HERMANUSDOORNS SHAREBLOCK LIMITED A NNUAL G ENERAL M EETING 11 A UGUST 2018
AGENDA • Welcome • Attendance Register • Notice Convening the Meeting and Quorum – Appointment of Referee and assistant to administer and count votes • Apologies and Proxies • Appointment of Vote Counters AGM 2018 11 August 2018 - AGM 2
AGENDA … cont • Report Back including: – Overview of the Company – Ordinary Resolutions 1 to 3 – Special Resolutions 1 and 2 • General • Closure • Lunch – directly after the meeting AGM 2018 11 August 2018 - AGM 3
Respect to Passing Shareholders • Observe a minutes silence • A couple of shareholders or family members passed away during the last year – Johan Wessels – Daan Botha AGM 2018 11 August 2018 - AGM 4
Welcome to new Shareholders • Welcome to new members – Willem Davel & family – Francois van der Merwe & family – Fritz Van Der Westhuizen & family AGM 2018 11 August 2018 - AGM 5
A Celebration • This is our 21 st Birthday as a Shareblock • Happy Birthday to Hermanusdoorns in becoming of Age AGM 2018 11 August 2018 - AGM 6
Minutes of AGM of 12 th August ‘17 • Ordinary Resolution 1 – Resolved as Ordinary Resolution 1 to approve the minutes of the previous Annual General Meeting held on 12 th August 2017 AGM 2018 11 August 2018 - AGM 7
MD’s Report • Key issues addressed by the Board – Financial Position – Stakeholder Issues – Corporate Governance – Infrastructure and Asset management – Human Capital – Services provision – Fauna and Flora AGM 2018 11 August 2018 - AGM 8
Intro and some Background • Board has managed expenses within the budget, while allocating capital resources to much needed projects • The past year, as was the prior year, has been primarily focused on Infrastructure Improvement – Replacement of the Western Fence into the mountain – Joint Venture with neighbour to repair the fence at the back of the farm – Restoration of the second assistant Farm managers house – Continued Sekelbos removal – Increased investment in specialized tools to reduce maintenance costs – Hammer mill to assist feed preparation – Building of viewing Deck at Dam near old windmill – Replacing the hide at Waterbokpan AGM 2018 11 August 2018 - AGM 9
Intro and Background • Continued focus and improvement on controls – Expenses – Security – Asset utilization – Capital Expenditure • Policy and Procedure entrenchment AGM 2018 11 August 2018 - AGM 10
Financial Position • Operational Finances remain extremely healthy – Continued focus on the 5 key expenses that account for 90% of our cost base: • Salaries - Well under control • Utilities - Consumption steadily declining Will utilize more solar in future • Vehicles - Policy to replace old vehicles shown good results. • Maintenance - Well controlled • Capex - Good progress on “Big Ticket items” AGM 2018 11 August 2018 - AGM 11
Late Debtors Trend AGM 2018 11 August 2018 - AGM 12
Late Levies • Late levies (Services excluded) – At 31 March Debtors were R 542k • last year they were R 274k – As at 31 July they were still R 222k • Last year they were R209k • Trend line reversing! • We will continue with legal action until prosecution for ALL defaulters AGM 2018 11 August 2018 - AGM 13
Late Levies • Late Levy payment have been a reality over the past years • At previous AGM’s it was agreed to adopt a “ZERO TOLERANCE” approach following on the previous AGM decision to “name and shame” • Remember 31 March is the Deadline • Defaulters with possible legal action – Brian Moore – Multiple Offender – Dawid Botha – Multiple Offender – Jan Swanepoel / Lieb vd Walt – Multiple Offender – Pieter van den Ben – Multiple Offender – Ronnie Van As – Dalema Tobacco • We will prosecute to finality, possibly with an auction to recover Company monies and DENY ACESS to the farm if in arrears • All Outstanding monies as of 31 March will be levied interest at the usury rate! AGM 2018 11 August 2018 - AGM 14
Financial Position • The following slides – Reflect the financial status of the company – Show that the company is in a sound state – and continues to grow stronger each year – Illustrate that the company is well managed and expenses are under control AGM 2018 11 August 2018 - AGM 15
Balance Sheet Items Please Refer to Page 10 of the AFS A • A) Good Cash Position = R 1.2m • B) Loss – continuously declining ❑ Remember assets write off B of R 12.6m as part of new accounting rules AGM 2018 11 August 2018 - AGM 16
Income Statement Issues D E Please Refer to Page 11 of the AFS F • D Static Levy Revenue • E Decreasing “Other Income” • F Deficit on Operating line of R42.0k G • G Total Surplus of R 18k for the year AGM 2018 11 August 2018 - AGM 17
Application of Funds - 2017/8 Actual AGM 2018 11 August 2018 - AGM 18
Income Statement Highlights Refer to page 25 of AFS AGM 2018 11 August 2018 - AGM 19
Expense Control Overall Expense Growth 2019/20 2018/9 2017/8 2016/7 2015/6 Budget Forecast Actual Actual Actual Op Ex 2,361,629 2,227,941 2,203,147 2,069,490 1,866,990 Capex 525,000 525,000 497,395 621,372 863,482 Game 75,000 125,000 130,666 31,542 16,211 Total 2,961,629 2,877,941 2,831,208 2,722,404 2,746,683 Growth on Prior Year 2.9% 1.7% 4.0% -0.9% AGM 2018 11 August 2018 - AGM 20
Income Statement Highlights • Refer to page 23 and 25 • Employee costs Detail 2017/8 2016/7 % Employee costs 1,039,069 1,014,217 2.5% Recoveries (255,954) (291,327) (12.1%) Cleaning 126,585 126,414 Alarm 20,433 31,999 Shareholder Stuff 99,891 108,698 Snoepie 9,045 24,216 Real Employee Costs 783,115 722,890 8.3% AGM 2018 11 August 2018 - AGM 21
AGM 2018 11 August 2018 - AGM 22
Income Statement Highlights • Refer to page 25 • Admin and Auditing – Actual Up by 1.7% • Motor Vehicle Costs – Actual Down by 1.8% • Repairs and maintenance – Actual up by 64% as we continue to overhaul infrastructure • Utilities – Down by 8% as we switch to lower energy devices • Insurance – Down by 22% as a result renegotiated contract • Employee Costs – Up 2.5% • ALL in ALL – Very Reasonable AGM 2018 11 August 2018 - AGM 23
Income Statement Highlights • Refer to page 25 • Electricity ∆ Detail 2017/8 2016/7 % Electricity Costs 380,222 414,725 (8.3%) Recoveries (227,324) (209,399) 8.6% Real Electricty Cost 152,898 205,326 (25.5%) AGM 2018 11 August 2018 - AGM 24
Profit Bridge Detail 2018 2017 2016 2015 Operating Income (Loss) for the Year (Excl CAPEX) 646,404 762,079 920,650 708,982 Capital Expenditure and Game Costs 628,061 652,914 863,482 618,787 Operating Income (Loss) for the Year 18,343 109,165 57,168 90,195 AGM 2018 11 August 2018 - AGM 25
Income Statement Highlights • Refer to page 23 • Capex (R 439k) down on prior year but offset by higher maintenance • Should remain at about R 600k to protect the asset base AGM 2018 11 August 2018 - AGM 26
Capex and Trend line Detail 2017/8 2016/7 Approximately R600k Fencing 60 748 147 200 required to invest on Infrastructure 191 318 291 911 Farm Equipment 70 517 31 578 an annual basis to Furniture and Fittings 13 112 17 883 Farm House Renovation 161 700 132 800 protect the farm asset Total Capex for Year 497 395 621 372 AGM 2018 11 August 2018 - AGM 27
Financial Position • The Financial Statements have been discussed in detail at various meetings of the Financial Reporting Committee and have recommended these for adoption AGM 2018 11 August 2018 - AGM 28
Adopting the AFS • Ordinary Resolution 2 – Resolved as Ordinary Resolution 2 to receive and adopt the Company’s Annual Financial Statements for the year ended 28 th February 2018 AGM 2018 11 August 2018 - AGM 29
Appointment of Auditors • Ordinary Resolution 3 – Resolved as Ordinary Resolution 3 to appoint A&O Attest Services Incorporated as Auditors to the Company until the conclusion of the next Annual General Meeting AGM 2018 11 August 2018 - AGM 30
Recommend
More recommend
