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Waipara Hills Wine Estate Starts Well

National and international success for the Langdale of Canterbury and the Waipara Hills labels highlighted the initial four months’ trading by Waipara Hills Wine Estate Ltd.

The interim period to 31 December 2001 produced start-up operating losses for the new wine producer as was expected. They stood at $765,784, including the expenses of the mid-2001 public issue.

The Langdale 2001 Riesling won a gold medal at the Air New Zealand Wine Show while Waipara Hills 2001 Marlborough Sauvignon Blanc scored 89 points in the “Wine UK Magazine” New Zealand Sauvignon Blanc tasting which put it second equal with Wither Hills. The directors were very pleased with this early success for the new company, which was established in September last year to produce and market premium quality award-winning wines.

Revenue totalled $124,069 and sundry income was $24,537. With bottling of wine occurring later than expected and delays in negotiating United Kingdom export contracts overall revenue from wine sales was behind budget for the four-month period. However, the directors expect sales volumes to achieve budgeted levels as the 2002 year progresses.

The company entered into a short-term finance arrangement with the National Bank of NZ Ltd for the GST component of the major asset transaction undertaken with Langdale Wine Company Ltd, as well as to cover an overrun in the public issue costs. This facility has been reduced to $50,000 and will be repaid in full from the funds arising from the payment of the second call.

“The business start-up tasks are virtually complete and the directors’ attention is now focused on sales and production,” says the chairman Mr Syd Bradley. ”While the next six months will be challenging, medium term projections show that the business is tracking in line with the Prospectus and Investment Statement projections in the key areas of production, sales and profitability”.

The directors advise that the company is now making its scheduled second and final call of 40 cents per share. The Notice of Call was posted to shareholders today (4 March) with the payment being due by 5.00 p.m. on Friday 5 April 2002.

The company issued 2,707,500 shares to approximately 400 investors and proceeds were applied to the acquisition of the assets of the Langdale Wine Company Ltd, capital expenditure and issue expenses. As at 31 December 2001 the net assets of the Company were $1,097,116.

The balance of the funds received from the call now being made will be used for working capital so as to further the company’s business plan.

Ends

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