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LAF
LOLAF
LAF - Lonrho Plc - Interim Results for the 6 Months Ended 31 March 2010
LONRHO PLC
(Formerly Lonrho Africa Plc)
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
("Lonrho" or the "Company")
INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 MARCH 2010
Lonrho Plc (AIM: LONR), the conglomerate with a structured portfolio of African
investments, announces its unaudited Interim Results for the six months ended 31
March 2010. The financial information in this statement does not constitute the
Company`s statutory accounts within the meaning of Section 434 of the Companies
Act 2006.
Financial Highlights
Turnover from operations for the first six months to 31 March 2010 increased
23.5% on a comparable currency basis to reach GBP47.3m.
Turnover from continuing operations up 14% on a statutory basis.
EBITDA for the first six months was GBP2.8m, compared with GBP1.9m in the same
period in the prior year.
The loss before tax of GBP1.5m compared to a profit of GBP0.6m for the same
period last year. However, after eliminating exceptional gains in the prior year
of GBP2.3m (in respect of the closure of SAILS) and a difference in exchange
movements of GBP0.6m, trading profits showed an improvement of GBP0.8m.
Net assets at the end of the period stood at GBP101.3m.
In December 2009, the Company successfully raised GBP25.1m, mainly from existing
shareholders.
The Group held cash balances of GBP17.0m at the end of the period.
The Company`s share price has risen 55.5% in the half year period since the
beginning of the financial year.
The interim report and financial statements are being posted to shareholders and
will be published on the Company`s website (www.lonrho.com) today.
LONRHO ENQUIRIES
Lonrho Plc
David Lenigas Executive Chairman +44 (0) 20 7016 5105
Geoffrey White Chief Executive Officer +44 (0) 20 7016 5105
David Armstrong Finance Director +44 (0) 20 7016 5105
Emma Priestley Executive Director +44 (0) 20 7016 5105
Pelham Bell Pottinger
Charles Vivian +44 (0) 20 7337 1538
+44 (0) 7977 297903
James MacFarlane +44 (0) 20 7337 1527
+44 (0) 7841 672831
Beaumont Cornish Limited (Nomad)
Rosalind Hill Abrahams +44 (0) 20 7628 3396
Roland Cornish +44 (0) 20 7628 3396
Chief Executive`s Statement
During the first six months of the financial year Lonrho has performed on target
and delivered growth in each division.
The Group continues to concentrate on the growth of its existing portfolio of
businesses that are each aligned to the economic growth of Africa. Africa as a
market has emerged from the global financial crisis in a strong position and GDP
projections for Sub Saharan Africa for the coming years are again very strong.
Lonrho has operations in seventeen countries across Africa and remains confident
that the countries where the Company operates will provide ongoing development
and growth driven by oil, mineral and agricultural resources being brought on
stream.
Lonrho has progressed a number of important new additions within its divisions
that have been successfully developed during the first half of the year. These
will have a positive impact on the results of the Group moving forward. In
addition, new divisional operations coming on stream include:
Lonrho Hotels : The 213 room Karavia Hotel has opened in Lubumbashi
Lonrho Aviation : Fly540 Angola received the first aircraft delivery
in April 2010
Fly540 Ghana is scheduled to commence operations in
mid 2010
Lonrho Agribusiness : The John Deere and Komatsu dealerships in
Mozambique.
In addition to organic growth in all divisions, the above projects coming to
fruition will add further turnover and profitability to the Group.
To ensure that shareholders are kept fully informed of the progress of the
Company, Lonrho commenced issuing unaudited quarterly trading updates on
performance in March 2009 and this has been well received.
The interim results are in line with the second quarter trading update issued on
the 4 May 2010.
Financial Highlights:
- Turnover from operations for the first six months to 31 March 2010
increased 23.5% on a comparable currency basis to reach GBP47.3m.
- Turnover from continuing operations up 14% on a statutory basis.
- EBITDA for the first six months was GBP2.8m, compared with GBP1.9m in the
same period in the prior year.
- The loss before tax of GBP1.5m compared to a profit of GBP0.6m for the same
period last year. However, after eliminating exceptional gains in the prior
year of GBP2.3m (in respect of the closure of SAILS) and a difference in
exchange movements of GBP0.6m, trading profits showed an improvement of
GBP0.8m.
- Net assets at the end of the period stood at GBP101.3m.
- In December 2009, the Company successfully raised GBP25.1m, mainly from
existing shareholders.
- The Group held cash balances of GBP17.0m at the end of the period.
The Company`s share price has risen 55.5% in the half year period since the
beginning of the financial year.
Operational Review
All five divisions (Infrastructure, Agribusiness, Regional Transportation,
Support Services and Hotels) have shown growth in their operations.
Agribusiness
The agribusiness division remains Lonrho`s largest division. The vertical
integration of the fresh produce logistics cold chain taking African produce
(vegetables, fruit, meat and fish) from the producer, processing, packing and
delivering it to the consumer is an essential requirement for agricultural
development to succeed across the Continent.
African agricultural output is becoming recognised as an important part of the
global agricultural industry, vital in meeting the demand from the one billion
domestic consumers in the Continent but also as a global source of produce.
Rollex ( 51% holding ) provides the essential infrastructure, cold store,
processing, packing and transport logistics required for African produce to
reach its markets both in Africa and internationally. As approved at the
Company`s AGM, Lonrho will increase its stake in Rollex to 100% in the coming
weeks.
Currently Rollex is delivering fresh produce from African producers to Africa,
Europe, Scandinavia and the Middle East. The company is shortly opening
logistics channels for produce to retailers in the USA and is investigating the
supply chain logistics for delivering produce to the Far East.
The supply of produce to Rollex comes from a combination of commercial farming
operations and local small scale producers and co-operatives. Rollex supports
rural farming initiatives to increase yields, quality and technology in the
agricultural sector. It is developing several new farming projects across
Southern Africa to complement and feed into its logistics chain and increase its
ability to meet off-take agreements.
Lonrho Agribusiness sees the availability of the latest technology, equipment
and infrastructure support as an important element of the development of the
agricultural industry across Africa. Lonrho has therefore invested in and is
developing the John Deere franchises in Angola and Mozambique.
Divisional highlights during the period include:
- Turnover for the Agribusiness division increased 4.5% compared to the same
period in the previous year.
- Lonagro (John Deere Angola 51% holding) received its first substantial
order at the end of March for delivery in April 2010.The construction of
the new showroom, maintenance facility, training centre and stores at
Catete is progressing well and is due for completion mid-2010.
- On 18 February the Company announced the acquisition of a 100% stake in
Trak Auto Lda which owns the exclusive dealerships for John Deere and
Komatsu in Mozambique. The acquisition was completed on 8 April 2010. With
pre- acquisition turnover of approximately US$10million per annum and gross
profits of US$1.4million, Lonrho is looking to build revenues and profits
substantially over the coming years in the strongly expanding Mozambique
market.
Infrastructure
Luba Freeport
Luba Freeport (63% holding), the Lonrho oil services terminal in the Gulf of
Guinea, is unique in West Africa in that it is a natural deep water port
situated in a large sheltered bay providing depths of up to 45 metres. Central
to the Gulf of Guinea, the port not only services the requirements of the
expanding Equatorial Guinean oil industry, but provided much of the logistics
support for the recent successful drilling programmes in the region.
The extensive list of world class tenants already established at the port,
includes companies such as ExxonMobil, Baker Hughes, Schlumberger, Hess, M-I
SWACO, CNOOC, and SBM and continues to grow with the further mobilisation of new
tenants such as Noble Energy, Tenaris and Asia Malabo.
Divisional highlights during the period include:
- Turnover at Luba Freeport increased by 19.7% compared with the same period
last year.
- The number of liner and tanker calls to Luba Freeport has seen a
significant increase compared to the previous year.
Kwikbuild
Kwikbuild Corporation (70% holding) and its South African subsidiary e-Kwikbuild
(52% holding) provide prefabricated building solutions for Africa. Typical
applications for the production include houses, schools, clinics, offices and
workers` camps for the mining and oil industry. E-Kwikbuild is a Black
Empowerment Enterprise company.
Kwikbuild has focused on establishing the fundamentals to extend its product
offering to a wider market during the first six months of the year. This has
included the recruitment of specialised sales staff for Africa, new marketing
materials centred around a core highly competitive and solutions driven
portfolio of products and introducing the product to new territories. The
company is now well positioned to address identified new market opportunities
including Tanzania, Kenya, Ghana, Angola, Mozambique, Uganda and the DRC.
Divisional highlights during the period include:
- Turnover at e-Kwikbuild increased 62.7% compared with the same period last
year.
- Requests for quotes and tenders have increased sevenfold compared to the
same period last year. e-Kwikbuild is a preferred supplier on a number of
South African Government tenders which are expected to be awarded in the
final half of the current year.
Hotels
The Grand Karavia Hotel (50% holding + Management Contract) has completed its
US$20 million (GBP12 million) refurbishment. The hotel commenced trading with
the first commercial guests staying at the end of April. The market reaction to
the hotel has been very positive and the property will be officially inaugurated
by the Government of the Democratic Republic of Congo on 5th June 2010 to
coincide with the 50th Anniversary Independence celebrations. The hotel provides
the only international standard accommodation in Lubumbashi, the centre of the
burgeoning copperbelt of the DRC.
Hotel Cardoso in Mozambique (59% holding + Management Contract) has completed
its refurbishment programme and seen average occupancy levels and room rates
increase. The refurbishment of the rooms, conference facilities and restaurant,
with its new terrace overlooking the bay, and the redevelopment of the park
adjacent to the hotel, including the new playground and coffee shop, have been
very successful and positioned the Hotel Cardoso firmly at the top end of the
Maputo hotel market.
Divisional highlights during the period include:
- Turnover at the Cardoso increased 58.5% compared with the same period last
year.
- Hotel Cardoso has delivered average room rates for the 6 months to 31 March
2010 of US$109 per night compared to US$80 for the same period last year.
- Hotel Grand Karavia has set average room rates at US$350 per night
reflecting the accommodation rates in Lubumbashi.
Transportation
The requirement for a reliable, safe and punctual airline connecting Africa
grows day by day. As the Continent delivers continued GDP growth, commerce and
increasing prosperity the market for regional aviation expands. Fly540 remains
focused on delivering the first international standard regional African airline
that services two key markets; regional distribution for intercontinental
carriers flying into Africa and the ability for passengers in Africa to travel
North to South and East to West across the Continent.
Centred around three strategic hubs, the East Africa hub is fully operational
based out of Nairobi serving Kenya, Uganda, Tanzania, Southern Sudan and
Burundi.
Fly540 Angola has completed the implementation and training necessary for
operations to commence and developed the required infrastructure. The first
aircraft has arrived in Luanda and is gearing up to commence scheduled
commercial operations. Initial destinations for Fly540 Angola will include major
centres of Cabinda, Luanda, Soyo, to be followed by Benguela, Huambo, and
Malanje and thereafter will grow to fifteen domestic destinations.
Fly540 Ghana, the third planned hub, is expected to commence operations mid-
2010. Local infrastructure is complete, staff have been recruited and training
is ongoing.
Chief Executive`s Statement (continued)
Divisional highlights during the period include:
- Lonrho Aviation has seen turnover increase by 22.5% compared with the same
period last year.
- Fly 540 Kenya has taken delivery of its first CRJ regional jet which will
be used for longer distance regional routes not suitable for turboprops of
more than 1.5 hours complementing the existing fleet of turboprop aircraft.
The introduction of the jet to the fleet is an important step in the
expansion of the airline and the delivery of the connectivity between the
three Fly540 hubs (Kenya, Angola, Ghana) to deliver a pan-African
integrated operation.
- Fly 540 Kenya commenced flights to Burundi.
Support Services
Bytes & Pieces (65% holding) has continued to dominate the IT sector in
Mozambique, with significant new clients being serviced including Riversdale
Mining. The market continues to grow with the development of the Mozambican
economy. Lonrho IT (CES, 50% holding + Board control) continues to grow its
operations across Southern Africa. In South Africa the Johannesburg and
Nelspruit offices continue to deliver growth in their core businesses. CES
Zambia (50% holding + Board control) started trading in the period and has
already built an impressive blue chip client list and is forecasting to exceed
initial budgets.
Lonrho Projects SA Pty (70% holding) has commenced its first projects in the
second quarter and produced its first revenue. Revenue is expected to be in line
with first year targets and the groundwork undertaken during the past year can
be seen to be delivering real progress.
Lonrho Water continues to develop its bottled water projects in Mozambique, DRC
and Angola. The new water purification solutions division is tendering for
sizeable municipal contracts and attracting significant interest in the new
Lonrho bespoke containerised potable water plants.
During the period Lonrho IT saw turnover increase by 8.8% compared with the same
period last year.
Other Investments
LonZim Plc
LonZim Plc (LonZim), in which Lonrho currently has a 24.61% shareholding and a
management contract, owns seven core businesses in Zimbabwe that are well
positioned to grow as the economy in Zimbabwe recovers.
On 26 January 2010, LonZim announced its results for the year ending 31 August
2009, reporting a turnover of GBP2.6m and profit after tax of GBP0.9m.
Lonrho Mining Limited (15.04 % holding)
Lonrho Mining has a highly prospective diamond mining concession in Angola. Its
2010 exploration programme will define and sample 40 of the 217 kimberlite pipes
highlighted by the radiometric survey carried out by the company in 2008. During
the period Lonrho Mining purchased and deployed the necessary equipment for its
exploration programme and is expected to identify significant primary
(kimberlitic) and secondary (alluvial) diamond deposits during the current
calendar year. Lonrho Mining anticipates being in a position to take full
advantage of the increase in diamond prices predicted for 2012 and beyond.
Geoffrey White
Chief Executive Officer
10 May 2010
Condensed consolidated interim income statement
Unaudited Unaudited
6 months to 31 March 2010 6 months to 31 March 2009
Continuing Discontinued Total Continuing Discon- Total
tinued
operations operations operations operations
GBPm GBPm GBPm GBPm GBPm GBPm
Revenue 47.3 - 47.3 41.5 1.2 42.7
Cost of (35.3) - (35.3) (33.0) (1.9) (34.9)
sales
GROSS 12.0 - 12.0 8.5 (0.7) 7.8
PROFIT/
(LOSS)
Other 0.1 - 0.1 0.3 2.3 2.6
operating
income
Operating (17.9) - (17.9) (15.6) (0.1) (15.7)
costs
OPERATING (5.8) - (5.8) (6.8) 1.5 (5.3)
LOSS
Finance 5.7 - 5.7 6.9 - 6.9
income
Finance (0.8) - (0.8) (0.7) - (0.7)
expense
NET 4.9 - 4.9 6.2 - 6.2
FINANCE
INCOME/
(EXPENSE)
Share of (0.4) - (0.4) (0.3) - (0.3)
results of
associates
Share of (0.2) - (0.2) - - -
results of
joint
ventures
(LOSS)/PRO (1.5) - (1.5) (0.9) 1.5 0.6
FIT BEFORE
TAX
Income tax (0.2) - (0.2) (0.6) - (0.6)
charge
(LOSS)/ (1.7) - (1.7) (1.5) 1.5 -
PROFIT FOR
THE PERIOD
ATTRIBUTAB
LE TO:
Equity (1.0) - (1.0) (1.6) 1.7 0.1
holders of
the Parent
Minority (0.7) - (0.7) 0.1 (0.2) (0.1)
interest
(LOSS)/ (1.7) - (1.7) (1.5) 1.5 -
PROFIT FOR
THE PERIOD
EARNINGS
PER SHARE
Basic and (0.1) - (0.1) (0.3) 0.3 -
diluted
(loss)/
earnings
per share
(pence)
Table Continues:...
Audited
12 months to
30 September
2009
Continuing Discontinued Total
operations operations
GBPm GBPm GBPm
Revenue 89.7 1.2 90.9
Cost of sales (72.8) (1.9) (74.7)
GROSS PROFIT/ 16.9 (0.7) 16.2
(LOSS)
Other operating 1.1 3.3
income 2.2
Operating costs (29.5) (0.1) (29.6)
OPERATING LOSS (11.5) 1.4 (10.1)
Finance income 6.6 - 6.6
Finance expense (1.2) - (1.2)
NET FINANCE INCOME/ 5.4 - 5.4
(EXPENSE)
Share of results of 0.4 0.4
associates -
Share of results of (0.2) (0.2)
joint ventures -
(LOSS)/PROFIT (5.9) 1.4 (4.5)
BEFORE TAX
Income tax charge (0.8) - (0.8)
(LOSS)/ PROFIT FOR (6.7) 1.4 (5.3)
THE PERIOD
ATTRIBUTABLE TO:
Equity holders of (7.6) 1.4 (6.2)
the Parent
Minority interest 0.9 - 0.9
(LOSS)/ PROFIT FOR (6.7) 1.4 (5.3)
THE PERIOD
EARNINGS PER SHARE
Basic and diluted (1.06) 0.20 (0.86)
(loss)/ earnings
per share (pence)
Condensed consolidated interim balance sheet
Unaudited Unaudited Audited
31 March 31 March 30 September
2010 2009 2009
GBPm GBPm GBPm
ASSETS
Goodwill 14.2 11.6 14.2
Other intangible assets 2.8 2.8 3.4
Property, plant and equipment 75.3 74.8 69.8
Investments in associates 7.6 7.0 7.9
Investments in joint ventures 1.1 - 1.3
Other investments 0.5 0.7 0.6
Deferred tax 0.1 - -
TOTAL NON-CURRENT ASSETS 101.6 96.9 97.2
Inventories 4.8 3.8 3.4
Trade and other receivables 43.8 24.8 32.4
Cash and cash equivalents 17.0 13.0 6.9
TOTAL CURRENT ASSETS 65.6 41.6 42.7
TOTAL ASSETS 167.2 138.5 139.9
EQUITY
Share capital 10.5 7.6 8.0
Share premium account 126.1 102.9 104.7
Revaluation reserve 4.3 4.5 4.1
Share option reserve 2.5 2.4 2.5
Foreign currency reserve (4.2) (2.3) (2.0)
Retained earnings (40.2) (33.0) (39.2)
TOTAL EQUITY ATTRIBUTABLE TO
EQUITY
HOLDERS OF THE COMPANY 99.0 82.1 78.1
MINORITY INTEREST 2.3 3.3 3.0
TOTAL EQUITY 101.3 85.4 81.1
LIABILITIES
Financial liabilities 0.3 10.8 0.3
Interest-bearing loans and 14.3 - 15.3
borrowings
Deferred tax 2.3 2.5 3.0
Obligations under finance 1.1 1.3 1.1
leases
TOTAL NON-CURRENT LIABILITIES 18.0 14.6 19.7
Bank overdraft 0.9 0.2 0.9
Interest-bearing loans and 9.2 2.4 1.5
borrowings
Obligations under finance 0.2 0.2 0.2
leases
Trade and other payables 37.6 35.7 36.5
TOTAL CURRENT LIABILITIES 47.9 38.5 39.1
TOTAL LIABILITIES 65.9 53.1 58.8
TOTAL EQUITY AND LIABILITIES 167.2 138.5 139.9
Condensed consolidated interim statement of comprehensive income
Unaudited Unaudited Audited
31 March 31 March 30 September
2010 2009 2009
GBPm GBPm GBPm
Loss for the period recognised (1.7) - (5.3)
in the income statement
Foreign exchange translation (2.2) (2.2) (2.8)
differences
Revaluation of property, plant 0.2 - -
and equipment
Deferred tax on revaluation of - - -
property, plant and equipment
OTHER COMPREHENSIVE EXPENSE FOR (2.0) (2.2) (2.8)
THE PERIOD
TOTAL COMPREHENSIVE EXPENSE FOR (3.7) (2.2) (8.1)
THE PERIOD
ATTRIBUTABLE TO:
- Equity holders of the parent (3.0) (2.3) (8.6)
- Minority interest (0.7) 0.1 0.5
TOTAL RECOGNISED EXPENSE FOR (3.7) (2.2) (8.1)
THE PERIOD
Condensed consolidated interim cash flow statement
Unaudited Unaudited Audited
31 March 31 March 30 September
2010 2009 2009
GBPm GBPm GBPm
CASH FLOWS FROM OPERATING
ACTIVITIES
Loss for the period (1.7) - (5.3)
Adjustments (1.6) (5.1) (0.7)
CASH FLOWS FROM OPERATING
ACTIVITIES
BEFORE MOVEMENTS IN WORKING (3.3) (5.1) (6.0)
CAPITAL
Change in inventories (1.4) (1.3) (1.1)
Change in trade and other (11.6) (5.0) (16.7)
receivables
Change in trade and other 1.1 (5.5) 10.1
payables
CASH GENERATED FROM OPERATIONS (15.2) (16.9) (13.7)
Interest received - 6.9 0.2
Interest paid (0.8) (0.7) (1.0)
NET CASH FROM OPERATING (16.08) (10.7) (14.5)
ACTIVITIES
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from sale of property, - - 3.7
plant and equipment
Acquisition of subsidiary, net - 1.9 (2.5)
of cash acquired
Deposits paid in respect of - (2.1) -
property, plant and equipment
Acquisition of property, plant (4.5) (5.5) (14.7)
and equipment
Acquisition of associates and - (0.7) (2.4)
joint ventures
Cash inflow resulting from - 0.1 -
disposal of subsidiary
NET CASH FROM INVESTING (4.5) (6.3) (15.9)
ACTIVITIES
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from the issue of 23.9 14.6 16.8
share capital
Proceeds from issue of shares - 1.1 -
to minority interests
Loan advance 7.2 5.5 11.4
Repayment of borrowings (0.5) (0.9) (1.1)
Payment of finance lease (0.1) (0.1) (0.2)
liabilities
NET CASH FROM FINANCING 30.5 20.2 26.9
ACTIVITIES
Net increase/(decrease) in cash 10.0 3.2 (3.5)
and cash equivalents
Cash and cash equivalents at 6.0 9.4 9.4
beginning of the period
Foreign exchange movements 0.1 0.2 0.1
CASH AND CASH EQUIVALENTS AT 16.1 12.8 6.0
END OF THE PERIOD
Condensed consolidated statement of changes in equity
Audited
Shar Share Re- Share Retain Foreig Total Minori Total
e premiu valua based ed n ty Equity
capi m tion paymen earnin exchan intere
tal reser t gs ge st
ve reserv reserv
e e
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Balance 4.6 91.3 4.5 2.2 (33.0) - 69.6 0.1 69.7
at 1
October
2008
Shares 3.4 13.4 - - - - 16.8 - 16.8
issued
Revaluati - - - - - - - - -
on
Profit/ - - - - (6.2) - (6.2) 0.9 (5.3)
(loss)
for the
period
Share - - - 0.3 - - 0.3 - 0.3
options
issued
Subsidiar - - - - - - - 0.2 0.2
ies
acquired
Subsidiar - - - - - - - 2.9 2.9
ies sold
Transfer - - - - - - - (0.7) (0.7)
Exchange - - (0.4) - - (2.0) (2.4) (0.4) (2.8)
differenc
e on
translati
on of
overseas
operation
s
Balance 8.0 104.7 4.1 2.5 (39.2) (2.0) 78.1 3.0 81.1
at 30
September
2009
Unaudited
Balance 8.0 104.7 4.1 2.5 (39.2) (2.0) 78.1 3.0 81.1
at 1
October
2009
Share 2.5 21.4 - - - - 23.9 - 23.9
issues
(Loss) - - - - (0.4) - (0.4) (1.3) (1.7)
for the
period
Revaluati - - 0.2 - - - 0.2 - 0.2
on
Exchange - - - - - (2.2) (2.2) - (2.2)
differenc
e on
translati
on of
overseas
operation
s
Balance 10.5 126.1 4.3 2.5 (39.6) (4.2) 99.6 1.7 101.3
at 31
March
2010
Unaudited
Balance 4.6 91.3 4.5 2.2 (33.0) - 69.6 0.1 69.7.
at 1
October
2008
Share 3.0 11.6 - - - - 14.6 - 14.6
issues
Revaluati - - - - - - - - -
on
Profit/ - - - - 0.1 - 0.1 (0.1) -
(Loss)
for the
period
Share - - - 0.2 - - 0.2 - 0.2
options
issued
Subsidiar - - - - - - - 0.2 0.2
ies
acquired
Subsidiar - - - - - - - 2.9 2.9
ies sold
Exchange - - - (0.1) (2.3) (2.4) 0.2 (2.2)
differenc
e on
translati
on of
overseas
operation
s
Balance 7.6 102.9 4.5 2.4 (33.0) (2.3) 82.1 3.3 85.4
at 31
March
2009
Reconciliation of
Headline Earnings
Unaudited Audited Unaudited Unaudited Audited
6 months to year to
31-Mar-10 30-Sep- 31 march 31 march 30 Sep
09 2009 2008 2008
GBPm GBPm GBPm GBPm GBPm
Earnings attributable -1.0 -6.2 0.1 (2.6) (33.3)
to ordinary
shareholders
IAS 33 Earnings -1.0 -6.2 0.1 (2.6) (33.3)
Less gains on 0 -2.3 (2.3)
disposal of - -
discontinued
operation
Less gain on disposal 0 (5.8) (5.8)
of intangible asset -
Plus impairment of 0 5.7
goodwill - -
Plus impairment of 0 0.1
intangibles - -
Plus impairment of 0 0.1 4.8
investments - -
Total tax effects of 0
adjustments - - -
Total minority 0
interest of - - -
adjustments
Headline (1.0) -8.4 (2.2) (8.4) (28.5)
earnings/(loss)
Headline (0.1)p (1.17)p (0.3p) (2.5p) (7.7p)
earnings/(loss) per
share
Diluted Headline (0.1)p (1.17)p (0.3p) (2.5p) (7.7p)
earnings/(loss) per
share
Notes
Note of preparation
1. The annual financial statements of the Group are prepared in accordance
with IFRSs as adopted by the EU. The condensed set of financial statements
included in this half yearly report has been prepared in accordance with
the recognition and measurement requirements of IFRSs as adopted by the EU.
The financial information is unaudited and does not constitute the
Company`s statutory accounts within the meaning of Section 434 of the
Companies Act 2006.
Statutory accounts for the year ended 30 September 2009 have been delivered
to the Registrar of Companies. The comparative figures for the financial
year ended 30 September 2009 are not the Company`s statutory accounts for
that financial year. Those accounts have been reported on by the Company`s
auditors and delivered to the Registrar of Companies. The report of the
auditors was (i) unqualified, (ii) did not include a reference to any
matters to which the auditors drew attention by way of emphasis without
qualifying their report, and (iii) did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006.
2. Basic and diluted earnings per share are arrived at by dividing the profit
for the period by the average number of shares in issue during the period.
3. Given the current global financial crisis, the Directors are carefully
monitoring cash resources within the Group and have instigated a number of
initiatives to ensure funding will be available for planned projects. As
referred to in the Chief Executive`s Statement, the Company raised GBP25.1m
in December 2009 through share issues.
4. Except as described below, the accounting policies applied by the Group in
these condensed consolidated interim financial statements are the same as
those applied by the Group in its consolidated financial statements for the
year ended 30 September 2009.
Accounting for business combinations
The Group has applied the revised versions of IFRS 3 Business combinations and
IAS 27 Consolidated and separate financial statements with effect from 30
September 2009. The standard applies prospectively to all business combinations
executed from that date. Business combinations executed prior to that date, and
the resolution of related issues, are dealt with under the preceding version of
the standard as previously applied by the Group.
The revised standards introduce changes in a number of areas, including the
requirement to recognise changes in contingent consideration in the income
statement rather than as an adjustment to goodwill; the requirement to recognise
contingent liabilities at fair value; and the requirement to expense acquisition
costs as incurred rather than treating them as part of the cost of acquisition.
The Group did not complete any business combinations in the 6 months ended 31
March 2010, and therefore the application of these revised standards has no
material impact on the Group`s condensed consolidated interim financial
statements.
Presentation of financial statements
The Group has applied IAS 1 (Revised) Presentation of financial statements which
became effective for the Group on 1 October 2009. As a result, all owner changes
in equity are presented in the consolidated statement of changes in equity,
which becomes a primary statement. Previously, this information was included in
a note to the financial statements. All non-owner changes in equity are now
presented in the consolidated statement of comprehensive income, which is also a
primary statement. This information was previously included in the consolidated
statement of recognised income and expense, which was also a primary statement.
Comparative information has been re-presented so that it conforms with the
revised standard. Since the change in accounting policy only impacts
presentation, there is no impact on reported profit, earnings per share or net
assets.
Corporate Information
Directors
David Lenigas Chairman
Geoffrey White Director & Chief Executive Officer
David Armstrong Finance Director
Emma Priestley Executive Director
Jean Ellis Non-Executive Director
Donald Strang Non-Executive Director
Ambassador F. Cook Non-Executive Director
Secretary and registered office Registrars
J H Hughes Equiniti
Level 4 Aspect House
22 Arlington Street Spencer Road
London Lancing
SW1A 1RD West Sussex
Tel: +44 (0) 20 7016 5105 BN99 6DA
Fax: +44 (0) 20 7016 5109 Tel: 0800 169 2608
e-mail: hughes@lonrho.com Textel: 0871 384 2255 (for the hard
Registered in England of hearing)
Number 2805337 Please be advised calls to the
textel line are charged at 8p/min
from BT landlines. Other telephone
providers` costs may vary.
Auditors South African transfer secretaries
KPMG Audit Plc Computershare Investor Services
8 Salisbury Square (Pty) Ltd
London PO Box 61051
EC4Y 8BB Marshalltown 2107
South Africa
Tel: +27 (0) 11 370 5000
Fax: +27 (0) 11 370 5271/2
PR Advisors Nominated Advisor
Pelham Bell Pottinger Beaumont Cornish Limited
12 Arthur Street 2nd Floor
London Bowman House
EC4R 9AB 29 Wilson Street
Tel: +44 (0) 20 7337 1500 London
Fax: +44 (0) 20 7337 1550 EC2M 2SJ
Tel: +44 (0) 20 7628 3396
Principal group bankers Stockbrokers
Barclays Bank Plc WH Ireland
Lord Street Java Capital (Pty) Ltd
Liverpool
L2 6PB
Date: 11/05/2010 09:08:02 Produced by the JSE SENS Department.
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