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ALEX WHITE HOLDINGS LIMITED - AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2004
ALEX WHITE HOLDINGS LIMITED
(REGISTRATION NUMBER 1949/035016/06)
SHARE CODE: ALX
ISIN:ZAE000000386
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2004
CONSOLIDATED INCOME STATEMENT
Audited Audited
Year ended Year ended
30 June 2004 30 June 2003
R 000 R 000
REVENUE 131,656 142,869
OPERATING PROFIT BEFORE INTEREST AND 11,676 14,228
DEPRECIATION
Interest (2,017) (3,076)
Depreciation (5,438) (5,552)
PROFIT BEFORE UNUSUAL ITEM 4,221 5,600
Unusual item 1,018
PROFIT BEFORE TAXATION 5,239 5,600
Taxation (1,468) (1,721)
PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 3,771 3,879
Shares in issue 18,125 18,125
Basic earnings per share - cents 20.8 21.4
Headline earnings per share - cents 6.9 20.5
The following adjustment to earnings was taken
into account in the calculation of headline
earnings
Earnings - used for basic earnings per share 3,771 3,879
Profit on sale of subsidiary (1,018)
Profit on sale of fixed assets (after taxation) (1,510) (163)
Headline earnings 1,243 3,716
STATEMENT OF CHANGES IN EQUITY
Share capital
Ordinary shares
At beginning of year 1,812 1,812
At end of year 1,812 1,812
Share premium
At beginning of year 5,878 5,878
At end of year 5,878 5,878
Reserves
Non-distributable reserve
At beginning of year 7,890 7,890
At end of year 7,890 7,890
Distributable reserve
At beginning of year 6,031 6,031
Transfer from retained earnings 1,018
At end of year 7,049 6,031
At end of year 14,939 13,921
Retained earnings
At beginning of year as previously stated 14,747 10,960
Change in accounting policy (92)
Restated balance 14,747 10,868
Net profit for the period 3,771 3,879
Dividend paid (725)
Transfer to distributable reserve (1,018)
At end of period 16,775 14,747
ABRIDGED CONSOLIDATED BALANCE SHEET
30 June 2004 30 June 2003
R 000 R 000
ASSETS
Fixed assets 50,159 27,808
Intellectual property 519 894
Goodwill arising on acquisition of
subsidiaries 154 192
Investments 12 12
Deferred taxation
Current assets 53,349 50,150
TOTAL ASSETS 104,193 79,056
EQUITY AND LIABILITIES
Capital and reserves 39,404 36,358
Non-current liabilities
Interest bearing borrowings 26,640 4,043
Deferred taxation 2,091 813
Current liabilities 36,058 37,842
TOTAL EQUITY AND LIABILITIES 104,193 79,056
Net tangible asset value per
share (cents) 214 195
ABRIDGED CONSOLIDATED CASH FLOW STATEMENTS
Cash flows from operating activities (2,574) 10,692
Cash flows from investing activities (24,201) (1,926)
Cash flows from financing activities 23,628 (1,900)
(Decrease) increase in cash and cash (3,147) 6,866
equivalents
Cash and cash equivalents at beginning
of year (1,955) (8,821)
Cash and cash equivalents at end
of year (5,102) (1,955)
NOTES
1.
The results have been prepared in accordance with South African Statements of
Generally Accepted Accounting Practice.
2.
The results have been been audited by Horwath Leveton Boner and their
unqualified report is open for inspection at the company`s registered office.
COMMENTS
The strength of the Rand has been a mixed blessing. On the one hand the cost of
imported raw materials and capital equipment has reduced but on the other hand
the importation of finished goods and packaging has had a negative impact on the
industry as a whole resulting in vigorous competition and lowering of margins.
Similarly export markets were negatively impacted by the strength of the Rand.
In general it was extremely difficult during the year to increase markets and
market share.
With the difficult trading conditions described above and also due to the fact
that the forms division was sold at the end of February 2004, the group`s
turnover decreased by 7,9%. Net income attributable to ordinary shareholders
fell to R3 771 000 and this included profits made on the disposal of the forms
division and the sale of the 8 colour press in the flexible packaging division.
During the year the flexible packaging division upgraded its extrusion
coater/laminator and invested in a new Fischer & Krecke 16S 8 colour gearless
press which is the most advanced flexographic printing press of its kind in sub-
Saharan Africa.
These investments will have a major positive impact in the range of products
that the division can produce as well as widening the markets in which it
operates.
The Fischer & Krecke 34DF 8 colour press was sold outside of the country and the
sale resulted in a profit. The monies due on the sale of the 34DF were included
in accounts receivable at year end which gives the impression of a negative
operating cash flow for the year. The cash was received shortly after the year
end.
The printing division performed well during the year, increasing turnover and
profitability, despite the difficult trading conditions in the division. The
division continues to develop new products as well as extending its customer
base.
The division expects to grow its range of hot and cold beverage containers
during the year.
In order to consolidate the group`s financial position, the board has decided
not to declare a dividend at this time. The dividend policy will be reviewed
prior to the publication of the interim results for the 6 months ending 31
December 2004.
ANNUAL GENERAL MEETING
The annual general meeting of the members of Alex White Holdings Limited will be
held on Monday 25 October 2004 at 13h30 in the booardroom, 22 Yaron Avenue, Lea
Glen, Roodepoort.
On behalf of the Board
N D Minnie (Chairman)
T P Kane (Executive Chairman)
Johannesburg
30 September 2004
REGISTERED OFFICE
22 Yaron Avenue, Lea Glen, Roodepoort, 1709
(P O Box 825, Florida, 1710)
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Pty) Ltd
Date: 30/09/2004 10:22:26 AM
Produced by the JSE SENS Department
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