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MKX
MKX
MKX - Milkworx Limited - Audited results for the year ended 30 June 2007
MILKWORX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/011074/06)
Share code MKX ISIN ZAE000058020
("Milkworx" or "the company")
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2007
BALANCE SHEETS
Audited Audited Unaudited
30 Jun 2007 30 Jun 2006 31 Dec 2006
R`000 R`000 R`000
ASSETS
22 223 22 573 21 486
Non-current assets
Property, plant and 18 685 20 051 19 022
equipment
Intangible assets 732 753 738
Deferred taxation 2 806 1 769 1 726
14 880 15 985 22 976
Current assets
Inventories 7 839 8 367 7 730
Trade and other 6 888 7 421 13 003
receivables
Cash and cash equivalents 153 197 2 243
Total assets 37 103 38 558 44 462
EQUITY AND LIABILITIES
18 636 19 355 19 448
Capital and reserves
Share capital 5 753 5 453 5 453
Share premium 15 953 15 353 15 353
Accumulated deficit (17 580) (15 961) (15 868)
Non-distributable reserves 14 510 14 510 14 510
Non-current liabilities 4 975 4 472 4 437
Long-term liabilities 2 350 1 694 1 469
Shareholders loans 2 625 2 778 2 968
13 492 14 731 20 577
Current liabilities
Trade and other payables 8 226 9 320 13 718
Bank overdraft 3 541 2 827 4 501
Provision and accruals 660 334 334
Short-term portion of 1 065 2 250 2 024
liabilities
Total equity and 37 103 38 558 44 462
liabilities
3.23 3.54 3.56
Net asset value per share
(cents)
Net tangible asset value 3.11 3.41 3.43
per share (cents)
Number of shares in issue 575 248 545 248 545 248
(`000)
INCOME STATEMENTS
Audited Audited Unaudited
12 Months 12 Months 6 Months
ended ended ended
30 Jun 2007 30 Jun 2006 31 Dec 2006
R`000 R`000 R`000
Revenue 66 351 68 847 39 245
Cost of sales (50 670) (53 499) (29 375)
Gross profit 15 681 15 348 9 870
Other income 150 223 107
Impairment of assets - (637) -
Bad debts (228) (677) -
Operating expenses (17 453) (18 412) (9 433)
(Loss)/Profit before ( 1 850) (4 155) 544
interest and taxation
Finance charges (805) (750) (407)
(Loss)/Profit before ( 2 655) ( 4 905) 137
taxation
Taxation 1 037 1 425 (43)
Net (loss)/profit for the ( 1 618) (3 480) 94
period
Reconciliation between (loss)/earnings and headline
(loss)/earnings
(0.29) (0.64) 0.02
(Loss)/Earnings per share
(cents)
Loss on sale of assets 0.03 - -
(cps)
Impairment of assets (cps) - 0.10 -
Headline earnings / (loss) (0.26) (0.54) 0.02
per share (cents)
Weighted average number of 557 083 545 248 545 248
shares (`000)
CASH FLOW STATEMENTS
Audited Audited Unaudited
12 Months 12 Months 6 Months
ended ended ended
30 Jun 2007 30 Jun 2006 31 Dec 2006
R`000 R`000 R`000
Cash flows from operating 141 331 809
activities
Cash flows from investing (1 214) (1 128) (177)
activities
Cash flows from financing 315 849 (260)
activities
Net movement in cash and (758) 52 372
cash equivalents
Cash and cash equivalents (2 630) (2 682) 2 630
at beginning of period
Cash and cash equivalents (3 388) (2 630) (2 258)
at end of period
STATEMENTS OF CHANGES IN EQUITY
Share Share Non- Accumulated Total
capital premium distributable Profit R`000
R`000 R`000 reserve R`000
R`000
Balance at 1 Jul 5 453 15 353 14 510 (12 482) 22 834
2005
Net profit for - - - (3 480) (3 480)
the period
Balance at 1 Jul 5 453 15 353 14 510 (15 962) 19 354
2005
Net - - - ( 1 618) ( 1 618)
profit/(loss)
for the period
Issue of shares 300 600 - - 900
Balance at 30 5 753 15 953 14 510 (17 580) 18 636
Jun 2006
SEGMENT RESULTS
Avondale Eliminated Group
12 Months Creamstar R`000 12 Months
ended 12 Months ended
30 ended 30
Jun 2007 30 Jun 2007
R`000 Jun 2007 R`000
R`000
Revenue
External sales 37 969 28 382 66 351
Internal segment 2 047 264 (2 311) -
sales
Total Revenue 40 016 28 646 (2 311) 66 351
Segment Results 746 ( 2 087) (1 341)
Unallocated expenses ( 520)
Interest received 22
Interest paid (816)
Taxation 1 037
Results ( 1 618)
SEGMENT
RESULTS
Avondale Creamstar Eliminated Group
12 Months 12 Months R`000 12 Months
ended ended ended
30 30 30
Jun 2006 Jun 2006 Jun 2006
R`000 R`000 R`000
Revenue
External sales 33 036 35 811 68 847
Internal segment 3 758 146 (3 904) -
sales
Total Revenue 36 794 35 957 (3 904) 68 847
Segment Results 1 158 ( 4 670) (3 512)
Unallocated expenses ( 643)
Interest received 1
Interest paid (751)
Taxation 1425
Results (3 480)
COMMENTARY
The board of directors presents the Group`s results for the year ended 30 June
2007. The results have been audited by Jan Erasmus Auditors, whose unqualified
audit report is available for inspection at the registered office of the
company.
1. Financial and operational overview
* The company`s turnover decreased by 3.6% compared to the previous financial
year. This can be attributed to the cancellation of supermarket contracts
which were effectively ended in March 2007.
* The gross profit margin increased from 22.3% for the year ended 30 June
2006 to 23.6% for the year ended 30 June 2007. This is mostly attributable
to the cancellation of supermarket contracts which negatively impacted on
gross profit margins.
* The net loss for the year ended 30 June 2007 decreased by 53.5% compared to
the previous financial year. The 10.4% decrease in operating expenses,
combined with the improved gross profit margins, contributed in most to the
lower losses.
2. Prospects
It was previously reported that the Company is in the process of introducing new
product lines (milk based products) to the market. As the decision taken by the
board to replace milk powders with fresh milk was successfully completed, the
process of introducing new product lines is well on track.
The Creamstar facility obtained HACCP certification form the SABS in August 2007
and expects to be a more competitive player in the market as a result of this.
The company will look to attract new contract packing clients in the future.
The first concept store, which will supply milk based products, was opened
during June 2007. New locations are being identified to open new stores.
3. Accounting policies
The accounting policies of the company comply in all material respects with IAS
34: Interim Financial Reporting Standards, International Financial Reporting
Standards ("IFRS") and the Companies Act of 1973. The accounting policies and
methods of measurement and recognition are consistent with those applied in the
previous financial period.
4. Dividends
No dividends were recommended or declared for the period.
5. Change in Designated Adviser
The company has changed its designated adviser to Arcay Moela Sponsors
(Proprietary) Limited.
For and on behalf of the board
Stephan Roux
Chief Executive Officer
28 September 2007
Directors: SA Roux, T Dajcar, P van Heerden, A Stander (Non Executive), J du
Toit (Non Executive),
Transfer secretaries Registered address
Computershare Investor Services 2004 (Pty) Ltd 167 Alumina Street,
Silvertondale, Pretoria
Designated Advisor
Arcay Moela Sponsors (Pty) Ltd
Date: 28/09/2007 17:53:21 Produced by the JSE SENS Department.
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