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ALJ
ALJ
ALJ - All Joy Foods - Unaudited Results for the 6 months ended 31 December 2007
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"
Unaudited Results for the 6 months ended 31 December 2007
BALANCE SHEET Unaudited Reviewed
6 months to 6 months to
31 Dec 2007 31 Dec 2006
R`000 R`000
ASSETS
Non current assets 15 366 14 242
Current assets 28 282 23 006
TOTAL ASSETS 43 648 37 248
EQUITY AND LIABILITIES
Shareholders Funds 14 445 16 886
Non-current liabilities 1 081 513
Current liabilities 28 122 19 849
Total equity and liabilities 43 648 37 248
Shares in issue at period end (`000) 41 973 41 973
Net asset value per share (cents) 34.4 40.2
Net asset value per share excl 32.4 37.8
intangible assets (cents)
INCOME STATEMENT Unaudited Reviewed
6 months to 6 months to
31 Dec 2007 31 Dec 2006
R`000 R`000
Gross Revenue 29 916 26 368
Cost of Sales 16 285 15 045
Gross Profit 13 631 11 323
Other Income 58 264
Operating expenses 13 766 11 170
Operating (loss) / profit (77) 418
Investment income 4
Finance charges 841 570
(Loss)/ Profit before taxation (918) (148)
Taxation 144 (473)
(Loss) / Profit attributable to (1 062) 325
shareholders
Reconciliation headline earnings
(Loss) / Profit for the period (1 062) 325
Adjusted for
- Profit on disposal of property, 0 0
plant and equipment
Headline earnings for period (1 062) 325
Basic and diluted earnings per share (0.02) 0.01
(cents)
Weighted average number of shares 41 973 41 973
(`000)
Headline earnings per share (cents) (0.02) 0.01
CASH FLOW STATEMENTS
Unaudited Reviewed
6 months to 6 months to
31 Dec 2007 31 Dec 2006
R`000 R`000
Cash flows from operating activities (334) 1 081
Cash flows from investing activities (2 464) (1 598)
Cash flows from financing activities (383) (287)
Net movement in cash and cash (3 181) (804)
equivalents (10 651) (9 163)
Cash and cash equivalents at
beginning of period
Cash and cash equivalents at end of (13 832) (9 967)
period
STATEMENT OF CHANGES IN EQUITY
Share Share Revaluation Retained Total
Capital Premium Reserve Income
R`000 R`000 R`000 R`000 R`000
Balance as 420 6 543 4 170 5 450 16 583
at 1 July (22) (22)
2006
Share 325 325
allotment
cost
Net
operating
profit /
(loss) for
the period
Balance as
at 31 420 6 521 4 170 5 775 16 886
December
2006
Share (11) (11)
allotment
cost
Net
operating (1 368) (1 368)
profit /
(loss) for
the period
Balance as 420 6 510 4 170 4 407 15 507
at 1 July
2007 (1 062) (1 062)
Net
operating
profit /
(loss) for
the period
Balance as 420 6 510 4 170 3 345 14 445
at 31
December
2007
COMMENTS
The board of Directors present the reviewed financial results of All Joy Foods
Limited for the six months ended 31 December 2007.
INTRODUCTION
We are satisfied that the strategies initiated and implemented during the past
three years have resulted in the required increase in sales revenue. The
continuous focus and realignment of efforts put into key accounting, customer
relations and new product development have provided sustainable growth for the
future. The group remains committed to monitor manufacturing and infrastructure
overhead costs to remain competitive in the market.
FINANCIAL REVIEW
Turnover increased by 13.26 percent from R26.4 million for the six months to 31
December 2006 to R29.9m for the six months under review. The gross margin
percentage increased, in the period under review by 2.6 percentage points to
45,6 percent. This can be attributed to the increase in sales of All Joy`s
added value range of products. High costs associated with the change in the
warehousing and distribution service provider, continued in the period under
review, this negatively influenced the group`s profit performance, contributing
to operating expenses increasing by 23.2 percent to R13.6million. With effect
from November 2007 favourable rates were negotiated with a new service provider
that is one of the leading warehouse and distribution facilities in South
Africa. The strategic buying in, of seasonal raw material to secure our
production and the increase in interest rates in the period under review, also
negatively influenced our profit performance, finance chargers increased by R271
000 to R841 000 in the period under review. This resulted in a loss of R1 062
000 at headline earnings level.
PROSPECTS
The launch of a new range of "Single serving" products produced by All Joy`s new
packing facility resulting in the generation of new sales, in the Food service
and the Cash `n Carry sector, which will positively influence our performance in
the months ahead.
The board of directors are continuously focusing on ways to rationalise the
group in an effort to reduce debt.
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.
DIVIDENDS
The directors do not recommend the payment of an interim dividend.
ON BEHALF OF THE BOARD OF DIRECTORS
MT Pather
(Chief Executive Officer)
28 March 2008
Registered office: 103 Booysens Reserve Road, Crown Mines, 2001, PO Box 2152,
Southdale, 2135
Transfer secretaries: Computershare Investor Services (Pty) Limited, Ground
Floor, 70 Marshall Street, Johannesburg
Executive Directors: MT Pather; JW Walters; Non-Executive Directors: S Fanaroff,
WA Parsons
Auditors: PKF Chartered Accountants (SA), PO Box 98060, Waterkloof Heights, 0065
Sponsor: Exchange Sponsors (Pty) Ltd, 39 First Road, Hyde Park, 2196 (PO Box
411216, Craighall, 2124)
Date: 28/03/2008 13:32:50 Produced by the JSE SENS Department.
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