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Rex Trueform Clothing Company Limited
Registration number: 1937/009839/06
Share Code: RTO ISIN Code: ZAE000006144
PROFIT ANNOUNCEMENT FOR THE YEAR ENDED 30 JUNE 2001
INCOME STATEMENT
Consolidated (R'000)
2001 2000
(Audited) (Audited)
Revenue 281 133 289 104
Net operating income
before depreciation 8 495 19 970
Depreciation 8 476 8 182
Net operating income 19 11 788
Net interest received 3 661 5 359
Income before taxation 3 680 17 147
Taxation 1 119 6 024
Income after taxation 2 561 11 123
Preference dividends 16 16
Net income attributable to ordinary
and 'N' ordinary shareholders 2 545 11 107
Headline earnings per share (cents) 12.3 53.8
Proposed dividend per share (cents) 12.5 25.0
Dividend cover 1.0 2.2
Weighted average number of
equity shares on which earnings
per share is based (000) 20 642 20 642
Number of equity shares in issue (000) 20 642 20 642
BALANCE SHEET
Consolidated (R'000)
Assets
Non-current assets 39 165 33 810
Fixed assets 33 568 29 886
Investments (unlisted) 4 765 4 111
Deferred taxation 832 (187)
Current assets 151 821 162 083
Inventory 94 683 86 388
Debtors 24 965 24 383
Cash 32 173 51 312
Total assets 190 986 195 893
Equity and liabilities
Capital and reserves 162 985 163 020
Share capital 1 777 1 777
Share premium 25 847 25 847
Non-distributable reserves 9 1 104
Distributable reserve 135 352 134 292
Current liabilities 28 001 32 873
Short-term interest-bearing debt - 3 118
Accounts payable 25 282 21 045
Taxation 139 3 549
Shareholders for dividend 2 580 5 161
Total equity and liabilities 190 986 195 893
ABRIDGED CASH FLOW STATEMENT
Consolidated (R'000)
Cash generated by operations 8 268 19 773
Increase in working capital (7 975) (5 406)
Interest received (net) 3 661 5 359
Taxation paid (5 331) (6 490)
Dividends paid (5 177) (5 177)
Net cash (outflows)/inflows
from operations (6 554) 8 059
Net cash outflows from
investing activities (12 585) (5 104)
Net (decrease)/increase in cash (19 139) 2 955
Cash at the beginning of the period 51 312 48 357
Cash at the end of the period 32 173 51 312
STATEMENT OF CHANGES IN EQUITY
Consolidated (R'000)
2001 2000
(Audited) (Audited)
Share capital 1 777 1 777
Share premium 25 847 25 847
Non-distributable reserves
Opening balance 1 104 1 104
Transfer to distributable reserve (1 095) -
9 1 104
Distributable reserve
Opening balance 134 292 128 346
Income after taxation 2 561 11 123
Dividends (2 596) (5 177)
Transfer from non-distributable
reserves 1 095 -
135 352 134 292
OTHER INFORMATION
Capital expenditure 12 494 6 604
Capital commitments
Contracted for 117 2 031
Authorised - not contracted for 1 712 4 264
Current ratio 5.4 4.9
COMMENT
During the past six months the company has achieved a significant turn-
around in profitability. The profit earned during the period January to June
2001 has enabled the company to more than off-set the loss incurred in the
period July to December 2000.
This improved result during the second half of the financial year was
largely attributable to the positive performance of Queenspark, which has
continued to trade profitably, with better margins and overhead costs
contained. In addition the successful re-organisation of manufacturing
facilities has also made a significant contribution.
The lower level of interest received arises as a result of both lower
interest rates and lower average cash balances on hand during the period.
Internationally retail markets remain under pressure and it has not yet
been possible to re-establish the "long run" export business that has
provided an important component of production volumes in previous years. An
increase in volumes from exports remains a priority and the company is
pursuing initiatives to establish new markets and customers.
The balance sheet remains strong and the company is capable of financing
future growth out of its own cash resources. It therefore remains well
placed to take advantage of any sustained upturn in demand, particularly in
the local market where Queenspark maintains a strong position in its niche.
Against this background the Board has decided to pay the maiximum
dividend that the earnings for the year support.
Dividend
The board has recommended that a cash dividend of 12.5 cents per share be
declared on the ordinary and 'N' ordinary shares. Shareholders will be asked
to consider, and if deemed fit, approve this recommendation of the directors
at the Annual General Meeting of the company to be held on 9 November 2001.
Signed on behalf of the Board:
Stewart C Shub Alan A Hodgkinson
(Chairman) (Director)
Cape Town
4 September 2001
Transfer Secretaries: Registered office:
Mercantile Registrars Ltd Rex Buildings
11 Diagonal Street 263 Victoria Road
Johannesburg, 2001 Salt River, Cape, 7925
Directors: S C Shub (Chairman), G Bradley, M R Danford (British), V Hardy
(British), A A Hodgkinson, J C O'Brien, C E A Radowsky, A M Shub, P E Shub,
C A Stride, D R Sykes, G M Thomas
Secretary: African & Overseas Enterprises Limited
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