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WNH
WNH
WNH - Winhold Limited - Unaudited condensed interim consolidated results of the
group for the six months ended 31 March 2011
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 2011
Highlights
Headline earnings per share grow 18,2%
Earnings per share grow:15,8%
Condensed Consolidated Statement Of Comprehensive Income
Year ended Six months ended
30 September 31 March
2010 `2011 `2010
R`000 R`000 R`000
1 030 918 Revenue 513 538 502 575
1 022 205 -Continuing 503 791 498 980
operations
8 713 -Discontinued 9 747 3 595
operations
51 227 Operating profit 27 872 25 679
55 029 -Continuing 27 843 27 670
operations
(3 802) -Discontinued 29 (1 991)
operations
15 556 Investment income 7 757 7 757
(1 573) Impairments - -
(29 301) Net finance costs (12 945) (13 858)
(26 695) -Continuing (12 626) (12 613)
operations
(2 606) -Discontinued (319) (1 245)
operations
35 909 Profit before 22 684 19 578
taxation
(44 317) -Continuing 22 974 22 814
operations
(8 408) -Discontinued (290) (3 236)
operations
(8 233) Taxation (4 530) (4 341)
(6 874) -Continuing (4 530) (4 341)
operations
(1 359) -Discontinued - -
operations
757 Share of 378 470
associates PAT
28 433 Profit for the 18 532 15 707
period
28 433 Total 18 532 15 707
comprehensive
income for the
period
38 200 -Continuing 18 822 18 943
operations
(9 767) -Discontinued (290) (3 236)
operations
(3 608) Attributable to (2 209) (1 607)
non controlling
interests
24 825 Attributable to 16 323 14 100
equity holders of
the parent
19,78 Earnings and 13,01 11,23
diluted earnings
per ordinary
share (Cents)
27,56 -Continuing 13,24 13,81
operations
(7,78) -Discontinued (0,23) (2,58)
operations
20,75 Headline and 12,92 10,93
diluted headline
earnings per
ordinary share
(Cents)
125 506 Weighted average 125 506 125 506
ordinary shares
adjusted for
treasury shares
(000`s)
126 215 Total ordinary 126 215 126 215
shares
issued(000`s)
13 638 Total 7 570 7 576
depreciation and
amortisation
64 865 EBITDA 35 442 33 255
Reconciliation of
headline earnings
24 825 Comprehensive 16 323 14 100
Income for the
period
1 573 Impairments - -
(498) Profit on (150) (456)
disposal of fixed
assets
139 Taxation effects 42 79
of the above
26 039 Total headline 16 215 13 723
earnings
Condensed Consolidated Statement of Financial Position
Year ended Six months ended
30 September 31 March
2010
R`000
`2011
`2010*
R`000
R`000
ASSETS
149 470 Fixed assets 149 902 138 404
168 103 Loans and receivables 169 158 167 098
2 265 Investments in associates 2 265 1 979
26 541 Goodwill 26 541 26 541
353 019 Current assets 317 618 338 395
148 247 - Inventory 150 966 147 181
186 256 - Receivables 157 127 176 755
5 701 - Non current assets held for 2 946 8 348
sale
12 815 - Bank and cash 6 579 6 111
699 398 665 484 672 417
EQUITY AND LIABILITIES
122 793 Ordinary share capital and premium 122 793 122 793
126 979 Retained earnings 130 443 116 254
249 772 Equity attributable to owners of the 253 236 239 047
parent
17 620 Non controlling interests 19 829 15558
267 392 Total Equity 273 065 254 605
Non-current liabilities
187 976 - interest bearing 160 621 185 511
15 907 - interest free 28 552 24 740
5 013 - deferred taxation 4 913 5 226
223 110 Current liabilities 198 333 202 335
18 477 Interest bearing - bank overdraft 37 383 43 381
19 022 - short term 33 200 16 246
borrowings
187 036 Interest free - payables 127 107 141 098
(1 425) - taxation 643 1 610
699 398 665 484 672 417
Supporting information
4 700 Capital commitments at period end 10 142 8 804
36 326 Capital expenditure during the 8 798 19 721
period
225 475 Total interest bearing borrowings 231 204 245 138
12 625 Total interest earning deposits 6 338 6 005
199,0 Net asset value per share (Cents) 201,8 190,5
26 570 Total intangible assets 26 567 26 677
177,8 Tangible net asset value per share 180,60 169,21
(Cents)
10,4 Return on equity (%) 12,8 11,5
4,0 Return on assets (%) 5,5 4,5
Condensed Statement of Consolidated Cash Flows
Year ended Six months ended
30 September 31 March
2010
R`000
`2011
`2010*
R`000
R`000
47 912 Cash flow from operating activities (18 350) (4 088)
Profit before interest, tax and non-
cash items
79 682 -Continuing operations 43 128 40 509
192 -Discontinued operations 29 154
Changes in working capital
24 214 -Continuing operations (23 989) (4 284)
(341) -Discontinued operations (747) 1 544
(29 752) Net finance costs (21 728) (23 067)
471 Dividends from associates 378 470
(13 798) Taxation paid (2 562) (6 658)
(12 756) Dividends paid (12 859) (12 756)
(41 149) Cash flow from investing activities (6 152) (24 132)
(33 834) Net investment in fixed assets (5 097) (17 822)
(7 315) Investment in loans receivable (1 055) (6 310)
11 916 Cash flow from financing activities (640) 15 291
26 545 Interest bearing borrowings raised 1 897 16 651
(19 960) Interest bearing loans repaid (15 074) (15 307)
5 331 Interest free borrowings raised 12 537 13 947
18 679 Net (decrease)/increase in cash (25 142) (12 929)
Condensed consolidated statement of changes in equity
Year ended Six months ended
30September 31 March
2010
`2011
`2010*
R`000 R`000
R`000
Equity attributable to holders of
the parent
237 703 - Opening balance 249 772 237 703
24 825 - Total comprehensive income for the 16 323 14 100
period
(12 756) (12 859) (12 756)
- Dividends paid
249 772 Balance at the end of the period 253 236 239 047
Condensed consolidated statement of segmental results for the 6 months ended 31
March 2011
Mining Industrial Flexible
Consumables Consumables Plastics
2011 2010 2011 2010 2011 2010
R000`s R000`s R000`s R000`s R000`s R000`s
Revenue 138 922 163 944 72 823 66 145 292 046 268 891
Operating profit 874 4 554 3 424 2 344 23 252 17 958
Depreciation 533 578 321 366 6 643 5 976
Capital expenditure 1 039 471 266 377 7 404 18 852
Total assets 103 520 113 482 46 150 43 346 302 680 297 721
Total liabilities 47 590 50 297 24 120 21 096 163 422 185 957
GROUP PROFILE
Winhold Limited ("Winhold") is a holding company with its main investments being
wholly owned subsidiaries Gundle Limited ("Gundle") and Inmins Limited
("Inmins").
Gundle comprises of two manufacturing and distribution operations in Gauteng and
one in Swaziland, as well as a further four distribution centres in the main
coastal cities and Bloemfontein. Gundle manufactures polyethylene and
polypropylene bags, construction sheeting, consumer and industrial packaging,
agricultural film and dam linings and distributes to the agricultural, chemical,
construction, food processing, industrial and consumer markets.
Inmins comprises 19 strategically located operations servicing the mining and
industrial sectors with a wide range of consumable and maintenance products, and
includes divisions specialising in hose, high pressure mining backfill systems,
chain and sprocket systems and conveyor belting .
REVIEW OF RESULTS
The Group achieved a pleasing 18.2% growth in headline earnings per share on a
2% increase in external revenue The Novara compounding division (disclosed as a
"discontinued operation") was sold during the period and losses prior to sale
were contained.
Inventory levels have remained constant as decreases in Inmins became effective,
offsetting strategic increases in Gundle Receivables have decreased over last
year as a consequence of Gundle`s increased strategic focus in this area. Bank
borrowings have increased to fund fixed assets additions and debt payments.
OPERATIONAL REVIEWS
Gundle
The Gundle division increased revenue by 8,6% and returned a29,5% increase in
operating profit as a result of a significant increase in exports and good
December performances from the factories due to a shorter shut down .
Investments in new technology have increased market penetration.
Inmins
The Inmins Mining Consumables Division worked hard to counter increased supplier
competition in its markets and the affect of some non-recurring contracts in the
previous year. Costs were contained and the focus on higher margin `off-
contract` business continues to bear fruit. The Inmins Industrial Division has
done well to negotiate better pricing levels from overseas suppliers and
maintain volumes. Interest levels in these businesses reduced both as a result
of lower working capital levels and reduced interest rates.
PROSPECTS
Management has taken corrective actions in both Novara and Swazi Plastics which
should result in a significant profit improvement in the second half of the
year.
Gundle
The Gundle modernisation program continues in order to meet changing product
requirements of key customers. This will supply production capacity to meet
increased demand.
Inmins
New product ranges and new service areas are being explored to capitalise on the
existing brand name and strategically located networks close to where major
mines and industry are based. Growth will come from cross selling products to
existing customers and introducing new specialised products to a more profitable
industrial customer base.
CAPITAL COMMITMENTS
The amount of R 10,1 million (2010: R8.8 million) reflected in the supplementary
information, relates to,new plant, building upgrades and vehicles (2010: plant
and equipment) for existing operations
BASIS OF PREPARATION
These condensed consolidated interim Group results have been prepared in
accordance with and containing the information required by International
Accounting Standard 34 (" IAS 34"), and the AC500 standards, and in compliance
with the Companies Act 1973, as amended, and the Listings Requirements of the
Johannesburg Stock Exchange ( "the Listings Requirements" ). The accounting
policies are in accordance with International Financial reporting Standards and
are consistent with those used in the prior year. These interim financial
statements have not been audited or reviewed by the group`s auditors. The
results for the year ended 30 September 2010 were audited and the auditor`s
unqualified audit report is included in the Annual Financial Statements
distributed to Shareholders` in March 2011.
CORPORATE GOVERNANCE
The Group subscribes to the principle of good corporate governance and is
committed to continued implementation of the recommendations of the King III
Report and the Listings Requirements. The Group continues to endeavour to
conduct its business in accordance with the principles of accountability,
transparency and integrity.
CONTINGENT LIABILITY AND SUBSEQUENT EVENTS
There has been no change in previously reported contingent liabilities. The
directors are not aware any material post balance sheet events between the
balance sheet date and the date of this report.
DIRECTORATE
There has been no change in the board of directors during the 6 month period
under review.
DECLARATION OF DIVIDEND
In line with past practice, no interim dividend has been declared. The prior
year final dividend of 10.0 cents (2009 : 10.0 cents ) per share was paid on
Monday 21 February 2011.
For and on behalf of the board
WAR WENTELER W FOURIE
Chairman Chief Executive Officer
Date : 12 May 2011
Directors :W A R Wenteler (Chairman) , D B Mostert (Deputy Chairman) +,W Fourie,
P J Kruger , N P Mnxasana +, P. Nash, G M Scrutton (Financial) (non-executive),
(+ independent) Company Secretary: G J O`Connor johnoc@inmins.co. fax : +2711
345 9823
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: 13/05/2011 07:27:22 Produced by the JSE SENS Department.
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