| Wed 26 Sep 2001, 0:00 | | Alex White Holdings Limited - Year End Financial R |
|
REGISTRATION NUMBER 1949/035016/06)
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2001
CONSOLIDATED INCOME STATEMENT
(Share code : ALX ISIN Code :ZAE000000386)
Audited Audited
Year ended Year ended
30 June 2001 30 June 2000
R 000 R 000
REVENUE 126,083 117,056
OPERATING PROFIT BEFORE INTEREST,
DEPRECIATION AND EXCEPTIONAL ITEM 10,304 9,978
Interest (3,419) (3,973)
Depreciation (5,002) (4,946)
Exceptional item (375) (1,191)
PROFIT (LOSS) BEFORE TAXATION 1,508 (132)
Taxation (489) (14)
PROFIT(LOSS)ATTRIBUTABLE TO
ORDINARY SHAREHOLDERS 1,019 (146)
Shares in issue 18,125 18,125
Basic earnings (loss) per share - cents 5.6 (0.8)
Headline earnings (loss) per share - cents 5.4 (0.6)
The following adjustment to earnings was taken into account in the
calculation of headline earnings
Earnings ( loss) - used for basic
earnings per share 1,019 (146)
Loss (profit) on sale of fixed
assets (after taxation) (42) 35
Headline earnings (losses) 977 (111)
STATEMENT OF CHANGES IN EQUITY
Share capital
Ordinary shares
At beginning of year 1,812 1,812
At end of year 1,812 1,812
Share premium
At beginning of year 5,878 5,878
At end of year 5,878 5,878
Reserves
Non-distributable reserve
At beginning of year 6,210 6,002
Surplus on revaluation of land and buildings 0 208
6,210 6,210
Transfer on disposal (209)
At end of year 6,001 6,210
Distributable reserve
At beginning of year 5,839 6,290
Reversal of profit on cancelled sale of
land and buildings 0 (451)
5,839 5,839
Net transfer on disposal of land and buildings 192
At end of year 6,031 5,839
At end of year 12,032 12,049
Retained earnings
At beginning of year 8,700 8,507
Change in accounting policy (339) 0
Restated balance 8,361 8,507
Net profit (loss) for the year 1,019 (146)
At end of year 9,380 8,361
ABRIDGED CONSOLIDATED BALANCE SHEET
30 June 2001 30 June 2000
R 000 R 000
ASSETS
Fixed assets 31,083 31,032
Intellectual property 1,661 1,916
Goodwill arising on acquisition of
Subsidiaries 192 192
Investments 12 12
Deferred taxation 154 611
Current assets 50,959 45,250
TOTAL ASSETS 84,061 79,013
EQUITY AND LIABILITIES
Capital and reserves 30,991 28,100
Non-current liabilities
Interest bearing borrowings 3,232 3,208
Current liabilities 49,838 47,705
TOTAL EQUITY AND LIABILITIES 84,061 79,013
Net tangible asset value per
share (cents) 161 143
ABRIDGED CONSOLIDATED CASH FLOW STATEMENTS
Cash flows from operating activities 5,335 4,098
Cash flows from investing activities (2,866) (2,997)
Cash flows from financing activities (1,251) (2,819)
Decrease in cash and cash equivalents 1,218 (1,718)
Cash and cash equivalents at beginning
of year (11,738) (10,020)
Cash and cash equivalents at end
of year (10,520) (11,738)
COMMENTS
The group operates in a dynamic and ever changing market. As a service
provider to our clients, we work with them in meeting the varying needs of
their own markets and customers. Our clients include the country's major
food and personal wash manufacturers, pet and snack food suppliers,
horticultural and agricultural agents as well as paint manufacturers.
Through our divisions we are also meeting the printing needs of major hotel
groups, entertainment and licensing companies and we are investing in
increasing the data collection service that we offer the pharmaceutical,
hospital and shipping industries.
The underlying drivers to the market conditions in which the Group operates
are a weak economy and changed consumer spending patterns. We find also that
raw material increases aggravated by the weak Rand have had a negative
impact on margins throughout the industry. This combination of weak demand
when combined with industry over-capacity has put pressure on sales and
profitability.
Despite these difficult trading conditions, the Group increased turnover and
improved profitability. The Group had a positive cash flow of R1,218,000 for
the year. Turnover increased by nearly 8% to R126,083,000 and the operating
profit before depreciation amounted to R10,304,000. Depreciation of
R5,002,000, interest costs of R3,419,000 and the exceptional item of
R375,000 gave rise to a profit before tax of R1,508,000. Tax of R489,000
reduced the profit attributable to shareholders to R1,019,000 which
translates to a profit per share of 5,6 cents.
The Group continues to find ways to improve cash flow, sales and
profitability and specific plans are in place despite the negative market to
further improve our results in the coming year. Although it would be
possible to declare a small dividend this year the directors have decided
that it would be prudent to retain these profits in the Group at this time
to enhance the results in the coming year.
On behalf of the Board
T P Kane (Executive Chairman)
Johannesburg
P J Kane (Financial Director)
Paarl
26 September 2001
REGISTERED OFFICE
22 Yaron Avenue, Lea Glen, Roodepoort, 1709
(P O Box 825, Florida, 1710)
TRANSFER SECRETARIES
Mercantile Registrars Limited
