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Rex Trueform Clothing Company Limited
Registration number 1937/009839/06
Share codes: RTO - RTN
ISIN: ZAE000006144 - ZAE000009700
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 13 442 748 12 455
Depreciation 4 616 4 152 8 516
Net operating income/(loss) 8 826 (3 404) 3 939
Net interest received 1 628 1 724 2 690
Net income/(loss) 10 454 (1 680) 6 629
Income from associated company 549 79 244
Income/(loss) before taxation 11 003 (1 601) 6 873
Taxation 3 314 27 1 966
Income/(loss) after taxation 7 689 (1 628) 4 907
Preference dividends paid 8 8 16
Net income/(loss) attributable to
ordinary and "N" ordinary shareholders 7 681 (1 636) 4 891
Earnings/headline earnings (loss)
per share (cents) 37.2 (7.9) 23.7
Number of equity shares on which
earnings per share is based (000) 20 642 20 642 20 642
BALANCE SHEET
Assets
Non-current assets 37 005 35 226 36 684
Fixed assets 30 704 29 146 29 004
Investments (unlisted) 5 333 5 327 5 744
Deferred taxation 968 753 1 936
Current assets 154 877 139 602 157 788
Inventory 102 300 99 535 100 093
Debtors 40 975 26 526 36 250
Taxation - 550 364
Cash 11 602 12 991 21 081
Total assets 191 882 174 828 194 472
Equity and liabilities
Capital and reserves 170 656 158 928 165 825
Share capital 1 777 1 777 1 777
Share premium 25 847 25 847 25 847
Non-distributable reserves 109 9 379
Distributable reserves 142 923 131 295 137 822
Current liabilities 21 226 15 900 28 647
Accounts payable 15 812 15 900 28 647
Taxation 373 - -
Amount owing to holding company 5 041 - -
Total equity and liabilities 191 882 174 828 194 472
ABRIDGED CASH FLOW STATEMENT
Cash generated by operations 13 991 736 12 608
Working capital changes (14 709) (15 715) (13 330)
Interest received (net) 1 628 1 724 2 690
Taxation (1 609) (475) (3 331)
Dividends paid (2 588) (2 588) (2 596)
Net cash outflows from operations (3 287) (16 318) (3 959)
Net cash outflows from investing
activities including additions to
fixed assets (5 922) (2 864) (7 503)
Net decrease in cash (9 209) (19 182) (11 462)
Cash at the beginning of the period 21 081 32 173 32 173
Effect of foreign exchange rate changes (270) - 370
Cash at the end of the period 11 602 12 991 21 081
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 7.3 8.8 5.5
STATEMENT OF CHANGES IN EQUITY
Share capital 1 777 1 777 1 777
Share premium 25 847 25 847 25 847
Non-distributable reserves
Opening balance 379 9 9
Foreign exchange rate changes (270) - 370
109 9 379
Distributable reserves
Opening balance 137 822 135 352 135 352
Change in accounting policies - 159 159
Opening balance restated 137 822 135 511 135 511
Income/(loss) after taxation 7 689 (1 628) 4 907
Dividends paid (2 588) (2 588) (2 596)
142 923 131 295 137 822
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 1 385 7 441 8 826
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 preference shares for the six months ended 31
December 2002 in the amount of R8 400 was declared in November 2002 and paid on
30 December 2002.
COMMENT
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)
Alan A Hodgkinson (Director)
Cape Town
10 March 2003
Transfer Secretaries: Registered Office:
Computershare Investor Services Ltd Rex Buildings
70 Marshall Street 263 Victoria Road
Johannesburg, 2001 Salt River, Cape, 7925
Directors: SC Shub (Chairman), GM Thomas (Deputy Chairman), AJ Badenhorst,
G Bradley, MR Danford (British), V Hardy (British), AA Hodgkinson,
JC O"Brien, CEA Radowsky, AM Shub, PE Shub, CA Stride, DR Sykes
Secretary: African & Overseas Enterprises Limited
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