| Mon 11 Mar 2002, 0:00 | | Wb Holdings Limited - Audited Results For The |
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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 2001
GROUP CONSOLIDATED FINANCIAL STATEMENTS
Income Statement
Balance Sheet
2001 2000
R'000 R'000
Revenue 20,603 17,462
Operating profit 1,053 918
Investment Income 4 314
Finance Costs (1,506) (1,386)
Net Loss before taxation (449) (154)
Taxation 0 0
Loss before share of joint
venture loss (449) (154)
Share of joint venture loss (175) (390)
Retained loss for the period (624) (544)
Number of ordinary shares
in issue (000's) 9,400 9,400
Loss per share (cents) -6,6 -5,8
Headline loss per share
(cents) -6,6 -5,8
Dividends per share - -
Cash Flow Statement 2001 2000
R'000 R'000
Cash flow from operating
activities (784) 1,764
Operating profit 1,053 918
Investment Income 4 314
Finance Costs (1,506) (1,386)
Net Loss before taxation (449) (154)
Taxation 0 0
Loss before share of joint
venture loss (449) (154)
Share of joint venture loss (175) (390)
Retained loss for the period (624) (544)
Number of ordinary shares
in issue (000's) 9,400 9,400
Loss per share (cents) -6,6 -5,8
Headline loss per share
(cents) -6,6 -5,8
Dividends per share - -
Cash Flow Statement 2001 2000
R'000 R'000
Cash flow from operating
activities (784) 1,764
Cash flow from investing
activities (1,453) (3,044)
Cash flow from financing
activities 2,045 1,715
Net cash flow
Opening balance (192) 435
Closing balance 7 (428)
Cash flow from investing
activities (1,453) (3,044)
Cash flow from financing
activities 2,045 1,715
Net cash flow
Opening balance (192) 435
Closing balance 7 (428)
(185) 7
Balance Sheet
2001 2000
R'000 R'000
Assets
Non-current assets
Tangible assets 22,402 21,852
Investments 2,003 2,003
24,405 23,855
Current assets
Inventories 422 649
Accounts receivable 2,083 1,025
(185) 7
Balance Sheet
2001 2000
R'000 R'000
Assets
Non-current assets
Tangible assets 22,402 21,852
Investments 2,003 2,003
24,405 23,855
Current assets
Inventories 422 649
Accounts receivable 2,083 1,025
Cash and cash equivalents 3 33
2,508 1,707
Total assets 26,913 25.562
Equity and Liabilities
Capital and reserves
Ordinary share capital 94 94
Non-distributable reserves 606 606
Cash and cash equivalents 3 33
2,508 1,707
Total assets 26,913 25.562
Equity and Liabilities
Capital and reserves
Ordinary share capital 94 94
Non-distributable reserves 606 606
Distributable reserves 10,459 11,083
11,159 11,783
Current liabilities
Accounts payable 1,606 1,838
Short term loan 13,960 11,915
Bank overdrafts 188 26
15,754 13,779
Total equity and liabilities 26,913 25,562
Net asset value per
share (cents) 118,7 125,4
Statement of Movements in Equity
Share Revaluation Accumulated
Distributable reserves 10,459 11,083
11,159 11,783
Current liabilities
Accounts payable 1,606 1,838
Short term loan 13,960 11,915
Bank overdrafts 188 26
15,754 13,779
Total equity and liabilities 26,913 25,562
Net asset value per
share (cents) 118,7 125,4
Statement of Movements in Equity
Share Revaluation Accumulated
capital reserve profit/(loss) Total
R'000 R'000 R'000 R'000
Balance at 1 January 2000 94 21,700 11,627 33,421
Nett loss per income
statement - - (544) (544)
Impairment in the value of property
plant and equipment - (21,094) - (21,094)
capital reserve profit/(loss) Total
R'000 R'000 R'000 R'000
Balance at 1 January 2000 94 21,700 11,627 33,421
Nett loss per income
statement - - (544) (544)
Impairment in the value of property
plant and equipment - (21,094) - (21,094)
Balance at 1 January 2001 94 606 11,083 11,783
Net loss per income
statement - - (624) (624)
Balance at 31 December 2001 94 606 10,459 11,159
COMMENT ON RESULTS
The Group's turnover for the year increased
by 17,9% on that of the previous year due mainly to the successful operation
of the fruit pre-sorting facility which was installed during the year.
Labour and certain expense items with an imported component like fuel,
weedkiller and spraying materials exceeded budget and negated the improved
turnover position. The flower joint venture was terminated during the year
and the share of the costs of closing this operation are reflected above.
Balance at 1 January 2001 94 606 11,083 11,783
Net loss per income
statement - - (624) (624)
Balance at 31 December 2001 94 606 10,459 11,159
COMMENT ON RESULTS
The Group's turnover for the year increased
by 17,9% on that of the previous year due mainly to the successful operation
of the fruit pre-sorting facility which was installed during the year.
Labour and certain expense items with an imported component like fuel,
weedkiller and spraying materials exceeded budget and negated the improved
turnover position. The flower joint venture was terminated during the year
and the share of the costs of closing this operation are reflected above.
DIVIDEND
No dividends have been declared as the Group has traded at a loss.
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.
FURTHER CAUTIONARY
ANNOUNCEMENT
Shareholders are referred to the change in
control and further cautionary announcement dated 11 February 2002 in which
they were informed that Re:Inc Investments (Proprietary) Limited had entered
into an agreement to acquire control of WB Holdings Limited. Shareholders
will be advised of the salient dates and terms of an offer to minority
shareholders on or before 28 March 2002. Shareholders should therefore
continue to exercise caution when dealing in the securities of WB Holdings
Limited until a further announcement is made.
By order of the Board
M.G. Prew
DIVIDEND
No dividends have been declared as the Group has traded at a loss.
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.
FURTHER CAUTIONARY
ANNOUNCEMENT
Shareholders are referred to the change in
control and further cautionary announcement dated 11 February 2002 in which
they were informed that Re:Inc Investments (Proprietary) Limited had entered
into an agreement to acquire control of WB Holdings Limited. Shareholders
will be advised of the salient dates and terms of an offer to minority
shareholders on or before 28 March 2002. Shareholders should therefore
continue to exercise caution when dealing in the securities of WB Holdings
Limited until a further announcement is made.
By order of the Board
M.G. Prew
Company Secretary
Signed at Cape Town on 8 March 2002
Registered Office:
7th Floor, 129 Beach Road, Mouille Point 8005
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.
*Non-Executive Directors.
S A S F I N
BANK LIMITED
Corporate Advisor and Sponsor
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