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WINHOLD LIMITED - STATEMENT OF RESULTS
WINHOLD LIMITED
(Registration number 1945/019679/06)
(Incorporated in the Republic of South Africa)
(Share code: WNH/WNHP)
(ISIN number: ZAE000033916/ZAE000008041)
Statement of results
The board announces the unaudited consolidated results of the group for the
six months ended 31 March 2002.
Consolidated Income Statement
Year ended Six months ended
30 September 31 March
2001 2002 2001
R000 R000 R000
582 559 Revenue 279 116 281 864
15 645 Operating profit 8 252 8 540
(948) Goodwill amortised (314) (366)
(5 976) Net finance costs (3 191) (3 088)
8 721 Net profit 4 747 5 086
(1 451) Taxation (592) (903)
7 270 Profit after taxation 4 155 4 183
Attributable to:
(3 988) - Outside shareholders (1 856) (1 950)
3 282 Net shareholders` profit 2 299 2 233
3 582 Headline earnings 2 463 2 373
Headline earnings per ordinary
5,4 share (cents) 2,6 3,6
Earnings per ordinary
4,7 share (cents) 2,4 3,4
Net asset value per
69,0 share (cents) 68,2 82,0
Net tangible asset value per
79,4 ordinary share (cents) 74,2 80,3
Ordinary shares in
85 340 issue (000`s)* 94 197 65 943
Dividend per ordinary
2,0 share (cents) - -
Reconciliation of headline
earnings
3 282 Shareholders` profit 2 299 2 233
948 Amortisation of goodwill 314 366
Minority share of goodwill
(504) amortisation (150) (226)
(144) Preference dividend - -
3 582 2 463 2 373
Supplementary information
975 Capital commitments 2 241 2 499
11 775 Capital expenditure 6 153 4 217
9 100 Depreciation 4 922 4 611
50 410 Interest bearing borrowings 36 955 48 117
4 648 Interest earning deposits 4 332 2 866
*8 857 143 shares to be issued for acquisition of minorities in subsidiaries
in Gundle Limited which transactions were effective
1 October 2001, are included in ordinary shares in issue. For further
details refer to the commentary.
Summarised Consolidated Balance Sheet
Year ended Six months ended
30 September 31 March
2001 2002 2001
R000 R000 R000
ASSETS
Fixed and other non-current
74 574 assets 71 868 72 520
(9 680) Negative goodwill (net) (6 223) -
1 965 Deferred taxation 2 201 2 225
173 483 Current assets 167 840 179 800
240 342 Total assets 235 686 254 545
EQUITY AND LIABILITIES
Ordinary share capital and
65 007 premium 68 107 59 437
Preference share capital and
1 602 premium 1 602 2 000
17 838 Non-distributable reserves 17 838 17 838
(23 985) Accumulated deficit (21 686) (23 183)
60 462 Shareholders` interest 65 861 56 092
Outside shareholders`
22 906 interest 24 254 38 757
83 368 Total equity 90 115 94 849
Non-current liabilities
12 523 - interest bearing 9 893 14 006
960 - interest free 1 070 860
1 522 Deferred taxation 1 531 1 551
Current liabilities
37 888 - interest bearing 28 132 34 110
104 081 - interest free 104 945 109 169
Total equity
240 342 and liabilities 235 686 254 545
Summarised Consolidated Cash Flow Statement
Year ended Six months ended
30 September 31 March
2001 2002 2001
R000 R000 R000
Cash flow (used in)/from
(1 673) operating activities 15 379 (8 670)
Cash flow used in investing
(11 019) activities (2 242) (3 880)
Cash flow used in
(357) financing activities (2 433) (1 447)
Net (decrease)/increase
(13 049) in cash and cash equivalents 10 704 (13 997)
Cash and cash equivalents at
(6 372) beginning of period (19 421) (6 372)
Cash and cash equivalents at
(19 421) end of period (8 717) (20 369)
Summarised Consolidated Statement of Changes in Equity
Shareholders` funds at
53 859 beginning of year 60 462 53 859
Changes in share capital
5 172 and premium 3 100 -
Changes in
3 282 accumulated deficit 2 299 2 233
(144) Preference dividend declared - -
(1 707) Ordinary dividend declared - -
Shareholders` funds at end
60 462 of year 65 861 56 092
Segment Information
Turnover Operating profit Gross assets
Gross liabilities
(R000) (R000) (R000)
(R000)
2002 2001 2002 2001 2002 2001
2002 2001
BUSINESS
SEGMENTS
Flexible
plastics
(Gundle) 111 734 112 732 3 297 3 101 130 609 140 515 89
466 91 260
Mining
consumables
(Inmins) 145 478 151 361 3 583 4 601 78 827 87 388 39
649 57 012
Industrial
consumables
(Inmins) 21 904 17 771 1 375 796 17 192 16 503 9
531 6 095
Other - - (3) 42 9 058 10 139 6
925 5 329
279 116 281 864 8 252 8 540 235 686 254 545 145
571 159 696
COMMENTARY
Review of results
The Winhold group profitability for the half year to March 2002 was on a par
with that of the comparative period, with earnings of R2,299 million (2001:
R2,233 million). Due to the increases in the ordinary shares in issue both
the headline earnings per share of 2,6 cents (2001: 3,6 cents) and the
earnings per share of 2,4 cents (2001: 3,4 cents) declined against those for
the first half of last year. In September 2001 19 397 000 shares were issued
for the acquisition of the minorities in Gundle Limited, and then, effective
from October 2001 a further
8 857 000 shares are included in the total shares in issue in respect of an
acquisition of the minorities of two Gundle group subsidiaries. This bring
the total shares in issue to 94 197 304 as against 65 943 130 in issue at
the end of the previous comparative period, an increase of 43%.
Winhold Limited investment in Inmins Limited is approximately 53%, with
Gundle Limited being wholly owned and no longer having any outside
shareholders in any of its operating subsidiaries.
Inmins Limited
Having had exceptionally good results in the both halves of previous
financial year, Inmins` current period profits for the six months to
31 March 2002, whilst also very good, were slightly below those of the
comparative period last year. Headline earnings of 10,9 (2001: 11,8) cents
per share were achieved on a turnover of R167 million (2001: R169 million).
Net asset value grew by 11,4% to 131,0 cents per share. It is also pleasing
to note that there was a significant positive swing in the cash flow over
the past six months.
The mining division`s performance was slightly below that of the comparative
period, which was mainly due to a major project in Phalaborwa coming to an
end and, the fact that certain major contracts traditionally awarded in the
first half of each financial year have or will only be awarded in the second
half of this financial year.
The value added division again achieved excellent results, which were on a
par with the comparative period. This division is going forward into the
second half with a good order book.
The industrial division improved significantly, due to market share growth
in its relatively new trading venture which started two years ago, and a
turnaround on all the division`s poor performers of the previous year`s
comparative period.
The Inmins group is performing well in all its markets, and with good order
books/anticipated contracts for the second half it expects to equal the
results of the previous financial year, which will be a highly satisfactory
achievement in view of such excellent results in the previous financial
year.
Gundle Limited
Having finalised the internal rationalisation in the Gundle group, and
having acquired the minority interests in two of its profitable
subsidiaries, there has been a major turnaround during the last month of the
reported period and the last two months of the current period. The full
impact of this improvement is likely to show during the remaining half in
this financial year.
The abovementioned acquisitions have been detailed in a separate press
announcement published today in this newspaper.
Accounting policies
The accounting policies of the group are consistent with those applied in
the most recent annual financial statements and with South African
Statements of Generally Accepted Accounting Practice on Interim Financial
Reporting, and this Interim Financial Report has been prepared in accordance
therewith
DIVIDENDS
In line with the group policy, no interim dividends have been declared.
On behalf of the board
WAR Wenteler JH Henderson
Chairman Deputy Chairman
12 June 2002
Directors
WAR Wenteler (Chairman), JH Henderson (Deputy Chairman)*,
W Fourie, PJ Kruger, DB Mostert*, CJ Pallas*
*(Non-executive)
E-mail: enquiries@winhold.co.za
Company secretary and registered office
DJ de Villiers
884 Linton Jones Street, Industries East, Germiston
(PO Box 5324, Johannesburg 2000)
E-mail: winholdsec@inmins.co.za
Transfer secretaries
Computershare Investor Services Limited
8th Floor, 11 Diagonal Street, Johannesburg 2001
(PO Box 1053, Johannesburg 2000)
E-mail: it@registrars.co.za
Date: 11/06/2002 05:28:00 PM Produced by the SENS Department
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