| Wed 30 May 2001, 0:00 | | All Joy Foods Ltd.- Provisional Financial Statemen |
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BALANCE SHEET
at 28 February 2001
Reviewed Audited
2,001 August 1999
R'000 R'000
ASSETS
Non-current assets 3,032 917
Fixed assets 2,361 819
Intangible assets 671 98
Current assets 10,368 5,826
Inventories 3,472 2414
Trade and other receivables 6,884 3390
Cash and cash equivalents 12 22
TOTAL ASSETS 13,400 6,743
EQUITY AND LIABILITIES
Capital and reserves 3,257 525
Share capital 330 290
Share premium 1,960 -
Distributable reserves 967 235
Outside shareholders' Interest -
Non-current liabilities 380 -
Interest bearing debt
Current liabilities 9,763 6,218
Trade and other payables 5,771 1,986
Current portion of interest
bearing debt 1,120 28
Taxation 759 561
Bank overdrafts 2,113 3,643
TOTAL EQUITY AND LIABILITIES 13,400 6,743
INCOME STATEMENT
for the eighteen months ended 28 February 2001
Reviewed Audited
2,001 August 1999
R'000 R'000
Revenue 46,954 22,067
Operating income/(loss) 2,081 1,143
Finance income/(costs) -1,349 -807
Net income before taxation 732 336
Taxation -
Net income for the year 732 336
Earnings and headline earnings
per share - cents 2.22 1.54
CASH FLOW STATEMENTS
for the eighteen months ended 28 February 2001
Reviewed Audited
2,001 August 1999
R'000 R'000
Cash flows from operating
Activities
Cash generated from operating
Activities 2,142 3,131
Interest paid -1,349 -805
Taxation paid 198 -558
Net cash from operating activities 991 1,768
Cash flows from investing activities
Fixed assets acquired -2,944 -434
Net cash used in investing
Activities -2,944 -434
Cash flows from financing activities
Capital raised 2,000 -
Borrowings raised(repaid) 1,472 -140
Net cash generated(used by)
financing activities 3,472 -140
Increase in cash and cash
Equivalents 1,519 1,194
Cash and cash equivalents at
beginning of year -3,620 -4814
Cash and cash equivalents at
end of year -2,101 -3,620
STATEMENT OF CHANGES IN EQUITY
for the eighteen months ended 28 February 2001
Share Share Distributable
capital premium reserves Total
R'000 R'000 R'000 R'000
Company
Balance at 1 September 1999 290 235 525
Issue of share capital 40 1960 2,000
Net income for the eighteen
months 732 732
Balance at February 2001 330 1,960 967 3,257
Provisional financial statements for the eighteen months ended
28TH February 2001
Comments on Results
We are pleased to present our second set of results as a listed company for
the 18 months ended 28 February 2001.
On an annualized basis the results for the period reflected an increase in
turnover of 39.6% and earnings of 45.2 % over the prior period.
This was achieved through a strategic drive to increase market share
together with the successful integration of the Molope Goldband
Manufacturing Plant, into the All Joy factory.
The benefit of the reduced manufacturing overhead as a result of the
intergration, has contributed significantly to the earnings.,
Prospects:
The directors are positive about the next financial year having secured
private label/housebrand sales for leading retail & supermarket chain stores
in South Africa.
Through organic growth the company will be launching "All Joys cooking for
you" introducing tomato based cooking & dipping sauces bottled and available
as convenient "heat & eat" products, this will allow All Joy to enter new
markets locally and abroad.
With reduced manufacturing overheads in place and improved sales through
organic growth we are confident of increased earnings for the group.
Dividend:
The directors have decided that no interim dividend will be paid, the funds
will be utilized to support an educational-marketing programme linked to
"All Joys cooking for you" launch.
The dividend policy will be reviewed 28/02/2002
By order of the board.
Antonio Gonsalves Marci Pather
Chairman Managing Director
