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Wb Holdings Limited - Audited Results For The Year Ended 30 June 2003
Release Date: 28/08/2003 17:10:01 Code(s): WBH
WB HOLDINGS LIMITED - AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2003
WB HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1988/000570/06
Share code: WBH
ISIN: ZAE 000007902
AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 JUNE 2003
Income Statement Audited Audited
12 months ended 6 months ended
30 June 2003 30 June 2002
R"000 R"000
Revenue 41 260 22 417
Gross profit 9 158 7 924
Other income 587 516
Other operating expenses (3 498) (1 433)
Administrative expenses (3 451) (2 690)
Profit from operations 2 796 4 317
Net finance cost (2 242) ( 856)
Profit before taxation 554 3 461
Taxation ( 221) (2 284)
Net profit for the year 333 1 177
Number of ordinary shares in issue
(000"s) 9 400 9 400
Earnings per share (cents) 3.5 12.5
Headline earnings per share (cents) 3.0 12.4
Reconciliation between earnings
and headline earnings:
Net profit for the year 333 1 177
Profit on disposal of fixed assets (53) (77)
Write down of assets - 20
Write down of investments - 46
Headline earnings 280 1 166
Balance Sheet
Assets
Non-current assets
Property, plant and equipment 41 933 42 080
Available-for-sale investments 1 789 2 043
43 722 44 123
Current assets
Inventory 14 798 7 646
Receivables 1 398 2 927
Cash and cash equivalents 4 140
16 200 10 713
Total assets 59 922 54 836
Equity and liabilities
Equity and reserves
Share capital 94 94
Reserves 34 407 34 299
34 501 34 393
Non-current liabilities
Interest bearing borrowings 12 490 11 202
Deferred tax 618 397
13 108 11 599
Current liabilities
Trade and other payables 5 110 8 740
Borrowings 6 939 -
Provisions 264 104
12 313 8 844
Total Equity and Liabilities 59 922 54 836
Net asset value per share (cents) 367.0 365.9
Statement of Changes in Equity
Share Non-distributable Retained
capital Reserves income /
(Accumulated Total
loss)
R"000 R"000 R"000 R"000
Balance at 1 January 2002 94 28 368 2 470 30 932
Reversal of impairment loss - 2 101 - 2 101
Transfer to distributable
reserves - ( 30 606) 30 606 -
Transfer to land - 137 - 137
Reversal of unclaimed
dividends - - 46 46
Net profit for the period
per the Income Statement - - 1 177 1 177
Balance at 30 June 2002 94 - 34 299 34 393
Decrease in fair value
reserve - ( 250) - ( 250)
Reversal of unclaimed
dividends - - 25 25
Net profit for the year
per the Income Statement - - 333 333
Balance at 30 June 2003 94 ( 250) 34 657 34 501
Abridged Cash Flow Statement
12 months ended 6 months ended
30 June 2003 30 June 2002
R"000 R"000
Cash (outflow) / inflow from operating
activities (7 315) 3 165
Cash outflow from investing activities (1 073) ( 81)
Cash inflow / (outflow) from financing
activities 5 332 (2 758)
Net (decrease) / increase in cash and
cash equivalents (3 056) 326
Cash and cash equivalents at the
beginning of the year 140 ( 186)
Cash and cash equivalents at the
end of the year (2 916) 140
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 annual financial statements are prepared in accordance with Statements of
Generally Accepted Accounting Practice in South Africa on the historical cost
basis, as modified by the revaluation of available-for-sale investment
securities. The principle accounting policies are consistent with those of the
previous period, except for the change in accounting policy. During the year the
group changed its accounting policy to recognise investments initially at cost
price and to carry it subsequently at fair value. Investments were previously
stated at cost and written down only when there was a permanent diminishing in
value.
The extent to which the Rand strengthened was unexpected and influenced the
group"s profitability for the worse. The profit before tax dropped from R3,5 m
in 2002 to R0,6 m in 2003. Direct farm expenses increased as a result of
putting more effort into people and assets to increase overall productivity as
well as inflation related increases due to the weak Rand in 2002.
The 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 year under review and none is proposed.
Prospects
Management"s focus will be specifically pointed to produce higher quality fruit
and optimal yields. Significantly more effort was put into the orchards, which
will create more productive trees in future. Management have also embraced the
new people based philosophy that educated, well trained and loyal people make
and sustain good companies. The management team is now well positioned to
optimize fruit production and quality.
Directors
Executive: TR Chennells (managing director), CV Steenkamp (financial director),
NJ van Staden
Non-executive: AR van Wyk (chairman), AP Muirhead, HJ Marais
Company Secretary
CV Steenkamp
Registered office
2nd Floor, Newlink Centre, New Street, Paarl, 7646
Transfer secretaries
GS Registrars (Pty) Ltd
108 Johan Avenue, Sandton, 2146
Sponsor
Sasfin Corporate Finance
a division of Sasfin Bank Limited
5th Floor, Protea Place, Protea Road, Claremont, 7700
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