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Adonis Knitwear Holdings Limited - Interim Report For The Six Months Ended 31
March 2005
Adonis Knitwear Holdings Limited(Incorporated in the Republic of South Africa)
Registration number: 1969/002908/06
Share code: ADO ISIN: ZAE000000121
(`Adonis` or `the company`)INCOME STATEMENT
6 months to 6 months to Year ended
March 2005 March 2004 Sept 2004
RRevenue 7,560,177 8,744,525 18,542,980
Turnover 7,614,775 8,722,458 18,470,427
Cost of sales (5,597,551) (6,365,162) (13,024,390)
Gross profit 2,017,224 2,357,296 5,446,037Net operating costs (1,962,994) (2,080,230) (4,888,762)
Operating profit 54,230 277,066 557,275
Net finance costs (147,272) (168,601) (350,379)
Net (loss) profit (93,042) 108,465 206,896before taxation
Taxation 49,128 32,823 59,842
Net (loss) profit
attributable toordinary (142,170) 75,642 147,054
shareholders
Dividends - - -
Accumulated (loss)profit
for the period (142,170) 75,642 147,054
SALIENT FEATURES
Ordinary shares in 3,625,000 3,545,000 3,625,000issue
Headline (loss) ( 3.92c) 2.13c 4.10c
earnings per share
Earning(loss) per ( 3.92c) 2.13c 4.10cshare
Dividends per share 0.0c 0.0c 0.0c
Net asset value per 249.7c 254.5c 253,6c
shareDepreciation for the 147,169 136,182 300,861
period
Capital expenditure - 116,604 149,060
for the periodCapital expenditure
commitment
BALANCE SHEET
March 2005 March 2004 Sept 2004 R R R
ASSETS
Non current assets 1,199,195 1,407,623 1,322,865
Plant,equipment and 1,130,895 1,395,323 1,254,565vehicles
Investment in 12,300 12,300 12,300
subsidiaries
Loan receivable 56,000 - 56,000Current assets 17,053,999 18,413,312 15,263,317
Inventories 8,830,100 8,642,206 7,738,863
Accounts receivable 8,223,899 9,771,106 4,211,099
Foreign exchange 64,156asset
Cash and cash - - 3,249,199
equivalents
TOTAL ASSETS 18,253,194 19,820,935 16,586,182EQUITY AND
LIABILITIES
Capital and Reserves 9,049,876 9,021,684 9,192,046
Share capital 1,812,500 1,772,500 1,812,500Share premium 315,224 256,274 315,224
Non-disributable 168,816 168,816 168,816
reserve
Distributablereserve-accumulated
Profit 6,753,336 6,824,094 6,895,506
Non-current 4,095,155 4,271,110 4,048,296
liabilitiesAmount owing to 15,474 15,474 15,474
subsidiary companies
Deferred taxation 168,699 92,552 119,571
Long-term liabilties 3,910,982 4,163,084 3,913,251Current liabilities 5,108,163 6,528,141 3,345,840
Accounts payable 3,200,396 3,376,734 2,171,193
Bank overdraft 812,113 2,060,852
Provisions 291,980 256,384 381,996Short term portion 803,674 834,171 792,651
of long term
liabilities
TOTAL EQUITY AND 18,253,194 19,820,935 16,586,182LIABILITIES
SUMMERISED CASH FLOW
STATEMENT
6 months to 6 months to 31 March 31 March
2005 2004
R R
Cash flow fromoperating activities
Cash utilised in (3,911,771)
operating activities (2,890,055)
Interest paid (147,272) (190,668)Net cash utilised in (4,059,043) (3,080,723)
operating activities
Cash flow from
investing activitiesPlant,vehicles and computer - (116,604)
equipment acquired
Proceeds on disposal - 12,000
of plantNet cash (utilised in) - (104,604)
generated from investing
activities
Cash flow fromfinancing activities
Decrease in long (2,269) -
term liabilities
Net cash generated from (2,269) -financing activities
Decrease in cash and cash (4,061,312)
equivalents (3,185,327)
Cash and cash equivalents at 3,249,199 1,124,475beginning of period
Cash and cash equivalents at (812,113) (2,060,852)
end of period
STATEMENT OF CHANGES IN EQUITY share capital Non distri- Accumu-
and share butable lated
premium reserve profit Total
R R R RBalance 1 October 2003 2127724 168,816 6,748,452 9,044,992
Effect of consoliding
the Adonis
Knitwear Share Trust (98 950) (98,950)Net profit for the
period to 31-Mar-04 - 75,642 75,642
Balance 31 March 2004 2028774 168,816 6,824,094 9,021,684
Effect of notconsolidating the Adonis
Knitwear Share Trust 98 950 98,950
Net profit for the
period to 30-Sep-04 - 71,412 71,412Balance at 1 October 2004 2127724 168,816 6,895,506 9,192,046
Net loss for the period
to 31 March 2005 (142,170) (142,170)
Balance 31 March 2005 2127724 168,816 6,753,336 9,049,876Profile
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 decreased by 12.7% from R8 722 458 to R7 614 775 for the six month
period, resulting in a reported loss before taxation of R93 042 (2004 R108 465profit).The decrease in turnover was anticipated, due to increased importation
of knitted garments from countries with lower cost structures, such as China.
The Adonis Knitwear Share Trust has not been consolidated this year as the
Company does not prepare consolidated financial statements, due to theinsignificant amounts involved.
Prospects
Turnover for the full financial year is expected to be lower than reported for
the previous year. Your Company has embarked on further cost cutting measuresto limit the effects of reduced turnover. A loss for the full financial year is
anticipated unless reasonable re-orders are received during the winter months.
On behalf of the board
J Bencen 24 June 2005Directors:
J Bencen, Ms E Ellerine, T A Wall, D C Turner
Company Secretary
T A WallTransfer secretaries &
Transfer office
Computershare Investor Services Ltd
70 Market StreetJohannesburg
Registered Office
2nd. Floor
72 Grayston DriveSandown
Factory and Head Office
Adonis Centre 44 Fountain Road
FordsburgJohannesburg
Auditors
Horwath Leveton Boner
3rd. Floor72 Grayston Drive, SandownDate: 24/06/2005 03:00:09 PM Produced by the JSE SENS Department
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