| Fri 24 Aug 2001, 0:00 | | Wb Holdings Limited - Unaudited Results For The Ha |
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WB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa
(Registration number 1988/000570/06)
UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2001
INCOME STATEMENT
30/06/01 30/06/00 31/12/00
Revenue 9,495 8,111 17,149
Operating profit 294 73 841
Interest paid (834) (912) (1,385)
Net loss before taxation (540) (839) (544)
Taxation 0 0 0
Retained loss for the
Period (540) (839) (544)
Shares in issue (000's) 9,400 9,400 9,400
Loss per share (cents) (5,7) (8,9) (5,8)
Headline loss per share (cents) (5,7) (8,9) (5,8)
BALANCE SHEET
30/06/01 30/06/00 31/12/00
R'000 R'000 R'000
Assets
Non-current assets
Tangible assets 22,504 42,179 21,852
Investments 2,003 2,006 2,003
24,507 44,185 23,855
Current assets 2,876 2,501 1,707
27,383 46,686 25,562
Equity and liabilities
Capital and reserves
Share capital 94 94 94
Non-distributable reserve 606 21,700 606
Distributable reserves 10,543 10,788 11,083
Shareholders interest 11,243 32,582 11,783
Current liabilities 16,140 14,104 13,779
Interest bearing liabilities 15,267 12,656 11,941
Interest free liabilities 873 1,448 1,838
Total equity and liabilities 27,383 46,686 25,562
N.A.V. per share (cents) 120 347 125
Opening balance 11,783 33,421 33,421
Retained loss (540) (839) (544)
Impairment loss - - (21,094)
Closing balance 11,243 32,582 11,783
Operating activities (2,472) (523) (578)
Investing activities (887) (1,505) (469)
Short term loan 3,280 2,332 935
Net cash flow (79) 304 (112)
Opening balance 7 (428) (316)
Closing balance (72) (124) (428)
COMMENT
1. Turnover for the half year to June 2001 has increased by 17% to R9,5
million from the R8,1 million achieved for the same period last
year.
2. The deciduous fruit crop for this year was the same tonnage as that of
the 2000 crop. The increased turnover to date is as a result of having been
in a position to sell fruit on the local market earlier and at better prices
than those achieved in prior years due to the newly built pre-sorting
facility.
3. Certain expense items with an imported component like fuel, weedkiller
and spraying materials have increased by up to 54% in price over the same
period last year. All other expenses have been contained to lower than the
inflation level.
4. At the time of reporting, the majority of the export fruit has yet to be
sold.
5. It should be noted that revenue and expenditure do not accrue evenly
throughout the year.
6. Attention is drawn to the fact that in the 2000 Group Annual Financial
Statements the farming assets of the group were written down by an amount of
R21,1 million to reflect the current economic value of these assets.
7. The company shares commenced trading on the STRATE system with effect
from 9 July 2001. This means that, with effect from that day, shareholders
are only able to trade in the company shares if they have been converted to
the electronic form in the STRATE environment.
DIVIDEND
The Board has deemed it prudent not to declare an interim dividend.
On behalf of the board
Alan Silverman
Managing Director
23 August 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
