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WB HOLDINGS LIMITED - UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31
DECEMBER 2003
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 RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2003
CONSOLIDATED FINANCIAL STATEMENTS
Audited
Year
Six months ended ended
31 December 30 June
2003 2002 2003
Restated Restated
Income Statement R"000 R"000 R"000
Revenue 24 048 24 002 41 260
Operating profit 2 650 ( 935) (3 177)
Net finance cost (1 130) ( 744) (2 242)
Profit / (loss) before taxation 1 520 (1 679) (5 419)
Taxation ( 491) 449 1 570
Retained income / (loss) for the period 1 029 (1 230) (3 849)
Ordinary shares in issue (000"s) 9 400 9 400 9 400
Earnings / (loss) per share (cents) 10.9 (13.1) (40.9)
Headline earnings / (loss) per share
(cents)
10.9 (13.1) (40.9)
Balance Sheet
Assets
Non-current assets
Tangible assets 68 943 63 408 54 868
Investments 1 401 2 003 1 789
70 344 65 411 56 657
Current assets 1 256 2 706 15 361
71 600 68 117 72 018
Equity and liabilities
Capital and reserves
Share capital 94 94 94
Reserves 43 759 45 574 42 730
43 853 45 668 42 824
Non-current liabilities 17 280 18 219 16 881
Interest bearing liabilities 12 398 12 706 12 490
Deferred tax 4 882 5 513 4 391
Current liabilities 10 467 4 230 12 313
71 600 68 117 72 018
NAV per share (cents) 466.5 485.8 455.6
Statement of Changes in Equity
Opening balance 42 824 34 393 34 393
Effect of adopting AC137 - 12 505 12 505
Decrease in fair value reserve - ( 250) ( 250)
Reversal of unclaimed dividends - 25 25
Net profit for the period 1 029 (1 230) (3 849)
43 853 45 668 42 824
Cash flow statement
Operating activities (1 257) (1 553) (7 315)
Investing activities ( 506) (2 794) (1 073)
Finance activities 2 304 1 504 5 332
Net cash flow 541 (2 843) (3 056)
Opening balance (2 916) 140 140
Closing balance (2 375) (2 703) (2 916)
COMMENT
1.The accounting policy has been changed in order to comply with the new
Statement of Generally Accepted Accounting Practice in South Africa dealing with
"Agriculture" (AC137). This statement requires that the orchards owned by the
group be valued at fair value.
The effects of the change in accounting policy are as follows:
31 December 30 June
2003 2002 2003
Increase/(decrease) R"000 R"000 R"000
Income Statement
Operating profit 4 464 (4 072) (5 974)
Taxation (1 339) 1 222 1 792
Net profit 3 125 (2 850) (4 182)
Earnings per share (cents) 33.2 (30.3) (44.5)
Headline earnings per share (cents) 33.2 (30.3) (44.5)
The impact of implementing AC137 resulted in a profit for the 6 months
ended 31 December 2003, instead of a loss.
2. The turnover figure of R24,048 million
reflects only a portion of the 2003 crop. The 2004 crop is in the process of
being harvested.
3. The estimated crop for the 2004 season is 51 000 bins compared to 49 000
bins for 2003.
4. Crop quality for the 2004 crop is
significantly better than the 2003 crop. We expect 35% more export cartons (750
000 cartons) from the 2004 crop (2003 crop - 553 000 cartons). Although crop
volume and quality is better, results are still under severe pressure due to the
strong Rand.
DIVIDEND
The Board has deemed it prudent not to declare an interim dividend.
On behalf of the board
Tim Chennells
Managing Director 30 March 2004
Registered Office:
2nd Floor, Newlink Centre, New Street, Paarl, 7646
Postal Address:
PO Box 499, Paarl, 7620
Transfer Secretaries:
Computershare Investor Services Limited,
PO Box 61051, Marshalltown, 2107
Sponsor:
Sasfin Corporate Finance, a division of Sasfin Bank Limited
Directors:
Riaan van Wyk (Chairman)*
Tim Chennells (Managing Director)
AP Muirhead*, CV Steenkamp, HJ Marais*,
NJ van Staden, M du Preez
*Non-executive directors
Company Secretary:
CV Steenkamp
Date: 30/03/2004 12:31:10 PM Produced by the JSE SENS Department
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