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All Joy Foods Limited - Unaudited Interim Results For The Six Months Ended 31
August 2003
All Joy Foods Limited
(Registration number 1989/000100/06
Share code: ALJ ISIN: ZAE000017240
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2003
INCOME STATEMENTS
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31 August 31 August 28 February
2003 2002 2003
R"000 R"000 R"000
Gross revenue 24 284 21 036 46 393
Cost of sales 10 777 10 087 21 125
Gross profit 13 507 10 949 25 268
Operating costs 11 452 9 370 21 489
Operating profit 2 055 1 579 3 779
Interest received 7 1
Finance costs (597) (575) (1 085)
Profit before taxation 1 458 1 011 2 695
Taxation 433 286 925
Profit after taxation 1 025 725 1 770
Earnings per ordinary share (cents) 3,1 2,2 5,4
Headline earnings per share (cents) 3,5 2,6 5,8
All per share calculations have been
based on 33 000 000 shares
(2003: 33 000 000 shares).
Reconciliation of headline earnings
Net profit attributable to
shareholders 1 025 725 1 770
Add back: Amortisation
of intangible assets 66 70 132
1 091 795 1 902
CASH FLOW STATEMENTS
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31 August 31 August 28 February
2003 2002 2003
R"000 R"000 R"000
Cash flows from operating
activities
Cash generated from
operating activities (2 435) 1 689 1 087
Interest received 7 1
Interest paid (597) (575) (1 085)
Taxation (561) (130) (448)
Net cash from operating activities (3 593) 991 (445)
Cash flows from investing activities
Fixed assets acquired (1 739) (34) (697)
Intangible assets acquired (64) (5) (95)
Proceeds of disposal of
properties,plant & equipment 46
Net cash used in investing activities (1 803) (39) (746)
Cash flows from financing
activities
Capital raised
Borrowings raised/(repaid) 1 267 (647) (214)
Net cash generated/(used by)
financing activities 1 267 (647) (214)
Cash and cash equivalents
Increase/(Decrease) in cash
and cash equivalents (4 129) 305 (1 405)
Cash and cash equivalents
at beginning of period (3 538) (2 133) (2 133)
Cash and cash equivalents
at end of period (7 667) (1 828) (3 538)
BALANCE SHEETS
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31 August 31 August 28 February
2003 2002 2003
R"000 R"000 R"000
ASSETS
Non-current assets 5 117 3 224 3 573
Property, plant and equipment 4 590 2 723 3 043
Intangible assets 527 501 530
Amount owed by subsidiary
Current assets 19 349 12 933 14 961
Inventories 5 623 3 257 5 753
Trade and other receivables 13 711 9 619 8 928
Cash and cash equivalents 15 57 280
Total assets 24 466 16 157 18 534
EQUITY AND LIABILITIES
Capital and reserves 7 262 5 192 6 237
Share capital 330 330 330
Share premium 1 960 1 960 1 960
Distributable reserves 4 972 2 902 3 947
Non-current liabilities:
Interest bearing debt 1 352 165 492
Current liabilities 15 852 10 800 11 805
Trade and other payables 6 211 7 688 6 307
Current portion of interest
bearing debt 815 302 408
Taxation 1 144 925 1 272
Bank overdrafts 7 682 1 885 3 818
Total equity and liabilities 24 466 16 157 18 534
Net asset value (cents) 22,0 15,7 18,9
Net asset value excluding
intangible assets (cents) 20,4 14,2 17,3
STATEMENT OF CHANGES IN EQUITY
Six months to 31 August 2003
Share Share Distributable
capital premium reserves Total
R"000 R"000 R"000 R"000
Balance at
1 March 2001 330 1 960 1 075 3 365
Net profit for period 1 102 1 102
Balance at
1 March 2002 330 1 960 2 177 4 467
Net profit for period 1 770 1 770
Balance at
28 February 2003 330 1 960 3 947 6 237
Net profit for period 1 025 1 025
Balance at
31 August 2003 330 1 960 4 972 7 262
The financial information has been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice, on a basis consistent
with the audited financial statements in respect of the year ended 28 February
2003.
No dividend is been declared for the period under review.
CHAIRMAN"S REPORT
Comments on results
We are pleased to announce our interim results for the six months ended 31
August 2003.
Sales revenue is up 15% for the six months ended 31 August 2003 compared to the
previous year. The period under review is traditionally difficult, considering
our product range. We strategically delayed the launch of our new products to
October 2003.
Profits are up 39,5% for the six months to 31 August 2003 compared to the
previous year.
Significant investments have been made to upgrade the factory in line with our
programme to guarantee product quality, the benefits of this investment is long
term and will be realised in the new year. We have also increased our
manufacturing overheads in the period under review, investing in training
programmes, and a food safety team, toproduce under good manufacturing
practices.
Prospects
The next six months is traditionally our favoured period and we will have the
benefit of additional sales from new products launched.
Our first advertising programme, to support the new products launch, is in this
period as well.
Lower interest rates on overdraft facilities and lower inflation, will realise
improved profits.
MT Pather
Chairman
Directors:
MT Pather, A Gonsalves, S Fanaroff, C Carroll, A Parsons
Registered office:
103 Booysens Reserve Road, Crown Mines
PO Box 2152, Southdale, 2135
Tel: (011) 496 1800, E-mail: altced@iafrica.com
Transfer secretaries:
Computershare Limited, 70 Marshall Street
Sponsor
LPC MANHATTAN
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/024792/07)
Johannesburg, 2001
26 November 2003
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/024792/07)
Date: 26/11/2003 09:00:08 AM Produced by the JSE SENS Department
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