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ENDED 31 DECEMBER 2002
AFRICAN & OVERSEAS ENTERPRISES LIMITED
Registration number 1947/027461/06
Share codes: AOO - AON
ISIN: ZAE000000485 - ZAE000009718
PROFIT ANNOUNCEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2002
INCOME STATEMENT
Consolidated (R"000)
Six months ended Year ended
December 31 June 30
2002 2001 2002
(Unaudited) (Unaudited) (Audited)
Revenue 183 216 142 095 332 659
Net operating income before depreciation 14 792 1 626 14 209
Depreciation 4 616 4 152 8 516
Net operating income/(loss) 10 176 (2 526) 5 693
Net interest received 1 860 1 881 3 035
Net income/(loss) 12 036 (645) 8 728
Income from associated company 549 79 244
Income/(loss) before taxation 12 585 (566) 8 972
Taxation 3 785 346 2 716
Income/(loss) after taxation 8 800 (912) 6 256
Attributable to outside
shareholders in subsidiaries 3 476 (730) 2 225
5 324 (182) 4 031
Preference dividends paid 99 16 116
Net income/(loss) attributable to
ordinary and "N" ordinary shareholders 5 225 (198) 3 915
Earnings/headline earnings (loss)
per share (cents) 45.9 (1.7) 34.4
Number of equity shares on which
earnings per share is based (000) 11 387 11 387 11 387
BALANCE SHEET
Assets
Non-current assets 35 558 33 777 35 236
Fixed assets 29 257 27 698 27 557
Investments (unlisted) 5 333 5 327 5 744
Deferred taxation 968 752 1 935
Current assets 155 137 143 471 161 445
Inventory 102 300 99 535 100 093
Debtors 41 094 26 836 36 358
Taxation - 598 205
Cash 11 743 16 502 24 789
Total assets 190 695 177 248 196 681
Equity and liabilities
Capital and reserves 96 419 89 220 93 619
Share capital 1 200 1 200 1 200
Share premium 6 616 6 616 6 616
Non-distributable reserves 2 460 2 405 2 608
Distributable reserves 86 143 78 999 83 195
Minority interest 77 200 71 904 75 019
Current liabilities 17 076 16 124 28 043
Accounts payable 16 504 16 124 28 043
Taxation 572 - -
Total equity and liabilities 190 695 177 248 196 681
ABRIDGED CASH FLOW STATEMENT
Cash generated by operations 15 341 1 614 14 357
Working capital changes (18 464) (15 409) (13 648)
Interest received (net) 1 860 1 881 3 035
Taxation (2 041) (805) (3 887)
Dividends paid (3 550) (3 550) (3 576)
Net cash outflows from operations (6 854) (16 269) (3 719)
Net cash outflows from investing
activities including additions to
fixed assets (5 922) (2 864) (7 497)
Net decrease in cash (12 776) (19 133) (11 216)
Cash at the beginning of the period 24 789 35 635 35 635
Effect of foreign exchange rate changes (270) - 370
Cash at the end of the period 11 743 16 502 24 789
OTHER INFORMATION
Capital expenditure 5 899 2 587 6 646
Capital commitments
Contracted for 1 490 871 3 196
Authorised - not contracted for 3 200 5 404 3 303
Current ratio 9.1 8.9 5.8
STATEMENT OF CHANGES IN EQUITY
Share capital 1 200 1 200 1 200
Share premium 6 616 6 616 6 616
Non-distributable reserves
Opening balance 2 608 2 405 2 405
Foreign exchange rate changes (148) - 203
2 460 2 405 2 608
Distributable reserves
Opening balance 83 195 80 416 80 416
Change in accounting policies - 1 141 1 141
Opening balance restated 83 195 81 557 81 557
Income/(loss) after taxation 5 324 (182) 4 031
Dividends paid (2 376) (2 376) (2 393)
86 143 78 999 83 195
SEGMENTAL ANALYSIS
Six months ended 31 December 2002
Manufacturing Retail Total
Revenue 127 391 123 900 251 291
Less: intergroup (68 075) - (68 075)
Net revenue 59 316 123 900 183 216
Income
Net operating income 2 599 7 577 10 176
Note
Comparative figures for net operating income are not available as it was not
practicable to provide reportable segments in the comparable period.
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 2002 financial statements.
Preference dividend
A dividend on the 6% cumulative participating preference shares for the six
months ended 31 December 2002 in the amount of R16 500 was declared in November
2002 and paid on 30 December 2002.
COMMENT
The principal operating subsidiary Rex Trueform Clothing Company Limited
reports as follows:
"Group turnover increased by 28,9%. The improvement in operating profit is
largely due to an improved performance by Queenspark retail, and also the
benefit arising from substantially higher export volumes.
Queenspark enjoyed a successful summer season with turnover for the period
23,5% higher than last year, resulting in Queenspark contributing a major
portion of the group"s profit for the period.
Export business increased materially over the comparative period, largely as
a consequence of the successful implementation of the African Growth and
Opportunity Act and the continuance of the Duty Credit Certificate Scheme. Our
factories have operated efficiently and have generated an improved and positive
contribution compared with the same period last year.
PROSPECTS
Queenspark"s autumn/winter collection presently on offer in stores, has been
well received and the business continues to trade profitably. Management
continues to focus on product innovation and maintaining individual store
viability.
It is hoped that the improved performance of the manufacturing operation will
be maintained; the current strength of the local currency however, is cause for
concern as regards future export business."
Signed on behalf of the Board:
Stewart C Shub (Chairman)
George M Thomas (Deputy Chairman)
Cape Town
10 March 2003
Transfer Secretaries: Registered Office:
Computershare Investor Services Limited Rex Buildings
70 Marshall Street 263 Victoria Road
Johannesburg, 2001 Salt River, Cape, 7925
Directors: S C Shub (Chairman), G M Thomas (Deputy Chairman), C E A Radowsky,
P E Shub, C A Stride Secretary: C J Merrett (British)
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