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IMU
IMU
IMU-Imuniti- Abridged unaudited results for the 14 months ended 28 February 2007
IMUNITI HOLDINGS LIMITED
(Registration number 2004/002282/06)
(JSE Code: IMU & ISIN: ZAE000089199)
("Imuniti" or "the Company")
Abridged Unaudited Results For The 14 Months Ended 28 February 2007
Group income statement
Reviewed Audited
14 months ended year ended
2007 2005
R`000 R`000
Revenue 63,369 -
Other income 494 -
Operating expenses (61,338) (1,633)
Operating profit/(loss) 2,525 (1,633)
Finance costs (122) -
Investment income 44 20
Net profit/(loss) before tax 2,447 (1,613)
Taxation 864 -
Net profit/loss 3,312 (1,613)
EPS and HEPS
Weighted average shares in issue 587,203,000
Earnings per income statement (R`000) 3,312
Headline earnings (R`000) 3,087
Earnings per share (cents) 0.56
Headline earnings per share (cents) 0.53
Reconciliation of earnings to headline earnings
Earnings per income statement 3,312
Less profit on disposal of assets (225)
Headline earnings 3,087
Fully diluted EPS (cents) 0.56
Fully diluted HEPS (cents) 0.52
Reconciliation of weighted average issue of shares to
diluted weighted average issued shares:
Weighted average number 587,203,000
of shares in issue
Shares to be optioned 5,461,626
Diluted weighted average number of 592,664,626
shares in issue
Group balance sheet
Reviewed Audited
14 months ended year ended
2007 2005
R`000 R`000
Assets
Non-current assets
Property, plant & equipment 13,848 -
Investments - 765
Loans to/from related parties 1,591 -
Intangible assets 70,722 -
Deferred tax 1,759 -
87,920 765
Current assets
Inventory 10,536 -
Accounts receivable 13,450 56
Bank and cash 156 619
24,142 675
112,062 1,440
Equity and liabilities
Equity
Share capital (75) (50)
Share premium (96,691) -
Revaluation reserve (320) -
Retained earnings/Accumulated loss (1,698) 1,614
(98,784) 1,564
Non-current liabilities
Loans to/from related parties - (2,872)
Long term liabilities (2,192) -
(2,192) (2,872)
Current liabilities
Accounts payable (10,364) (104)
Provisions (722) -
Bank overdraft - (28)
(11,086) (132)
(112,062) (1,440)
Group Statement of changes in equity for the period ended 28 February
2007
Share Capital Share premium
R`000 R`000
Balance at 1 January 2005 50 -
Net loss for the year - -
Balance at 1 January 2006 50 -
Issue of Share capital 25 101,799
Listing expenses - (5,109)
Revaluation of property - -
Net profit for the year - -
Balance at 28 February 2007 75 96,691
Revaluation Accumulated
Reserve loss /
Retained
earnings
R`000 R`000
Balance at 1 January 2005 - -
Net loss for the year - (1,614)
Balance at 1 January 2006 - (1,614)
Issue of Share capital - -
Listing expenses - -
Revaluation of property 320 -
Net profit for the year - 3,312
Balance at 28 February 2007 320 1,699
Total
R`000
Balance at 1 January 2005 50
Net loss for the year (1,614)
Balance at 1 January 2006 (1,564)
Issue of Share capital 101,825
Listing expenses (5,109)
Revaluation of property 320
Net profit for the year 3,312
Balance at 28 February 2007 98,784
Group cash flow statement
for the year ended 28 February 2007
Reviewed Audited
14 months ended year ended
2007 2005
R`000 R`000
Cash flows from operating activities (8,256) (1,516)
Cash used in operating activities (8,179) (1,535)
Interest received 44 20
Interest paid (122) -
Cash flows from investing activities (91,088) (765)
Acquisition of (16,418) -
property, plant and equipment
Proceeds of disposal of 332 -
property, plant and equipment
Intangible assets acquired (70,722) -
Movement in loans to/from (4,463) -
related parties
Investments acquired 765 (765)
Subsidiaries acquired (581) -
Cash flows from financing activities 98,907 2,872
Proceeds from shares issued 96,716 -
Loan finance raised 2,192 2,872
(Decrease)/increase in cash and (436) 592
cash equivalents
Cash and cash equivalents 592 -
at beginning of year
Cash and cash equivalents 156 592
at end of year
Basis of preparation
The annual financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS"), and the Companies Act of
South Africa. The annual financial statements have been prepared on the
historical cost basis, and incorporate the principal accounting policies set out
below. These accounting policies are consistent with the previous period.
Review
The results have been reviewed by our auditors, Siyabala Inc. whose review
report is available for inspection at the registered office of the company.
Provisional Annual Financial Statement report for the period ended 28 February
2007
The Group was founded in 2004. In 2006, the Group acquired Impilo Marketing (
Pty) Ltd, BP Tully Family Holdings (Pty) Ltd, Nutritional Foods (Pty) Ltd and
Imuniti Health Management Services (Pty) Ltd and acquired the rights from Edge
to Edge to manufacture, sell, distribute, support, market and promote the
Imuniti Wellness Pack.
Imuniti is a manufacturer and marketer of pharmaceutical products and
complementary natural medicines as well as high protein fortified powdered
nutritional food products and supplements. Through its ability to deliver an
affordable range of nutritional fortified and natural products, Imuniti aims to
address the malnutrition, immune deficiencies and water contamination problems
of South Africa and beyond.
Financial Overview:
These are Imuniti`s maiden results since listing on the JSE Limited`s Altx on
the 12 December 2006.
During the year Imuniti holdings Ltd change its financial year end from December
to February.
Acquisitions:
Nutritional Foods was acquired as a division from Sunspray (Pty) Ltd. The
effective date of the acquisition was 1 January 2006. The results were thus
consolidated with effect from 1 January 2006, a 14 fourteen month period.
The Impilo Group of companies consists of:
PB Tully Family Holdings (Pty) Ltd - 100 % held by Imuniti Holdings Ltd
Impilo Drugs (1966) (Pty) Ltd - 100 % owned by PB Tully Family Holdings (Pty)
Ltd
Impilo Marketing (Pty) Ltd - 100 % held by Imuniti Holdings Ltd
The effective date of this acquisition was 1 November 2006. The consolidated
results thus reflect a four month period.
In terms of the JSE Listings Requirements, a listed company is required to
publish a statement if the EPS and HEPS is more than 20 % of the projections
reflected in the Pre-listing statement. Imuniti did this to comply with the JSE
requirement. EPS exceeded the forecast by 15,4 %. EPS and HEPS for the period
under review are 0,56 and 0,53 respectively. The reason that Imuniti did not
achieve more than a 20 % increase is explained under the Income Statement
review.
Diluted EPS and HEPS are included due to a possible option that may be exercised
by Hans Wessels and the Hans Wessels` Trust for 52 083 333 shares at 48 c per
share as published in the Pre-listing statement. The option is "shares for cash"
and expires on the 12 December 2007.
Income statement:
Although the sales target and operating profit were not met, Imuniti managed to
control costs and finance charges to keep the net profit at acceptable levels.
The net profit is R 509 000 more than the projected profit as stated in the Pre-
listing statement.
The results must be seen in the light of the fact that this is Imuniti`s "ramp
-up" year. Imuniti lost a significant order of our flagship product just prior
to the financial year end. Imuniti deemed it prudent to rather reverse the sale
while the stock was still under our control and not have possible recovery
problems at a later date.
The medical trials on our flagship product have taken longer than anticipated.
Imuniti has recently obtained approval from the South African Medical Research
Council`s Ethics Committee to commence with the trial. This delay has slowed
down the roll out of the product through our empowered shareholders who are
committed to increase the sales of the product to 100 000 Imuniti Wellness Packs
per month.
No dividend has been declared.
Balance Sheet:
Intangible assets consist primarily of the distribution, sales, marketing and
manufacturing rights of the Imuniti Wellness Pack acquired from Edge to Edge
1113 (Pty) Ltd for R 24 m. Goodwill arose out of the acquisition of the Impilo
Group and Nutritional Foods (Pty) Ltd. The remainder consists primarily of the
value that is placed on the medical dossiers owned by the Impilo Group.
Share premium arose from the shares issued upon the conclusion of the private
placement.
Cash Flow:
Cash and assets obtained accounts for the R 97 m raised, from the issue of
shares. This was utilized to acquire the subsidiaries and businesses of the
Impilo Group, Nutritional Foods, and Reseach and Development costs in Imuniti
Heath Management Services (Pty) Ltd and to provide working capital.
The consolidated financial statements for the year ended 28 February 2007 has
been prepared, in accordance with IFRS. The consolidated statements and this set
of summarized financial information has been reviewed by our auditors, Siyabala
Inc.
The Imuniti Group consists of:
Imuniti Holdings Ltd
PB Tully Family Holdings (Pty) Ltd - 100 % held by Imuniti Holdings Ltd
Impilo Drugs (1966) (Pty) Ltd - 100 % owned by PB Tully Family Holdings (Pty)
Ltd
Impilo Marketing (Pty) Ltd - 100 % held by Imuniti Holdings Ltd
Nutritional Foods (Pty) Ltd - 100 % held by Imuniti Holdings Ltd
Imuniti Health Management Services (Pty) Ltd 100 % held by Imuniti Holdings Ltd
The Group is eagerly awaiting the first phase, on the Imuniti Wellness Pack, by
the Medical Research Council trial, to be completed. The commitment of our black
empowered consortium will then take place i.e. obtaining letters of support for
the product from various government departments and COSATU-affiliated trade
unions as well as introducing initiatives that will result in the increase of
the sales to 100 000 packs per month. At a price of R 180 per pack this
translates into R 18 000 000 per month.
The existing businesses are doing well. We will be establishing new brands over
the next 3 months.
Imuniti is continually looking for acquisitions that will add value to the Group
and are in line with our overall strategy and mission.
On behalf of the Board - P. Fouche (CEO), J. Barnard (COO), H. Slabbert (CFO),
H. Wessels (Secretary and Legal Director), T. Tambo (Public Relations Director),
C. Matjila (Non-executive Chairman), B. Gxowa (Non-executive Director), G.
Slabbert (Non-executive Director) ,M. Rwayitare (Non-executive Director)
31 May 2007
Registered Office:
Unit 4, Ridge 63
8 Sinembe Crescent
La Lucia Ridge
Transfer Secretaries:
Link Market Services (Pty) Ltd
11 Diagonal Street
Johannesburg
Designated Advisors:
Exchange Sponsors (Pty) ltd
Date: 31/05/2007 16:15:05 Produced by the JSE SENS Department.
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