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Adonis Knitwear Holdings Limited -
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 2003
INCOME STATEMENT
6 months to 6 months to Year ended
March 2003 March 2002 Sept 2002
R R R
Revenue 8,123,315 7,349,005 18,645,090
Cost of sales (5,666,142) (5,279,390) (13,400,575)
Gross profit 2,457,173 2,069,615 5,244,515
Net operating costs (2,049,318) (1,835,421) (4,646,813)
Operating profit 407,855 234,194 597,702
Net finance costs (311,272) (198,182) (555,121)
Net profit before 96,583 36,012 42,581
taxation
Taxation 22,672 9,304 919
Net profit
attributable to
ordinary 73,911 26,708 41,662
shareholders
Dividends - - -
Accumulated profit
for the period 73,911 26,708 41,662
SALIENT FEATURES
Ordinary shares in 3,625,000 3,625,000 3,625,000
issue
Headline earnings 2.04c 0.7c 1.15c
per share
Earning per share 2.04c 0.7c 1.15c
Dividends per share 0.0c 0.0c 0.0c
Net asset value per 248.3c 245.8c 246.2c
share
Depreciation for 160,712 197,076 391,758
the period
Capital expenditure 17,850 106,757 119,876
for the period
Capital expenditure - - -
commitment
BALANCE SHEET
March 2003 March 2002 Sept 2002
R R R
ASSETS
Non current assets 1,600,911 1,940,052 1,766,445
Plant, equipment 1,482,557 1,807,411 1,625,419
and Vehicles
Investment in 12,300 12,300 12,300
subsidiaries
Loan receivable 98,950 98,950 98,950
Deferred taxation 7,104 21,391 29,776
Current assets 19,613,906 17,943,989 15,542,320
Inventories 10,792,623 9,920,577 9,361,579
Accounts receivable 8,821,283 8,023,412 4,910,011
Cash and cash - - 1,270,730
equivalents
TOTAL ASSETS 21,214,817 19,884,041 17,308,765
EQUITY AND
LIABILITIES
Capital and 8,999,214 8,910,350 8,925,303
Reserves
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 6,702,674 6,613,810 6,628,763
Non-current 4,707,832 4,076,273 3,935,728
Liabilities
Amount owing to
subsidiary
companies 15,474 15,474 15,474
Long-term 4,692,358 4,060,799 3,920,254
liabilities
Current Liabilities 7,507,771 6,897,418 4,447,734
Accounts payable 4,355,535 4,570,404 4,447,734
Bank overdraft 3,152,236 2,327,014 -
TOTAL EQUITY AND 21,214,817 19,884,041 17,308,765
LIABILITIES
SUMMERISED CASH
FLOW STATEMENT
6 months to 6 months to
31 March 2003 31 March 2002
R R
Cash flow from
operating
activities
Cash utilised in (4,874,499) (4,088,479)
operating
activities
Interest received 29,554 47,965
Interest paid (340,825) (246,147)
Net cash utilised (5,185,770) (4,286,661)
in operating
activities
Cash flow from
investing
activities
Plant, vehicles and (17,850) (106,747)
computer equipment
acquired
Proceeds on disposal of 8,550
plant
Net cash (utilised in) (9,300) (106,747)
generated from investing
activities
Cash flow from financing
activities
Increase in long term 772,104 287,284
liabilities
Net cash generated from 772,104 287,284
financing activities
Decrease in cash and cash (4,422,966) (4,106,124)
equivalents
Cash and cash equivalents 1,270,730 1,779,110
at beginning of the period
Cash and cash equivalents (3,152,236) (2,327,014)
at end of period
STATEMENT OF CHANGES IN EQUITY
share capital Non Accumu-
distri-
and share butable lated
premium reserve profit Total
R R R R
2127724
Balance 1 October 2001 168,816 6,587,101 8,883,64
Net profit for the period
To 31 March 2002 - 26,708 26,708
Balance 31 March 2002 2127724 168,816 6,613,809 8,910,34
Net profit for the period
To 30 September 2002 - 14,954 14,954
Balance 1 October 2002 2127724 168,816 6,628,763 8,925,30
Net profit for the period
To 31 March 2003 73,911 73,911
Balance 31 March 2003 2127724 168,816 6,702,674 8,999,21
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 and "Lyle & Scott" of Scotland we produce mens
and ladies knitwear.
Review
The six month period reflected an increase in turnover of 10,5% from R7
349 005 to R8 123 315. The increase in cost of sales, which includes a
large portion of fixed overheads, was only 7.3%. This, together with
increased sales in more profitable lines, has resulted in increased sales
margins. Despite an above average increase in operating costs, the
profit after taxation has still increased from R26 708 to R73 911.
Prospects
The increase in sales is set to continue for the rest of the year. Sales
for the second half of the year, being the traditional high season, are
set to exceed sales of the first half of the year. This should result in
an increased profit after taxation for the year. Although the increase in
sales is pleasing we are still in a position to increase production for
the majority of the low season.
Accounting Policies and Presentation
The results for the half year have been prepared in accordance with South
African Statements of Generally accepted accounting practice.
The accounting policies used are consistent with those used in the Annual
Financial Statements for the year ended 30 September 2002
On behalf of the board
J Bencen
30 June 2003
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
Computershare Investor Services Ltd Benmore, Sandton
70 Marshall Street Factory and Head Office
Johannesburg Adonis Centre 44 Fountain Rd
Fordsburg, Johannesburg
Auditors
Horwath Leveton Boner
3rd. Floor, 72 Grayston Drive
Benmore, Sandton
Date: 30/06/2003 03:00:07 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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