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ALEX WHITE HOLDINGS LIMITED - YEAR END FINANCIAL REPORT
(REGISTRATION NUMBER 1949/035016/06)
SHARE CODE: ALX ISIN: ZAE00000386
INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2002
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months Year ended
to to
31 31 30 June
December December 2002
2002 2001
R 000 R 000 R 000
REVENUE 73,315 68,597 134,197
OPERATING PROFIT BEFORE INTEREST,
DEPRECIATION 6,923 5,364 10,847
Interest (1,648) (1,486) (3,135)
Depreciation (2,753) (2,730) (5,445)
PROFIT BEFORE TAXATION 2,522 1,148 2,267
Taxation (782) (367) (687)
PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 1,740 781 1,580
Shares in issue 18,125 18,125 18,125
Basic earnings per share - cents 9.6 4.3 8.7
Headline earnings per share - cents 9.4 3.7 8.2
The following adjustment to earnings was taken
into account in the calculation of headline
earnings
Earnings - used for basic earnings per share 1,740 781 1,580
Loss (profit) on sale of fixed assets (after (42) (110) (92)
taxation)
Headline earnings 1,698 671 1,488
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 7,890 7,890
At end of period 7,890 7,890 7,890
Distributable reserve
At beginning of year 6,031 6,031 6,031
At end of period 6,031 6,031 6,031
At end of period 13,921 13,921 13,921
Retained earnings
At beginning of year 10,960 9,380 9,380
Net profit (loss) for the period 1,740 781 1,580
At end of period 12,700 10,161 10,960
ABRIDGED CONSOLIDATED BALANCE SHEET
31 31 30 June
December December 2002
2002 2001
R 000 R 000 R 000
ASSETS
Fixed assets 29,426 32,727 30,921
Intellectual property 1,086 1,445 1,267
Goodwill arising on acquisition of
subsidiaries 192 192 192
Investments 12 12 12
Current assets 51,604 42,372 49,501
TOTAL ASSETS 82,320 76,748 81,893
EQUITY AND LIABILITIES
Capital and reserves 34,311 31,772 32,571
Non-current liabilities
Interest bearing borrowings 5,441 7,620 6,417
Deferred taxation 1,285 213 503
Current liabilities 41,283 37,143 42,402
TOTAL EQUITY AND LIABILITIES 82,320 76,748 81,893
Net tangible asset value per share (cents) 182 166 172
ABRIDGED CONSOLIDATED CASH FLOW STATEMENTS
Cash flows from operating activities 100 (34) 3,384
Cash flows from investing activities (1,035) (3,996) (4,758)
Cash flows from financing activities (725) 4,265 3,073
Increase in cash and cash equivalents (1,660) 235 1,699
Cash and cash equivalents at beginning of year (8,821) (10,520) (10,520)
Cash and cash equivalents at end of year (10,481) (10,285) (8,821)
COMMENTS
Group turnover for the period ended 31 December 2002 amounted to R73,315,000
which was 6.9% better than the same period in the previous year. Headline
earnings of R6,923,000 were 29.1% up on the previous year. The net profit
before tax of R2,522,000 after depreciation of R2,753,00 and interest costs of
R1,648,000 was significantly better than the R1,148,000 achieved in the
equivalent period in the previous year. This improvement can be attributed to
product diversification, tighter control of costs and some slight improvement
in margins. Earnings per share for the six months rose to 9,6 cents (4,3 cents)
and the net tangible asset value per share increased to R1,82 (R1,66). Gearing
reduced to 71.0% (82.1%)
The fluctuations in the Rand over the six-month period made it extremely
difficult to effectively and timeously pass on increases to our customers. We
expect the situation to stabilize over the next six months.
The Group continues to extend its markets and its customer base. Sustained
development of new products should also prove to be beneficial to the Group
over the next eighteen months. The strategic initiatives for the growth of
export markets are starting to bear fruit and should also provide increased
sales and profitability during 2003.
The outlook for the second half of the financial year nevertheless remains
conservative in the light of potential developments in the Middle East, local
exchange rate fluctuations and the general decline in the world economy.
ACCOUNTING POLICIES
The accounting policies used are in accordance with South African Statements of
Generally Accepted Accounted Practice and are consistent with those applied in
the previous financial year
On behalf of the Board
T P Kane (Executive Chairman)
Johannesburg
P J Kane (Financial Director)
Paarl
27 February 2003
REGISTERED OFFICE
22 Yaron Avenue, Lea Glen, Roodepoort, 1709
(P O Box 825, Florida, 1710)
TRANSFER SECRETARIES
Computershare Investor Services Limited
Date: 27/02/2003 11:30:00 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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