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Burlington Industries Limited and its Subsidiaries
AND ITS SUBSIDIARIES Registration No. 1946/021549/06
Share code : BUR
ISIN : ZAE000001194
Transfer and Registered Office: Cnr 7th Avenue and Nyman Street,
Maitland, 7405
Directors: P Kawitzky, I Kawitzky, P Kawitzky, A Kawitzky, R D Hugo
CONSOLIDATED INCOME STATEMENT for the six months ended 30/6/2001
30/6/2001 30/6/00 31/12/00
Reviewed Reviewed Audited
OPERATING income before
depreciation and
finance charges 1 068 000 952 000 784 322
797 000 824 000 1 741 093
Depreciation 149 000 152 000 323 559
Finance charges 648 000 672 000 1 417 534
271 000 128 000 (956 771)
Taxation - - 750
Profit for period 271 000 128 000 (957 521)
Preference dividend - - 6 000
Net income attributable to
ordinary shareholders 271 000 128 000 (963 521)
ORDINARY DIVIDENDS - - -
RETAINED PROFIT FOR
THE PERIOD 271 000 128 000 (963 521)
Weighted average number of
ordinary shares 600 000 600 000 600 000
Earnings per
ordinary share (cents) 45.2 21.0 (160.6)
Headline earnings
per ordinary share 45.2 21.0 (160.6)
DIVIDENDS PER
ORDINARY SHARE (cents) - - -
CONSOLIDATED BALANCE SHEET AT 30/6/2001
30/6/2001 31/12/00
Reviewed Audited
ASSETS
Non-current assets 11 569 000 11 785 477
Tangible assets 10 473 000 10 605 968
Intangible assets 1 096 000 1 179 509
CURRENT ASSETS 13 514 000 13 864 608
25 083 000 25 650 085
EQUITY AND LIABILITIES
Equity and reserves 5 260 000 4 974 352
Ordinary shareholders interest 5 160 000 4 874 352
Preference share capital 100 000 100 000
Non current liabilties 14 146 000 14 309 240
Current liabilities 5 677 000 6 366 493
25 083 000 25 650 085
CONSOLIDATED CASH FLOW STATEMENT for the six months ended 30/6/2001
30/6/2001 30/6/00 31/12/00
Reviewed Reviewed Audited
CASH FLOW FROM OPERATING
ACTIVITIES (994 957) (686 759) 112 593
CASH FLOWS FROM INVESTING
ACTIVITIES 98 032 34 220 (390 344)
CASH FLOWS FROM FINANCING
ACTIVITIES (163 240) (225 286) 78 916
NET DECREASE IN CASH AND
CASH EQUIVALENTS (1 060 165) (877 825) (198 835)
Cash and cash equivalents
at the beginning of
the period (2 313 206) (2 114 371) (2 114 371)
Cash and cash equivalents
at the end of
the period (3 373 371) (2 992 196) (2 313 206)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Ordinary Preference Non- Distri- Total
share share distri- butable
capital capital butable reserves
reserve
R R R R R
Group
Balance at
1 January
2000 300 000 100 000 5 192 359 360 184 5 952 543
FCTR
arising
during
the year (14 670) (14 670)
Net loss
for the
year (957 521) (957 521)
Dividends - -
- Preference (6 000) (6 000)
Balance at
31 December
2000 300 000 100 000 5 177 589 (603 337) 4 974 352
Net profit
for the
period
(Reviewed) 271 000 271 000
FCTR arising
during
the period
(Reviewed) 14 648 14 648
Balance at
30 June
2001 300 000 100 000 5 192 337 (332 337) 5 260 000
DIRECTORS REPORT
We are pleased to report strong growth in turnover in the retail
division during the first six months of the current financial year.
Our expansion in this division is continuing and our sixth Marlboro
Original store will open in the Pavilion, Durban in November 2001.
Trading conditions in the manufacturing divisions are still very
difficult.
Savings in overhead expenditure have contributed to an increase in
nett income to R271 000 compared to R128 000 for the same period last
year. We will continue to monitor all expenditure to save costs and
to offset low margins.
The Directors have decided to pass the interim dividend.
FOR AND ON BEHALF OF THE BOARD
PERRY KAWITZKY
Director
ANTHONY KAWITZKY
Director
12 October 2001
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
The financial statements are prepared on the historical cost basis,
adjusted by the revaluation of land and buildings as detailed below,
and incorporate the principal accounting policies set out below
which are consistent with those of the previous year. These policies
comply with Statements of South African Generally Accepted Accounting
Practice except as disclosed in note 1.8 and 1.9. The financial
statements are prepared on a going concern basis.
1.1 Basis on Consolidation
The consolidated financial statements incorporate those of the
company and all of its subsidiaries. The results of subsidiaries
acquired or disposed of during the year are included from the
effective dates of acquisition and up to the effective dates of
disposal. Differences between the consideration paid for
subsidiaries acquired and the fair value of their identifiable net
assets at dates of acquisition are expressed as goodwill or reserve
on acquisition of subsidiaries. Unrealised income arising from
transactions within the group and inter-company balances have
been eliminated.
1.2 Non-Distributable Reserves
Amounts arising on revaluation of land and buildings are taken
directly to a non-distributable reserve.
1.3 Tangible Assets
The group owns two properties; both are stated at valuation.
Independent valuations are obtained at least every three years. In
the intervening years such valuations are reviewed by the directors
to ensure that no factors have arisen to render their use and disclosure
misleading and to determine if any permanent decline in value has occurred.
Surpluses or shortfalls on revaluation are transferred directly to or
from a revaluation surplus. If no surplus balance for the asset
exists, then shortfalls will be expensed. A revaluation surplus is
recognised as income to the extent that it reverses a revaluation
shortfall of the same asset previously recognised as an expense.
Assets held under finance leases are capitalised. At the
commencement of the leases, these assets are reflected at open market
value and the related liability is recognised at an equivalent
amount. Finance charges are written-off over the periods of the
leases on the effective rates of interest. Depreciation is provided
on all tangible assets, other than land and buildings, to write down
the cost, less estimated residual value, over their estimated
economic lives as follows:
Electrical equipment 15% per annum reducing balance method
Factory furniture 10% per annum reducing balance method
Motor vehicles 10% per annum straight line method
Office equipment 10% per annum reducing balance method
Plant and machinery 7,5% to 15% per annum reducing balance
method
No depreciation is provided on land and buildings.
1.4 Intangible Assets
Goodwill
Goodwill is stated at cost, except where there is a decline in value
that is other than temporary, in which case it is written down.
Development Expenditure
Development costs comprise all costs that are directly attributable
to development activities or that can be allocated on a reasonable
basis to such activities.
Development costs are recognised as an asset only when it is probable
that the costs will give rise to future economic benefits and the
costs can be measured reliably. Development costs are amortised on
the straight line basis at rates considered to be appropriate to the
time period in which benefits are expected from the sale or
use of the products. Development costs are further written down to
the extent that the unamortised balance will in all probability no
longer be recovered from expected future economic benefits.
1.5 Inventories
Inventories are valued at the lower of cost or estimated net reusable value.
Raw materials are valued at invoice cost on a first-in-first-out basis.
Work-in-progress and finished goods include raw materials, labour and
factory overheads.
1.6 Translation of Foreign Currencies Foreign entities
All assets and liabilities are translated at the closing rate.
Income statement items are translated at an appropriate weighted
average exchange rate for the year.
Exchange differences are taken directly to the foreign currency
translation reserve.
1.7 Retirement Benefits
Current Service Costs
Current contributions to the pension fund are based on current
service and current salary and are recognised in the results for the
year.
1.8 Revenue
Turnover is defined as sales to customers and finance charges and
excludes value added tax. Although disclosure of the aggregate
amount of turnover is required by the Fourth Schedule to the
Companies Act and Statements of South African Generally Accepted
Accounting Practice, the directors are of the opinion that such
disclosure would be prejudicial to the group and not in the best
interest of shareholders.
1.9 Cost of Sales
Cost of sales consists of the cost of inventories sold during the
year including related overhead costs.
1.10 Cash and Cash Equivalents
Cash and cash equivalents consists of cash on hand and balances with
banks and other financial institutions and investments in money
market instruments.
REVIEW BY INDEPENDENT AUDITORS
The financial information set out above has been reviewed, but not
audited by the Group's auditors Grant Thornton Kessel Feinstein.
Their review report has been qualified as detailed below and is
available for inspection at the company's registered office.
The Directors have failed to disclose the aggregate amount of
turnover as required by the Fourth Schedule to the Companies Act and
Generally Accepted Accounting practice.
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