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Winhold Limited - Unaudited Consolidated Results of the group for
the six months ended 31 March 2004
WINHOLD LIMITED
(Registration number 1945/019679/06)
(Incorporated in the Republic of South Africa)
(Share code: WNH/WNHP) (ISIN number: ZAE000033916/ZAE000008041)
Highlights
- Ordinary shareholders earnings up 50,9%
- Headline earnings per share up 43,3%
Statement of results
The board announces the unaudited consolidated results of the group
for the six months ended 31 March 2004.
Consolidated Income Statement
Year ended Six months ended
30 September 31 March
2003 2004 2003
R000 R000 R000
720 188 Revenue 353 924 331 169
40 834 Operating profit 18 287 16 284
20 Goodwill amortised 10 (252)
(7 290) Net finance costs (2 175) (3 753)
33 564 Profit before taxation 16 122 12 279
(9 666) Taxation (5 316) (3 833)
23 898 Net profit after taxation 10 806 8 446
Attributable to:
(6 637) - Outside shareholders` profit (2 472) (2 924)
17 261 Ordinary shareholders` profit 8 334 5 522
17 117 Ordinary shareholders` earnings 8 334 5 522
15 471 Headline earnings 8 103 5 605
Headline earnings per ordinary
16,4 share (cents) 8,6 6,0
Earnings per ordinary
18,2 share (cents) 8,8 5,9
Net asset value per ordinary
84,1 share (cents) 92,9 75,3
Net tangible asset value per
91,6 ordinary share (cents) 100,4 81,3
94 197 Ordinary shares in issue (000`s) 94 197 94 197
Dividend per ordinary
3,5 share (cents) - -
Reconciliation of headline
earnings
17 261 Net ordinary shareholders profit 8 334 5 522
(1 859) Net profit on disposal of assets (370) (282)
171 Taxation effect thereon 57 69
(20) Amortisation of goodwill (10) 252
Minority share of profit on sale
of assets and goodwill
62 amortisation 92 44
(144) Preference dividend - -
15 471 8 103 5 605
Supplementary information
8 300 Capital commitments - -
9 230 Capital expenditure 10 768 7 253
10 456 Depreciation 5 148 5 803
41 105 Interest bearing borrowings 45 979 55 434
6 513 Interest earning deposits 7 354 2 094
Summarised Consolidated Statement of Changes in Equity
Year ended Six months ended
30 September 31 March
2003 2004 2003
R000 R000 R000
Shareholders` funds at
66 994 beginning of period 80 814 66 994
17 261 Changes in accumulated deficit 8 334 5 522
(3 297) Dividend declared - ordinary - -
(144) - preference - -
Shareholders` fund at end
80 814 of period 89 148 72 516
Summarised Consolidated Balance Sheet
Year ended Six months ended
30 September 31 March
2003 2004 2003
R000 R000 R000
Assets
Fixed and other non-current
65 760 assets 71 238 69 903
(7 322) Negative goodwill (7 311) (6 019)
2 708 Deferred taxation 2 686 1 871
Current assets
74 112 - inventory 81 952 78 657
112 675 - receivables 134 331 108 710
6 572 - bank and cash 7 037 2 138
254 505 Total assets 289 933 255 260
Equity and liabilities
Ordinary share capital and
68 060 premium 68 060 68 060
Preference share capital and
1 602 premium 1 602 1 602
17 838 Non-distributable reserves 17 838 17 838
Retained earnings/
(6 686) (accumulated deficit 1 648 (14 984)
80 814 Shareholders` interest 89 148 72 516
22 162 Outside shareholders` interest 24 634 27 706
102 976 Total equity 113 782 100 222
Non-current liabilities
9 061 - interest bearing 13 213 14 088
1 502 - interest free 1 573 1 617
1 467 - deferred taxation 1 467 1 258
Current liabilities - interest
bearing
19 746 - bank overdraft 19 574 32 205
12 298 - short-term borrowings 13 192 9 141
Current liabilities - interest
free
96 683 - payables 123 130 90 727
10 772 - taxation 4 002 6 002
254 505 Total equity and liabilities 289 933 255 260
Summarised Consolidated Cash Flow Statement
Year ended Six months ended
30 September 31 March
2003 2004 2003
R000 R000 R000
Cash flow from/(used in)
19 789 operating activities 5 986 (4 063)
Profit before interest, tax
49 306 and non-cash items 23 202 20 983
(Increase)/decrease in
197 inventory (7 840) (4 348)
(Increase)/decrease in
6 888 receivables (21 656) 10 853
Increase/(decrease) in
(22 028) payables 32 227 (22 205)
34 363 Cash flow from operations 25 933 5 283
(7 290) Net finance costs (2 175) (3 753)
(3 042) Taxation paid (12 064) (1 351)
(4 242) Dividends paid (5 708) (4 242)
Cash flow used in investing
(11 801) activities (9 983) (6 828)
Buyback by subsidiary of
(5 416) own shares - -
Investment in fixed assets
(6 385) net of disposals (9 983) (6 828)
Cash flow from/(used in)
(2 991) financing activities 4 634 (1 005)
Net interest bearing
(2 895) borrowings raised/(repaid) 4 937 (1 005)
(96) Loans advanced (303) -
Net increase/(decrease) in cash
4 997 and cash equivalents 637 (11 896)
Cash and cash equivalents at
(18 171) beginning of period (13 174) (18 171)
Cash and cash equivalents at
(13 174) end of period (12 537) (30 067)
Segment Information
Business segments
Mining Industri
al
consum- consum- Flexible
ables ables plastics
(R`000) (Inmins) (Inmins) (Gundle) Other Totals
Turnover 12 mths to 343 676 118 271 258 241 - 720
Sept 2003 188
6 mths to 161 914 57 022 134 988 - 353
March 2004 924
6 mths to 147 791 57 348 126 030 - 331
March 2003 169
Operating 12 mths to 16 909 6 353 17 213 359 40 834
Sept 2003
Profit 6 mths to 6 178 2 671 9 498 (60) 18 287
March 2004
6 mths to 6 255 3 183 6 742 104 16 284
March 2003
Total 12 mths to 91 703 32 169 121 684 8 949 254
Sept 2003 505
Assets 6 mths to 94 715 33 500 152 446 9 272 289
March 2004 933
6 mths to 88 954 31 560 127 508 7 238 255
March 2003 260
Total 12 mths to 45 532 20 359 73 451 12 151
Sept 2003 187 529
Liabiliti 6 mths to 50 208 19 067 99 790 7 086 176
es March 2004 151
6 mths to 45 560 19 347 84 881 5 250 155
March 2003 038
Comments
Review of results
Substantial profit growth in the Winhold Limited Group continued with
ordinary shareholders earnings up by 50,9% and headline earnings per
share up 43,3% for the six month period under review.
Turnover increased by 6,9% to R353,9 million. Cash flow from operating
activities amounted to R6,0 million (previous year negative R4,0
million) despite an increased tax payment of R10,7 million. Net
tangible asset value per ordinary share increased by 23,5% to 100,4
cents per share. Short term borrowings reduced significantly.
The Gundle Group (100% held) continued with its turnaround and
delivered much improved results, exceeding the previous year
comparative period profit after tax by 148% on a marginal increase in
turnover.
The Inmins Group (60% held) managed a slight improvement on the
results of the comparative period in the previous record year. They
also drastically improved their cash flow and managed to reduce
borrowings by 44,5%
Prospects
The outlook for the Group remains positive, and for the year to 30
September 2004, management expects the trends reported above to
continue.
Black Empowerment
Extensive discussions and negotiations with potential BEE investors
have taken place and are continuing in order to arrive at a
satisfactory conclusion for all stakeholders. These discussions are
sensitive and are being conducted very responsibly and carefully by
management. A sensible transaction should be announced during this
financial year.
Dividends
In line with the Group policy, no interim dividends have been
declared.
Accounting policies
The results for the six months ended 31 March 2004 have been prepared
in accordance with the South African Statements of Generally Accepted
Accounting Practice, the requirements of the South African Companies
Act and the Listing Requirements of the JSE Securities Exchange South
Africa and with those applied in previous financial periods.
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.
On behalf of the board
WAR Wenteler JH Henderson
Chairman Deputy Chairman
27 May 2004
Directors
WAR Wenteler (Chairman), JH Henderson (Deputy Chairman)*,
W Fourie (Financial), PJ Kruger, DB Mostert*, CJ Pallas*
*(Non-executive)
E-mail: winholdsec@inmins.co.za
Company secretary and registered office
DJ de Villiers
884 Linton Jones Street, Industries East, Germiston
(PO Box 5324, Johannesburg 2000)
E-mail: davedevilliers@inmins.co.za
Transfer secretaries
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
E-mail: registrar@computershare.co.za
Date: 27/05/2004 05:10:09 PM Produced by the JSE SENS Department
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