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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
UNAUDITED INTERIM CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2002
Income Statement Audited
Six months ended 6 months ended
31 December 30 June
2002 2001 2002
R`000 R`000 R`000
Revenue 24 002 9 983 22 417
Operating profit 3 137 230 4 317
Net finance cost (744) (670) (856)
Profit / (loss) before taxation 2 393 (440) 3 461
Taxation (772) 138 (2 284)
Retained income / (loss) for
the period 1 621 (302) 1 177
Ordinary shares in issue (000`s) 9 400 9 400 9 400
Earnings / (loss) per share
(cents) 17.2 (3.2) 12.5
Headline earnings / (loss) per
share (cents) 17.2 (3.2) 12.5
Balance Sheet
Assets
Non-current assets
Tangible assets 42 290 40 288 42 080
Investments 2 003 2 089 2 043
Deferred tax - 1 887 -
44 293 44 264 44 123
Current assets 9 826 2 507 10 713
Total assets 54 119 46 771 54 836
Equity and liabilities
Capital and reserves
Share capital 94 94 94
Reserves 35 920 30 838 34 299
36 014 30 932 34 393
Non-current liabilities
Interest bearing liabilities 12 706 - 11 202
Deferred tax 1 169 - 397
13 875 - 11 599
Current liabilities 4 230 15 839 8 844
Total Liabilities 54 119 46 771 54 836
Net asset value per share
(cents) 383.1 329.1 365.9
Statement of Changes in Equity
Opening balance 34 393 31 234 30 932
Reversal of impairment loss - - 2 101
Transfer to land - - 137
Reversal of unclaimed dividends - - 46
Net profit / (loss) for the
period 1 621 (302) 1 177
36 014 30 932 34 393
Cash Flow Statement
Operating activities (1 553) 1 759 3 165
Investing activities (2 794) (566) (81)
Finance activities 1 504 1 307 (2 758)
Net cash flow (2 843) (114) 326
Opening balance 140 (72) (186)
Closing balance (2 703) (186) 140
Comments on results
1. The audited results on 30 June 2002 reflect a period of 6 months as a result
of a change in the year-end of the group. The interim results to 31 December
2002 have been prepared on the historical cost basis in accordance with South
African Statements of Generally Accepted Accounting Practice. Accounting
policies which have been applied are consistent with those applied in the
previous year.
2. The turnover figure for the 6 months ending 31 December 2002 is reflected at
the cost insurance freight value as was the case for 30 June 2002, while the
turnover figure for the 6 months ending 31 December 2001 is reflected at
farmgate sales prices.
3. Operating profit for the 6 months increased from R0,23 million in 2001 to
R3,137 million in 2002 as a result of the change in the financial year-end and
better performance.
4. The turnover figure of R24,002 million reflects only a portion of the 2002
crop. The 2003 crop is yet to be harvested.
5. The estimated crop for 2003 is 45 000 bins compared to 37 000 bins for 2002.
This is an increase of 22% in volume.
6. Although turnover is under pressure due to the stronger Rand, the Board is
confident that the level of profitability of the previous financial period will
be maintained for the 2003 financial year.
Dividend
The Board has deemed it prudent not to declare an interim dividend.
Directors
AR van Wyk (chairman)*, TR Chennells (managing director), AP Muirhead*, HJ
Marais*, 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: 28/01/2003 02:15:00 PM Produced by the JSE SENS Department
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