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JUNE 2001
African & Overseas Enterprises Limited
Registration number: 1947/027461/06
Share Code: AON ISIN Code: ZAE000009718
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 9 711 22 604
Depreciation 8 476 8 182
Net operating income 1 235 14 422
Net interest received 3 946 5 224
Income before exceptional item 5 181 19 646
Exceptional item 1 191 -
Income before taxation 6 372 19 646
Taxation 1 682 6 837
Income after taxation 4 690 12 809
Attributable to outside
shareholders in subsidiaries 1 166 5 031
3 524 7 778
Preference dividends
Paid 33 33
Proposed 83 121
Net income attributable to ordinary
and 'N' ordinary shareholders 3 408 7 624
Earnings per share (cents) 29.9 67.0
Headline earnings per share (cents) 19.5 67.0
Proposed dividend per share (cents) 20.0 29.0
Dividend cover 1.0 2.3
Weighted average number of
equity shares on which earnings
per share is based (000) 11 387 11 387
Number of equity shares in issue (000) 11 387 11 387
BALANCE SHEET
Consolidated (R'000)
Assets
Non-current assets 37 717 34 251
Fixed assets 32 120 31 497
Investments (unlisted) 4 765 2 941
Deferred taxation 832 (187)
Current assets 155 471 162 190
Inventory 94 683 86 388
Debtors 25 153 24 448
Cash 35 635 51 354
Total assets 193 188 196 441
Equity and liabilities
Capital and reserves 90 637 89 506
Share capital 1 200 1 200
Share premium 6 616 6 616
Non-distributable reserves 2 405 3 500
Distributable reserve 80 416 78 190
Minority interest 73 737 73 753
Current liabilities 28 814 33 182
Short-term interest bearing debt - 3 118
Accounts payable 25 076 20 497
Taxation 213 3 814
Outside shareholders for dividend 1 165 2 330
Shareholders for dividend 2 360 3 423
Total equity and liabilities 193 188 196 441
ABRIDGED CASH FLOW STATEMENT
Consolidated (R'000)
Cash generated by operations 9 484 22 407
Working capital changes (7 756) (6 157)
Interest received (net) 3 946 5 224
Taxation (6 085) (7 209)
Dividends paid (5 802) (5 802)
Net cash (outflows)/inflows
from operations (6 213) 8 463
Net cash outflows from
investing activities (9 506) (5 509)
Net (decrease)/increase in cash (15 719) 2 954
Cash at the beginning of the period 51 354 48 400
Cash at the end of the period 35 635 51 354
STATEMENT OF CHANGES IN EQUITY
2001 2000
(Audited) (Audited)
Share capital 1 200 1 200
Share premium 6 616 8 618
Non-distributable reserves
Opening balance 3 500 3 500
Transfer to distributable reserve (1 095) -
2 405 3 500
Distributable reserve
Opening balance 78 190 73 282
Transfer from outside shareholders - 586
Income after taxation 3 524 7 778
Transfer from non-distributable
reserves 1 095 -
Dividends (2 393) (3 456)
80 416 78 190
OTHER INFORMATION
Capital expenditure 8 244 6 604
Capital commitments
Contracted for 117 2 031
Authorised - not contracted for 1 712 4 264
Current ratio 5.4 4.9
Exceptional item
The exceptional item represents the group profit brought to account as a
consequence of the sale of a property-owning company, previously owned by
African & Overseas Enterprises Limited, to its principal operating
subsidiary, which accounts for the difference in the earnings and headline
earnings per share.
COMMENT
The principal operating subsidiary Rex Trueform Clothing Company Limited
reports as follows:
"During the past six months the company has achieved a significant
turnaround 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 maximum dividend
that the earnings for the year support."
Dividend
The board has recommended that a cash dividend of 20 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.
Preference dividend
In terms of the articles of association, the 6% cumulative participating
preference shares carry the right to receive an additional 1/2% dividend for
every completed 11/4% dividend in excess of 21/2% declared on the ordinary
shares in any one financial year. Preference shareholders will therefore be
entitled to an extra dividend of 15,0% (30,0 cents per share) which will be
included in the half-yearly payment in December 2001.
Signed on behalf of the Board:
Stewart C Shub George M Thomas
(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), P E Shub, C A Stride, G M Thomas
Secretary: C J Merrett (British)
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