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WB Holdings - Audited Results For The Six Months Ended 30 June 2002
WB Holdings Limited
("WB Holdings" or "the company")
(Incorporated in the Republic of South Africa)
(Registration number: 1988/000570/06)
JSE Code: WBH
ISIN: ZAE 000007902
AUDITED GROUP CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002
Income Statement Audited Audited
6 months ended 12 months ended
30 June 2002 31 December 2001
R`000 R`000
Revenue 22 417 19 478
Gross profit 7 924 5 782
Other income 516 997
Operating profit 4 317 699
Net finance cost (856) (1 504)
Share of joint venture loss - (175)
Profit / (loss) before taxation 3 461 (980)
Taxation (2 284) 138
Net profit / (loss) for the period 1 177 (842)
Number of ordinary shares
in issue (000`s) 9 400 9 400
Earnings / (loss) per share (cents) 12.5 (9.0)
Headline earnings / (loss) per
share (cents) 12.5 (9.0)
Balance Sheet
30 June 2002 31 December 2001
R`000 R`000
Assets
Non-current assets
Property, plant and equipment 42 080 40 288
Other investments 2 043 2 089
Deferred tax - 1 887
44 123 44 264
Current assets
Inventory 7 646 422
Receivables 2 927 2 083
Cash and cash equivalents 140 2
10 713 2 507
Total assets 54 836 46 771
Equity and liabilities
Equity and reserves
Share capital 94 94
Reserves 34 299 30 838
34 393 30 932
Non-current liabilities
Interest bearing borrowings 11 202 -
Deferred tax 397 -
11 599 -
Current liabilities
Trade and other payables 8 740 1 583
Provisions 104 108
Short term loan - 13 960
Bank overdraft - 188
8 844 15 839
Total equity and liabilities 54 836 46 771
Net asset value per share (cents) 365.9 329.1
Statement of Changes in Equity
Share Non-distri- Retained Total
capital butable income /
Reserves (Accumulated
loss)
R`000 R`000 R`000
Balance at
1 January 2001 94 606 11 083 11 783
Reversal of
impairment of assets
on consolidation - 28 195 (17 764) 10 431
Prior year adjustment
for change
in accounting policy - (433) 9 993 9 560
Net loss for the
year per
Income Statement - - (842) (842)
Balance at
31 December 2001 94 28 368 2 470 30 932
Reversal of
impairment loss - 2 101 - 2 101
Transfer to distri-
butable reserves - (30 606) 30 606 -
Transfer to land - 137 - 137
Reversal of
unclaimed dividends - - 46 46
Net profit for
the period per
Income Statement - - 1 177 1 177
Balance at
30 June 2002 94 - 34 299 34 393
Abridged Cash Flow Statement
6 months ended 12 months ended
30 June 2002 31 December 2001
R`000 R`000
Cash inflow / (outflow)
from operating activities 3 165 (959)
Cash outflow from investing
Activities (81) (1 279)
Cash inflow / (outflow) from
financing activities (2 758) 2 045
Net increase / (decrease)
in cash and cash equivalents 326 ( 193)
Cash and cash equivalents at
beginning of period (186) 7
Cash and cash equivalents
at end of period 140 (186)
Comments on results
Background
The company is principally engaged in the holding of investments in deciduous
fruit farms in the Grabouw and Villiersdorp areas situated in the Western Cape.
Fruit from farms is exported, marketed locally and supplied to juice and
concentrate manufacturers. The group also operates a root stock nursery, the
production of which is supplied to local nurseries.
Financial results
The accounting policies applied in the annual financial statements are in
accordance with Statements of General Accepted Accounting Practice in South
Africa, which are consistent with those of the previous year, except for the
changes in accounting policies. During the period the group changed it`s
accounting policy to write off orchard development and buildings over their
expected useful lives. Previously these assets were stated at cost and
provisions for impairment were made when necessary. Freehold land held by one
of the subsidiaries, Boskloof Fruit and Timber Industries (Pty) Ltd, were
previously revalued by the directors. This policy has been changed to reflect
land at cost, in order to agree with group policies.
The 2002 financial period was in many ways a period of change for the group.
Most significant was the change of ownership and control of WB Holdings in April
2002. A positive turnaround was achieved with operating profit jumping to R 4.3
m and profit before taxation moving from a loss of R0,98 m to a profit of R3,4
m. This was achieved despite a hailstorm reducing the 2002 crop by 27% compared
to the previous season. The improved performance of the group is due to
expertise in production, packing and marketing introduced following the change
in control of WB Holdings.
The company has changed its year-end from 31 December to 30 June to account for
the expenses of a specific crop in one financial year.
These results have been audited by the company`s auditors,
PricewaterhouseCoopers Inc, and the auditor`s report is available for inspection
at the company`s registered office.
Dividends
No dividend has been declared during the period under review and none is
proposed.
Prospects
A profitable performance is anticipated for the year ahead. New management has
put energy and experience to work and the results are noticeable in all facets
of the group. The ethos of the organization and this renewal process is people
based. The ability to attract and retain a new generation of individuals to an
industry not deemed as being dynamic is an exciting challenge that is well
underway.
Directors
AR van Wyk (chairman)*, TR Chennels (managing director), CV Steenkamp, NJ van
Staden*
*Non-executive directors
Company Secretary
CV Steenkamp
Registered office
2nd Floor, Newlink Centre, New Street, Paarl, 7646
Transfer secretaries
Computershare Investor Services Ltd
Edura 41, Fox Street, Johannesburg, 2001
Sponsor
Sasfin Bank Limited
Date: 30/08/2002 07:05:00 AM Produced by the JSE SENS Department
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