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Colcom Holdings Limited FY 2012 results

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Colcom Holdings Limited FY 2012 results

Colcom Holdings Limited FY 2012 results

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  • 1. Directors’ Responsibility Colcom Holdings Limited’s directors are responsible for the preparation and fair presentation of the Group’s consolidated financial statements, of which this press release represents an extract. These financial statements have been prepared in accordance with International Financial Reporting Standards and in the manner required by the Companies’ Act (Chapter 24:03). The principal accounting policies of the Group are consistent with those applied in the previous year. Audit Statement In line with Public Notice 2/2012 issued jointly on 7 August 2012 by the Public Accountants and Auditors Board, the Zimbabwe Accounting Practices Board, the Securities Exchange Commission of Zimbabwe and the Zimbabwe Stock Exchange; the Group’s external auditors, Ernst & Young, have issued an unqualified review conclusion on the financial statements of the Group for the year ended 30 June 2012. The audit of the Group financial statements is complete pending the finalisation of the annual report; no changes are expected on the reviewed numbers. The unmodified review report is available for inspection at the company’s registered office. Financial Notwithstanding the liquidity constraints experienced in the economy, the Group posted revenue of USD52.8 million which represented a 14% growth on prior year. Pork sales volumes grew by 31% mainly due to the introduction of entry level low margin products in the last seven months of the financial year. As a result operating profit increased by 8%. Basic earnings per share for the year amounted to 2.87 US cents which was an 8% reduction on prior year mainly due to improved profitability in the Group’s subsidiary businesses hence resulting in higher non-controlling interests charge. The Group’s cash generation was good with USD5.9 million being generated from operations. An amount of USD3.2 million was invested in capital expenditure of which USD2.2 million was for expansion projects. Operational Pork Business Pig performance at Triple C Division continued at high level resulting in an increase in pig production of 5% over prior year. Genetics renewal continued as per schedule during the year whilst supply of stockfeeds remained adequate. Future stockfeed supplies remain of strategic importance to the Group going forward given the reduced output in the Region. In the factory, the number of slaughter pigs increased by 4% against prior year. In addition, the factory commissioned a new world-class sausage line and this resulted in a 32% increase in processing volumes. Other Businesses The Associated Meat Packers Unit performed exceptionally well with volumes growing by 55% and profitability also growing by 135% year-on-year. The Group’s associate company, Freddy Hirsch Zimbabwe, also performed well and contributed positively to the overall results. Future Prospects The Group’s emphasis going into the future will be to further increase distribution footprint across the country as well as penetrate into regional markets. The Group will also continue to focus on cost reduction through supply chain management, whilst equipment upgrade in the factory will also be prioritised to ensure improvement in operational efficiencies. These measures will see the Group continue to grow profitability and cash generation in the next financial year. Dividend The Board has declared a final dividend of 0.60 US cents per share, bringing the total dividend to 1.13 US cents per share in respect of the financial year ended 30 June 2012. The final dividend will be payable on or about 5 October 2012 to shareholders registered in the books of the Company by noon on 21 September 2012. The transfer books and register of members will be closed from 22 September 2012 to 30 September 2012, both dates inclusive. By Order of the Board P. Marufu (Mrs) Company Secretary 17 August 2012 30 June 2012 30 June 2011 reviewed audited USD USD Revenue 52 847 772 46 200 305 Operating profit before depreciation 7 223 793 6 658 356 Depreciation (1 205 211) (1 033 640) Operating profit before interest and fair value adjustments 6 018 582 5 624 716 Fair value adjustments (50 120) 13 604 Profit before interest and taxation 5 968 462 5 638 320 Interest income 226 132 282 538 Interest expense (138 099) (112 979) Equity accounted earnings 382 603 248 290 Profit before taxation 6 439 098 6 056 169 Taxation (1 619 257) (1 399 755) 4 819 841 4 656 414 Other comprehensive income - - Total comprehensive income for the year 4 819 841 4 656 414 Total comprehensive income attributable to: Equity holders of the parent 4 558 082 4 964 101 Non-controlling interests 261 759 (307 687) 4 819 841 4 656 414 Earnings per share (cents) basic earnings per share 2.87 3.12 headline earnings per share 2.87 2.96 USD Revenue 52 847 772 ∆ 14% Operating profit 7 223 793 ∆ 8% Profit before tax 6 439 098 ∆ 6% Basic earnings per share (cents) 2.87 8% 30 June 2012 30 June 2011 reviewed audited USD USD Cash generated from operating activities 7 079 094 5 098 508 Net interest received 88 033 169 559 Taxation paid (1 186 059) (1 885 841) Total cash available from operations 5 981 068 3 382 226 Investing activities (2 611 554) (2 019 705) Net cash inflow before financing 3 369 514 1 362 521 Financing activities (3 292 489) (1 979 528) Net increase/(decrease) in cash 77 025 (617 007) Cash and cash equivalents at the beginning of the year 4 145 545 4 762 552 Cash and cash equivalents at the end of the year 4 222 570 4 145 545 30 June 2012 30 June 2011 reviewed audited USD USD 1 Depreciation 1 205 211 1 033 640 2 Capital expenditure for the period 3 158 111 2 700 024 3 Commitments for capital expenditure Contracts and orders placed - 1 751 893 Authorised by directors but not contracted 1 043 844 3 208 262 1 043 844 4 960 155 4 Interest bearing borrowings Short term 428 572 1 842 414 Long term 435 020 586 992 863 592 2 429 406 5 Earnings per share Profit for the year attributable to equity holders of the parent 4 558 082 4 964 101 The headline earnings are calculated as follows: Profit for the year attributable to ordinary equity holders of the parent 4 558 082 4 964 101 Loss/(profit) on disposal of fixed assets 18 716 (250 264) (Profit)/loss on disposal of investments (16 259) 7 Headline Earnings 4 560 539 4 713 844 6 Future lease commitments - Group as lessee Future minimum rentals payable under non-cancellable operating leases at 30 June are as follows: Payable within one year 153 240 94 800 Payable between one and five years 324 460 331 400 477 700 426 200 7 Segment analysis 30 June 2012 Business Segments Pork Beef Other Eliminations Group USD USD USD USD USD Revenue Inter - segment sales 137 382 1 514 667 - (1 652 049) - External Sales 44 816 888 7 915 546 115 338 - 52 847 772 44 954 270 9 430 213 115 338 (1 652 049) 52 847 772 Operating Profit 5 244 821 727 620 (3 979) - 5 968 462 Depreciation 1 155 218 49 993 - - 1 205 211 Share of profits in associate 382 603 - - - 382 603 Profit before taxation 5 720 494 722 583 (3 979) - 6 439 098 Segment Assets 34 573 740 1 684 662 3 037 662 (3 499 563) 35 796 501 Segment Liabilities 12 285 161 802 573 222 147 (3 499 563) 9 810 318 Capital Expenditure 2 757 198 400 913 - - 3 158 111 30 June 2011 Revenue Inter - segment sales 10 034 - 2 869 647 (2 879 681) - External Sales 38 150 339 5 616 637 2 433 329 - 46 200 305 38 160 373 5 616 637 5 302 976 (2 879 681) 46 200 305 Operating Profit 5 263 846 306 755 67 719 - 5 638 320 Depreciation 840 568 48 733 144 339 - 1 033 640 Share of profits in associate 248 290 - - - 248 290 Profit before taxation 5 739 188 306 755 10 226 - 6 056 169 Segment Assets 32 800 756 1 187 379 3 430 449 (4 729 023) 32 689 561 Segment Liabilities 12 881 120 865 893 528 653 (4 729 023) 9 546 643 Capital Expenditure 2 381 742 88 988 229 294 - 2 700 024 8 Events after reporting date There have been no significant events after reporting date which affect these financial statements as at the time of issuing this press release. 9 Contingent liabilities There are no contingent liabilities as at 30 June 2012. 30 June 2012 30 June 2011 reviewed audited USD USD ASSETS Non-current assets Property, plant and equipment 16 080 595 14 474 145 Investments 1 151 841 634 693 Other non-current financial assets 465 816 - Deferred tax asset 185 837 368 827 17 884 089 15 477 665 Current assets Biological assets 2 448 896 2 303 050 Inventories 7 431 518 6 519 834 Accounts receivable 3 809 428 4 157 261 Other investments - 86 206 Cash and cash equivalents 4 222 570 4 145 545 17 912 412 17 211 896 Total assets 35 796 501 32 689 561 EQUITY AND LIABILITIES Capital and reserves Share capital 1 590 409 1 590 409 Non distributable reserves 8 972 075 8 972 075 Distributable reserves 14 836 182 11 979 837 25 398 666 22 542 321 Non-controlling interests 587 517 600 597 Total shareholders’ equity 25 986 183 23 142 918 Non-current liabilities Deferred tax liability 3 099 485 3 060 237 Interest bearing borrowings 435 020 586 992 3 534 505 3 647 229 Current liabilities Interest bearing borrowings 428 572 1 842 414 Accounts payable 4 693 894 3 424 730 Provisions 718 175 594 381 Current tax liability 435 172 37 889 6 275 813 5 899 414 Total liabilities 9 810 318 9 546 643 Total equity and liabilities 35 796 501 32 689 561 Non-Distributable Distributable Non-controlling Share Capital Reserves Reserves Total Interests Total USD USD USD USD USD USD Balance at 30 June 2010 1 590 409 8 972 075 9 083 268 19 645 752 908 284 20 554 036 Profit for the period - - 4 964 101 4 964 101 (307 687) 4 656 414 Dividends paid - - (2 067 532) (2 067 532) - (2 067 532) Balance at 30 June 2011 1 590 409 8 972 075 11 979 837 22 542 321 600 597 23 142 918 Disposal of subsidiary - - - - (249 901) (249 901) Profit for the period - - 4 558 082 4 558 082 261 759 4 819 841 Dividends paid - - (1 701 737) (1 701 737) (24 938) (1 726 675) Balance at 30 June 2012 1 590 409 8 972 075 14 836 182 25 398 666 587 517 25 986 183 Abridged Consolidated Statement of Comprehensive Income For the year ended 30 June 2012 Abridged Consolidated Statement of Cash Flows For the year ended 30 June 2012 Supplementary Information For the year ended 30 June 2012 Abridged Consolidated Statement of Financial Position As at 30 June 2012 Abridged Consolidated Statement of Changes in Equity For the year ended 30 June 2012 Financial Highlights For the year ended 30 June 2012 Attributable to owners of the parent DIRECTORS: R. E. Davenport (Chairman), N. R. Adams*, T. W. Brown, P. Chapendama, C. M. Davenport, K. Horonga*, T. T. Kumalo*, D. E. Long, J. P. Schonken (*Executive). The Board of Directors of Colcom Holdings Limited is pleased to announce the Reviewed Abridged Financial Statements for the year ended 30 June 2012 Number of shares used in calculating earnings per share Shares in issue 159 040 884 (2011: 159 040 884) Weighted average shares in issue 159 040 884 (2011:159 040 884) Basic earnings per share Basic earnings per share is calculated by dividing the net profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares in issue during the year. Headline earnings per share Headline earnings per share is calculated by dividing the headline earnings for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares in issue during the year.