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ALEX WHITE HOLDINGS LIMITED - AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2003
ALEX WHITE HOLDINGS LIMITED
(REGISTRATION NUMBER 1949/035016/06)
SHARE CODE: ALX ISIN:ZAE00000386
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2003
CONSOLIDATED INCOME STATEMENT
Audited Audited
Year ended Year ended
30 June 2003 30 June 2002
R 000 R 000
REVENUE 142,869 134,197
OPERATING PROFIT BEFORE INTEREST AND
DEPRECIATION 14,228 10,847
Interest (3,076) ( 3,135)
Depreciation (5,552) ( 5,537)
PROFIT BEFORE TAXATION 5,600 2,175
Taxation (1,721) ( 687)
PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 3,879 1,488
Shares in issue 18,125 18,125
Basic earnings per share - cents 21.4 8.2
Headline earnings per share - cents 20.5 7.7
The following adjustment to earnings was taken
into account in the calculation of headline earnings
Earnings - used for basic earnings per share 3,879 1,488
Profit on sale of fixed assets (after taxation) (163) ( 92)
Headline earnings 3,716 1,396
STATEMENT OF CHANGES IN EQUITY
Share capital
Ordinary shares
At beginning of year 1,812 1,812
At end of year 1,812 1,812
Share premium
At beginning of year 5,878 5,878
At end of year 5,878 5,878
Reserves
Non-distributable reserve
At beginning of year 7,890 7,890
At end of year 7,890 7,890
Distributable reserve
At beginning of year 6,031 6,031
At end of year 6,031 6,031
At end of year 13,921 13,921
Retained earnings
At beginning of year as previously stated 10,960 9,380
Change in accounting policy (92)
Restated balance 10,868 9,380
Net profit for the period 3,879 1,488
At end of period 14,747 10,868
ABRIDGED CONSOLIDATED BALANCE SHEET
30 June 2003 30 June 2002
R 000 R 000
ASSETS
Fixed assets 27,808 30,829
Intellectual property 894 1,267
Goodwill arising on acquisition of
subsidiaries 192 192
Investments 12 12
Deferred taxation
Current assets 50,150 49,501
TOTAL ASSETS 79,056 81,801
EQUITY AND LIABILITIES
Capital and reserves 36,358 32,479
Non-current liabilities
Interest bearing borrowings 4,043 6,417
Deferred taxation 813 503
Current liabilities 37,842 42,402
TOTAL EQUITY AND LIABILITIES 79,056 81,801
Net tangible asset value per
share (cents) 195 171
ABRIDGED CONSOLIDATED CASH FLOW STATEMENTS
Cash flows from operating activities 10,692 3,384
Cash flows from investing activities (1,926) ( 4,758)
Cash flows from financing activities (1,900) 3,073
Increase in cash and cash equivalents 6,866 1,699
Cash and cash equivalents at beginning
of year (8,821) ( 10,520)
Cash and cash equivalents at end
of year (1,955) ( 8,821)
NOTES
1. The results have been prepared in accordance
with Statements of GAAP.
2. The accounting policy for land and buildings
was changed during the year. The company now
raises the depreciation on buildings over the
estimated life of the buildings. The effect of
the change was as follows:
2003 2002
Decrease in net profit before taxation (92) (92)
Taxation
Decrease in net profit after taxation (92) (92)
Restatement of opening retained earnings in
respect prior year adjustment
Decrease in retained earnings 92
3. The results have been been audited by Horwath
Leveton Boner and their unqualified report is
open for inspection at the company"s
registered office.
COMMENTS
The group"s turnover for the year amounted to R142 869 000 which was a 6,4%
increase over the previous year. Headline earnings were R14 229 000 (R10 847
000). The net profit before tax of R5 600 000 after deprecation of R5 553 000
and interest of R3 076 000 showed an improvement of 157.4% compared to the
previous year.
The volatility of the Rand in the first half of the year had a negative impact
on raw material costs and therefore on margins. However this situation improved
in the second half of the year with the strengthening of the currency and this
helped to stabilize matters, particularly over the last quarter. Competition in
the market remains fierce and this coupled with cheap imports of fast moving
consumer goods kept margins under pressure.
Notwithstanding these difficult trading conditions the group managed to increase
turnover and profitability. The strategic drive to increase market share at
improved margins, whilst broadening the customer base and reducing costs and
controlling cash flow, had a significant and positive impact on the bottom line
Export markets proved to be difficult during the year primarily due to the
volatility and subsequent strength of the Rand.
On behalf of the Board
N D Minnie (Chairman)
T P Kane (Managing Director)
Johannesburg
9 September 2003
REGISTERED OFFICE
22 Yaron Avenue, Lea Glen, Roodepoort, 1709
(P O Box 825, Florida, 1710)
TRANSFER SECRETARIES
Computershare Limited
70 Marshall Street
Marshalltown
2107
DIVIDEND DECLARATION NUMBER 6
Shareholders are advised that the directors have declared a final dividend of 4
cents per share in respect of the year ended 30 June 2003. The following dates
are important:
Last day to trade cum dividend (LDT) 26 September 2003
Shares will trade ex dividend 29 September 2003
Record date to participate in dividend 3 October 2003
Date of payment of the dividend 6 October 2003
Share certificates may not be dematerialised or rematerialised between 29
September and 3 October 2003 both days inclusive.
Date: 09/09/2003 07:59:05 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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