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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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31 March 2008
Gold Frost Limited
("Gold Frost" or the "Company")
Audited Results for the year ended 31 December 2007
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 2007.
Financial highlights for the fiscal year ended 31 December 2007:
Revenues increased by 20.4 per cent. to US$12.9m (year ended 31 December 2006:
US$10.7m)
Gross profit has decreased by 16.2 per cent. to US$4.3m (year ended 31 December
2006: US$5.2m)
Operating profit has decreased by 36.0 per cent. to US$1.8m (year ended 31
December 2006: US$2.8m)
Net profit has decreased by 32.1 per cent. to US$1.6m (year ended 31 December
2006: US$2.4m)
Basic earnings per share decreased by 35.4 per cent. to 3.1 US cents (year
ended 31 December 2006: 4.8 US cents)
Net cash and marketable securities of US$16.3m (equalling to 30.8 US$ cents per
ordinary share) as of 31 December 2007.
Commenting on the results, Zwi Williger, Chief Executive Officer, said, "Fiscal
2007 was a very challenging year for Gold Frost. Agricultural commodity prices
have shifted upward while tight supplies and increased demand have weathered
into a perfect storm across the food industry."
Mr. Williger continued, "As previously stated, Gold Frost and the global dairy
industry experienced rising wholesale costs due to weather related problems,
reduced milk production, cessation of EU dairy export subsidies at the same
time that consumption and demand for dairy has increased in growing emerging
markets. These factors have negatively impacted Gold Frost's gross margins on
our products."
Mr. Williger concluded, "The outlook for 2008 remains uncertain. Global dairy
prices have yet to stabilise and the Board is unable to predict when or if this
will happen in 2008. In the interim, we are successfully leveraging our
infrastructure and hedging our strategic direction through smart acquisitions
to set the stage for future growth. We continue to monitor the dairy situation
and look forward to launching our brand of premium kosher dairy products
globally once raw milk prices stabilize."
Recently, the Company announced purchasing a majority interest in a kosher
dairy distributor based in Denmark. As part of the transaction, the
Distributor has transferred cash, 35 customers from 15 countries worldwide.
Included with this transaction is also the transfer of a US import license, a
vital component for the launch of a US dairy strategy in 2008.
Enquiries:
Gold Frost Ltd
Zwi Williger, Chief Executive Officer +972 544 324924
Blue Oar Securities Plc
Rhod Cruwys /Matthew Marchant +44 20 7448 4400
Overview
Gold Frost is pleased to report operating performance in fiscal 2007:
Revenues for 2007 increased by 20.4 per cent to US$12.9m compared with last
year and net profit has decreased by 32.1 per cent to US$1.6m compared with
last year. Gross margins decreased to 33.6 per cent from 48.3 per cent in the
previous year due to the well documented global increases in the costs of raw
dairy products. Operating expenses for the year increased by 7.4 per cent. to
US$2.5m from US$2.4m in 2006. As a result, profit before tax decreased by 44
per cent. to $2m from US$3.5 million reported last year.
Gold Frost ended the year with US$16.3 million in cash and marketable
Securities and no debt.
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, in Israel alone for 2007, was
estimated at US$1.5bn per annum.
Gold Frost's growth strategy is to cross-market its innovative product
portfolio by leveraging its abilities to expanded global footprint to penetrate
new and existing markets. Gold Frost's innovative chilled kosher products are
cross-marketable to kosher eaters and consumers of healthy lifestyle products
alike.
In 2007 and in the beginning of 2008 the Company increased its product prices
to its customers in response to dairy input price increases but was unable to
pass on the full cost of the price increases it experienced to its customers.
The outlook for 2008 remains uncertain. Global dairy prices have yet to
stabilise and the Board is unable to predict when or if this will happen in
2008. The Board does not consider that there is scope for further price
increases to its customers at present but continues to monitor the situation
carefully. Gold Frost is reviewing the optimal timing for a U.S. dairy strategy
in order to best utilize the U.S. dairy import license it has acquired.
FINANCIALS
BALANCE SHEETS
IN U.S. DOLLARS
December 31,
2007 2006
(in thousands)
Assets
Current assets
Cash and cash equivalent 9,510 10,479
Securities held for trading 6,753 1,963
Related parties 3,396 3,001
Other current assets 252 56
Inventories 1,285 1,527
Total current assets 21,196 17,026
Property, plant and equipment
Cost 434 395
Less: accumulated depreciation and amortization 223 110
211 285
Other assets 77 -
Total assets 21,484 17,311
Liabilities and shareholders' equity
Current liabilities
Trade accounts payables 3,471 1,253
Other payables and current liabilities 480 1,596
Total current liabilities 3,951 2,849
Non-current liabilities
Deferred taxes - 10
Warrants to issue shares - 82
Accrued Severance Pay 6 13
Long Term Liabilities 6 105
Shareholders' equity
Share capital 119 119
Additional paid in capital 6,900 6,900
Foreign currency translation reserve 2,674 1,148
Retained earnings 7,834 6,190
17,527 14,357
Total liabilities and shareholders' equity 21,484 17,311
INCOME STATEMENTS
IN U.S. DOLLARS
Year ended December 31
2007 2006
(in thousands)
Revenues 12,906 10,718
Cost of sales 8,571 5,545
Gross profit 4,335 5,173
Operating expenses:
Selling and marketing 1,431 1,241
General and administrative 1,103 1,118
Total operating expenses 2,534 2,359
Profit from operations 1,801 2,814
Financial income, net 167 703
Profit before tax 1,968 3,517
Income tax expenses 324 1,096
Net profit for the year 1,644 2,421
Earnings per share (EPS)
(US$ Cents)
Basic 3.1 4.8
Fully diluted 3.1 4.8
Shares used in computation of basic EPS 52,857,142 50,497,064
Shares used in computing fully diluted EPS 52,857,142 50,641,717
STATEMENTS OF CASH FLOWS
IN U.S. DOLLARS
Year ended
December 31,
2007 2006
(in thousands)
Cash flows from operating activities:
Net Profit for the year 1,644 2,421
Adjustments to reconcile net profit to net cash
provided by operating activities:
Gain on trading investments 79 (53)
Depreciation 95 95
Purchase of trading investments (4,383) (1,808)
Deferred income taxes (76) 10
Changes in fair value of warrants (85) (222)
Decrease (increase) in other receivables (179) 17
Increase in inventories 367 (52)
Increase (decrease) in trade accounts payable 1,961 (749)
Increase in other payables and current liabilities (1,192) 310
Increase in Accrued severance pay, net (8) 12
Decrease (increase) in Parent company balance (93) (1,355)
Net cash provided by operating activities (1,870) (1,374)
Cash flows from investing activities:
Payments for other assets (7) -
Payments for property plant and equipment - (365)
Net cash used in investing activities (7) (365)
Cash flows from financing activities:
Proceeds from public listing, net of costs - 6,877
Net cash provided by (used in) financing activities - 6,877
Increase (decrease) in cash and cash equivalents (1,877) 5,138
Cash and cash equivalents at the beginning of the year 10,479 4,281
Effect of exchange rate changes on cash and cash
equivalents 908 1,060
Cash and cash equivalents at the end of the year 9,510 10,479
Supplemental disclosures of cash flow information:
Cash paid for:
Taxes 1,561 781
Notes to editors:
The Annual Report and Accounts
The annual report and accounts for the year ending 31 December 2007 will be
posted to shareholders before the end of April 2008 and copies will be
available from the offices of Blue Oar Securities Plc, 30 Old Broad Street,
London EC2N 1HT.
END
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