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JDH
JDH
JDH - John Daniel Holdings - Interim Report For The Period Ended
31 December 2007
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 2007
Abridged Balance Sheet as at 31
December 2007
31 Dec 2007 31 Dec 30 June 2007
Unaudited 2006 Audited Group
Group R`000 Restated R`000
Unaudited
Group
R`000
ASSETS
Non-current assets 11967 10629 11260
Property, plant and equipment 5578 5940 5804
Intangible assets 1604 947 1611
Investments 3000 3000 3000
Deferred taxation 1785 742 845
Current assets 4298 6099 4540
Total assets 16265 16728 15800
EQUITY AND LIABILITIES
Capital and reserves 5013 5129 5473
Non-current liabilities
Deferred taxation 863 1868 299
Minority interest 1641 3279 1529
Current liabilities 8748 9402 8500
Total equity and liabilities 16256 16728 15800
Net asset value per share 0.09 0,09 0.12
Net tangible asset value per 0.06 0,07 0.09
share
Statement of Changes in Equity for the Period Ended 31 December 2007
Capital Share Non- Accumu- Attri- Minority Total
R`000 options distri- lated butable interest R`000
R`000 butable Loss to R`00
reserves R`000 equity
R`000 holders
of the
parent
R`000
Group
Balance as 24415 87 14173 -33202 5473 1529 7002
at 30 June
2007
Net loss for - - - -820 -820 -527 -1347
the period
Change in - - 408 - 408 639 1047
equity
holding in
subsidiaries
Options - -48 - - -48 - -48
exercised
Balance as 24415 39 14581 -34022 5013 1641 6654
at 31
December
2006
Group
Balance as 23915 98 12442 -33319 3136 5640 8776
at 30 June
2006
restated
Net profit - - - 1128 1128 -2056 -928
for the
period
Profit on - - 810 - 810 - 810
sale of
shares in
subsidiaries
Change in - - 55 - 55 -305 -250
equity
holding in
subsidiaries
Balance as 23915 98 13307 -32191 5129 3279 8408
at 31
December
2005
Group
Balance as 23915 98 12442 -33319 3136 5640 8776
at 30 June
2006
restated
Issue of 500 - - - 500 - 500
shares
Options - -11 - - -11 - -11
expired
Profit on - 1620 - 1620 - 1620
sale of
shares in
subsidiaries
Change in - 111 - 111 -611 -500
equity
holdings of
subsidiary
Net loss for - - - 116 116 -3501 -3384
the period
Balance as 24415 87 14173 -33203 5473 1529 7001
at 31 June
2006
Abridged Income Statement for the Period Ended 31 December 2007
31 Dec 31 Dec 30 June
2007 2006 2007
Unaudited restated Audited
Group Unaudited Group
R`000 Group R`000
R`000
Turnover 2570 3734 8008
Gross profit 1780 830 3735
Other operating profit - 4909 5867
Expenditure -3395 -4689 -9076
Operating loss 1615 1050 526
Net finance income/(costs) -109 -153 -259
Loss before taxation -1724 897 266
Taxation 377 -1825 -3650
Profit/(loss) after taxation -1347 -928 -3384
Minority interest 527 2056 3500
Profit/(loss) attributable to -820 1128 116
shareholders
Earnings/(loss) per share (cents) (0.01) 0.02 0.00
Headline earnings per share (cents) (0.01) (0.05) (0.08)
Reconciliation between earnings/(loss)
and headline earnings
Basic earnings/(loss) -820 1128 116
Amortization - 837 -
Gains and losses not realised - 62 14
Profit on sale of subsidiary - -4847 -4847
Profit on sale of PPE - - 6
Headline earnings -820 -2820 -4711
Weighted average number of shares 5855976 5805976 5806113
issued (`000)
Abridged Cash Flow Statement for the Period Ended 31 December 2007
31 Dec 31 Dec 30 June
2007 2006 2007
Unaudited restated Audited
Group Unaudited Group
R`000 Group R`000
R`000
Cash flow from operating -749 -1999 -1445
activities
Cash flow from investing 399 463 246
activities
Cash flow from financing - -768 1587
activities
Net cash flow for the period -350 -2304 388
Cash at beginning of the period -591 1216 -979
Cash at end of period -941 -1088 -591
Comments
REVIEW OF RESULTS AND FINANCIAL POSITION
The results under review for the six months ended 31 December 2007 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. During the period under review the
Group made a loss of R820 000.00, however it should be kept in mind that the
South African grape season only commenced in November 2007 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 should Vinguard be successful in
obtaining additional finance.
OPERATIONAL OVERVIEW
Group Overview
The Group currently has two operational subsidiaries, Vinguard and Lazaron. The
Board remains pleased with the results of Lazaron while on the other hand
Vinguard`s past performance has been of grave concern. Vinguard`s performance to
date has not met expectations and accordingly have influenced the Group results
negatively. The Board however wishes to advise stakeholders that Vinguard is
currently engaged in advanced negotiations with various groups for refinancing
of the company and stakeholders will be advised accordingly.
Vinguard Ltd
Stakeholders have previously been advised that the introduction of the Vinguard
products have taken longer to achieve than initially forecast. The net result
has been that the company has been operating under severe cash constraints for
the past year and has been reliant on additional loan funding. This situation
has had a direct influence on Group results and accordingly a decision was taken
to obtain additional funding. The Board is pleased to advise stakeholders that
Vinguard has had its most successful year to date in the South African market,
both in terms of sales and market acceptance of the specialized product.
Currently the company has its largest confirmed order book in its existence,
exceeding US$1.1 million for the export market, for delivery during the next
three months. It is quite apparent that the company`s product is now ready to
take its rightful place in the global market and as such the Board is confident
that it will be able to obtain additional funding in order to recapitalise the
company. The fact remains that Vinguard technology remains one of only two
competitive products on the global market and is a sought after commodity
without which extended storage of table grapes for European markets is not
possible.
Lazaron Biotechnologies (SA) Ltd
Lazaron has continued to entrench its position in the South African market with
regards to its umbilical cord blood stem cell storage services. Unfortunately
the company has to date not yet been able to extend its service offering as a
result of not being able to obtain an additional tissue bank license from the
Department of Health. Discussions with the Department have been ongoing for
almost two years and the Board continues to engage with Government in this
matter. The storage of adult white blood cells has been approved by the FDA in
the United States of America and the Board continues to remain hopeful that
Lazaron will be successful in convincing the Department of Health to issue a
license for the storage thereof. Lazaron has continued to strengthen its
relationships with large hospital groups and medical practitioners during the
past year and it is quite clear that the market for the storage of umbilical
cord blood stem cells is growing proportionately in South Africa to the growth
experienced internationally. Lazaron will soon be launching an insurance product
for the treatment of patients with stem cells together with a leading South
African insurance group.
PROSPECTS
The Group, with the exception of Lazaron, has been operating under severe cash
constraints during the past reporting period. This has mainly been attributable
to difficulties experienced in Vinguard. Vinguard is currently engaged in
discussions which, if successful, will lead to a full recapitalisation of the
company and the consequent impact thereof on the Group will be material. Already
Vinguard has a confirmed order book far exceeding any previous sales and if
successfully executed the Group`s financial position and prospects will be
greatly enhanced. 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 in the event that
the company is successful in its recapitalisation efforts.
DIVIDENDS
No dividends have been declared and no dividend is proposed.
ACCOUNTING POLICIES
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS). 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
15 April 2008
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 Limited, 70 Marshalltown 2001. PO Box
61051, Marshalltown, 2107.
Sponsor: Arcay Moela Sponsors (Pty) Ltd, (Registration number 2006/033725/07)
Auditors: BDO Spencer Steward (C.T) Inc
Date: 15/04/2008 15:40:30 Produced by the JSE SENS Department.
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