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Adonis - Annual Financial Statements At 30 September 2004
ADONIS KNITWEAR HOLDINGS LIMITED
(Incorporated in the Republic Of South Africa)
Reg.No.1969/002908/06.
CODE:ADO
ISIN CODE:ZAE000000121
Annual Financial Statements at 30 September 2004
INCOME STATEMENT
Year ended
30 Sept 2004 30 Sept 2003
R R
Revenue 18,542,980 21,090,427
Turnover 18,470,427 20,898,961
Cost of sales (13,024,390) (14,928,886)
Gross profit 5,446,037 5,970,075
Operating costs (4,888,762) (5,025,794)
Selling and (2,403,789) (2,756,743)
distribution costs
Administration (2,484,973) (2,269,051)
costs
Operating profit 557,275 944,281
Finance costs (350,379) (735,087)
Net profit before 206,896 209,194
taxation
Taxation (59,842) (89,505)
Net profit
attributable to
ordinary 147,054 119,689
shareholders
Dividends - -
Accumulated profit
for the period 147,054 119,689
SALIENT FEATURES
Ordinary shares in 3,625,000 3,625,000
issue
Headline earnings 4.10c 3.30c
per share
Earning per share 4.10c 3.30c
Dividends per 0.0c 0.0c
share
Net asset value 253,6c 249,5c
per share
Depreciation for 300,861 322,757
the period
Capital expenditure for 149,060 118,385
the period
BALANCE SHEET
As at As at
30 Sept 2004 30 Sept 2003
R R
ASSETS
Non current assets 1,322,865 1,526,151
Plant, equipment 1,254,565 1,414,901
and Vehicles
Investment in 12,300 12,300
subsidiaries
Loan receivable 56,000 98,950
Current assets 15,263,317 15,866,459
Inventories 7,738,863 8,348,615
Accounts 4,211,099 6,393,369
receivable
Foreign exchange 64,156 -
asset
Cash and cash 3,249,199 1,124,475
equivalents
TOTAL ASSETS 16,586,182 17,392,610
EQUITY AND
LIABILITIES
Capital and 9,192,046 9,044,992
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 6,895,506 6,748,452
Non Current 4,048,296 4,238,287
Liabilities
Amount owing to 15,474 15,474
subsidiary companies
Deferred taxation 119,571 59,729
Long-term 3,913,251 4,163,084
liabilties
Current 3,345,840 4,109,331
Liabilities
Accounts payable 2,171,193 2,232,920
Provisions 381,996 532,540
Forward exchange contract - 15,660
liability
Short-term portion of 792,651 1,328,211
long-term liabilities
TOTAL EQUITY AND 16,586,182 17,392,610
LIABILITIES
SUMMERISED CASH FLOW Year ended
STATEMENT
30 Sept 2004 30 Sept 2003
2004 2003
R R
Cash flow from operating
activities
Cash generated from 2,814,996 429,088
operating activities
Interest received 42,359 31,143
Interest paid (392,738) (766,230)
Net cash inflow (outflow) 2,464,617 (305,999)
from operating activities
Cash flow from investing
activities
Plant, vehicles and (149,060) (118,385)
computer equipment
acquired
Proceeds on disposal of 59,000 35,300
plant, equipment and
vehicles
Net cash outflow from (90,060) (83,085)
investing activities
Cash flow from
financing
activities
Increase (decrease) in (249,833) 242,829
long term liabilities
Net cash (outflow) inflow (249,833) 242,829
from financing activities
Increase (decrease) in 2,124,724 (146,255)
cash and cash equivalents
Cash and cash equivalents 1,124,475 1,270,730
at beginning of period
Cash and cash equivalents 3,249,199 1,124,475
at end of period
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 168,816 6,628,763 8,925,303
2002
2127724
Net profit for the - 119,689 119,689
year
Balance at 1 168,816 6,748,452 9,044,992
October 2003
2127724
Net profit for the - 147,054 147,054
year
Balance at 30 168,816 6,895,506 9,192,046
September 2004
2127724
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 licensed labels of `Pierre Cardin` of
Paris and `Lyle & Scott` of Scotland we produce mens and ladies knitwear.
Review
Profit attributable to shareholders increased by 22,9% from R119 689 to R147
054. This is despite the fact that the turnover decreased by 11,6% from R20 898
961 to R18 470 427.
The main reasons for the increase in attributable profit are lower material
costs due to the strengthening of the rand, lower finance costs due to the
reduction in interest rates, and a reduction in manpower. Although the retail
sector was bouyant during the period under review, unit sales for the company
were down mainly due to the warm winter experienced in 2003 which resulted in a
severe drop in orders for winter 2004. This has prevented the company from
achieving its true production potential.
Prospects
We are still accepting Winter 2005 orders and indications to date show a
decrease in orders compared to the same dates last year. Orders are affected
directly by the influx of low cost imports. We have been informed by Lyle and
Scott that they wish to widen the appeal of the brand into casual wear garments
as well as knitwear, as they have done in other markets.
To this end they are in negotiations to transfer the license to a new licensee
with a supply agreement for Adonis to manufacture knitwear for Lyle and Scott in
South Africa.
Accounting Policies and Presentation
The results for the year have been prepared in accordance with South African
Standards of generally accepted accounting practice. The accounting policies
used are consistant with those used in The Annual Financial Statements for the
year ended 30 September 2004.
On behalf of the board
J Bencen7th
December 2004
Directors
J Bencen, Ms E Ellerine, T A Wall, D C Turner
Company Secretary
T A Wall
Transfer Registered
secretaries & office
Transfer office 2nd.floor,72 Grayston Drive
Computer Share Investor Benmore,
Services Ltd Sandton
70 Market Street Factory and Head Office
Johannesburg Adonis Centre 44 Fountain Rd
Fordsburg, Johannesburg
Auditors
Horwath Leveton
Boner
3rd. Floor
72 Grayston Drive,
Sandown
Date: 15/12/2004 03:00:06 PM
Produced by the JSE SENS Department
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