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WTL
WTL
WTL - William Tell Holdings - Unaudited results for the six months ended 31
December 2009
WILLIAM TELL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 2004/030045/06
Share Code: WTL & ISIN: ZAE000098133
("William Tell", "the company" or "the group")
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2009
SUMMARISED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
December December June
2009 2008 2009
R`000 R`000 R`000
Revenue 74,320 73,332 134,551
Cost of sales (60,078) (55,430) (104,110)
Gross profit 14,242 17,902 30,441
Other income 13,607 1,230 1,154
Administrative and other operating (13,324) (14,487) (22,800)
expenses
Operating profit 14,525 4,645 8,795
Investment Income - 2,042 2,196
Foreign exchange loss (32) (258) (403)
Interest paid (3,782) (1,784) (3,418)
Profit before taxation 10,711 4,645 7,170
Taxation 754 (1,166) (1,611)
Profit for the period 11,465 3,479 5,559
Depreciation and amortisation for the 5,075 2,558 6,103
period
EBITDA 6,885 6,948 15,297
Basic and diluted basic earnings per 9.2 2.8 4.4
share (cents)
Headline and diluted headline (1.4) 2.8 5.1
(loss)/earnings per share (cents)
Dividends per share (cents) - - -
Reconciliation of basic earnings to
headline (loss)/earnings
Basic earnings 11,465 3,479 5,559
Adjusted by(Profit)/ Loss on sale of (13,178) (6) 802
property, plant and equipment
Headline (loss)/earnings (1,713) 3,473 6,361
Number of shares in issue (`000) 125,000 125,000 125,000
Weighted average number of shares 125,000 125,000 125,000
(`000)
SUMMARISED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited Unaudited Audited
December December June
2009 2008 2009
R`000 R`000 R`000
ASSETS
Non-current assets 271,761 287,473 267,151
Property, plant and equipment 271,719 287,408 267,097
Intangible assets 42 65 54
Current assets 68,349 67,197 62,067
Inventories 27,826 18,564 24,675
Trade and other receivables 21,682 27,963 22,410
Current taxation receivable - - 387
Cash and cash equivalents 18,841 20,670 14,595
- - 33,321
Non-current assets held for sale
340,110 354,670 362,539
EQUITY AND LIABILITIES
Capital and Reserves 222,981 209,436 211,516
Share capital 1,250 1,250 1,250
Share premium 179,265 179,265 179,265
Accumulated profit 42,466 28,921 31,001
Non-current liabilities 79,335 116,253 104,769
Interest-bearing borrowings 60,941 85,310 80,515
Deferred taxation 15,293 20,447 21,012
Deferred income 3,101 3,450 3,242
Current liabilities 37,794 28,981 46,254
Trade and other payables 11,795 20,285 19,460
Interest bearing borrowings 19,082 14,508 25,582
Provisions 1,742 1,234 1,212
Current taxation payable 5,175 - -
340,110 354,670 362,539
Net asset value per share (cents) 178 168 169
Capital expenditure for the period 11,393 39,504 58,572
(R`000)
SUMMARISED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Unaudited Unaudited Audited
December December June
2009 2008 2009
R`000 R`000 R`000
Share Capital
Balance at beginning of the year 1,250 1,250 1,250
Shares issued during the period - - -
Balance at the end of the period 1,250 1,250 1,250
Share Premium
Balance at beginning of the year 179,265 179,265 179,265
Share issue expenses - - -
Balance at end of the period 179,265 179,265 179,265
Accumulated profit
Balance at beginning of the year 31,001 25,442 25,442
Profit for the period 11,465 3,479 5,559
Dividend paid during the period - - -
42,446 28,921 31,001
SUMMARISED CONSOLIDATED CASH FLOW STATEMENTS
Unaudited Unaudited Audited
December December June
2009 2008 2009
R`000 R`000 R`000
Net cash generated by operations 7,607 6,692 12,830
Net finance(costs)/ income (3,782) 258 (1,625)
Dividends paid - - -
Taxation (paid) (404) (1,166) (1,250)
Cash flow from operating activities 3,421 5,784 9,955
Cash flow from investing activities 26,904 (39,504) (56,029)
Cash flow from financing activities (26,079) 4,594 10,873
Movements in cash and cash equivalents 4,246 (29,126) (35,201)
Cash and cash equivalents at beginning 14,595 49,796 49,796
of the year
Cash and cash equivalents at the end 18,841 20,670 14,595
of the period
SEGMENT REPORT
This is a single segment group and no segmental reporting is provided.
COMMENTARY
OVERVIEW OF THE BUSINESS
William Tell is a focused manufacturer of wood-based panels. The group produces
chipboard, adds value by applying melamine surfaces and adds further value by
producing furniture systems and components for the building and related
industries. Products are marketed under the Evopan and William Tell brand names.
The client base ranges from individual contractors to large businesses in the
built-in furniture, office furniture, shop-fitting, exhibition, case goods,
wholesale, merchandising, retailing and related industries in Southern Africa.
SIX MONTH OPERATIONAL REVIEW
Trading has continued to be exceptionally difficult with both prices and margins
under pressure due to aggressive competition and higher input costs. Despite
this, we have achieved revenues marginally ahead of last year indicating we
might have reached the bottom of the market.
Management has responded to the tough trading conditions by reducing operating
costs by 8% despite the inclusion of relocation costs of R2.6m in respect of the
consolidation of our manufacturing operations at the new Chamdor site. As a
consequence EBITDA has been maintained at R6.8m compared to R6.9m in 2008.
Operating profit has increased to R14.5m compared to R4.6m mainly due to the
profit of R12.6m on the sale of the Reuven property. The new chipboard plant was
commissioned on 1st September 2009 leading to a significant increase in
depreciation.
Management increased inventories over the period by R3.0m to accommodate the
planned interruption of production during the move of the melamine and component
lines to Chamdor.
PROSPECTS
During the next six months we expect to incur further costs of completing the
relocation. The benefits of this move will result in savings in energy, staff
costs and increased efficiency in the future. The plants are operating at 50%
capacity and will enhance results once trading improves. As stated above there
are indications of improved demand.
DIVIDENDS
In the light of the current market conditions, the directors regard it prudent
not to declare an interim dividend.
BASIS OF PREPARATION
These summarised consolidated interim financial statements have been prepared in
accordance with International Financial Reporting Standards ("IFRS"), IAS 34:
"Interim Financial Reporting", the South African Companies Act, as amended, and
the JSE Listings Requirements. The principal accounting policies used in the
preparation of the unaudited results for the period ended 31 December 2009 are
consistent with those applied for the year ended 30 June 2009 and for the six
months ended 31 December 2008.
BY ORDER OF THE BOARD
R B PATMORE B P LOK
18 FEBRUARY 2010
REGISTERED ADDRESS:
31 VAN ECK STREET
CHAMDOR
KRUGERSDORP
1739
DESIGNATED AND CORPORATE ADVISOR:
PSG CAPITAL (PROPRIETARY) LIMITED
BUILDING 8
WOODMEAD ESTATE
1 WOODMEAD DRIVE
WOODMEAD 2198
REGISTERED AUDITORS:
BDO SPENCER STEWARD (JOHANNESBURG) INC.
13 WELLINGTON ROAD
PARKTOWN 2193
Date: 18/02/2010 08:25:02 Produced by the JSE SENS Department.
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