| Mon 26 Mar 2001, 0:00 | | Wbho - Audited Results For The Year Ended 31 Decem |
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WB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/000570/06)
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2000
GROUP CONSOLIDATED FINANCIAL STATEMENTS
2000 1999
R'000 R'000
Income Statement
Gross revenue 17,462 16,443
Operating profit before depreciation 1,125 1,021
Depreciation (662) (701)
463 320
Interest received 5 4
Dividends received 309 -
Other income 455 189
Profit before finance costs 1,232 513
Interest paid (1,386) (1,498)
Net loss before taxation (154) (985)
Taxation - -
Net loss after tax (154) (985)
Share of joint venture loss (390) -
Net loss for the period (544) (985)
Number of ordinary shares in issue (000's) 9,400 9,400
Loss per share (cents) 5,8 10,5
Headline loss per share (cents) 5,8 10,9
Dividends per share - -
Balance Sheet 2000 1999
R'000 R'000
Assets
Property, plant and equipment 21,852 41,115
Unlisted investments 2,003 1,837
Current assets
Inventories 649 820
Accounts receivable 1,025 1,997
Cash and cash
equivalents 33 5
Total assets 25,562 45,774
Equities and liabilities
Capital and reserves
Ordinary share capital 94 94
Non-distributable reserves 606 21,700
Distributable reserves 11,083 11,627
Current liabilities
Accounts payable 1,838 1,720
Short term loan 11,915 10,200
Bank overdrafts 26 433
Total equity and liabilities 25 562 45,774
Cash Flow Statement 2000 1999
R'000 R'000
Cash flow from operating activities
Cash generated from operations 2,836 916
Investment income 314 4
Finance costs (1,386) (1,498)
Net cash flow from operating activities 1,764 (578)
Cash flow from investing activities
Acquisition of investment (166) -
Share of joint venture loss (390) -
Purchase of equipment (2,493) (518)
Proceeds from sale of equipment 5 50
Net cash flow from investing activities (3,044) (468)
Cash Flow from financing activities
Change in net debt 1,715 934
Net cash flow from financing activities 1,715 934
Net change in cash and cash equivalents 435 (112)
Cash or cash equivalents at beginning of year (428) (316)
Cash and cash equivalents at end of year 7 (428)
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2000
Share Non-distributable Distributable
capital reserves reserves Total
R000's R000's R000's R000's
Balance at 1 January 1999 94 21,700 12,612 34,406
Net loss attributable to
ordinary shareholders - - (985) (985)
Balance at 31 December 1999 94 21,700 11,627 33,421
Impairment in the value of
property, plant and equipment - (21,094) - (21,094)
Net loss attributable to
ordinary shareholders - - (544) (544)
Balance at 31 December 2000 94 606 11,083 11,783
COMMENT ON RESULTS
The Group's turnover for the year increased by 6% compared to the previous year
despite a 19% increase in tonnage picked. This was largely due to the small
size of Granny Smith apples resulting in poor pack-outs and thus lower prices.
Profit before finance costs increased by R719 000 to R1 232 000. The share of
the flower joint venture loss amounted to R390 000. This project has
subsequently been terminated.
Interest bearing debt increased by R1 308 000 due to capital expenditure of R2
493 000.
PROSPECTS
A pre-sorting facility has been established on Norham Farm at a cost of R2,2
million. Management is confident that the pre-sorting of fruit will
substantially reduce the Group's packing cost while adding value to the
second-grade and smaller counts of apples.
DIVIDEND
No final dividend has been declared for the year.
DIRECTORATE
Mr B G Ricketts and Mr B Sacks resigned from the Board of Directors on 16 May
2000.
STRATE
WB Holdings Limited (WB) has been notified by the JSE Securities Exchange that
it has been selected to transfer the company's share capital to the electronic
STRATE 'Share Transactions Totally Electronic' environment as from 18 June
2001. This is the date from which investors' shares can be converted into an
electronic record in order to become eligible to settle in the STRATE
environment. Trading for electronic settlement begins on
9 July 2001 and from this date there is a legal requirement for investors to
deposit their shares with a CSDP or qualifying stockbroker prior to selling
them in order for the trade to settle in STRATE.
This means that with effect from 9 July 2001 investors will not be able to sell
their WB shares unless they exist in electronic form in the STRATE environment.
Electronic settlement of trades in WB shares will take place for the first time
on 16 July 2001.
ASSET IMPAIRMENT
Due to decreases in the value of farming land in the locations in which the
Group operates the directors have established that the market value of certain
property, plant and equipment has decreased significantly. The carrying value
of the relevant assets has been adjusted to reflect this impairment.
GENERALLY ACCEPTED ACCOUNTING PRACTICE
The accounting policies employed in these financial statements are consistent
with those of the prior years and are in accordance with Generally Accepted
Accounting Practice.
By order of the board
C B J Upton
Company Secretary
Signed at Cape Town on 26 March 2001
Registered Office:
7th Floor, 129 Beach Road, Mouille Point 8005
Postal Address:
Private Bag X2, Rhine Road 8050
Transfer Secretaries:
Mercantile Registrars, PO Box 1053, Johannesburg 2000
Directors:
Robert Silverman (Chairman)*, A Silverman (Managing Director), H W Barenblatt*,
A H Botha, D A Katz*, M G Prew, C B J Upton
*Non-Executive Directors
