|
CNX
CNX
CNX - Conafex - Preliminary Announcement Of Unaudited Results For The Year
Ended 30 September 2008
NOTE: SHAREHOLDERS ARE ASKED TO PLEASE IGNORE THE CONAFEX RESULTS
ANNOUNCEMENT RELEASED AT 13H00 AS THIS WAS THE INCORRECT VERSION
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
PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS FOR THE YEAR ENDED 30
SEPTEMBER 2008
GROUP PROFILE
Conafex is an African agri-resource group listed on the Luxembourg and
Johannesburg stock exchanges. Conafex takes strategic stakes in businesses
focused on horticulture, niche and value-added agriculture.
OVERVIEW
All subsidiaries and associates made a positive contribution to the
operating profit but this was eroded by the costs associated with
maintaining the dual listings on the Luxembourg and Johannesburg stock
exchanges.
The performance of the subsidiary Cape Natural Tea Products was
substantially above the previous year, however the associate, Grassroots
Group, had a poor year by comparison. Our recently expanded coffee
roasting, branding and trading subsidiary achieved the targets set but
Kenya Highlands Seeds suffered from the political upheavals in that
country. After a major restructuring, the investment in listed
Intertrading Limited is now stable and that group has a strong balance
sheet and is actively seeking acquisitions.
Most of the businesses in the Conafex Group have a strong export bias but
the recent and substantial decline in the rand rate of exchange against
trading partners came too late to have any meaningful impact on the overall
2008 results. Throughout the year the rand rate of exchange declined,
albeit gradually, however this was insufficient to cover the impact of
producer price inflation and margins suffered accordingly.
The investment in Simply Cereal was disposed of during the year.
FINANCIAL
The Group incurred an operating loss of R1,696,000 (2007 - R 936,000) and a
loss attributable to shareholders of R1,711,000 (2007- R2,979,000). The
exceptional item relates to the sale of the minority stake in Simply
Cereal.
DIVIDEND
As a result of the losses incurred the Company is unable to pay a dividend
for the year ending 30 September 2008.
PROSPECTS
Following the compulsory acquisition of Conafex`s agricultural enterprises
by the Government of Zimbabwe the current scale of the underlying
businesses cannot sustain the regulatory costs associated with being a
listed entity. Accordingly approval has been granted by the Luxembourg
Stock Exchange to delist and delisting from the JSE Limited has reached an
advanced stage. Shareholders will be advised early in the New Year by way
of a Circular of an offer by the company to all shareholders.
Chris Jousse
Chairman
22 December 2008
Notice of Meeting
The Annual General Meeting of the Company will take place on Friday 27
March 2009 at 3.30 p.m. at the registered office of the Company, 58 rue
Charles Martel, L-2134, Luxembourg.
UNAUDITED CONSOLIDATED INCOME STATEMENT
Year ended 30 September 2008 2007
R000 R000
Group revenue including share of associates 45,957 43,536
Less share of revenue of associates (7,821 (16,35
) 6)
Revenue (discontinued activities - Nil (2007 - 38,136 27,180
R3,509,000)
Operating costs (39,83 (28,11
2) 6)
Operating loss (1,696 (936)
)
Share of associated companies` results (282) 2,151
Dividend receivable 336 393
Interest receivable 437 564
Exchange (losses)/gains (906) 505
Interest paid and similar charges (273) (512)
(Loss)/Profit on ordinary activities before (2,384 2,165
exceptional items and tax )
Exceptional items 1,495 (4,069
)
Loss before tax and minority interests (889) (1,904
)
Profit before tax on discontinued activities 225
Loss before tax on continuing activities (889) (2,129
)
Taxation on ordinary activities (410) (882)
Loss after tax before minority interests (1,299 (2,786
) )
Minority interests (412) (193)
Loss attributable to shareholders of the Group (1,711 (2,979
) )
Reconciliation of headline loss per share
Loss per share SA cents (235)c (159)c
Less exceptional items, net of tax and minority (58)c 217 c
interests
Headline (loss)/earnings per share SA cents (293)c 58 c
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Ordin Legal Share Retai Total
ary reser premiu ned
share ve * m earni
capit accoun ngs
al t
R000 R000 R000 R000 R000
FOR THE YEAR ENDED 30 SEPTEMBER 2007
Balance at start of year 21,81 707 1,390 (103) 23,81
9 3
Exchange differences on (2,44 (79) (156) 375 (2,30
translation of the financial 8) 8)
statements and net losses not
recognised in the income
statement
Shares issued during year 7,000 - 1,851 - 8,851
Fair value adjustment - - - 294 294
Net loss for the year - - - (2,97 (2,97
9) 9)
Balances at end of year 26,37 628 3,085 (2,41 27,67
1 3) 1
FOR THE YEAR ENDED 30 SEPTEMBER 2008
Balance at start of year 26,37 628 3,085 (2,41 27,67
1 3) 1
Exchange differences on - - - 1,274 1,274
translation of the financial
statements and net losses not
recognised in the income
statement
Fair value adjustment - - - (427) (427)
Net loss for the year - - - (1,71 (1,71
1) 1)
Balances at end of year 26,37 628 3,085 (3,27 26,80
1 7) 7
* Luxembourg law requires that an appropriation of at least 5% of the
Company`s own annual distributable profit be made to legal reserve until
such time as the reserve attains 10% of the issued share capital.
Consequently the directors are not required to transfer to legal reserve
from the retained loss for the year. Distribution of this reserve is
restricted.
UNAUDITED CONSOLIDATED BALANCE SHEET
At 30 September 2008 2007
R000 R000
Assets
Non current assets
Intangible assets 1,482 1,482
Property, plant and equipment 3,938 4,266
Investments 10,064 11,098
15,484 16,846
Current assets
Inventories 6,194 8,895
Trade and other accounts receivable 8,309 6,770
Cash and bank balances 8,587 10,996
23,090 26,661
Current liabilities
Accounts payable falling due within one year (8,563 (13,38
) 1)
Net current assets 14,527 13,280
Total assets less current liabilities 30,011 30,126
Creditors due after more than one year (277) -
Deferred taxation (184) (125)
29,550 30,001
Capital and reserves
Called up share capital 26,371 26,371
Share premium account 3,085 3,085
Legal reserve 628 628
Retained earnings (3,277 (2,413
) )
Shareholders` funds 26,807 27,671
Minority interests 2,743 2,330
29,550 30,001
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
Year ended 30 September 2008 2007
R000 R000
Cash Flows from operating activities
Cash (utilised)/generated by operations (3,679 314
)
Interest paid (273) (442)
Taxation paid (145) (228)
Net cash outflow from operating activities (4,097 (356)
)
Investment activities
Purchase of tangible assets (829) (3,004
)
Proceeds on disposal of tangible fixed assets 12 203
Proceeds on disposal of investments - 2,990
Further acquisition of minority interest in - (653)
Accord Tea Services
Interest received and other investment income 773 957
Net cash (outflow)/inflow from investment (44) 493
activities
Net cash (outflow)/ inflow before financing (4,141 137
)
Financing
Proceeds of new shares issued, net of costs - 8,851
Increase/(Decrease) in long term debt 277 (237)
Net cash inflow from financing 277 8,614
Net (decrease)/increase in funds (3,864 8,751
)
Net funds at start of year 10,808 2,000
Effect of foreign exchange rate changes 1,597 57
Net funds at end of year 8,541 10,808
Notes:
1.Investments have been reflected in accordance with IAS 39. The
results for the year ended 30 September 2008 and the balance sheet at
that date have been prepared on the basis of accounting policies
adopted for the period ended 30 September 2007. The financial
statements comply with International Financial Reporting Standards.
2.Capital expenditure during the year was R565,000 (2007 - Nil). At 30
September 2008, there were no material outstanding capital commitments
(2007 - R Nil).
3. Earnings per share are based on the results attributable to
shareholders and the average number of shares in issue during the year -
2,549,131 (2007 - 1,872,484).
20 DECEMBER 2007
Sponsor
Sasfin Capital
Date: 22/12/2008 13:22:21 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 ] | |||||||||||||
|
|||||||||||||
