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ALL JOY - INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2004
ALL JOY FOODS LIMITED
(Registration number: 1989/000100/06)
(Incorporated in the Republic of South Africa)
(Share code: ALJ ISIN: ZAE000017240)
(`All Joy` or `the Company`)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2004
INCOME STATEMENT FOR THE SIX MONTHS ENDED 31 AUGUST 2004
Unaudited Unaudited
6 months to 6 months to
31 August 31 August
2004 2003
R`000 R`000
Gross revenue 22,856 24,284
Cost of sales 9,336 10,777
Operating costs 11,192 11,452
Operating profit 2,328 2,055
Finance charges (594) (597)
Net income before taxation 1,734 1,458
Taxation (520) (433)
Net income for the period 1,214 1,025
Outside shareholders` interest - -
Profit attributable to shareholders 1,214 1,025
Reconciliation of headline earnings
Profit for the period 1,214 1,025
Amortisation of intangibles 102 66
Headline earnings for the period 1,316 1,091
Earnings per share information
Shares in issue (000`s) 33,640 33,000
Earnings per share (cents) 3.6 3.1
Headline earnings per share (cents) 3.9 3.3
BALANCE SHEET AS AT 31 AUGUST 2004
Assets
Non current assets 7,348 5,117
Current assets 21,672 19,349
TOTAL ASSETS 29,020 24,466
Equity and liabilities
Capital and reserves 10,350 7,262
- Ordinary shareholders` interest 10,350 7,262
- Minorities - -
Non current liabilities 1,165 1,352
Current liabilities 17,505 15,852
TOTAL EQUITY AND LIABILITIES 29,020 24,466
Net asset value per share (cents) 30.8 22.0
Tangible net asset value per share (cents) 28.8 20.4
STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31 AUGUST 2004
Opening balance 8,877 6,237
Net income for the period 1,214 1,025
Increase in share capital 259 -
Closing balance 10,350 7,262
CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 AUGUST 2004
Cash flows from operating activities (1,067) (3,593)
Cash flows from investing activities (1,208) (1,803)
Cash flows from financing activities 41 1,267
Change in cash and cash equivalents (2,234) (4,129)
Cash and cash equivalents at beginning of (6,808) (3,538)
period
Cash and cash equivalents at end of period (9,042) (7,667)
COMMENTS:
Nature of business
All Joy is a premium food processor, producing and
distributing quality products that are packaged to promote
convenience.
Accounting policies
The financial statements have been prepared in accordance
with South African Statements of Generally Accepted
Accounting Practice and are consistent with those applied
in previous years.
Review
The Company`s increase of 18% in net income for the period
can be ascribed to the fact that it was able to increase
its operating profit margins from 8% in 2003 to 10% during
the period under review by producing and distributing a
wider range of quality products.
Prospects
The Company has invested significantly in production plant
and people to ensure food safety and to enhance the
quality of products. The Company has entered into new
sales channels, making its current range of products
accessible to new markes. The Company will launch a new
product range in the next six months.
Alternative Exchange (ALT-X)
The Company has successfully transferred its listing from
the Venture Capital Board of the JSE Securities Exchange
South Africa to the Alternative Exchange ALT-X. Management
is of the opinion that this transfer will lead to
significant cost savings and increase shareholders`
awareness and interest.
26 October 2004
On behalf of the Board of Directors
CEO
MT Pather
Secretary
JW Walters
Sponsor
Exchange Sponsors
Transfer Secretaries
Computershare Investor Services 2004 (Pty) Ltd
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