|
WINECORP - AUDITED GROUP FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2003
WINECORP LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1997/012032/06
Share code: WNE
ISIN: ZAE000027710
("Winecorp")
AUDITED GROUP FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2003
Financial results
The financial results of the Winecorp group for the year ended 31 July 2003 are
set out below. The annual financial statements have been prepared on the
historical cost basis in accordance with South African Statements of Generally
Accepted Accounting Practice. Accounting policies which have been applied are
consistent with those applied in the previous year. The results have been
audited by the group"s auditors, PricewaterhouseCoopers Inc. and their
unqualified audit opinion is available for inspection at the company"s
registered office.
Review of results
In contrast to the previous financial year, the rand strengthened considerably
over the last six months of the reporting period against our major trading
currency, the pound, which resulted in an adverse swing of R8 million on the
group"s bottom line compared to the previous year. This, combined with
increased entry level white wine prices and inflationary increases in other
input costs, resulted in a headline loss of 1.40 cents per share (R0,7 million)
compared to a headline profit of 16,98 cents per share (R8,4 million) in the
prior financial year. The results are disappointing as they do not reflect the
successful move away from bulk wine sales to case wine sales which was achieved.
Although revenue only increased marginally, export case sales increased by 36%,
countered by a decrease in local case sales due to the discontinuance of
unprofitable lines to certain customers. Operating expenses only increased by
2%, despite the increase in the volume of sales and inflation, which can be
attributed to management"s efforts to enhance productivity and focus on
optimising available resources.
Strategic initiatives
During the year the group continued to enforce the strategic initiative
implemented in the prior financial year. A number of new initiatives are also
under way, including the following:
* The increased production capacity will be utilised to supply the 36% growth
obtained during the current year as well as continued growth for the year ahead,
thus improving the return on capital;
* The development of a new brand for the local market, which will be launched
within the next month and in which major customers have already shown keen
interest;
* The continued search for profitable new markets through market research and by
having the competitive edge on our competitors will remain a key factor in
growing this business to become a leader in its field.
Prospects
The company is expecting a difficult year ahead with the current strong
performance of the rand as well as the rate at which the exchange rate
fluctuates against the trading currencies, but management is constantly
investigating alternatives to limit the group"s exposure to these currency
fluctuations. Initiatives are currently under way to involve the total supply
chain in managing the situation that has been caused by the increase in input
costs and the strengthening rand to ensure that important markets for South
African products are protected in the long run.
Notice of annual general meeting
Notice is hereby given that the annual general meeting of the holders of shares
(comprising ordinary shares) in Winecorp Limited will be held at Winecorp,
Watergat Road, Simondium, at 09h30 on Thursday, 4 December 2003.
Stellenbosch
31 October 2003
Registered address:
Annandale Road, Stellenbosch, 7600
Directors
Executive:
NP Carew (Managing Director)
AC Kruger
Non-executive:
RG Freese (Chairman)
GJ Knox
BS Barraclough
FA Bicker Caarten
ADH Enthoven
GN Wagener
Alternate:
P McMahon
Secretary:
ML Potgieter
Transfer secretaries:
Computershare Limited
Auditors:
PricewaterhouseCoopers Incorporated
Sponsor:
Sasfin Corporate Finance
A division of Sasfin Bank Limited
WINECORP LIMITED
Year ended Year ended
Thursday, July Wednesday, July
31, 2003 31, 2002
R"000 R"000
ABRIDGED INCOME STATEMENT
Revenue 85,747 85,221
Other (losses)/income (4,729) 4,263
Operating expenses (79,250) (77,982)
Operating profit 1,768 11,502
Finance costs (2,508) (2,587)
Operating (loss)/profit before (740) 8,915
associates
Share of net income from - 60
associates
Profit on disposal of non- - 575
current assets
Operating (loss)/profit before (740) 9,550
exceptional items
Exceptional Items 258 (3,063)
Net (loss)/profit before (482) 6,487
taxation
Taxation 55 (1,239)
Net (loss)/profit for the the (427) 5,248
year
Weighted average number of 49,286 49,366
shares (thousands)
(Loss)/earnings per share (0.87) 10.63
(cents)
Headline (loss)/earnings per (1.40) 16.98
share (cents)
ABRIDGED BALANCE SHEET As at 31 July As at 31 July 2002
2003
R"000 R"000
ASSETS
Property, plant and equipment 15,153 14,944
Intangibles 2,220 2,406
Investments in associates 837 694
Long-term loans 502 902
Deferred tax 668 650
Current assets 44,702 50,894
64,082 70,490
EQUITY AND LIABILITIES
Shareholders" funds 25,964 26,391
Long-term liabilities 5,942 5,628
Related party loans 360 1,536
Current liabilities 31,816 36,935
64,082 70,490
Number of weighted average 49,286 49,366
shares (millions)
Net asset value per share 52.68 53.46
(cents)
Year ended Year ended
RECONCILIATION BETWEEN HEADLINE Thursday, July Wednesday, July
(LOSS)/PROFIT AND NET 31, 2003 31, 2002
(LOSS)/PROFIT
R"000 R"000
Headline (loss)/profit (692) 8,380
Exceptional items 258 (3,063)
Goodwill amortisation (272) (270)
Impairment of property - (415)
Profit on disposal of property, 279 41
plant and equipment
Profit on disposal of non- - 575
current assets
Net (loss)/profit (427) 5,248
Year ended Year ended
ABRIDGED STATEMENT OF CHANGES Thursday, July Wednesday, July
IN OWNER"S EQUITY 31, 2003 31, 2002
R"000 R"000
Balance at beginning of the 26,391 21,258
year
Change in accounting policy - (79)
Balance at beginning of the 26,391 21,179
year
Attributable (loss)/profit for (427) 5,248
the the year
Net effect of shares acquired - (36)
by subsidiary company
Balance at end of the year 25,964 26,391
Year ended Year ended
Thursday, July Wednesday, July
31, 2003 31, 2002
ABRIDGED CASH FLOW STATEMENT R"000 R"000
Cash (outflow)/inflow from (864) 13,909
operating activities
Cash outflow from investing (1,588) (5,289)
activities
Cash inflow/(outflow) from 484 (4,419)
financing activities
Net (decrease)/increase in cash (1,968) 4,201
and cash equivalents
Cash and cash equivalents at 3,088 (1,113)
beginning of the year
Cash and cash equivalents at 1,120 3,088
end of the year
Date: 31/10/2003 01:47:10 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
