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African & Overseas Enterprises Limited - Profit announcement for the six months
ended 31 December 2003
African & Overseas Enterprises Limited
(Registration number 1947/027461/06)
Share codes: AOO AON AOVP
ISIN Codes: ZAE000000485 ZAE000009718 ZAE000000493
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
Rex Trueform Group 9,587 8,826 16,162
Company -200 1,350 2,011
Net operating income 9,387 10,176 18,173
Net interest received 1,475 1,860 2,512
Net income 10,862 12,036 20,685
Income from associated company 417 549 597
Income before taxation 11,279 12,585 21,282
Taxation 4,017 3,785 6,976
Income after taxation 7,262 8,800 14,306
Attributable to outside
shareholders in subsidiaries 3,282 3,476 5,466
3,980 5,324 8,840
Preference dividends 151 99 116
Net income attributable to
ordinary and "N" ordinary
shareholders 3,829 5,225 8,724
Earnings/ headline earnings
per share(cents) 33.6 45.9 76.6
Weighted average number of equity
shares on which earnings per share
is based (000) 11,387 11,387 11,387
Number of equity shares in
issue (000) 11,387 11,387 11,387
BALANCE SHEET Consolidated (R"000)
At December 31
2003 2002 2003
Restated Restated
(Unaudited) (Unaudited) (Audited)
Assets
Non current assets 37,169 33,273 35,214
Fixed assets 33,604 29,257 30,900
Investments (unlisted) 2,347 3,048 1,912
Deferred taxation 1,218 968 2,402
Current assets 160,032 155,137 180,091
Inventory 94,412 102,300 121,213
Debtors 35,309 41,094 34,676
Cash 30,311 11,743 24,202
Total assets 197,201 188,410 215,305
Equity and liabilities
Capital and reserves 100,460 96,752 100,266
Share capital 1,200 1,200 1,200
Share premium 6,616 6,616 6,616
Non distributable reserves 2,484 2,460 2,475
Distributable reserves 90,160 86,476 89,975
Minority interest 78,140 74,373 76,616
Current liabilities 18,601 17,285 38,423
Accounts payable 17,383 16,713 35,729
Taxation 1,218 572 2,694
Total equity and liabilities 197,201 188,410 215,305
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 14,362 15,341 27,597
Working capital changes 7,825 -18,359 -11,752
Interest received (net) 1,475 1,860 2,512
Taxation -4,309 -1,735 -4,544
Dividends paid -5,560 -3,550 -3,566
Net cash inflows/(outflows) from operations 13,793 -6,443 10,247
Net cash outflows from investing activities
including additions to fixed assets -7,702 -6,333 -10,590
Net increase/(decrease) in cash 6,091 -12,776 -343
Cash at the beginning of the period 24,202 24,789 24,789
Effect of foreign exchange rate changes 18 -270 -244
Cash at the end of the period 30,311 11,743 24,202
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 8.6 9.0 4.7
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 1,200 1,200 1,200
Share premium 6,616 6,616 6,616
Non-distributable reserves
Opening balance 2,475 2,608 2,608
Foreign exchange rate changes 9 -148 -133
2,484 2,460 2,475
Distributable reserves
Opening balance 89,975 83,195 83,195
Adjustment AC131 - 333 333
Opening balance restated 89,975 83,528 83,528
Profit after taxation 3,980 5,324 8,840
Dividends -3,795 -2,376 -2,393
90,160 86,476 89,975
SEGMENTAL ANALYSIS
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 109,539 136,851 138,875
Retail 80,295 50,881 78,601
Consolidation adjustment -26,509 -15,081 -30,687
Total 163,325 172,651 186,789
Total segment liabilities
Manufacturing -9,339 -11,005 -29,455
Retail -26,549 -16,208 -27,686
Consolidation adjustment 18,505 10,500 21,412
Total -17,383 16,713 35,729
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 participating preference shares for the six
months ended 31 December 2003 in the amount of R16 500 was declared in
November 2003 and paid on 27 December 2003.
Comment
The fall in the level of company operating income may be attributed to lower
buying commissions and to non recurring costs associated with retrenchment.
The principal operating subsidiary Rex Trueform Clothing Company Limited
reports as follows:
"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.
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
70 Marshall Street
GM Thomas (Chairman) Johannesburg 2001
PE Shub (Chief Executive Officer)
Registered office:
Cape Town Rex Buildings
25 March 2004 263 Victoria Road
Salt River, Cape, 7925
Directors: GM Thomas (Chairman), CEA Radowsky, PE Shub, CA Stride, ML Krawitz
Secretary: AA Hodgkinson
Date: 25/03/2004 10:44:44 AM Produced by the JSE SENS Department
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