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ALJ
ALJ
ALJ - All Joy Foods Limited - Audited Results for the year ended 30 June 2007
All Joy Foods Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1989/000100/06)
Share Code: ALJ
ISIN Code: ZAE000017240
BALANCE SHEETS 12 months 16 months
Audited Audited
30 June 30 June 2006
2007 R`000
R`000
ASSETS
Non current assets 15 207 12 638
Property, plant and equipment 13 002 11 092
Intangible Assets 1 179 809
Deferred tax 1 026 737
Current assets 22 098 23 510
Inventory 8 942 9 448
Trade and other receivables 11 917 12 095
Cash and cash equivalents 1 239 1 967
Total assets 37 305 36 148
EQUITY AND LIABILITIES
Shareholders Funds 15 507 16 583
Share capital and premium 6 930 6 963
Reserves 4 170 4 170
Retained income 4 407 5 450
Non - Current liabilities 247 769
Finance lease obligation 247 769
Current liabilities 21 551 18 796
Taxation 1 433 626
Bank Overdraft 11 890 11 131
Trade and other payables 7 599 6 279
Finance lease obligation 475 474
Provisions 154 286
Total equity and liabilities 37 305 36 148
Shares in issue at period end (`000) 41 973 41 973
Net asset value per share (cents) 36.95 39.51
Tangible net asset value per share 34.14 37.58
(cents)
12 months 16 months
INCOME STATEMENTS Audited Audited
30 June 30 June 2006
2007 R`000
R`000
Revenue 51 919 55 768
Cost of sales (28 883) (30 565)
Gross Profit 23 036 25 203
Other income 78 762
Operating expenses (21 441) (26 225)
Profit/ (loss) before finance costs and 1 673 (260)
depreciation
Finance costs (1 220) (1 563)
Investment income 10 238
Depreciation and amortisation (988) (844)
Loss before taxation (525) (2 429)
Taxation (518) 468
Net loss for the period (1 043) (1 961)
Reconciliation of headline earnings
Net loss for the period (1 043) (1 961)
Adjusted for:
Profit on disposal of property, plant (20) (342)
and equipment
Headline earnings (loss) for the period (1 063) (2 303)
Earnings per share (cents) (2.5) (4.7)
Headline earnings per share (cents) (2.5) (5.5)
Weighted average number of shares 41 973 41 973
(`000)
12 months 16 months
CASH FLOW STATEMENTS Audited Audited
30 June 30 June
2007 2006
R`000 R`000
Cash flows from operating activities 2 316 (3 046)
Cash flows from investing activities (3 248) (895)
Cash flows from financing activities (555) (394)
Net movement in cash and cash (1 487) (4 335)
equivalents
Cash and cash equivalents at beginning (9 164) (4 828)
of year
Cash and cash equivalents at end of (10 651) (9 163)
year
Statement Of Changes In Equity
Share Share Revaluati Distribu
Capita Premium on table Total
l reserve reserve
R`000 R`000 R`000 R`000 R`000
Balance as at 1 March 420 6 543 - 7 410 14 373
2005 as restated
Revaluation of - - 4 170 - 4 170
property
Loss for the year - - - (1 960) (1 960)
Balance as at 30 June 420 6 543 4 170 5 450 16 583
2006
Net loss for the year - - - (1 043) (1 043)
Share issue costs - (33) - - (33)
Balance as at 30 June 420 6 510 4 170 4 407 15 507
2007
COMMENTS
The Board of Directors are pleased to present the audited financial results of
the Group for the year ended 30 June 2007.
NATURE OF THE BUSINESS
All Joy is engaged in the manufacturing and sale of sauces principally in South
Africa. Its business currently comprises the development, procurement,
manufacture and marketing of a range of tomato sauces, mayonnaise, salad
creams, specialty sauces and drinking chocolates as well as other condiments
and preserves. It has brand names such as All Joy, Veri-Peri, Figure, Before
You Braai and Big Red Taste.
BUSINESS AND FINANCIAL REVIEW
The turnaround strategy implemented by the company since 2006 has gained
further momentum with the Group moving into an operating profit before finance
costs and depreciation of R 1,6 million for the year. All Joy`s strategy
remains focused to increase its market share and to reduce manufacturing and
infrastructure overhead costs in order to enhance competitiveness in the
market. The Group has incurred substantial capital expenditure during the year
to increase capacity, the benefits of the increased capacity will only be
realised during the 2008 financial year.
The Group has incurred an after tax loss of R 1,0 million compared to a loss of
R 1,9 million in the previous sixteen month period. The current years results
were negatively influenced by the following:
- Cost of move to new warehousing and distribution service provider;
- Cost of retrenchment of factory staff;
- Penalties and interest incurred relating to prior years tax assessments
dating; back to 2003
The turnover increased by 24,1% for the 12 months to 30 June 2007 compared to
an annualised pro forma 12 months to 30 June 2006. This corroborates the
benefits of focusing on sales and new product development. The gross profit
percentage has shown a slight decrease from 45,1 % to 44,3% in the current
financial period.
The comparable increase in operating expenditure for the 12 months to 30 June
2007 compared to an annualised pro forma 12 months to 30 June 2006 is 9,0 %.
Although this increase is favourable compared to the turnover increase of 24,1%
it was unfavourably influenced by retrenchment costs and the move to a
substantially more expensive warehouse and distribution service provider. The
effect of the saving in headcount resulting from the retrenchment of factory
staff will have a positive impact in the 2008 financial year. The Group will
move to a more cost effective warehousing and distribution service provider
from the end of September 2007 which will result in substantial cost saving for
the rest of the 2008 financial year.
PROSPECTS
The group will continue in the production of specialised sauces for the retail
supermarket sector. The business is well positioned with strong brands and a
number of new products under various brands will be introduced during the year.
The group intends launching a range of portion packs, produced and packed in
flexible packaging material during the current financial year. This will
compliment the current supermarket retail range and allow our brands access
into new sales channels, namely food services, wholesale and cash `n carry and
exports in certain sub -African countries.
The group will remain focused on reducing manufacturing and infrastructure
overhead costs in order to enhance profitability.
INTERNATIONAL FINANCIAL REPORTING STANDARDS AND COMPANIES ACT REQUIREMENTS
The audited abridged financial statements were prepared in compliance with
International Financial Reporting Standards (IFRS) and IAS34 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.
DIVIDENDS
The group will continue to retain and utilise cash generated within the
business, to maximise returns to shareholders.
AUDIT REPORT
The annual financial statements have been audited by ARC Chartered Accountants
and Auditors Incorporated. The auditors` unqualified audit report is available
for inspection at the Company`s registered office.
For and on behalf of the Board
MT Pather
Executive Chairman
27 September 2007
Registered office: 103, Booysens Reserve Road, Crown Mines,
Johannesburg,2001
Transfer secretaries: Computershare Investor Services 2004
(Pty) Limited, Ground Floor, 70 Marshall Street, Johannesburg
Designated Adviser: Exchange Sponsors (Pty) Limited
Directors: M.T. Pather, S. Fanaroff, Dr W.A. Parsons, J.W.
Walters
Date: 27/09/2007 11:22:44 Produced by the JSE SENS Department.
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