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AFRICAN & OVERSEAS ENTERPRISES LIMITED - PROFIT ANNOUNCEMENT FOR THE YEAR ENDE
30 JUNE 2003
AFRICAN & OVERSEAS ENTERPRISES LIMITED
Registration number: 1947/027461/06
Share Codes: AOO - AON - AOVP
ISIN Codes: ZAE000000485 - ZAE000009718 - ZAE000000493
PROFIT ANNOUNCEMENT FOR THE YEAR ENDED 30 JUNE 2003
INCOME STATEMENT
Consolidated (R"000)
2003 2002
(Reviewed) (Audited)
Revenue 354 764 331 347
Net operating income before depreciation 26 807 14 209
Depreciation 8 834 8 516
Net operating income 17 973 5 693
Net interest received 2 394 3 035
Net income 20 367 8 728
Income from associated company 597 244
Income before taxation 20 964 8 972
Taxation 6 976 2 716
Income after taxation 13 988 6 256
Attributable to outside
shareholders in subsidiaries 5 466 2 225
8 522 4 031
Preference dividends 116 116
Net income attributable to
ordinary and "N" ordinary
shareholders 8 406 3 915
Earnings/headline earnings
per share (cents) 73.8 34.4
Proposed dividend per share (cents)
- based on the years to which it relates 32.0 20.0
Dividend cover
- based on the years to which it relates 2.3 1.7
Weighted average number of
equity shares on which earnings
per share is based (000) 11 387 11 387
Number of equity shares in
issue (000) 11 387 11 387
BALANCE SHEET
Assets
Non-current assets 37 140 35 236
Fixed assets 30 900 27 557
Investments (unlisted) 3 838 5 744
Deferred taxation 2 402 1 935
Current assets 180 089 161 445
Inventory 121 213 100 093
Debtors 34 674 36 563
Cash 24 202 24 789
Total assets 217 229 196 681
Equity and liabilities
Capital and reserves 99 615 93 619
Share capital 1 200 1 200
Share premium 6 616 6 616
Non-distributable reserves 2 475 2 608
Distributable reserve 89 324 83 195
Minority interest 79 193 75 019
Current liabilities 38 421 28 043
Accounts payable 35 727 28 043
Taxation 2 694 -
Total equity and liabilities 217 229 196 681
ABRIDGED CASH FLOW STATEMENT
Cash generated by operations 27 399 14 357
Working capital changes (11 752) (13 648)
Interest received (net) 2 394 3 035
Taxation (4 544) (3 887)
Dividends paid (3 576) (3 576)
Net cash inflows/(outflows) from
operations 9 921 (3 719)
Net cash outflows from investing activities
including additions to fixed assets (10 264) (7 497)
Net decrease in cash (343) (11 216)
Cash at the beginning of the period 24 789 35 635
Effect of foreign exchange rate changes (244) 370
Cash at the end of the period 24 202 24 789
OTHER INFORMATION
Capital expenditure 13 520 6 646
Capital commitments
Contracted for 1 044 3 196
Authorised - not contracted for 4 449 3 303
Current ratio 4.7 5.8
STATEMENT OF CHANGES IN EQUITY
Consolidated (R"000)
2003 2002
(Reviewed) (Audited)
Share capital 1 200 1 200
Share premium 6 616 6 616
Non-distributable reserves
Opening balance 2 608 2 405
Foreign exchange rate changes (133) 203
2 475 2 608
Distributable reserve
Opening balance 83 195 81 557
Profit after taxation 8 522 4 031
Dividends (2 393) (2 393)
89 324 83 195
SEGMENTAL ANALYSIS
Year ended 30 June 2003
Consolidation
Manufacturing Retail adjustment Total
Revenue
External sales 101 063 253 701 - 354 764
Intersegment sales 166 616 - (166 616) -
267 679 253 701 (166 616) 354 764
Income
Net operating income 305 22 550 (4 882) 17 973
Total assets 199 016 83 394 (65 181) 217 229
Total liabilities 34 643 63 476 (59 698) 38 421
Note
Comparative figures are not available as it was not practicable to provide
reportable segments in the comparable period.
Accounting policies
The 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.
Comment
The principal operating subsidiary, Rex Trueform Clothing Company Limited
reports as follows:
* "The board is pleased to report a substantial improvement in profit for the
year ended June 2003. This results from both an outstanding performance by
Queenspark and a higher level of exports in the first half year.
* Queenspark improved turnover by 15.2% over the previous year as a result of
a highly successful summer season followed by a solid performance in the
second half of the year.
* Profitability improved substantially over the whole year as a result of
better trading densities and cost efficiencies.
* The manufacturing operation continues to complement the retailing
activities of Queenspark by providing flexible facilities for the
production of quality clothing while enjoying consistent volumes from this
customer.
* As foreshadowed in our interim announcement the current strength of the
local currency had a detrimental effect on export turnover and earnings in
the second half of the year.
Prospects
Queenspark"s new Spring/Summer collection, presently on offer in stores, has
been well received. Turnover to date is above target levels and the business
continues to trade profitably.
Maintaining viable export volumes at current exchange rates in weak overseas
markets is proving difficult and management focus is on obtaining additional
volume from local sources.
The group is financially strong and remains capable of financing future growth
out of internal cash resources. It is thus well positioned to take advantage of
an increase in consumer demand following any improvement in the trading
environment.
All things considered earnings are expected to show a further improvement."
Dividends
The board has recommended that a cash dividend of 32,0 cents per share be
declared on the ordinary and the "N" ordinary shares. Shareholders will be asked
to consider, and if deemed fit, approve this recommendation of the directors at
the annual general meeting of the company to be held on 7 November 2003.
In terms of the articles of association, the 6% cumulative participating
preference shares carry the right to receive an additional 0,5% dividend for
every completed 1,25% dividend in excess of 2,5% declared on the ordinary shares
in any one financial year. Preference shareholders will therefore be entitled to
an extra dividend of 24,5% (49,0 cents per share), which will be included in the
half-yearly payment in December 2003. An announcement detailing the terms of the
dividend declaration will be made on 7 November 2003, following the annual
general meeting.
Review by independent auditors
The financial information has been reviewed by KPMG Inc. whose unqualified
review opinion is available for inspection at the company"s registered office.
It is anticipated that the unqualified audit opinion will be issued once the
detailed financial statements have been finalised.
Signed on behalf of the Board:
GM Thomas CA Stride
(Deputy Chairman) (Director)
Cape Town
5 September 2003
Transfer Secretaries:
Computershare Limited
70 Marshall Street
Johannesburg, 2001
Registered Office:
Rex Buildings
263 Victoria Road
Salt River, Cape, 7925
Directors: S C Shub (Chairman), G M Thomas (Deputy Chairman), P E Shub
(Chief Executive Officer), C E A Radowsky, C A Stride
Secretary: C J Merrett (British)
Date: 05/09/2003 04:57:13 PM Produced by the JSE SENS Department
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