|
WB Holdings Limited - Audited Group Results For The Year Ended 30 June 2004
WB HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1988/000570/06
Share code: WBH
ISIN: ZAE000007902
AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 JUNE 2004
Income Statement Audited Audited
30 June 2004 30 June 2003
R`000 R`000
Revenue 51 381 41 260
Production costs (49 939) (32 102)
Other income 807 587
Other operating expenses (4 617) (3 129)
Administrative expenses (3 722) (3 451)
Fair value adjustment: agricultural produce 2 688 (7 495)
Fair value adjustment: biological assets 2 267 2 277
Exceptional item (1 874) -
Loss from operations (3 009) (2 053)
Net finance cost (2 534) (2 242)
Loss before taxation (5 543) (4 295)
Taxation 938 1 233
Net loss for the year (4 605) (3 062)
Number of ordinary shares in issue (000`s) 9 400 9 400
Earnings per share (cents) (49.0) (32.6)
Headline earnings per share (cents) (30.3) (33.1)
Reconciliation between earnings and headline
earnings:
Net profit for the year (4 605) (3 062)
Profit on disposal of fixed assets - ( 53)
Profit on sale of investments (115) -
Exceptional item 1 874 -
Headline earnings (2 846) (3 115)
Balance Sheet
Assets
Non-current assets
Property, plant and equipment 34 788 37 168
Biological assets 23 300 20 984
Available-for-sale investments 2 084 1 789
60 172 59 941
Current assets
Inventory 16 980 13 959
Receivables 2 367 1 398
Cash and cash equivalents 7 4
19 354 15 361
Total assets 79 526 75 302
Equity and liabilities
Equity and reserves
Share capital 94 94
Reserves 41 101 45 172
41 195 45 266
Non-current liabilities
Interest bearing borrowings 11 481 12 490
Deferred tax 4 295 5 233
15 776 17 723
Current liabilities
Trade and other payables 7 662 5 110
Borrowings 14 721 6 939
Provisions 172 264
22 555 12 313
Total Equity and Liabilities 79 526 75 302
Net asset value per share (cents) 438.2 481.6
Statement of Changes in
Equity
Share
capital Fair value Retained
reserve income Total
R`000 R`000 R`000 R`000
Balance at 1 July 2002 94 - 34 299 34 393
Effect of adopting AC137 - - 14 160 14 160
Decrease in fair value - (250) - (250)
reserve
Reversal of unclaimed - - 25 25
dividends
Net profit for the period per
the
Income Statement - - (3 062) (3 062)
Balance at 30 June 2003 94 (250) 45 422 45 266
Increase in fair value - 639 - 639
reserve
Reclassified to net profit: (115) - (115)
investments sold
Reversal of unclaimed - - 10 10
dividends
Net profit for the year per
the
Income Statement - - (4 605) (4 605)
Balance at 30 June 2004 94 274 40 827 41 195
Abridged Cash Flow Statement
30 June 2004 30 June 2003
R`000 R`000
Cash outflowfrom operating activities (6 599) (7 287)
Cash outflow from investing activities (171) (1 075)
Cash inflow from financing activities 9 651 5 306
Net increase / (decrease) in cash and cash 2 881 (3 056)
equivalents
Cash and cash equivalents at the beginning of (2 916) 140
the year
Cash and cash equivalents at the end of the year (35) (2 916)
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, biological assets and agricultural produce. 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 adopt AC137 Agriculture to comply with South African
Statements of Generally Accepted Accounting Practice.
The negative impact of the strong rand demonstrates that although a bigger crop
was delivered in 2004 compared to 2003, the net loss before tax increased from
R4,3m in 2003 to R5,5m in 2004. The 2004 budget was based on an exchange rate of
R9,80 to the Euro, while the actual average exchange rate was R7,80 to the Euro,
impacting negatively by some R6 million on the bottom line. Taking these factors
into consideration, as well as the impact of AC 137, we have outperformed the
budget by R1,2 million. Furthermore, our direct farm expenses were up only 6%
from 2003. We are satisfied that our costs are well contained considering a 4%
increase in volumes harvested plus the impact of annual inflation of
approximately 6% for our financial year. The exceptional item of R1 874 for the
current year relates to the impairment of fixed assets.
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
As appears from the cautionary announcements dated 2 and 20 September 2004, the
Board has taken a strategic decision to sell three of the five farms. This
represents 30% of the Group`s total orchards. This was prompted by favourable
demand for land in Elgin by potential wine farmers, but specifically to reduce
debt and fast-track the development of the greater potential of our
Theewaterskloof farms in Villiersdorp, where we have a further 100ha of land
with water rights that can be developed. Furthermore, the elimination of non-
profitable orchards, cost cutting exercises and the restructuring of our
equipment, places the Group in a position to make profits at current exchange
rates.
Directors
Executive: TR Chennells (managing director), CV Steenkamp (financial director),
NJ van Staden, M du Preez
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
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg, 2001
Sponsor
Sasfin Bank Limited
5th Floor, Protea Place, Protea Road, Claremont, 7700
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
