|
JDH
JDH
JDH - JOHN DANIEL HOLDINGS LIMITED - Interim Report For the Period ended
31 December 2006
JOHN DANIEL HOLDINGS LIMITED
Incorporated in the Republic of South Africa - Registration number:
1998/013215/06
JSE Code: JDH - ISIN: ZAE000044343 - ("the Company" or "JDH" or "the
Group")
Interim Report
For the Period ended 31 December 2006
Abridged Balance Sheet as at 31
December 2006
31 Dec 31 Dec 30 June
2006 2005 2005
Unaudit Unaudit Audited
ed ed Group
Group Group R`000
R`000 R`000
ASSETS
Non-current assets 20164 23328 10111
Property, plant and equipment 5940 4334 5890
Goodwill - 5207 -
Intangible assets 947 - 849
Investments 3000 6750 0
Deferred taxation 10277 6922 3372
Loans receivable 115 0
Current assets 6099 6069 7322
Total assets 26263 29397 17433
EQUITY AND LIABILITIES
Capital and reserves 1207 12634 1982
Non-current liabilities
Borrowings 1600 928 1582
Shareholders loans 1603 2620 1624
Deferred taxation 4258 3331
Minority interest 11396 4422 7016
Current liabilities 6199 5462 5229
Total equity and liabilities 26263 29397 17433
Net asset value per share 0,02 0,22 0,15
Net tangible asset value per 0,00 0,13 0,14
share
Statement of Changes in Equity for the Period Ended 31 December 2006
Capital Non- Accumul Total
R`000 distrib ated R`000
utable loss
reserve R`000
s R`000
Group
Balance as at 30 June 2006 23915 5359 -27292 1982
Net profit for the loss - - -775 -775
Balance as at 31 December 2006 23915 5359 -28067 1207
Group
Balance as at 30 June 2005 23915 5359 -17659 11615
Net profit for the period - - 1019 1019
Balance as at 31 December 2005 23915 5359 -16640 12634
Group
Balance as at 30 June 2005 23915 5359 -17659 11615
Fair value adjustment on -4500 -4500
gaining control of a subsidiary
Net loss for the period - - -5133 -5133
Balance as at 31 June 2006 23915 5359 -27292 1982
Abridged Income Statement for the Period Ended 31 December 2006
31 Dec 31 Dec 30 June
2006 2005 2005
Unaudited Unaudited Audited
Group Group Group
R`000 R`000 R`000
Turnover 4544 6116 12241
Gross profit 1640 893 2644
Other operating profit 62 291 2060
Fair value adjustments - 2250 -
Expenditure 4689 4009 12774
Operating loss -2987 -575 -8070
Net finance income/(costs) -153 3 -62
Loss before taxation -3140 -572 -8132
Taxation 895 603 1355
Profit/(loss) after taxation -2245 31 -6777
Income from associate - 160
Net (loss)/profit -2245 191 -6777
Minority interest 1470 828 1644
Profit/(loss) attributable to -775 1019 -5133
shareholders
Earnings/(loss) per share (cents) (0,01) 0,02 (0,09)
Headline earnings per share (cents) 0,00 0,03 0.01
Reconciliation between earnings/(loss)
and headline earnings
Basic earnings/(loss) -775 1019 -5133
Amortization 837 400 5607
Gains and losses not realised 62 - -
Profit on sale of PPE - - -20
Headline earnings 124 1419 454
Weighted average number of shares 5805976 5805976 5805976
issued (`000)
Abridged Cash Flow Statement for the Period Ended 31 December 2006
31 Dec 31 Dec 30 June
2006 2005 2005
Unaudited Unaudited Audited
Group Group Group
R`000 R`000 R`000
Cash flow from operating -3535 5560 -5067
activities
Cash flow from investing 463 3334 1232
activities
Cash flow from financing -768 -2692 1640
activities
Net cash flow for the period -2304 6202 -1295
Cash at beginning of the period 1216 -244 1216
Cash at end of period -1088 5958 -979
Comments
REVIEW OF RESULTS AND FINANCIAL POSITION
The results on the review for the six months ended 31 December 2006
represents the income from the Group`s two trading subsidiaries, Vinguard
Ltd ("Vinguard") and Lazaron Biotechnologies (SA) Ltd ("Lazaron"). The
Group has maintained its trend of increasing gross profit percentage and
gross profit has increased by 140% from 15% to 36%, if compared to the
previous reporting period. The increase in trading margins of the
current two subsidiaries is therefore evident after the closure of the
loss making subsidiary John Daniel Containers Ltd. Turnover has
decreased as a result of the discontinuation of the trailer making
operations which contributed the lowest margin to the consolidated group
in the past. During the period under review the Group made a loss of
R775 000.00, however it should be kept in mind that the South African
grape season only commenced in November 2006 an as such sales of Vinguard
SO2 sheets for the Southern Hemisphere season are only marginally
reflected. Currently the Board expects income for the remainder of the
year to better the first two quarters substantially.
OPERATIONAL OVERVIEW
Group Overview
The Group currently has two operational subsidiaries, Vinguard and
Lazaron. The company remains under cautionary due to the potential
acquisition of a significant stake in a South African Aerospace company.
Due to the commercial sensitivity of this transaction no further
information can unfortunately be provided at this stage. Stakeholders
remain assured that more information in this regard will be published as
soon as progress is made.
Vinguard Ltd
Sales of Vinguard SO2 sheets commenced in the South African market during
mid November 2006. A concerted marketing effort was launched for the
South African market in order to expose as many South African table grape
farmers as possible to the product. Vinguard currently has distribution
agreements with eight international distributors and currently
negotiations are underway to conclude further distribution agreements in
Lebanon and Australia for the 2007 respective seasons.
Lazaron Biotechnologies (SA) Ltd
Lazaron concluded its first year of commercial operations at the end of
August 2006 and the Board remains pleased with this investment. A second
world class human stem cell laboratory was commissioned at the end of
last year. Unfortunately Lazaron has experienced a delay in an
application for a further specialised license from the Department of
Health due to the ill health of the Minister of Health and the Board
wishes the Honourable Minister a speedy recovery. This unexpected delay
has led to a situation where the company has not been able to expand its
service offering as previously anticipated, in turn impacting on turnover
and profits. Assurances were received recently that the Deputy Minister
of Health is currently reviewing the said application and the Board has
no reason to believe that this additional license will not be approved.
Once this license is received it is anticipated that Lazaron`s income and
profit will increase substantially.
PROSPECTS
JDH as a group remains committed to the principle of the new "towards
twenty ten" business strategy adopted during 2005. The Board remains
satisfied with the company`s current investments. Stakeholders remain
advised that JDH might choose to realize certain underlying assets or
part thereof in favour of increasing its cash flow. The increased cash
flow will be utilised to invest in other opportunities under review.
Stakeholders further remain advised that the Directors are considering
proposing a consolidation of the share capital of the company. This will
only be proposed on the basis that the company is successful in
concluding a further transaction, for the acquisition of a stake in a
strategically positioned high technology company.
DIVIDENDS
No dividends have been declared and no dividend is proposed.
ACCOUNTING POLICIES
The results for the period have been prepared in accordance with
International Financial Reporting Standards. The accounting policies are
consistent with those of the previous financial period. The results have
not been reviewed by our auditors.
For and behalf of the Board.
H D MINNIE
CEO
Stellenbosch
30 March 2007
Directors: HD Minnie (CEO), NJ Ackermann (Financial Director), T Mvusi
(Non-Executive Director), S Tshiki (Non-Executive Director), S Serex (Non-
Executive Director)
Company Secretary: Capital Commitments Limited
Registered Office: Infruitec Northern Terrain, Lelie Street,
Stellenbosch 7600, PO Box 1243, Stellenbosch, 7599.
Transfer Secretaries: Computershare Investor Services 2004 (Proprietary)
Limited, 70 Marshalltown 2001.
PO Box 61051, Marshalltown, 2107.
Sponsor: Arcay Moela Sponsors (Pty) Ltd, (Registration number
2006/033725/07)
Auditors: PKF (Newlands) Inc.
Date: 29/03/2007 17:42:23 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
