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Winhold Limited - Unaudited Consolidated Results
Release Date: 27/05/2003 17:56:10 Code(s): WNH WNHP
Winhold Limited - Unaudited Consolidated 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 2003.
Highlights
Revenue up 19%
Net profit after tax up 103%
Headline earnings per share up 135%
Consolidated Income Statement
Year ended Six months ended
30 September 31 March
2002 2003 2002
R000 R000 R000
639 371 Revenue 331 169 279 116
22 541 Operating profit 16 284 8 252
(813) Goodwill amortised (252) (314)
(5 748) Net finance costs (3 753) (3 191)
15 980 Profit before taxation 12 279 4 747
(3 258) Taxation (3 833) (592)
12 722 Net profit after taxation 8 446 4 155
Attributable to:
(5 171) - Outside shareholders" profit (2 924) (1 856)
7 551 Ordinary shareholders" profit 5 522 2 299
8 080 Headline earnings 5 605 2 399
Headline earnings per ordinary
8,6 share (cents) 6,0 2,5
Earnings per ordinary
7,9 share (cents) 5,9 2,4
Net asset value per ordinary
69,4 share (cents) 75,3 66,3
Net tangible asset value per
75,2 ordinary share (cents) 81,3 72,2
94 197 Ordinary shares in issue (000"s) 94 197 94 197
Dividend per ordinary
2,2 share (cents) - -
Reconciliation of headline
earnings
7 551 Ordinary shareholders profit 5 522 2 299
(234) Net profit on disposal of assets (282) (117)
163 Taxation effect thereon 69 15
813 Amortisation of goodwill 252 314
Minority share of goodwill
amortisation and profit on sale of
(69) assets 44 (112)
(144) Preference dividend - -
8 080 5 605 2 399
Supplementary information
2 900 Capital commitments - 2 241
7 177 Capital expenditure 7 253 6 153
9 560 Depreciation 5 803 4 922
47 385 Interest bearing borrowings 55 434 36 955
4 553 Interest earning deposits 2 094 4 332
Summarised Consolidated Balance Sheet
Year ended Six months ended
30 September 31 March
2002 2003 2002
R000 R000 R000
Assets
Fixed and other non-current
67 876 assets 69 903 69 251
(5 939) Negative goodwill (6 019) (6 223)
1 686 Deferred taxation 1 871 2 201
198 478 Current assets 189 505 167 840
262 101 Total assets 255 260 233 069
Equity and liabilities
68 060 Stated capital 68 060 68 107
Preference share capital and
1 602 premium 1 602 1 602
17 838 Non-distributable reserves 17 838 17 838
(20 506) Accumulated deficit (14 984) (23 542)
66 994 Shareholders" interest 72 516 64 005
24 783 Outside shareholders" interest 27 706 23 493
91 777 Total equity 100 222 87 498
Non-current liabilities
14 730 - interest bearing 14 088 9 893
1 170 - interest free 1 617 1 070
1 015 Deferred taxation 1 258 1 531
Current liabilities
32 655 - interest bearing 41 346 28 132
120 754 - interest free 96 729 104 945
262 101 Total equity and liabilities 255 260 233 069
Summarised Consolidated Cash Flow Statement
Year ended Six months ended
30 September 31 March
2002 2003 2002
R000 R000 R000
Cash flow (used in)/from
9 836 operating activities (4 063) 15 379
Cash flow used in investing
(6 881) activities (6 828) (2 242)
Cash flow used in
(1 705) financing activities (1 005) (2 433)
Net (decrease)/increase in cash
1 250 and cash equivalents (11 896) 10 704
Cash and cash equivalents at
(19 421) beginning of period (18 171) (19 421)
Cash and cash equivalents at
(18 171) end of period (30 067) (8 717)
Summarised Consolidated Statement of Changes in Equity
Shareholders" interests at
58 606 beginning of period 66 994 58 606
Changes in share capital
3 053 and premium - 3 100
Changes in non-distributable
- reserves - -
7 551 Changes in accumulated deficit 5 522 2 299
(144) Preference dividend declared - -
(2 072) Ordinary dividend declared - -
Shareholders" interests at end
66 994 of period 72 516 64 005
Segment Information
Business segments
Mining Industrial
consum- consum- Flexible
ables ables plastics
(R"000) (Inmins) (Inmins) (Gundle) Other
Turnover 12 months to Sept 333 808 53 607 251 956 -
2002
6 months to March 170 915 34 224 126 030 -
2003
6 months to March 145 311 22 071 111 734 -
2002
Operating 12 months to Sept 10 696 4 029 7 896 (80)
2002
Profit 6 months to March 8 246 1 404 6 742 (108)
2003
6 months to March 3 598 1 377 3 297 (20)
2002
Total 12 months to Sept 101 130 24 346 132 895 3 730
Assets 2002
6 months to March 104 744 20 421 127 509 2 587
2003
6 months to March 78 396 22 740 129 587 2 346
2002
Total 12 months to Sept 60 673 12 885 92 460 4 306
2002
Liabilities 6 months to March 57 031 10 100 84 881 3 026
2003
6 months to March 47 252 4 933 89 466 3 920
2002
Comments
Review of results
The Winhold Limited Group performed well for the six months ended 31 March 2003,
with both the operating subsidiary groups turning out profits well exceeding
those of the previous comparative period.
Group revenue increased by 19% to R331 million (2002: R279 million) Operating
profit of R16,2 million was nearly double that of the previous comparative
period. Profit after tax increased by 103% to R8,4 million (2002: R4,155
million). Headline earnings increased by 135% and net tangible asset value grew
by 9,1%.
The Inmins Group (52% held) continues its pattern of increased performance with
all divisions showing excellent improvements on the previous years" comparative
period. Inmins goes into the second half with good prospects in all divisions.
The Gundle Group (wholly owned) has made a significant turnaround in its
performance compared to that of the previous comparative period, due to positive
factors coming from the turnaround strategy implemented last year. In the second
half of the year, further improvement in the Gundle results are expected.
Prospects
With both Inmins and Gundle expected to at least equal their results for the
first half of the year, prospects for the Winhold shareholders look good.
Dividends
In line with the group policy, no interim dividends have been declared.
Share buyback in subsidiary
Subsequent to the reported period, Inmins Limited bought back 1 934 082 shares
being 5% of its issued ordinary capital. Consequently the controlling interest
by Winhold Limited increased from 52% to 55%. Further buyback of shares by
Inmins in terms of its general authority should be anticipated.
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.
Corporate Governance
The Group subscribes to the value of good corporate governance and is committed
to continue implementation of the recommendations of the
King II Report and the requirements of the JSE Securities Exchange South Africa.
The Group endeavours to conduct business in accordance with the principles of
accountability, transparency and integrity.
Dematerialisation of shares
STRATE, the electronic settlement system for shares on the JSE Securities
Exchange South Africa ("JSE") implemented a system that requires all paper share
certificates to be converted into an electronic format (dematerialisation)
before they can be traded on the JSE and settled in STRATE. It would appear that
many shareholders are still unaware of the importance of converting to the
electronic record and continue to hold share certificates. All shareholders are
therefore advised to dematerialise their shares and surrender all share
certificates to their CSDP or broker as soon as possible.
Disposal of small shareholders
Many Winhold Limited ordinary shareholders have very small shareholdings which
they may wish to dispose of. Such shareholders who find the cost of selling
their shares exceeds the market value of their shares may wish to consider
donating them to charity. An independent non-profit organisation called STRATE
Charity Shares has been established to administer this process. SARS has advised
that the value of any shares donated may be deducted from taxable income, as the
scheme is registered under section 18A of the Income Tax Act. For further
details, queries and/or donations contact the STRATE Share Care toll free help
line on 0800 202 363 or (+27 11) 775-3449 if you are phoning from outside South
Africa, or email charityshares@gscom.co.za.
On behalf of the board
WAR Wenteler JH Henderson
Chairman Deputy Chairman
28 May 2003
Directors
WAR Wenteler (Chairman), JH Henderson (Deputy Chairman)*, W Fourie,
PJ Kruger, DB Mostert*, CJ Pallas*
*(Non-executive)
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
70 Marshall Street, Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
E-mail: registrar@computershare.co.za
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