|
CNX
CNX
CNX - Conafex Holdings Societe Anonyme - Unaudited results for the half-year
ended 31st March 2008
CONAFEX HOLDINGS SOCIETE ANONYME
(Incorporated in Luxembourg RC Luxembourg No. B 17789)
("Conafex")
CODE: CNX ISIN: LU0243998001
Registered office
6 rue Adolphe Fischer, L-1520,
(PO Box 1361, L-1013)
Luxembourg
Dear Shareholder,
Unaudited results for the half-year ended 31st March 2008
Profile
Conafex is an African agri-resource group listed on the Luxembourg and
Johannesburg stock exchanges. Conafex takes strategic and private equity stakes
in businesses focused on the food sector, in particular horticulture, niche and
value added agriculture.
Trading Update
There is a strong seasonality to the businesses in which Conafex has invested
and, as is the norm, we expect improved results in the second half of the
financial year. The favourable rand exchange rate is assisting the businesses
where there is an export bias and in particular the Grassroots Group.
Grassroots grows, processes and markets a range of health and lifestyle products
for export. Following a succession of good rainy seasons, the supply
constraints on rooibos tea have eased considerably and Cape Natural Tea Products
is poised for a stronger second half. The recently acquired coffee roasting,
branding and trading businesses are performing better than expectation and we
look forward to improving sales in the coming winter months. Despite the
political upheavals, Kenya Highland Seeds benefited from a good rainy season in
East Africa and is trading well.
Intertrading Limited, in which Conafex has a 17.5% stake, has completed its
restructuring and has been streamlined into two wholly owned subsidiaries: Sky
Services, the specialised airfreight and logistics provider, and Agrilink, which
purchases and exports a range of fresh fruit and vegetables by air. Both
businesses turned in a solid performance in the financial year ended 29th
February 2008. The Intertrading Group has a strong balance sheet and for the
first time in several years a dividend has been declared. Intertrading does not
have sufficient scale in its current form to support a JSE listing and as a
consequence that group is actively pursuing acquisitions and mergers in the agri
sector.
Financial
An operating loss before tax was incurred of R1,686,000 (2007 - operating loss
R1,433,000) and a loss attributable to shareholders of R 1,949,000 (2006 - loss
R1,516,000) for the six-month period.
Prospects
Following the demise of the Group`s agricultural businesses in Zimbabwe and as
mentioned in the 2007 Annual Report, the value of the underlying businesses does
not justify and cannot sustain the costs of remaining listed. Consequently
Conafex continues to look at the possibility of delisting its shares from the
Luxembourg and Johannesburg securities exchanges.
Dividend
Your Directors do not propose to pay a dividend at the interim stage.
C.P. JOUSSE
Chairman
Directors: C.P. Jousse (Chairman), C. Barrow, A.S. Haggie, L.H. Marshall, O.H.
Marshall, The Hon. C.A. Pearson
CONSOLIDATED PROFIT AND Half years ended Period
LOSS ACCOUNT ended
31st March 30th
September
2008 2007 2007
Unaudit Unaudite Audite
ed d d
Notes R000 R000 R000
Group Revenue, including 3 16,868 22,200 43,536
share of associates
Less revenue of associates (3,173) (8,325) (16,35
6)
Revenue 13,695 13,875 27,180
Operating costs (15,381 (15,308) (28,25
) 8)
Operating loss (1,686) (1,433) (1,078
)
Share of associated (599) (251) 2,151
companies results
Other dividends receivable - 40 393
Interest receivable 257 104 564
Exchange gains 275 158 505
Interest paid and similar (91) (119) (370)
charges
(Loss)/Profit on ordinary
activities before (1,844) (1,501) 2,165
exceptional items and tax
Exceptional items 4 (72) (57) (4,069
)
Loss before tax 3 (1,916) (1,558) (1,904
)
Taxation on ordinary (30) (53) (882)
activities
Loss after tax (1,946) (1,611) (2,786
)
Minority Interests (3) 95 (193)
Loss attributable to (1,949) (1,516) (2,979
shareholders )
Reconciliation of headline
earnings/(losses) per
share
Basic loss per share (SA 5 (76) (81) (159)c
cents)
Less exceptional items, net of 2 3 (217)
tax and minority interests (SA
cents)
Headline (loss)/earnings (74) (78)c 58c
per share (SA cents)
STATEMENT OF CHANGES IN EQUITY
R000 R000 R000
Fair value adjustment of (1,399) 64 294
investments
Proceeds of new shares issued, - - 8,851
net of costs
Exchange differences on
translation of the financial 551 70 (2,308)
statements of
foreign entities
Net gain not recognised in the (848) 134 6,837
income statement
Net loss for the period (1,949) (1,516) (2,979)
Total recognised (losses)/gains (2,797) (1,382) 3,858
and change in shareholders` funds
Shareholders` funds at start of 27,671 23,813 23,813
period
Shareholders` funds at end of 24,874 22,431 27,671
period
CONSOLIDATED GROUP BALANCE SHEET 31st March 30th
September
2008 2007 2007
Unaudited Unaudited Audited
R000 R000 R000
Non current assets
Property, plant and equipment 3,879 2,093 1,482
Intangibles 1,482 1,501 4,266
Investments 9,657 9,062 11,098
15,018 12,656 16,846
Current assets
Inventories 7,013 7,704 8,895
Accounts receivable 6,938 12,666 6,770
Cash 9,153 10,182 10,996
23,104 30,552 26,661
Current liabilities
Accounts payable (falling due (10,789) (18,370) (13,381)
within one year)
Net current assets 12,315 12,182 13,280
Accounts payable in more than one - (305) -
year
Deferred taxation (125) (98) (125)
Total assets less current 27,208 24,435 30,001
liabilities
Capital and reserves
Called up share capital 26,371 20,370 26,371
Share premium account 3,085 1,298 3,085
Other reserves 628 660 628
Retained earnings (5,210) 13 (2,413)
Shareholders` funds 24,874 22,341 27,671
Minority interests 2,334 2,094 2,330
27,208 24,435 30,001
CONSOLIDATED CASH FLOW Half years ended Year
STATEMENT ended
31st March 30th
Septembe
r
2008 2007 2007
Unaudited Unaudited Audite
d
R000 R000 R000
Operating activities
Cash (absorbed by)/generated (2,028) 9,216 172
by operations
Interest paid (91) (119) (370)
Taxation paid (29) (135) (233)
Net cash (outflow)/inflow (2,148) 8,962 (431)
from operating activities
Investment activities
Purchase of property plant & - (403) (3,004
equipment )
Acquisition of further parts - (698) (647)
of minority interests
Proceeds on - (419) 2,990
disposal/(purchase) of
investments
Proceeds on disposal of 235 - 198
property plant & equipment
Interest received and other 479 144 957
income
Net cash inflow/(outflow) 714 (1,376) 494
from investment activities
Net cash (outflow)/inflow (1,434) 7,586 63
before financing
Financing
Proceeds of issue of new - - 8,851
shares
Increase/(decrease) in long - 32 (273)
term debt
Net (decrease)/increase in (1,434) 7,618 8,641
funds
Net funds at start of period 10,808 2,000 2,000
Effect of foreign exchange (221) (93) 167
rate changes
Net funds at end of period 9,153 9,525 10,808
NOTES
1 The results and the cash flow statement for the half year ended 31st March
2008 are unaudited and comply with IAS 34 - Interim Financial Reporting.
They have been prepared on the basis of accounting policies adopted in the
accounts for the year ended 30th September 2007which comply with
International Financial Reporting Standards in all respects and Luxembourg
law. The results for the year to 30th September 2007 are an abridged
version of the Group`s full accounts for that year, which have been filed
with the relevant authorities.
2. The analysis of results is as follows:-
Half years ended
31st March
2008 2007
R000 R000
Revenue Result Revenue Result
South Africa 13,695 (656) 6,894 (1,013)
United Kingdom - - 4,153 270
Luxembourg and other - (1,030) 2,828 (690)
13,695 (1,686) 13,875 (1,433)
Share of associated 3,173 (599) 8,325 (251)
companies
16,868 (2,285) 22,200 (1,684)
Other dividends and 257 144
interest received
Interest paid (91) (119)
Exchange gains/(losses) 275 158
Exceptional items (72) (57)
Loss before tax (1,916) (1,558)
3. The exceptional item in the current period arises on notarial fees for
changes in share capital. The exceptional item in the prior year was
potential compliance costs of an acquisition/further investment in Simply
Cereal..
4. Loss per share is based on the net results attributable to members and the
weighted number of shares in issue of 2,549,131 (2007 comparable period -
1,872,484; for the year - 1,878,045). Headline earnings per share are
based on the result attributable to shareholders excluding exceptional
items, net of minority interests and tax, where applicable.
5. The investments are stated at fair value.
6. There was no capital expenditure during the period (2007 - R403,000).
There were no material capital expenditure commitments as at 31st March
2008 (2007 - nil).
Luxembourg
20 June 2008
Sponsor
Sasfin Capital (A division of Sasfin Bank Limited)
Date: 20/06/2008 17:00:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
