| Fri 2 Nov 2001, 0:00 | | All Joy Foods Limited - Interim Results |
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BALANCE SHEET
at 31 August 2001
Unaudited Unaudited Audited
31 August 31 August 29 February
2001 2000 2001
R R R
ASSETS
Non-current assets 4,260,758 3,233,241 3,140,024
Property,plant and
equipment 3,546,146 2,380,143 2,361,430
Intangible assets 606,609 853,098 670,591
Deferred taxation 108,003 - 108,003
Current assets 11,084,490 9,082,158 10,370,492
Inventories 3,620,431 4,321,183 3,471,630
Trade and other
receivables 7,444,417 4,760,975 6,886,810
Cash and cash
equivalents 19,642 - 12,052
TOTAL ASSETS 15,345,248 12,315,399 13,510,516
EQUITY AND LIABILITIES
Capital and reserves 4,383,748 2,591,555 3,364,864
Issued capital 2,290,000 2,290,000 2,290,000
Distributable
reserves 1,700,041 301,555 1,074,864
Non distributable
reserve 393,707
Non-current liabilities
Interest bearing debt 479,853 380,000
Current liabilities 10,481,648 9,723,838 9,765,652
Taxation 1,081,541 433,377 758,899
Accounts payable 5,515,020 5,596,806 5,770,576
Current portion
of interest
bearing debt 1,308,759 29,701 1,120,000
Bank overdraft 2,576,328 3,663,954 2,116,177
TOTAL EQUITY AND
LIABILITIES 15,345,248 12,315,393 13,510,516
Net asset value
(cents) 12.6 9.8 9.2
INCOME STATEMENT
for the six months ended 31August 2001
Unaudited Unaudited Audited
6 Months ended 6 Months ended 18 Months ended
31 August 31 August 28 February
2001 2000 2001
R R R
Gross revenue 18,024,661 15,078,380 46,954,097
Cost of sales 12,137,310 10,462,514 21,213,271
Gross profit 5,887,351 4,615,866 25,740,826
Other income 4,223 - -
Operating costs 4,622,255 4,668,579 23,305,738
Operating profit 1,269,319 -52,714 2,435,088
Interest received 2,047 338 1,015
Finance costs ( 309,556) ( 568,089) ( 1,704,266)
Profit before taxation 961,810 ( 620,464) 731,837
Taxation 336,634 - 253,207
Profit after taxation 625,177 ( 620,464) 478,630
Earnings per ordinary
share ( Cents) 1.89 2.14 1.47
(33 Million shares, Aug
2000, 29 Million shares )
Headline earnings per share
(Cents) 2.09 -2.14 2.03
(After amortisation of
trade marks written
back R 63 982)
CASH FLOW STATEMENT
for the six months ended 31 August 2001
Audited
Unaudited Unaudited 18 Months
6 Months to 6 Months to ended 28 February
to August 2001 to August 2000 2001
R R R
Cash flows from
operating activities
Cash generated from
operating activities 925,561 788,825 2,691,228
Interest received 2,047 - 1,015
Interest paid ( 309,556) ( 656,868) (1,704,266)
Net cash from operating
activities 618,052 131,957 987,977
Cash flows from
investing activities
Expenditure to maintain
operating capacity
Property, plant and
equipment acquired ( 1,400,000) - ( 2,188,316)
Intangible assets
acquired ( 12,188) - ( 755,211)
( 1,412,188) ( 0) ( 2,943,527)
Cash flows from
financing activities
Capital raised - - 2,000,000
Borrowings raised(repaid) 341,575 - 1,472,137
Net cash generated(used by)
financing activities 341,575 - 3,472,137
Decrease/(increase) in
cash and cash equivalents ( 452,561) 131,957 1,516,587
Cash and cash equivalents
at beginning of period ( 2,104,125) ( 3,795,911) ( 3,620,712)
Cash and cash equivalents
at end of period ( 2,556,686) ( 3,663,954) ( 2,104,125)
STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 August 2001
Notes Share Share Distributable Non distributable
capital premium reserves reserves Total
R R R R R
Balance at 01
March 2001 330,000 1,960,000 1,074,864 3,364,864
Change in
accounting
policy -
Restated
balance 330,000 1,960,000 1,074,864 3,364,864
Net profit
for the period
Balance at 01
March 2000 330,000 1,960,000 1,074,864
Net profit
for the period 625,177 625,177
Purchase of
fixed property 393,707 393,707
Issue of share
capital -
Balance at 31
August 2001 330,000 1,960,000 1,700,041 393,707 4,383,748
Managing Director's Comment.
We are proud to announce our interim results for the six months ending
31/08/2001.
Sales revenue is up 20% for the six months ending 31/08/2001 compared to the
previous year.
The period under review is traditionally difficult, considering the product
range, so we are particularly proud of our sales growth. The successful
launch of new products & private label production can be attributed to the
20% sales growth.
Profit is up 201% for the six months to August 2001, compared to the
previous year, for the period under review, we are now realizing the full
benefit of incorporating the reduction of manufacturing overheads of the
Molope Goldband acquisition, into the All Joy production facility.
Our steady growth in tomato sauce, we are currently producing 20 Tons per
day, has allowed us the critical mass to procure competitively
Prospects.
The next six months is traditionally our favoured period - so we are
confident of good prospects in the summer. We will continue to focus on
leveraging our "procurement - position" to realize greater profits, from
branded volume sales growth.
Dividends.
The directors have determined that no dividend will be declared and any
savings will be utilized to finance future growth.
Accounting principles.
The accounting principles and policies adopted are as expressed in the
annual financial statements for the year ended February 2001.
Transfer secretaries.
Computershare Services Ltd.
4th Floor Edura house
41 Fox Street
Johannesburg 2001
Directors.
M. T Pather S. Fanaroff
A. Gonsalves S. Blumberg
A. Parsons
