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ADONIS KNITWEAR HOLDINGS LIMITED - INTERIM REPORT FOR THE SIX MONTHS ENDED
31 MARCH 2004
Adonis Knitwear Holdings Limited
(Incorporated in the Republic Of South Africa)
Reg.No.1969/002908/06.
JSE Share code: ADO
ISIN: ZAE000000121
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2004
INCOME STATEMENT
6 months to 6 months to Year ended
March 2004 March 2003 Sept 2003
R R
Revenue 8,744,525 8,123,315 21,090,427
Turnover 8,722,458 8,123,315 20,898,961
Cost of sales (5,452,378) (14,928,886)
(6,365,162)
Gross profit 2,357,296 2,670,937 5,970,075
Net operating costs (2,263,082) (5,025,794)
(2,080,230)
Operating profit 277,066 407,855 944,281
Net finance costs (168,601) (311,272) (735,087)
Net profit before 108,465 96,583 209,194
taxation
Taxation 32,823 22,672 89,505
Net profit
attributable to
ordinary shareholders 75,642 73,911 119,689
Dividends - - -
Accumulated profit
for the period 75,642 73,911 119,689
SALIENT FEATURES
Ordinary shares in 3,545,000 3,625,000 3,625,000
issue
Headline earnings per 3.30c
share 2.13c 2.04c
Earning(loss) per 3.30c
share 2.13c 2.04c
Dividends per share 0.0c 0.0c 0.0c
Net asset value per 249,5c
share 254.5c 248.3c
Depreciation for the 136,182 160,712 322,757
period
Capital expenditure 116,604 17,850 118,385
for the period
Capital expenditure
commitment
BALANCE SHEET
March 2004 March 2003 Sept 2003
R R R
ASSETS
Non current assets 1,407,623 1,600,911 1,526,151
Plant,equipment and 1,395,323 1,482,557 1,414,901
Vehicles
Investment in 12,300 12,300 12,300
subsidiaries
Loan receivable - 98,950 98,950
Deferred taxation - 7,104 -
Current assets 18,413,312 19,613,907 15,866,459 -
Inventories 8,642,206 10,792,624 8,348,615
Accounts receivable 9,771,106 8,821,283 6,393,369
Cash and cash - - 1,124,475
equivalents
TOTAL ASSETS 19,820,935 21,214,818 17,392,610
EQUITY AND LIABILITIES
Capital and Reserves 9,021,684 8,999,214 9,044,992
Share capital 1,772,500 1,812,500 1,812,500
Share premium 256,274 315,224 315,224
Non-disributable 168,816 168,816 168,816
reserve
Distributable reserve-
accumulated
profit 6,824,094 6,702,674 6,748,452
Non-current 4,271,110 4,707,833 4,238,287
Liabilities
Amount owing to 15,474 15,475 15,474
subsidiary companies
Deferred taxation 92,552 - 59,729
Long-term liabilties 4,163,084 4,692,358 4,163,084
Current Liabilities 6,528,141 7,507,771 4,109,331
Accounts payable 3,376,734 4,355,535 2,232,920
Bank overdraft 2,060,852 3,152,236 -
Provisions 256,384 - 532,540
Forward exchange - - 15,660
contract liability
Short term portion of 834,171 - 1,328,211
long term liabilities
TOTAL EQUITY AND 19,820,935 21,214,818 17,392,610
LIABILITIES
SUMMERISED CASH FLOW
STATEMENT
6 months to 6 months to
31 March 2004 31 March 2003
R R
Cash flow from
operating activities
Cash utilised in (2,890,055) (4,874,499)
operating activities
Interest received - 29,554
Interest paid (190,668) (340,825)
Net cash utilised in (3,080,723) (5,185,770)
operating activities
Cash flow from
investing activities
Plant,vehicles and (116,604) (17,850)
computer equipment
acquired
Proceeds on disposal 12,000 8,550
of plant
Net cash (utilised in) (104,604) (9,300)
generated from
investing activities
Cash flow from
financing activities
Increase in long term - 772,104
liabilities
Net cash generated - 772,104
from financing
activities
Decrease in cash and (3,185,327) (4,422,966)
cash equivalents
Cash and cash 1,124,475 1,270,730
equivalents at
beginning of period
Cash and cash (2,060,852) (3,152,236)
equivalents at end of (5,213,088)
period
STATEMENT OF CHANGES
IN EQUITY
share capital Non Accumu-
distri-
and share
butable lated
premium
reserve profit Total
R R R
R
Balance 1 October 2002 168,816 6,628,763 8,925,303
2127724
Net profit for the - 73,911 73,911
period to 31 March
2003
Balance 31 March 2003 168,816 6,702,674 8,999,214
2127724
Net profit for the - 45,778 45,778
period to 30 September
2003
Balance at 1 October 168,816 6,748,452 9,044,992
2003
2127724
Net profit for the
period
to 31 March 2004 75,642 75,642
Effect of
consolidation of
The Adonis (98,950)
KnitwearShare Trust
(98950)
Balance 31 March 2004 168,816 6,824,094 9,021,684
2028774
Profil
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 7.4% from R8 123 315 to R8 722 458 for the six month
period. Operating profit decreased mainly due to a write down of stock in
various yarn colours that are no longer in demand. The Adonis Knitwear Share
Trust has been consolidated into the interim financial statements. Finance costs
decreased due to the reduction in interest rates.
Prospects
As a result of the abnormally warm winter experienced in 2003, stockists still
had stock left over from winter 2003 at the time orders for winter 2004 were
being placed. Consequently there was a severe drop of orders for the winter 2004
season. It is therefore anticipated that the company will be in a loss position
for the full financial year.
Accounting Policies and Presentation
The results for the half year have been prepared in accordance with South
African Standards 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 2003, except for the fact that the Adonis
Knitwear Share Trust has now been consolidated into the interim financial
statements at 31 March 2004. This change has no material effect.
On behalf of the board
J Bencen
23 June 2004
Directors:
J Bencen, E Ellerine, T A Wall, D C Turner
Company Secretary
T A Wall
Transfer secretaries & Transfer office
Computer Share Investor Services 2004 (Pty) Ltd
70 Marshall Street
Johannesburg
2001
Registered office
2nd.floor,72 Grayston Drive
Benmore, Sandton
Factory and Head Office
Adonis Centre, 44 Fountain Rd
Fordsburg, Johannesburg
Auditors
Horwath Leveton Boner
3rd. Floor
72 Grayston Drive, Sandown
Date: 25/06/2004 03:30:23 PM Produced by the JSE SENS Department
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