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All Joy Foods Ltd - Group Interim Results
Release Date: 27/11/2002 17:30:02 Code(s): ALJ
All Joy Foods LTD - Group Interim Results
(Registration number 1989/000100/07)
Share code: ALJ ISIN: ZAE000017240
Group results for six months ended 31 August 2002
Chairman`s Comments - Marci Pather.
We are proud to announce our interim results for the six months ended
31 August 2002.
Sales revenue was up by 17% during the six months ended 31 August
2002 compared to the six months period to 31 August 2001.
We are proud of our sales growth for the period under review despite
the fact that this period was affected by significantly higher prices on
perishable items that placed pressure on our customers to purchase
value added sauces. Our branded All Joy `Big red taste` tomato sauce
has enjoyed continuous growth.
Profit after tax was up by 16% during the six months to 31 August 2002
compared to the six months period to 31 August 2001.
During the period under review our warehousing and distribution centre
in Gauteng was outsourced thereby incurring a once off additional
expense. This function was outsourced to a leading supply chain
specialist. The benefits are expected to be realised in the next six
months.
The outsourcing is in keeping with our mission statement,
" To be a leading food processor, developing and delivering conveniently
packaged food products that guarantee Quality and Value to suit our
customers needs."
Prospects
The upgrade of value added products and packaging, will be available
in all the leading supermarkets nationally in the next six months, in time
for the summer season. The forthcoming six months is traditionally our
favoured period therefore we are confident of good prospects in the
summer.
Dividends
The directors have determined that no dividend will be declared and
the funds will be utilised towards the financing of growth.
The dividend policy will be revised in the new year.
Balance Sheet
as at 31 August 2002 Group Group Group
Unaudited Unaudited audited
6 months to 6 months to Year ended
August 2002 August 2001 February 2002
R`000 R`000 R`000
Assets
Non-Current Assets 3,224 3,438 3,867
Fixed Assets 2,723 2,872 3,152
Intangible Assets 501 566 607
Deferred taxation - - 108
Current Assets 12,933 11,432 11,084
Inventories 3,257 3,606 3,620
Trade and other receivables 9,619 7,805 7,445
Cash and cash equivalents 57 21 19
TOTAL ASSETS 16,157 14,870 14,951
EQUITY AND LIABILITIES
Capital and reserves 5,192 4,467 3,990
Share capital 330 330 330
Share premium 1,960 1,960 1,960
Distributable reserves 2,902 2,177 1,700
Non-current liabilities 165 277 480
Interest bearing debt
Current liabilities 10,800 10,126 10,481
Trade and other payables 7,688 6,340 5,515
Current portion of interest bearing debt 302 837 1,309
Taxation 925 795 1,081
Bank Overdrafts 1,885 2,154 2,576
TOTAL EQUITY AND LIABILITIES 16,157 14,870 14,951
Net asset value per share (cent) 15,7 13,5 12,1
Nett asset value excluding
intangible asset (cent) 14,2 11,8 10,3
Income Statement
for the six months ended
31 August 2002 Group Group Group
Unaudited Unaudited audited
6 months to 6 months to Year ended
August 2002 August 2001 February 2002
R`000 R`000 R`000
Gross Revenue
Cost of sales 10,087 9,193 19,814
Gross profit 10,949 18,025 39,040
21,036 18,025 39,040
Operating Costs 9,370 7,562 19,814
Operating Profit 1,579 1,270 2,416
Interest Received 7 2 -
Finance Costs -575 -310 -790
Profit before taxation 1,011 962 1,626
Taxation 286 337 524
Profit after Taxation 725 625 1,102
Earnings per Ordinary Share (cents) 2.2 1.9 3.3
Headline Earnings per Share (cents) 2.4 2.1 3.7
All per share calculations have been
based on 33 000 000 shares
(2002:33 000 000 Shares)
Reconciliation of headline earnings
Net profit attributable to shareholders 725 625 1,102
Add back amortisation of intangible assets 70 69 128
795 694 1,230
Notes: The results for the six months ended have been compiled in accordance
with South African Statements of Generally Accepted Accounting Practice in the
manner required by the Companies Act. on a basis consistent with that utilised
in respect of the year ended February 2002.
STATEMENT OF CHANGES IN EQUITY
for the six months ended
31 August 2002 Share Share Distributable
Capital Premium Reserves Total
R`000 R`000 R`000 R`000
Balance at 01 March 2001 330 1,960 1,074 3,364
Net Profit for the Year 1,102 1,102
Balance at 01 March 2002 330 1,960 2,177 4,466
Net paid for Period 725 725
Balance at 31 August 2002 330 1,960 2,902 5,191
CASH FLOW STATEMENT
for the six months ended
31 August 2002 Group Group Group
Unaudited Unaudited audited
6 months to 6 months to Year ended
August 2002 August 2001 February 2002
R`000 R`000 R`000
Cash Flows from Operating Activities
Cash generated from
operating activities 1,689 543 2,525
Interest Received 7 2 -
Interest Paid -575 -310 -790
Taxation refunded (paid) -130 - -380
Net Cash from Operating Activities 991 235 1,355
Cash Flow from Investing Activities
Fixed Assets acquired -34 -1,017 -974
Intangible Assets acquired -5 -12 -24
Net Cash used in Investing Activities -39 -1,029 -998
Cash Flows from Financing Activities
Capital Raised - -
Borrowings Raised (repaid) -647 342 -386
Net Cash Generated (used by)
Financing Activities -647 342 -386
Increase (decrease) in Cash
and Cash Equivalents 305 -452 -29
Cash and Cash Equivalents
at beginning of year -2,133 -2,104 -2,104
Cash and Cash Equivalents
at end of year -1,828 -2,556 -2,133
Date: 27/11/2002 05:30:00 PM Produced by the JSE SENS Department
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