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AFR
AFR
AFR - Afgri Limited - Unaudited voluntary supplementary condensed financial
results for the twelve months ended 30 June 2008
AFGRI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1995/004030/06)
ISIN number: ZAE000040549 Share code: AFR
UNAUDITED VOLUNTARY SUPPLEMENTARY CONDENSED FINANCIAL RESULTS
FOR THE TWELVE MONTHS ENDED 30 JUNE 2008
The accompanying information is provided to AFGRI stakeholders to assist them
in evaluating the financial performance of the Group for the 12 months ended
30 June 2008 using the comparative information for the 12 months ended 30 June
2007 and other information already provided. This exercise was necessitated by
the change in the financial year-end of the Group from 28 February to 30 June.
These supplementary financial results represent management accounting
information for the respective periods and have been prepared in accordance
with the recognition and measurement requirements of International Financial
Reporting Standards ("IFRS") and on a basis consistent with the Group`s Annual
Financial Statements. This information is the responsibility of the directors
and is available both on the Afgri website at www.afgri.co.za and the
Securities Exchange News Service (SENS).
Group balance sheet (R`millions)
Unaudited Unaudited
30 June 30 June
2008 2007
ASSETS
Non-current assets 1 804 1 548
Property, plant and equipment 1 175 1 069
Goodwill 45 26
Other intangible assets 220 164
Investments in associates 3 4
Available for sale financial assets 37 -
Financial receivables 165 154
Deferred income tax assets 159 131
Current assets 7 363 6 491
Inventories 1 102 1 027
Biological assets 61 39
Trade and other receivables 904 1 870
Trade receivables financed by Land Bank 2 698 2 696
Trade receivables financed by other banks 965 -
Derivative financial instruments 274 94
Current income tax assets 65 81
Cash and cash equivalents and cash collateral 1 294 684
deposits
Cash collateral deposits 554 326
Cash and cash equivalents 740 358
Non-current assets classified as held-for-sale 7 -
Total assets 9 174 8 039
EQUITY
Capital and reserves attributable to 1 379 1 187
equityholders
Share capital - -
Treasury shares (155) (155)
Incentive trust shares (124) (151)
Share premium - -
Fair value and other reserves 80 29
Retained earnings 1 578 1 464
Minority interest 612 585
Total equity 1 991 1 772
LIABILITIES
Non-current liabilities 322 307
Borrowings 129 114
Deferred income tax liabilities 193 178
Provisions for other liabilities and charges - 15
Current liabilities 6 861 5 960
Trade and other payables 2 015 2 096
Derivative financial instruments 75 48
Current income tax liabilities 10 -
Short-term borrowings 15 10
Call loans and bank overdrafts 1 083 1 110
Land Bank borrowings to finance trade 2 698 2 696
receivables
Other bank borrowings to finance trade 965 -
receivables
Total liabilities 7 183 6 267
Total equity and liabilities 9 174 8 039
Group income statement (R`millions)
Unaudited Unaudited
12 months 12 months
ended ended
30 June 30 June
2008 2007
Continuing operations
Sales of goods and services 7 951 6 281
Interest on trade receivables financed by 477 284
banks
Interest earned on other trade receivables 118 65
Total sales 8 546 6 630
Cost of sales and other operating expenses (7 742) (6 046)
Other operating income 100 95
Operating profit 904 679
Negative goodwill from business combinations 1 -
Share of losses of associates 3 1
Finance costs (520) (343)
Profit before income tax 388 337
Income tax expenses (20) (57)
Profit for the period from continuing 368 280
operations
Discontinued operations
Loss for the period from discontinued (58) (62)
operations
Profit for the period 310 218
Profit for the period attributable to:
Equityholders of the Company 227 141
Minority interest - BEE partners 79 70
- Other minorities 4 7
Profit for the period 310 218
Business segment results (R`millions)
Unaudited 12 months ended 30 June 2008
Headline Net interest Headline
operating and dividends operating
profit before profit after
interest and interest and
dividends dividends
AFGRI Services 243 (7) 236
Producer Services 98 (37) 61
Primary inputs 50 (18) 32
Retail 48 (19) 29
Financial Services 73 29 102
Logistics Services 72 1 73
AFGRI Products 157 (15) 142
Foods 27 - 27
Protein 130 (15) 115
Other - - -
Continuing operations 400 (22) 378
Discontinued operations (34) (4) (38)
Consolidated 366 (26) 340
Business segment results (R`millions)
Unaudited 12 months ended 30 June 2007
Headline Net interest Headline
operating and dividends operating
profit before profit after
interest and interest and
dividends dividends
AFGRI Services 201 (23) 178
Producer Services 56 (20) 36
Primary inputs 27 (10) 17
Retail 29 (10) 19
Financial Services 54 (1) 53
Logistics Services 91 (2) 89
AFGRI Products 142 (11) 131
Foods 16 (1) 15
Protein 126 (10) 116
Other - - -
Continuing operations 343 (34) 309
Discontinued operations (7) 12 5
Consolidated 336 (22) 314
Note A:
The pre-tax business segment results are presented after taking into
account the pre-tax headline earnings adjustments before allocation
of the minority (including BEE) share in profits. Operating profits
after net interest and dividends are shown after the allocation of
cost of capital based on each division`s net assets.
Note B:
Although the interest paid to Land Bank and other banks for the
financing of debtors is disclosed as finance cost in the income
statement, it is disclosed as cost of sales in the business segment
results and is deducted from headline operating profit before
interest. The increase/decrease in Land Bank and other banks`
interest paid relates directly to the interest received on the
related debtors book and the net margin provides a better comparison
of operating profit. The reconciliation of net interest and
dividends per the business segment results and the finance cost per
the income statement is as follows:
Unaudited Unaudited
12 months 12 months
ended ended
30 June 30 June
2008 2007
Finance cost per income statement (520) (343)
Land Bank interest disclosed as cost of 290 228
sales in business segment results
Other banks` interest disclosed as cost of 103 -
sales in business segment results
Finance cost excluding Land Bank and other (127) (115)
banks` interest
Discontinued interest (14) (2)
Dividend income and interest received - 115 95
included in other operating income and
other operating expenses
Net interest and dividends per business (26) (22)
segment results
Note C:
The reconciliation of operating profit per
the income statement with business segment
headline operating profit before interest
and dividends is as follows:
Operating profit per income statement 904 679
(Positive)/Negative goodwill from business 1 -
combinations
Share of (profits)/losses of associates 3 1
Discontinued profit before interest (57) (69)
Interest income and dividends disclosed as (115) (95)
net interest - refer note B
Land Bank interest paid disclosed as cost (290) (228)
of sales - refer note B
Other banks` interest paid disclosed as (103) -
cost of sales - refer note B
Headline earnings adjustments before tax 23 48
Headline operating profit before interest 366 336
and dividends per business segment results
Administration
Business address and registered office: 33 Sloane Street,
Knightsbridge Manor, Block B2, BryanstonTel (+27 11) 549-0600, Fax
(+27 11) 463-4139
Company Secretary: Ms SL Reynolds, BA, LLB,
PO Box 3559, Cramerview, 2060
Bankers: ABSA Bank Limited, FirstRand Bank Limited, Land and
Agricultural Development Bank of SA Limited, Nedcor Limited,
Standard Bank of SA Limited, The Hong Kong and Shanghai Banking
Corporation, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.
trading as Rabo Bank
Transfer secretaries: Computershare Investor Services (Proprietary)
Limited, 70 Marshall Street, Johannesburg, 2001PO Box 61051,
Marshalltown, 2107, Tel (+27 11) 370-5000
Sponsor: Rand Merchant Bank, (a division of FirstRand Bank Limited)
1 Merchant Place, Cnr Fredman Drive and Rivonia Road, Sandton, 2196,
PO Box 786273, Sandton, 2146
This announcement is available on sens and Afgri`s website at: www.afgri.co.za
Date: 18/11/2008 13:27:11 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.
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