Interim Results
June 09 2009 - 2:00AM
UK Regulatory
TIDMLONR
RNS Number : 5692T
Lonrho PLC
09 June 2009
9 June 2009
Lonrho Plc
('Lonrho' or the 'Company')
Interim results for the 6 months ended 31 March 2009
Lonrho Plc (AIM: LONR), Lonrho (AIM: LONR), the conglomerate with a structured
portfolio of African investments, announces its unaudited Interim Results for
the sixth months ended 31 March 2009. The financial information in this
statement does not constitute the Company's statutory accounts within the
meaning of Section 240 of the Companies Act 1985.
The interim report and financial statements are being posted to shareholders and
will be published on the Company's website (www.lonrho.com) today.
LONRHO ENQUIRIES
+----------------------------------------------+--------------------------+
| Lonrho Plc | - |
+----------------------------------------------+--------------------------+
| David Lenigas, Executive | +44 |
| Chairman | (0)20 |
| | 7016 |
| | 5105 |
+----------------------------------------------+--------------------------+
| Geoffrey White, Chief | +44 |
| Executive Officer | (0)20 |
| | 7016 |
| | 5105 |
+----------------------------------------------+--------------------------+
| David Armstrong, Finance | +44 |
| Director | (0)20 |
| | 7016 |
| | 5105 |
+----------------------------------------------+--------------------------+
| Emma de Borchgrave, | +44 |
| Executive Director | (0)20 |
| | 7016 |
| | 5105 |
+----------------------------------------------+--------------------------+
| | |
+----------------------------------------------+--------------------------+
| Pelham PR | |
+----------------------------------------------+--------------------------+
| Charles Vivian | +44 |
| | (0) |
| | 20 |
| | 7337 |
| | 1538 |
+----------------------------------------------+--------------------------+
| | +44 |
| | (0) |
| | 7977 |
| | 297903 |
+----------------------------------------------+--------------------------+
| James MacFarlane | +44 |
| | (0) |
| | 20 |
| | 7337 |
| | 1527 |
+----------------------------------------------+--------------------------+
| | +44 |
| | (0) |
| | 7841 |
| | 672831 |
+----------------------------------------------+--------------------------+
| | |
+----------------------------------------------+--------------------------+
| Beaumont Cornish Limited | |
| (Nomad) | |
+----------------------------------------------+--------------------------+
| Rosalind Hill Abrahams | +44 |
| | (0) |
| | 20 |
| | 7628 |
| | 3396 |
+----------------------------------------------+--------------------------+
| Roland Cornish | +44 |
| | (0) |
| | 20 |
| | 7628 |
| | 3396 |
+----------------------------------------------+--------------------------+
Chief Executive's Statement
During the period Lonrho has continued to focus on the growth and development of
its core businesses. The Company remains committed to its strategy of investing
in Africa, and concentrating on building businesses that are essential to, and
benefit from, the growth of the continent.
In line with this strategy we continue to mitigate risk by operating in a series
of countries across the continent and developing our tried and tested proven
core businesses.
Lonrho operates in seventeen African countries in five strategic sectors.
* Agriculture and agri-processing
* Transportation
* Infrastructure
* Support Services
* Hotels
In these challenging World markets, Lonrho is well placed to advance, and is
investing in one of the strongest global emerging markets. While the rest of the
World struggles to generate economic growth, Africa manages to remain with
positive GDP growth year on year.
Prudently, Lonrho has successfully developed a portfolio of businesses
geographically distributed across Africa's strongest emerging economies. These
businesses are now well positioned to capitalise on further growth
opportunities.
Financial highlights:
* Year to date turnover on continuing operations for the first six months was
GBP41.5m, this is an increase of +275% on a reported basis against the previous
year and 60% increase on a like for like basis.
* The Group held cash balances of GBP13m at 31 March 2009.
* Net assets have increased to GBP85.4m up from GBP69.7m at 30 September 2008.
* Profit before tax for the first six months on a reported basis was GBP0.6m
compared to a loss of GBP7.8m in the previous year.
The Group has recognised foreign exchange gains of GBP6.1m in respect of the
half year to 31 March 2009. As at 31 March 2009, the Group also had unrecognised
foreign exchange gains of GBP7.1m.
The six months profit before tax includes a one off gain of GBP2.3m in relation
to the liquidation of S A Independent Liner Services Pty Limited (SAILS) in
October 2008.
OPERATIONAL REVIEW
A review of the major operations, by division, follows.
AGRICULTURE
Rollex Pty Limited ("Rollex") (51%holding)
Rollex continues to be the central focus within Lonrho Agriculture's logistical
division based around its 4,600m² airside agri-processing facility at
Johannesburg International Airport. Rollex vertically integrates the African
agricultural market, taking produce from growers, processing it and delivering
it to the supermarket shelf. The company supplies local African supermarkets for
domestic consumption as well as exporting fresh fruit and vegetables to the
major European supermarkets.
During the period, the company has grown and has established the infrastructure
and export logistics capability to export fish and meat from Namibia to Europe.
Further cold store and agri-processing facilities are planned for Angola, Malawi
and Zimbabwe.
Lonrho Agribusiness (BVI) Limited ("Lonrho Agriculture") (100% holding)
Lonrho Agriculture has engaged agronomists who are currently finalising reports
on proposed new farming operations in Malawi, Angola and Mali. Over the next two
to three years Lonrho intends to bring 350,000 hectares of latent agricultural
land into production to support the Rollex operations for the local and export
markets. It is planned that when optimised the Rollex business will generate 40%
of its own inputs and source 60% from local producers.
John Deere
The John Deere franchise for tractors and agricultural equipment for Angola is
under development. It is planned to commence trading this summer and will be one
of the largest John Deere operations in Africa. The Angolan Government has
announced significant financial incentives (US$350 million (GBP220 million)) to
stimulate the agricultural sector in Angola. The Lonrho John Deere business will
incorporate a training centre for agricultural mechanics and a comprehensive
maintenance and spares facility to provide support for the tractors and
equipment to be supplied.
TRANSPORTATION
Lonrho Aviation (BVI) Limited ("Fly540") (100% holding)
Lonrho's pan African aviation company, branded Fly540, has continued to expand
its operations. The business model remains to create an international standard
airline that can provide regional distribution for international carriers flying
into Africa and the first credible regional service connecting Africa. Fly540
has built a significant network, connecting East Africa, based from its Kenyan
hub, Five Forty Aviation Limited (49% holding), and has grown to become the
second largest carrier in Kenya.
The roll out plans for a South West Africa hub based in Angola and a west
African hub in Ghana continue to proceed and are expected to be operational
before the year end. This will deliver, for the first time, an international
standard airline that connects Africa from North to South and East to West.
The Fly540 fleet is based around the ATR 72-500, a new 72 seater turbo prop
aircraft manufactured by an Airbus joint venture. The aircraft are ideally
suited to the African environment, and importantly are highly fuel efficient
using only a third of the fuel of comparable regional jets.
INFRASTRUCTURE
Luba Freeport Limited ("Luba Freeport") (63% holding)
Luba Freeport is the foremost natural deepwater port in the Gulf of Guinea. The
Gulf of Guinea is the burgeoning centre of the oil industry in Africa and is
forecast to provide one quarter of all USA oil requirements over the coming
years.
The port continues to attract new clients as the oil industry in the region
expands. Anchor tenants on long term leases include Exxonmobil, Hess, MI Swaco,
Schlumberger and SBM. The agreed 300 metres of deepwater quay has been completed
and will become fully operational in July 2009.
Negotiations are proceeding well for further clients to utilise the port as a
central operational base. Noble Energy has agreed a US$2 billion (GBP1.3
billion) contract with the Government of Equatorial Guinea and has signed an MOU
to locate their operations at Luba.
Kwikbuild Corporation Limited ("Kwikbuild") (62% holding)
Kwikbuild manufactures a range of prefabricated buildings including classrooms,
clinics and workers camps. Turnover has been lower than expected due to the
South African government postponing awarding contracts until after the elections
which were in April. Margins have improved during the current quarter and this
is attributable to the new plant that was opened during the period which is
functioning as planned and has significantly increased production capacity.
SUPPORT SERVICES
Sociedade Comercial Bytes & Pieces Limitada ("Bytes & Pieces") (65% holding)
Bytes & Pieces, the established market leader in the IT sector in Mozambique,
continues to grow as a result of expanding business provided to existing clients
as the market benefits from the continued rejuvenation of Mozambique. The
solutions that are offered to customers are based on converged technologies and
unified communications. Avaya IP Telephony systems and Polycom video
conferencing products have been added to the product portfolio to complement the
Dell, HP, Tata, CISCO and Microsoft products offered.
Computer Enterprise Solutions Limited ("CES") (50% holding)
The African roll out of Lonrho IT through CES continues to grow its operations
in South Africa and gain market share. It has also opened a new branch in Lusaka
in Zambia on the 1st April and anticipates opening another branch in Angola in
the coming quarter and thereafter in Malawi.
LONRHO HOTELS
Hotel Cardoso SARL ("Hotel Cardoso") (59% holding plus management contract)
The refurbishment of the Hotel Cardoso in Mozambique (together with the
redevelopment of the adjacent park) has now been completed. The hotel has once
again become one of the premier hotels in Maputo and is achieving strong growth
in both occupancy levels and revenue per average room. The redevelopment of the
adjacent park has proved highly successful, not only commercially but also by
re-establishing the area of the hotel as the one of the most popular in Maputo.
Grand Karavia SARL ("Grand Karavia") (50% holding plus management contract)
The hotel Grand Karavia in Lubumbashi, the centre of the mining region in the
DRC, is well advanced on its US$20 million (GBP12.5 million) refurbishment.
Contractors are on site and redeveloping the hotel and landscaping the grounds.
The 215 room hotel is scheduled to re-open in late 2009 and will provide the
only international standard accommodation in Lubumbashi.
With the surge of new projects in Lubumbashi, the demand for hotel accommodation
is strong and the Karavia is expected to operate with high occupancy levels.
OTHER INVESTMENTS
Lonrho Mining Limited ("Lonrho Mining") (25.32% holding)
Lonrho Mining is exploring a highly prospective diamond concession in Angola,
the Lulo concession, where the initial survey and aeromagnetic results are very
encouraging.
Lonzim Plc ("Lonzim") (24.53% holding)
Zimbabwe has seen a difficult six months and both the economic and political
environment have been challenging. However significant progress has been made
and there is optimism that Zimbabwe has entered a period of consolidation and
the economic decline of a country, once so successful, is coming to an end.
LonZim continues to focus on commercial opportunities in Zimbabwe and the Beira
corridor and looks to invest in industries that the Board believes will show
strong and speedy recovery when Zimbabwe begins economic growth.
The historic investments made by LonZim in Zimbabwe continue to trade in the
difficult economic environment. The focus for each company has been to retain
quality staff and the capabilities necessary to grow and gain market share as
and when Zimbabwe recovers. Each is well positioned to do so, and with LonZim
backing, the portfolio of investments is strategically placed to be able to
benefit from the recovery.
Consolidated Interim Income Statement
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| | Unaudited | Unaudited | Audited |
+----------------------------+------------------------------------+------------------------------------+------------------------------------+
| | 6 months to 31 March | 6 months to 31 March | 12 months to 30 |
| | 2009 | 2008 | September 2008 |
+----------------------------+------------------------------------+------------------------------------+------------------------------------+
| | Continuing | Discontinued | Total | Continuing | Discontinued | Total | Continuing | Discontinued | Total |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| | operations | operations | | operations | operations | | operations | operations | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| Revenue | 41.5 | 1.2 | 42.7 | 11.1 | 6.7 | 17.8 | 24.5 | 18.6 | 43.1 |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| Cost of sales | (33.0) | (1.9) | (34.9) | (6.6) | (13.4) | (20.0) | (15.6) | (38.3) | (53.9) |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| GROSS PROFIT/(LOSS) | 8.5 | (0.7) | 7.8 | 4.5 | (6.7) | (2.2) | 8.9 | (19.7) | (10.8) |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| Gain on sale of intangible | - | - | - | 5.8 | - | 5.8 | 5.8 | - | 5.8 |
| asset | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| Other operating income | 0.3 | - | 0.3 | - | - | | 0.3 | - | 0.3 |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| Impairment of goodwill | - | - | - | - | - | | (0.6) | (5.1) | (5.7) |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| Operating costs | (15.6) | (0.1) | (15.7) | (10.8) | (0.7) | (11.5) | (22.6) | (4.8) | (27.4) |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| OPERATING LOSS | (6.8) | (0.8) | (7.6) | (0.5) | (7.4) | (7.9) | (8.2) | (29.6) | (37.8) |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| Finance income | 6.9 | - | 6.9 | 1.1 | - | 1.1 | 6.6 | - | 6.6 |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| Finance expense | (0.7) | - | (0.7) | (0.2) | (0.9) | (1.1) | (0.8) | (2.7) | (3.5) |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| NET FINANCE | 6.2 | - | 6.2 | 0.9 | (0.9) | - | 5.8 | (2.7) | 3.1 |
| INCOME/(EXPENSE) | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| Share of results of | (0.3) | - | (0.3) | 0.1 | - | 0.1 | (4.0) | - | (4.0) |
| associates | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| Gain on disposal of | - | 2.3 | 2.3 | - | - | - | - | - | - |
| discontinued | | | | | | | | | |
| operation | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| PROFIT/(LOSS) BEFORE TAX | (0.9) | 1.5 | 0.6 | 0.5 | (8.3) | (7.8) | (6.4) | (32.3) | (38.7) |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| Income tax (charge) / | (0.6) | - | (0.6) | - | 2.3 | 2.3 | (0.2) | (2.1) | (2.3) |
| credit | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| PROFIT/(LOSS) FOR THE | (1.5) | 1.5 | - | 0.5 | (6.0) | (5.5) | (6.6) | (34.4) | (41.0) |
| PERIOD | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| ATTRIBUTABLE TO: | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| Equity holders of the | (1.6) | 1.7 | 0.1 | 0.4 | (3.0) | (2.6) | (5.7) | (27.6) | (33.3) |
| parent | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| Minority interest | 0.1 | (0.2) | (0.1) | 0.1 | (3.0) | (2.9) | (0.9) | (6.8) | (7.7) |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| PROFIT/(LOSS) FOR THE | (1.5) | 1.5 | - | 0.5 | (6.0) | (5.5) | (6.6) | (34.4) | (41.0) |
| PERIOD | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| EARNINGS PER SHARE | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
| Basic and diluted | (0.3) | 0.3 | - | 0.1 | (0.9) | (0.8) | (1.5) | (7.5) | (9.0) |
| earnings/(loss) per share | | | | | | | | | |
| (pence) | | | | | | | | | |
+----------------------------+------------+--------------+--------+------------+--------------+--------+------------+--------------+--------+
Consolidated Interim Balance Sheet
+---------------------------------------------+-------------+-------------+-------------+
| | Unaudited | Unaudited | Audited |
+---------------------------------------------+-------------+-------------+-------------+
| | 31 March | 31 March | 30 |
| | 2009 | 2008 | September |
| | | | 2008 |
+---------------------------------------------+-------------+-------------+-------------+
| | GBPm | GBPm | GBPm |
+---------------------------------------------+-------------+-------------+-------------+
| | | | |
+---------------------------------------------+-------------+-------------+-------------+
| ASSETS | | | |
+---------------------------------------------+-------------+-------------+-------------+
| Goodwill | 11.6 | 10.5 | 5.1 |
+---------------------------------------------+-------------+-------------+-------------+
| Other intangible assets | 2.8 | 1.4 | 0.8 |
+---------------------------------------------+-------------+-------------+-------------+
| Property, plant and equipment | 74.8 | 45.7 | 56.8 |
+---------------------------------------------+-------------+-------------+-------------+
| Investments in associates | 7.0 | 7.2 | 8.8 |
+---------------------------------------------+-------------+-------------+-------------+
| Other investments | 0.7 | 5.4 | 0.7 |
+---------------------------------------------+-------------+-------------+-------------+
| Deferred tax | - | 4.0 | - |
+---------------------------------------------+-------------+-------------+-------------+
| TOTAL NON-CURRENT ASSETS | 96.9 | 74.2 | 72.2 |
+---------------------------------------------+-------------+-------------+-------------+
| Inventories | 3.8 | 2.2 | 2.2 |
+---------------------------------------------+-------------+-------------+-------------+
| Trade and other receivables | 24.8 | 12.3 | 11.6 |
+---------------------------------------------+-------------+-------------+-------------+
| Cash and cash equivalents | 13.0 | 19.4 | 10.2 |
+---------------------------------------------+-------------+-------------+-------------+
| Assets classified as held for sale | - | - | 2.6 |
+---------------------------------------------+-------------+-------------+-------------+
| TOTAL CURRENT ASSETS | 41.6 | 33.9 | 26.6 |
+---------------------------------------------+-------------+-------------+-------------+
| TOTAL ASSETS | 138.5 | 108.1 | 98.8 |
+---------------------------------------------+-------------+-------------+-------------+
| EQUITY | | | |
+---------------------------------------------+-------------+-------------+-------------+
| Share capital | 7.6 | 3.8 | 4.6 |
+---------------------------------------------+-------------+-------------+-------------+
| Share premium account | 102.9 | 73.0 | 91.3 |
+---------------------------------------------+-------------+-------------+-------------+
| Revaluation reserve | 4.5 | 1.6 | 4.5 |
+---------------------------------------------+-------------+-------------+-------------+
| Share option reserve | 2.4 | 2.2 | 2.2 |
+---------------------------------------------+-------------+-------------+-------------+
| Foreign currency reserve | (2.3) | 0.3 | - |
+---------------------------------------------+-------------+-------------+-------------+
| Retained earnings | (33.0) | 0.5 | (33.0) |
+---------------------------------------------+-------------+-------------+-------------+
| TOTAL EQUITY ATTRIBUTABLE TO EQUITY | 82.1 | 81.4 | 69.6 |
| HOLDERS OF THE COMPANY | | | |
+---------------------------------------------+-------------+-------------+-------------+
| MINORITY INTEREST | 3.3 | 0.7 | 0.1 |
+---------------------------------------------+-------------+-------------+-------------+
| TOTAL EQUITY | 85.4 | 82.1 | 69.7 |
+---------------------------------------------+-------------+-------------+-------------+
| LIABILITIES | | | |
+---------------------------------------------+-------------+-------------+-------------+
| Financial liabilities | 10.8 | 3.2 | 0.3 |
+---------------------------------------------+-------------+-------------+-------------+
| Deferred tax | 2.5 | 0.7 | 1.7 |
+---------------------------------------------+-------------+-------------+-------------+
| Obligations under finance leases | 1.3 | 2.1 | 1.1 |
+---------------------------------------------+-------------+-------------+-------------+
| TOTAL NON-CURRENT LIABILITIES | 14.6 | 6.0 | 3.1 |
+---------------------------------------------+-------------+-------------+-------------+
| Bank overdraft | 0.2 | 0.5 | 0.4 |
+---------------------------------------------+-------------+-------------+-------------+
| Interest-bearing loans and borrowings | 2.4 | 3.4 | 3.3 |
+---------------------------------------------+-------------+-------------+-------------+
| Obligations under finance leases | 0.2 | 0.5 | 0.2 |
+---------------------------------------------+-------------+-------------+-------------+
| Trade and other payables | 35.7 | 15.6 | 13.8 |
+---------------------------------------------+-------------+-------------+-------------+
| Liabilities classified as held for sale | - | - | 8.3 |
+---------------------------------------------+-------------+-------------+-------------+
| TOTAL CURRENT LIABILITIES | 38.5 | 20.0 | 26.0 |
+---------------------------------------------+-------------+-------------+-------------+
| TOTAL LIABILITIES | 53.1 | 26.0 | 29.1 |
+---------------------------------------------+-------------+-------------+-------------+
| TOTAL EQUITY AND LIABILITIES | 138.5 | 108.1 | 98.8 |
+---------------------------------------------+-------------+-------------+-------------+
| | | | |
+---------------------------------------------+-------------+-------------+-------------+
Consolidated Interim Statement of Recognised Income and Expenses
+---------------------------------------------+-------------+-------------+-------------+
| | Unaudited | Unaudited | Audited |
+---------------------------------------------+-------------+-------------+-------------+
| | 31 March | 31 March | 30 |
| | 2009 | 2008 | September |
| | | | 2008 |
+---------------------------------------------+-------------+-------------+-------------+
| | GBPm | GBPm | GBPm |
+---------------------------------------------+-------------+-------------+-------------+
| | | | |
+---------------------------------------------+-------------+-------------+-------------+
| Foreign exchange translation differences | (2.2) | 0.4 | 0.4 |
+---------------------------------------------+-------------+-------------+-------------+
| Revaluation of property, plant and | - | - | 4.9 |
| equipment | | | |
+---------------------------------------------+-------------+-------------+-------------+
| Deferred tax on revaluation of property, | - | - | (1.0) |
| plant and equipment | | | |
+---------------------------------------------+-------------+-------------+-------------+
| NET INCOME RECOGNISED DIRECTLY IN EXPENSE | (2.2) | 0.4 | 4.3 |
+---------------------------------------------+-------------+-------------+-------------+
| | | | |
+---------------------------------------------+-------------+-------------+-------------+
| Loss for period | - | (5.5) | (41.0) |
+---------------------------------------------+-------------+-------------+-------------+
| | | | |
+---------------------------------------------+-------------+-------------+-------------+
| TOTAL RECOGNISED EXPENSE FOR THE PERIOD | (2.2) | (5.1) | (36.7) |
+---------------------------------------------+-------------+-------------+-------------+
| | | | |
+---------------------------------------------+-------------+-------------+-------------+
| ATTRIBUTABLE TO: | | | |
+---------------------------------------------+-------------+-------------+-------------+
| - Equity holders of the parent | (2.3) | (2.4) | (31.4) |
+---------------------------------------------+-------------+-------------+-------------+
| - Minority interest | 0.1 | (2.7) | (5.3) |
+---------------------------------------------+-------------+-------------+-------------+
| TOTAL RECOGNISED EXPENSE FOR THE PERIOD | (2.2) | (5.1) | (36.7) |
+---------------------------------------------+-------------+-------------+-------------+
Consolidated Interim Cash Flow Statement
+------------------------------------------------+------------+------------+-----+-------------+
| | Unaudited | Unaudited | Audited |
+------------------------------------------------+------------+------------------+-------------+
| | 31 March | 31 March 2008 | 30 |
| | 2009 | | September |
| | | | 2008 |
+------------------------------------------------+------------+------------------+-------------+
| | GBPm | GBPm | GBPm |
+------------------------------------------------+------------+------------------+-------------+
| | | | |
+------------------------------------------------+------------+------------------+-------------+
| CASH FLOWS FROM OPERATING ACTIVITIES | | | |
+------------------------------------------------+------------+------------------+-------------+
| Loss for the period | - | (5.5) | (41.0) |
+------------------------------------------------+------------+------------------+-------------+
| Adjustments | (5.1) | 5.5 | 6.6 |
+------------------------------------------------+------------+------------------+-------------+
| CASH FLOWS FROM OPERATING ACTIVITIES | | | |
+------------------------------------------------+------------+------------------+-------------+
| BEFORE MOVEMENTS IN WORKING CAPITAL | (5.1) | (12.5) | (34.4) |
+------------------------------------------------+------------+------------------+-------------+
| Change in inventories | (1.3) | (0.7) | (0.5) |
+------------------------------------------------+------------+------------------+-------------+
| Change in trade and other receivables | (5.0) | (5.8) | (5.4) |
+------------------------------------------------+------------+------------------+-------------+
| Change in trade and other payables | (5.5) | 1.1 | 0.4 |
+------------------------------------------------+------------+------------------+-------------+
| CASH GENERATED FROM OPERATIONS | (16.9) | (17.9) | (39.9) |
+------------------------------------------------+------------+------------------+-------------+
| Interest received | 6.9 | 0.2 | 7.1 |
+------------------------------------------------+------------+------------------+-------------+
| Interest paid | (0.7) | - | (2.7) |
+------------------------------------------------+------------+------------------+-------------+
| Income tax paid | - | - | (0.2) |
+------------------------------------------------+------------+------------------+-------------+
| NET CASH FROM OPERATING ACTIVITIES | (10.7) | (17.7) | (35.7) |
+------------------------------------------------+------------+------------------+-------------+
| CASH FLOWS FROM INVESTING ACTIVITIES | | | |
+------------------------------------------------+------------+------------------+-------------+
| Acquisition of subsidiary net of cash acquired | 1.9 | (2.1) | (2.1) |
+------------------------------------------------+------------+------------------+-------------+
| Deposits paid in respect of property,plant and | (2.1) | - | (4.4) |
| equipment | | | |
+------------------------------------------------+------------+------------------+-------------+
| Acquisition of property, plant and equipment | (5.5) | (8.7) | (12.5) |
+------------------------------------------------+------------+------------------+-------------+
| Acquisition of associates | (0.7) | (0.4) | (1.3) |
+------------------------------------------------+------------+------------------+-------------+
| Cash inflow resulting from disposal of | 0.1 | - | - |
| subsidiary | | | |
+------------------------------------------------+------------+------------------+-------------+
| NET CASH FROM INVESTING ACTIVITIES | (6.3) | (11.2) | (20.3) |
+------------------------------------------------+------------+------------------+-------------+
| CASH FLOWS FROM FINANCING ACTIVITIES | | | |
+------------------------------------------------+------------+------------------+-------------+
| Proceeds from the issue of share capital | 14.6 | 32.8 | 51.9 |
+------------------------------------------------+------------+------------------+-------------+
| Proceeds from issue of shares to minority | 1.1 | - | - |
| interests | | | |
+------------------------------------------------+------------+------------------+-------------+
| Loan advance | 5.5 | - | 0.1 |
+------------------------------------------------+------------+------------------+-------------+
| Repayment of borrowings | (0.9) | (0.2) | (1.1) |
+------------------------------------------------+------------+------------------+-------------+
| Payment of finance lease liabilities | (0.1) | - | (0.2) |
+------------------------------------------------+------------+------------------+-------------+
| NET CASH FROM FINANCING ACTIVITIES | 20.2 | 32.6 | 50.7 |
+------------------------------------------------+------------+------------------+-------------+
| Net increase/(decrease) in cash and cash | 3.2 | 3.7 | (5.3) |
| equivalents | | | |
+------------------------------------------------+------------+------------------+-------------+
| Cash and cash equivalents at beginning of the | 9.4 | 15.2 | 14.5 |
| period | | | |
+------------------------------------------------+------------+------------------+-------------+
| Foreign exchange movement | 0.2 | - | 0.2 |
+------------------------------------------------+------------+------------------+-------------+
| CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | 12.8 | 18.9 | 9.4 |
+------------------------------------------------+------------+------------------+-------------+
| | | | |
+------------------------------------------------+------------+------------+-----+-------------+
Notes
Note of preparation
1. The annual financial statements of the group are prepared in accordance with
IFRSs as adopted by the EU. The condensed set of financial statements included
in this half-yearly report has been prepared in accordance with the recognition
and measurement requirements of IFRSs as adopted by the EU.
The financial information is unaudited and does not constitute the Company's
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
Statutory accounts for the year ended 30 September 2008 have been delivered to
the Registrar of Companies. The comparative figures for the financial year ended
30 September 2008 are not the company's statutory accounts for that financial
year. Those accounts have been reported on by the company's auditors and
delivered to the Registrar of Companies. The report of the auditors was (i)
unqualified, (ii) did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their report, and
(iii) did not contain a statement under section 237(2) or (3) of the Companies
Act 1985.
2. Basic and diluted earnings per share are arrived at by dividing the profit
for the period by the average number of shares in issue during the period.
3. Given the current global financial crisis, the Directors are carefully
monitoring cash resources within the Group and have instigated a number of
initiatives to ensure funding will be available for planned projects. If such
funding cannot be secured, the projects will be delayed or cancelled to ensure
that the Group can manage its cash resources for the foreseeable future and
hence the financial statements have been prepared on a going concern basis.
Corporate Information
+------------------------------------------+------------------------------------------+
| Secretary and registered office | Registrars |
| J H Hughes | Equiniti |
| C/o DSG | Aspect House |
| Castle Chambers | Spencer Road |
| 43 Castle Street | Lancing |
| Liverpool L2 9TL | West Sussex |
| Tel: +44 (0) 20 7016 5105 | BN99 6DA |
| Fax: +44 (0) 20 7016 5109 | Tel: 0800 169 2608 |
| e-mail: hughes@lonrho.com | Textel: 0871 384 2255 (for the hard of |
| Registered in England | hearing) |
| Number 2805337 | Please be advised calls to the textel |
| | line are charged at 8p/min from BT |
| | landlines. Other telephone providers' |
| | costs may vary. |
+------------------------------------------+------------------------------------------+
| Auditors | South African transfer secretaries |
| KPMG Audit Plc | Computershare Investor Services (Pty) |
| 8 Princes Parade | Ltd |
| Liverpool | PO Box 61051 |
| L3 1QH | Marshalltown 2107 |
| | South Africa |
| | Tel: +27 (0) 11 370 5000 |
| | Fax: +27 (0) 11 370 5271/2 |
+------------------------------------------+------------------------------------------+
| PR Advisors | Nominated Advisor |
| Pelham PR | Beaumont Cornish Limited |
| 12 Arthur Street | 2nd Floor |
| London | Bowman House |
| EC4R 9AB | 29 Wilson Street |
| Tel: +44 (0) 20 7337 1500 | London |
| Fax: +44 (0) 20 7337 1550 | EC2M 2SJ |
+------------------------------------------+------------------------------------------+
| | Tel: +44 (0) 20 7628 3396 |
+------------------------------------------+------------------------------------------+
| Principal group bankers | Broker |
| Barclays Bank Plc | WH Ireland |
| Lord Street | 24 Martin Lane |
| Liverpool | London |
| L2 6PB | EC4R 0DR |
| | Tel: +44 (0) 20 7220 1666 |
+------------------------------------------+------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KVLFBKQBEBBB
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