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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Gold Frost | LSE:GLF | London | Ordinary Share | IL0010952989 | ORD ILS0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.10 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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19 March 2007
Gold Frost Limited
("Gold Frost" or the "Company")
Audited Results for the year ended 31 December 2006
Gold Frost (ticker: GLF), the designer, developer and distributor of kosher
chilled, frozen and dairy food products, today announces its audited financial
results for the year ended 31 December 2006.
Financial highlights for the fiscal year ended 31 December 2006:
* Revenues increased by 30.4 per cent. to $10.7m (year ended 31 December
2005: $8.2m)
* Gross profit increased by 32.5 per cent. to $5.2m (year ended 31 December
2005: $3.9m) with gross margin improving to 48.3 per cent. (year ended 31
December 2005: 47.5 per cent.)
* Profit before tax increased by 58.1 per cent. to $3.5m (year ended 31
December 2005: $2.2m)
* Net Profit increased by 62.6 per cent. to $2.4m (year ended 31 December
2005: $1.5m)
* Basic earnings per share increased by 29.7 per cent. to 4.8 cents (year
ended 31 December 2005: 3.7 cents)
* Net cash of $12.4m (equalling to 23.5 cents per ordinary share) as at 31
December 2006
Operational highlights:
* Raised $7.9 million from IPO in March 2006;
* Increased revenues primarily due to an increase in sales and marketing of
existing products to new and existing customers in Israel;
* Growth in all product segments;
* Approximately 70% per cent. of sales from its main product lines of Lurpak
spreadable butter, butter, Fetina, Swedish Lo-Chol and Odam; and
* Continued investment in developing new innovative products with health
benefits.
Commenting on the results, Zwi Williger, Chief Executive Officer, said: "Our
success in 2006 was primarily the result of the Company's ability to develop
and launch new products into the market. In order to support these new
products, we made additional investments in sales and marketing, which has
slightly impacted the net profit figure. Our customers' response to our
expanded product lines have been strong which has driven increased sales among
existing customers as well as with new customers."
The Company developed and launched a number of new cheese products in 2006. In
February, the Company launched a kosherised "Lurpak Spreadable Lighter" brand,
which has 25 per cent. less fat and 35 per cent. less cholesterol when compared
to the "regular" product and has an increased shelf life of ten months. A new
cheese product similar to Roquefort, called Bloose, was developed with Gold
Frost's supplier, Arla Foods. In May 2006 the Company launched in Israel a
kosherised light "Fetina" which has 9 per cent. fat with 0 per cent.
cholesterol.
The Company recently announced an agreement with Arla Foods, Inc. to import
kosher Lurpak butter and Brie and Camembert cheeses into the U.S. for
distribution by Gold Frost. Shipments of these products to the U.S. may
commence once Gold Frost has produced new product labeling in compliance with
USDA and kosher regulations.
"We are leveraging our global supplier relationships and expertise in product
development to capitalize on the rapidly growing demand for innovative kosher
products," concluded Mr. Williger. "Whilst it has taken a little longer than we
hoped, we are now beginning to execute our strategy to expand internationally
and intend to drive profitable growth through expanded distribution channels
and a premium product offering. We look forward to the future."
Enquiries:
Gold Frost Ltd
Zwi Williger, Chief Executive Officer +972 544 324924
Corporate Synergy Plc +44 20 7448 4400
Rhod Cruwys / David Seal
Overview
Gold Frost is pleased to report a strong operating performance in fiscal 2006,
reflecting the Company's success in increasing sales of its existing products
in Israel.
Revenues for 2006 increased by 30.4 per cent to $10.7m compared with last year
and net profit increased by 62.6 per cent to $2.4m compared with last year.
Gross margins improved to 48.3 per cent compared with the previous year due to
tight control on costs as well as increased sales of higher margin branded
products.
Operating profit before tax increased by 58.1 per cent. to $3.5m from US$2.2
million reported last year. Operating expenses for the year increased by 31.2
per cent. to US$2.4 million from US$1.8 million in 2005. This increase was
mainly attributable to advertising campaigns and other costs associated with
several new product launches over the course of the year.
2006 saw an increase in demand for all segments of Gold Frost's products.
Growth was driven by several factors. First, the sales team was increased,
enabling the Company to gain more access to existing customers and to new
customers. Secondly, the Company's products continued to gain market acceptance
due to a combination of superior taste and the fulfilment of kosher quality
assurance standards. Approximately 70 per cent. of sales were generated from
its main product lines of Lurpak spreadable butter, butter, Fetina (kosherised
feta cheese), Swedish Lo-Chol and Odam (an Edam style cheese).
Gold Frost ended the year with $12.4 million in cash and no debt. In March
2006, the Company raised $7.9 million from an IPO.
The Company's growth strategy is to broaden the variety of branded kosherised
products and target them at health conscious consumers worldwide.
Outlook
The Company's growing product portfolio and consumer demand for healthier foods
means that there is a significant market opportunity for Gold Frost to gain
share within the dairy kosher food market, which was estimated at $1.5bn per
annum in Israel alone in 2005.
Whilst the Company has yet to be granted its own import license in the U.S., it
has made arrangements with its supplier, Arla Foods in the U.S. to import
kosher Lurpak butter and Brie and Camembert cheeses into the U.S. for
distribution by the Company. Shipments of these products to the U.S. may
commence once Gold Frost has produced new product labeling in compliance with
USDA and kosher regulations.
FINANCIALS
Balance Sheets December 31,
(US$ `000s) 2 0 0 6 2 0 0 5
(in thousands)
Assets
Current assets
Cash and cash equivalent 10,479 4,281
Securities held for trading 1,963 -
Related parties 3,001 1,443
Other receivables 56 67
Inventories 1,527 1,351
Total current assets 17,026 7,142
Property, plant and equipment
Cost 395 -
Less: accumulated depreciation and amortization 110 -
285 -
Total assets 17,311 7142
Liabilities and shareholders' equity
Current liabilities
Trade accounts payables 1,253 1,875
Other payables and current liabilities 1,596 1,165
Total current liabilities 2,849 3,040
Non-current liabilities
Deferred taxes 10 -
Warrants to issue shares 82 -
Accrued Severance Pay 13 -
Long Term Liabilities 105 -
Shareholders' equity
Share capital 119 54
Additional paid in capital 6,900 387
Foreign currency translation reserve 1,148 (108)
Retained earnings 6,190 3,769
14,357 4,102
Total liabilities and shareholders' equity 17,311 7,142
Profit and Loss statement Year ended December 31
(US$ `000s) 2006 2 0 0 5
(in thousands)
Revenues 10,718 8,222
Cost of sales 5,545 4,318
Gross profit 5,173 3,904
Operating expenses:
Selling and marketing, net 1,241 1,666
General and administrative 1,118 131
Total operating expenses 2,359 1,797
Profit from operations 2,814 2,107
Financial income, net 703 117
Profit before tax 3,517 2,224
Income tax expenses 1,096 735
Net profit for the year 2,421 1,489
Earnings per share (EPS)
(US$ Cents)
Basic 4.8 3.7
Fully diluted 4.8 3.7
Shares used in computation of basic EPS 50,497,064 40,000,000
Shares used in computing fully diluted EPS 50,641,717 40,000,000
Cash Flow Statement Year ended December 31,
(US$ `000s) 2006 2 0 0 5
(in thousands)
Cash flows from operating activities:
Net Profit for the year 2,421 1,489
Adjustments to reconcile net profit to net cash
provided by operating activities:
Gain on trading investments (53) -
Depreciation 95 -
Purchase of trading investments (1,808) -
Deferred income taxes 10 -
Changes in fair value of warrants (222) -
Decrease (increase) in other receivables 17 (68)
Increase in inventories (52) (313)
Increase (decrease) in trade accounts payable (749) (13)
Increase in other payables and current liabilities 310 447
Increase in Accrued severance pay, net 12 -
Decrease (increase) in Parent company balance (1,355) (1,026)
Net cash provided by operating activities (1,374) 516
Cash flows from investing activities:
Payments for property plant and equipment (365) -
Net cash used in investing activities (365) -
Cash flows from financing activities:
Proceeds from public listing, net of costs 6,877 -
Increase (decrease) in short-term bank credit - (371)
Net cash provided by (used in) financing activities 6,877 (371)
Increase (decrease) in cash and cash equivalents 5,138 145
Cash and cash equivalents at the beginning of the 4,281 4,424
year
Effect of exchange rate changes on cash and cash 1,060 (288)
equivalents
Cash and cash equivalents at the end of the year 10,479 4,281
Supplemental disclosures of cash flow information:
Cash paid for:
Taxes 781 189
Notes to editors:
The Annual Report and Accounts
The annual report and accounts for the year ending 31 December 2006 will be
posted to shareholders before the end of March 2007 and copies will be
available from the offices of Corporate Synergy Plc, 30 Old Broad Street,
London EC2N 1HT.
END
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