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AOO AOVP AON
AOO
AOO/AON/AOVP - African & Overseas Enterprises Limited - Unaudited Interim Group
Results for the half-year ended 31 December 2011
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 half-year ended 31 December 2011
REVENUE UP 4.9%
OPERATING PROFIT DOWN 16.9%
HEADLINE EARNINGS PER SHARE DOWN 27.7%
Commentary
The principal operating subsidiary Rex Trueform Clothing Company Limited reports
as follows:
"Group results
The withdrawal of Duty Credit Certificate benefits which were utilised by the
group in the previous period had a materially negative impact on profit during
the half-year under review.
Furthermore the percentage increase in operating costs exceeded the 4.9%
increase in turnover.
The above factors have had a negative effect on net margin. The operating profit
from continuing operations accordingly reduced by 16% on the comparative period.
Headline earnings for the half-year amounted to 80.5 cents per share from
continuing operations (97.7 cents in 2010).
Retail
The Queenspark retail segment grew sales by 4.9% during a period in which
trading was disrupted by the refurbishment of a number of stores and also
building alterations in some major shopping malls.
In addition trading conditions remained challenging. Retail sales were further
impacted by the closure of three non-performing stores during the past twelve
months.
Property segment
The strategy of the group is to redevelop certain of the group`s properties
where viable.
Prospects
We anticipate that there will be further deterioration in margins and
profitability in the second half of the financial year due to escalating
expenses and difficult trading conditions.
Any reference to future financial performance included in this statement has not
been reviewed and reported on by the company`s external auditors and does not
constitute an earnings forecast."
Signed on behalf of the board
ML Krawitz
(Chairman)
PE Shub
(Chief Executive Officer)
Cape Town
9 March 2012
STATEMENT OF CHANGES IN EQUITY
Consolidated (R`000)
As at As at
31 December 30 June
2011 2010 2011
(Unaudited) (Unaudited) (Audited)
Share capital 1 200 1 200 1 200
Share premium 6 076 6 076 6 076
Other reserves
Opening balance 538 500 500
Share-based payment expense - 16 38
Closing balance 538 516 538
Retained earnings
Opening balance 139 194 122 299 122 299
Profit for the period 8 330 11 383 20 710
Preference dividends paid (151) (132) (148)
Ordinary dividends paid (3 644) (3 184) (3 189)
Subsidiary shares repurchased - (6) (6)
Net effect of take-up of share options - 206 251
Change in degree of control - (572) (723)
Closing balance 143 729 129 994 139 194
Non-controlling interest
Opening balance 119 934 104 799 104 799
Profit for the period 7 405 9 707 17 848
Preference dividends paid (8) (8) (17)
Ordinary dividends paid (4 755) (3 647) (3 647)
Net effect of take-up of share options - 165 203
Change in degree of control - 572 723
Other - 8 25
Closing balance 122 576 111 596 119 934
Total capital and reserves 274 119 249 382 266 942
ABRIDGED STATEMENT OF CASH FLOW
Consolidated (R`000)
Six months ended Year ended
31 December 30 June
2011 2010 2011
(Unaudited) (Unaudited) (Audited)
Operating profit before working
capital changes 26 065 35 934 64 981
Working capital changes (6 510) (1 570) (11 309)
Interest received 3 957 4 451 8 802
Interest paid (174) (122) (367)
Dividends paid (8 558) (6 971) (7 001)
Dividends received 13 12 12
Normal tax paid (3 110) (7 838) (17 004)
Secondary tax on companies paid (1 073) (826) (826)
Net cash inflows from operations 10 610 23 070 37 288
Additions to property,
plant and equipment (14 958) (14 726) (31 191)
Proceeds from disposal
of property, plant and equipment 119 198 672
Proceeds on disposal
of discontinued operations 5 412 - -
Net cash outflows from
investing activities (9 427) (14 528) (30 519)
Proceeds from delivery
of shares by share trust - 371 454
Subsidiary shares repurchased - (11) (11)
Net cash inflows from
financing activities - 360 443
Net increase in cash
and cash equivalents 1 183 8 902 7 212
Cash and cash equivalents
at the beginning of the period 148 869 141 657 141 657
Cash and cash equivalents
at the end of the period 150 052 150 559 148 869
OTHER INFORMATION
Capital commitments
Authorised - not contracted for 34 075 6 011 53 436
Gross profit margin from
continuing operations 54.5% 54.4% 56.3%
Operating profit margin from
continuing operations 7.1% 9.0% 8.5%
Retail segment operating profit
margin from continuing operations 7.8% 10.0% 9.2%
STATEMENT OF COMPREHENSIVE INCOME
Consolidated (R`000)
Six months ended Year ended
31 December 30 June
% 2011 2010 2011
Change (Unaudited) (Unaudited) (Audited)
Continuing operations
Revenue 4.9% 286 245 272 912 518 506
Turnover 4.9% 280 940 267 697 508 078
Cost of sales (127 770) (122 039) (221 987)
Gross profit 5.2% 153 170 145 658 286 091
Employment costs (49 390) (45 917) (91 982)
Occupancy costs (37 090) (34 209) (70 729)
Depreciation and amortisation (9 568) (7 437) (15 595)
Other operating costs (38 406) (34 720) (66 306)
Rental income 733 249 605
Royalties 602 503 1 009
Operating profit (16.9%) 20 051 24 127 43 093
Dividends received 13 12 12
Interest received 3 957 4 451 8 802
Interest paid (174) (122) (367)
Profit before tax (16.2%) 23 847 28 468 51 540
Income tax expense (8 112) (9 208) (16 117)
Profit for the period from
continuing operations (18.3%) 15 735 19 260 35 423
Profit from discontinued
operations (net of
income tax) - 1 830 3 135
Profit for the period (25.4%) 15 735 21 090 38 558
Other comprehensive income
Total comprehensive
income for the period 15 735 21 090 38 558
Profit attributable to:
Ordinary and `N`
ordinary shareholders 8 179 11 251 20 562
Preference shareholders 151 132 148
Profit attributable to
equity holder of the parent 8 330 11 383 20 710
Non-controlling interest 7 405 9 707 17 848
Profit for the period 15 735 21 090 38 558
Total comprehensive
income attributable to:
Ordinary and `N`
ordinary shareholders 8 179 11 251 20 562
Preference shareholders 151 132 148
Comprehensive income
attributable to
equity holder of the parent 8 330 11 383 20 710
Non-controlling interest 7 405 9 707 17 848
Total comprehensive
income for the period 15 735 21 090 38 558
Reconciliation of
headline earnings
Profit attributable
to equity holders 8 179 11 251 20 562
Continuing operations 8 179 10 237 18 828
Discontinued operations - 1 014 1 734
Adjusted for:
(Profit)/loss on
disposal of property,
plant and equipment (44) (2) 372
Profit on sale of
discontinued operation - - (68)
Headline earnings 8 135 11 249 20 866
Continuing operations 8 135 10 235 19 200
Discontinued operations - 1 014 1 666
Basic earnings per
ordinary share (cents) (27.3%) 71.8 98.8 180.6
Continuing operations 71.8 89.9 165.3
Discontinued operations - 8.9 15.3
Headline earnings
per ordinary share
(cents) (27.7%) 71.4 98.8 183.2
Continuing operations 71.4 89.9 168.6
Discontinued operations - 8.9 14.6
Weighted average number
of equity shares
on which earnings
per share is based (000`s) 11 387 11 387 11 387
STATEMENT OF FINANCIAL POSITION
Consolidated (R`000)
As at As at
31 December 30 June
2011 2010 2011
(Unaudited) (Unaudited) (Audited)
ASSETS
Non-current assets 86 243 75 471 83 855
Property, plant and equipment 75 161 65 157 69 328
Investment property 5 718 3 511 5 776
Intangible assets 1 061 1 317 1 455
Other investments 576 576 576
Deferred taxation 3 727 4 910 6 720
Current assets 238 215 226 507 243 580
Inventories 75 590 62 349 71 099
Trade and other receivables 11 642 13 584 21 562
Forward exchange contracts 910 - -
Income tax receivable 21 15 2 050
Cash and cash equivalents 150 052 150 559 148 869
Total assets 324 458 301 978 327 435
Equity and liabilities
Capital and reserves 274 119 249 382 266 942
Share capital 1 200 1 200 1 200
Share premium 6 076 6 076 6 076
Other reserves 538 516 538
Retained earnings 143 729 129 994 139 194
Non-controlling interest 122 576 111 596 119 934
Non-current liabilities 12 277 12 823 16 844
Post-retirement liability 3 944 4 074 3 996
Accrued operating lease liability 7 143 8 749 9 577
Deferred taxation 1 190 - 3 271
Current liabilities 38 062 39 773 43 649
Provisions 420 514 467
Trade and other payables 36 535 35 785 42 461
Forward exchange contracts - 2 180 602
Income tax payable 1 107 1 294 119
Total equity and liabilities 324 458 301 978 327 435
SEGMENTAL REPORTING
Consolidated (R`000)
Six months ended Year ended
31 December 30 June
2011 2010 2011
(Unaudited) (Unaudited) (Audited)
Revenue
Total external retail revenue 281 542 268 200 509 087
Retail segment revenue 282 533 269 296 511 307
Intersegment revenue earned
from continuing operations (991) (605) (1 548)
Intersegment revenue earned
from discontinued operations - (491) (672)
Total external property revenue 733 249 605
Property segment revenue 2 695 2 318 4 758
Intersegment revenue earned
from continuing operations (1 962) (1 810) (3 635)
Intersegment revenue earned
from discontinued operations - (259) (518)
Dividends received 13 12 12
Interest received 3 957 4 451 8 802
Segment revenue from
continuing operations 286 245 272 912 518 506
Total external manufacturing revenue - 17 214 34 990
Manufacturing segment revenue - 17 291 35 067
Less: intersegment revenue - (77) (77)
Segment revenue from
discontinued operations - 17 214 34 990
Total group revenue 286 245 290 126 553 496
Segment operating profit/(loss)
Retail segment profit
- continuing operations 22 069 26 749 46 906
Property segment profit
- continuing operations 869 192 1 331
Group Services` operating loss
- continuing operations* (2 887) (2 814) (5 144)
Group profit from continuing operations 20 051 24 127 43 093
Manufacturing operating profit
- discontinued operations - 2 541 4 354
Total group operating profit 20 051 26 668 47 447
Depreciation and amortisation
Retail 9 469 7 359 15 416
Property 99 65 179
Segment depreciation and amortisation
from continuing operations 9 568 7 424 15 595
Manufacturing
- discontinued operation - 138 259
Total depreciation and amortisation 9 568 7 562 15 854
Segment assets
Retail 217 312 178 051 202 446
Property 13 156 10 412 11 751
Group Services* 93 990 100 398 101 866
Segment assets from
continuing operations 324 458 288 861 316 063
Manufacturing
- discontinued operation - 13 117 11 372
Total segment assets 324 458 301 978 327 435
Segment liabilities
Retail 44 956 41 691 50 330
Property 2 184 30 1 931
Group Services* 3 199 5 845 5 120
Segment liabilities from
continuing operations 50 339 47 566 57 381
Manufacturing
- discontinued operation - 5 030 3 112
Total segment liabilities 50 339 52 596 60 493
Capital expenditure
Retail 13 867 14 396 30 559
Property 1 091 330 602
Capital expenditure from
continuing operations 14 958 14 726 31 161
Manufacturing
- discontinued operation - - 30
Total capital expenditure 14 958 14 726 31 191
* Group Services includes corporate costs.
NOTES
1 Basis of preparation
These interim financial statements have been prepared in terms of the South
African Companies Act (71 of 2008 as amended), IFRS, IAS 34: Interim
Financial Reporting, the JSE Listings Requirements and the AC 500 Standards
as issued by the Accounting Practices Board or its successor. These interim
financial statements have been prepared under the supervision of the group
financial director, Damian Johnson CA(SA). These results have not been
reviewed or reported on by the company`s auditors, KPMG Inc.
2 Accounting policies
The accounting policies applied are consistent with those applied in the
preparation of the group`s annual financial statements for the year ended
30 June 2011.
3 Reclassification
The group presented the sale of its manufacturing division as a
discontinued operation in the previous year and where applicable certain
comparative information has been reclassified.
4 Preference dividend
A dividend on the 6% cumulative participating preference shares for the six
months ended 31 December 2011 in the amount of R151 000 was declared on 10
December 2011 and paid on 23 December 2011.
Directors
ML Krawitz+ (Chairman), PE Shub (Chief Executive Officer)
(alt ML Krawitz), CEA Radowsky, DS Johnson, PM Naylor*,
RV Orlin*, RW Rees (UK)*
+ Non-executive *Independent Non-executive
Registered office
Rex Buildings, 263 Victoria Road, Salt River, Cape Town, 7925
Secretary
AA Hodgkinson
Transfer secretaries
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001
Sponsor
Java Capital
Websites
www.queenspark.com www.rextrueform.com
Date: 08/03/2012 15:19:46 Produced by the JSE SENS Department.
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