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AOO AOVP AON
AOO
AOO / AON / AOVP - African & Overseas Enterprises - Unaudited Interim Group
Results for the six months ended 31 December 2007
African & Overseas Enterprises Limited
(Incorporated in the Republic of South Africa
Reg No. 1947/027461/06)
Share codes: AOO - AON - AOVP
ISIN: ZAE000000485 - ZAE000009718 -ZAE000000493
UNAUDITED INTERIM GROUP RESULTS
for the six months ended 31 December 2007
INCOME STATEMENT
Consolidated (R`000)
Six months ended Year ended
December 31 June 30
2007 2006 2007
Note (Unaudited) (Unaudited) (Audited)
Revenue 221 291 189 834 397 486
Turnover 215 565 186 557 390 594
Cost of sales 5 (117 403) (106 059) (218 423)
Gross profit 98 162 80 498 172 171
Other income 1 386 1 031 2 358
Selling, distribution
and administration
expenses 5 (86 742) (76 948) (156 205)
Operating profit 12 806 4 581 18 324
Dividends received 21 19 19
Interest received 3 091 1 750 4 261
Profit on disposal of
associate 4 1 234 - -
(Loss)/profit from
associate (59) 93 (348)
Profit before taxation 17 093 6 443 22 256
Income tax expense (5 592) (3 046) (7 712)
Profit 11 501 3 397 14 544
Profit attributable to:
Ordinary and `N`
ordinary shareholders 6 072 1 750 7 644
Preference shareholders 72 72 87
Equity holders of the parent 6 144 1 822 7 731
Minority interest 5 357 1 575 6 813
Profit 11 501 3 397 14 544
Reconciliation of
headline earnings
Attributable earnings 6 072 1 750 7 644
Attributable profit on
disposal of associate (533) - -
Headline earnings 5 539 1 750 7 644
Earnings per share (cents)
Basic 53,3 15,4 67,1
Headline 48,6 15,4 67,1
Weighted average number
of equity shares on which
earnings per share
is based (000) 11 387 11 387 11 387
Number of equity shares
in issue (000) 11 387 11 387 11 387
BALANCE SHEET
Consolidated (R`000)
At At
December 31 June 30
2007 2006 2007
(Unaudited) (Unaudited) (Audited)
Assets
Non-current assets 51 740 60 323 54 571
Property, plant and equipment 39 466 44 891 39 962
Investment property 3 511 3 511 3 511
Investments (unlisted) 629 2 515 2 130
Deferred taxation 8 134 9 406 8 968
Current assets 163 305 125 303 143 586
Inventories 70 359 65 348 45 599
Trade and other receivables 21 800 17 239 19 612
Income tax receivable 51 - 77
Cash and cash equivalents 71 095 42 716 78 298
Total assets 215 045 185 626 198 157
Equity and liabilities
Capital and reserves 167 363 148 616 159 736
Share capital 1 200 1 200 1 200
Share premium 6 084 6 616 6 084
Other reserves 2 825 2 750 2 978
Retained earnings 82 196 71 669 77 531
Minority interest 75 058 66 381 71 943
Non-current liabilities 10 995 9 904 10 540
Provision for post-retirement
obligation 6 481 6 252 6 685
Operating lease liability 4 514 3 652 3 855
Current liabilities 36 687 27 106 27 881
Provisions - 393 -
Trade and other payables 35 344 26 702 26 281
Income tax payable 1 343 11 1 600
Total equity and liabilities 215 045 185 626 198 157
ABRIDGED CASH FLOW STATEMENT
Consolidated (R`000)
Six months ended Year ended
December 31 June 30
2007 2006 2007
(Unaudited) (Unaudited) (Audited)
Cash generated by operations 20 193 11 956 33 262
Working capital changes (17 406) (28 689) (12 357)
Interest received 3 091 1 750 4 261
Taxation paid (5 016) (4 175) (7 481)
Dividends paid (3 928) (3 911) (3 934)
Net cash
(outflow)/inflow from operations (3 066) (23 069) 13 751
Additions to property,
plant and equipment (6 813) (9 080) (10 638)
Proceeds on disposal of property,
plant and equipment - 69 105
Proceeds on disposal of
investment in associate 2 676 - -
Other - 580 864
Net cash outflows from
investing activities (4 137) (8 431) (9 669)
Net (decrease)/increase in cash (7 203) (31 500) 4 082
Cash and cash equivalents at
beginning of period 78 298 74 216 74 216
Cash and cash equivalents at end
of period 71 095 42 716 78 298
STATEMENT OF CHANGES IN EQUITY
Share capital 1 200 1 200 1 200
Share premium 6 084 6 616 6 084
Other reserves
Opening balance 2 978 2 847 2 642
Share-based payments 31 (142) (67)
Fair value revaluation reserve - - 293
Foreign exchange translation (184) 45 110
Closing balance 2 825 2 750 2 978
Retained earnings
Opening balance 77 531 71 513 71 481
Profit after taxation 6 144 1 822 7 731
Foreign exchange translation gain
realised 184 - -
Dividends (1 663) (1 666) (1 681)
Closing balance 82 196 71 669 77 531
Minority interest
Opening balance 71 943 66 077 65 722
Profit after tax 5 357 1 575 6 813
Dividends (2 265) (2 253) (2 253)
Shares issued - 982 1 398
Other 23 - 263
Closing balance 75 058 66 381 71 943
Total capital and reserves 167 363 148 616 159 736
SEGMENTAL REPORTING
Turnover
Manufacturing 28 850 25 347 52 682
Less: intersegment sales (6 043) (9 520) (16 276)
External sales 22 807 15 827 36 406
Retail 192 758 170 730 354 188
Total 215 565 186 557 390 594
Operating profit/(loss)
Manufacturing (458) (774) (866)
Retail 15 344 7 484 22 727
Property 179 (289) 313
Group Services* (2 259) (1 840) (3 850)
Total 12 806 4 581 18 324
Depreciation included in
operating profit
Manufacturing 653 658 1 251
Retail 6 657 6 368 12 694
Total 7 310 7 026 13 945
Segment assets
Manufacturing 22 045 20 508 22 054
Retail 158 102 133 789 130 619
Property 8 299 8 344 8 299
Group Services 26 599 22 985 37 185
Total 215 045 185 626 198 157
Segment liabilities
Manufacturing (7 362) (5 273) (7 074)
Retail (33 541) (25 434) (24 330)
Group Services (6 779) (6 303) (7 017)
Total (47 682) (37 010) (38 421)
Capital expenditure
Manufacturing - 672 781
Retail 6 813 8 408 9 859
Total 6 813 9 080 10 640
- Group Services includes corporate costs and consolidation adjustments.
OTHER INFORMATION
Capital expenditure 6 813 9 080 10 638
Capital commitments
Contracted for 5 165 813 2 370
Authorised - not
contracted for 3 110 2 772 6 412
Current ratio 4,5 4,6 5,1
NOTES
1. Basis of preparation
The condensed financial statements have been prepared in accordance with
International Accounting Standard IAS34: Interim Financial Reporting. They are
also compliant with International Financial Reporting Standards (IFRS). These
results have not been audited or reviewed by the company`s auditors, KPMG Inc.
2. Accounting policies
The accounting policies applied in these interim statements are consistent with
those applied in the preparation of the group`s annual financial statements for
the year ended 30 June 2007.
3. Preference dividend
A dividend on the 6% cumulative preference shares for the six months ended
31 December 2007 in the amount of R71 500 was declared on 23 November 2007 and
paid on 24 December 2007.
4. Sale of investment in associate
The group sold its 20,1% investment in Queenspark Australia Pty Limited during
this period. The profit on the realisation of this investment amounted to
R1 234 000.
5. Prior year reclassification
A prior year reclassification of expenses, from cost of sales to selling,
distribution and administration expenses, in the amount of R63,3 million has
been recorded. The main items reclassified were occupancy and store employee
expenses that are not considered to be cost of sales.
COMMENTARY
The principal operating subsidiary Rex Trueform Clothing Company Limited
reports as follows:
"The results of the group for the six months ended December 2007 reflect a
substantial improvement in performance over last year.
Revenue increased by 16,6% to R221,3 million. All segments of the group
produced better results aggregating in a profit after tax of R11 973 000 which
is an improvement of 238% over the corresponding period of last year. The
resultant headline earnings for the half-year amount to 54,0 cents per share
compared with 17,6 cents per share last year, an increase of 207%. Earnings
amount to 58,8 cents per share compared to 17,6 cents per share last year, an
increase of 234%.
The major contributor to the improved performance was the Queenspark retail
division which increased sales by 12,9%. Four new Queenspark stores were opened
during the half-year. Sales growth in comparable stores was 6,2% over the
corresponding period of last year whilst inflation applicable was 9,4% over the
same period. Operating profit of the retail segment increased by 105% to
R15,3 million. Operating profit margin improved to 8,0% from 4,4% last year.
Manufacturing activities remain centred in the Atlantis factory. Some progress
has been made in improving the performance of this plant and as a result the
operating loss has been reduced from previous levels.
Prospects
The second half of the financial year is expected to present a challenge as
higher interest rates and inflationary pressures should result in a slowdown in
consumer demand.
Queenspark`s seasonal ranges currently in stores have been well received by
customers and sales performance to date represents a pleasing improvement on
last year. Any decline in retail spending during the next few months should be
offset by additional sales generated by new stores.
The rate of increase in profit achieved during the first half of the financial
year is not expected to continue during the second half. The profit for the
full year ending June 2008 is expected to exceed that of the previous year."
Signed on behalf of the board:
ML Krawitz PE Shub
(Chairman) (Chief Executive Officer)
Cape Town
6 March 2008
Transfer Secretaries:
Computershare Investor Services (Pty) Ltd, 70 Marshall Street,
Johannesburg 2001
Registered Office:
Rex Buildings, 263 Victoria Road, Salt River, Cape Town 7925
Sponsor:
Nedbank Capital
African & Overseas Enterprises Limited (Incorporated in the Republic of South
Africa - Reg No. 1947/027461/06)
Share codes: AOO - AON - AOVP
ISIN: ZAE000000485 - ZAE000009718 - ZAE000000493
Directors: ML Krawitz (Chairman), PE Shub (Chief Executive Officer)
(alt ML Krawitz), CEA Radowsky and JC O`Brien ? Secretary: AA Hodgkinson
Websites: www.queenspark.com ? www.rextrueform.com
Date: 06/03/2008 16:22:10 Produced by the JSE SENS Department.
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