Burlington Industries Limited and its Subsidiaries
Registration No. 05/21549/06
DIRECTORS PRELIMINARY REPORT FOR THE YEAR ENDED 31/12/2000
CONSOLIDATED INCOME STATEMENT for the year ended 31/12/2000
31/12/00 31/12/99
Reviewed Audited
Operating income before
depreciation and finance charges 829 000 43 031
1 680 000 1 891 070
Amortisation of goodwill 44 000 -
Depreciation 305 000 304 957
Finance charges 1 331 000 1 586 113
(851 000) (1 848 039)
Taxation 1 000 750
(852 000) (1 848 789)
Preference dividend 6 000 6 000
Net loss attributable to
ordinary shareholders (858 000) (1 854 789)
Weighted average number of
ordinary shares 600 000 600 000
Earnings per ordinary share
(cents) (142.9) (309.1)
CONSOLIDATED BALANCE SHEET AT 31/12/2000
31/12/00 31/12/99
Reviewed Audited
ASSETS
Non-current assets 11 795 000 11 850 833
Tangible assets 10 632 000 10 537 848
Intangible assets 1 163 000 1 312 985
Current assets 13 757 000 14 644 712
25 552 000 26 495 545
EQUITY AND LIABILITIES
Equity and reserves 5 094 000 5 952 543
Ordinary shareholders interest 4 994 000 5 852 543
Preference share capital 100 000 100 000
Non-current liabilities 13 972 000 13 806 284
Current liabilities 6 486 000 6 736 718
25 552 000 26 495 545
Trading conditions during the year under review remained very difficult for the
clothing manufacturing industry.
However, due to strict controls and restructuring by management, as well as the
consolidation of our manufacturing divisions, we have managed a meaningful
reduction in our costs. This has resulted in a reduction of our net trading
loss to R851 000 compared to a loss of R1 848 000 for the same period last year
We are pleased to advise that our retail division trading under our brand of
"Marlboro Originals" is trading profitably and has made a substantial
contribution to the income of the Group. Turnover has increased considerably
and the Directors are confident that this improvement will continue. We will
continue our expansion in this division by opening up more strategically placed
"Marlboro Originals"
stores.
The Directors have decided to pass the interim dividend.
REVIEW BY INDEPENDENT AUDITORS
The financial information set out above has been reviewed, but not audited, by
the Group's auditor Grant Thornton Kessel Feinstein. Their review report has
been qualified as detailed below and is available for inspection at the
company's registered office.
The Directors have failed to disclose the aggregate amount of turnover and cost
of sales as required by the Fourth Schedule to the Companies Act and Generally
Accounting Practice.
FOR AND ON BEHALF OF THE BOARD
PERRY KAWITZKY
Joint Chairman
ANTHONY KAWITZKY
Joint Chairman
29 March 2001
Transfer and Registered Office:
Cnr 7th Avenue and Nyman Street, Maitland, 7405
Directors: P Kawitzky, I Kawitzky, P Kawitzky, A Kawitzky,
R D Hugo
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