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Rex Trueform Clothing Company Limited - Profit announcement for the six months
ended 31 December 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 six months ended 31 December 2003
INCOME STATEMENT Consolidated (R"000)
Six months ended Year ended
December 31 June 30
2003 2002 2003
Restated Restated
(Unaudited) (Unaudited) (Audited)
Revenue 196,961 183,216 354,764
Net operating
income before depreciation 14,431 13,442 24,996
Depreciation 4,844 4,616 8,834
Net operating income 9,587 8,826 16,162
Net interest received 1,263 1,628 2,025
Net income 10,850 10,454 18,187
Income from associated company 417 549 597
Income before taxation 11,267 11,003 18,784
Taxation 3,793 3,314 6,129
Income after taxation 7,474 7,689 12,655
Preference dividends 8 8 16
Net income attributable to
ordinary and "N" ordinary
shareholders 7,466 7,681 12,639
Earnings/ headline earnings
per share (cents) 37.1 38.2 62.9
Weighted average number of equity
shares on which earnings per share
is based (000) 20,105 20,105 20,105
Number of equity shares in
issue (000) 20,105 20,105 20,105
BALANCE SHEET Consolidated (R"000)
At 31 December
2003 2002 2003
Restated Restated
(Unaudited) (Unaudited) (Audited)
Assets
Non current assets 38,643 34,720 36,661
Fixed assets 35,052 30,704 32,347
Investments (unlisted) 2,347 3,048 1,912
Deferred taxation 1,244 968 2,402
Current assets 156,984 154,876 179,849
Inventory 94,413 102,300 121,213
Accounts receivable 34,876 40,974 34,630
Cash 27,695 11,602 24,006
Total assets 195,627 189,596 216,510
Equity and liabilities
Capital and reserves 176,609 168,162 173,146
Share capital 1,776 1,776 1,776
Share premium 22,758 22,758 22,758
Non distributable reserves 153 109 135
Distributable reserves 151,922 143,519 148,477
Current liabilities 19,018 21,434 43,364
Accounts payable 16,919 15,811 35,234
Taxation 991 373 2,667
Amount owing to holding company 1,108 5,250 5,463
Total equity and liabilities 195,627 189,596 216,510
ABRIDGED CASH FLOW STATEMENT Consolidated (R"000)
Six months ended Year ended
December 31 June 30
2003 2002 2003
Restated Restated
(Unaudited (Unaudited) (Audited)
Cash generated by operations 14,562 13,991 25,586
Working capital changes 3,884 -14,500 -7,450
Interest received (net) 1,263 1,628 2,025
Taxation paid -4,311 -1,609 -3,564
Dividends paid -4,029 -2,521 -2,529
Net cash inflows/(outflows) from operations 11,369 -3,011 14,068
Net cash outflows from investing activities
including additions to fixed assets -7,698 -6,198 -10,899
Net increase/(decrease) in cash 3,671 -9,209 3,169
Cash at the beginning of the period 24,006 21,081 21,081
Effect of foreign exchange rate changes 18 -270 -244
Cash at the end of the period 27,695 11,602 24,006
OTHER INFORMATION Consolidated (R"000)
Capital expenditure 7,646 6,422 13,520
Capital commitments
Contracted for 4,409 1,490 1,044
Authorised - not contracted for 2,010 3,200 4,449
Current ratio 8.3 7.2 4.1
STATEMENT OF CHANGES IN EQUITY Consolidated (R"000)
Six months ended Year ended
December 31 June 30
2003 2002 2003
Restated Restated
(Unaudited) (Unaudited) (Audited)
Share capital 1,776 1,776 1,776
Share premium 22,758 22,758 22,758
Non-distributable reserves
Opening balance 135 379 379
Foreign exchange rate changes 18 -270 -244
153 109 135
Distributable reserves
Opening balance 148,477 137,822 137,822
Adjustment AC131 0 529 529
Opening balance restated 148,477 138,351 138,351
Profit after taxation 7,474 7,689 12,655
Dividends -4,029 -2,521 -2,529
151,922 143,519 148,477
SEGMENTAL REPORTING Consolidated (R"000)
Revenue
Manufacturing 138,941 127,391 267,679
less: intersegment sales -81,037 -68,075 -166,616
External sales 57,904 59,316 101,063
Retail 139,057 123,900 253,701
Total 196,961 183,216 354,764
Net operating income/(loss)
Manufacturing 800 1,691 -1,691
Retail 8,981 7,659 22,735
Consolidation adjustment 1,406 -524 -4,882
Total 9,587 8,826 16,162
Depreciation included
in net operating income
Manufacturing 1,797 1,945 3,721
Retail 3,047 2,671 5,113
Total 4,844 4,616 8,834
Total segment assets (excl cash)
Manufacturing 109,157 136,780 138,829
Retail 80,295 50,881 78,601
Consolidation adjustment -25,111 -13,683 -29,240
Total 164,341 173,978 188,190
Total segment liabilities
Manufacturing -9,560 -15,023 -34,396
Retail -26,972 -16,538 -27,713
Consolidation adjustment 18,505 10,500 21,412
Total -18,027 -21,061 -40,697
Capital expenditure
Manufacturing 2,810 2,089 5,723
Retail 4,836 4,333 7,797
Total 7,646 6,422 13,520
Notes
1. Basis of preparation
This report complies with the requirements of AC127, the South African
Statement of Generally Accepted Accounting Practice governing interim financial
reporting, as well as with part 4 of Schedule 4 of the South African
Companies Act and paragraph 8.58 of the Listings Requirements of the JSE
Securities Exchange South Africa. The information presented in this report has
neither been audited or reviewed by the external auditors.
2. Accounting policies
This report has been prepared on the historical cost basis and in accordance
with the accounting policies which were applied in the preparation of the
group"s annual financial statements for the year ended 30 June 2003, except for
the adoption during the period under review of AC131, Business Combinations, in
so far as it requires a share trust which meets the definition of a subsidiary
to be consolidated.
3. Comparative figures
To meet the requirement of AC131, Business Combinations to consolidate the
group"s share trust which meets the definition of a subsidiary, comparative
figures for December 2002 and June 2003 have been restated.
4. Preference dividend
A dividend on the 6% cumulative preference shares for the six months ended 31
December 2003 in the amount of R8 400 was declared in November 2003 and paid
on 27 December 2003.
Comment
Revenue has grown by 7.6% over the comparative period. This improvement is
largely attributable to sales growth in Queenspark but diluted by reduced demand
from other customers.
Queenspark has enjoyed a successful summer season having increased sales by
12,2%. Profitability has been maintained, aided by firm control of expenses.
Queenspark therefore continues to contribute the major share of group profit.
As foreshadowed in the annual report, maintenance of viable production volumes
at the stronger exchange rates now prevailing is proving difficult. Export
business has however continued to provide volume for the factories during the
period albeit at a lower level and at significantly lower Rand prices.
Prospects
Queenspark"s Autumn/Winter collection now available in stores has been well
received. Turnover has exceeded target expectations and the business continues
to trade profitably.
Against this the continued strength of the rand coupled with weak overseas
demand is expected to have an adverse effect on the manufacturing operations the
viability of which is sensitive to volume. Management is currently taking steps
to improve this situation. Furthermore a major initiative to reduce stock
levels is underway and has already resulted in a significant inflow of cash.
All things considered and assuming that there is no major change in the exchange
rate, earnings for the full year are expected to be similar to those achieved in
the previous financial year.
Signed on behalf of the Board: Transfer Secretaries
Computershare Ltd
GM Thomas (Chairman) Marshall Street
CEA Radowsky (Chief Executive Officer) Johannesburg 2001
Registered office:
Cape Town Rex Buildings
25 March 2004 263 Victoria Road
Salt River, Cape, 7925
Directors: GM Thomas (Chairman) , G Bradley, V Hardy (British), AA Hodgkinson,
JC O"Brien, CEA Radowsky, PE Shub, CA Stride, PM Naylor, CLR Hirschsohn,
ML Krawitz
Secretary: African & Overseas Enterprises Limited
Date: 25/03/2004 10:43:08 AM Produced by the JSE SENS Department
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