SEK
20/02/2013 16:47
FLLYR
REL: 1647 HRS Seeka Kiwifruit Industries Limited
FLLYR: SEK: Seeka announces its 31 December 2012 result
The directors and management are pleased to present Seeka's financial results
for the year ended 31 December 2012.
The results are ahead of guidance given to stakeholders at their September
meeting. Specifically:
- Profit before tax, impairment, revaluations and restructuring totalled
$8.9m (guidance range $5.7m to $6.4m);
- Cashflow from operations totalled $12.6m (guidance range $9.8m to $10.5m);
- Total bank debt totalled $17.8m (guidance range $20.8m to $21.5m).
- Seeka achieved earnings of $0.41 per share for the year and a net tangible
asset backing of $3.89 per share at 31 December 2012.
During the period Seeka has implemented its strategy to enable the company to
weather the impact of Psa on the industry. The company is now in a stronger
financial position, with significantly lower debt and leaner operating cost
structures. It is well positioned in an environment with continuing Psa,
intense competition, decreasing gold fruit volumes, and an uncertain industry
pathway to recovery.
Actions have included selling surplus assets, reducing debt, restructuring
operations to lower costs, and limiting capital expenditure. The company has
withheld the payment of dividends through the period in order to concentrate
on lowering debt.
The directors and management thank staff, contractors and suppliers for their
service and growers for their loyal support during the year.
Dividend
The Directors have declared a fully imputed dividend of 6 cents per share, to
be paid on 20 March 2013. The dividend will be paid to those shareholders on
the register at 5pm 13 March 2013.
Financial Summary:
Revenue from ordinary activities ($000) $ 108,290 down (22.0)%
Earnings before interest, tax, depreciation, amortisation, fair value
adjustments, impairments and asset revaluations ($000) $ 16,563 down
(21.3)%
Profit from ordinary activities before tax attributable to security holders
($000) $ 7,374 up 200.7%
Profit from ordinary activities after tax attributable to security holders
($000) $ 5,880 up 183.4%
Net Profit attributable to security holders ($000) $ 5,880 up 183.4%
EBITDA before non-recurring items ($000) $ 15,464 up 36.8%
Earnings Per Share:
Basic earnings per Share $ 0.41: prior year = $ ( 0.50)
Diluted earnings per Share $ 0.41: prior year = $ ( 0.50)
Asset backing per share $3.89: Prior year = $3.50
For further information contact:
Michael Franks
Chief Executive
021 356 516
Stuart McKinstry
Chief Financial Officer
021 221 5583
End CA:00233186 For:SEK Type:FLLYR Time:2013-02-20 16:47:18
