|
WNH
WNH
WNH - Winhold Limited - Unaudited condensed interim consolidated results of the
group for the six months ended 31 March 2010
WINHOLD LIMITED
(Registration number 1945/019679/06)
Incorporated in the Republic of South Africa
Share code: WNH ISIN number: ZAE000033916
Statement of results
Unaudited condensed interim consolidated results of the group for the six
months ended 31 March 2010
Highlights
Operating profit up by 8,7%
Profit after tax up by 24,0%
Headline earnings per share up by 28,
Condensed Consolidated Statement Of Comprehensive Income
Year ended Six months ended
30 31 March
September
2009
`2010 `2009*
R`000
R`000 R`000
994 947 Revenue 502 575 518 854
50 470 Operating profit 25 679 23 608
15 536 Investment income 7 757 7 757
3 948 Profit on sale of - -
investment property
(32 479) Finance costs (14 848) (17 095)
1 313 Finance income 990 41
38 788 Net Profit before taxation 19 578 14 311
(9 041) Taxation (4 341) (2 050)
941 Share of after tax profit 470 402
of associate companies
30 688 Net profit after tax 15 707 12 663
(3 754) Attributable to Outside (1 607) (1 553)
shareholders
26 934 Comprehensive Income for 14 100 11 110
the period
26 934 Earnings 14 100 11 110
24 341 Headline earnings 13 723 10 614
65 287 EBITDA 33 255 30536
21.5 Earnings per ordinary 11.2 8.9
share ( cents )
19.4 Headline and diluted 10.9 8.5
earnings per 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 )
10,0 Dividend per ordinary - -
share (cents)
Reconciliation of headline
earnings
26 934 Comprehensive Income for 14 100 11 110
the period
1 576 Amortization of - -
development costs
(3 948) Net profit on disposal of (427) -
Investment Property
(1 311) Net profit on disposal of (29) (1 137)
fixed assets
1 090 Taxation effect on 79 641
disposals
24 341 Headline earnings for the 13 723 10 614
period
Reconciliation of Earnings
before interest, tax,
depreciation and
amortisation ("EBITDA")
50 470 25 679 23 608
Profit from operations
14 817 Depreciation & 7 576 6 928
amortisation of
intangibles
65 287 EBITDA 33 255 30 536
Condensed Consolidated Statement of Financial Position
Year Six months ended
ended 31 March
30
September
2009
R`000
`2010 `2009*
R`000 R`000
ASSETS
135 897 Property plant and equipment 146 616 116 257
153 Trade marks and patents 136 2 039
160 788 Investments 167 098 160 788
1 979 Investments in associates 1 979 1 440
26 541 Goodwill 26 541 26 541
1 835 Deferred taxation 2 574 2 425
Current assets
147 714 - inventory 147 181 157 489
163 349 - receivables 176 755 157 499
10 424 - bank and cash 6 111 6 305
648 680 Total assets 674 991 630 783
EQUITY AND LIABILITIES
122 793 Ordinary share capital and 122 793 122 793
premium
114 910 Retained earnings 116 254 98 829
237 703 Shareholders` interest 239 047 221 622
13 951 Outside shareholders` 15 558 11 610
interest
251 654 Total Equity 254 605 233 232
Non-current liabilities
179 563 - interest bearing 185 511 174 601
10 686 - interest free 24 740 18 445
7 789 - deferred taxation 7 800 6 063
Current liabilities interest
bearing
34 765 - bank overdraft 43 381 53 096
20 850 - short term 16 246 18 656
borrowings
Current liabilities -
interest free
140 174 - payables 141 098 124 631
3 199 - taxation 1 610 2 059
648 680 Total equity and liabilities 674 991 630 783
Supplementary information
8 644 Capital commitments 8 804 7 710
29 199 Capital expenditure 19 721 2 773
14 817 Depreciation 7 576 6 928
235 178 Interest bearing borrowings 245 138 246 353
10 299 Interest earning deposits 6 005 6 269
189.4 Net asset value per ordinary 190.5 176.6
share ( cents )
168.1 Net tangible asset value per 169.2 153.8
ordinary share ( cents )
Condensed Statement of Consolidated Cash Flows
Year ended Six months ended
30 31 March
September
2009
R`000
`2010 `2009*
R`000 R`000
7 498 Cash flow from operating (4 088) (37 096)
activities
79 623 Profit before interest, 40 663 37 245
tax and non-cash items
17 894 Changes in inventory 533 8 119
18 817 Change in receivables (13 406) 24 667
(70 027) Change in payables 10 133 (64 880)
46 307 Cash flow from operations 37 923 5 151
(19 576) Net finance costs (23 067) (26 550)
402 Share of results from 470 402
associates
(8 137) Taxation paid (6 658) (4 601)
(11 498) Dividends paid (12 756) (11 498)
(14 847) Cash flow used in (17 822) 6 674
investing activities
(29 199) Investment in fixed assets (19 721) (2 773)
14 352 Proceeds from disposal of 1 899 9 447
fixed assets
(1 021) Cash flow used in 8 981 (398)
financing activities
- Investments Raised (6 310) -
15 161 Interest bearing 16 651 345
borrowings raised
(22 126) Interest bearing (15 307) (14 466)
borrowings repaid
5 944 Interest Free Borrowings 13 947 13 723
Raised
(8 370) Net decrease in cash & (12 929) (30 820)
cash equivalents
(15 971) Cash and cash equivalents (24 341) (15 971)
at beginning of period
(24 341) Cash and cash equivalents (37 270) (46 791)
at end of period
Condensed consolidated statement of changes in equity
Year ended Six months ended
30September 31 March
2009
`2010 `2009*
R`000
R`000 R`000
221 871 Shareholders` funds at 237 703 221 871
beginning of the year
396 Write Back Outstanding - -
Dividends
26 934 Changes in retained 14 100 11 110
earnings
(11 498) (12 756) (11 359)
Dividend paid
237 703 Shareholders` interests at 239 047 221 622
end of the period
SEGMENT INFORMATION
BUSINESS SEGMENTS ( R`000 )
Mining Industrial
Flexible Property
Consumables Consumables Plastics and
other Totals
INMINS INMINS GUNDLE
Turnover 12 Mths 338,249 152,438 500,332 3,928 994,947
to
September
2009
6 mths to 163,944 66,145 268,891 3,595 502,575
March
2010
*6 mths 185,428 82,810 248,994 1,622 518,854
to March
2009
Operating 12 Mths 13,384 4,346 36,636 -3,896 50,470
Profit to
September
2009
/ (Loss) *6 mths 4,554 2,344 17,958 823 25,679
to March
2010
6 mths to 6,887 4,308 13,438 -1,025 23,608
March
2009
Investment 12 Mths - - - 15,536 15,536
Income to
September
2009
6 mths to - - - 7,757 7,757
March
2010
*6 mths - - - 7,757 7,757
to March
2009
Depreciation 12 Mths 1,103 770 9,481 3,463 14,817
to
September
2009
6 mths to 578 366 5,976 656 7,576
March
2010
*6 mths 583 384 5,023 938 6,928
to March
2009
Capital 12 Mths 477 291 28,318 113 29,199
Expenditure to
September
2009
6 mths to 471 377 18,852 21 19,721
March
2010
*6 mths 185 91 2,448 49 2,773
to March
2009
Total Assets 12 Mths 125,356 48,840 250,660 223,824 648,680
to
September
2009
6 mths to 113,482 43,346 298,613 219,550 674,991
March
2010
*6 mths 127,303 54,956 228 592 219 932 630 783
to March
2009
Total 12 Mths 60,864 19,081 146,685 170,396 397,026
Liabilities to
September
2009
6 mths to 50,297 21,096 186,849 162,144 420,386
March
2010
*6 mths 52,569 29,531 136,044 179,407 397,551
to March
2009
* Restated to take into account a prior year adjustment as detailed
in the 2009 annual report
GROUP PROFILE
Winhold is a holding company with its main investments being wholly owned
subsidiaries Gundle Limited and Inmins Limited, and a 50,1% holding in Novara
Profile Extrusions (Pty) Limited ("Novara").
Gundle Limited owns 74,9% of Gundle Plastics Group (Pty) Limited ("Gundle"),and
Inmins Limited owns 74,9% of Inmins Trading (Pty) Limited ("Inmins").The
balance of 25,1% of these companies is held by BEE entities.
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 products .
REVIEW OF RESULTS
The group was able to improve results in comparison to the previous years`
record results despite a very challenging and volatile economic environment.
Revenue decreased by 3,2% to R502,6 million (2009: R518,8 million).
Operating profit increased by 8,7% to R25,7 million (2009: R23,6 million).
Profit after tax increased by 24,0% to R15,7 million (2009: R12,7 million).
Comprehensive income for the period
increased by 25.8% to 11.2 cents per share. Headline earnings increased by
28.2% to 13,7 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 repayments in respect of 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 2009 (48,7%) to 44,6% currently. Historically the cash flow improves
during the second six month period.
CAPITAL COMMITMENT
The amount of R8,8 million reflected in the supplementary information relates
to further modernisation of Gundle plant and equipment.
OPERATIONAL REVIEWS
INMINS
Turnover declined by 14%, and operating profit declined by 11%, however
proactive management caused shareholders` profit to decline by only 1%.
The recession in the retail, light industrial and platinum markets continued.
This was further exacerbated by turmoil in the steel industry where the dispute
between Kumba and Mittal could cause future steel price increases, which in
turn will have a negative impact on future demand. Depressed conditions in the
mining industry caused severe reductions in supply from suppliers, which again
impacted negatively on the supply chain.
However, corrective actions have been taken, the service to our customers
continues to be excellent,- different supply lines are being negotiated. Costs
and working capital were reduced. Five out of the thirteen branches improved on
the previous year`s results. The Group`s diversified businesses once again
protected against the tough times and proved to be an excellent strategy.
GUNDLE
The modernisation and commissioning of new plant at the end of the previous
financial year and the acceptance by customers of new products contributed
positively to the results. Revenue increased by 7,9% and operating profit
increased by 33,6%. Greater operating efficiency is being achieved, while more
capacity is available for any upturn in the current tight market conditions.
The Group is well positioned and more modernisation is envisaged
NOVARA
The original concept of Novara`s product range was changed due to adverse
market conditions and low wood prices. New products for the compacting lines
have been developed and are showing potential.
PROSPECTS
The Group will continue to explore ways of increasing all stakeholders` value
by investing carefully, improving efficiencies, assessing current structures
critically and exploring new opportunities.
New Group management structures are in place and the Group looks forward to
continuing its profitable growth path of the past four years.
GUNDLE
Continuous improvements in factory efficiencies, plant modernisation and
increased market share should enable Gundle to continue on its growth path.
INMINS
Inmins had a bad second half last year, but since then has turned around and
any improvement in market conditions, as well as the improvement and a good
order book in the value added division, should enable it to improve on last
year`s results.
NOVARA
Proactive actions should reduce losses and lead this operation to recovery.
Close attention will be given to the company which should lead to a more
meaningful future.
BASIS OF PREPARATION
These condensed interim consolidated group results have been prepared in
compliance with International Financial Reporting Standards ("IFRS"), in
particular, International Accounting Standard 34: Interim Financial Reporting,
the AC500 standards as issued by the Accounting Practices Board, the South
African Companies Act, as amended, and the Listings requirements of the JSE
Limited ("the Listings Requirements"). The accounting policies are consistent
with those applied in the previous year, except for the following:
- IAS 1: Presentation of financial statements (amendments); and
- IFRS 8: Operating segments.
The adoption of the above mentioned standards did not have a significant impact
on the financial statements and has affected presentation only.
AUDIT
These results are unaudited and have not been reviewed.
CORPORATE GOVERNANCE
The group subscribes to the concept of good corporate governance and is
committed to continued implementation of the recommendations of the King III
Report and the Listings Requirements. The group endeavours to conduct its
business in accordance with the principles of accountability, transparency and
integrity.
DIRECTORATE
The following changes to the Board occurred since the year
End:
31 March 2010 - Mr WAR Wenteler and Mr P J Kruger both
retired as executive directors, but will remain on the
Board as non-executive directors. Mr Wenteler continues his
appointment as chairman in a non executive capacity.
1 April 2010 - Mr W Fourie was appointed as Chief Executive
Officer. He continues to act as Financial Director until an
appointment is made.
DIVIDEND
In line with group policy, no interim dividends have been declared.
W A R WENTELER W FOURIE
CHAIRMAN CHIEF EXECUTIVE OFFICER
Date: 1 June 2010
Directors :
WAR Wenteler (Chairman),
DB Mostert (Deputy Chairman)(Independent), W Fourie (CEO),
PJ Kruger, NP Mnxasana , PC Nash ( Non-executive)
E-mail: enquiries@winhold.co.za
Auditors :
BDO South Africa Inc
13 Wellington Road, Parktown, 2193
(Pvt Bag X60500, Houghton, 2041)
( Email : bdojhb@bdo.co.za )
Company Secretary and registered office:
G J O`Connor
884 Linton Jones Street, Industries East,Germiston
(PO Box 5324, Johannesburg 2000)
( Email : johnoc@inmins.co.za )
( Website: www.winhold.co.za )
Sponsor :
Arcay Moela Sponsors (Pty) Ltd.
Arcay House, 3 Anerley Road, Parktown, 2193
(PO Box 62397, Marshalltown, 2017)
( Email : dougg@arcaymoela.co.za )
Transfer Secretaries :
Computershare Investor Services (Pty) Ltd
70 Marshall Street, Johannesburg
(PO Box 61051, Marshalltown 2107)
( Email :www.computershare. com )
Date: 02/06/2010 08:31:01 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 ] | |||||||||||||
|
|||||||||||||
