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September 2001
ADONIS KNITWEAR HOLDINGS LIMITED
SHARE CODE: ADO ISIN CODE: ZAE000000121
Income Statement
For the year ended
30 September 2001
2001 2000
Notes R R
Revenue 12 15 533 773 14 021 777
Cost of sale 11 637 716 10 677 620
Gross profit 3 896 057 3 344 157
Operating costs (3 853 455) (3 603 436)
Operating profit (loss) 13 42 602 (259 279)
Finance costs 14 (437 026) (346 224)
Net loss before
taxation (394 424) (605 503)
Taxation 15 (131 830) (181 730)
Net loss attributable
to ordinary shareholders (262 594) (423 773)
Loss per share 16 (7.2c) (11.7c)
Dividend per share 0.0c 0.0c
Balance Sheet
At 30 September 2001
2001 2000
Notes R R
Assets
Non Current Assets 2 039 685 2 472 304
Plant, equipment
and vehicles 2 1 897 740 2 361 054
Investment in subsidiaries 3 12 300 12 300
Deferred taxation 11 30 695 -
Loan receivable 4 98 950 98 950
Current Assets 13 041 952 12 995 313
Inventories 5 7 084 504 6 776 316
Account receivable 6 4 178 338 3 244 661
Cash and cash equivalents 1 779 110 2 974 336
Total Assets 15 081 637 15 467 617
Equity and Liabilities
Capital and Reserves 8 883 642 9 146 236
Share capital 7 1 812 500 1 812 500
Share premium 315 224 315 224
Non distributable reserves 8 168 816 168 816
Distributable
reserves-accumulated profits 6 587 102 6 849 696
Non Current Liabilities 3 788 989 3 894 575
Amounts owing to
subsidiaries companies 9 15 474 15 474
Long term Liabilities 10 3 773 515 3 777 965
Deferred taxation 11 - 101 136
Current Liabilities 2 409 006 2 426 806
Account payable
Total Equity and Liabilities 15 081 637 15 467 617
Salient Features
2001 2000 1999
Net (loss) profit
before taxation (R 394 424) (R 605 503) (R 827 004)
Net (loss) profit
After taxation (R262 594) (R 423 773) (R 482 356)
Earnings (loss)
per share (7.2c) (11.7c) (13.3c)
Dividend per share 0.0c 0.0c 0.0c
Dividend cover n/a n/a n/a
Net asset value
per share 245 1c 252.3c 264.0c
Current ratio 5.4 5.4 5.9
Return (loss) on
equity (2.9%) (4.6%) (5.0%)
Salient Features
1998 1997
Net (loss) profit
before taxation R 1 065 254 R 1 218 275
Net (loss) profit
After taxation R 553 444 R 740 667
Earnings (loss)
per share 15.4 20.9c
Dividend per share 3.0c 6.0c
Dividend cover 5.1 3.5
Net asset value
per share 277.3c 268.2c
Current ratio 2.8 2.7
Return (loss) on
equity 5.5% 7.8%
Corporate Governance
Adonis Knitwear manufactures and market exclusive knitwear of distinction.
Under our own nationally renowned labels of Adonis. Dino Milano and Follow
Me and under the internationally renowned licensed labels of Pierre Cardin
of Paris and Lyle & Scott of Scotland we produce mens and ladies knitwear.
The Company endorses and where practical, complies with the recommendations
of the Code of Corporate Practice and Conduct as set out in the King report.
The company is fully committed to:-
- maintain and enhance our reputation in the quality of our products and
service to customers
- be beyond reproach as regards our integrity and credibility
- foster long terms beneficial relationships with customers and suppliers
- consistently honour our legal and moral obligations
- creating a workplace in which no one is denied employment opportunities or
benefits for reasons unrelated to ability and where no one is discriminated
against unfairly
- Continue to strive for improvement in profitable and return on investment.
Shareholders' Diary
Financial year-end September
Annual general meeting February
Financial Statements and reports Published
Half yearly interim report June
Annual Financial statements December
Share Performance
2001 2000 1999
Number of authorised shared 4 000 000 4 000 000 4 000 000
Number of issued shares 3 625 000 3 625 000 3 625 000
Market price per share
(cents)
- year end (30 September) 70c 95c 90c
- highest 90c 120c 120c
- Lowest 48c 50c 50c
Volume of shares traded 100 400 20 100 51 581
Earnings yield (%)* (10.3) (12.3) (14.8)
Dividend yield (%)* 0.0 0.0 0.0
Price earnings ratio* (9.7) (8.1) (6.8)
1998 1997
Number of authorised shared 4 000 000 4 000 000
Number of issued shares 3 625 000 3 625 000
Market price per share
(cents)
- year end (30 September) 200c 190c
- highest 300c 450c
- Lowest 102c 95c
Volume of shares traded 247 330 136 092
Earnings yield (%)* 7.7 11.0
Dividend yield (%)* 1.5 3.2
Price earnings ratio* 13.0 9.1
*Based on earnings and dividends per share for the respective financial
year, the closing share price at 30 September, and the weighted average
number of shares in issue.
Analysis of Shareholdings
Shareholders Shares
Number % Number %
Directors 3 0.77 2 488 950 68.66
Individuals 351 90.23 743 846 20.52
Nominees Companies and
Trusts 11 2.83 172 802 4.77
Unit Trusts 3 0.77 2.200 0.06
Trustees of a Trust 3 0.77 40 100 1.11
Corporate 18 4.63 177 102 4.88
389 100 3 625 000 100
Certificate by Company Secretary
Pursuant to section 268G(d) of the Companies Act (6 of 1973 as amended) I
confirm that to the best of my knowledge and belief all returns required in
terms of the said Act have been lodged with the Registrars of Companies and
all such returns are true, correct and up to date.
T A Wall
Company Secretary
Johannesburg
3 December 2002
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 September 2001
Non-
Distri
butable Accumulated
Share Share reserve profits Total
Capital premium
R R R R R
Balance at
1 October 1999 1 812 500 315 224 168 816 7 273 469 9 570 009
Net loss for
the year - - - (423 773) (423 773)
Balance at
1 October 2000 1 812 500 315 224 168 816 6 849 696 9 146 236
Net loss
for the year - - - (262 594) (262 594)
Balance at
30 September
2001 1 812 500 315 224 168 816 6 587 102 8 883 642
CASH FLOW STATEMENT
2001 2000
For the year ended
30 September 2001 Notes R R
Cash flow from operating
Activities
Cash (utilised in) generated
from operating activities 17.1 (802 755) 255 675
Interest received 71 427 99 635
Interest paid (508 453) (445 859)
Taxation refunded 17.2 - 139 835
Net cash (utilised in)
generated from operating
activities (1 239 781) 49 286
Cash flow from investing
activities
Office equipment acquired (5 994) -
Proceeds on disposal of plant 55 000 107 000
Net cash generated from
investing activities 49 006 107 000
Cash flow from financing
activities
Increase in loan receivable - (750)
Increase (decrease) in
long term liabilities (4 451) 495 927
Net cash (utilised in)
generated from financing
activities (4 451) 495 177
Increase (decrease)
in cash and cash equivalents (1 195 226) 651 463
Cash and cash equivalents
at beginning of year 17.3 2 974 336 2 322 873
Cash and cash equivalents
at end of year 17.3 1 779 110 2 974 336
Directors' Report
Nature of Business
The company carries on business as manufactures and distributors of high
quality, exclusive mens and ladies knitwear. Operations began in 1952 and
the Company was listed on the JSE Securities Exchange in 1960.
Statements of Responsibility
The directors are responsible for the maintenance of adequate accounting and
the preparation and integrity of the annual financial statements and related
information. The auditors are responsible to report on the fair
presentation of the annual financial statements. The financial statements
have been prepared in accordance with Generally Accepted Accounting Practice
and the manner required by the Companies Act. 1973.
The directors are also responsible for the company's system of internal
financial control. These are designed to provide reasonable but not
absolute assurance as to the reliability of the financial statements and to
adequately safeguard, verify and maintain the accountability of assets and
to prevent and detect misstatement and loss. Nothing has come to the
attention of the directors to indicate that any material breakdown in the
functioning of these controls, procedures and systems has occurred during
the year under review.
The annual financial statements have been prepared on the going concern
basis, since the directors have every reason to believe that the company has
adequate resources in place to continue in operation for the foreseeable
future.
Review
Turnover increased by 10.7% while operating costs only increased by 6.9%
resulting profit of R43 602 compared to an operating loss of R259 279 in the
previous year. Finance costs for the year increased by 26%. The net loss
after taxation has again decreased from R423 773 to R262 594.
Although it appears that accounts receivable have increased significantly
compared to the previous year, an amount of R550 205 was banked on Monday 1
October 2001.
The retail sector remains depressed and forward ordering remains prudent.
This in turn prevents the company from maximising its true productivity
potential.
Dividends
No dividend has been declared for the year (2000:NIL)
Subsidiaries
Details of subsidiaries are set out in the notes to the financial
statements.
Group annual financial statements have not been prepared as both the
subsidiaries, namely Createx Knitwear (Pty) Limited and Ivy's Textile (Pty)
Limited, are dormant and it would be of no real value to members in view of
the insignificant amounts involved.
Directors and Secretary
The names of the directors and the secretary appear on Page 3. In terms of
the Articles of Association, Ms E Ellerine and Mr J P Levison retire at the
next Annual General Meeting but being eligible, offer themselves for re-
election.
Directors Shareholding
At 30 September 2001 the director of the company controlled beneficially and
non beneficially a total of 2 488 950 shares (2000 - 2 488 950), the
equivalent of 68,7% (2000-68,7%) of the total issued shares.
Employee share incentive scheme
In terms of the Adonis Knitwear Holdings Limited Share Incentive Scheme 334
500 shares have been set aside for the benefit of executive staff and
employees. At the date of this report, 280 000 (2000 - 280 000) shares had
been issued and no share options (2000 - Nil) had been granted.
Number of Employees
The average number of employees during the year was 140 (2000:140)
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