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ZED
ZED
ZED - Zeder - Audited results for the year ended 29 February 2008
Zeder Investments Limited
Incorporated in the Republic of South Africa
Registration number: 2006/019240/06
Share code: ZED & ISIN: ZAE000088431
("Zeder" or "the company")
Audited results for the year ended 29 February 2008
Highlights
Net asset value per share 258,9c up 15%
Headline earnings per share 35,4c up 27%
Nature of business
The company`s main business is that of an investment company in the agricultural
and related sectors.
Zeder has achieved its stated objective to equity account its investments in:
* Kaap Agri Limited;
* Pioneer Food Group Limited via Kaap Agri Limited;
* KWV Limited;
* MGK Business Investments Limited ("MGK");
* KLK Landbou Limited via Thembeka Agri Holdings (Pty) Limited; and
* Agricol Holdings Limited ("Agricol").
The aforementioned equity accounted earnings for the period under review
amounted to R72,7 million. For the six-month period ended 28 February 2007 there
were no equity accounted earnings from associated companies.
Results
Zeder`s investment portfolio increased by 76% to R1 366,5 million from R776,3
million as at 28 February 2007. Zeder`s net profit after tax for the reporting
period is R207,5 million. The company made cash investments of R321,6 million
since 28 February 2007.
Zeder further expanded its investment portfolio during the reporting period. In
addition to the new investments in MGK and Agricol, Zeder increased its
shareholding in its existing investment portfolio and obtained a shareholding in
Tuinroete Agri Limited. More than 75% of Zeder`s current investment portfolio,
excluding cash and loans, is represented by its investments in Kaap Agri Limited
and KWV Limited. The detailed portfolio is available on the company`s website at
www.zeder.co.za.
Zeder`s net asset value per share increased by 15% from R2,25 on 28 February
2007 to R2,59 on 29 February 2008. The carrying value of the investments in the
associated companies approximates fair value where market value based on
published over-the-counter prices is less than carrying value.
Prospects
It is Zeder`s aim to equity account all its investments. Zeder is constantly
investigating opportunities in the agricultural and related sectors where there
are still opportunities for value investments.
Zeder`s profits for the year ended 29 February 2008 include R154,8 million
(2007: R137,1 million) marked-to-market profits emanating from its underlying
investments. Marked-to-market profits do not necessarily represent recurring
income due to the fluctuations in market prices. The effect of Zeder`s objective
to equity account all its investments should eliminate the volatility in its
earnings which may result in lower but less volatile profits in future.
Audited financial statements
PricewaterhouseCoopers Inc. has audited the results for the year and its
unqualified audit reports on the 29 February 2008 annual financial statements
and condensed financial statements are available on request at the company`s
registered office.
Dividends
The directors of Zeder have declared a dividend of 5 cents per share in respect
of the year ended 29 February 2008. The dividend was calculated in terms of the
company`s policy to declare and pay dividends equal to the cash dividends
received from its underlying investments during the reporting period.
The following are the salient dates for the payment of the ordinary dividends:
Last day to trade cum dividend Wednesday, 30 April 2008
Trading ex dividend commences Monday, 5 May 2008
Record date Friday, 9 May 2008
Day of payment Monday, 12 May 2008
Share certificates may not be dematerialised or rematerialised between Monday, 5
May 2008, and Friday, 9 May 2008, both days inclusive.
On behalf of the Board
Jannie Mouton Antonie Jacobs
Chairman Chief executive officer
Stellenbosch
9 April 2008
Condensed group income statement
for the year ended 29/28 February
2008 2007
12 months 6 months
Note Rm Rm
Income
Investment income 47,7 30,8
Fair value gains and losses on financial
instruments 154,8 137,1
Sundry income 0,5
Total income 203,0 167,9
Expenses
Management fee (25,7) (7,5)
Performance fee (20,6)
Total expenses (46,3) (7,5)
Net income from operating activities 156,7 160,4
Share of profits of associated companies 72,7
Net income before taxation 229,4 160,4
Taxation 3 (21,9) (23,9)
Net income of the group 207,5 136,5
Attributable to equity holders of the 207,5 136,5
company
Non-headline items 4 (1,1)
Headline earnings 206,4 136,5
Earnings per share (cents)
- attributable 35,6 27,8
- headline 35,4 27,8
Dividend per share (cents)
- final 5,0 2,0
Number of shares (million)
- In issue 605,1 571,3
- Weighted 582,8 490,5
Condensed group balance sheet
as at 29/28 February
2008 2007
Note Rm Rm
Assets
Investment in associated companies 2 1 152,1
Financial assets
Equity securities 214,4 776,3
Loans and advances 72,5
Receivables 1,0 0,2
Cash and cash equivalents 164,5 537,4
Total assets 1 604,5 1 313,9
Equity
Ordinary shareholders` equity 1 566,4 1 282,9
Total equity 1 566,4 1 282,9
Liabilities
Deferred income tax 3 2,9 18,5
Trade and other payables 35,2 7,1
Current income tax liabilities 3 5,4
Total liabilities 38,1 31,0
Total equity and liabilities 1 604,5 1 313,9
Net asset/tangible asset value per share 258,9 224,5
(cents)
Condensed group cash flow statement
for the year ended 29/28 February
2008 2007
12 months 6 months
Rm Rm
Cash generated by operations 46,8 30,3
Taxation paid (8,5)
Net cash flow from operating activities 38,3 30,3
Net cash flow from investment activities (399,7) (190,9)
Net cash flow from financing activities (11,5) 698,0
Net (decrease)/increase in cash and cash (372,9) 537,4
equivalents
Cash and cash equivalents at beginning of period 537,4
Cash and cash equivalents at end of period 164,5 537,4
Condensed statement of changes in owners` equity
for the year ended 29/28 February
2008 2007
12 months 6 months
Note Rm Rm
Ordinary shareholders` equity at beginning 1 282,9
of period
Shares issued 5 87,4 1 146,4
Net income for the period 207,5 136,5
Dividend paid (11,4)
Ordinary shareholders` equity at end of 1 566,4 1 282,9
period
Notes
1. Basis of presentation and accounting policies
The abridged financial statements have been prepared in terms of
International Financial Reporting Standards (IFRS), IAS 34 - Interim
Financial Reporting and in compliance with the Listing Requirements
of the JSE Limited. The accounting policies used in the preparation
of the abridged financial statements are consistent with those used
in the financial statements for the period ended 28 February 2007,
except for the following policies which have been added since:
Investment in associated companies
Associated companies are all entities over which the company has
significant influence but not control, generally accompanying a
shareholding of between 20% and 50% of the voting rights. Investments
in associated companies are accounted for by the equity method of
accounting and are initially recognised at cost.
2. Investment in associated companies
29 Feb 28 Feb
2008 2007
Rm Rm
Carrying value of shares
Unlisted 1 152,1
The company`s shareholding in Kaap Agri Limited was increased to
21,8% by exchanging its 5,8% interest in Pioneer Food Group Limited
for shares in Kaap Agri Limited on 1 August 2007. Subsequent to this
exchange Zeder further increased its shareholding in Kaap Agri
Limited to 33,6% for the year ended 29 February 2008. In addition,
the company increased its shareholding in KWV Limited to 20,8% during
the year.
3. Taxation
Deferred taxation is provided on the net fair value adjustments to
the company`s investment portfolio, using an effective capital gains
tax rate of 14%. Interest income is taxed at 29%, net of the
apportioned management fee expense.
4. Non-headline items
29 Feb 28 Feb
2008 2007
12 months 6 months
Rm Rm
Non-headline items of associated companies 1,1
5. Shares issued
During the period, 33,7 million shares were issued for R87,4 million
to increase the company`s shareholding in existing investments.
6. Segmental reporting
All investment activities are considered by the directors to be in
the agricultural and related services sector of South Africa.
7. Commitments and contingencies
The company did not have any capital commitments or contingencies at
29 February 2008.
Directors
JF Mouton (chairman), AE Jacobs* (CEO), CA Otto, MS du Pre le Roux(3),
JG Carinus(3) ?, LP Retief(3)
(* executive (3) independent non-executive,? resigned with effect 9_April 2008)
Secretary and registered office
PSG Corporate Services (Pty) Limited, 1st Floor, Ou Kollege, 35 Kerk Street,
Stellenbosch, 7600
PO Box 7403, Stellenbosch, 7599
Transfer secretaries
Link Market Services South Africa (Pty) Limited, 11 Diagonal Street,
Johannesburg, 2001
PO Box 4844 Johannesburg, 2000
Sponsor
PSG Capital (Pty) Limited
Date: 09/04/2008 17:35:31 Produced by the JSE SENS Department.
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