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JDH
JDH
JDH - John Daniel Holdings - Abridged Unaudited Interim Financial Statements For
the Period ended 31 December 2008
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")
Abridged Unaudited Interim Financial Statements
For the Period ended 31 December 2008
Abridged Balance Sheets
31 Dec 2008 31 Dec 2007 30 June
Unaudited Unaudited 2008
Group Group Audited
Group
R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 6 210 5 578 5 668
Intangible assets 1 044 1 604 1 750
Investments - 3 000 -
Deferred tax 2 806 1 785 2 179
Loan receivable - -
Total non-current assets 10 060 11 967 9 597
Total current assets 9 000 4 298 2 563
TOTAL ASSETS 19 060 16 265 12 160
EQUITY AND LIABILITIES
Equity and reserves 10 632 5 013 1 690
Non-current liabilities
Deferred tax - 863 23
Total non-current liabilities - 863 23
Minority interest 1 622 1 641 2 238
Total current liabilities and 6 806 8 748 8 209
shareholders loans
TOTAL EQUITY AND LIABILITIES 19 060 16 256 12 160
Net asset value 10 632 5 013 1 690
Net tangible asset value 9 588 3 409 (60)
Net asset value per share (cents) 0.14 0.09 0.03
Net tangible asset value per share 0.12 0.06 (0.001)
(cents)
Abridged Income Statements
31 Dec 31 Dec 30 June
2008 2007 2008
Unaudited Unaudited Audited
Group Group Group
R`000 R`000 R`000
REVENUE 4 283 2 570 6 315
COST OF SALES (1 917) (790) (2 988)
GROSS PROFIT 2 366 1 780 3 327
Other income 124 - -
Selling, distribution and (4 816) (3 395) (8 804)
administration expenses
LOSS before net finance costs and (2 325) (1 615) (5 477)
tax
Net finance costs - (109) (207)
Taxation income 651 377 1 610
LOSS FOR THE YEAR (1 674) (1 347) (4 074)
Attributable to minorities 616 527 1 376
Net loss attributable to (1 058) (820) (2 698)
shareholders
Basic and headline loss
Basic loss (1058) (820) (2 698)
Headline loss (1058) (820) 302
Basic loss per share (cents) (0.014) (0.01) (0.046)
attributable to equity holders of
the parent
Headline (loss)/earnings per (0.014) (0.01) 0.005
share (cents) attributable to
equity holders of the parent
Weighted average number of shares 7 847 007 5 855 975 5 855 975
`000
Number of shares in issue `000 7 847 007 5 855 975 5 855 975
Reconciliation between basic loss
and headline (loss)/earnings
IAS 33 Basic loss (1 058) (820) (2 698)
IAS 39 Impairment of investment - - 3 000
Headline (loss)/earnings (1 058) (820) 302
Abridged Segmental Information
31 Dec 2008 R`000 R`000 R`000 R`000
Unaudited Group
Primary segments Biotechnology Packaging Elimination Consolidated
Revenues 1 861 2 422 - 4 283
Unallocated -
corporate
revenue
Total external 4 283
Revenue
Segmental (368) (1 276) - (1 644)
results
Unallocated 586
group profit
Total result (1 085)
31 Dec 2007 R`000 R`000 R`000 R`000
Unaudited Group
Primary segments Biotechnology Packaging Elimination Consolidated
Revenues 1 324 1 246 - 2 570
Unallocated -
corporate
revenue
Total external 2 570
Revenue
Segmental (152) (1 722) - (1 874)
results
Unallocated - 527
group profit
Total result (820)
30 June 2008 R`000 R`000 R`000 R`000
Audited Group
Primary segments Biotechnology Packaging Elimination Consolidated
Revenues 2 275 2 540 - 4 815
Unallocated 1 500
corporate
revenue
Total external 6 315
Revenue
Segmental (722) (2 327) - (3 049)
results
Unallocated (2 428)
group profit
Total result (5 477)
Abridged Statement of Changes in Equity
Capital Non Share Accumulate Minority Total
distributable option d interest
reserve liability profit /
(loss)
R`000 R`000 R`000 R`000
R`000
R`000
31 Dec 2008
Unaudited
Group
Balance as 24 415 13 089 39 (35 852) 2 238 3 928
at 30 June
2007
Capital 10 000 10 000
loan
Net loss (1 058) (616) (1 674)
for the
period
Balance as 34 415 13 089 39 (36 910) 1 622 12 254
at 31 Dec
2008
31 Dec 2007
Unaudited
Group
Balance as 24 415 14 172 87 (33 202) 1 529 7 001
at 30 June
2007
Options (48) (48)
exercised
Changes in 409 639 1 048
equity
holdings of
subsidiarie
s
Net loss (820) (527) (1 347)
for the
period
Balance as 24 415 14 581 39 (34 022) 1 641 6 654
at 31 Dec
2007
30 June
2008
Audited
Group
Balance as 24 415 14 172 87 (33 202) 1 529 7 001
at 30 June
2007
Options - - (48) 48 - -
exercised
Profit on - 347 - - - 347
sale of
shares in
subsidiary
Changes in - (1 431) - - 2 085 654
equity
holdings of
subsidiarie
s
Net loss - - - (2 698) (1 376) (4 074)
for the
period
Balance as 24 415 13 089 39 (35 852) 2 238 3 928
at 30 June
2008
Abridged Cash Flow Statements
31 Dec 31 Dec 30 June
2008 2007 2008
Unaudite Unaudite Audited
d Group d Group Group
R`000 R`000 R`000
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (8 435) (749) (680)
NET CASH (OUTFLOW) / INFLOW FROM INVESTING (486) 399 372
ACTIVITIES
NET CASH INFLOW/(OUTFLOW) FROM FINANCING 10 000 - (59)
ACTIVITIES
Increase / (Decrease) in cash and cash 1 079 (350) (367)
equivalents
Cash and cash equivalents at the beginning (958) (591) (591)
of the period
Cash and cash equivalents at the end of the 121 (941) (958)
period
BASIS OF PREPARATION
The abridged results for the 6 months ended 31 December 2008 are presented in
accordance IAS 34: Interim Financial Reporting. The financial statements have
been prepared in accordance with International Financial Reporting Standards.
The principle accounting policies adopted in preparation of these financial
statements are consistent with those of the prior year. The results have not
been reviewed by the company`s auditors.
REVIEW OF RESULTS AND FINANCIAL POSITION
The unaudited abridged interim results under review for the six months ended 31
December 2008 represents the income from the Group`s two trading subsidiaries,
Vinguard Ltd ("Vinguard") and Lazaron Biotechnologies (SA) Ltd ("Lazaron").
Taking a closer look at the Balance Sheet stakeholders` attention is drawn to
the fact that the current asset position of the Group has improved dramatically
in the six month period under review from a position of R2.5 million in June
2008 to R9 million at the end of December 2008. This is mainly attributable to
debtors and inventory in Vinguard. The Group Balance Sheet currently reflects
total assets of R19 million excluding investments in subsidiaries which are
eliminated on consolidation. Shareholders` attention is drawn to the fact that
these underlying investments are valued at cost to the Company and not fair
valued. Net asset value has increased from R1.6 million at end June 2008 to
R10.6 million at the end of December 2008, this mainly being attributable to the
investment by Golden Oak Corporate Advisors (Proprietary) Limited being applied
in working capital. Net asset value per share has increased from 0.03 cents per
share in June 2008 to 0.14 cents at the end of December 2008.
In respect of income, revenue has increased by 68% if compared to the previous
interim reporting period. This is mainly a result of the access to additional
working capital which became available to the Group between July and October
2008 and which was mainly applied in Vinguard. The Group showed a loss of just
over R1 million for the period, however stakeholders` attention is drawn to the
fact that Vinguard only managed to go into full production during October 2008
and that once-off corporate and professional fees related to the additional
investment amounted to almost R600 000 during this reporting period.
OPERATIONAL REVIEW
Group Overview
The Group currently has two operational subsidiaries, Vinguard and Lazaron, and
the holding company, John Daniel Holdings, continues to conduct business as a
venture capital investment holding company.
Vinguard Limited
As stated previously, Vinguard commenced with full production during October
2008 and the Board has been satisfied with the production capacity and targets
achieved by the management and personnel of Vinguard. Sales achieved by Vinguard
essentially reflect only the period November and December 2008 and which sales
were mainly done at the beginning of the South African table grape season with
very limited exports to India, which season commences later than the South
African season. With the advent of the credit crisis during October 2008 a
conscious decision was taken to tighten up on credit terms rather than to risk
sales to overseas jurisdictions where an unacceptable element of risk existed.
This decision resulted in the Company turning away potential sales in the order
of R2 million, being unable to secure acceptable credit guarantee on these
sales.
Lazaron Biotechnologies (SA) Limited
Lazaron remains cash flow positive, however credit terms in this business were
also tightened in line with the overall tightening of credit facilities
available from financial institutions. The company has continued to build on its
relationship with a leading South African hospital group and through doing so
has managed to maintain turnover and margins as household disposable income has
decreased for its potential clients. A decision was taken to increase the
marketing budget for Lazaron and to more actively market the service to
potential clients with the means to afford the service. To date, this has
enabled the company to maintain its market position. The directors are of the
opinion that Lazaron will maintain its figures.
PROSPECTS
The Group has been fortunate that it has had access to capital that has allowed
it to penetrate previously identified markets and to maintain market position
during the financial downturn in the last quarter of last year. Vinguard is on
track to have its most successful year of trading to date, despite the global
financial problems being experienced. To this end the directors have been
extremely careful in extending credit and while this has impacted on potential
sales, particularly export sales, the decision to rather protect capital than to
unduly risk it during these difficult financial times seems to have been the
more prudent choice. The efficacy, quality and reliability of the Vinguard
product has now been proven beyond doubt and the product is now accepted by most
UK and European supermarkets to be of the highest standard.
DIVIDENDS
No dividends have been declared and no dividend is proposed.
For and on behalf of the Board
H Minnie
CEO
Stellenbosch
30 March 2009
Directors: S Tshiki (Non-executive Chairman), HD Minnie (CEO), NJ Ackermann
(Financial Director), T Mvusi (Non-Executive Director), S Serex (Non-Executive
Director)
Company Secretary: G Haywood
Registered Office: Infruitec Northern Terrain, Lelie Street, Stellenbosch 7600,
PO Box 1243, Stellenbosch, 7599.
Transfer Secretaries: Computershare Investor Services (Pty) Ltd, 70 Marshall
Street, Marshalltown 2001. PO Box 61051, Marshalltown, 2107.
Sponsor: Arcay Moela Sponsors (Pty) Ltd
Auditors: PKF (Cpt) Inc
Date: 31/03/2009 10:00:00 Produced by the JSE SENS Department.
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