|
WB Holdings -Unaudited interim results for the six months ended 31 December 2004
WB HOLDINGS LIMITED
(`WB Holdings` or `the company`)
(Incorporated in the Republic of South Africa)
(Registration number 1988/000570/06)
JSE Code: WBH
ISIN: ZAE000007902
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2004
CONSOLIDATED FINANCIAL STATEMENTS
Audited
Six months Year ended
ended
31 December 30 June
2004 2003 2004
Income Statement R`000 R`000 R`000
Revenue 24 604 24 048 51 381
Operating profit (18 492) 2 650 (3 009)
Net finance cost (1 316) (1 130) (2 534)
Profit/(loss) before taxation (19 808) 1 520 (5 543)
Taxation 3 262 ( 491) 938
Retained income/(loss) for the (16 546) 1 029 (4 605)
period
Ordinary shares in issue (000`s) 9 400 9 400 9 400
Earnings / (loss) per share (176.0) 10.9 (49.0)
(cents)
Headline earnings / (loss) per
share (cents)
(7.1) 10.9 (30.3)
Reconciliation between earnings
and headline earnings:
Net loss for the period: (16 546) 1 029 (4 605)
Impairment losses 11 592 - 1 874
Loss on disposal of fixed assets 1 175 - -
Loss on removal of orchards 3 107 - -
Profit on sale of investments - - ( 115)
Headline earnings ( 672) 1 029 (2 846)
Balance Sheet
Assets
Non-current assets
Tangible assets 40 877 68 943 58 088
Investments 9 632 1 401 2 084
50 509 70 344 60 172
Current assets 2 133 1 256 19 354
52 642 71 600 79 526
Equity and liabilities
Capital and reserves
Share capital 94 94 94
Reserves 24 555 43 759 41 101
24 649 43 853 41 195
Non-current liabilities 12 326 17 280 15 776
Interest bearing liabilities 11 293 12 398 11 481
Deferred tax 1 033 4 882 4 295
Current liabilities 15 667 10 467 22 555
52 642 71 600 79 526
NAV per share (cents) 262.2 466.5 438.2
Statement of Changes in Equity
Opening balance 41 195 42 824 45 266
Decrease in fair value reserve - - 524
Reversal of unclaimed dividends - - 10
Net profit for the period (16 546) 1 029 (4 605)
24 649 43 853 41 195
Cash flow statement
Operating activities (1 342) (1 257) (6 599)
Investing activities ( 553) ( 506) ( 171)
Finance activities (1 216) 2 304 9 651
Net cash flow (3 111) 541 2 881
Opening balance ( 35) (2 916) (2 916)
Closing balance (3 146) (2 375) ( 35)
Accounting Policy
The interim 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.
COMMENT
1. The poor results of the group for the period were due to the
following:
1.1 The group sold two of its fruit farms at a loss of R1.6 million. The
proceeds were used to repay debt.
1.2 The group removed 56 ha of unprofitable orchards, resulting in a write-
off of R3.1 million.
1.3 The remaining three farms were revalued by an independent evaluator.
Due to the negative impact of the above, the farms were valued at
R29.2 million, resulting in an impairment write-off of R11.6 million.
2. The turnover figure of R24.604 million reflects only a portion of the
2004 crop. The 2005 crop is in the process of being harvested.
3. The estimated crop for the 2005 season is 29 000 bins compared to
51 000 bins for 2004. This reduction is caused by the sale of the 2
farms, as well as the removal of unprofitable orchards.
4. Crop quality for the 2005 crop is significantly better than the 2004
crop. We expect 450 000 export cartons from the 2005 crop compared to
592 000 export cartons from the 2004 crop. Although crop 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
23 March 2005
Registered Office:
2nd Floor, Newlink Centre, New Street, Paarl, 7646
Postal Address:
PO Box 499, Paarl, 7620
Transfer Secretaries:
Computershare Investor Services 2004 (Pty) 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)
CV Steenkamp, HJ Marais*,
NJ van Staden, M du Preez
*Non-executive directors
Company Secretary:
CV Steenkamp
Date: 23/03/2005 05:00:07 PM
Produced by the JSE SENS Department
| 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 ] | |||||||||||||
|
|||||||||||||
