KRESTA HOLDINGS LIMITED Appendix 4E Preliminary final report
1. Name of entity
Kresta Holdings Limited
ABN Financial year ended ("current year")
26 008 675 803 31 December 2014
Comparative prior year ended ("prior year")
30 June 2014
$'000 2.1 Revenue from ordinary activities down 49.4%* to 48,382 2.2 Profit from ordinary activities after tax attributable to up 103.8%* to 52 members 2.3 Net profit for the period attributable to members up 103.8%* to 52 | ||
2.4 Dividends (see section 7) | Amount per security | Franked amount per security |
Final dividend | Nil | Nil |
Interim dividend | Nil | Nil |
2.5 Record date for determining entitlements to the dividends | N/A | |
2.6 Payment date of the dividends | N/A | |
2.7 Brief explanation of any of the figures reported above: On 13th January 2015, the Group advised the market of a change in the financial year for reporting purposes from 30 June to 31 December each year, with a transitional period of six months to 31 December 2014. This decision was taken to synchronise the Group with Ningbo Xianfeng New Material Co. Ltd (Aplus) the parent company of our major shareholder, Suntarget (Hong Kong) Trading Co. Ltd. * Due to the change of year the comparatives are a full 12 month results against the current year figures which are only for 6 months. |
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3. Consolidated statement of comprehensive incomeAppendix 4E Preliminary final report
Note 6 months ended December
2014 12 months ended June 2014
$000 $000
Sale of goods 48,382 95,611
Other income 3a 213 721
Changes in inventories of finished goods and work in progress | (205) | (536) | |
Raw materials and consumables used | (13,525) | (28,420) | |
Employee benefits expense | 3b | (20,362) | (38,699) |
Depreciation and amortisation charge | 3c | (804) | (1,659) |
Other expenses | 3d | (13,555) (28,822) | |
Results from operating activities | 144 (1,804) |
Finance income | 38 95 | |
Finance costs | (18) (86) | |
Net finance income | 3e | 20 9 |
Profit / (loss) before income tax 164 (1,795) Income tax (expense) / benefit (112) 420 Net profit / (loss) for the period 52 (1,375)
Items that may be reclassified subsequently to profit or loss
Net foreign currency translation 5 (23)
Effective portion of changes in fair value of cash flow hedges, net of tax | 18 (22) |
Other comprehensive income / (loss) for the period, net of tax | 23 (45) |
Total comprehensive income / (loss) for the period | 75 (1,420) |
Basic earnings / (loss) per share 0.03 cents (0.95 cents)
Diluted earnings / (loss) per share 0.03 cents (0.95 cents)
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Appendix 4E Preliminary final report
3. Other income and expenses 6 months ended December 2014 12 months ended June 2014 (a) Other income
$000 $000
Government grants 3 34
Net unrealised gain from derivatives - 28
Other 210 659
213 721
Other employee benefits expense 1,307 2,428
20,362 38,699
Depreciation 768 1,578
Amortisation of IT software 36 81
804 1,659
Other expenses 1,299 3,299
13,555 28,822
Finance income 38 95 Finance charges payable under finance leases and hire purchase
contracts (7) (16)
Other borrowing costs | (11) (70) |
Finance costs | (18) (86) |
Net finance income | 20 9 |
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4. Consolidated statement of financial positionAppendix 4E Preliminary final report
December 2014 June 2014 ASSETS Current assets
$000 $000
Cash and cash equivalents 1,235 5,702
Trade and other receivables 2,377 2,330
Inventories 9,446 8,925
Deposits 550 - Prepayments 2,546 1,401
Non-current assets Trade and other receivables | 28 | 41 |
Property, plant and equipment | 12,755 | 11,352 |
Deferred tax assets | 3,051 | 3,163 |
Intangible assets and goodwill | 2,260 2,074 | |
Total non-current assets | 18,094 16,630 | |
TOTAL ASSETS | 34,248 34,988 |
LIABILITIES Current liabilities | ||
Trade and other payables | 7,561 | 8,917 |
Interest-bearing loans and borrowings | 286 | 366 |
Provisions | 3,847 | 3,702 |
Derivative financial instruments - 18
Total current liabilities 11,694 13,003 Non-current liabilities
Interest-bearing loans and borrowings 230 - Provisions 1,350 1,479 Total non-current liabilities 1,580 1,479 TOTAL LIABILITIES 13,274 14,482
Contributed equity 12,892 12,892
Employee reserved shares 69 (256) Reserves (31) (122) Retained earnings 8,044 7,992 TOTAL EQUITY 20,974 20,506
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5. Consolidated statement of cash flowsAppendix 4E Preliminary final report
6 months ended December 2014 12 months ended June 2014 Cash flows from operating activities
$000 $000
Receipts from customers (inclusive of GST) 54,392 105,241
Payments to suppliers and employees (inclusive of GST) (56,474) (103,085) Receipt of government grants 3 - Interest received 38 95
Interest paid (18) (86) Income tax received - 243
Cash flows from investing activities | ||
Proceeds from sale of property, plant and equipment | 15 | 34 |
Purchase of property, plant and equipment | (2,134) | (1,030) |
Purchase of intangibles | (222) | (94) |
Acquisition of investment (550) -
Net cash flows used in investing activities (2,891) (1,090)Cash flows from financing activities | ||
Proceeds from issue of shares | 325 | 660 |
Equity dividends paid | - | (360) |
Proceeds from borrowings | 730 | 841 |
Repayment of borrowings | (581) | (1,844) |
Payment of finance lease liabilities - (92)
Net (decrease) / increase in cash and cash equivalents | (4,476) | 523 |
Net foreign exchange differences | 9 | (27) |
Cash and cash equivalents at beginning of period | 5,702 | 5,206 |
Cash and cash equivalents at end of period | 1,235 | 5,702 |
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Appendix 4E Preliminary final report
5.1 Reconciliation of net profit after tax to net cash flows from operations 6 months ended December 2014 12 months ended June 2014
$000 $000
Net profit / (loss) 52 (1,375)
Adjustments for:
Depreciation 768 1,578
Amortisation 36 81
Net loss on disposal of property, plant and equipment 21 359
Net unrealised gain on derivatives - (28) Share-based payment expense 68 315
Changes in assets and liabilities
(Increase) / decrease in trade and other receivables (34) 17 (Increase) / decrease in inventories (521) 168 (Increase) / decrease in deferred tax assets 112 (449) Increase in prepayments (1,145) (248) Increase / (decrease) in trade and other payables (1,356) 1,607 (Decrease) / increase in government grants - (34) Increase in tax receivables/payable - 272
Increase / (decrease) in provisions (60) 145
Net cash from operating activities (2,059) 2,408
$000 $000
Cash at bank and on hand 1,235 5,702
Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows are as follows:
Nil
Total facilities at 31 December 2014 of $3.52m (June 2014: $3.37m), consisting of $2.08m (June
2014: $2.08m) overdraft, $0.74m (June 2014: $0.74m) bank guarantee, $0.18m (June 2014: $0.18m)
trade, and $0.52m (June 2014: $0.37m) other finance loan.
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5.5 Financing facilities usedAppendix 4E Preliminary final report
Total facilities used at 31 December 2014 of $0.94m (June 2014: $0.78m), consisting of $0.42m
(June 2014: $0.41m) bank guarantee, and $0.52m (June 2014: $0.37m) other finance loan.
$000 $000 $000 $000 $000 $000 $000
At 1 July 2014 12,892 (256) 427 (18) (531) 7,992 20,506 Profit for the period - - - - - 52 52
Other comprehensive
income - - - 18 5 - 23
Proceeds from issue of | ||
shares | - 325 | - - - - - |
Share-based payments | - - | 68 - - - - |
Loss for the period - - - - - (1,375) (1,375) Other comprehensive
income - - - (22) (23) - (45)
Dividends | - | 15 | - - - (375) | (360) |
Proceeds from issue of | ||||
shares | - | 660 | - - - - | 660 |
Employee share plan issue | 159 | (159) | - - - - | - |
Share-based payments - - 315 - - - 315
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7. DividendsAppendix 4E Preliminary final report
Date dividend is payable | N/A |
Record date to determine entitlements to the dividend (i.e. on the basis of security holding balances established by 5.00 pm or such later time permitted by SCH Business Rules - securities are CHESS approved) | N/A |
If it is a final dividend, has it been declared | N/A |
Amount per security | Franked amount per security at 30% tax | |
Final dividend: Current year Prior year | Nil Nil | Nil Nil |
Interim dividend: Current year Prior year | Nil Nil | Nil Nil |
Current year | Prior year | |
Ordinary securities | Nil | Nil |
Current year | Prior year | |
Ordinary securities | Nil | Nil |
Total | Nil | Nil |
Any other disclosures in relation to dividends
Nil
Details of the dividend reinvestment plan are as follows: There is no dividend reinvestment plan in place.
The last date for receipt of election notices for participation
in the dividend reinvestment plan
N/A
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9. NTA backingAppendix 4E Preliminary final report
31 December Current year | 30 June Prior year | |
Net tangible asset backing per ordinary security | 12.5 cents | 12.3 cents |
Nil
Nil
12. Other significant information
Any other significant information needed by an investor to make an informed assessment of the
entity's financial performance and financial position. Refer audited financial statements
For foreign entities, which set of accounting standards is used in compiling the report (e.g. International Financial Accounting Standards).
N/A
A commentary on the results for the period. The commentary must be sufficient for the user to be able to compare the information presented with equivalent information for previous periods. The commentary must include any significant information needed by an investor to make an informed assessment of the entity's activities and results.
Refer audited financial statements
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14.1 Earnings per security (EPS)Appendix 4E Preliminary final report
Details of basic and diluted EPS reported separately in accordance with AASB 133: Earnings Per Share are as follows: | 31 December Current year | 30 June Prior year |
Basic earnings / (loss): Diluted earnings / (loss): | $'000 52 52 | $'000 (1,375) (1,375) |
Weighted average number of ordinary shares used in the calculation of basic EPS: Weighted average number of ordinary shares used in the calculation of diluted EPS: | Number 149,612,364 149,612,364 | Number 144,565,367 144,748,780 |
Basic earnings / (loss) per security: Diluted earnings / (loss) per security: | 0.03 cents 0.03 cents | (0.95 cents) (0.95 cents) |
Including distributions and buy backs. N/A
Refer audited financial statements
The consolidated entity operates predominantly in Australia and substantially in one business segment being the manufacturing and sale of window coverings.
Refer audited financial statements
14.6 Other factors
Any other factors which have affected the results in the period or which are likely to affect results in the future, including those where the effect could not be quantified.
Nil
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15. Status of audit or review
This report is based on accounts to which one of the following applies:
Appendix 4E Preliminary final report
| The accounts have been audited. | | The accounts have been subject to review. |
| The accounts are in the process of being audited or subject to review. | | The accounts have not yet been audited or reviewed. |
If the accounts have not yet been audited or subject to review and are likely to be subject to dispute or qualification, a description of the likely dispute or qualification.
N/A
If the accounts have been audited or subject to review and are subject to dispute or qualification, a description of the dispute or qualification.
N/A
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