| Tue 5 Mar 2002, 0:00 | | Alex White Holdings Ltd - Interim Results For The |
|
2001
ALEX WHITE HOLDINGS LIMITED
(REGISTRATION NUMBER 1949/035016/06)
YEAR END FINANCIAL REPORT
INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2001
CONSOLIDATED INCOME Unaudited Unaudited Audited
STATEMENT
6 months 6 months Year ended
To to 30 June 2001
31.12.01 31.12.00
R 000 R 000 R 000
REVENUE 68,597 63,206 126,083
OPERATING PROFIT
BEFORE INTEREST,
DEPRECIATION AND 5,364 5,217 10,304
EXCEPTIONAL ITEM
Interest (1,486) (1,861) ( 3,419)
Depreciation (2,730) (2,470) ( 5,002)
Exceptional item (150) ( 375)
PROFIT BEFORE TAXATION 1,148 736 1,508
Taxation (367) (206) ( 489)
PROFIT ATTRIBUTABLE TO 781 530 1,019
ORDINARY SHAREHOLDERS
Shares in issue 18,125 18,125 18,125
Basic earnings per 4.3 2.9 5.6
share - cents
Headline earnings per 3.7 2.8 5.4
share - cents
The following
adjustment to earnings
was taken into account
in the calculation of
headline earnings
Earnings - used for 781 530 1,019
basic earnings per
share
Loss (profit) on sale (110) (31) ( 42)
of fixed assets (after
taxation)
Headline earnings 671 499 977
STATEMENT OF CHANGES
IN EQUITY
Share capital
Ordinary shares
At beginning of year 1,812 1,812 1,812
At end of period 1,812 1,812 1,812
Share premium
At beginning of year 5,878 5,878 5,878
At end of period 5,878 5,878 5,878
Reserves
Non-distributable
reserve
At beginning of year 7,890 6,001 6,210
Surplus on 1,889
revaluation of land
and buildings
7,890 6,001 8,099
Transfer on disposal ( 209)
At end of period 7,890 6,001 7,890
Distributable reserve
At beginning of year 6,031 5,839 5,839
Net transfer on 192 192
disposal of land and
buildings
At end of period 6,031 6,031 6,031
At end of period 13,921 12,032 13,921
Retained earnings
At beginning of year 9,380 8,700 8,700
Change in accounting ( 339)
policy
Restated balance 9,380 8,700 8,361
Net profit (loss) 781 530 1,019
for the period
At end of period 10,161 9,230 9,380
ABRIDGED CONSOLIDATED
BALANCE SHEET
31.12.01 31.12.00 30 June 2001
R 000 R 000 R 000
ASSETS
Fixed assets 32,727 28,985 31,083
Intellectual property 1,445 2,100 1,661
Goodwill arising on
acquisition of
subsidiaries 192 192 192
Investments 12 12 12
Deferred taxation 259 154
Current assets 42,372 42,150 50,959
TOTAL ASSETS 76,748 73,698 84,061
EQUITY AND LIABILITIES
Capital and reserves 31,772 28,952 30,991
Non-current
liabilities
Interest bearing 7,620 4,755 3,232
borrowings
Deferred taxation 213
Current liabilities 37,143 39,991 49,838
TOTAL EQUITY AND 76,748 73,698 84,061
LIABILITIES
Net tangible asset
value per
share (cents) 166 149 161
ABRIDGED CONSOLIDATED
CASH FLOW STATEMENTS
Cash flows from (34) 1,071 5,335
operating activities
Cash flows from (3,996) (582) ( 2,866)
investing activities
Cash flows from 4,265 337 ( 1,251)
financing activities
Increase in cash and 235 826 1,218
cash equivalents
Cash and cash
equivalents at
beginning
of year (10,520) (11,738) ( 11,738)
Cash and cash
equivalents at end
of year (10,285) (10,912) ( 10,520)
COMMENTS
The Group's turnover for the period amounted to R68,597,000 which was 8.5%
better than the same period in the previous year. Headline earnings were
R5,364,000 (R5,217,000). The net profit before tax of R1,148,000 after
deprecation of R2,730,000 and interest of R1,486,000 showed an improvement
of 55.9% compared to the previous year.
Trading conditions in the South African economy remained difficult over the
six month period and the weakness of the Rand over the last three months of
2001 also had a negative effect on markets.
The Group is experiencing a growth in enquiries as well as in the successful
conclusion of new contracts. This process is assisted by the ongoing
rationalisation in the packaging industry, as well as renewed interest in
import replacement. We are well placed to take advantage of these trends.
The Group continues to grow it's export business to counteract the lack of
growth in the local market. Market research is being conducted to formalise
a strategic plan to significantly grow our market share in selected export
markets.
These results have been prepared in accordance with statements of Generally
Accepted Accounting Practice. The same accounting policies have been used in
preparing these results as those in the previous financial period.
The outlook for the second half of the year of necessity remains
conservative as no significant improvements in the sales of fast moving
consumer goods are anticipated.
On behalf of the Board
T P Kane (Executive Chairman)
Johannesburg
P J Kane (Financial Director)
Paarl
4 March 2002
REGISTERED OFFICE
22 Yaron Avenue, Lea Glen, Roodepoort, 1709
(P O Box 825, Florida, 1710)
TRANSFER SECRETARIES
Mercantile Registrars Limited
