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AHL
AHL
AHL - AH-Vest Limited - Unaudited Results for the six months ended 30 September
2010
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 SIX MONTHS ENDED 30 SEPTEMBER 2010
Statement of Financial
Position
Unaudited six Unaudited six Audited year ended
months ended months ended
30 September 30 September 31 March
2010 2009 2010
R R R
Assets
Non-current 14 009 086 13 268 559 13 110 636
Assets
Property, Plant & 12 448 880 12 083 946 11 550 430
Equipment
Deferred tax 450 000 - 450 000
Intangible asset 1 110 206 1 184 613 1 110 206
Current Assets 31 348 927 32 522 765 31 048 039
Inventories 9 448 544 12 306 333 12 160 883
Other Financial 2 736 462 2 345 877 2 500 248
Asset
Trade & other 13 816 461 15 639 783 11 708 017
receivables
Cash & cash 5 347 460 2 230 772 4 678 891
equivalents
Total Assets 45 358 013 45 791 324 44 158 675
Equity and
Liabilities
Capital and 19 097 998 16 652 887 17 888 023
Reserves
Share capital 21 293 071 21 293 071 21 293 071
Reserves 4 688 610 4 688 610 4 688 610
Accumulated loss (6 883 683) (9 328 794) (8 093 658)
Non current 475 398 109 259 160 948
liabilities
Finance lease - 41 282 40 906
obligation
Operating lease 141 106 67 977 -
liability
Other financial 334 292 - 120 042
liabilities
Current liabilities 26 517 211 29 029 178 26 109 704
Other financial 13 310 009 14 227 386 14 353 321
liabilities
Finance lease 51 112 - 41 390
obligation
Trade and other 12 423 496 14 184 369 11 714 993
payables
Provisions - 550 000 -
Bank overdraft - 67 423 -
Total Equity and 45 358 013 45 791 324 44 158 675
Liabilities
Net asset value per 18.73 16.33 17.54
share (cents)
Tangible net asset 17.20 15.17 16.01
value per share
(cents)
Shares in issue at 101 973 333 101 973 333 101 973 333
year end (`000)
Statement of
Comprehensive Income
Unaudited six Unaudited six Audited year
months ended months ended ended
30 September 30 September 31 March
2010 2009 2010
R R R
Revenue 42 855 354 37 998 940 77 545 096
Cost of Sales (25 223 659) (25 603 202) (50 778 111)
Gross profit 17 631 695 12 395 738 26 766 985
Other income 93 251 1 110 819 1 283 354
Other operating (16 060 460) (12 978 241) (26 156 196)
expenses
Operating profit 1 664 486 528 316 1 894 143
before finance costs
Investment income 242 490 183 171 344 266
Finance costs (697 001) (800 753) (1 542 541)
Profit/(Loss) before 1 209 975 (89 266) 695 868
taxation
Taxation - - 450 000
Profit/(Loss) for the 1 209 975 (89 266) 1 145 868
period
Other comprehensive
income
Gains and losses on - - 720 739
property revaluation
Taxation related to - - (201 807)
components of other
comprehensive income
Other comprehensive - - 518 932
income for the year
net of taxation
Total comprehensive 1 209 975 (89 266) 1 664 800
income/(loss)
Earning before 2 284 646 1 028 897 3 134 465
interest, taxation,
depreciation and
amortisation
("EBITDA")
Depreciation (620 160) (500 581) (1 240 322)
Investment Income 242 490 183 171 344 266
Finance cost (697 001) (800 753) (1 542 541)
Profit/(Loss) before 1 209 975 (89 266) 695 868
taxation
Taxation - - 450 000
Profit/(Loss) for the 1 209 975 (89 266) 1 145 868
period
Attributed to:
Equity holders of the company 1 209 975 (89 266) 1 145 868
Minority interest - - -
Headline loss calculation:
Loss attributed to equity 1 209 975 (89 266) 1 145 868
holders of the company
Adjusted for:
Profit on sale of property - - (19 414)
Impairment of intangible assets - - 74 074
Headline earnings / (loss) 1 209 975 (89 266) 1 200 528
Number of shares
- Weighted average shares in 101 973 333 101 973 333 101 973 333
issue
- Diluted weighted average 101 973 333 101 973 333 101 973 333
shares in issue
Earnings / (Loss) per share
(cents)
Earnings/(loss) per share 1.19 (0.09) 1.12
Diluted earnings/(loss) per 1.19 (0.09) 1.12
share
Headline earnings/(loss) per 1.19 (0.09) 1.18
share
Diluted Headline 1.19 (0.09) 1.18
earnings/(loss) per share
Consolidated Statement
of Changes in Equity
Unaudited Unaudited
Six Months Six Months Audited year ended
ended ended
30 September 30 September 31 March
2010 2009 2010
R R R
Capital and reserves 17 888 023 16 742 153 16 223 223
Total comprehensive 1 209 975 (89 266) 1 664 800
income/(loss)
Capital and reserves 19 097 998 16 652 887 17 888 023
Consolidated Cash flow
Statement
Unaudited Unaudited
Six Months ended Six Months Audited
ended year ended
30 September 30 September 31 March
2010 2009 2010
R R R
Net cash from operating 3 183 551 623 705 3 332 890
activities
Net cash used in investing (1 754 828) (187 080) (547 672)
activities
Net cash used in financing (760 154) (326 591) (159 642)
activities
Net increase in cash and 668 569 110 034 2 625 576
cash equivalents
Cash and cash equivalents 4 678 891 2 053 315 2 053 315
at beginning of period
Cash and cash equivalents 5 347 460 2 163 349 4 678 891
at end of period
The board is pleased to present the unaudited results for the six months ended
30 September 2010.
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
Sales Revenue is up 12.78% for the six months to September when compared to
the previous year with volumes up 15% for the comparative period. The
company expected higher sales for June/July FIFA 2010 World Cup than was
realised.
The company reduced prices to trade customers in August and September 2010.
The Tomato Sauce line has been re-engineered and fully automated to pack in
plastic bottles, resulting in an increase in capacity by 30%.
The Veri Peri hot sauce production line is being commissioned and is
expected to be fully automated by the end of the year. The brand is growing
ahead of the market and the company aims to grow this brand in the medium
term with an additional 50% capacity for this brand going forward into
2011.
Training and installation of the Pastel Evolution integrated system is now
completed. Tackling change, workflows and the implementation of a new
system is a challenge and having a supportive operational team has kept the
process on track.
Gross profit is 8% better than the previous year and 6% better than budget
Although it is expected that this will come back in line over the remaining
six months. Gross profit for the period under review is 38% compared to the
previous year at 30%.
Cash-flows have improved dramatically since initiating and implementing a
complete kit replenishment campaign at the factory and improved
relationships with overseas suppliers of key raw material, extended terms
and more frequent shipments.
Balance sheet:
Inventories decreased by 22% from March 2010 as a result of better stock
control and purchasing. There was no significant change in Trade and Other
Payables, with an increase of 6%.
3. Segmental Analysis
No segmental analysis has been presented as the company operates primarily
within South Africa, within one segment.
4. Acquisitions and disposals
There were no acquisitions or disposals during the period under review.
5. Issue of shares
There were no share issues during the period under review.
6. Change in board of directors
Buhle Mthethwa was appointed as an Independent Non-Executive Director of
the company on 1 November 2010.
7. Dividends
No dividends were declared during the period. (2009: Nil).
8. Subsequent Events
9. Future Prospects
The next six months is tradionally a busier period of the year as more
sauces are consumed in the summer and the festive period.
The company is mindful of the fact that a strong Rand may allow our retail
supermarket trade customers to import at lower costs. The company is
capable of being competitive against imported products on its top selling
brands, namely tomato sauce and hot sauces and will continue to delight our
customers by recognising local tastes, being competitive through
innovation, and using key indigenous ingredients to maintain competitive
advantage. Whilst realising the benefit of competitive strategies, the
company will have to pass on a portion of its savings to maintain and grow
in line with budgeted sales and profit to March 2011.
Johannesburg
17 December 2010
Directors:
Executive Directors: MT Pather; M Hill;
Non-Executive Directors: P Mariemuthu; MD Mawere; R Manning; A Gonsalves; B
Mthethwa.
Registered address
103 Booysens Reserve Road, Crown Mines, 2001
Company Secretary Transfer secretaries
Arcay Client Support (Proprietary) Computershare Investor Services
Limited (Pty) Ltd
Auditors Designated Advisors
PKF Chartered Accountants (SA) Arcay Moela Sponsors (Proprietary)
Limited
Date: 17/12/2010 14:16:01 Produced by the JSE SENS Department.
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