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ALEX WHITE HOLDINGS LIMITED - INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER
2003 AND RENEWAL OF CAUTIONARY
ALEX WHITE HOLDINGS LIMITED
(REGISTRATION NUMBER 1949/035016/06)
SHARE CODE: ALX ISIN:ZAE00000386
("the company")
INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2003
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 30 June
2003
31.12.03 31.12.02
R 000 R 000 R 000
REVENUE 71,004 73,315 142,869
OPERATING PROFIT BEFORE INTEREST AND
DEPRECIATION 6,834 6,923 13,996
Interest (1,012) (1,648) ( 3,076)
Depreciation (2,546) (2,753) ( 5,320)
PROFIT BEFORE TAXATION 3,276 2,522 5,600
Taxation (1,015) (782) ( 1,721)
PROFIT ATTRIBUTABLE TO ORDINARY 2,261 1,740 3,879
SHAREHOLDERS
Shares in issue 18,125 18,125 18,125
Basic earnings per share - cents 12.5 9.6 21.4
Headline earnings per share - cents 11.9 9.4 20.5
Reconciliation of earnings per share
The following adjustment to earnings
was taken into account in the
calculation of headline earnings
Earnings - used for basic earnings per 2,261 1,740 3,879
share
Profit on sale of fixed assets (after (108) (42) ( 163)
taxation)
Headline earnings 2,153 1,698 3,716
STATEMENT OF CHANGES IN EQUITY
Share capital
Ordinary shares
At beginning of year 1,812 1,812 1,812
At end of period 1,812 1,812 1,812
Share premium
At beginning of year 5,878 5,878 5,878
At end of period 5,878 5,878 5,878
Reserves
Non-distributable reserve
At beginning of year 7,890 7,890 7,890
At end of period 7,890 7,890 7,890
Distributable reserve
At beginning of year 6,031 6,031 6,031
At end of period 6,031 6,031 6,031
At end of period 13,921 13,921 13,921
Retained earnings
At beginning of year as previously 14,747 10,960 10,960
stated
Change in accounting policy (92) ( 92)
Restated balance 14,747 10,868 10,868
Dividend (725)
Secondary tax on companies (91)
13,931 10,868 10,868
Net profit for the period 2,261 1,740 3,879
At end of period 16,192 12,608 14,747
ABRIDGED CONSOLIDATED BALANCE SHEET
31.12.03 31.12.02 30 June
2003
R 000 R 000 R 000
ASSETS
Fixed assets 25,952 29,334 27,808
Intellectual property 880 1,086 894
Goodwill arising on acquisition of
subsidiaries 192 192 192
Investments 12 12 12
Current assets 51,137 51,604 50,150
TOTAL ASSETS 78,173 82,228 79,056
EQUITY AND LIABILITIES
Capital and reserves 37,803 34,219 36,358
Non-current liabilities
Interest bearing borrowings 2,913 5,441 4,043
Deferred taxation 791 1,285 813
Current liabilities 36,666 41,283 37,842
TOTAL EQUITY AND LIABILITIES 78,173 82,228 79,056
Net tangible asset value per
share (cents) 204 182 195
ABRIDGED CONSOLIDATED CASH FLOW
STATEMENTS
Cash flows from operating activities (4,278) 100 10,692
Cash flows from investing activities (568) (1,035) ( 1,926)
Cash flows from financing activities (1,548) (725) ( 1,900)
Increase in cash and cash equivalents (6,394) (1,660) 6,866
Cash and cash equivalents at beginning
of year (1,955) (8,821) ( 8,821)
Cash and cash equivalents at end
of year (8,349) (10,481) ( 1,955)
COMMENTS
Group turnover for the period ended 31 December 2003 amounted to R71,004,000
which was 3,1% lower than the same period in the previous year reflecting the
weakness in the South African market. Operating profit of R6,834,000 was also
lower than that achieved in the previous year. The net profit before tax of
R3,276,000 after depreciation of R2,546,000 and interest costs of R1,012,000 was
29,9% better than the previous year. Earnings per share for the six months rose
to 12,5 cents (9,6 cents). The net tangible asset value per share rose to R2,04
(R1,82). Gearing reduced to 51,6% (71,0%).
The lowering of interest rates and greater stability of the Rand helped to
improve the results and improved operating efficiencies also contributed
positively. The strength of the Rand however had some negative impact on exports
and also contributed to weaker sales as a result of increased imports in the
fast moving consumer goods sector of the South African market.
The installation of the additional extruder and upgrading of the extrusion
coating and laminating line is progressing well and once complete in February
2004 will significantly widen the range of products that the Group will be able
to manufacture.
The customer base of the Group has been extended and the results of this will
impact positively throughout 2004.
ACCOUNTING POLICIES
The accounting policies used are in accordance with South African Statements of
Generally Accepted Accounted Practice and are consistent with those applied in
the previous financial year
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the cautionary announcement dated 22 January 2004
relating to a capital investment by a subsidiary of the company and are advised
that the company is finalising the details. A detailed announcement will be made
shortly.
On behalf of the Board
N D Minnie (Non-Executive Chairman)
T P Kane (Managing Director)
Johannesburg
24 February 2003
REGISTERED OFFICE
22 Yaron Avenue, Lea Glen, Roodepoort, 1709
(P O Box 825, Florida, 1710)
TRANSFER SECRETARIES
Computershare Investor Services Limited
Date: 03/03/2004 01:00:07 PM Produced by the JSE SENS Department
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