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AOO AOVP AON
AOO
AOO / AON / AOVP - African & Overseas Enterprises - Interim Group Results
For The Six Months Ended 31 December 2006
AFRICAN & OVERSEAS ENTERPRISES LIMITED
(Incorporated in the Republic of Sout AOVP h
Africa - Reg no. 1947/027461/06)
Share codes: AOO - AON - AOVP
ISIN: ZAE000000485 - ZAE000009718 - ZAE000000493
Interim GROUP RESULTS
for the six months ended 31 December 2006
INCOME STATEMENT
Consolidated (R`000)
Six months ended Year ended
December 31 June 30
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
Revenue 189 834 154 469 323 643
Continuing operations
Sales 186 557 151 592 317 570
Operating profit 4 581 4 521 15 485
Dividends received 19 17 17
Net interest received 1 750 1 603 3 571
Profit/(loss) from associated
company 93 30 (159)
Profit before taxation 6 443 6 171 18 914
Taxation 3 046 3 015 6 730
Profit from continuing operations 3 397 3 156 12 184
Discontinued operation
Loss from discontinued operation - (4 553) (4 553)
Profit/(loss) 3 397 (1 397) 7 631
Profit/(loss) attributable to:
Ordinary and `N` ordinary
shareholders 1 750 (1 056) 3 608
Preference shareholders 72 151 168
Equity holders of the parent 1 822 (905) 3 776
Minority interest 1 575 (492) 3 855
Profit/(loss) 3 397 (1 397) 7 631
Reconciliation of headline
earnings
Attributable earnings/(loss) 1 750 (1 056) 3 608
Loss arising from discontinuance - 372 372
Headline earnings 1 750 (684) 3 980
Headline earnings/(loss) per share
(cents) 15.4 (6.0) 35.0
Earnings/(loss) per share (cents) 15.4 (9.3) 31.7
Weighted average number of equity
shares on which earnings per share
is based (000) 11 387 11 387 11 387
Number of equity shares in issue
(000) 11 387 11 387 11 387
BALANCE SHEET
Consolidated (R`000)
December 31 June 30
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
Assets
Non-current assets 60 323 60 888 58 640
Property, plant and equipment 44 891 49 311 43 656
Investment property 3 511 - 3 511
Investments (unlisted) 2 515 2 249 2 340
Deferred taxation 9 406 9 328 9 133
Current assets 125 303 106 553 124 046
Inventories 65 348 41 855 38 530
Trade and other receivables 17 239 16 861 11 296
Income tax receivable - 2 083 4
Cash and cash equivalents 42 716 45 754 74 216
Total assets 185 626 167 441 182 686
Equity and liabilities
Capital and reserves 148 616 138 881 148 253
Share capital 1 200 1 200 1 200
Share premium 6 616 6 616 6 616
Non-distributable reserves 2 750 2 625 2 847
Distributable reserves 71 669 66 850 71 513
Outside shareholders` interest 66 381 61 590 66 077
Non-current liabilities
Post-retirement liability 6 252 6 592 6 450
Current liabilities 30 758 21 968 27 983
Provisions 393 928 543
Trade and other payables 30 354 20 987 25 979
Income tax payable 11 53 1 461
Total equity and liabilities 185 626 167 441 182 686
ABRIDGED CASH FLOW STATEMENT
Cash generated by operations 11 956 5 769 23 567
Working capital changes (28 689) 486 13 478
Interest received (net) 1 750 1 603 3 571
Taxation paid (4 175) (3 693) (3 726)
Dividends paid (3 911) (5 991) (5 927)
Net cash (outflow)/inflow from
operations (23 069) (1 826) 30 963
Additions to property, plant and
equipment (9 080) (12 274) (16 711)
Proceeds on disposal of property,
plant and equipment 69 - -
Other 580 (110) -
Net cash outflows from investing
activities (8 431) (12 384) (16 711)
Net (decrease)/increase in cash (31 500) (14 210) 14 252
Cash at the beginning of the
period 74 216 59 964 59 964
Cash at the end of the period 42 716 45 754 74 216
OTHER INFORMATION
Capital expenditure 9 080 12 276 16 990
Capital commitments
Contracted for 813 3 993 3 697
Authorised - not contracted for 2 772 3 502 5 377
Current ratio 4.1 4.9 4.4
STATEMENT OF CHANGES IN EQUITY
Share capital 1 200 1 200 1 200
Share premium 6 616 6 616 6 616
Non-distributable reserves
Opening balance 2 847 2 685 2 685
Share-based payments (142) 67 133
Foreign exchange translation 45 (127) 29
2 750 2 625 2 847
Distributable reserves
Opening balance 71 513 71 549 71 549
Profit/(loss) after taxation 1 822 (905) 3 776
Dividends (1 666) (3 794) (3 812)
71 669 66 850 71 513
Minority interest
Opening balance 66 077 64 389 64 389
Movement for the period 304 (2 799) 1 688
Closing balance 66 381 61 590 66 077
Total capital and reserves 148 616 138 881 148 253
SEGMENTAL REPORTING
Turnover
Manufacturing 25 347 42 840 65 671
Less: intersegment sales (9 520) (21 039) (29 227)
External sales 15 827 21 801 36 444
Retail 170 730 140 220 291 555
Total 186 557 162 021 327 999
Operating profit/(loss)
Manufacturing (774) (5 383) (8 867)
Retail 7 484 5 887 20 670
Property (289) (407) (1 158)
Group services (1 840) (129) 287
Total 4 581 (32) 10 932
Depreciation included in
operating profit
Manufacturing 658 701 1 134
Retail 6 368 5 084 11 491
Total 7 026 5 785 12 625
Total segment assets
Manufacturing 20 508 31 290 23 898
Retail 133 789 100 720 117 225
Property 8 344 8 344 8 344
Group Services 22 985 27 087 33 219
Total 185 626 167 441 182 686
Total segment liabilities
Manufacturing (5 273) (8 026) (11 273)
Retail (25 434) (13 414) (16 248)
Group Services (6 303) (7 120) (6 912)
Total (37 010) (28 560) (34 433)
Capital expenditure
Manufacturing 672 801 1 233
Retail 8 408 11 475 15 757
Total 9 080 12 276 16 990
Last year, procurement activities were included in the manufacturing segment.
For the current year, this function is included in the retail segment, as it is
now considered more closely aligned to retail activities. The comparative
numbers have been restated accordingly. Group services includes corporate costs
and consolidation adjustments.
NOTES
1. Basis of preparation
These interim financial statements have been prepared in accordance with IFRS
standards and interpretations effective as at the date of preparing these
interim statements. The information presented has neither been audited nor
reviewed by the external auditors.
2. Accounting policies
The accounting policies applied in these interim statements are consistent
with those applied in the preparation of the group`s annual financial
statements for the year ended 30 June 2006.
3. Discontinued operation
An agreement was concluded in June 2005 in terms of which the company closed
its Salt River factory. A lease agreement has been entered into with an
outside party to lease the property and plant.
Sales - 10 429 10 429
Loss of discontinued operation - (3 887) (3 887)
Loss arising from discontinuance - (666) (666)
Loss before taxation - (4 553) (4 553)
Taxation - - -
Loss from discontinued operation - (4 553) (4 553)
4. Preference dividend
A dividend on the 6% cumulative preference shares for the six months ended 31
December 2006 in the amount of R71 500 was declared in December 2006 and paid
on 27 December 2006.
COMMENT
The principal operating subsidiary Rex Trueform Clothing Company Limited
reports as follows:
The Board is pleased to report that the performance of the group for the half
year to December 2006 was substantially improved over last year.
Headline earnings, largely resulting from a solid performance by the Queenspark
retail segment of the business, amounted to 17,4 cents per share compared to a
loss of 2,3 cents per share in 2005.
Queenspark produced an improved result for the six-month period. Turnover
increased by 22% over the comparable period of last year to R170 million and
net operating profit improved by 27%.
Existing stores achieved a comparable growth in turnover of 11% with price
deflation of over 10%. The five new stores which were opened during 2006
contributed an additional 10% to turnover. This was largely attributable to a
strong performance by stores located at Gateway in Durban, Liberty Mall in
Pietermaritzburg and Woodlands in Pretoria all of which were opened in the
second half of the period under review.
Manufacturing activities are now centered entirely on the Atlantis factory.
Although much progress has been made towards improving performance, this
segment has not yet achieved a return to profitability.
Prospects
The Queenspark winter range, which is currently in stores has been well
received. It is planned that at least two further stores will be opened prior
to the June 2007 year-end. Turnover for the full six-month period to June 2007
is expected to exceed that achieved last year.
The continued expansion of Queenspark and improvement in performance, together
with a containment of losses at the Atlantis factory should produce an improved
overall group result for the 2007 financial year.
Signed on behalf of the board:
ML Krawitz (Chairman) PE Shub (Chief Executive Officer)
Cape Town
27 February 2007
Transfer Secretaries:
Computershare Investor Services 2004 (Pty) Ltd, 70 Marshall Street,
Johannesburg, 2001
Sponsor:
Nedbank Capital
Registered Office:
Rex Buildings, 263 Victoria Road, Salt River, Cape Town, 7925
Directors: ML Krawitz (Chairman), PE Shub (Chief Executive Officer),
CEA Radowsky, JC O`Brien
Secretary: AA Hodgkinson
Websites: http://www.rextrueform.com and http://www.queenspark.com
Date: 01/03/2007 12:00:04 Produced by the JSE SENS Department.
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