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Adonis Knitwear Holdings Limited - Annual Financial Statements at 30 September
2002
ADONIS KNITWEAR HOLDINGS LIMITED
(Incorporated in the Republic Of South Africa)
Reg.No.1969/002908/06.
Share Code: ADO
ISIN Code: ZAE000000121
Annual Financial Statements at 30 September 2002
INCOME STATEMENT Year ended Year ended
Sept 2002 Sept 2001
R R
Revenue 18,645,090 15,533,773
Cost of sales (13,400,575) (11,637,716)
Gross profit 5,244,515 3,896,057
Net operating costs (4,646,813) (3,853,455)
Operating profit 597,702 42,602
Net finance costs (555,121) (437,026)
Net profit/(loss) 42,581 (394,424)
before taxation
Taxation 919 (131,830)
Net profit/( loss)
attributable to
ordinary shareholders 41,662 (262,594)
Dividends - -
Accumulated
profit/(loss)
for the period 41,662 (262,594)
SALIENT FEATURES
Ordinary shares in 3,625,000 3,625,000
issue
Headline 1.15c (7.2c)
earnings/(loss)per
share
Earning(loss) per share 1.15c (7.2c)
Dividends per share 0.0c 0.0c
Net asset value per 246.2c 245,1c
share
Current ratio 3,5 5,4
Return (loss) on equity 0,5% (2.9)
BALANCE SHEET
Sept 2002 Sept 2001
R R
ASSETS
Non current assets 1,766,445 2,039,685
Plant, equipment 1,625,419 1,897,740
and Vehicles
Investment in 12,300 12,300
subsidiaries
Loan receivable 98,950 98,950
Deferred taxation 29,776 30,695
Current assets 15,542,320 13,041,952
Inventories 9,361,579 7,084,504
Accounts receivable 4,910,011 4,178,338
Cash and cash 1,270,730 1,779,110
equivalents
TOTAL ASSETS 17,308,765 15,081,637
EQUITY AND
LIABILITIES
Capital and 8,925,303 8,883,642
Reserves
Share capital 1,812,500 1,812,500
Share premium 315,224 315,224
Non-disributable 168,816 168,816
reserve
Distributable
reserve-accumulated
profit 6,628,763 6,587,102
Non-current 3,935,728 3,788,989
Liabilities
Amount owing to
subsidiary
companies 15,474 15,474
Long-term 3,920,254 3,773,515
liabilties
Current Liabilities
Accounts payable 4,447,734 2,409,006
TOTAL EQUITY AND 17,308,765 15,081,637
LIABILITIES
SUMMERISED CASH FLOW
STATEMENT
2002 2001
R R
Cash flow from
operating
activities
Cash utilised in (25,122) (802,755)
operating
activities
Interest received 60,513 71,427
Interest paid (615,634) (508,453)
Net cash utilised (580,243) (1,239,781)
in operating
activities
Cash flow from
investing
activities
Plant, vehicles and (119,876) (5,994)
computer equipment
acquired
Proceeds on 45,000 55,000
disposal of plant
Net cash (utilised (74,876) 49,006
in) generated from
investing
activities
Cash flow from
financing
activities
Increase (decrease) 146,739 (4,451)
in long term
liabilities
Net cash generated 146,739 (4,451)
from (utilised in)
financing
activities
Decrease in cash (508,380) (1,195,226)
and cash
equivalents
Cash and cash 1,779,110 2,974,336
equivalents at
beginning of year
Cash and cash 1,270,730 1,779,110
equivalents at end
of year
STATEMENT OF CHANGES IN EQUITY
share Non distri- Accumu-
capital
and share butable lated
premium reserve profit Total
R R R
Balance 1 October 2000 212,7724 168,816 6,849,695 9,146,23
Net loss for the year - (262,594) (262,594
Balance 1 October 2001 212,7724 168,816 6,587,101 8,883,64
Net profit for the year - 41,662 41,662
Balance at 30 September 212,7724 168,816 6,628,763 8,925,30
2002
Profile
Adonis Knitwear manufactures and markets exclusive knitwear of distinction.
Under our own nationally renowned labels of "Adonis","Dino Milano" and "Follow
me" and under the internationally renowned licenced labels of "Pierre Cardin" of
Paris an "Lyle & Scott" of Scotland we produce mens and ladies knitwear.
Review
Turnover increased by 20% from R15 533 773 to R18 645 090 while the net profit
after taxation has changed from a loss of R262 594 to a profit of R41 662.
The profit above is attributable to increased sales and therefore increased
utilization of production capacity, despite a background of sudden major rising
raw material costs.
Costs of manufacturing has remained high due to the fact that the company
maintains its policy of manufacturing to order as opposed to utilizing capacity
to manufacture inventory, which may not turn into revenue.
Inventory and current liabilities have increased due to a large shipment of
goods being in transit at year end.
The retail sector is more bouyant than last year but forward ordering remains
prudent. This in turn prevents the company from maximising its production
potental.
Accounting Policies and Presentation
The Annual Financial Statements have been prepared in accordance with Generally
Accepted Accounting Practice.
The Accounting Policies applied in the preperation of these Annual Financial
Statements are consistant with those used in the Annual Financial Statements for
the year ended 31 September 2001.
Prospects
I am pleased to report that the company has moved back into a profitable
position after numerous years of losses. I am confident that this trend will
continue into the foreseeable future.
The company is undertaking a major international marketing campaign in
conjunction with the National Productivity Institute.
We have appointed managing agents internationally and although our products have
been well received, pricing and styling to accommodate the various markets is
still to be addressed.
We remain positive in our ability to break into the International market.
We are still accepting Winter 2003 orders and indications to date show once
again an increased order book compared to the same dates last year.
On behalf of the board
J Bencen
02 December 2002
Directors: J Bencen, Ms E Ellerine, J B Levison, D C Turner
Company Secretary
T A Wall
Transfer secretaries & Transfer office Registered office
Computer Share Investor Services Ltd 2nd.floor, 72 Grayston Drive
70 Market Street, Johannesburg Benmore, Sandton
Factory and Head Office
Adonis Centre 44 Fountain Rd
Fordsburg, Johannesburg
Auditors
Horwath Leveton Boner
3rd. Floor
72 Grayston Drive, Sandown
Date: 11/12/2002 03:00:00 PM Produced by the JSE SENS Department
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