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All Joy Foods Limited - All Joy Foods Limited 2004 Annual Financial
Statement
All Joy Foods Limited
Incorporated in the Republic of South Africa
Registration number 1989/001000/06
Share code ALJ
ISIN ZAE4017240
Balance sheets as at 29 February 2004
GROUP COMPANY
29 Feb 28 Feb 29 Feb 28 Feb
2004 2003 2004 2003
Notes Rm Rm Rm Rm
ASSETS
Non-current assets 6 700 3 573 6 654 3 189
Property, plant and
equipment 2 6 001 3 043 5 072 2 105
Intangible assets 3 699 530 699 530
Amount owed by subsiduary 883 554
Current assets 19 050 14 961 19 050 14 961
Inventories 4 10 401 5 753 10 401 5 753
Trade and other
receivables 5 8 193 8 928 8 193 8 928
Cash and cash equivalents 456 280 456 280
TOTAL ASSETS 25 750 18 534 25 704 18 150
EQUITY AND LIABILITIES
Capital and reserves 8 879 6 237 8 879 6 239
Share capital 6 330 330 330 330
Share premium 6 1 960 1 960 1 960 1 960
Distributable reserves 6 589 3 947 6 589 3 949
Non-current liabilities
Interest-bearing debt 7 1 380 492 1 380 444
Current liabilities 15 491 11 805 15 445 11 467
Trade and other payables 5 983 6 307 5 962 6 299
Current portion of
interest-bearing debt
7 539 408 539 104
Taxation 1 706 1 272 1 681 1 246
Bank overdrafts 8 7 263 3 818 7 263 3 818
TOTAL EQUITY AND
LIABILITIES 25 750 18 534 25 704 18 150
Nett asset value (cents) 26,9 18,9 26,9 18,9
Nett asset value excluding
intangible assets (cents) 24,8 17,3 24,8 17,3
Income statements for the year ended 29 February 2004
GROUP COMPANY
29 Feb 28 Feb 29 Feb 28 Feb
2004 2003 2004 2003
Notes Rm Rm Rm Rm
Gross revenue 9 50 851 46 393 50 851 46 393
Cost of sales 22 379 21 125 22 379 21 125
Gross profit 28 472 25 268 28 472 25 268
Manufacturing costs 8 007 5 636 8 033 5 636
Supply chain costs 11 336 11 044 11 336 11 044
Profit after manufacturing
costs 10 9 129 8 588 9 103 8 588
Interest received - 1 - 1
Marketing costs 605 218 605 218
Operating expenses 3 699 4 590 3 699 4 662
Profit after overheads 4 825 3 779 4 799 3 707
Finance costs 12 (1 048) (1 085) (1 022) (1 012)
Profit before taxation 3 777 2 694 3 777 2 695
Taxation 13 1 137 925 1 137 925
PROFIT AFTER TAXATION 2 640 1 770 2 640 1 770
Earnings per ordinary
share (cents) 8,0 5,4 8,0 5,4
Headline earnings per
share (cents) 8,5 5,8 8,5 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 2 640 1 770 2 640 1 770
Add back amortisation of
intangible assets 162 132 162 132
2 802 1 902 2 802 1 902
Cash flow statements for the year ended 29 February 2004
GROUP COMPANY
29 Feb 28 Feb 29 Feb 28 Feb
2004 2003 2004 2003
Notes Rm Rm Rm Rm
Cash flows from operating
activities
Cash generated from
operating activities 18.1 1 220 1 087 1 170 1 006
Interest received - 1 - 1
Interest paid (1 048) (1 085) (1 022) (1 012)
Taxation refunded/
(paid) 18.2 (703) (448) (703) (448)
Net cash from operating
activities (529) (445) (555) (454)
Cash flows from investing
activities
Fixed assets acquired (3 426) (697) (3 426) (697)
Intangible assets acquired (331) (95) (331) (95)
Proceeds of disposal of
properties, plant and
equipment - 46 - 46
Net cash used in investing
activities (3 757) (746) (3 964) (746)
Cash flows from financing
activities
Capital raised - - - -
Borrowings raised/(repaid) 1 016 (214) 1 148 (214)
Net cash generated/(used by)
financing activities 1 016 (214) 1 148 (214)
Cash and cash equivalents
Increase/(decrease) in cash
and cash equivalents (3 270) (1 405) (3 270) (1 405)
Cash and cash equivalents
at beginning of year 18.3 (3 538) (2 133) (3 538) (2 133)
Cash and cash equivalents
at end of year 18.3 (6 807) (3 538) (6 807) (3 538)
Statement of changes in shareholders`equity
Share Share Distributable
capital premium reserves Total
Rm Rm Rm Rm
Balance at 1 March 2001 330 1 960 1 074 3 364
Net profit for the year 1 105 1 105
Balance at 1 March 2002 330 1 960 2 179 4 469
Net profit for the year 1 770 1 770
Balance at 1 March 2003 330 1 960 3 949 6 239
Net profit for the year 2 640 2 640
Balance at 1 March 2004 330 1 960 6 589 8 879
COMMENTARY
We are pleased to announce our fifth set of financial results as a
Limited Co for the twelve month period ending 29 February 2004.
Sales revenue for the year under review grew by 9,6%. Our main trade
customers, the major retail chain stores in South Africa experienced
unusually difficult trading conditions. In the same period food
inflation also ran at low levels.
The launch of our new products, which was supported by our first
marketing initiative and our brand re-engineering process contributed
directly to the increased sales revenue.
All Joy increased Headline earnings for the comparable period to
February 2003 by 46,5%. Our Strategy to invest in high quality R.M
at competitive prices and our production capability to pack QC
products in a variety of packaging materials significantly
contributed to the company increasing profits. Marketing on premium
additive free range also enhanced our performance.
PROSPECTS
The company remains confident for the year ahead. Some of the
highlights that have been forecast include:
* Entry into new distribution channels in South Africa, Botswana
and Mozambique through cash & carry and independent
supermarkets.
* The launch of new products, production is scheduled for the
third quarter of the next financial year.
DIVIDENDS
The directors have determined that no dividend will be declared for
the year under review. The funds will be utilized to complete the
expansion programme and to reduce borrowings.
A positive dividend policy has been forecast for the next financial
year.
AUDITED RESULTS
The results for the year ended 29 February 2004 have been audited by
Horwath Leveton Boner. Their unqualified audit opinion is available
for inspection at the registered office of the company.
ACCOUNTING POLICIES
The financial statements have been compiled in accordance with the
South African Statements of Generally Accepted Accounting Practice
and the Listings Requirements of the JSE Securities Exchange South
Africa. The accounting policies used in this report are consistent
with those applied in the previous year.
27 May 2004
Date: 27/05/2004 04:17:07 PM Produced by the JSE SENS Department
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