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- Release Date: 27/02/12 16:20
- Summary: FLLYR: SEK: Seeka announces its 31 December 2011 result
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SEK
27/02/2012 14:20
FLLYR
REL: 1420 HRS Seeka Kiwifruit Industries Limited
FLLYR: SEK: Seeka announces its 31 December 2011 result
Seeka Kiwifruit Industries 2012 Result - 27 February 2012
Seeka Kiwifruit Industries Limited announces its financial results for the 12
months ended 31 December 2011. These compare to the nine months previous
corresponding period ("pcp") as a result of the change in balance date that
was effected in December 2010.
Earnings before interest, tax, amortisation, fair value adjustments and asset
revaluations (EBITDAF) totalled $20.8m compared to $19.9m pcp.
The outbreak of PSAv has had a significant impact on the carrying value of
Seeka's assets. The carrying value of biological assets (vines) on the
company's 105 hectares of gold orchards has been impaired resulting in a
charge of $9.7m. In addition the Board has reviewed the valuation of post
harvest, investment assets and goodwill in light of the downturn across the
whole kiwifruit industry resulting in an impairment charge of $8.8m.
Accordingly, Seeka has recorded an after tax loss of $7.1m compared to an
after tax profit of $6.4m pcp.
Cashflow from operations of $18.3m reduced debt by $9.3m down to $30.7m.
Seeka continues to comply with all banking covenants. No dividend is payable.
During the year Seeka took steps to reshape its business in response to the
adverse impact of PSAv on its orchard operations and post harvest volumes. A
restructuring process was completed in 2011 with some 44 roles removed from
the Company and Seeka is now focussing on the pathway forward with the long
term lease assets working with the orchard owners.
While some progress is being made, PSAv remains the cause of continuing
uncertainty. The Board is committed to maintaining a fiscally prudent
approach with debt repayment a priority.
Financial Summary:
The following should be read carefully. Due to the change in the groups year
end at 31 December 2010 the prior period is for 9 months.
Revenue from ordinary activities ($000) $ 137,062 up 12.2%
Earnings before interest, tax, depreciation, amortisation, fair value
adjustments, impairments and asset revaluations $ 20,774 up 4.6%
Profit from ordinary activities before tax attributable to security holders
($000) $ ( 7,322) down (157.7)%
Profit from ordinary activities after tax attributable to security holders
($000) $ ( 7,053) down (209.7)%
Net Profit attributable to security holders ($000) $ ( 7,053) down (209.7)%
EBITDA before non-recurring items $ 10,226 down (47.8)%
Earnings Per Share: YE 31-Dec-11 PE 31-Dec-10
Basic earnings per Share $ ( 0.50) : $ 0.45
Diluted earnings per Share $ ( 0.50) : $ 0.45
Asset backing per share $3.50 : $4.49
End CA:00220058 For:SEK Type:FLLYR Time:2012-02-27 14:20:20
