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Fashaf - Summarised Group Audited Results For The Year Ended 28 February
2002
(Fashion Africa Limited)
(Reg No 1944/017149/06)
("Fashaf" or "the Company")
Alpha Code: FSH ISIN: ZAE000016473
SUMMARISED GROUP AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2002
INCOME STATEMENTS
(R`000)
Audited Audited Reviewed
12 months 8 months 6 months
ended ended ended
28/02/02 28/02/01 31/08/01
Revenue - Retail sales 452,275 291,325 187,010
Cost of sales 303,196 195,770 123,948
Gross profit 149,079 95,555 63,062
Operating costs (175,761) (111,317) (82,122)
Exceptional items
Provision for
onerous lease - (17,790) -
Reorganisation
costs (3,422) (1,745) (1,265)
Cancellation of
loan option agreement (2,706) - -
Net loss before interest (32,810 ) (35,297) (20,325)
Net interest paid (5,603) (4,992) (2,471)
Net loss after interest
before taxation (38,413) (40,289) (22,796)
Taxation - 4,765 -
Net loss for the
year/period (38,413) (45,054) (22,796)
Loss per share (cents) (3.5) (17.9) (2.1)
Headline loss per
share (cents) (3.2) (17.2) (2.1)
BALANCE SHEETS
(R`000)
Audited at Audited at Reviewed
at
28/02/02 28/02/01 31/08/01
ASSETS
Non-current assets
Property, plant
and equipment 41,018 36,936 35,676
Loan to share
scheme 1,611 2,000 4,139
Goodwill 4,592 - -
47,221 38,936 39,815
Current assets
Inventories 99,936 86,515 106,340
Trade and other
receivables 22,363 955 5,711
Bank balances
and cash 7,680 5,026 13,036
129,979 92,496 125,087
Total assets 177,200 131,432 164,902
EQUITY AND LIABILITIES
Capital and reserves
Share capital
and premium 93,158 59,985 93,406
Shareholders`
equity loans 55,452 25,567 -
Accumulated deficit (125,441 ) (87,027) (109,824)
Ordinary
shareholders`
interest/(deficit) 23,169 (1,475) (16,418)
Non-current liabilities
Interest bearing
borrowings 846 381 13,351
Current liabilities
Trade and other
payables 104,486 88,848 125,824
Short term
borrowings 40,078 42,449 41,405
Current portion
of interest bearing
borrowings 8,279 74 221
Taxation payable 342 1,155 519
153,185 132,526 167,969
Total equity and
liabilities 177,200 131,432 164,902
CASH FLOW STATEMENTS
(R`000)
Audited Audited Reviewed
12 months 8 months 6 months
ended ended ended
28/02/02 28/02/01 31/08/01
CASH FLOW FROM
OPERATING ACTIVITIES
Cash utilised
by operations (25,107) (5,405) (1,590)
Net interest paid (5,603) (4,992) (2,471)
Normal taxation paid (813) (120) (636)
Net cash outflow from
operating activities (31,523) (10,517) (4,697)
CASH FLOW FROM
INVESTING ACTIVITIES
Purchase of fixed
assets (14,347) (9,796) (5,081)
Replacement of
fixed assets (14,347) (9,796) (5,081)
Proceeds from sale
of fixed assets 293 34 -
Net cash outflow from
investing activities (14,054) (9,762) (5,081)
CASH FLOW FROM
FINANCING ACTIVITIES
Loan to Share Scheme (222) (965) -
Proceeds from /
(Repayments of)
borrowings 45,939 (15,978) 14,224
Proceeds from
issue of shares 4,885 127 4,608
Net cash inflow/
(outflow) from
financing activities 50,602 (16,816) 18,832
Net increase /
(decrease) in cash and
cash equivalents 5,025 (37,095) 9,054
Cash and cash
equivalents at
beginning of year/period (37,423) (328) (37,423)
Cash and cash
equivalents at
end of year/period (32,398) (37,423) (28,369)
SUPPLEMENTARY INFORMATION
(R`000)
Audited Audited Reviewed
12 months 8 months 6 months
ended ended ended
28/02/02 28/02/01 31/08/01
Total ordinary shares
in issue (000`s) 1,112,746 252,897 1,112,746
Weighted average shares
in issue (000`s) 1,112,746 251,690 1,112,746
Net asset value
per share (cents) 2.1 (0.2) (1.5)
Depreciation 12,648 7,378 6,444
Capital expenditure
for the year / period 14,347 9,796 5,081
Capital expenditure committed
or authorised 22,206 2,816 9,266
Operating lease
commitments 118,960 122,390 101,362
RECONCILIATIONS OF
HEADLINE EARNINGS
Net loss for
the year/period (38,413 ) (45,054) (22,796)
Loss / (Profit)
on sale of fixed assets 121 (34 ) (103)
Reorganisation costs - 1,745 -
Cancellation of
loan option agreement 2,706 - -
Headline loss (35,586) (43,343) (22,899)
RECONCILIATIONS OF
EQUITY MOVEMENT
Shareholders`
(deficit) interest at
beginning of
year /period (1,475) 17,885 (1,475 )
Shareholders`
equity loans 29,885 25,567 (25,567 )
Share issues 34,394 966 34,394
Share expenses
written off (1,222) (839) (974)
Nett loss for
the year / period (38,413) (45,054) (22,796)
Shareholders` interest / (deficit)
at end of year /period 23,169 (1,475) (16,418)
COMMENTS ON RESULTS
The financial statements have been prepared in accordance with South African
statements of Generally Accepted Accounting Practice. The accounting
policies applied in the preparation of these summarised results are
consistent with those applied in the previous period.
At a general meeting held on 9 April 2002 the shareholders approved the
acquisition of the 33 Sportshoe World stores, as well as the specific issue
of shares for cash for R40 million from Vestacor Limited ("Vestacor"). These
two transactions substantially improved the solvency and cash liquidity of
Fashaf.
OPERATIONS
Apparel and Footwear Division
The signs of success from the new Dunns merchandising strategy are evident
and is resulting in the stores currently exceeding budgets. The conversion
of the Sportshoe World stores to the Millers format has been successfully
completed. In accordance with its new strategy Fashaf has disposed of its
eight remaining Beaver Canoe stores for R1,2 milion, subsequent to year end.
Home and Personal Division
The first of three planned Giant Superstores which will trade in necessity
products to Fashaf`s existing customer base is on track to open during mid-
June 2002.
Support Products Division
The product ranges have been expanded to include virtual cellular airtime
and Telkom pre-paid services. The retail of music products, through Dunns
and Millers, under the Look & Listen brand is proving to be most successful.
Shared Services Division
Significant cost saving initiatives were implemented in the latter part of
the year, the benefits of which will become evident in the new financial
year.
Sanlam Lease
An agreement was concluded after year end with Sanlam whereby it will
release the Company from an onerous lease agreement against a R12,8 million
payment. This lease was entered into by the original management of Bergers
Limited. The net present value of this lease agreement was written off in
the previous financial period. This agreement will result in a R4 million
write-back to profits in the 2003 financial year.
BOARD OF DIRECTORS
Mr G.B. Rubenstein retired as Chairman, but remains on the board as a non-
executive director. Mr A.B. Rubenstein, the Chief Executive Officer of
Vestacor, was appointed Chairman in his stead. Mr S.A. Shoot was appointed
as non-executive director.
Ms J.C. Moolenschot was appointed as alternate director to Mr G.B.
Rubenstein and Mr D.J. Levy as alternate director to Mr A.B. Rubenstein.
Mr M. Nielsen resigned as non-executive director, as he is emigrating.
PROSPECTS
The implementation of a turnaround strategy for the Company commenced in
November 2000. This strategy involved, inter alia, the diversification of
the product range, the consolidation of non-performing assets, the
repositioning of existing chains, the start-up of new chains and the
recapitalisation of the Company. The strategy has been successful, and is
expected to yield profitable results in 2003.
For and on behalf of the board.
Halfway House
31 May 2002
Directors
C. Claassen (Executive Director), C.L.R Hirschsohn, A.N. Ponting, A.B.
Rubenstein,
G.B. Rubenstein, S.A. Shoot.
Alternate Directors
D.J. Levy, J.C. Moolenschot.
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