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Adonis Knitwear Holdings Limited - Annual Financial Statements at 30 September
2005
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 2005
INCOME STATEMENT
Year ended
Sept 2005 Sept 2004
R R
Revenue 16,509,884 18,542,980
Turnover 16,434,257 18,470,427
Cost of sales (11,781,094) (13,024,390)
Gross profit 4,653,163 5,446,037
Operating costs (4,464,565) (4,888,762)
Operating profit 188,598 557,275
Net finance costs (274,710) (350,379)
Net (loss) profit before taxation (86,112) 206,896
Taxation (35,730) 59,842
Net (loss) profit attributable to
ordinary shareholders (50,382) 147,054
SALIENT FEATURES
Ordinary shares in issue 3,625,000 3,625,000
Earnings (loss) per share (1.39c) 4.10c
Headline earnings (loss) per share (1.39c) 2.66c
Dividends per share 0.0c 0.0c
Net asset value per share 252,2c 253,6c
Depreciation for the period 247,534 300,861
Capital expenditure for the period - 149,060
Capital expenditure commitment
BALANCE SHEET
Sept 2005 Sept 2004
R R
ASSETS
Non current assets 1,075,331 1,322,865
Plant,equipment and Vehicles 1,007,031 1,254,565
Investment in subsidiaries 12,300 12,300
Loan receivable 56,000 56,000
Current assets 13,169,095 15,263,317
Inventories 9,202,854 7,738,863
Accounts receivable 3,949,055 4,211,099
Foreign exchange asset - 64,156
Cash and cash equivalents 17,186 3,249,199
TOTAL ASSETS 14,244,426 16,586,182
EQUITY AND LIABILITIES
Capital and Reserves 9,141,664 9,192,046
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 6,845,124 6,895,506
Non-current Liabilities 1,636,678 4,045,350
Amount owing to subsidiary companies 15,474 15,474
Deferred taxation 83,841 119,571
Long-term liabilties 1,537,363 3,910,305
Current Liabilities 3,466,084 3,348,786
Accounts payable 2,438,431 2,171,193
Provisions 410,656 381,996
Forward exchange contract liability 45,572 -
Short term portion of long term - 792,651
liabilities
Loan from director 3,633 2,946
Bank overdraft 567,792 -
TOTAL EQUITY AND LIABILITIES 14,244,426 16,586,182
SUMMERISED CASH FLOW STATEMENT
2005 2004
R R
Cash flow from operating activities
Cash (utilised) generated from operating (1,152,153) 2,814,996
activities
Interest received 51,784 42,359
Interest paid (326,494) (392,738)
Net cash (utilised) generated from (1,426,863) 2,464,617
operating activities
Cash flow from investing activities
Plant,vehicles and computer equipment - (149,060)
acquired
Proceeds on disposal of plant, equipment - 59,000
and vehicles
Net cash outflow from investing - (90,060)
activities
Cash flow from financing activities
Decrease in long term liabilities (2,372,942) (249,833)
Net cash outflow from financing (2,372,942) (249,833)
activities
(Decrease) increase in cash and cash (3,799,805) 2,124,724
equivalents
Cash and cash equivalents at beginning of 3,249,199 1,124,475
period
Cash and cash equivalents at end of period (550,606) 3,249,199
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 2003 2127724 168,816 6,748,452 9,044,992
Net profit for the year - 147,054 147,054
Balance 1 October 2004 2127724 168,816 6,895,506 9,192,046
Net loss for the year - (50,382) (50,382)
Balance at 30 Sepember 2005 2127724 168,816 6,845,124 9,141,664
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 label of "Lyle & Scott" of
Scotland we produce mens and ladies knitwear.
Review
Turnover decreased by 11.02% from R18 470 427 to R16 434 257 resulting in a loss
after taxation of R50 382 compared to a profit after taxation of R147 054 in the
previous year.
This loss is attributed to lower sales. During the course of the financial year
the company repaid R3,3 million of indebtedness to Benandland Properties (Pty)
Limited, a company controlled by a director. R2m of this amount has been made
available as a facility to the company, of which R1m has been utilised to date.
The retail sector remains bouyant but forward ordering of our garments remains
prudent due to the availability of less expensive imported products.
Cautionary Announement On 25 October 2005, shareholders were advised that, the
company has entered into negociations which if successfully concluded, may have
a material effect on the price of the company"s securities. Accordingly,
shareholders were advised to exercise caution when dealing in the company"s
securities until such time as a further announcement is made.
Prospects
We have been advised verbally by Lyle & Scott that despite the fact that our
licence agreement has expired, we have been granted an open ended licence to
carry on manufacturing and marketing Lyle & Scott knitwear in South Africa. We
have almost completed acceptance of Winter 2006 orders and indications to date
show decreased orders compared to the same dates last year. Orders are still
being affected directly by theinflux of low cost imports.
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.
Audit opinion
The annual financial statements have been audited by Howath Leveton Boner. The
auditors" unqualified audit report is available for inspection at the company"s
registered office.
On behalf of the board
J Bencen 14 December 2005
Directors:
J Bencen, Ms E Ellerine, T A Wall, D C Turner
Company Secretary
T A Wall
Transfer secretaries & Registered office
Transfer office 2nd.floor,72 Grayston Drive
Computer Share Investor Services Ltd Benmore, 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: 14/12/2005 01:54:46 PM Produced by the JSE SENS Department
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