TUR - Turners & Growers

[Snow Leopard]

quote:
Brilliant , Tiger

I know

Has you are busy stomping around whinging about it all, perhaps you could provide a better figure for our enlightenment?

[Misc]

Better figure ?? Impossible to value imo.

Closer to a 'donut' than $2.63 though I suspect.

Staff bailing left/right and centre ... heard even long term apple guy Clive Durant has bailed.

I dont hold these , but I'm sure the market is 'doing them a favour' at $1.90 , no stomping or whinging , just something for holders to think about. You long at $2.75 Tiger ??

Misc

[Snow Leopard]

Disc: Never held, just watching

[winner69]

One positive about the NTA is the bulk of it is real tangible stuff ... like land and property

That Mt Wellington site of their must be real valuable, now and into the future.

However selling about $600M worth of stuff and if misc is right making no money on all that activity (this year) is not a good sign and isn't generating the cash it should be

Also hear rumblings from HO about the difficulties being encountered ... new boss trying to make changes when the **** is hitting the fan in the daily operations always difficult .... esp if aspirations (prb GPGs) are high

But on that level of activity IF they could make $50M a year watch the price fly.

[Snow Leopard]

$50m a year? I think we can expect no more than $9m absolute tops.

[winner69]

quote:Originally posted by Paper Tiger

$50m a year? I think we can expect no more than $9m absolute tops.

was talking aspirational stuff (whoops letting the cat out of the bag)based on benchmarking against the world etc

And misc seems to suggest that even $9m is impossible in the short term ... he seems pretty clued up about their activities and it looks all doom and gloom cut your throuat slash your wrists stuff doesn't it

[Phaedrus]

TUR has been technically weak right from the start. There have been numerous warnings, allowing plenty of time to exit this stock and limit losses.
(1) Price started to fall as soon as trading commenced.
(2) Resistance met at opening price (no uptrend here)
(3) Previous support level broken and downtrend begins.
(4) Smart money exits (see OBV)
(5) Resistance at $2.60
(6) Previous support at $2.30 broken.

[morv]

must agree with misc,apple market in euro huge
problems that will reach further into the balance sheet than just reduction in commision income
local market turnover value in vege dropped by 40%
at a guess plus losing % of business to an attacking opposition.
new banana importer backed by sumitomo fruit having a go at their supermarket banana trade,
result an unhappy no.2 shareholder
lot of unhappy staff,espicially in local fruit and vege sales. lovely job 2am to noon with bonuses on turnover factor. i am unsure how much
the property revaluations and the good
performance of case hire and transport will hide the red ink
discl;sold holding to make nogoc into nog

[truedragon]

What do u guys think about the results. No mention of dividend!! Is there one?

DISC: Hold TUR




Turners & Growers Limited - Announcements




TUR
24/08/2005
HALFYR

REL: 1618 HRS Turners & Growers Limited

HALFYR: TUR: HY to 30/6/05 IFRS$5.92m ($8.06m restated IFRS)

TURNERS & GROWERS LIMITED AND SUBSIDIARY COMPANIES
HALF YEARLY REPORT TO JUNE 2005

The Board announces the results for the half year to 30th June 2005. These
have been prepared under N.Z. International Financial Reporting Standards
(IFRS) and the comparative figures have been restated accordingly.
The figures are unaudited.

$000
OPERATING REVENUE (05) 248,191 (04) 284,565 -12.8%

EBITDA (05) 18,941 (04) 22,129 -14.4%
Depreciation (05) (9,082) (04) (10,197) -10.9%
Amortisation (05) (832) (04) (564) +47.5%

EBIT (05) 9,027 (04) 11,368 -20.6%
Interest Income (05) 305 (04) 338 -9.8%
Interest Expense (05) (3,411) (04) (3,640) -6.3%

OPERATING SURPLUS
BEFORE INCOME TAX (05) 5,921 (04) 8,066 -26.6%
Income Tax (05) (1,105) (04) (2,662) -58.5%

OPERATING SURPLUS
AFTER INCOME TAX (05) 4,816 (04) 5,404 -10.9%

Minority Interests
In deficit of subsids (05) (69) (04) (92) -25.0%

NET SURPLUS (05) 4,747 (04) 5,312 -10.6%

DIRECTORS' COMMENTARY

The group profit before tax (unaudited) for the half year to June 2005 was $6
million, compared with the first half result for 2004 of $7.5 million
(restated this year under IFRS at $8 million). The most significant
contributor to this reduction has been the export apple sector.

ENZA INTERNATIONAL

The season got off to a late start owing to summer climatic factors, with a
significant reduction in the availability of exportable product. While it is
probable that ENZA has maintained its export market share, this overall
reduction has translated into a significant shortfall in tray-carton
equivalents (tces) actually shipped, with a final figure in the region of
about 5.5 million tces.

The late start to the season has been further compounded by a generally
oversupplied European market which also held carryover stocks of last
season's northern hemisphere fruit. Coupled with recent weak consumer demand
over a broad range of fruit and produce generally, these factors have had a
marked impact on returns to our grower clients and on group commissions. The
intransigently high exchange rates, remaining well above preseason budget
levels in most core currencies, have also reduced overall returns.

United Kingdom fruit sales have been steadier than in Europe and it is to be
hoped that prices will hold up in the later part of the season. North America
has generally achieved good prices to date with the US dollar rate being the
main challenge. However some evidence of weakness is emerging with the
arrival of northern hemisphere new season varieties, and because of
unnecessarily low price offers from other NZ exporters.

The problems in the apple industry affect all global producers. While there
is serious concern about New Zealand growers continuing to pull out trees of
the traditional varieties or exit the industry, Enza remains confident of a
longer term future for the new Jazz variety in which it holds exclusive
world-wide production and marketing rights. The next two or three years will
see increasing quantities of this variety becoming available for overseas
sale. The pricing premium this variety is commanding is both necessary and
reassuring.

The Board continues to be pleased with the investment in the Latitude 41
Packhouse in Nelson which performed most effectively for its clients and the
group during its second packing season, and is looking to replicate the
facility in Hawkes Bay on the Whakatu site.

FRESH DOMESTIC SECTOR

The industry environment continues to be both competitive and dynamic. The
company appears to be holding market share with results up on the equivalent
six months in 2004.

One strategic objective of management has been the endeavour

[Bling_Bling]

Assuming they can make $10 million profit full year for the next 3 years, puts them on a PE over 14.5x at current price of $1.96. Still expensive in my books for a company going through downgrades and long term fundamental problem.

It is turning, but it aint growing.

disc: not a shareholder