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The financial statements for the financial year 2019 recorded a net surplus of $673,953. AAFCANS’ cash at bank increased by $102,873.
Key factors included in the financial results are:
- A net decrease in sales of goods of approximately $2,136,598 with the 2019 results reflecting a sales decline of 6.2% for the year. Excluding the sale of alcohol and cigarettes, sales decreased by 6.1% on the prior year.
- Gross profit percentage increased by 1.8% on the previous year. The increase was due to a change in key suppliers, reducing the cost of sales. The implementation of the new point-of-sale system also enabled greater visibility of outlet stock movements and usage.
- Labour costs as a percentage of sales decreased by 0.3% compared to 2018, from 34.5% to 34.2%.
- $1,174,109 was invested in assets including outlet refurbishments and food van upgrades.
- AAFCANS’ other expenses were 7.2% of sales, an increase of 0.6% on the previous year.
- Earnings before interest and depreciation was $1,487,206; this is $142,377 higher compared to prior year.