)
Registered office
11A Grace Road, Mountainview,
Observatory, Johannesburg, 2198
non-executive director
Sponsor
Arbor Capital Sponsors Proprietary Limited
www.cargocarriers.co.za
Financials
Condensed consolidated statement of comprehensive income
2015
R000
2014
R000
909 699
3 728
911 375
3 707
913 427
(573 561)
(214 076)
(69 588)
915 082
(561 502)
(221 916)
(73 856)
56 202
(518)
(2 469)
1 265
2 920
57 808
6 334
(10 554)
8 576
1 137
3 218
57 400
6 378
(18 351)
66 519
6 472
(23 162)
45 427
(15 501)
49 829
(3 759)
29 926
46 070
Turnover
Other income
Revenue
Operating and administration costs
Employment costs
Depreciation of property, plant and equipment
Profit from operating activities
(Loss)/profit on disposal of property, plant and equipment
Impairment of assets
Revaluation of investment properties
Dividend income
Profits from associates and joint ventures
6 052
(783)
4 333
(770)
(1 774)
2 857
(1 615)
3 601
3 654
8 247
33 580
54 317
32 065
1 515
53 729
588
33 580
54 317
28 411
1 515
45 482
588
29 926
46 070
Financials
continued
Financial information
2015
R000
2014
R000
6.0
20.0
15.0
40.0
Total dividends
26.0
55.0
146.4
234.4
155.1
229.3
229 814
40 104
217 524
99 766
17.5
45.9
Group borrowings
Borrowing capacity of the group (R000)
Borrowing capacity utilised (R000)
Borrowing capacity utilised (%)
Capital commitments (R000)
Net asset value per share (cents)
Ordinary shares in issue (closing and weighted average) (000)
1.9
12.7
(5.9)
(23.5)
54.4
(36.0)
2 279
2 166
19 406
19 406
Segmental analysis
Revenue
Industrial
Agricultural
Aviation
Supply chain services
Property
2015
R000
2014
R000
796 616
74 770
3 193
35 681
3 167
761 630
113 529
3 242
33 212
3 469
913 427
915 082
55 174
157
1 020
(3 375)
4 424
57 985
(9 847)
3 671
(2 629)
17 339
57 400
66 519
319 822
45 186
11 733
1 339
130 451
370 826
45 499
12 139
1 214
109 640
508 531
539 318
Financials
continued
2015
R000
2014
R000
448 146
25 735
26 778
7 872
15 296
487 092
24 470
22 953
4 803
18 481
523 827
557 799
167 948
15 230
134 412
150 190
16 989
116 341
317 590
283 520
20 799
11 702
Total assets
862 216
853 021
194
56 547
385 332
442 073
17 555
194
51 796
368 212
420 202
14 846
Total equity
459 628
435 048
95 232
3 010
3 881
93 713
98 954
5 721
2 781
107 019
195 836
214 475
118 741
80 803
7 208
92 309
109 088
2 101
206 752
203 498
862 216
853 021
Non-current liabilities
Deferred taxation
Contingent consideration
Provisions
Interest-bearing loans and borrowings
Current liabilities
Trade and other payables
Interest-bearing loans and borrowings
Taxation
Total equity and liabilities
Total
equity
R000
194
60 049
4 646
4 646
6 196
3 601
3 601
50
306 777
45 482
45 482
373 266
53 729
45 482
8 247
16 493
588
588
389 759
54 317
46 070
8 247
(20 878)
(6 291)
27 169
(2 641)
2 641
7 064
(7 064)
(6 793)
(6 793)
(2 235)
(9 028)
194
50 881
5 269
5 269
865
(1 615)
(1 615)
50
(50)
368 212
28 411
28 411
50
(73)
420 202
32 065
28 411
3 654
(73)
14 846
1 515
1 515
435 048
33 580
29 926
3 654
(73)
(1 194)
(1 194)
1 194
1 147
(1 147)
(8 927)
(8 927)
(8 927)
194
57 297
(750)
385 332
442 073
17 555
459 628
Dividends paid
Financials
continued
2014
R000
891 901
(746 777)
897 634
(792 244)
145 124
6 378
(18 351)
(8 927)
(10 254)
105 390
6 472
(23 162)
(9 028)
1 137
(4 085)
113 970
(41 591)
(51 252)
(3 251)
(3 974)
(53 269)
9 242
76 724
(50 091)
5 047
(1 437)
57
(64 133)
70 560
21 127
116 341
(3 056)
31 680
84 780
(119)
134 412
116 341
Commentary
Review
The group remained resilient through the
tough trading conditions such as strike
action, labour unrest and the depreciation of
the South African Rand and related African
currencies against the US dollar, producing
asatisfactory set of results.
The groups turnover remained fairly constant
while profit from operating activities declined
moderately by 2.8%. The industrial segments
revenue increased 4.6%, however, this did not
translate into operating profits which were
affected by exchange losses incurred by our
Zambian subsidiary. The agricultural
segments revenue declined 34.1% while its
operating profits increased 101.6%, largely
influenced by the disposal and exit from its
underperforming Malelane and tomato
harvesting business. The property segments
profits show a 74.5% decline, due to the prior
year being influenced by a high profit from the
sale of the Alrode property and a higher
revaluation surplus.
Net finance costs decreased 28.3% to
R11.9million, benefiting from the 20.8%
reduction in finance costs relating to an
instalment sales agreement approaching
settlement maturity. Finance income
decreased 1.5% due to the low interestbearing US dollar accounts which constitute
R47.6 million of the cash and short-term
deposits at year end.
Diluted earnings and headline earnings
pershare decreased 37.5% (234.4 cents per
share to 146.4 cents per share) and 32.4%
(229.3 cents per share to 155.1 cents per
share) respectively, largely affected by a
more normalised tax charge of
Prospects
A low economic growth outlook combined
with difficult market conditions is expected to
place current trading and profitability levels
under strain. The debt to equity ratio has
decreased to a conservative 8.7%, placing
the group in an ideal position to pursue its
organic and acquisitive growth objectives.
The year ahead is expected to be challenging,
however, the group intends to remain
steadfast and continue to enhance
stakeholder value.
Basis of preparation
The condensed consolidated financial
statements for the year ended 28 February
2015 have been prepared in accordance with
the recognition and measurement criteria of
International Financial Reporting Standards
(IFRS), IAS 34 Interim Financial Reporting, the
Listings Requirements of the Johannesburg
Stock Exchange and the requirements of the
Companies Act 71 of 2008, as amended.
These condensed consolidated financial
statements do not include all the information
and disclosures required in the annual
financial statements, and should be read in
conjunction with the groups annual financial
statements as at 28February 2015 which is
expected to be available to shareholders
towards the end of May 2015. The annual
financial statements were compiled under
Commentary
continued
The following table provides the fair value measurement hierarchy of the groups assets and liabilities:
GROUP
Non-current assets
Property, plant and equipment
Investment properties
Non-current assets held for sale
Non-current liabilities
Contingent consideration
Interest-bearing loans and borrowings
Fair value
measurement
2015
R000
2014
R000
Level 2
Level 2
Level 2
448 146
25 735
20 799
487 092
24 470
11 702
Level 3
Level 2
3 010
93 713
5 721
107 019
Dividend declaration
Appointment of independent
non-executive director
Mr Vincent Raseroka was appointed as an
independent non-executive director and
member of the remuneration, nominations
and audit and risk committee with effect
from 18 July 2014.
www.cargocarriers.co.za