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Rex Trueform Clothing Company Limited - Profit Announcement For The Year Ended
30 June 2003
Rex Trueform Clothing Company Limited
Registration number: 1937/009839/06
Share Codes: RTO - RTN - RTOP
ISIN Codes: ZAE000006144 - ZAE000009700 - ZAE000006151
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 24 429 12 455
Depreciation 8 834 8 516
Net operating income 15 595 3 939
Net interest received 2 024 2 690
Net income 17 619 6 629
Income from associated company 597 244
Income before taxation 18 216 6 873
Taxation 6 129 1 966
Income after taxation 12 087 4 907
Preference dividends 16 16
Net income attributable to
ordinary and "N" ordinary
shareholders 12 071 4 891
Earnings/headline earnings per
share (cents) 58.5 23.7
Proposed dividend per share (cents)
- based on the years to which it relates 20.0 12.5
Dividend cover
- based on the years to which it relates 2.9 1.9
Weighted average number of equity
shares on which earnings per share is
based (000) 20 642 20 642
Number of equity shares in issue (000) 20 642 20 642
BALANCE SHEET
Assets
Non-current assets 38 314 36 684
Fixed assets 32 347 29 004
Investments (unlisted) 3 565 5 744
Deferred taxation 2 402 1 936
Current assets 179 849 157 788
Inventory 121 213 100 093
Debtors 34 630 36 614
Cash 24 006 21 081
Total assets 218 163 194 472
Equity and liabilities
Capital and reserves 175 072 165 825
Share capital 1 777 1 777
Share premium 25 847 25 847
Non-distributable reserves 135 379
Distributable reserve 147 313 137 822
Current liabilities 43 091 28 647
Accounts payable 35 234 28 647
Taxation 2 667 -
Amount owing to holding company 5 190 -
Total equity and liabilities 218 163 194 472
ABRIDGED CASH FLOW STATEMENT
Cash generated by operations 25 019 12 608
Working capital changes (7 723) (13 330)
Interest received (net) 2 024 2 690
Taxation (3 564) (3 331)
Dividends paid (2 596) (2 596)
Net cash inflows/(outflows) from
operations 13 160 (3 959)
Net cash outflows from investing activities
including additions to fixed assets (9 991) (7 503)
Net increase/(decrease) in cash 3 169 (11 462)
Cash at the beginning of the period 21 081 32 173
Effect of foreign exchange rate changes (244) 370
Cash at the end of the period 24 006 21 081
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 4.2 5.5
STATEMENT OF CHANGES IN EQUITY
Consolidated (R"000)
2003 2002
(Reviewed) (Audited)
Share capital 1 777 1 777
Share premium 25 847 25 847
Non-distributable reserves
Opening balance 379 9
Foreign exchange rate changes (244) 370
135 379
Distributable reserve
Opening balance 137 822 135 511
Profit after taxation 12 087 4 907
Dividends (2 596) (2 596)
147 313 137 822
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 (loss)/income (1 918) 22 395 (4 882) 15 595
Total assets 194 760 83 394 (59 991) 218 163
Total liabilities 34 123 63 476 (54 508) 43 091
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 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.
Dividend
The board has recommended that the dividend be increased while maintaining a
prudent level of earnings cover. Accordingly, shareholders will be asked to
consider, and if deemed fit, approve the directors" recommendation that a
dividend of 20,0 cents per share be declared on the ordinary and "N" ordinary
shares at the annual general meeting of the company to be held on 7 November
2003. An announcement detailing the terms of the dividend declaration will be
made immediately following the annual general meeting.
The annual report containing a detailed review of the operations of the
company together with the audited financial statements will be posted to
shareholders at the end of September 2003.
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:
CEA Radowsky AA Hodgkinson
(Chief Executive Officer) (Director)
Cape Town
5 September 2003
Transfer secretaries: Registered office:
Computershare 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 (Chief Executive Officer), A J Badenhorst,
G Bradley, V Hardy (British),A A Hodgkinson, J C O"Brien,
A M Shub, P E Shub, C A Stride, D R Sykes
Secretary: African & Overseas Enterprises Limited
Date: 05/09/2003 04:58:21 PM Produced by the JSE SENS Department
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