| Wed 31 Oct 2001, 0:00 | | Wincorp Limited - Group Financial Results |
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JSE share code: WNE ISIN number: ZAE 000027710
Group financial results for the year ended 31 July 2001
Financial results
The financial results of the group for the year ended 31 July 2001 are set
out below and the accounting policies which have been applied, are
consistent in all material respects with those applied in the previous year.
Review of results
It is pleasing, after the losses of the last couple of years, to report a
profit of R2,7 million for the year under review. This, combined with
continued satisfactory trading for the first part of the current year,
provides endorsement for the restructuring strategy the business has pursued
over the last two years.
It is pleasing also to be able to report that the Ashwood acquisition has
proved to be very beneficial for the business and that we have strengthened
our relationship with our major customer in the UK, Private Liquor Brands
(PLB), during the year through PLB taking a 10% stake in the business and
appointing one member to the board.
Prospects
As to the future, the current year is seen as a period of consolidation for
the group. Improvements to the product mix are being sought in all areas to
further improve profitability and to drive growth where it clearly adds
value. Improvements are also being sought in working capital management
through better planning leading to lower inventory holding levels generally.
Finally one or two new product development projects are being worked on in
"partnership" arrangements with customers that we are hopeful will lead to
additional income later in the current year.
Dividends
No dividend has been declared in the year under review and none is proposed.
Annual report
The annual report, which includes the group annual financial statements and
the notice of the annual general meeting, will be mailed to shareholders
shortly.
ABRIDGED INCOME STATEMENT
Year ended Year ended
31 July 2001 31 July 2000
Audited Audited
R'000 R'000
Revenue 81 449 38 679
Other income 612 163
Operating expenses (77 276) (46 335)
Net operating profit/(loss) 4 785 (7 493)
Finance costs (2 672) (3 285)
Share of net (loss)/income from associates 225 (350)
Profit on disposal of associate 357 -
Net operating profit/(loss) before
exceptional items and disposals 2 695 (11 128)
Exceptional items - (1 111)
Net profit/(loss) before disposals and taxation 2 695 (12 239)
Disposals - (28 615)
Net profit/(loss) before taxation 2 695 (40 854)
Taxation 23 43
Net profit/(loss) for the year 2 672 (40 897)
Weighted average number of shares
in issue (millions) (2000: restated) 46 35
Earnings/(loss) per share (cents) 5,85 (115,97)
Headline earnings/(loss)
per share (cents) 6,48 (31,96)
Abridged balance sheet
Year ended Year ended
31 July 2001 31 July 2000
Audited Audited
R'000 R'000
ASSETS
Property, plant and equipment 10 904 10 564
Intangibles and goodwill 2 552 2 281
Investments in associates 505 1 321
Long term loans 3 965 2 763
Related party loans 1 955 27 926
Current assets 48 166 31 222
68 047 76 077
EQUITY AND LIABILITIES
Shareholders' funds 21 258 16 318
Long term liabilities 5 526 15 255
Related party loans 7 548 7 057
Current liabilities 33 715 37 447
Interest bearing 9 896 8 487
Non-interest bearing 23 819 28 960
68 047 76 077
Total number of shares in
issue at year end (millions)
(2000: restated) 49 45
Net asset value per share (cents) 43,05 36,09
Statement of changes in equity
Year ended Year ended
31 July 2001 31 July 2000
Audited Audited
R'000 R'000
Balance at beginning of year 16 318 34 813
Attributable profit/(loss) for the year 2 672 (40 897)
Issue of share capital 5 383 22 950
Write-offs against share premium (1) (373)
Share premium in respect of net
asset value issue (114) (175)
Net effect of shares acquired by
subsidiary company (3 000) -
Balance at end of year 21 258 16 318
Abridged cash flow statement
Cash outflow from operating Activities (16 333) (15 262)
Cash outflow from investing activities (1 133) (3 023)
Cash inflow from financing activities 17 397 26 442
Net (decrease)/increase in cash and
cash equivalents (69) 8 157
Cash and cash equivalents at beginning of year (1 044) (9 201)
Cash and cash equivalents at end of year (1 113) (1 044)
Directors: F Rahmatallah Chairman (British), GJ Knox (Australian),
B Paxton Managing, CL Heyns Financial, SA Garforth (British), AE Jacobs, B
Barraclough (British), P McMahon Alternate (British)
Company secretary: ML Potgieter (British), c/o Spier Home Farms (Pty) Ltd,
Annandale Road, Stellenbosch 7600
Transfer secretaries: Mercantile Registrars Ltd, 94 President Street,
Johannesburg 2001
