| Thu 28 Jun 2001, 0:00 | | All Joy Foods Limited - Audited Results |
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Audited financial statements for the eighteen months ended 28th February 2001
BALANCE SHEET
at 28 February 2001
Audited Audited
2001 31 August
1999
Note R R
ASSETS
Non-current assets 3,140,024 1,277,772
Property,plant and equipment 2,361,430 818,675
Intangible assets 670,591 97,887
Deferred taxation 108,003 361,210
Current assets 10,370,492 5,827,251
Inventories 3,471,630 2,414,172
Trade and other receivables 6,886,810 3,390,353
Cash and cash equivalents 12,052 22,726
TOTAL ASSETS 13,510,516 7,105,023
EQUITY AND LIABILITIES
Capital and reserves 3,364,864 886,234
Issued capital 2,290,000 290,000
Distributable reserves 1,074,864 596,234
Non-current liabilities 380,000 -
Interest bearing debt
Current liabilities 9,765,652 6,218,789
Taxation 758,899 561,037
Accounts payable 5,770,576 1,986,451
Current portion of interest
bearing debt 1,120,000 27,863
Bank overdraft 2,116,177 3,643,438
TOTAL EQUITY AND LIABILITIES 13,510,516 7,105,023
INCOME STATEMENT
for the eighteen months ended 28 February 2001
Audited Audited
18 months 12 Months
ended 28 February ended August
2001 1999
Note R R
Gross revenue 46,954,097 22,066,860
Cost of sales 21,213,271 14,181,007
Gross profit 25,740,826 7,885,853
Other income - 67,367
Operating costs 23,305,738 6,812,096
Operating profit 2,435,088 1,141,124
Interest received 1,015 2,097
Finance costs ( 1,704,266) ( 807,447)
Profit before taxation 731,837 335,774
Taxation 253,207 170,537
Profit after taxation 478,630 165,237
Earnings per ordinary share
(Cents) 1.47 0.76
Earnings per ordinary
share before taxation
adjustement 2.24 1.54
Headline earnings per
share (Cents) 2.03 0.76
CASH FLOW STATEMENT
for the eighteen months
ended 28 February 2001
Audited Audited
18 Months 12 Months
ended 28 ended 31
February August
2001 1999
Note R R
Cash flows from operating
activities
Cash generated from
operating activities 21.1 2,493,366 3,131,054
Interest received 1,015 2,097
Interest paid (1,704,266) (807,447)
Taxation refunded
(paid) 21.2 197,862 ( 558,393)
Net cash from
operating activities 987,977 1,767,311
Cash flows from investing
activities
Expenditure to maintain
operating capacity
Property, plant and
equipment acquired (2,188,316) (433,728)
Intangible assets acquired (755,211) (2,943,527) (433,728)
Cash flows from financing
activities
Capital raised 2,000,000 289,638
Borrowings raised(repaid) 1,472,137 (429,501)
Net cash generated(used by)
financing activities 3,472,137 (139,863)
Increase in cash and cash
equivalents 1,516,587 1,193,720
Cash and cash equivalents at
beginning of year 21.3 (3,620,712) (4,814,432)
Cash and cash equivalents
at end of year 21.4 (2,104,125) (3,620,712)
STATEMENT OF CHANGES IN EQUITY
for the eighteen months ended 28 February 2001
Notes Share Share Distributable
capital premium reserves Total
R R R R
Balance at 1 September
1999 290,000 (100,70) 189,250
Change in accounting policy 531,747 531,747
Restated balance 290,000 - 430,997 720,997
Net profit for the period 165,237 165,237
Balance at 01 March 2000 290,000 - 596,234 886,234
Net profit for the period 478,630 478,630
Issue of share capital 40,000 1,960,000 2,000,000
Balance at 28 February 2001 330,000 1,960,000 1,074,864 3,364,864
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 189 % 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
integration, has contributed significantly to the earnings.
Prospects:
The directors are positive about the next financial year having secured
private label/house brand 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
