| COMPU-CLEARING OUTSOURCING LIMITED
- REVIEWED INTERIM RESULTS |
Registration number 1998/015541/06)
JSE Share code: CCL ISIN: ZAE 000016564
Reviewed Interim Results
for the six months ended 31 December 2001
BALANCE SHEET
31 December 31 December 30 June
2001 2000 2001
(Reviewed) (Reviewed) % (Audited)
R'000 R'000 Increase R'000
ASSETS
Tangible assets 15 416 16 091 16 552
Financial assets 320 200 200
Current assets 16 265 12 759 14 711
Liquid current assets 9 843 6 622 8 091
Other current assets 6 422 6 137 6 620
Total assets 32 001 29 050 31 463
EQUITY AND LIABILITIES
Shareholders' funds 29 125 26 561 27 950
Deferred taxation 574 215 564
Current liabilities 2 302 2 274 2 949
Total equity and
liabilities 32 001 29 050 31 463
Net asset value
per share Ycents" 69,96 61,44 14 66,81
CASH FLOW STATEMENT
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2001 2000 2001
(Reviewed) (Reviewed) (Audited)
R'000 R'000 R'000
Operating income 3 492 3 039 7 111
Non-cash items 1 713 1 761 3 534
Cash generated from trading operations 5 205 4 800 10 645
Decrease/(increase) in working capital 346 (285) (118)
Cash generated from operations 5 551 4 515 10 527
Net interest income 193 535 928
Taxation paid (2 000) (2 114) (3 144)
Dividends paid (1 046) (991) (991)
Cash flows from operating activities 2 698 1 945 7 320
Cash flows from investing activities (697) (4 472) (6 706)
Cash flows from financing activities (249) (3 631) (5 303)
Increase/(decrease) in cash
and cash equivalents 1 752 (6 158) (4 689)
Cash at the beginning of the period 8 091 12 780 12 780
Cash at the end of the period 9 843 6 622 8 091
INCOME STATEMENT
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2001 2000 2001
(Reviewed) (Reviewed) % (Audited)
R'000 R'000 Increase R'000
REVENUE 16 841 13 792 29 062
Operating income 3 492 3 039 7 111
Net interest received 193 535 928
Profit before taxation 3 685 3 574 8 039
Taxation 1 215 1 134 2 538
Attributable earnings 2 470 2 440 5 501
Actual number of shares
in issue Y'000" 41 632 43 229 41 832
Weighted average
number of shares
in issue Y'000" 41 810 44 559 43 827
Diluted weighted
average number
of shares
in issue Y'000" 43 815 47 419 46 282
Earnings
per share Ycents" 5,9 5,5 7,3 12,6
Headline earnings
per share Ycents" 5,8 5,5 5,5 12,5
Diluted earnings
per share Ycents" 5,7 5,3 7,5 12,2
Depreciation for
the period YR'000" 1 875 1 774 5,7 3 551
Reconciliation of
earnings to
headline earnings
Attributable earnings 2 470 2 440 5 501
Profit on disposal of
fixed assets (41) (13) (17)
Tax thereon 12 4 6
Headline earnings 2 441 2 431 5 490
STATEMENT OF CHANGES IN EQUITY
Share Share Distributable
capital premium reserves Total
R'000 R'000 R'000 R'000
Balance at 30 June 2001 418 14 368 13 164 27 950
Repurchase of shares (2) (247) (249)
Profit after taxation 2 470 2 470
Dividends paid (1 046) (1 046)
Balance at 31 December 2001 416 14 121 14 588 29 125
COMMENTARY
We are pleased to report our results for the 6 months ended 31 December
2001.
In an environment which has been dogged by political turmoil and a
worldwide economic downturn these results are considered most satisfactory
even though they are based on lower volumes from the freight industry.
The growth in revenue is attributable to a significant increase in our
client base. A strategic management decision has been taken to engage more
company resources to increase our market share which has resulted in higher
sales during the period under review. Certain of these sales are of a non-
recurring nature at lower margins than the core business.
Our strategy remains committed to a business model linked to transaction
volumes and software sales. This will have a positive effect on profits as
the economy improves.
Cash flow remains strong with a significant improvement in our already
favourable liquidity. This positions us well for growth and other
opportunities that we continue to investigate.
We will continue with our share buy back strategy as and when favourable
opportunities arise.
The early part of the second half of the year witnessed some positive
trading signals, and we hope for some degree of stability in the markets for
a follow through of this trend.
Compu-Clearing continues with its strategy to strengthen its focus and
core business together with selective personnel adjustments to ready itself
for the economic upturn which will come both in South Africa and
internationally.
Basis of accounting
These consolidated, abridged interim financial statements were drawn up
in compliance with South African Statements of Generally Accepted Accounting
Practice and the company has complied with the requirements of the Companies
Act.
Accounting policies
The accounting policies as set out in the 2001 Annual Report have been
consistently applied in producing these results.
Dividends
Compu-Clearing has a policy of not paying interim dividends.
Review of results
These results have been reviewed by our auditors, KPMG Inc and a copy of
their review letter is available for inspection at the company's offices.
Johannesburg A. Garber J. du Preez
12 March 2002 (Chairman and Chief Executive) (Managing Director)
Directors:
A. Garber, J. du Preez, A. Katz*, M. Lutrin, Dr. T.M. Mogale*
D. Rosevear*, M. Steele*, M. Acosta-Alacon, A. Robbertse
*(Non-executive)
Transfer secretaries: Registered office:
Mercantile Registrars Limited 7 Drome Road
10th Floor Lyndhurst, 2106
11 Diagonal Street PO Box 89856
Johannesburg 2001 Lyndhurst, 2106
SOUTH AFRICA'S LEADING IT SPECIALIST FOR THE FREIGHT INDUSTRY
Sponsor
Sasfin Bank Limited
(Registration number 1951/002280/06)
Share code: SFN ISIN: ZAW000006565
("Sasfin" or "the Company")
Date: 11/03/2002 05:05:00 PM Produced by the JSE SENS Department
