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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 2008
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 2008
INCOME STATEMENT
Consolidated (R`000)
Six months ended Year ended
31 December 30 June
2008 2007 2008
(Unaudited) (Unaudited) (Audited)
Revenue 256 191 221 291 465 585
Turnover 249 565 215 565 454 126
Cost of sales (138 387) (117 403) (247 295)
Gross profit 111 178 98 162 206 831
Employment costs (35 534) (31 495) (65 250)
Occupancy costs (24 739) (18 804) (40 901)
Depreciation and amortisation (6 088) (7 310) (14 349)
Other operating costs (32 031) (29 133) (53 029)
Rental income 1 003 914 2 567
Royalties 561 472 944
Operating profit 14 350 12 806 36 813
Dividends received 23 21 22
Interest received 5 039 3 091 7 926
Interest paid (160) - (540)
Profit on disposal of associate - 1 234 671
Share of losses of associated company - (59) (59)
Profit before taxation 19 252 17 093 44 833
Income tax expense (6 235) (5 592) (7 025)
Profit for the period 13 017 11 501 37 808
Profit attributable to:
Ordinary and `N` ordinary shareholders 6 965 6 072 21 102
Preference shareholders 72 72 87
Profit attributable to equity
holders of the parent 7 037 6 144 21 189
Minority interest 5 980 5 357 16 619
Profit for the period 13 017 11 501 37 808
Reconciliation of headline earnings
Attributable earnings 6 965 6 072 21 102
Profit on disposal of plant and
equipment (103) - (72)
Profit on disposal of associate - (533) (368)
Headline earnings 6 862 5 539 20 662
Headline earnings and diluted
headline earnings per share (cents) 60.3 48.6 181.5
Earnings and diluted earnings
per share (cents) 61.2 53.3 185.3
Weighted average number of equity
shares on which earnings per
share is based (000) 11 387 11 387 11 387
Weighted average number of equity
shares used for diluted earnings per
share (000) 11 387 11 387 11 387
BALANCE SHEET
Consolidated (R`000)
At At
31 December 30 June
2008 2007 2008
(Unaudited) (Unaudited) (Audited)
Assets
Non-current assets 58 086 51 740 56 153
Property, plant and equipment 44 165 39 466 40 630
Investment property 3 511 3 511 3 511
Investments (unlisted) 722 629 722
Deferred taxation 9 688 8 134 11 290
Current assets 199 265 163 305 185 660
Inventories 81 683 70 359 64 096
Trade and other receivables 29 930 21 800 22 343
Income tax receivable 14 51 10
Cash and cash equivalents 87 638 71 095 99 211
Total assets 257 351 215 045 241 813
Equity and liabilities
Capital and reserves 200 339 167 363 193 422
Share capital 1 200 1 200 1 200
Share premium 6 076 6 084 6 076
Other reserves 2 917 2 825 2 896
Accumulated profits 101 108 82 196 97 039
Minority interest 89 038 75 058 86 211
Non-current liabilities 11 885 10 995 10 595
Post retirement liability 4 231 6 481 4 277
Accrued operating lease liability 7 654 4 514 6 318
Current liabilities 45 127 36 687 37 796
Provisions 837 - 897
Trade and other payables 39 455 35 344 33 652
Forward exchange contracts 1 131 - 13
Income tax payable 3 704 1 343 3 234
Total equity and liabilities 257 351 215 045 241 813
ABRIDGED CASH FLOW STATEMENT
Consolidated (R`000)
Six months ended Year ended
31 December 30 June
2008 2007 2008
(Unaudited) (Unaudited) (Audited)
Cash generated by operations 21 725 20 193 53 950
Working capital changes (18 371) (17 406) (16 269)
Interest received 5 039 3 091 7 926
Interest paid (160) - (540)
Taxation paid (4 167) (5 016) (7 646)
Dividends received 23 - 22
Dividends paid (6 137) (3 928) (3 951)
Net cash (outflows)/inflows from
operations (2 048) (3 066) 33 492
Additions to property, plant and
equipment (9 836) (6 813) (15 520)
Proceeds on disposal of property,
plant and equipment 311 - 280
Proceeds on disposal of investment
in associate - 2 676 2 676
Net cash outflows from investing
activities (9 525) (4 137) (12 564)
Proceeds on delivery of shares
by share trust - - (15)
Net cash outflows from
financing activities - - (15)
Net (decrease)/increase in
cash and cash equivalents (11 573) (7 203) 20 913
Cash and cash equivalents
at beginning of period 99 211 78 298 78 298
Cash and cash equivalents
at end of period 87 638 71 095 99 211
STATEMENT OF CHANGES IN EQUITY
Consolidated (R`000)
Six months ended Year ended
31 December 30 June
2008 2007 2008
(Unaudited) (Unaudited) (Audited)
Share capital 1 200 1 200 1 200
Share premium 6 076 6 084 6 076
Other reserves
Opening balance 2 896 2 978 2 978
Share-based payments 21 31 50
Fair value adjustment for
available-for-sale
financial assets - - 51
Sale of investment in associate - (184) (183)
Closing balance 2 917 2 825 2 896
Accumulated profits
Opening balance 97 039 77 531 77 531
Profit after taxation 7 037 6 144 21 189
Foreign exchange translation gain
realised - 184 -
Dividends (2 968) (1 663) (1 681)
Closing balance 101 108 82 196 97 039
Minority interest
Opening balance 86 211 71 943 71 943
Profit after taxation 5 980 5 357 16 619
Share-based payments 16 23 40
Sale of investment in associate - - (151)
Fair value adjustment for
available-for-sale
financial assets - - 41
Loss on treasury shares issued - - (7)
Dividends (3 169) (2 265) (2 274)
Closing balance 89 038 75 058 86 211
Total capital and reserves 200 339 167 363 193 422
SEGMENTAL REPORTING
Segment turnover
Retail 233 047 192 758 415 503
Manufacturing 16 518 22 807 38 623
Manufacturing total 18 017 28 850 46 795
Less: intersegment sales (1 499) (6 043) (8 172)
Total 249 565 215 565 454 126
Segment operating profit/(loss)
Retail 17 312 15 344 36 624
Property 137 179 1 350
Manufacturing (766) (458) 417
Group Services* (2 333) (2 259) (1 578)
Total 14 350 12 806 36 813
Depreciation included in
operating profit
Retail 5 843 6 657 13 218
Manufacturing 245 653 1 131
Total 6 088 7 310 14 349
Segment assets
Retail 194 003 158 102 173 029
Property 8 784 8 299 8 784
Manufacturing 19 094 22 045 19 906
Group Services 35 470 26 599 40 094
Total 257 351 215 045 241 813
Segment liabilities
Retail (46 346) (33 541) (36 329)
Manufacturing (4 748) (7 362) (7 483)
Group Services (5 918) (6 779) (4 579)
Total (57 012) (47 682) (48 391)
Capital expenditure
Retail 9 836 6 813 14 933
Property - - 587
Manufacturing - - -
Total 9 836 6 813 15 520
* Group Services includes corporate costs.
OTHER INFORMATION
Capital expenditure 9 836 6 813 15 520
Capital commitments
authorised - not contracted for 11 574 8 275 19 818
Current ratio 4.4 4.5 4.9
NOTE
1. Basis of preparation
These interim financial statements have been prepared in accordance with
International Accounting Standard IAS 34: 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 2008.
3. Preference dividend
A dividend on the 6% cumulative preference shares for the six months ended
31 December 2008 in the amount of R121 000 was declared on 24 December 2008 and
paid on 29 December 2008.
COMMENTARY
The principal operating subsidiary Rex Trueform Clothing Company Limited
reports as follows:
"Results of the group for the six months to December 2008 continued to reflect
a positive performance in an environment of escalating economic down-turn and
declining consumer demand.
Group revenue increased by 15.8% to R256.2 million despite the more difficult
trading environment. Operating profit increased to R14.8 million which is an
improvement of 11.7% over the corresponding period of last year. The resultant
earnings amount to 66.2 cents per share (58.8 cents per share last year) an
improvement of 12.6%. Headline earnings amount to 65.3 cents per share compared
with 54.0 cents per share last year an improvement of 20.9%.
Retail
The Queenspark retail segment produced solid results. Turnover increased by
20.9% augmented by the opening of three new stores. Same store sales increased
by 11.5%. Operating profit increased by 12.8% over last year.
Manufacturing
Lower volumes achieved at the clothing manufacturing facility in Atlantis
resulted in a loss in this division of R766 000 for the period under review.
Further reductions in orders are expected.
Prospects
The trading environment remains difficult as the down-turn in consumer demand
takes greater effect. As a consequence the second half-year performance
presents a considerable challenge and will moderate the results for the full
financial year to June 2009."
Signed on behalf of the board:
ML Krawitz PE Shub
(Chairman) (Chief Executive Officer)
Cape Town
5 March 2009
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:
Java Capital (Pty) Ltd
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, PM Naylor and JC O`Brien
Secretary: AA Hodgkinson
Websites:
www.queenspark.com
www.rextrueform.com
6 March 2009
Date: 06/03/2009 12:35:04 Produced by the JSE SENS Department.
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