Wrap Text
Unaudited consolidated interim financial statements for the six months ended 30 June 2017
Andulela Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1950/037061/06)
JSE share code: AND ISIN: ZAE000172870
(“Andulela” or “the Company” or “the Group”)
Unaudited consolidated interim financial statements for the six
months ended 30 June 2017
Consolidated statements of financial position
UNAUDITED
UNAUDITED RESTATED AUDITED
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2017 2016 2016
Notes R’000 R’000 R’000
ASSETS
Non-current assets 362 372 732 461 666 930
-Plant and equipment 1 292 117 295 500 297 964
-Goodwill 2 56 679 418 679 356 679
-Deferred tax asset 13 576 18 282 12 287
Current assets 385 795 295 733 315 506
-Inventory 126 622 112 555 102 399
-Trade and other
receivables 248 038 168 292 191 509
-Taxation 4 208 4 013 4 207
-Cash and cash
equivalents 6 927 10 873 17 391
Total assets 748 167 1 028 194 982 436
EQUITY AND LIABILITIES
Capital and reserves 89 145 444 819 397 217
-Stated capital 976 114 976 114 976 114
-Cash flow hedge
reserve 3 (9 939) (33 242) (12 561)
-Accumulated loss (883 372) (561 933) (622 502)
-Non controlling
interest 6 342 63 880 56 166
Non-current
liabilities 86 009 135 133 112 868
-Redeemable preference
share capital 30 040 28 377 29 182
-Derivative financial 3 3 346 32 893 10 488
liabilities
-Borrowings 4 - 19 938 19 743
-Operating lease
liabilities 16 657 17 390 16 343
-Deferred tax
liability 35 966 36 535 37 112
Current liabilities 573 013 448 242 472 351
-Taxation - 294 -
-Trade and other
payables 163 799 126 826 125 558
-Operating lease
liabilities 889 1 250 2 047
-Derivative financial
liabilities 3 13 169 22 340 10 383
-Borrowings 4 395 156 297 532 334 363
Total liabilities 659 022 583 375 585 219
Total equity and
liabilities 748 167 1 028 194 982 436
Net asset value per
share (cents) 94,47 434,64 389,13
Net tangible asset
value per share (cents) 40,42 35,33 48,95
Consolidated statements of comprehensive income
UNAUDITED
UNAUDITED RESTATED AUDITED
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2017 2016 2016
Notes R’000 R’000 R’000
Revenue 723 458 619 514 1 278 433
Cost of sales (626 058) (499 983) (1 063 190)
Gross profit 97 400 119 531 215 243
Profit from operations 4 116 22 037 24 968
Investment income 524 335 1 460
Profit on sale of plant
and equipment - - 33
Exchange rate profits on
foreign exchange - - 723
Impairment of goodwill (300 000) - (62 000)
Finance costs (19 502) (15 606) (34 065)
(Loss)/Profit before
taxation (314 862) 6 766 (68 881)
Taxation 3 654 (2 455) 848
Net (loss)/profit after
tax (311 208) 4 311 (68 033)
Other comprehensive
income/(loss)
Items that may be
reclassified subsequently
to profit or loss: 3 136 (3 150) 21 591
Movement in cash flow
hedge 3 4 356 (4 374) 29 988
Deferred tax charge 3 (1 220) 1 224 (8 397)
Total comprehensive
(loss)/income (308 072) 1 161 (46 442)
Net (loss)/profit
attributable to: (311 208) 4 311 (68 033)
– Equity holders of
Andulela (260 869) 5 245 (55 325)
– Non-controlling
interest (50 339) (934) (12 708)
Total comprehensive
(loss)/income attributable
to: (308 072) 1 161 (46 442)
– Equity holders of
Andulela (258 248) 2 612 (37 277)
– Non-controlling
interest (49 824) (1 451) (9 165)
Ordinary shares in issue
(millions)* 87,64 87,64 87,64
Weighted average number
of ordinary shares in
issue (millions)* 87,64 87,64 87,64
Attributable net
(loss)/profit (260 869) 5 245 (55 325)
– Profit on sale of plant
and equipment – – (33)
- Tax effect of the above - - 9
- Impairment of goodwill 300 000 - 62 000
- Non-controlling
interest in goodwill
impairment (49 230) - (10 174)
Headline (loss)/profit (10 099) 5 245 (3 523)
Basic and diluted
(loss)/profit per
ordinary share (cents)* (297,64) 5,98 (63,12)
Headline and diluted
headline (loss)/profit
per ordinary share
(cents)* (11,52) 5,98 (4,02)
Dividends per ordinary
share (cents) - - -
* The basic and diluted (loss)/profit per ordinary share and
the headline and diluted headline (loss)/profit per ordinary
share are calculated by dividing the basic and diluted
(loss)/profit, and the headline and diluted headline
(loss)/profit by the weighted average number of ordinary shares
in issue during the year.
Consolidated statements of cash flows
UNAUDITED
UNAUDITED RESTATED AUDITED
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2017 2016 2016
R’000 R’000 R’000
Operating activities
Operating (loss)/profit (295 884) 22 037 (36 276)
Depreciation 10 447 9 839 19 734
Impairment of goodwill 300 000 - 62 000
Profit on disposal of plant
and equipment - - (33)
(Increase)/decrease in
inventories (24 224) (32 809) (22 654)
(Increase)/decrease in trade
receivables (56 529) 9 474 (13 742)
Increase/(decrease) in trade
payables 38 244 11 550 10 287
(Decrease)/increase in
operating lease liabilities (845) 48 (201)
Cash (utilised)/generated by
operating activities (28 791) 20 139 19 115
Finance income 524 335 1 460
Finance costs (18 644) (14 758) (32 344)
Income tax paid – prior years - (252) (487)
Net cash from operating
activities (46 911) 5 464 (12 256)
Investing activities
Plant and equipment acquired (5 088) (19 476) (32 961)
Proceeds on disposal of plant
and equipment 488 246 1 403
Net cash utilised in investing
activities (4 600) (19 230) (31 558)
Financing activities
Borrowings raised 73 950 19 962 92 544
Borrowings repaid (32 903) (8 942) (44 889)
Preference dividend paid - - (69)
Net cash generated by
financing activities 41 047 11 020 47 586
Change in cash and equivalents (10 464) (2 746) 3 772
Opening cash and equivalents 17 391 13 619 13 619
Closing cash and equivalents 6 927 10 873 17 391
Consolidated statements of changes in equity
UNAUDITED
UNAUDITED RESTATED AUDITED
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2017 2016 2016
R’000 R’000 R’000
Opening balances 397 217 443 658 443 658
Movements for the period:
– Net (loss)/profit
attributable to equity
holders of Andulela (260 869) 5 245 (55 325)
– Cash flow hedge reserve net
of deferred tax 2 621 (2 633) 18 049
– Non-controlling interest (49 824) (1 451) (9 165)
Closing balances 89 145 444 819 397 217
Notes to the consolidated interim financial statements
Basis of preparation
The unaudited consolidated interim financial statements for the six
months ended 30 June 2017 are prepared in accordance with the JSE
Listings Requirements for provisional reports and the requirements
of the Companies Act of South Africa. The JSE Listings Requirements
require reports to be prepared in accordance with the framework
concepts and the measurement and recognition requirements of
International Financial Reporting Standards (“IFRS”) and the SAICA
Financial Reporting Guides as issued by the Accounting Practices
Committee and Financial Pronouncements as issued by Financial
Reporting Standards Council and to also, as a minimum, contain the
information required by IAS 34 Interim Financial Reporting.
The accounting policies applied in the preparation of the
consolidated interim financial statements for the six months ended
30 June 2017 are in terms of IFRS and consistent with those of the
annual financial statements for the year ended 31 December 2016,
except for the adoption of statements and amendments which became
effective during the period. These standards and amendments had no
material impact on the results reported on for the six months ended
30 June 2017. The directors are not aware of any matters or
circumstances arising subsequent to 30 June 2017 that require
additional disclosure or adjustments to the financial statements.
The directors take responsibility for the preparation of the
consolidated interim financial statements based on the underlying
financial information. These results were prepared under the
supervision of Henk Engelbrecht CA(SA), the Group Chief Financial
Officer. The interim financial statements have not been reviewed or
reported on by the Group’s auditors.
1. Plant and equipment
UNAUDITED
UNAUDITED RESTATED AUDITED
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2017 2016 2016
R’000 R’000 R’000
Opening balance 297 964 286 107 286 107
Additions 5 088 19 476 32 961
Disposals of plant and
equipment (488) (244) (1 370)
Depreciation (10 447) (9 839) (19 734)
Plant and equipment at
carrying value 292 117 295 500 297 964
Pro Roof Steel Merchants (“PRSM”)invested R5,1 million in plant and
equipment during the past six months as part of its strategy to
replace ageing equipment and to expand its business.
As set out in the annual financial statements of the Group for
the year ended 31 December 2016, the Group changed its basis of
accounting for plant and equipment from the revaluation model to
the historical cost basis with effect from 1 January 2016.
This change in accounting policy did not have a material
quantitative nor qualitative effect on the financial statements
of the Group, but to enable users of the financial statements to
understand the amounts disclosed in the current period and to
follow it from the prior comparable period, the effects are set
out below for information purposes:
Adjustment of financial results – 30 June 2016
Statements of financial position Before After Change
- Plant and equipment 299 474 295 500 (3 974)
- Revaluation reserve (4 638) - 4 638
- Deferred tax asset 17 168 18 282 1 114
- Accumulated loss 563 417 561 933 (1 484)
- Non-controlling interest (63 589) (63 880) (291)
Statements of comprehensive income
- Depreciation for the period 10 044 9 839 (205)
- Deferred tax expense 2 397 2 455 58
- Net profit for the period 4 164 4 311 147
- Profit and diluted profit per
share (cents) 5,84 5,98 0.14
- Headline and diluted headline
profit per share (cents) 5,84 5,98 0.14
2. Goodwill
The goodwill arose from the acquisition of the remaining interests
in Abalengani Mining Investments Proprietary Limited (“AMI”) and JB
Platinum Holdings Proprietary Limited (“JBPH”) by the Company in
2010. AMI and JBPH respectively hold 49,63% and 33,96% in Kilken
Platinum Proprietary Limited (“Kilken”) as their only investments.
A discounted cash flow (“DCF”) model was constructed by management
based on the value in use to determine the recoverable amount for
the cash-generating operations of the Kilken Imbani Joint Venture,in
which Kilken is a 70% partner, using a pre-tax real discount rate of
11,99% (2016: 11,3%), based on the risk-free rate adjusted for
market, sector and project-specific risks and an annual Platinum
Group Metals (“PGM”) production rate of 11 574 ounces (2016: 14 660
ounces) (extrapolated from historic production volumes). Forecast
PGM metals prices and the USD/ZAR exchange rates were derived from a
consensus forecast from reputable external market analysts. The DCF
valuation model takes into account attributable net cash flows from
the operation for 35 years, which is consistent with the industry
standard for this type of valuation and is also consistent with the
extended life-of-mine agreement in place with Rustenburg Platinum
Mines (“RPM”). The tailings head feed is based on the average
monthly feed received from the mine.
Production levels at the Kilken plant decreased over the last six
months as the quality of the ore received from the mine resulted in
lower head grades due to less reef and higher waste tons. It is not
certain for how long the low production levels could persist.
The profitability of the Kilken operations was furthermore
negatively affected by the increased chrome content penalties
following the commissioning of a chrome plant by RPM in the latter
part of 2016.
While the Kilken operations at the Joint Venture level are still
profitable at these lower production levels, the above factors did
have a negative effect on the carrying value of the underlying
investment of the Group in this operation, and consequently the
goodwill had to be re-assessed at 30 June 2017 and impaired further.
An impairment of R300 million was therefore recorded against
goodwill at 30 June 2017.
3. Cash flow hedge
In June 2012, Kilken entered into a hedge agreement for 30% of its
cash flow from the production revenue of platinum, palladium and
gold at that date, in favour of a financier in line with its funding
requirements. The hedge, in terms of which specific monthly
quantities and pricing of the three commodities mentioned above have
been agreed on for the period to September 2018, was intended to
mitigate the cash flow risk related to commodity price fluctuations
and movements in the ZAR/USD exchange rate in order to repay the
funding facility to the financier.
In accordance with IAS39, the cash flow hedge was recognised as a
hedging instrument at fair value for the first time in the statement
of financial position at 31 December 2012, without taking account of
any collateral held or other credit enhancements over the remainder
of the hedge contract term, which started on 1 September 2012 and
will end on 30 September 2018.
For the six months ended 30 June 2017, a gain of R3,1 million (June
2016: R3,1 million loss) after deferred tax has been recognised in
other comprehensive income and a decrease in the cash flow hedge
reserve from December 2016 to June 2017 of R2,6 million, net of non-
controlling interests, in the statement of financial position. The
loss realised and netted off against the revenue was R5,8 million
for the six months ended 30 June 2017 (June 2016: R7,8 million).
The fair value of the cash flow hedge is apportioned between current
and non-current liabilities depending on the remaining maturity
period of the derivative contract and its contractual cash flows.
The cash flow hedge cost will be accounted for as either a profit or
a loss as it becomes effective and the cash settlements are actually
made over the duration of the term of the hedge contract.
4. Borrowings
Total borrowings of the Group amounted to R395,2 million at 30 June
2017 compared to R317,5 million at 30 June 2016, and can be
summarised as follows:
UNAUDITED UNAUDITED AUDITED
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2017 2016 2016
R’000 R’000 R’000
Absa Bank Limited 61 959 119 813 94 861
Reichmans Capital
Proprietary Limited 303 092 167 552 229 140
Thunder Rate Investments
Proprietary Limited 29 397 29 397 29 397
The Rafik Mohamed Family
Trust 708 708 708
Total borrowings 395 156 317 470 354 106
Current liabilities 395 156 297 532 334 363
Non-current liabilities - 19 938 19 743
The Reichmans facilities to PRSM are working capital and asset
finance facilities which have been structured as short-term
facilities. In the current year PRSM invested R5,1 million in plant
and equipment, which was funded from the short-term facilities.
Over the past six years approximately R79 million was incurred on
capital expenditure utilising the Reichmans facility. PRSM is in
the process of restructuring its facilities with Reichmans.
The Absa Bank facilities will be settled by 30 June 2018.
5. Financial instruments
The following table shows the carrying amounts and fair values of
financial assets and financial liabilities, including their levels
in the fair value hierarchy for financial instruments measured at
fair value. It does not include fair value information for financial
assets and liabilities which are not measured at fair value if the
carrying amount approximates the fair value.
Carrying Value June 2017 – Unaudited
Loans and Amortised Fair
receivables cost value Total
R’000 R’000 R’000 R’000
Financial assets
not measured at
fair value
Cash and cash
equivalents 6 927 6 927
Trade and other
receivables 244 934 244 934
Financial
liabilities
measured at
fair value
Derivative
financial
instrument – cash
flow hedge* (16 515) (16 515)
Financial
liabilities not
measured at
fair value
Preference shares (30 040) (30 040)
Borrowings (395 156) (395 156)
Trade and other
payables (162 527) (162 527)
Total 251 861 (587 723) (16 515) (352 377)
Carrying Value June 2016 – Unaudited
Loans and Amortised
receivables cost Fair value Total
R’000 R’000 R’000 R’000
Financial assets
not measured at
fair value
Cash and cash
equivalents 10 873 10 873
Trade and other
receivables 161 989 161 989
Financial
liabilities
measured at fair
value
Derivative
financial
instrument – cash
flow hedge* (55 233) (55 233)
Financial
liabilities not
measured at
fair value
Preference shares (28 377) (28 377)
Borrowings (317 470) (317 470)
Trade and other
payables (123 162) (123 162)
Total 172 862 (469 009) (55 233) (351 380)
Carrying value December 2016 - Audited
Loans
and
receiv- Amortised Fair
ables cost value Total
R’000 R’000 R’000 R’000
Financial assets not
measured at fair
value
Cash and cash
equivalents 17 391 17 391
Trade and other
receivables 188 186 188 186
Financial liabilities
measured at fair
value
Derivative financial
instrument – cash
flow hedge* (20 871) (20 871)
Financial liabilities
not measured at fair
value
Preference shares (29 182) (29 182)
Borrowings (354 106) (354 106)
Trade and other
payables (122 338) (122 338)
Total 205 577 (505 626) (20 871) (320 920)
Derivative financial instrument – Cash flow hedge: The fair value of
the cash flow hedge is a level 2 recurring fair value measurement.
The fair value of the cash flow hedge is obtained directly from the
service provider and is calculated as the present value of the
estimated future cash flows based on the observable commodity prices
and current exchange rates.
6. Material related party transactions and balances
UNAUDITED UNAUDITED AUDITED
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2017 2016 2016
R’000 R’000 R’000
Sales (34 112) (81 046) (139 168)
Purchases 19 681 14 607 67 252
Preference dividend
expense 859 848 1 721
Rent expense 10 792 9 244 16 798
Trade receivables 30 744 31 158 28 900
Trade payables 5 085 2 871 4 482
Loan accounts – owing to
related parties (30 114) (30 105) (30 114)
Cumulative redeemable
preference shares (30 040) (28 377) (29 182)
7. Segment reporting
The Group Chief Executive Officer is the Group’s chief operating
decision-maker. Management has determined the operating segments
allocating resources and assessing performance. The Group has two
sources of income, namely the production of platinum group metals
at the Kilken tailings treatment facility and the processing and
distribution of steel products by PRSM.
UNAUDITED
UNAUDITED RESTATED AUDITED
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2017 2016 2016
R’000 R’000 R’000
Revenue
Tailings treatment facility 22 942 20 886 38 662
Steel processing 700 516 598 628 1 239 771
Total revenue 723 458 619 514 1 278 433
There are no sales between
segments.
UNAUDITED
UNAUDITED RESTATED AUDITED
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2017 2016 2016
R’000 R’000 R’000
(Loss)/profit after tax
Tailings treatment facility (6 772) (5 694) (15 441)
Steel processing (2 283) 11 585 13 349
Goodwill impairment –
tailings treatment facility (300 000) - (62 000)
Other unallocated (2 153) (1 580) (3 941)
Total (loss)/profit after
tax (311 208) 4 311 (68 033)
Assets
Tailings treatment facility 64 289 149 462 107 437
Steel processing 644 845 547 204 571 747
Inter-group eliminations (17 646) (87 151) (53 427)
Reportable segment assets 691 488 609 515 579 117
Goodwill – tailings
treatment facility 56 679 418 679 356 679
Total assets 748 167 1 028 194 982 436
Liabilities
Tailings treatment facility 87 589 184 149 127 119
Steel processing 552 899 455 664 478 442
Inter-group eliminations (15 591) (86 537) (52 424)
Reportable segment
liabilities 624 897 553 276 553 137
Redeemable preference shares 30 040 28 377 29 182
Other unallocated
liabilities of parent 4 085 1 722 2 900
Total liabilities 659 022 583 375 585 219
8. Events subsequent to the period end
The directors are not aware of any events that occurred subsequent
to the period-end and until the date of this announcement which
could have a material effect on the results of the Group or its
subsidiaries.
9. Commitments
The Group had outstanding capital commitments of R 7,7 million at
30 June 2017 in respect of plant and equipment for PRSM (June 2016:
Rnil).
10. Going concern
The interim financial statements have been prepared on the basis of
accounting policies applicable to a going concern. The basis
presumes that funds will be available to finance future operations
and that the realisation of assets and settlement of liabilities,
contingent obligations and commitments will occur in the ordinary
course of business.
The Group reported a net loss of R11,2 million for the six
months ended 30 June 2017, before the impairment of goodwill,
and as at that date its current liabilities exceeded its
current assets due to, amongst others, the short-term nature of
some of its debt.
The cash flow hedge, which will be settled by 30 September
2018, continued to have a negative effect on the results of
Kilken. After settlement, Kilken is expected to produce
improved results again.
Market conditions are expected to remain tough for the
industries in which the Group operates, with continued
volatility in commodity prices and the local currency against
major foreign currencies.
The Group companies continue with their focus on improving
efficiencies and increasing production levels, especially at Kilken
where production challenges continued to impact on the results for
the past six months.
The Group has access to sufficient funding facilities from its
financiers and shareholders to enable it to meet its commitments and
obligations as and when they become due within the next twelve
months.
The directors have therefore applied the going concern principle as
they are satisfied that the Group is a going concern and will be
able to settle its debts as they become due and payable in the next
twelve months.
Nature of the business
The Company is an investment holding company.
Financial review
References to 2016 and 2017 relate to the six month periods to 30
June 2016 and 2017 respectively, unless indicated otherwise in the
contents.
Revenue increased by 16.8% from 2016 to 2017 but profitability
declined from a headline profit of R5,2 million for 2016 to a
headline loss of R10,1 million for 2017, with PRSM being the main
contributor to this loss as a result of the negative market
conditions in the steel industry persisting since the second half
of 2016. Kilken also was not able to increase production and revenue
to expected levels during the period under review.
Borrowings increased from R317 million in 2016 to R395 million in
2017 to fund the increased working capital requirements of the
Group.
Kilken
Production at the plant was satisfactory for the first four months
of the current period, but has been disappointing since then due to,
inter alia, the lower quality tailings feed from the mine which
resulted in lower PGM grades being available for recovery, as well
as the higher chrome content penalties which impacted both revenue
and profits significantly. The commodity market and the local
currency continued to be volatile during the period under review and
the negative movements impacted the sales prices per kilogram of
PGMs. The above factors, as well as the negative impact of the cash
flow hedge, contributed to the poor results of this company during
the period under review.
Revenue showed a slight increase from R20,9 million in 2016 to
R22,9 million in 2017 with the cash flow hedge reducing revenue by
R5,8 million (2016:R7,8 million). The loss after tax increased from
R5,7 million in 2016 to R6,8 million in 2017. The cash flow hedge will
finally be settled by September 2018.
Management’s attention remains on resolving the production
challenges at the plant in order to improve production and
efficiency levels, increase revenues and lower costs.
PRSM
PRSM continued to improve top line revenue from R598,6 million in
2016 to R700,5 million in 2017, but the tough market conditions
reduced margins and the PRSM group reported a net loss after tax of
R2,3 million in 2017, compared to a net profit after tax of
R11,6 million to June 2016.
Working capital levels increased by R54 million during 2017 compared
to the same period in 2016, and total interest bearing debt levels
increased by R60 million in 2017 compared to 2016.
Capital expenditure of R5,1 million was incurred during the period
under review to acquire assets as part of the PRSM group’s medium-
term strategy to modernise its plants.
Overall the domestic steel industry remains challenging due to the
continued uncertainty in the world economy and an oversupply of
steel, and management does not expect PRSM to report improved
results for the remainder of this financial year.
Directorate
There were no changes to the board for the six months under review.
For and on behalf of the board
Mohamed Husain
Independent non-executive chairman
Ashruf Kaka
Chief executive officer
Sandton
6 October 2017
Andulela Investment Holdings Limited
Registered Office: 108 4th Street, Parkmore, Sandton 2196
Website: www.andulelaholdings.com
Directors: Mohamed Husain# (Chairman); Ashruf Kaka (CEO); Henk
Engelbrecht (CFO); Brian Smith#; Pieter du Preez#; Naeem Hadjee#
#Independent non-executive
Company Secretary: Gillian Miller
Auditors: BDO South Africa Incorporated, Summit Place Office Park,
221 Garsfontein Road, Menlyn, Pretoria, 0181
Transfer Secretaries: Terbium Financial Services Proprietary
Limited, Beacon House, 31 Beacon Road, Florida North, 1709
Sponsor: Java Capital, 2nd Floor, 6A Sandown Valley Crescent,
Sandton, 2196
Date: 06/10/2017 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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