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Six Months Ended 31 March 2002
ADONIS KNITWEAR HOLDINGS LIMITED
(Incorporated in the Republic Of South Africa)
Reg.No.1969/002908/06.
CODE:ADO
ISIN CODE:ZAE000000121
Interim report for the six months ended 31 March 2002
INCOME STATEMENT
6 MONTHS TO 6 MONTHS TO Year ended
Mar 2002 Mar 2001 Sept 2001
R R R
Revenue 7,349,005 6,481,417 15,533,773
Cost of sales (5,279,390) (4,750,282) (11,637,716)
Gross profit 2,069,615 1,731,135 3,896,057
Net operating costs (1,835,421) (1,728,130) (3,853,455)
Operating profit 234,194 3,005 42,602
Net finance costs (198,182) (165,774) (437,026)
Net profit/(loss) 36,012 (162,769) (394,424)
before taxation
Taxation 9,304 (19,230) (131,830)
Net profit/( loss)
attributable to
ordinary shareholders 26,708 (143,539) (262,594)
Dividends - - -
Accumulated
profit/(loss)
for the period 26,708 (143,539) (262,594)
SALIENT FEATURES
Ordinary shares in 3,625,000 3,625,000 3,625,000
issue
Headline 0.7 (4.0) (7.2)
earnings/(loss)per
share
Dividends per share - - -
Net asset value per 245.8 248.4 245,1
share
Depreciation for the 197,076 234,316 469,306
period
Capital expenditure for 106,747 5,994 5,994
the period
Capital expenditure - - -
commitment
BALANCE SHEET
Mar 2002 Mar 2001 Sept 2001
R R R
ASSETS
Non current assets 1,940,052 2,243,982 2,039,685
Property,plant and 1,807,411 2,132,732 1,897,740
equipment
Investment in 12,300 12,300 12,300
subsidiaries
Loan receivable 98,950 98,950 98,950
Deferred taxation 21,391 30,695
Current assets 17,943,989 15,490,708 13,041,952
Inventories 9,920,577 8,322,822 7,084,504
Accounts receivable 8,023,412 7,167,886 4,178,338
Cash and cash 1,779,110
equivalents
TOTAL ASSETS 19,884,041 17,734,690 15,081,637
EQUITY AND LIABILITIES
Capital and Reserves 8,910,350 9,002,697 8,883,642
Share capital 1,812,500 1,812,500 1,812,500
Share premium 315,224 315,224 315,224
Non-disributable 168,816 168,816 168,816
reserve
Distributable reserve-
accumulated
profit 6,613,810 6,706,157 6,587,102
Non-current Liabilities 4,076,273 4,008,689 3,788,989
Amount owing to
subsidiary
company 15,474 15,474 15,474
Long-term liabilties 4,060,799 3,911,310 3,773,515
Deferred taxation - 81,905 -
Current Liabilities 6,897,418 4,723,304 2,409,006
Accounts payable 4,570,404 3,617,369 2,409,006
Bank overdraft 2,327,014 1,105,935
TOTAL EQUITY AND 19,884,041 17,734,690 15,081,637
LIABILITIES
SUMMERISED CASH FLOW STATEMENT
6 Months to 6 Months to
31 Mar 2002 31 Mar 2001
R R
Cash flow from operating activities (4,286,661) (4,207,622)
Cash flow from investing activities (106,747) (5,994)
Proceeds on disposal of (106,747) (5,994)
property/(purchase)
Cash flow from financing activities 287,284 133,345
Proceeds from/(repayment of)
long-term borrowings 287,284 133,345
Net cash and cash equivalents (4,106,124) (4,080,271)
Cash and cash equivalents at
beginning of period 1,779,110 2,974,336
Cash and cash equivalents at
end of period (2,327,014) (1,105,935)
STATEMENT OF CHANGES IN EQUITY
share capital Non distri- Accumu-
and share butable lated
premium reserve profit Total
R R R R
Balance 1 October 2000 2127724 168,816 6,849,696 9,146,236
Net loss for the period
to 31 March 2001 - - (143,539) (143,539)
Balance 31 March 2001 2127724 168,816 6,706,157 9,002,697
Net loss for the period
to 30 September 2001 - - (119,055) (119,055)
Balance 1 October 2001 2127724 168,816 6,587,102 8,883,642
Net profit for the period
to 31 March 2002 - - 26,708 26,708
Balance 31 March 2002 2127724 168,816 6,613,810 8,910,350
Profile
The company manufactures and markets exclusive mens' and ladies'
knitwear under our own in-house labels of "Adonis","Dino
Milano" and "Follow me" and under licence the prestigious
labels of "Pierre Cardin" of Paris and "Lyle & Scott" of
Scotland.Our fashionable knitwear,excellence of quality
and service continue to be the Company's major strengths.
Review
Sales have increased by 13% for the six month period,resulting in
a profit after Taxation compared to a loss for the
corresponding period last year.
Accounting Policies and Presentation
Interim Financial Statements are prepared in accordance with
"AC127/Interim Financial Reporting"
The Accounting Policies applied in the preperation of these
Interim Financial Statements are consistant with those
used in the Annual Financial Statements for the year
ended 31 September 2001.
Prospects
The momentum of the increase in sales value shown in this report
will continue for the balance of the year.As in the past,
sales for the second half of the year will exceed the
first half of the year signficantly due to the
seasonality of our products.
The pleasing increase in sales has still not utilised the full
production capacity and we are in a position to take
advantage of a potential increased order book for the
next winter season..
On behalf of the board
J Bencen 21 June 2002
Directors:
J Bencen, Ms E Ellerine, J B Levison, D C Turner
Company Secretary
T A Wall
Transfer secretaries & Registered office
Transfer office 2nd.floor,72 Grayston Drive
Computer Share Investor
Services Ltd Benmore, Sandton
8th.Floor Factory and Head Office
11 Diagonal Steet, Johannesburg Adonis Centre 44 Fountain Rd
Fordsburg, Johannesburg
Date: 25/06/2002 08:04:20 AM Produced by the SENS Department
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