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ALX
ALX
Alex White - Unaudited Interim Results For The Six Months Ended 31 December
2005
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 SIX MONTHS ENDED 31 DECEMBER 2005
CONSOLIDATED INCOME
STATEMENT
Unaudited Unaudited Restated
six months six months unaudited
to to Year ended
31 December 31 December 30 June 2005
2005 2004
(R"000) (R"000) (R"000)
REVENUE 73 577 61 838 125 754
OPERATING PROFIT BEFORE 8 311 3 007 9 676
INTEREST AND DEPRECIATION
Interest (2 200) (2 209) (4 589)
Depreciation (2 449) (2 946) (5 930)
PROFIT/(LOSS) BEFORE 3 662 (2 148) ( 843)
TAXATION
Taxation (1 093) 723 468
PROFIT/(LOSS)ATTRIBUTABLE TO 2 569 (1 425) ( 375)
ORDINARY SHAREHOLDERS
Shares in issue 18 125 18 125 18,125
Basic earnings/(loss)per 14.2 (7.9) (2.1)
share - cents
Headline earnings/(loss)per 14.1 (8.9) (4.2)
share - cents
Reconciliation of earnings
to headline earnings
The following adjustment to
earnings/(loss)was taken
into account in the
calculation of headline
earnings/(loss)
Earnings/(loss) 2 569 (1 425) -375
Profit on sale of fixed (22) (192) (387)
assets (after taxation)
Headline earnings/(loss) 2 547 (1 617) -762
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
Surplus on revaluation of 7 399
land and buildings
At end of period 15 289 7 890 7 890
Distributable reserve
At beginning of period 7 049 7 049 7 049
At end of period 7 049 7 049 7 049
Retained earnings
At beginning of period 21 779 22 154 22 154
Net profit/(loss) for the 2 569 (1 425) ( 375)
period
At end of period 24 348 20 729 21 779
TOTAL EQUITY 54 376 43 358 44 408
31 December 31 December 30 June
2005 2004 2005
(R"000) (R"000) (R"000)
ABRIDGED CONSOLIDATED
BALANCE SHEET
ASSETS
Non-current assets
Fixed assets 65 745 59 480 58 336
Intellectual property 91 356 178
Goodwill 192 192 192
Investments 12 12 12
Current assets 54 869 51 583 55 691
TOTAL ASSETS 120 909 111 623 114 409
EQUITY AND LIABILITIES
Capital and reserves 54 376 43 358 44 408
Non-current liabilities
Interest bearing borrowings 21 817 26 362 23 561
Deferred taxation 4 842 3 656 3 749
Current liabilities 39 874 38 247 42 691
TOTAL EQUITY AND LIABILITIES 120 909 111 623 114 409
Net asset value per share 300 239 245
(cents)
Net tangible asset value per 298 236 243
share (cents)
Unaudited Unaudited Restated
six months six months Unaudited
to to Year ended
31 December 31 December 30 June
2005 2004 2005
(R"000) (R"000) (R"000)
ABRIDGED CONSOLIDATED CASH
FLOW STATEMENTS
Cash flows from operating 1553 (4 278) 6 475
activities
Cash flows from investing (2 341) (568) (4 805)
activities
Cash flows from financing (2 349) (1 548) (2 944)
activities
(Decrease) in cash and cash (3 137) (6 394) (1 274)
equivalents
Cash and cash equivalents at
beginning
of period (6 376) (1 955) (5 102)
Cash and cash equivalents at
end
of period (9 513) (8 349) (6 376)
COMMENTS
Group turnover for the past six months rose by 18,9% to R73,577,000 when
compared to the same period last year. Certain sectors of the group"s activities
have shown dynamic growth notwithstanding some of the negative features of the
South African market which includes ever increasing imports of finished goods
and packaging. The improved turnover together with tight control of costs
resulted in a net profit after tax of R2 569 000 compared to a loss of R1 425
000 in the previous year. The earnings per share increased by 22.1 cents when
compared to the same period in the previous financial year.
In line with group policy, the freehold properties were revalued on 31 December
2005, by external independent valuers, to fair market value. The resultant
surplus of R7 399 000 has been transferred to non-distributable reserve.
The effective gearing decreased to 74,6% (June 2005 - 89,5%) and the net
tangible asset value per share increased to R2,98 (June 2005 - R2,43).
The outlook for the second half of the year remains cautious given current
trading conditions.-
On 31 January 2006, Alex White advised shareholders that Astrapak Limited
intended to acquire the entire ordinary issued share capital of Alex White ("the
offer") for a cash consideration of 320 cents per Alex White share. The offer is
to be implemented by way of a scheme of arrangement in terms of Section 311 of
the Companies Act, 1973 (Act 61 of 1973), as amended, to be proposed by Astrapak
Limited between Alex White and its shareholders. A circular to shareholders of
Alex White giving full details of, inter alia, the offer will be mailed to
shareholders in due course.
ACCOUNTING POLICIES
With effect from 1 July 2005 the group is required to prepare its consolidated
financial statements in accordance with IFRS. Accordingly, the interim
results for the six months ended 31 December 2005 have been prepared in
accordance with IFRS. In accordance with IFRS1 - First Time Adoption of IFRS,
the group has prepared an opening IFRS balance sheet at the date of transition
to IFRS, being 1 July 2004. Comparative figures for the year ended 30 June 2005
and the six months ended 31 December 2004 have been restated accordingly. The
IFRS standards are subject to ongoing review and interpretation by the
International Accounting Standards Board. Consequently IFRS information at year
end may differ from the information reported in this interim report.
Adjustments which reflect the major differences between South African Statements
of Generally Accepted Accounting Practice (SA GAAP) and IFRS are:
Plant and equipment
The residual values and useful lives of major plant and equipment have been
assessed and where applicable depreciation has been adjusted as required by
IAS16.
Goodwill arising on the acquisition of subsidiaries
Previously goodwill arising on business combinations was amortised on a straight
line basis over the useful life. Under IFRS 3, IAS 36 and 38, these assets are
not amortised, but subject to annual impairment review.
Deferred tax
Deferred tax has been adjusted for the changes made in the carrying values of
assets and liabilities.
All other accounting policies are consistent with the previous reporting period.
The financial effect of these adjustments, net of taxation are set out in the
table below.
RECONCILIATION OF PREVIOUS SA
GAAP TO IFRS
Unaudited Restated IFRS
six months Unaudited transition
to Year date
ended
31 December 30 June 1 July
2004 2005 2004
(R"000) (R"000) (R"000)
Capital and reserves
As previously reported under SA 37 578 38 390 39 404
GAAP
Goodwill previously written off 57 77 38
Plant and equipment 5 723 5 941 5 340
Capital and reserves (restated) 43 358 44 408 44 782
Unaudited Restated
six Unaudited
months
to Year ended
31 30 June
December
2004 2005
(R"000) (R"000)
Net loss after taxation
As previously reported under SA (1 826) (1 014)
GAAP
Goodwill previously written off 19 3
8
Plant and equipment 382 601
Net loss after taxation (1 425) ( 375)
(restated)
On behalf of the Board
N D Minnie (Non-Executive Chairman)
T P Kane (Managing Director)
Johannesburg
13 March 2006
T P Kane, N D Minnie*, M R Thompson*, H V Brunner*+ * Non-executive + German
REGISTERED OFFICE
22 Yaron Avenue, Lea Glen, Roodepoort, 1709
(PO Box 825, Florida, 1710)
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Proprietary) Limited
Date: 13/03/2006 04:00:23 PM Produced by the JSE SENS Department
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