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Lonrho Africa - Interim results for the six months to 31 March 2005
Lonrho Africa Plc
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
(`Lonrho Africa` or `the Company`)
INTERIM RESULTS FOR THE SIX MONTHS TO 31 MARCH 2005
Hotels
Kenya
The disposal of the Group`s 100 per cent. interest in Lonrho Hotels Kenya BV
(``LHKBV``) to a subsidiary of Kingdom Hotels Investments (``KHI``) for a cash
consideration of GBP17.05 million, of which GBP15.95 million was payable on
completion and the balance over the next 18 months subject to any necessary
adjustment for warranty claims and an adjustment for working capital, was
completed on 12th May 2005.
LHKBV is the owner of Lonrho Hotels Kenya Limited (``LHK``) in Kenya which owns
The Norfolk Hotel, The Mara Safari Club, 75 per cent. of the Mount Kenya Safari
Club, and 59.67 per cent. of The Aberdare Country Club and The Ark.
Mozambique
The Cardoso Hotel in Mozambique made a loss during the six months of which the
Group`s share amounted to GBP73,000 (2004: GBP86,000 loss). Costs, headcount and
capital expenditure continue to be strictly controlled. The Company is currently
in discussions to sell the Hotel for approximately GBP1.5 million.
Property
The sale of a major part of the remaining agricultural land in Kenya, which was
signed in September 2003, was completed on 17 June 2005 for approximately GBP1
million.
Efforts to dispose of the one remaining South African industrial property
continue and this should be finalised later this year for approximately GBP0.2
million.
Demerger/Capital Reduction
On 22 April 2005 the entire issued share capital of Lonrho Africa Trade &
Finance Limited was transferred by Lonrho Africa Plc by means of a Court
approved Scheme of Arrangement to Castle Acquisitions Plc in consideration of
the allotment of new Castle Acqusitions Plc shares to qualifying shareholders.
The share capital of the Company was also reduced pursuant to a Court approved
reduction of capital under which the nominal value of each Lonrho Africa Plc
share was reduced from 20p to 1p. This resulted in approximately GBP29.94
million being released to the profit and loss account of the Company thereby
eliminating the deficit on the profit and loss account and creating a surplus
sufficient for the purposes of the Scheme of Arrangement.
Strategy
The Board of Lonrho Africa continues to follow its strategy of disposing of its
residual assets in Africa, including its interest in Hotel Cardoso SARL in
Mozambique. Consistent with previous policy, it is the Board`s current intention
to continue to seek opportunities to maximise shareholder value.
CHB Mills Chairman
28th June 2005
For further information please contact:
Nadja Vetter/Emma Consett, Cardew Group +44 (0)20 7930 0777
Basis of preparation of the interim financial information
The interim financial information has been prepared on the same basis and using
the same accounting policies as were applied in drawing up the statutory
accounts for the year ended 30th September 2004. The discontinued operations
constitute the results of the Kenyan hotels, the Group`s interest in which was
sold in May 2005. The figures for the six months to 31st March 2005 and 31st
March 2004 are unaudited. The figures for the year ended 30th September 2004 do
not constitute the statutory accounts for that year which have been filed with
the registrar of companies and on which the auditors` report was unqualified
without any statement under Section 237 of the Companies Act 1985.
Consolidated profit and loss account
6 6 6 6 6 6 12
months months months months months months months
to to to to to to to
31.3.0 31.3.0 31.3.0 31.3.0 31.3.0 31.3.0 30.9.0
5 5 5 4 4 4 4
Conti- Discon- Conti- Discon-
nuing tinued nuing tinued
Opera- Opera- Total Opera- Opera- Total Total
tions tions tions tions
Not GBPm GBPm GBPm GBPm GBPm GBPm GBPm
e
Turnover
Group 0.5 4.1 4.6 0.5 4.7 5.2 9.9
Joint - - - - 0.1 0.1 0.2
ventures
0.5 4.1 4.6 0.5 4.8 5.3 10.1
Group net (1.0 ) (3.6 )(4.6 )(1.0 )(4.8 )(5.8 ) (10.5
operating
costs
Operating
(loss)/
profit
Group (0.5 ) 0.5 - (0.5 )(0.1 )(0.6 ) (0.6
Joint - - - - - - -
ventures
(0.5 ) 0.5 - (0.5 )(0.1 )(0.6 ) (0.6
Non- 2 - 0.1 0.1 - (0.5 )(0.5 ) 4.6
operating
excep-
tional
items
Net 0.1 - 0.1 (0.1 )- (0.1 ) -
interest
recei-
vable/
(payable)
(Loss)/ (0.4 ) 0.6 0.2 (0.6 )(0.6 )(1.2 ) 4.0
profit
before
taxation
Taxation - (0.2 )(0.2 )- - - (0.3
(Loss)/ (0.4 ) 0.4 - (0.6 )(0.6 )(1.2 ) 3.7
profit
after
taxation
Minority 0.1 - 0.1 0.1 0.1 0.2 0.3
interests
Retained (0.3 ) 0.4 0.1 (0.5 )(0.5 )(1.0 ) 4.0
(loss)/
profit
Profit/ 0.1 p (0.6 ) 2.5
(loss) p
per share
Loss per
share
before
Excep- (0.0 ) (0.3 ) (0.4
tional p p
items
Earnings per share
Profit per share of 0.1p (2004 - (0.6p)) has been calculated using the profit
after taxation and minority interest of GBP0.1 million (2004 - GBP (1.0)
million) applied to 157,572,088 shares.
Loss per share excluding exceptional items of (0.0) p (2004 - (0.3) p) has been
calculated on the loss after taxation and minority interest but before
exceptional items applied to 157,572,088 shares.
Note: The figures for the six months ended 31 March 2004 have been restated to
reflect operations that have been discontinued since 31 March 2004.
Group balance sheet
31st March 31st March 30th
September
2005 2004 2004
GBPm GBPm GBPm
Fixed assets
Tangible 17.5 23.8 17.0
Investments:
Joint ventures - 0.2 -
17.5 24.0 17.0
Current assets
Stocks 0.6 1.9 1.2
Debtors
Amounts falling due within one 3.7 3.9 3.3
year
Amounts falling due after one - 0.4 -
year
3.7 4.3 3.3
Cash at bank 6.9 1.3 6.0
11.2 7.5 10.5
Creditors: amounts falling due
within one year
Overdrafts - (6.2 ) -
Other creditors (2.3 )(2.8 ) (3.0 )
Net current assets/(liabilities) 8.9 (1.5 ) 7.5
Total assets less current 26.4 22.5 24.5
liabilities
Provisions for liabilities and (3.6 )(3.8 ) (2.5 )
charges
Net assets 22.8 18.7 22.0
Capital and reserves
Called up share capital 31.5 31.5 31.5
Merger reserve 96.1 96.1 96.1
Revaluation reserve 7.7 11.6 7.4
Profit and loss account (115.2 )(124.2 ) (115.6 )
Shareholders` funds (equity) 20.1 15.0 19.4
Minority interests (equity) 2.7 3.7 2.6
22.8 18.7 22.0
Consolidated cash flow statement
6 months 6 months 12 months
to 31.3.05 to 31.3.04 to 30.9.04
No GBPm GBPm GBP GBPm GBP GBPm
te m m
Net cash flow from operating
activities
- continuing operations (0.9 ) (0. ) 0.2
9
- discontinued operations 1.0 (0. ) (1. )
2 1
1 0.1 (1.1 ) (0.9 )
Return on investments and
servicing of finance
- interest received 0.1 - -
- interest paid - (0.2 ) (0.2 )
Tax paid - overseas (0.5 ) - (0.1 )
Net cash outflow before (0.3 ) (1.3 ) (1.2 )
investing activities
Net capital 1 1.2 - (0.2 )
receipts/(payments)
Net proceeds from disposal 1 - (0.2 ) 10.8
of subsidiaries
Increase/(decrease) in cash 0.9 (1.5 ) 9.4
Movement in net cash for the six months to 31st March 2005
1st October Net cash Exchange 31st March
2004 flows movement 2005
GBPm GBPm GBPm GBPm
Cash 6.0 0.9 - 6.9
Statement of total recognised gains and losses
6 months 6 months 12 months
to 31.3.05 to to
31.3.04 30.9.04
GBPm GBPm GBPm
Profit/(loss) for the period 0.1 (1.0 )4.0
Exchange adjustments 0.6 (2.4 )(3.0 )
Total recognised gains and losses in the 0.7 (3.4 )1.0
period
Reconciliation of movements in shareholders` funds
6 months 6 months 12 months
to 31.3.05 to to 30.9.04
31.3.04
GBPm GBPm GBPm
Recognised gains/(losses) relating to the 0.7 (3.4 )1.0
period
At beginning of period 19.4 18.4 18.4
At end of period 20.1 15.0 19.4
Historical cost profits and losses
6 months 6 months 12 months
to 31.3.05 to to 30.9.04
31.3.04
GBPm GBPm GBPm
Historical cost profit/(loss) before
taxation
Reported profit/(loss) before taxation 0.2 (1.2 )4.0
Difference between historical cost
depreciation charge and the actual
depreciation charge
calculated on the revalued amount 0.1 0.1 0.1
Realisation of property revaluation gains - - 0.2
Historical cost profit/(loss) before 0.3 (1.1 )4.3
taxation
Historical cost profit/(loss) after 0.2 (0.9 )4.3
taxation and minority interests
Notes to the half-year accounts
1. Consolidated cash flow statement
6 6 6 6 6 6 12
months months months months months months months
to to to to to to to
31.3.0 31.3.0 31.3.0 31.3.0 31.3.0 31.3.0 30.9.04
5 5 5 4 4 4
Conti- Discon- Conti- Discon-
nuing tinued nuing tinued
Net cash flow Opera- Opera- Total Opera- Opera- Total Total
from operating tions tions tions tions
activities GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Operating (0.5 )0.5 - (0.5 )(0.1 )(0.6 )(0.6 )
(loss)/profit
Depreciation 0.1 0.2 0.3 0.1 0.4 0.5 0.8
charge
Current cost of - - - - - - 0.1
servicing
pension
Decrease/ - 0.1 0.1 - (0.1 )(0.1 )(0.1 )
(increase) in
stocks
(Increase)/ (0.5 )0.5 - (0.3 )(0.1 )(0.4 )(0.9 )
decrease in
debtors
Decrease in - (0.3 )(0.3 )(0.2 )(0.3 )(0.5 )(0.2 )
creditors
Net cash
(outflow)/inflo
w from
operating
activities (0.9 )1.0 0.1 (0.9 )(0.2 )(1.1 )(0.9 )
6 6 12
months months months
to to to
31.3.0 31.3.0 30.9.04
5 4
Net capital GBPm GBPm GBPm
receipts
Purchase of (0.1 ) - (0.2 )
tangible fixed
assets
Sale of 1.3 - -
property in
South Africa
1.2 - (0.2 )
6 6 12
months months months
Net proceeds to to to
from disposal 31.3.0 31.3.0 30.9.04
of 5 4
subsidiaries GBPm GBPm GBPm
Disposal and - (0.2 )0.1
closure costs
Sale of - - 10.5
subsidiaries
Sale of joint - - 0.2
venture
- (0.2 )10.8
6 6 12
months months months
Reconciliation to to to
of net cash 31.3.0 31.3.0 30.9.04
flow to 5 4
movement in net GBPm GBPm GBPm
cash
Increase/ 0.9 (1.5 )9.4
(decrease) in
cash in the
period
Exchange rate - (0.2 )(0.2 )
movements
Movement in net 0.9 (1.7 )9.2
cash
Balance at 6.0 (3.2 )(3.2 )
beginning of
period
Net cash 6.9 (4.9 )6.0
Notes to the half-year accounts continued
2. Non-operating exceptionals
6 months 6 months 12
months
to 31.3.05 to 31.3.04 to
30.9.04
Discontinue Discontinue
d d
operations operations
Total Total Total
GBPm GBPm GBPm
Profit on disposal:
Property in South Africa 0.1 - -
Hotels - - 1.3
Agribusiness - - 3.7
Exchange (losses)/gains on - (0.1 )0.3
discontinued activities
Disposal and closure costs - (0.4 )(0.2 )
Recoverable surplus in the pension - - (0.5 )
scheme written off
0.1 (0.5 )4.6
Sponsor
Java Capital (Pty) Limited
29 June 2005
Date: 29/06/2005 08:00:32 AM
Produced by the JSE SENS Department
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