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WTL
WTL
WTL - William Tell - Unaudited Results for the six months ended
31 December 2011
WILLIAM TELL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 2004/030045/06)
Share Code: WTL ISIN: ZAE000098133
("William Tell" or "the Group")
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2011
Summarised Consolidated Statements Audited
of Comprehensive Income Unaudited Unaudited
December December June
2010 2010 2011
R`000 R`000 R`000
Revenue 103 933 92 832 181 068
Cost of sales (86 444) (71 370) (150 601)
Gross profit 17 489 21 462 30 467
Other income 2 373 270 681
Administrative and other operating (20 883) (16 473) (37 920)
expenses
Operating profit / (loss) (1 021) 5 259 (6 772)
Investment Income 922 658 922
Foreign exchange loss (367) (91) 27
Interest paid (2 847) (3 386) (5 907)
Profit / (loss) before taxation (3 313) 2 440 (11 730)
Taxation 1 148 (756) 3,338
Profit / (loss) for the period (2 164) 1 684 (8 392)
Depreciation and amortisation for 5 197 5 579 10 449
the period
Basic and diluted basic earnings / (1.7) 1.3 (6.7)
(loss) per share (cents)
Headline and diluted headline (1.5) 1.3 (6.7)
earnings / (loss) per share (cents)
Reconciliation of basic earnings /
(loss) to headline earnings / (loss)
Basic earnings / (loss) (2 164) 1 684 (8 392)
Adjusted by the after tax effect of
the following:
- Loss/(Profit) on the sale of 296 (27) 3
property, plant and equipment
- Impairment of property, plant and - - -
equipment
Headline earnings / (loss) (1 868) 1 657 (8 389)
Number of ordinary shares in 125 000 125 000 125 000
issue(`000)
Weighted average number of 125 000 125 000 125 000
shares(`000)
Summarised Consolidated Statements Unaudited Unaudited Audited
of Changes in Equity December December June 2011
2011 2010 R`000
R`000 R`000
Share Capital
Balance at the 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 the beginning of the year 179 265 179 265 179 265
Share issue expenses - - -
Balance at the end of the period 179 265 179 265 179 265
Accumulated profit
Balance at the beginning of the year 1 918 10 310 10 310
(Loss)/Profit for the period (2 164) 1 684 (8 392)
(246) 11 994 1 918
Summarised Consolidated Statements Unaudited Unaudited Audited
of Financial Position December December June 2011
2011 2010 R`000
R`000 R`000
ASSETS
Non-current assets 214 862 217 859 217 990
Property, plant and equipment 210 915 217 844 215 645
Intangible assets 43 15 52
Deferred taxation 3 904 - 2 293
Current assets 66 963 85 367 95 078
Inventories 23 848 29 563 35 308
Trade and other receivables 30 882 31 711 34 530
Cash and cash equivalents 12 233 24 093 25 240
Non-current assets held for sale - - -
281 825 303 226 313 068
EQUITY & LIABILITIES
Capital & reserves 180 269 192 509 182 433
Share capital 1 250 1 250 1 250
Share premium 179 265 179 265 179 265
Accumulated profit/(loss) (246) 11 994 1 918
Non-current liabilities 47 951 59 152 57 777
Interest bearing borrowings 24 417 43 852 33 770
Deferred Taxation - 3 524 -
Deferred Income 23 534 11 776 24 007
Current liabilities 53 605 51 565 72 858
Trade and other payables 30 774 29 043 45 095
Interest bearing borrowings 19 637 20 644 23 496
Provisions 2 282 1 282 2 112
Current taxation payable 912 596 908
281 825 303 226 313 068
Net asset value per share (cents) 144 154 146
Capital expenditure for the period 796 1 615 4 588
(R`000)
Summarised Consolidated Cash Flow Unaudited Unaudited Audited
Statements December December June 2011
2011 2010 R`000
R`000 R`000
Net cash generated by operations 3 308 12 581 12 793
Net finance costs (1 925) (2 728) (4 958)
Taxation paid (383) (4 961) (5 179)
Cash flow from operating activities 1 001 4 892 2 656
Cash flow from investing activities (796) 15 386 25 999
Cash flow from financing activities (13 212) (7 539) (14 769)
Movement in cash & cash equivalents (13 007) 12 739 13 886
Cash & cash equivalents at the 25 240 11 354 11 354
beginning of the year
Cash & cash equivalents at the end 12 233 24 093 25 240
of the period
Segment report
This is a single segment group and no segmental reporting is
provided.
COMMENTARY
HIGHLIGHTS
Year on year revenue growth for the 6 months to 31 December 2011 compared to
6 months to 31 December 2010
* 12% revenue growth
* Settled R13.2m debt
OVERVIEW OF THE BUSINESS
SIX MONTH OPERATIONAL REVIEW
Revenue showed growth of 12% while gross margins declined by 10%. The
retraction in the gross margin was attributable to higher energy and
transport costs along with the higher raw material processing costs
experienced due to critical plant breakdowns during July.
Operating profit decreased by R5m due to higher administrative and other
operating expenses. Salaries and wages was the largest contributor to the
increased expenses. Salaries and wages increased on average by 8%. This
combined with the changes in senior management and along with the new
positions being created to assist with operational requirements led to the
increase.
Inventories reduced by approximately R6m on the back of strong sales.
Management of inventory levels is seen as a critical function within the
Group going forward. Debtors increased marginally by R1m compared with the
same period last year. Management is exercising tight control over debtor
collections as the conditions within the industry remain tight. A process of
insuring the debtors` book was initiated at the end of the period so as to
allow the Group to grow without having to incur the quantum of write offs
previously experienced.
STATEMENT OF FINANCIAL POSITION NOTE ON LIABILITIES
Accounting treatment for government grants gets governed by IAS 20 Accounting
for Government Grants and Disclosure of Government Assistance.
The accounting treatment gets documented in paragraph 17 of the statement
"....grants related to depreciable assets are usually recognised in profit
and loss over the periods and in the proportions in which depreciation
expense on those assets are recognised."
The Grant is reflected in the Statement of Financial Position as a non-
current liability (Deferred Income) R23.5m where there in fact is no
liability to be repaid.
Management is of the opinion that the designated accounting treatment of this
Grant does not provide a true reflection of the transaction and may be
confusing to users of the financial information.
PROSPECTS
A further tranche of R6.5m of the DTI tax free cash grant is expected before
April 2012.
Whilst conditions in our sector remain difficult William Tell has embarked on
a growth program to accelerate optimisation of production volumes and cost
efficiencies. To this end we have initiated a production committee chaired by
Mike Borello and a business development committee chaired by Rob Scott.
DIRECTORS
William Tell now has a strong well-rounded board of directors focused on
growth and delivery to all stakeholders.
DIVIDENDS
In the light of the current market conditions, the directors regard it
prudent not to declare an interim dividend.
SUBSEQUENT EVENTS
No matters which are material to the financial affairs of the group have
occurred between the balance sheet date and the date of this report.
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 AC500 series as issued by the
Accounting Practices Board, the South African Companies Act no 71 of 2008, as
amended, and the JSE Listings Requirements and was prepared under the
supervision of the Financial Director of the Company, Mr. E Badenhorst
CA(SA). The principal accounting policies used in the preparation of the
unaudited results for the period ended 31 December 2011 are consistent with
those applied for the year ended 30 June 2011 and for the six months ended 31
December 2010.
BY ORDER OF THE BOARD
B P Lok (Chairman), E Badenhorst (Financial Director), A De La Rue*, M
Borello*, R Scott*, CD Lok (non-exec) *Independent, non-executive
23 February 2012
REGISTERED ADDRESS:
31 VAN ECK STREET
CHAMDOR
KRUGERSDORP
1740
DESIGNATED AND CORPORATE ADVISOR:
PSG CAPITAL PROPRIETARY LIMITED
GROUND FLOOR DM KISCH HOUSE
INANDA GREENS BUSINESS PARK
54 WIERDA ROAD WEST
WIERDA VALLEY
COMPANY SECRETARY:
MERCHANTEC CAPITAL
2ND FLOOR NORTH BLOCK
HYDE PARK OFFICE TOWER
CNR 6TH RD & JAN SMUTS AVENUE
HYDE PARK
2196
SANDTON
2196
TRANSFER SECRETARIES:
COMPUTERSHARE INVESTOR SERVICES PROPRIETARY LIMITED
GROUND FLOOR
70 MARSHALL STREET
JOHANNESBURG, 2001
(P O BOX 61051, MARSHALLTOWN, 2107)
REGISTERED AUDITORS:
BDO SOUTH AFRICA INC.
13 WELLINGTON ROAD
PARKTOWN
2193
www.williamtellholdings.co.za
Date: 23/02/2012 17:05:02 Produced by the JSE SENS Department.
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