| Tue 12 Mar 2002, 0:00 | | African & Overseas Enterprises Limited: Profit Ann |
|
Months Ended 31 December 200
African & Overseas Enterprises Limited
(Registration number 1947/027461/06)
JSE Share code: AOO ISIN: ZAE000009718
PROFIT ANNOUNCEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2001
INCOME STATEMENT
Consolidated (R'000)
Six months ended Year ended
December 31 June 30
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
Revenue 142 095 139 592 281 133
Net operating income/(loss)
Before depreciation 1 705 (1 763) 9 711
Depreciation 4 152 4 180 8 476
Net operating (loss)/income (2 447) (5 943) 1 235
Net interest received 1 881 2 213 3 946
(Unaudited) (Unaudited) (Audited)
Revenue 142 095 139 592 281 133
Net operating income/(loss)
Before depreciation 1 705 (1 763) 9 711
Depreciation 4 152 4 180 8 476
Net operating (loss)/income (2 447) (5 943) 1 235
Net interest received 1 881 2 213 3 946
(Loss)/income before exceptional item (566) (3 730) 5 181
Exceptional item - 1 191 1 191
(Loss)/income before taxation (566) (2 539) 6 372
Taxation 346 365 1 682
(Loss)/income after taxation (912) (2 904) 4 690
Attributable to outside
shareholders in subsidiaries (730) (2 164) 1 166
(182) (740) 3 524
Preference dividends
Paid 16 16 33
Proposed - - 83
Net (loss)/income attributable to
ordinary and 'N' ordinary shareholders (198) (756) 3 408
(Loss)/earnings per share (cents) (1.7) (6.6) 29.9
Headline (loss)/earnings per share (cents) (1.7) (17.1) 19.5
Weighted average number of
equity shares on which earnings
per share is based (000) 11 387 11 387 11 387
Number of equity shares in issue (000) 11 387 11 387 11 387
BALANCE SHEET
Assets
Non-current assets 36 520 39 506 37 717
Fixed assets 30 361 34 969 32 120
Investments (unlisted) 5 327 4 745 4 765
Deferred taxation 832 (208) 832
Current assets 143 041 139 240 155 529
Inventory 99 535 91 679 94 683
Debtors 26 836 23 283 25 153
Taxation 168 344 58
Cash 16 502 23 934 35 635
Total assets 179 561 178 746 193 246
(Loss)/income before exceptional item (566) (3 730) 5 181
Exceptional item - 1 191 1 191
(Loss)/income before taxation (566) (2 539) 6 372
Taxation 346 365 1 682
(Loss)/income after taxation (912) (2 904) 4 690
Attributable to outside
shareholders in subsidiaries (730) (2 164) 1 166
(182) (740) 3 524
Preference dividends
Paid 16 16 33
Proposed - - 83
Net (loss)/income attributable to
ordinary and 'N' ordinary shareholders (198) (756) 3 408
(Loss)/earnings per share (cents) (1.7) (6.6) 29.9
Headline (loss)/earnings per share (cents) (1.7) (17.1) 19.5
Weighted average number of
equity shares on which earnings
per share is based (000) 11 387 11 387 11 387
Number of equity shares in issue (000) 11 387 11 387 11 387
BALANCE SHEET
Assets
Non-current assets 36 520 39 506 37 717
Fixed assets 30 361 34 969 32 120
Investments (unlisted) 5 327 4 745 4 765
Deferred taxation 832 (208) 832
Current assets 143 041 139 240 155 529
Inventory 99 535 91 679 94 683
Debtors 26 836 23 283 25 153
Taxation 168 344 58
Cash 16 502 23 934 35 635
Total assets 179 561 178 746 193 246
Equity and liabilities
Capital and reserves 90 439 88 750 90 637
Share capital 1 200 1 200 1 200
Share premium 6 616 6 616 6 616
Non-distributable reserves 2 405 3 500 2 405
Distributable reserves 80 218 77 434 80 416
Minority interest 72 998 71 580 73 737
Equity and liabilities
Capital and reserves 90 439 88 750 90 637
Share capital 1 200 1 200 1 200
Share premium 6 616 6 616 6 616
Non-distributable reserves 2 405 3 500 2 405
Distributable reserves 80 218 77 434 80 416
Minority interest 72 998 71 580 73 737
Current liabilities 16 124 18 416 28 872
Accounts payable 16 124 18 284 25 076
Taxation - 132 271
Outside shareholders for dividend - - 1 165
Shareholders for dividend - - 2 360
Total equity and liabilities 179 561 178 746 193 246
ABRIDGED CASH FLOW STATEMENT
Cash generated by/(applied to)operations 1 614 (688) 9 622
Working capital changes (15 409) (9 676) (7 756)
Interest received (net) 1 881 2 213 3 946
Taxation (805) (4 151) (6 085)
Dividends paid (3 550) (5 779) (5 788)
Net cash outflows from operations (16 269) (18 081) (6 061)
Net cash outflows from investing
activities (2 864) (9 339) (9 658)
Net decrease in cash (19 133) (27 420) (15 719)
Cash at the beginning of the period 35 635 51 354 51 354
Cash at the end of the period 16 502 23 934 35 635
STATEMENT OF CHANGES IN EQUITY
Consolidated (R'000)
Six months ended Year ended
December 31 June 30
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
Share capital 1 200 1 200 1 200
Share premium 6 616 6 616 6 616
Non-distributable reserves 2 405 3 500 2 405
Distributable reserves
Opening balance 80 416 78 190 78 190
Transfer - - 1 095
(Loss)/profit after taxation (182) (740) 3 524
Current liabilities 16 124 18 416 28 872
Accounts payable 16 124 18 284 25 076
Taxation - 132 271
Outside shareholders for dividend - - 1 165
Shareholders for dividend - - 2 360
Total equity and liabilities 179 561 178 746 193 246
ABRIDGED CASH FLOW STATEMENT
Cash generated by/(applied to)operations 1 614 (688) 9 622
Working capital changes (15 409) (9 676) (7 756)
Interest received (net) 1 881 2 213 3 946
Taxation (805) (4 151) (6 085)
Dividends paid (3 550) (5 779) (5 788)
Net cash outflows from operations (16 269) (18 081) (6 061)
Net cash outflows from investing
activities (2 864) (9 339) (9 658)
Net decrease in cash (19 133) (27 420) (15 719)
Cash at the beginning of the period 35 635 51 354 51 354
Cash at the end of the period 16 502 23 934 35 635
STATEMENT OF CHANGES IN EQUITY
Consolidated (R'000)
Six months ended Year ended
December 31 June 30
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
Share capital 1 200 1 200 1 200
Share premium 6 616 6 616 6 616
Non-distributable reserves 2 405 3 500 2 405
Distributable reserves
Opening balance 80 416 78 190 78 190
Transfer - - 1 095
(Loss)/profit after taxation (182) (740) 3 524
Dividends (16) (16) (2 393)
80 218 77 434 80 416
OTHER INFORMATION
Capital expenditure 2 587 7 021 8 385
Capital commitments
Contracted for 871 224 117
Authorised - not contracted for 5 404 2 563 1 712
Dividends (16) (16) (2 393)
80 218 77 434 80 416
OTHER INFORMATION
Capital expenditure 2 587 7 021 8 385
Capital commitments
Contracted for 871 224 117
Authorised - not contracted for 5 404 2 563 1 712
Current ratio 8.9 7.6 5.4
Accounting policy
The interim financial statements comply with the South African statements of
Generally Accepted Accounting Practice. Accounting Policies used are
consistent with those applicable for the June 2001 financial statements.
Preference dividend
A dividend on the 6% cumulative preference shares for the six months ended
31 December 2001 in the amount of R16 500 was declared in November and paid
on 31 December 2001.
COMMENT
The performance of the company, although better than the corresponding
period of last year, is still not positive and a loss of R1 627 840 (R4 803
852 in 2000) after tax, has been incurred for the first six months of the
financial year.
Queenspark has continued to trade profitably, and with better margins
achieved and operating costs contained, the contribution of Queenspark was
substantially improved over the corresponding period last year. Queenspark
is strongly positioned in its niche market and it is pleasing to report that
the new Autumn/Winter ranges have been enthusiastically received by our
customers and prospects for the second half of the financial year are
encouraging.
The manufacturing operations have experienced another difficult period.
Prospects, however, for new long run export business are good and it is
expected that additional volumes will materialise, thereby improving
performance during the second half of the financial year and beyond.
The continued positive contribution of Queenspark, together with an expected
improved performance from the manufacturing operations, should result in the
company producing a positive result during the second half of the financial
year. The balance sheet remains strong and the company is capable of
financing future expansion out of its own cash resources. It is thus well
positioned to take advantage of an upturn in demand.
Rex Trueform has completed an internal restructure of its business into
three separate business units, being Queenspark - Retail, Rex Trueform -
Clothing Manufacturing, and Distribution. This restructuring was completed
late last year and now properly reflects the business activities of the
group.
Signed on behalf of the Board:
Stewart C Shub (Chairman)
Current ratio 8.9 7.6 5.4
Accounting policy
The interim financial statements comply with the South African statements of
Generally Accepted Accounting Practice. Accounting Policies used are
consistent with those applicable for the June 2001 financial statements.
Preference dividend
A dividend on the 6% cumulative preference shares for the six months ended
31 December 2001 in the amount of R8 400 was declared in November and paid
on 31 December 2001.
COMMENT
The performance of the company, although better than the corresponding
period of last year, is still not positive and a loss of R1 627 840 (R4 803
852 in 2000) after tax, has been incurred for the first six months of the
financial year.
Queenspark has continued to trade profitably, and with better margins
achieved and operating costs contained, the contribution of Queenspark was
substantially improved over the corresponding period last year. Queenspark
is strongly positioned in its niche market and it is pleasing to report that
the new Autumn/Winter ranges have been enthusiastically received by our
customers and prospects for the second half of the financial year are
encouraging.
The manufacturing operations have experienced another difficult period.
Prospects, however, for new long run export business are good and it is
expected that additional volumes will materialise, thereby improving
performance during the second half of the financial year and beyond.
The continued positive contribution of Queenspark, together with an expected
improved performance from the manufacturing operations, should result in the
company producing a positive result during the second half of the financial
year. The balance sheet remains strong and the company is capable of
financing future expansion out of its own cash resources. It is thus well
positioned to take advantage of an upturn in demand.
Rex Trueform has completed an internal restructure of its business into
three separate business units, being Queenspark - Retail, Rex Trueform -
Clothing Manufacturing, and Distribution. This restructuring was completed
late last year and now properly reflects the business activities of the
group.
Signed on behalf of the Board:
Stewart C Shub (Chairman)
Alan A Hodgkinson (Director)
Cape Town
8 March 2002
Transfer Secretaries: Registered Office:
Mercantile Registrars Ltd Rex Buildings
10th Floor, 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)
