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RTO RTN RTOP
RTO
RTO / RTN / RTOP - Rex Trueform Clothing Company - Unaudited Interim Group
Results for the Six Months Ended 31 December 2008
REX TRUEFORM CLOTHING COMPANY LIMITED
(Incorporated in the Republic of South Africa - Reg No. 1937/009839/06)
Share codes: RTO - RTN - RTOP
ISIN: ZAE000006144 - ZAE000009700 - ZAE000006151
UNAUDITED INTERIM GROUP RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2008
- Revenue up 15.8%
- Operating profit up 11.7%
- Earnings per share up 12.6%
- Headline earnings per share up 20.9%
INCOME STATEMENT
Consolidated (R`000)
Six months ended Year ended
31 December 30 June
2008 2007 2008
(Unaudited) (Unaudited) (Audited)
Revenue 256 182 221 291 465 557
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 (35 438) (31 435) (65 080)
Occupancy costs (24 739) (18 804) (40 901)
Depreciation and amortisation (6 088) (7 310) (14 349)
Other operating costs (31 694) (28 768) (52 326)
Rental income 1 003 914 2 567
Royalties 561 472 944
Operating profit 14 783 13 231 37 686
Dividends received 23 21 22
Interest received 5 030 3 085 7 898
Interest paid (125) - (476)
Profit on disposal of associate - 1 234 671
Share of losses of associated company - (59) (59)
Profit before taxation 19 711 17 512 45 742
Income tax expense (6 233) (5 539) (6 966)
Profit for the period 13 478 11 973 38 776
Profit attributable to:
Ordinary and `N` ordinary
shareholders 13 470 11 965 38 759
Preference shareholders 8 8 17
Profit for the period 13 478 11 973 38 776
Reconciliation of headline earnings
Attributable earnings 13 470 11 965 38 759
Profit on disposal of plant and
equipment (186) - (130)
Profit on disposal of associate - (965) (662)
Headline earnings 13 284 11 000 37 967
Headline earnings per share (cents) 65.3 54.0 186.5
Earnings per share (cents) 66.2 58.8 190.4
Diluted headline earnings per
share (cents) 64.8 53.7 185.7
Diluted earnings per share (cents) 65.7 58.4 189.6
Weighted average number of equity
shares on which earnings per share
is based (000) 20 352 20 352 20 352
Weighted average number of equity
shares used for diluted earnings
per share (000) 20 505 20 497 20 447
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 198 428 162 160 185 143
Inventories 81 683 70 359 64 096
Accounts receivable from holding
company 124 187 -
Trade and other receivables 29 879 21 748 22 291
Cash and cash equivalents 86 742 69 866 98 756
Total assets 256 514 213 900 241 296
Equity and liabilities
Capital and reserves 200 354 167 400 193 972
Share capital 1 777 1 777 1 777
Share premium 23 631 23 646 23 631
Other reserves 919 756 883
Accumulated profits 174 027 141 221 167 681
Non-current liabilities 11 099 10 238 9 817
Post-retirement liability 3 445 5 724 3 499
Accrued operating lease liability 7 654 4 514 6 318
Current liabilities 45 061 36 262 37 507
Provisions 837 - 897
Trade and other payables 39 389 34 919 33 350
Forward exchange contracts 1 131 - 13
Amounts owed to holding company - - 13
Income tax payable 3 704 1 343 3 234
Total equity and liabilities 256 514 213 900 241 296
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 22 145 20 618 54 823
Working capital changes (18 269) (17 677) (16 212)
Interest received 5 030 3 085 7 898
Interest paid (125) - (476)
Taxation paid (4 161) (4 963) (7 654)
Dividends received 23 - 22
Dividends paid (7 132) (5 096) (5 105)
Net cash (outflows)/inflows from
operations (2 489) (4 033) 33 296
Additions to property, plant and
equipment (9 836) (6 813) (15 517)
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) (12 561)
Proceeds on delivery of shares by
share trust - - (15)
Net cash outflows from financing
activities - - (15)
Net (decrease)/increase in cash
and cash equivalents (12 014) (8 170) 20 720
Cash and cash equivalents at
beginning of period 98 756 78 036 78 036
Cash and cash equivalents at end
of period 86 742 69 866 98 756
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 1 777 1 777 1 777
Share premium 23 631 23 646 23 631
Other reserves
Opening balance 883 1 034 1 034
Share-based payments 36 56 90
Fair value adjustment for
available-for-sale
financial assets - - 93
Sale of investment in associate - (334) (334)
Closing balance 919 756 883
Accumulated profits
Opening balance 167 681 134 010 134 010
Profit after taxation 13 478 11 973 38 776
Foreign exchange translation gain
realised - 334 -
Dividends (7 132) (5 096) (5 105)
Closing balance 174 027 141 221 167 681
Total capital and reserves 200 354 167 400 193 972
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* (1 900) (1 834) (705)
Total 14 783 13 231 37 686
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 194 003 158 064 173 029
Property 8 784 8 299 8 784
Manufacturing 19 094 22 045 19 906
Group Services 34 633 25 492 39 577
Total 256 514 213 900 241 296
Segment liabilities
Retail (46 346) (33 541) (36 329)
Manufacturing (4 748) (7 362) (7 483)
Group Services (5 066) (5 597) (3 512)
Total (56 160) (46 500) (47 324)
Capital expenditure
Retail 9 836 6 813 14 930
Property - - 587
Manufacturing - - -
Total 9 836 6 813 15 517
* Group Services includes corporate costs.
OTHER INFORMATION
Capital expenditure 9 836 6 813 15 517
Capital commitments authorised -
not contracted for 11 574 8 275 19 818
Current ratio 4.4 4.5 4.9
NOTES
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 R8 400 was declared on 24 December 2008 and
paid on 29 December 2008.
COMMENTARY
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 (Chairman) CEA Radowsky (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
Rex Trueform Clothing Company Limited
(Incorporated in the Republic of South Africa - Reg No. 1937/009839/06)
Share codes: RTO - RTN - RTOP
ISIN: ZAE000006144 - ZAE000009700 - ZAE000006151
Directors: ML Krawitz (Chairman), CEA Radowsky (Chief Executive Officer),
PM Naylor, JC O`Brien and PE Shub (alt ML Krawitz)
Secretary: African & Overseas Enterprises Limited
Websites:
www.queenspark.com
www.rextrueform.com
6 March 2009
Date: 06/03/2009 12:41:01 Produced by the JSE SENS Department.
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