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ALJ
ALJ
All Joy - Reviewed Interim Results for the period ended 28 February 2006
All Joy Foods Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1989/000100/06)
Share Code: ALJ
ISIN Code: ZAE000017240
Reviewed Interim Results for the period ended 28 February 2006
BALANCE SHEET Reviewed Restated
12 months to 12 months to
28 Feb 2006 28 Feb 2005
R"000 R"000
ASSETS
Non current assets 7 458 7 638
Current assets 23 923 21 764
TOTAL ASSETS 31 381 29 402
EQUITY AND LIABILITIES
Shareholders Funds 12 160 14 379
Non-current liabilities 704 1 190
Current liabilities 18 517 13 833
Total equity and liabilities 31 381 29 402
Shares in issue at period end (`000) 41 973 41 973
Net asset value per share (cents) 29.0 34.3
Net asset value per share excl 27.1 36.2
intangible assets (cents)
INCOME STATEMENT Reviewed Restated
12 months to 12 months to
28 Feb 2006 28 Feb 2005
R"000 R"000
Gross Revenue 48 042 48 776
Cost of Sales 22 969 22 620
Gross Profit 25 073 26 156
Other Income 819 131
Operating expenses 27 906 21 775
Operating profit/(loss) (2 014) 4 512
Investment income 99 -
Finance charges 1 100 1 404
Profit/(loss) before taxation (3 015) 3 108
Taxation (796) 783
Profit/(loss) attributable to (2 219) 2 325
shareholders
Reconciliation headline earnings
Profit/(loss) for the period (2 219) 2 325
Other Income (819) (131)
Headline earnings (loss) for period (3 038) 2 194
Basic and diluted earnings per share (5.3) 5.5
(cents)
Weighted average number of shares 41 973 41 973
(`000)
Headline earnings per share (cents) (7.2) 5.2
CASH FLOW STATEMENTS Reviewed Restated
12 months to 12 months to
28 Feb 2006 28 Feb 2005
R"000 R"000
Cash flows from operating activities (1 626) (508)
Cash flows from investing activities (938) (1 998)
Cash flows from financing activities (450) 4 485
Net movement in cash and cash (3 014) 1 979
equivalents (4 828) (6 807)
Cash and cash equivalents at
beginning of year
Cash and cash equivalents at end of (7 842) (4 828)
year
STATEMENT OF CHANGES Share Share Distributable Total
IN EQUITY Capital Premium Reserve
R"000 R"000 R"000 R"000
Balance as at 1 March 330 1 960 (5 386) 7 676
2004 2 325 2 325
Net operating profit (295) (295)
for the period 90 5 166 5 256
Correction of (583) (583)
fundamental error
Issue of share capital
Share allotment cost
Balance as at 1 March 420 6 543 7 416 14 379
2005 (2 219) (2 219)
Net operating profit /
(loss) for the period
Balance as at 28 420 6 543 5 197 12 160
February 2006
INCOME STATEMENT Reviewed Reviewed Restated Restated
6 MONTHLY COMPARATIVES 6 months to 6 months to 6 months to 6 months
28 Feb 2006 31 Aug 2005 28 Feb 2005 to
R"000 R"000 R"000 31 Aug
2004
R"000
Gross Revenue 25 109 22 933 26 815 21 961
Cost of Sales 11 455 11 514 10 836 11 784
Gross Profit 13 654 11 419 15 979 10 177
Other Income 819 - 131 -
Operating expenses 14 183 13 723 10 374 11 401
Operating 290 (2 304) 5 736 (1 224)
profit/(loss)
Investment income 99 - - -
Finance charges 313 787 810 594
Profit/(loss) before 76 (3 091) 4 926 (1 818)
taxation
Taxation (796) - 783 -
Profit/(loss) 872 (3 091) 4 143 (1 818)
attributable to
shareholders
Reconciliation
headline earnings
Profit/(loss) for the 872 (3 091) 4 143 (1 818)
period
Other income (819) - (131)
Intangible assets - 50 50 50
Headline earnings 53 (3 041) 4 062 (1 768)
(loss) for period
Basic and diluted 2.1 (7.4) 9.9 (5.4)
earnings per share
(cents)
Weighted average 41 973 41 973 41 973 33 640
number of shares
(`000)
Headline earnings per 0.1 (7.2) 9.7 (5.3)
share (cents)
COMMENTS
The Board of Directors present the reviewed interim financial results of the
Group for the 12 months ended 28 February 2006. During the period under review
the group changed its year end from February to June.
INTRODUCTION
We are satisfied that the new short term strategy initiated in the fourth
quarter of 2005, although not fully realised by February 2006, has seen an
increase in sales revenue. With our turnaround strategy in place during the 6
months under review, reducing manufacturing overhead costs to be in line with
sales demand benefited the business by maintaining the loss at the six months
reported August 2005 figure. The full benefit of the process implemented is
expected to bear fruits in the months ahead.
FINANCIAL REVIEW
The Group incurred a net loss after tax of R2, 2 million for the year under
review. This loss is an improvement from the reported loss of R3,091 million at
31 August 2005 in an amount of R872 000. This improvement in profitability is
mainly attributable to the increase in turnover for the six months to 28
February 2006 as well as containing operating cost during the six month period.
Headline earnings for the period compared to the six months to August 2005
increased from a loss of R3,091 million to a profit of R53 000. This can be
attributed but not limited to various once off costs incurred in pursuing the
now failed acquisitions in the first six months to August 2005.
PROSPECTS
The business has implemented a turnaround strategy, which includes aggressively
expanding sales by producing bulk packs, for the Food Service Industry and
private label/housebrands, to boost production volumes. This process has been
initiated and implementation is expected to bear fruit in the near future. The
first phase is to increase manufacturing volumes and thereafter, to promote our
brands. Manufacturing overheads have been reduced, for the lower production
months, to be in line with our sales demand.
We are a leading BEE manufacturer in South Africa. We are confident that we will
continue to grow and realise our vision of being a diverse, high quality
manufacturer of leading brands promoting convenience to the ever-growing
emerging market in South Africa.
TRANSITIONAL ADJUSTMENTS IN TERMS OF IFRS
Comparative figures have been restated to reflect the transition from South
African Statements of Generally Accepted Accounting Practice to International
Financial Reporting Standards. The adjustments represent:
The reclassification of financial instruments in accordance with IAS 32:
Financial instruments: Disclosure and Presentation and IAS39: Financial
instruments: Recognition and Measurement. These adjustments had no effect on the
income statement and the effect on the balance sheet has been disclosed in the
transitional reconciliation presented below.
The adoption of the new interpretation of IAS17 (AC 105) - Operating leases,
which include fixed rental increases. The effect of the new interpretation of
operating leases was found to be immaterial.
INTERNATIONAL FINANCIAL REPORTING STANDARDS AND COMPANIES ACT REQUIREMENTS
The interim financial statements were prepared in compliance with International
Financial Reporting Standards (IFRS) for the first time, as well as the
Companies Act. The disclosures required by IFRS1 concerning the transition from
South African Statements of Generally Accepted Accounting Practice to IFRS are
as follows:
RECONCILIATION OF EQUITY AT 1 MARCH 2004 (DATE OF TRANSITION TO IFRS)
No adjustment was required at 1 March 2004.
RECONCILIATION OF EQUITY AT 28 FEBRUARY 2005
BALANCE SHEETS Effect of
SA GAAP Transition IFRS
R"000 R"000 R"000
ASSETS
Non-current assets 7 507 131 7 638
Property, plant and equipment 6 842 - 6 842
Intangible assets 665 131 796
Current assets 21 764 - 21 764
Inventory 10 030 - 10 030
Trade and other receivables 9 377 - 9 377
Cash and cash equivalents 2 357 - 2 357
Total assets 29 271 131 29 402
EQUITY AND LIABILITIES
Shareholders funds 14 248 131 14 379
Share capital 420 - 420
Share premium 6 543 - 6 543
Distributable reserves 7 285 131 7 416
Non-current liabilities 1 190 - 1 190
Long-term borrowings 1 190 - 1 190
Current liabilities 13 833 - 13 833
Trade and other payables 5 771 - 5 771
Short term portion of long-term 448 - 448
borrowings
Taxation 429 - 429
Bank overdrafts 7 185 7 185
Total equity and liabilities 29 271 - 29 402
CORPORATE GOVERNANCE
The group fully subscribes to the principles of, and implements where possible,
the recommendations of the King II Code on Corporate Governance.
AUDIT
The above figures were reviewed by ARC Chartered Accountants (SA) Inc and their
report isavailable for inspection during office hours at Unit 5, 299 Pendoring
Road, Blackheath Ext 6, 2195
DIVIDENDS
The directors do not recommend the payment of a dividend.
FOR AND ON BEHALF OF THE BOARD
MT Pather (Chief Executive Officer)
30 May 2006
Registered office: 103 Booysens Reserve Road, Crown Mines, 2001, PO Box 2152,
Southdale, 2135
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited, Ground
Floor, 70 Marshall Street, Johannesburg
Executive Directors: MT Pather; JW Walters; Non-Executive Directors: S Fanaroff,
WA Parsons
Auditors: ARC Chartered Accountants (SA) Inc (1996/003163/21 (PO Box 252,
Cresta, 2118
Sponsor: Exchange Sponsors (Pty) Ltd, 39 First Road, Hyde Park, 2196 (PO Box
411216, Craighall, 2124)
Date: 30/05/2006 12:11:11 PM Produced by the JSE SENS Department
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