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Adonis - Annual Financial Statements at 30 September 2003
ADONIS KNITWEAR HOLDINGS LIMITED
(Incorporated in the Republic Of South Africa)
Reg.No.1969/002908/06
Share Code : ADO
ISIN Code : ZAE000000121
INCOME STATEMENT
Year ended
Sept 2003 Sept 2002
R R
Revenue 21,090,427 18,795,226
Turnover 20,898,961 18,645,090
Cost of sales (14,928,886) (13,400,575)
Gross profit 5,970,075 5,244,515
Operating costs (5,025,794) (4,646,813)
Selling and distribution costs (2,756,743) (2,564,630)
Administration (2,269,051) (2,082,183)
Operating profit 944,281 597,702
Net finance costs (735,087) (555,121)
Net profit before taxation 209,194 42,581
Taxation 89,505 919
Net profit attributable to
ordinary shareholders 119,689 41,662
Dividends - -
Accumulated profit
for the period 119,689 41,662
SALIENT FEATURES
Ordinary shares in issue 3,625,000 3,625,000
Earnings/headline earnings per share 3.30c 1.15c
Dividends per share 0.0c 0.0c
Net asset value per share 249.5c 246.2c
Current ratio 3,9 3.8
Return on equity 1.3% 0,5%
BALANCE SHEET
Sept 2003 Sept 2002
R R
ASSETS
Non current assets 1,526,151 1,766,445
Plant,equipment and Vehicles 1,414,901 1,625,419
Investment in subsidiaries 12,300 12,300
Loan receivable 98,950 98,950
Deferred taxation - 29,776
Current assets 15,866,459 15,542,320
Inventories 8,348,615 9,361,579
Accounts receivable 6,393,369 4,910,011
Cash and cash equivalents 1,124,475 1,270,730
TOTAL ASSETS 17,392,610 17,308,765
EQUITY AND LIABILITIES
Capital and Reserves 9,044,992 8,925,303
Share capital 1,812,500 1,812,500
Share premium 315,224 315,224
Non-disributable reserve 168,816 168,816
Distributable reserve-accumulated
profit 6,748,452 6,628,763
Non-current Liabilities 4,238,287 3,935,728
Amount owing to subsidiary companies 15,474 15,474
Deferred taxation 59,729 -
Long-term liabilties 4,163,084 3,920,254
Current Liabilities 4,109,331 4,447,734
Accounts payable 2,232,920 3,525,636
Provisions 532,540 479,042
Forward exchange contract liability 15,660 -
Short term portion of long term loan 1,328,211 443,056
TOTAL EQUITY AND LIABILITIES 17,392,610 17,308,765
SUMMERISED CASH FLOW STATEMENT
2003 2002
R R
Cash flow from operating activities
Cash generated from (utilised in) 429,088 (25,122)
operating activities
Interest received 31,143 60,513
Interest and finance charges paid (766,230) (615,634)
Net cash outflow from operating activities (305,999) (580,243)
Cash flow from investing activities
Plant,vehicles and equipment acquired (118,385) (119,876)
Proceeds on disposal of plant, equipment and 35,300 45,000
vehicles
Net cash outflow from investing activities (83,085) (74,876)
Cash flow from financing activities
Increase in long term liabilities 242,829 146,739
Net cash inflow from financing activities 242,829 146,739
Decrease in cash and cash equivalents (146,255) (508,380)
Cash and cash equivalents at beginning of year 1,270,730 1,779,110
Cash and cash equivalents at end of year 1,124,475 1,270,730
STATEMENT OF
CHANGES IN EQUITY
Share capital Non distri- Accumu-
and share
premium butable lated Total
reserve profit
R R R R
Balance 1 October 2127724 168,816 6,587,101 8,883,641
2001
Net loss for the - 41,662 41,662
year
Balance 1 October 2127724 168,816 6,628,763 8,925,303
2002
Net profit for - 119,689 119,689
the year
Balance at 30 2127724 168,816 6,748,452 9,044,992
September 2003
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
Turnover increased by 12.1% from R18 645 090 to R20 898 961 while the net profit
after taxation has increased of R41 662 to of R119 689.
This increase in net profit is mainly attributable to the increase in turnover.
Cost of manufacture has remained high due to the fact that a large portion of
these costs are fixed. The company has retained its conservative policy of
manufacturing to order as opposed to manufacturing for inventory which would
increase volumes and result in a
reduction in the unit cost of manufacture.
Inventory and accounts payable have increased compared to the previous year due
to there being no goods in transit this year end.
Accounts receivable have increased due to customers being invoiced for winter
orders later than the previous year as a result of requests for delayed
deliveries.
The retail sector for our product was less bouyant than last year due to the
mild winter and forward ordering is more prudent than in the previous year. This
in turn prevents the company from maximising its true potential.
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 2002.
Prospects
I am pleased to report that the company has remained in a profitable position
after returning to profitability last year.
We are still accepting orders for winter 2004, but orders received to date are
significantly lower compared to the same date last year. This decrease in units
ordered can be directly attributed to the particularly mild winter conditions of
2003. Retailers are sitting with stock and have been very conservative in
ordering for winter 2004. We are hoping that winter 2004"s climate will revert
to the normal colder pattern, leaving retail stores short of stock and requiring
them to place additional orders.
On behalf of the board
J Bencen
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 Sandton
70 Marshall Street Factory and Head Office
Johannesburg Adonis Centre 44 Fountain Rd
2001
Fordsburg, Johannesburg
Auditors
Horwath Leveton Boner
3rd. Floor
72 Grayston Drive, Sandown
Date: 17/12/2003 01:48:09 PM Produced by the JSE SENS Department
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