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TRANSPACO LIMITED - Condensed Consolidated Interim Results for the six months to 31 December 2020

Release Date: 23/02/2021 15:05
Code(s): TPC     PDF:  
Wrap Text
Condensed Consolidated Interim Results for the six months to 31 December 2020

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 2020 

- NET ASSET VALUE PER SHARE 2 148 CENTS
- HEADLINE EARNINGS PER SHARE 157,7 CENTS
- DIVIDEND PER SHARE 43,0 CENTS

FINANCIAL RESULTS
                                                                    Unaudited                                    
                                                    Unaudited      six months       Unaudited         Audited    
                                                   six months        December      six months       12 months    
                                                     December            2020        December            June    
                                                         2020        % change            2019            2020    
Continuing operations                                                                                          
Revenue from continuing operations (R'000)            1 093,3             1,4         1 078,7         1 905,8    
Earnings per share (cents)                              158,2            (1,8)          161,1          278,19    
Diluted earnings per share (cents)                      158,2            (1,8)          161,1          278,19    
Headline earnings per share (cents)                     156,2            (3,1)          161,1          277,48    
Diluted headline earnings per share (cents)             156,2            (3,1)          161,1          277,48    
Total operations                                                                                               
Revenue from total operations (R'000)                 1 093,3            (3,0)        1 126,7        1 953,80    
Earnings per share (cents)                              159,6            30,6           122,2          209,68    
Diluted earnings per share (cents)                      159,6            30,6           122,2          209,68    
Headline earnings per share (cents)                     157,7            29,0           122,3          243,88    
Diluted headline earnings per share (cents)             157,7            29,0           122,3          243,88    
Net asset value per share (cents)                     2 148,0             6,3         2 012,0        2 066,00    
Discontinued operations                                                                                        
Earnings/(loss) per share (cents)                         1,4           103,7           (38,9)          (68,5)    
Diluted earnings/(loss) per share (cents)                 1,4           103,7           (38,9)          (68,5)    
Headline earnings/(loss) per share (cents)                1,4           103,7           (38,8)          (33,6)    
Diluted headline earnings/(loss) per share (cents)        1,4           103,7           (38,8)          (33,6)    

TOTAL OPERATIONS
Transpaco's results reflect an overall 29,0% increase in headline earnings per share (HEPS) for the period to 
157,7 cents per share (December 2019: 122,2 cents). The Covid pandemic had a negative impact on all operations at 
varying degrees due to the markets we supply, and in particular, the closure of the liquor trade from time to time. 
Revenue decreased by 3,0% to R1,09 billion (December 2019: R1,13 billion) with operating profit up by 12,6% to 
R78,9 million (December 2019: R70,1 million). The group's expenses were contained at acceptable levels with gross profit 
margins well-managed and controlled. The Paper and Board Division accounted for significant growth, while the Plastics 
Division performed within expectations albeit at reduced levels compared to last year. The revenue in the first six 
months of the financial year is traditionally greater than that of the second six months due to the seasonal 
nature of the business.

CONTINUING OPERATIONS
Transpaco's continuing operations also achieved revenue growth of 1,4% to R1,09 billion. Notwithstanding a challenging
economic environment compounded by the impact of the Covid 19 pandemic, HEPS declined slightly by 3,1% to 156,2 cents
(December 2019: 161,1 cents).

DIVIDEND
The board has declared an interim gross cash dividend out of income reserves of 43,0 cents per share (December 2019:
33,0 cents per share) for the six-month period ended 31 December 2020. After applying the dividend withholding tax of
20%, a net interim dividend of 34,4 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, 16 March 2021
Shares trade ex dividend               Wednesday, 17 March 2021
Record date                               Friday, 19 March 2021
Payment date                             Tuesday, 23 March 2021

Share certificates may not be dematerialised or rematerialised between Wednesday, 17 March 2021 and 
Friday, 19 March 2021, 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 23 February 2021, 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/2021/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            Chief Financial Officer

23 February 2021

DIRECTORS
DJJ Thomas (Chairman)*; PN Abelheim (Chief Executive); L Weinberg (Chief Financial Officer); 
HA Botha^; SR Bouzaglou; B Mkhondo^; SP van der Linde (Lead Independent Director)^
* Non-executive  ? Independent non-executive

Auditors BDO South Africa Incorporated 
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: 23-02-2021 03:05:00
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