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WNH
WNH
WNH - Winhold Limited - Unaudited abridged consolidated results of the group for
the six months ended 31 March 2009
WINHOLD LIMITED
(Registration number 1945/019679/06)
(Incorporated in the Republic of South Africa)
(Share code: WNH) (ISIN number: ZAE000033916)
Statement of results
Unaudited abridged consolidated results of the group for the six months ended 31
March 2009
Highlights
Operating profit up by 21.7%
Profit after tax up by 16.3%
Headline earnings per share up by 10.5%
Consolidated income statement
Year ended Six months ended
30 September 31 March
2008
`2009 `2008
R`000
R`000 R`000
991 915 Revenue 518 854 457 831
55 411 Operating profit 23 608 19 392
21 711 Investment income 10 604 10 970
(35 498) Finance costs (17 095) (17 152)
1 921 Finance income 41 983
43 545 Profit before taxation 17 158 14 193
(7 099) Taxation (2 050) (1 114)
681 Share of after tax profit 402 256
of associate companies
37 127 Net profit after tax 15 510 13 335
(5 334) Attributable to Outside (1 553) (1 163)
shareholders
31 793 Ordinary Shareholders 13 957 12 172
profit`s
31 793 Earnings 13 957 12 172
31 376 Headline earnings 13 461 12 181
68 712 EBITDA 30 536 26 202
25.3 Earnings per ordinary 11.1 9.7
share ( cents )
25.0 Headline earnings per 10.7 9.7
ordinary share ( cents )
125 506 Weighted average ordinary 125 506 125 506
shares in issue (000`s) on
which the earnings per
share has been calculated
126 215 Ordinary shares in issue ( 126 215 126 215
000`s )
9,0 Dividend per ordinary - -
share (cents)
Reconciliation of headline
earnings
31 793 ordinary shareholders 13 957 12 172
profit
(515) Net profit on disposal of (1 137) (18)
fixed assets
98 Taxation effect on 641 27
disposals
31 376 Headline earnings for the 13 461 12 181
period
Reconciliation of Earnings
before interest, tax,
depreciation and
amortisation ("EBITDA")
55 411 23 608 19 392
Profit from operations
13 301 Depreciation & 6 928 6 810
amortisation of
intangibles
68 712 EBITDA 30 536 26 202
Summarised consolidated balance sheet
Year ended Six months ended
30 September 31 March
2008
R`000
`2009 `2008
R`000 R`000
ASSETS
128 423 Property plant and equipment 116 257 125 372
2 338 Trade marks and patents 2 039 1 314
160 788 Investments 160 788 160 788
1 440 Investments in associates 1 440 1 015
26 541 Goodwill 26 541 26 541
2 247 Deferred taxation 2 425 1 771
Current assets
165 608 - inventory 157 489 158 103
196 075 - receivables 160 531 185 435
12 826 - bank and cash 6 305 8 151
696 286 Total assets 633 815 668 490
EQUITY AND LIABILITIES
122 793 Ordinary share capital and 122 793 122 793
premium
116 536 Retained earnings 119 134 96 915
239 329 Shareholders` interest 241 927 219 708
10 196 Outside shareholders` 11 610 6 025
interest
249 525 Total Equity 253 537 225 733
Non-current liabilities
185 651 - interest bearing 174 601 188 792
1 083 - interest free 1 173 1 592
6 135 - deferred taxation 6 063 5 198
Current liabilities
28 797 - bank overdraft 53 096 56 253
21 727 - short term 18 656 21 033
borrowings
Current liabilities -
interest free
199 008 - payables 124 632 168 241
4 360 - taxation 2 057 1 648
696 286 Total equity and liabilities 633 815 668 490
Supplementary information
8 302 Capital commitments 7 710 9 820
24 076 Capital expenditure 2 773 12 972
13 301 Depreciation 6 928 6 810
236 175 Interest bearing borrowings 246 353 266 078
13 573 Interest earning deposits 6 269 8 090
190.7 Net asset value per ordinary 192.8 175.1
share ( cents )
167.7 Net tangible asset value per 170.0 152.9
ordinary share ( cents )
Summarised consolidated cash flow statement
Year ended Six months ended
30 September 31 March
2008
R`000
`2009 `2008
R`000 R`000
13 953 Cash flow (used in) / from (23 373) (30 802)
operating activites
76 117 Profit before interest, 37 060 33 985
tax and non-cash items
(26 930) Change in inventory 8 119 (19 425)
(5 333) Change in receivables 38 577 (5 433)
3 317 Change in payables (76 990) (17 579)
47 171 Cash flow from operations 6 766 (8 452)
(21 466) Net finance costs (14 440) (13 410)
256 Share of results from 402 256
associates
(2 542) Taxation paid (4 603) 270
(9 466) Dividends paid (11 498) (9 466)
(22 939) Cash flow from /(used in) 6 674 (12 870)
investing activities
(24 076) Investment in fixed assets (2 773) (12 972)
1 137 Proceeds from disposal of 9 447 102
fixed assets
(6 313) Cash flow used in (14 121) (3 758)
financing activities
11 261 Interest bearing 345 8 939
borrowings raised
(17 574) Interest bearing (14 466) (12 697)
borrowings repaid
(15 299) Net decrease in cash & (30 820) (47 430)
cash equivalents
(672) Cash and cash equivalents (15 971) (672)
at beginning of period
(15 971) Cash and cash equivalents (46 791) (48 102)
at end of period
Summarised consolidated statement of changes in equity
Year ended Six months ended
30September 31 March
2008
`2009 `2008
R`000
R`000 R`000
217 002 Shareholders` funds at 239 329 217 002
beginning of the year
31 793 Changes in retained 13 957 12 172
earnings
(9 466) (11 359) (9 466)
Dividend paid
239 329 Shareholders` interests at 241 927 219 708
end of the period
Segment Information
Business Segments
R`000 Minin Indus Flexble Other Totals
g t- Plastic
Consu rial s
ma- Consu
bles m-
ables
Turnover 12 months to 345 159 484 894 2 118 991
Sept 2008 222 681 915
6 months to 185 82 248 994 1 622 518
March 2009 428 810 854
6 months to 157 73 226 197 1 040 457
March 2008 464 130 831
Operating 12 months to 14 10 31 511 (665) 55 411
Sept 2008 294 271
Profit 6 months to 6 887 4 308 13 438 (1 23 608
March 2009 025)
6 months to 3 653 4 134 12 575 (970) 19 392
March 2008
Investmen 12 months to - - - 21 711 21 711
t Sept 2008
Income 6 months to - - - 10 604 10 604
March 2009
6 months to - - - 10 970 10 970
March 2008
Depreciat 12 months to 1 127 710 9 666 1 798 13 301
-ion Sept 2008
6 months to 583 384 5 023 938 6 928
March 2009
6 months to 623 372 4 983 832 6 810
March 2008
Capital 12 months to 757 1 062 20 438 1 819 24 076
Sept 2008
Expenditu 6 months to 185 91 2 448 49 2 773
re March 2009
6 months to 234 128 12 406 204 12 972
March 2008
TOTAL 12 months to 143 55 266 668 230755 696
Sept 2008 125 738 286
ASSETS 6 MONTHS TO 127 54 230 467 221 633
MARCH 2009 303 955 090 815
6 months to 124 54 260 127 230 668
March 2008 259 104 000 490
TOTAL 12 months to 82 26 159 705 178 446
Sept 2008 384 172 500 761
LIABILITI 6 MONTHS TO 52 29 125 368 172 380
ES MARCH 2009 569 531 810 278
6 months to 65 30 166 461 442
March 2008 351 599 180 757
346
GROUP PROFILE
Winhold Limited ("Winhold") is a holding company with its main investments
being wholly owned subsidiaries Gundle Limited ("Gundle") and Inmins
Limited ("Inmins"), and a 50,1% holding in Novara Profile Extrusions (Pty)
Limited ("Novara").
Gundle comprises of two manufacturing / distribution operations in Gauteng
and one in Swaziland, with a further four distribution centres in the main
coastal cities and Bloemfontein.
Gundle manufactures and distributes polyethylene and polypropylene bags,
sheeting and packaging to the agricultural, chemical, construction, food
processing, industrial and consumer markets.
Inmins services the mining and industrial sectors, supplying mainly
industrial consumer goods.
Novara manufactures various products out of recycled PET plastic.
REVIEW OF RESULTS
The group was able to improve results on the last years` record results
despite a very challenging and volatile economic environment.
Revenue increased by 13,3% to R518,8 million (2008: R457,8 million).
Operating profit increased by 21,7% to R23,6 million (2008: R19,4
million).
Profit after tax increased by 16,3% to R15,5 million (2008: R13,3
million). Ordinary shareholders profit increased by 14,6% to 11,1 cents
per share. Headline earnings increased by 10,5% to 10,7 cents per share.
Cash flow is always under pressure in the first half of the financial
year due to bonuses paid out in December, the holiday period, dividend
payments in February and loan repayment on the BEE transaction. The high
gearing is due to the 10 year loan raised to finance the BEE transaction in
February 2006 and will reduce as the loan is repaid.Operational gearing
improved from March 2008 (53,0%) to 42,3% currently.Historically the cash
flow improves during the second six month period.
CAPITAL COMMITMENT
The amount of R7,7 million reflected in the supplementary information
relates to further modernization of Gundle plant and equipment.
OPERATIONAL REVIEWS
Inmins
Group revenue increased by 16% and group operating profit increased by
43,8%. Eleven out of sixteen branches improved their profitability over
the previous year, including the two Zenzele joint ventures. This was
achieved despite the reduction in operating profit from the gold- and
platinum mining sector branches. Overall a satisfactory performance of the
mining consumables division was mainly due to excellent results from the
divisions operating in
the coal fields.
Severe continued reductions in the price of steel profiles adversely
affected the industrial consumable division, but the operating profit still
increased slightly. Operating expenses were strictly controlled and all
loss makers were eliminated.
Gundle
Revenue increased by 10% and operating profit by 6,9%. These results were
achieved in an adverse economic environment. Volatility in raw material
pricing made it difficult to maintain margins. Rationalization within
Gundle produced positive results. Late delivery of new equipment delayed
budgeted improvements. Exceptional rains during February and March caused
delays at Gundle Geosynthetics, as no site installation could be performed
during this period. A manufacturing unit and a distribution branch produced
their best ever results.
Novara
Further development of products took place during this period. Although
some sales were achieved, this business did not live up to expectations.
PROSPECTS
Ways to improve shareholder`s wealth will be continually explored which
could include critical analysis of the current structure, as well as
exploring more growth opportunities including investment in new plant and
machinery.
Gundle
- Manufacturing in a loss making operation in Gundle was discontinued at
the end of February and the plant was sold. This will contribute
positively to results during the second period.
- The amalgamation of two factories into one improved results and should
continue in the second period.
- Commissioning of new plant was delayed to May. However, as market
conditions are negative in the target sectors, the utilization of the
new capacity will have to be improved to achieve the full benefit.
- New products introduced in the packaging- and construction markets
were well received and should continue to contribute to improved
results.
- The Geosynthetics division results should improve during the remainder
of the year.
- New opportunities in the Gundle operations resulted in more
investments which should be implemented at the end of this financial
year, and should result in improved future profitability.
Inmins
- Curtailed production and the postponement of new projects in the gold-
and platinum mining sectors impacted negatively on Inmins` results.
However, improvements in the coal sector, as well as expansions in
electricity supply could improve future results. The order book growth
in the value added division of Inmins should improve future
profitability.
- A cause of concern is the reduction in steel product prices which
affects margins severely in our trading branches.
- New products, although hampered by the negative environment, were well
received and will continue to contribute to future profitability.
Novara
The new products reported on previously have now been tested and accepted
by the market. Although progress has been slow and costly, the management
of Novara is confident that the company will become profitable in the
second half of the year.
BASIS OF PREPARATION
These abridged consolidated group results have been prepared in accordance
with the recognition and measurement criteria of International Financial
Reporting Standards ("IFRS") and the accounting standards applicable to
International Accounting Standard 34 ("IAS 34"), and in compliance with the
Companies Act, as amended, and the Listings Requirements of the JSE Limited
("the Listings Requirements"). The accounting policies are consistent with
those used in the prior year.
AUDIT
These results are unaudited and have not been reviewed.
CORPORATE GOVERNANCE
The group subscribes to the value of good corporate governance and is
committed to continued implementation of the recommendations of the King II
Report and the Listings Requirements. The group endeavours to conduct its
business in accordance with the principles of accountability, transparency
and integrity.
DIRECTORATE
Mr Peter Nash, who was appointed to the board during
January 2009 was also appointed to the audit- and
remuneration committees.
DIVIDEND
In line with group policy, no interim dividends have been declared.
W A R WENTELER D B MOSTERT
CHAIRMAN DEPUTY CHAIRMAN
Date : 3 June 2009
Directors :
WAR Wenteler (Chairman),
DB Mostert (Deputy Chairman) , W Fourie (Financial ),
PJ Kruger, NP Mnxasana , PC Nash ( Non-executive)
E-mail: enquiries@winhold.co.za
Auditors :
BDO Spencer Steward (Johannesburg) Inc
13 Wellington Road, Parktown, 2193
(Pvt Bag X60500, Houghton, 2041)
( Email : bdojhb@bdo.co.za )
Company Secretary and registered office :
D J de Villiers
884 Linton Jones Street, Industries East,Germiston
(PO Box 5324, Johannesburg 2000)
( Email : davedevilliers@winhold.co.za )
( Website: www.winhold.co.za )
Sponsor :
Arcey Moela Sponsors (Pty) Ltd.
Arcey House, 3 Anerley Road, Parktown, 2193
(PO Box 62397, Marshall Town, 2017)
( Email : dougg@arcaymoela.co.za )
Transfer Secretaries :
Computershare Investor Services (Pty)Ltd
70 Marshall Street, Johannesburg
(PO Box 61051, Marshalltown 2107)
( Email : registrar@computershare.co.za )
Date: 03/06/2009 09:58:21 Produced by the JSE SENS Department.
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