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ALJ
ALJ
ALJ - All Joy - Reviewed Results for the 6 months ended 31 December 2006
All Joy Foods Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1989/000100/06)
Share Code: ALJ
ISIN Code: ZAE000017240
("All Joy") or "the Group"
Reviewed Results for the 6 months ended 31 December 2006
BALANCE SHEET Reviewed Audited
6 months 16
to months
31 Dec to
2006 30 Jun
R`000 2006
R`000
ASSETS
Non current assets 14 242 12 638
Current assets 23 006 23 510
TOTAL ASSETS 37 248 36 148
EQUITY AND LIABILITIES
Shareholders Funds 16 886 16 583
Non-current liabilities 513 769
Current liabilities 19 849 18 796
Total equity and liabilities 37 248 36 148
Shares in issue at period end (`000) 41 973 41 973
Net asset value per share (cents) 40.2 39.5
Net asset value per share excl 37.8 37.6
intangible assets (cents)
INCOME STATEMENT Reviewed Audited
6 months 16
to months
31 Dec to
2006 30 Jun
R`000 2006
R`000
Gross Revenue 26 368 55 768
Cost of Sales 15 045 30 686
Gross Profit 11 323 25 082
Other Income 264 884
Operating expenses 11 170 27 069
Operating profit/(loss) 418 (1 103)
Investment income 4 109
Finance charges 570 1 434
Profit/(loss) before taxation (148) (2 428)
Taxation (473) (468)
Profit/(loss) attributable to 325 (1 960)
shareholders
Reconciliation headline earnings
Profit/(loss) for the period 325 (1 960)
Adjusted for
- Profit on disposal of property, 0 (342)
plant and equipment
Headline earnings (loss) for period 325 (2 302)
Basic and diluted earnings per share 0.01 (4.7)
(cents)
Weighted average number of shares (`000) 41 973 41 973
Headline earnings per share (cents) .01 (5.5)
CASH FLOW STATEMENTS Reviewed Audited
6 months to 16 months to
31 Dec 2006 30 Jun 2006
R`000 R`000
Cash flows from operating activities 1 081 (3 046)
Cash flows from investing activities (1 598) (895)
Cash flows from financing activities (287) (394)
Net movement in cash and cash (804) (4 335)
equivalents (9 163) (4 828)
Cash and cash equivalents at beginning
of period
Cash and cash equivalents at end of (9 967) (9 163)
period
STATEMENT OF Share Share Revalua Retaine Total
CHANGES IN EQUITY Capital Premium tion d
R`000 R`000 Reserve Income R`000
R`000 R`000
Balance as at 1 420 6 543 7 410 14 373
March 2005 as
restated 4 170 4 170
Revaluation of
property (1 960) (1 960)
Net operating
profit / (loss)
for the period
Balance as at 1 420 6 543 4 170 5 450 16 583
July 2006 (22) (22)
Share allotment
cost
Net operating 325 325
profit / (loss)
for the period
Balance as at 31 420 6 521 4 170 5 775 16 886
December 2006
COMMENTS
The board of Directors present the reviewed financial results of All Joy Foods
Limited for the six months ended 31 December 2006.
INTRODUCTION
We are satisfied that the strategies initiated and implemented during the
sixteen month financial year ended 30 June 2006 has seen the required increase
in sales revenue. Focus and the realignment of efforts have been put into brand
management and the benefits are expected to bear fruits in the months ahead.
The group remains committed to monitoring manufacturing overhead costs to
remain competitive in the market.
FINANCIAL REVIEW
All Joy reported revenue of R26.4 million for the period under review. This is
a 26.1 percent increase on the average monthly sales without accounting for the
seasonal highs and lows. The gross profit decreased in the same period by 2.1
percent. Our supply chain costs are directly linked to the increased sales. The
group incurred a net loss before taxation of R148 000.00 but a positive
increase in the deferred taxation resulted in headline earnings of R325 000.00
for the period under review. The improvement in headline earnings is attributed
to the increase in revenue and the implementation of the turnaround strategy to
contain operating expenses to acceptable levels
INTERNATIONAL FINANCIAL REPORTING STANDARDS AND COMPANIES ACT REQUIREMENTS
The final financial statements are prepared in compliance with International
Financial Reporting Standards (IFRS) as well as the Companies Act.
CORPORATE GOVERNANCE
The group subscribes to the principles of, and implements where possible, the
recommendations of the King II Code on Corporate Governance.
REVIEW
The above figures were reviewed by ARC Chartered Accountants (SA) Inc and their
report is available for inspection during office hours at Unit 5, 299 Pendoring
Road, Blackheath Ext 6, 2195.
DIVIDENDS
The directors do not recommend the payment of an interim dividend.
FOR AND ON BEHALF OF THE BOARD
MT Pather (Chief Executive Officer)
30 March 2007
Registered office: 103 Booysens Reserve Road, Crown Mines, 2001, PO Box 2152,
Southdale, 2135
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited,
Ground Floor, 70 Marshall Street, Johannesburg
Executive Directors: MT Pather; JW Walters; Non-Executive Directors: S
Fanaroff, WA Parsons
Auditors: ARC Chartered Accountants (SA) Inc (1996/003163/21) (PO Box 252,
Cresta, 2118)
Sponsor: Exchange Sponsors (Pty) Ltd, 39 First Road, Hyde Park, 2196 (PO Box
411216, Craighall, 2124)
Date: 30/03/2007 10:31:30 Produced by the JSE SENS Department.
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