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(REGISTRATION NUMBER 1949/035016/06)
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2002
CONSOLIDATED INCOME STATEMENT
Audited Audited
Year ended Year ended
30 June 30 June 2001
2002
R 000 R 000
REVENUE 134,197 126,083
OPERATING
PROFIT BEFORE
INTEREST,
DEPRECIATION 10,847 10,304
AND
EXCEPTIONAL
ITEM
Interest (3,135) (3,419)
Depreciation (5,445) (5,002)
Exceptional (375)
item
PROFIT BEFORE 2,267 1,508
TAXATION
Taxation (687) (489)
PROFIT 1,580 1,019
ATTRIBUTABLE
TO ORDINARY
SHAREHOLDERS
Shares in 18,125 18,125
issue
Basic earnings 8.7 5.6
per share -
cents
Headline 8.2 5.4
earnings per
share - cents
The following
adjustment to
earnings was
taken into
account in the
calculation of
headline
earnings
Earnings - 1,580 1,019
used for basic
earnings per
share
Profit on sale (92) (42)
of fixed
assets (after
taxation)
Headline 1,488 977
earnings
STATEMENT OF
CHANGES IN
EQUITY
Share capital
Ordinary
shares
At beginning 1,812 1,812
of year
At end of 1,812 1,812
period
Share premium
At beginning 5,878 5,878
of year
At end of 5,878 5,878
period
Reserves
Non-
distributable
reserve
At beginning 7,890 6,210
of year
Surplus on 1,889
revaluation of
land and
buildings
7,890 8,099
Transfer on (209)
disposal
At end of 7,890 7,890
period
Distributable
reserve
At beginning 6,031 5,839
of year
Net transfer 192
on disposal of
land and
buildings
At end of 6,031 6,031
period
At end of 13,921 13,921
period
Retained
earnings
At beginning 9,380 8,700
of year
Change in (339)
accounting
policy
Restated 9,380 8,361
balance
Net profit 1,580 1,019
(loss) for the
period
At end of 10,960 9,380
period
ABRIDGED
CONSOLIDATED
BALANCE SHEET
30 June 30 June 2001
2002
R 000 R 000
ASSETS
Fixed assets 30,921 31,083
Intellectual 1,267 1,661
property
Goodwill
arising on
acquisition of
subsidiaries 192 192
Investments 12 12
Deferred 154
taxation
Current assets 49,501 50,959
TOTAL ASSETS 81,893 84,061
EQUITY AND
LIABILITIES
Capital and 32,571 30,991
reserves
Non-current
liabilities
Interest 6,417 3,232
bearing
borrowings
Deferred 503
taxation
Current 42,402 49,838
liabilities
TOTAL EQUITY 81,893 84,061
AND
LIABILITIES
Net tangible
asset value
per
share 172 161
(cents)
ABRIDGED
CONSOLIDATED
CASH FLOW
STATEMENTS
Cash flows 3,384 5,335
from operating
activities
Cash flows (4,758) (2,866)
from investing
activities
Cash flows 3,073 (1,251)
from financing
activities
Increase in 1,699 1,218
cash and cash
equivalents
Cash and cash
equivalents at
beginning
of year (10,520) (11,738)
Cash and cash
equivalents at
end
of year (8,821) (10,520)
NOTES
1.The results have been prepared in accordance with Statements of GAAP.
2.The accounting policies used are consistent with those of the previous
year.
3.The results have been been audited by Horwath Leveton Boner and their
unqualified report is open for inspection at the company`s registered
office.
COMMENTS
The group`s turnover for the year amounted to R134 197 000 which was a
6,4% increase over the previous year. Headline earnings were R10 847 000
(R10 304 000). The net profit before tax of R2 267 000 after deprecation
of R5 445 000 and interest of R3 135 000 showed an improvement of 50.3%
compared to the previous year.
The market in South Africa over the last twelve months was turbulent,
aggravated by the events of 11 September 2001 and the collapse of the
Rand. Consolidation activities amongst competitors and customers
increased the uncertainty in our markets and this coupled with increased
raw material costs made trading conditions extremely difficult.
Notwithstanding this negative climate the group improved turnover and
profitability. As we enter our 90th year of operation, a rigorous
analysis of our competitive position in our markets, and ongoing review
of operating procedures and input costs has set us on a sustained growth
path. With competent strategic review, many of the uncertainties facing
the FMCG market, and more broadly the economy, can be turned into
opportunities. Our corporate positioning as a `World Class Packaging
Company in Africa` emphasises the underlying optimism of our management
team and staff in the future.
Our export markets were stable during the financial year under review
and specific plans are being implemented to significantly increase sales
into Africa.
On behalf of the Board
T P Kane (Executive Chairman)
Johannesburg
P J Kane (Financial Director)
Paarl
9 September 2002
REGISTERED OFFICE
22 Yaron Avenue, Lea Glen, Roodepoort, 1709
(P O Box 825, Florida, 1710)
TRANSFER SECRETARIES
Computershare Investor Services Limited
Date: 13/09/2002 08:30:00 AM Produced by the JSE SENS Department
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