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African & Overseas Enterprises Limited
(Registration number 1947/027461/06)
PROFIT ANNOUNCEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2000
INCOME STATEMENT
Consolidated (R'000)
Six months ended Year ended
December 31 June 30
2000 1999 2000
(Unaudited) (Unaudited) (Audited)
Revenue 139 592 140 131 289 104
Net operating (loss)/income
before depreciation (1 763) 10 246 22 604
Depreciation 4 180 4 173 8 182
Net operating (loss)/income (5 943) 6 073 14 422
Net interest received 2 213 3 277 5 224
(Loss)/income before exceptional item (3 730) 9 350 19 646
Exceptional item 1 191 - -
(Loss)/income before taxation (2 539) 9 350 19 646
Taxation 365 3 025 6 837
(Loss)/income after taxation (2 904) 6 325 12 809
Attributable to outside
shareholders in subsidiaries (2 164) 2 507 5 031
(740) 3 818 7 778
Preference dividends
Paid 16 16 33
Proposed - - 121
Net (loss)/income attributable to
ordinary and N' ordinary shareholders (756) 3 802 7 624
(Loss)/earnings per share (cents) (6.6) 33.4 67.0
Headline (loss)/earnings
per share (cents) (17.1) 33.4 67.0
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
Assets
Non-current assets 39 714 36 246 34 438
Fixed assets 34 969 32 905 31 497
Investments (unlisted) 4 745 3 341 2 941
Current assets 139 240 155 930 162 190
Inventory 91 679 92 243 86 388
Debtors 23 627 33 451 24 448
Cash 23 934 30 236 51 354
Total assets 178 954 192 176 196 628
Equity and liabilities
Capital and reserves 88 750 88 400 89 506
Share capital 1 200 1 200 1 200
Share premium 6 616 6 616 6 616
Non-distributable reserves 3 500 3 500 3 500
Distributable reserves 77 434 77 084 78 190
Minority interest 71 580 74 151 73 753
Non-current liabilities 208 2 588 187
Deferred taxation 208 2 588 187
Current liabilities 18 416 27 037 33 182
Short-term interest bearing debt - - 3 118
Accounts payable 18 284 26 753 20 497
Taxation 132 284 3 814
Outside shareholders for dividend - - 2 330
Shareholders for dividend - - 3 423
Total equity and liabilities 178 954 192 176 196 628
ABRIDGED CASH FLOW STATEMENT
Cash (applied to)/generated by
operations (688) 10 057 22 407
Working capital changes (9 676) (17 165) (6 157)
Interest received (net) 2 213 3 277 5 224
Taxation (4 151) (5 239) (7 209)
Dividends paid (5 779) (5 779) (5 802)
Net cash (outflows)/inflows
from operations (18 081) (14 849) 8 463
Net cash outflows from
investing activities (9 339) (3 315) (5 509)
Net (decrease)/increase in cash (27 420) (18 164) 2 954
Cash at the beginning of the period 51 354 48 400 48 400
Cash at the end of the period 23 934 30 236 51 354
STATEMENT OF CHANGES IN EQUITY
Consolidated (R'000)
Six months ended Year ended
December 31 June 30
2000 1999 2000
(Unaudited) (Unaudited) (Audited)
Share capital 1 200 1 200 1 200
Share premium 6 616 6 616 6 616
Non-distributable reserves 3 500 3 500 3 500
Distributable reserves
Opening balance 78 190 73 282 73 282
Transfer from outside shareholders - - 586
(Loss)/profit after taxation (740) 3 818 7 778
Dividends (16) (16) (3 456)
77 434 77 084 78 190
OTHER INFORMATION
Capital expenditure 7 021 3 924 6 604
Capital commitments
Contracted for 224 83 2 031
Authorised - not contracted for 2 563 3 338 4 264
Current ratio 7.6 5.8 4.9
Exceptional item
The exceptional item represents the group profit brought to account as a
consequence of the sale of a property-owning company, previously owned by
African & Overseas Enterprises Limited, to its principal operating subsidiary.
Preference dividend
A dividend on the 6% cumulative participating preference shares for the six
months ended December 31, 2000 in the amount of R16 500 was declared in
November 2000.
COMMENT
The principal operating subsidiary Rex Trueform Clothing Company Limited
reports as follows:
"As was foreshadowed the performance of the company for the six months ended 31
December 2000, has been disappointing and a loss has been incurred.
Under difficult trading conditions internationally, large export orders, which
were a major factor in the results achieved for the comparative period in 1999,
were not repeated. The long production runs normally generated by exports of
this nature, therefore, did not materialise resulting in a significant
under-recovery of overheads and loss of revenue.
The results were also adversely affected by the general lower level of domestic
activity, where margins were under pressure. Notwithstanding these
difficulties, Queenspark continued to trade profitably during the period.
Initiatives are under way to establish alternative export business in the EU
and the USA. Preferential access to these markets is now available and the
medium to long-term outlook for these is encouraging.
In the shorter term, however, it has been necessary to re-organise our
manufacturing facilities in order to match the requirements of the marketplace
and to cope successfully with the shorter production runs which are required in
the domestic market.
In view of the strong position of Queenspark in its niche market and the
initiatives and actions referred to above, it is expected that the performance
for the second half of the financial year should result in the company
returning to profitability.
The balance sheet remains strong and the company is capable of financing future
expansion out of its own cash resources. This financial strength and our
existing infrastructure ensure that the company remains well positioned to take
advantage of an upturn in demand."
Signed on behalf of the Board:
Stewart C Shub (Chairman)
George M Thomas (Director)
Cape Town
March 8, 2001
Transfer Secretaries Registered Office:
Mercantile Registrars Ltd Rex Buildings
10th Floor, 11 Diagonal Street 263 Victoria Road
Johannesburg, 2001 Salt River, Cape, 7925
Directors: S C Shub (Chairman), P E Shub, C A Stride, G M Thomas
Secretary: S J Noone
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