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AHL
AHL
AHL - AH-Vest Limited - Unaudited Results For The 6 Months Ended
30 September 2009
AH-VEST LIMITED
(Formerly All Joy Foods Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1989/000100/06)
Share code: AHL ISIN code: ZAE000129177
UNAUDITED RESULTS FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2009
Consolidated Balance Sheet Unaudited Reviewed Audited
6 months 6 months 9 months
ended ended ended
30 September 31 December 31 March
2009 2008 2009
R R R
Assets
Non-current Assets 13 268 559 13 609 164 13 736 963
Property, Plant & Equipment 12 083 946 12 424 551 12 552 350
Investment to subsidiaries - - -
Loans to group companies
Intangible asset 1 184 613 1 184 613 1 184 613
Current Assets 32 522 765 35 558 814 28 940 008
Inventories 12 306 333 11 936 680 11 918 933
Other financial assets 2 345 877 2 087 667 2 171 560
Trade & other receivables 15 639 783 16 675 326 12 796 200
Cash & cash equivalents 2 230 772 4 859 141 2 053 315
Total Assets 45 791 324 49 167 978 42 676 971
Equity and Liabilities
Capital and Reserves 16 652 887 19 492 227 16 742 153
Share capital 21 293 071 21 293 071 21 293 071
Reserves 4 688 610 4 165 644 4 688 610
Accumulated loss (9 328 794) (5 966 488) (9 239 528)
Non current liabilities 109 259 78 148 90 830
Finance lease obligation 41 282 78 148 90 830
Operating lease liability 67 977
Current liabilities 29 029 178 29 597 603 25 843 988
Other financial liabilities 14 227 386 14 911 587 14 438 173
Finance lease obligation - - 66 256
Current tax payable
Trade and other payables 14 184 369 13 966 085 10 789 559
Provisions 550 000 719 931 550 000
Bank overdraft 67 423 - -
45 791 324 49 167 978 42 676 971
Net asset value per share 16.33 19.12 16.42
(cents)
Tangible net asset value per 15.17 17.95 15.26
share (cents)
Share in issue at year end 101 973 333 101 973 333 101 973 333
(`000)
Consolidated Income Statement Unaudited Reviewed Audited
6 months 6 months 9 months
ended ended ended
30 September 31 December 31 March
2009 2008 2009
R R R
Revenue 37 998 940 37 265 636 55 001 578
Cost of Sales (25 603 202) (22 459 270) (37 847 739)
Gross profit 12 395 738 14 806 366 17 153 839
Other income 1 110 819 124 655 2 163 309
Other operating expenses (12 978 241) (14 313 464) (21 627 348)
Operating profit before finance 528 316 617 557 (2 310 200)
costs
Investment income 183 171 304 788 405 192
Finance costs (800 753) (1 060 211) (1 505 893)
Loss before tax (89 266) (137 866) (3 410 901)
Taxation - - -
Loss for the period (89 266) (137 866) (3 410 901)
Earning before interest, 1 028 897 1 118 138 (1 320 269)
taxation, depreciation and
amortisation ("EBITDA")
Depreciation (500 581) (500 581) (989 931)
Amortisation
Investment Income 183 171 304 788 405 192
Finance cost (800 753) (1 060 211) (1 505 893)
Loss before taxation (89 266) (137 866) (3 410 901)
Taxation - - -
Loss for the period (89 266) (137 866) (3 410 901)
Attributed to:
Equity holders of the company (89 266) (137 866) (3 410 901)
Minority interest - - -
Headline loss calculation:
Loss attributed to equity (89 266) (137 866) (3 410 901)
holders of the company
Adjusted for:
Profit on sale of property - - -
Impairment of assets - - -
Headline loss (89 266) (137 866) (3 410 901)
Number of shares
- Weighted average shares in 101 973 333 101 973 333 96 249 125
issue
- Diluted weighted average 101 973 333 101 973 333 96 249 125
shares in issue
Per share information
Loss per share (0.09) (0.14) (3.54)
Diluted loss per share (0.09) (0.14) (3.54)
Headline loss per share (0.09) (0.14) (3.54)
Diluted headline loss per share (0.09) (0.14) (3.54)
Consolidated Statement of Unaudited Reviewed Audited
Changes in Equity 6 months 6 months 9 months
ended ended ended
30 September 31 December 31 March
2009 2008 2009
R R R
Capital and reserves 16 742 153 5 184 632 5 184 629
Revaluation of Land and - 518 932
Buildings
Shares issued - 14 445 461 14 449 493
Share issued expenses - -
Net loss for the period (89 266) (137 866) (3 410 901)
Capital and reserves 16 652 887 19 492 227 16 742 153
Consolidated Cash Flow Statement Unaudited Reviewed Audited
6 months 6 months 9 months
ended ended ended
30 September 31 December 31 March
2009 2008 2009
R R R
Net cash from operating 623 705 (8 137 189) (10 370 565)
activities
Net cash used in investing (187 080) (2 225 515) (2 403 491)
activities
Net cash used in financing (326 591) 13 534 903 13 140 429
activities
Net increase in cash and cash 110 034 3 172 199 366 373
equivalents
Cash and cash equivalents at 2 053 315 1 686 942 1 686 942
beginning of period
Cash and cash equivalents at end 2 163 349 4 859 141 2 053 315
of period
COMMENTARY
The board presents the unaudited results for the six months ended 30
September 2009.
1 Basis of Preparation
These financial statements have been prepared in accordance with
accounting policies and methods of computation that are consistent with
those of the prior period and with International Financial Reporting
Standards ("IFRS"). This unaudited abridged announcement is prepared in
accordance with IAS 34 - Interim Financial Reporting.
2 Results
Income Statement:
The company`s year end has been changed from June to March each year,
therefore the comparative period that is being reported on is not
aligned with the prior period. The period April to September is
traditionally a difficult trading period for the All Joy range of
products, as this represents the winter season and sauces and dressings
sell well in the summer months.
The loss and headline loss for the period of R89 266 showed an
improvement compared to the December 2008 comparative period loss of
R137 866 and the March 2009 nine month period loss of R3 410 901.
Revenue was only 2.1% up on the reported comparative period. However,
the company is pleased that the "at home" pasta & spaghetti sauces
performed well, to match the previous year`s summer sales which is
traditionally high. The current months under review compared to the
winter of 2008, revenue grew by 26% although volumes were down by 2.4%.
This can be attributed to the strategy and plan to promote and expand
added value brands changing the company`s sales mix to cope with the
expected reduction in volume whilst the company`s reposition the tomato
sauce brand so that it can regain its volume levels without reducing its
margin. New lightweight, environmentally friendly packaging will be
introduced in February 2010.
Whilst gross margins were down from the comparative period, operating
expenses continued to be closely monitored and were reasonably well
controlled during the period. Finance costs decreased in the Land Bank
facility due to lower interest rates.
Balance sheet:
- Inventory increased by 3% from Dec 2008.
- There was no significant change in Trade and other receivables. The
comparative 2008 period is our summer sales versus the current
April to September 2009 winter sales.
- There was no significant change in Trade payables with an increase
of only 2% from the December 2008 figures.
3 Segmental Analysis
No segmental analysis has been presented as the company operates
primarily within South Africa. It is expected that the second period
will include sub-Saharan exports.
4 Change in board of directors
Ms Martie Van Rensburg, non-executive director, rotated off the board
with effect from 30 October 2009.
5 Dividends
No dividends were declared during the period. (2008: Nil).
6 Subsequent Events and Future Prospects
A thorough investigation and overhaul of systems and controls has been
actioned as well as a review of policies and procedures. A strategy of
maintaining costs until performance is satisfactory continues to be
implemented and this has resulted in the continued reduction in reported
losses since June 2008. It is expected that the company will return to
profitability during the second part of the year.
The company does not expect to achieve volume growth until 2010.
However, the company is implementing a strategy, to maintain the sales
mix, with improved gross margins.
The outlook for 2010 remains positive and the company aims to increase
the distribution on its veri peri brand and extend the range. The new
light weight environmentally friendly 750ml plastic bottle and 2Lt All
Joy tomato sauce is expected to boost the company`s first quarter
performance. The company will launch an "out-of-home" range for the
summer braai`s and eating out in the near future.
Johannesburg
08 December 2009
Directors:
Executive Directors: P Mariemuthu; MT Pather; M Hill; A Gonsalves.
Non-Executive Directors: MD Mawere; R Manning; MJ Janse van Rensburg
Registered address
103 Booysens Reserve Road, Crown Mines, 2001
Company Secretary Transfer secretaries
Arcay Client Support (Proprietary) Computershare Investor Services (Pty)
Limited Ltd
Designated Advisors
Auditors Arcay Moela Sponsors (Proprietary)
PKF Chartered Accountants (SA) Limited
Date: 08/12/2009 14:46:01 Produced by the JSE SENS Department.
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