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Alex White Holdings Limited - Unaudited Interim Results For The 6 Months Ended
Release Date: 10/03/2005 17:55:02 Code(s): ALX
Alex White Holdings Limited - Unaudited Interim Results For The 6 Months Ended
31 December 2004
ALEX WHITE HOLDINGS LIMITED
Incorporated in the Republic of
South Africa
(Registration number
1949/035016/06)
Share code: ALX ISIN:ZAE000000386
(`Alex White` or `the Group`)
UNAUDITED INTERIM RESULTS FOR THE
6 MONTHS ENDED 31 DECEMBER 2004
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 30 June
2004
31 31
December December
2004 2003
(R`000) (R`000) (R`000)
REVENUE 61 838 71 004 131 656
OPERATING PROFIT BEFORE INTEREST
AND
DEPRECIATION 3 007 6 834 11 676
Unusual item 1 018
Interest (2 209) (1 012) (2 017)
Depreciation (3 394) (2 546) (5 438)
(LOSS)/PROFIT BEFORE TAXATION (2 596) 3 276 5 239
Taxation 770 (1 015) (1 468)
(LOSS)/PROFIT ATTRIBUTABLE TO (1 826) 2 261 3 771
ORDINARY SHAREHOLDERS
Shares in issue (`000) 18 125 18 125 18 125
Basic (loss)/earnings per share (10,1) 12,5 20,8
(cents)
Headline (loss)/ earnings per (11,6) 11,9 6,9
share (cents)
Reconciliation of earnings to
headline earnings
The following adjustment to
earnings was taken into account in
the calculation of headline
earnings
Earnings (1 826) 2 261 3 771
Profit on sale of subsidiary (1 018)
Profit on sale of fixed assets (275) (108) (1 510)
(after taxation)
Headline earnings (2 101) 2 153 1 243
STATEMENT OF CHANGES IN EQUITY
Share capital
Ordinary shares
At beginning of period 1 812 1 812 1 812
At end of period 1 812 1 812 1 812
Share premium
At beginning of period 5 878 5 878 5 878
At end of period 5 878 5 878 5 878
Reserves
Non-distributable reserve
At beginning of period 7 890 7 890 7 890
At end of period 7 890 7 890 7 890
Distributable reserve
At beginning of period 7 049 6 031 6 031
Transfer from retained earnings 1 018
At end of period 7 049 6 031 7 049
Retained earnings
At beginning of period 16 775 14 747 14 747
Dividend - (725) (725)
16 775 14 022 14 022
Net (loss)/profit for the period (1 826) 2 261 3 771
Transfer to retained earnings (1 018)
At end of period 14 949 16 283 16 775
TOTAL EQUITY 37 578 37 894 39 404
31 31 30 June
December December 2004
2004 2003
(R`000) (R`000) (R`000)
ABRIDGED CONSOLIDATED BALANCE
SHEET
ASSETS
Non-current assets
Fixed assets 51 422 25 952 50 159
Intellectual property 356 880 519
Goodwill 135 192 154
Investments 12 12 12
Current assets 51 583 51 137 53 349
TOTAL ASSETS 103 508 78 173 104 193
EQUITY AND LIABILITIES
Capital and reserves 37 578 37 803 39 404
Non-current liabilities
Interest bearing borrowings 26 362 2 913 26 640
Deferred taxation 1 321 791 2 091
Current liabilities 38 247 36 666 36 058
TOTAL EQUITY AND LIABILITIES 103 508 78 173 104 193
Net asset value per share (cents) 207 209 217
Net tangible asset value per share 205 204 214
(cents)
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 30 June
2004
31 31
December December
2004 2003
(R`000) (R`000) (R`000)
ABRIDGED CONSOLIDATED CASH FLOW
STATEMENTS
Cash flows from operating (936) (4 278) (2 574)
activities
Cash flows from investing (4 200) (568) (24 201)
activities
Cash flows from financing (1 787) (1 548) 23 628
activities
(Decrease) in cash and cash (6 923) (6 394) (3 147)
equivalents
Cash and cash equivalents at
beginning
of period (5 102) (1 955) (1 955)
Cash and cash equivalents at end
of period (12 025) (8 349) (5 102)
COMMENTS
Group turnover for the period ended 31 December 2004 amounted to R61,8 million
which was in line with the turnover in the previous period taking into account
the disposal of a subsidiary during 2004 which had contributed R10,6 million to
the turnover at 31 December 2003. Sales were also negatively affected by
shortages of raw materials arising from the explosion at Sasol as well as late
deliveries of imported materials caused by shortages of containers world wide.
Operating profit of R3 million was also lower than that achieved in the
previous period primarily due to low sales, weak market conditions and an
extremely competitive market resulting in lower margins. The net loss before tax
of R2,6 million after depreciation of R3,4 million and interest costs of R2,2
million reflected the costs of the investments made by the Group during the
previous period. The loss per share for the six months was 10,1 cents (2003 -
Profit 12,5 cents). The net tangible asset value per share rose to R2,05 (2003 -
R2,04). Gearing rose to 123,93% (2003 - 51,6%)
The investments made by the Group during 2004 have had a positive impact on
sales and market diversification and improved results will be reflected in the
second six months of the financial year and throughout 2005. The flexible
packaging division became only the second converter in South Africa to achieve
an AIB (American Institute of Baking) rating which is a benchmark requirement
for many multi-national food manufacturers.
ACCOUNTING POLICIES
The accounting policies used are in accordance with South African Statements of
Generally Accepted Accounting Practice and are consistent with those applied in
the previous financial period.
On behalf of the Board
N D Minnie (Non-Executive Chairman)
T P Kane (Managing Director)
Johannesburg
10 March 2005
REGISTERED OFFICE
22 Yaron Avenue, Lea Glen, Roodepoort, 1709
(PO Box 825, Florida, 1710)
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Proprietary) Limited
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