Unaudited business segment results

Twelve months ended 30 June 2009 versus twelve

months ended 30 June 2008

 

 

  TOTAL     TOTAL  
  Continuing operations     Discontinued operations    All operations  
  12 months  
ended  
30 June  
2009  
R’000  		 12 months  
ended  
30 June  
2008  
R’000  		   12 months
ended  
30 June  
2009  
R’000  		 12 months  
ended  
30 June  
2008  
R’000  		   12 months
ended  
30 June  
2009  
R’000  		 12 months  
ended  
30 June  
2008  
R’000  
Revenue   8 780 429   8 053 231     483 692   606 444     9 264 121   8 659 675  
– sale of goods and services   8 173 587   7 458 107     483 692   606 444     8 657 279   8 064 551  
– interest   606 842   595 124     –   –     606 842   595 124  
Operating profit/(loss) (before corporate costs)  1 178 083   877 075     (19 409)  (21 097)    1 158 674   855 978  
Other amounts included in operating profit/(loss)  62 010   15 202     (2 647)  (3 960)    59 363   11 242  
– other operating income   118 813   99 512     –   –     118 813   99 512  
– pension fund surplus   58 615   –     –   –     58 615   –  
– depreciation and amortisation   (115 418)  (84 310)    (2 647)  (3 960)    (118 065)  (88 270) 
– allocation of Corporate costs   –   –     –   –     –   –  
Operating profit/(loss)  1 240 093   892 277     (22 056)  (25 057)    1 218 037   867 220  
Other items of profit or loss   32 742   2 819     (47 190)  (13 011)    (14 448)  (10 192) 
– fair value adjustment to disposal group assets   –   –     (46 213)  (9 554)    (46 213)  (9 554) 
– share of profit/(loss) of associates   32 742   2 819     (977)  (3 457)    31 765   (638) 
Profit/(loss) before finance costs   1 272 835   895 096     (69 246)  (38 068)    1 203 589   857 028  
Finance costs   (720 162)  (488 489)    (30 176)  (50 703)    (750 338)  (539 192) 
Profit/(loss) before income tax   552 673   406 607     (99 422)  (88 771)    453 251   317 836  
Income tax   (106 370)  (24 806)    7 048   17 420     (99 322)  (7 386) 
Profit/(loss) after income tax   446 303   381 801     (92 374)  (71 351)    353 929   310 450  
Assets   9 824 950   9 174 034           9 824 950   9 174 034  
Non-current assets   2 121 209   1 810 908           2 121 209   1 810 908  
Other current assets   1 361 466   1 502 441           1 361 466   1 502 441  
Trade and other receivables   5 498 102   4 567 281           5 498 102   4 567 281  
Cash and cash equivalents   844 173   1 293 404           844 173   1 293 404  
Liabilities   7 691 606   7 182 975           7 691 606   7 182 975  
Non-current liabilities   328 479   321 991           328 479   321 991  
Other current liabilities   1 996 371   2 115 128           1 996 371   2 115 128  
Borrowings to finance trade receivables   5 004 015   3 662 960           5 004 015   3 662 960  
Call loans and overdrafts   362 741   1 082 896           362 741   1 082 896  
Capital expenditure (including other intangible assets)   475 454   315 462           475 454   315 462  
Contribution to Group continuing operations (%)                 
Revenue   100   100              
Profit before tax   100   100              
Number of employees (total)  4 469   4 603              
Full-time   2 983   3 772              
Part-time   1 486   831              
Highlights  
Discontinued and held-for-sale operations
The assets of AFGRI Seed were re-valued to fair value during the first quarter of 2009 and transferred to “non-current assets and assets of a disposal group held-for-sale”. The negotiations have now been concluded and a sales transaction, at approximately the fair value, concluded after year-end.

During 2008 a total of four operations were sold or discontinued. Losses from the finalisation of these sales or closures are also included in the current year’s discontinued operations.

The Financial Services investment in Deposita Systems (Pty) Limited continues to be classified as “non-current assets and assets of a disposal group held-for-sale”, together with the 11 retail branches in the Lowveld disposed of subsequent to year-end.   		 
           
Challenges  
Conclude the exiting of non-core businesses Continued evaluation of loss-making/non-core business units    
           
               
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