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WB Holdings Limited - Audited Results For The Year Ended 30 June 2005
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 2005
Income Audited Audited
Statement
30 June 30 June
2005 2004
R`000 R`000
Revenue 45 877 51 381
Productio (44 512) (49 939)
n costs
Other 1 425 807
income
Other (5 358) (4 617)
operating
expenses
Administr (4 172) (3 722)
ative
expenses
Fair 419 2 688
value
adjustmen
t:
agricultu
ral
produce
Fair ( 772) 2 267
value
adjustmen
t:
biologica
l assets
Exception (12 311) (1 874)
al item
Loss from (19 404) (3 009)
operation
s
Net (2 252) (2 534)
finance
cost
Loss (21 656) (5 543)
before
taxation
Taxation 3 537 938
Net loss (18 119) (4 605)
for the
year
Number of 9 400 9 400
ordinary
shares in
issue
(000`s)
Loss per (192.8) (49.0)
share
(cents)
Headline (66.7) (30.3)
loss per
share
(cents)
Reconcili
ation
between
loss and
headline
loss:
Net loss (18 119) (4 605)
for the
year
Profit on ( 856) -
disposal
of fixed
assets
Profit on ( 31) ( 115)
sale of
investmen
ts
Loss on 423
write
down of
investmen
ts
Exception 12 311 1 874
al item
Headline (6 272) (2 846)
loss
Balance
Sheet
Assets
Non-
current
assets
Property, 14 566 34 788
plant and
equipment
Biologica 14 934 23 300
l assets
Available- 1 490 2 084
for-sale
investmen
ts
Other 3 975 -
loans
receivabl
e
34 965 60 172
Current
assets
Inventory 8 499 16 980
Receivabl 2 737 2 367
es
Cash and 2 7
cash
equivalen
ts
11 238 19 354
Total 46 203 79 526
assets
Equity
and
liabiliti
es
Equity
and
reserves
Share 94 94
capital
Reserves 22 935 41 101
23 029 41 195
Non-
current
liabiliti
es
Interest 10 202 11 481
bearing
borrowing
s
Deferred 758 4 295
tax
10 960 15 776
Current
liabiliti
es
Trade and 3 219 7 834
other
payables
Borrowing 8 995 14 721
s
12 214 22 555
Total 46 203 79 526
Equity
and
Liabiliti
es
Net asset 245.0 438.2
value per
share
(cents)
Statement
of
Changes
in Equity
Share Fair value Retained
capital
reserve income Total
R`000 R`000 R`000 R`000
Balance 94 ( 250) 45 422 45 266
at 1 July
2003
Increase - 639 - 639
in fair
value
reserve
Reclassif - ( 115) - ( 115)
ied to
net
profit:
investmen
ts sold
Reversal - - 10 10
of
unclaimed
dividends
Net loss
for the
year per
the
Income - - ( 4 605) ( 4 605)
Statement
Balance 94 274 40 827 41 195
at 30
June 2004
Decrease - ( 23) - ( 23)
in fair
value
reserve
Reclassif ( 30) - ( 30)
ied to
net
profit:
investmen
ts sold
Reversal - - 6 6
of
unclaimed
dividends
Net loss
for the
year per
the
Income - - ( 18 119) ( 18
Statement 119)
Balance 94 221 22 714 23 029
at 30
June 2005
Abridged
Cash Flow
Statement
30 June 30 June
2005 2004
R`000 R`000
Cash ( 479) (6 599)
outflow
from
operating
activitie
s
Cash 7 479 ( 171)
inflow /
(outflow)
from
investing
activitie
s
Cash (8 740) 9 651
(outflow)
/ inflow
from
financing
activitie
s
Net (1 740) 2 881
(decrease
) /
increase
in cash
and cash
equivalen
ts
Cash and ( 35) (2 916)
cash
equivalen
ts at the
beginning
of the
year
Cash and (1 775) ( 35)
cash
equivalen
ts at the
end of
the year
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 year.
The Group had a poor financial performance, due to various reasons. The farms
and biological assets are valued annually by an independent valuator. The
valuation this year resulted in an impairment write-off of R12,3 million. Old
and unproductive orchards of 60 hectares were removed, resulting in a write-off
of R3,1 million. Operating expenses includes R0,8 million relating to farming
expenses on the 2 farms that were sold during the year. Income was still under
severe pressure due to the impact of the strong Rand.
The results have been audited by the company`s auditors, PricewaterhouseCoopers
Inc, and the auditor`s unqualified 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
The decision last year to sell three farms was indeed the right one, two of the
farms were sold and the third farm in the process thereof. This significantly
changes the Group`s balance sheet and enables the development of the remaining
farms to begin. The first significant plantings will take place in August 2006,
with preparation taking place this financial year. The extensive timber
plantations are also beginning to produce returns following a successful
management strategy implementation.
Directors
Executive: TR Chennells (managing director), CV Steenkamp (financial director),
NJ van Staden, M du Preez
Non-executive: AR van Wyk (chairman), HJ Marais
Company Secretary
CV Steenkamp
Registered office
2nd Floor, Newlink Centre, New Street, Paarl, 7646
Transfer secretaries
Computershare Investor Services 2004 (Proprietary) Limited
Ground Floor, 70 Marshall Street, Johannesburg, 2001
Sponsor
Sasfin Corporate Finance, a Division of Sasfin Bank Limited
Fourth Floor, Southern Life Centre, Thibault Square, Cape Town, 8001
Date: 27/09/2005 08:00:24 AM
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