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JDH
JDH
JDH - John Daniel Holdings Limited - Abridged Interim Financial Statements for
the Period ended 31 December 2009
JOHN DANIEL HOLDINGS LIMITED
Incorporated in the Republic of South Africa - Registration number:
1998/013215/06
JSE Code: JDH - ISIN: 000136677 - ("the Company" or "JDH" or "the Group")
Abridged Interim Financial Statements for the Period ended 31 December 2009
Abridged Consolidated Statement of Financial 31 Dec 31 Dec 30 June
Position As At 31 December 2009 2009 2008 2009
Unaudited Unaudited Audited
Group Group Group
R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 4130 6210 4208
Intangible assets 1790 1044 1790
Investments - - -
Deferred tax 2062 2806 2179
Loan receivable - - -
Total non-current assets 7982 10060 8177
Total current assets 4801 9000 7845
TOTAL ASSETS 12783 19060 16022
EQUITY AND LIABILITIES
Capital and reserves (5046) 632 (1920)
Minority interest - 1622 491
Total Equity (5046) 2254 (1431)
Non-current liabilities
Interest bearing borrowings 249 - 263
Deferred tax - - 23
Total non-current liabilities 249 - 286
Total current liabilities and shareholders 17580 16806 17165
loans
TOTAL EQUITY AND LIABILITIES 12783 19060 16022
Net asset value (5046) 632 (1920)
Net tangible asset value (6836) (412) (3710)
Net asset value per share (cents) (8.617) 0.011 (0.024)
Net tangible asset value per share (cents) (11.674) (0.007) (0.055)
Abridged Interim Financial Statements For the Period ended 31 December 2009
Abridged Consolidated Statement Of 31 Dec 31 Dec 30 June
Comprehensive Income For The Period Ended 31 2009 2008 2009
December 2009 Unaudited Unaudited Audited
Group Group Group
R`000 R`000 R`000
REVENUE 3686 4283 6931
COST OF SALES (2951) (1917) (5535)
GROSS PROFIT 735 2366 1396
Other income - 124 1403
Selling, distribution and administration (3625) (4816) (6859)
expenses
PROFIT/(LOSS) before net finance costs and tax (2890) (2325) (4060)
Net finance costs (633) - (1297)
Taxation income (94) 651 -
(LOSS) FOR THE YEAR (3617) (1674) (5357)
Attributable to minorities (491) (616) (1747)
Attributable to shareholders (3126) (1058) (3610)
Basic and headline earnings/(loss)
Basic earnings / (loss) (3126) (1058) (3610)
Headline earnings / (loss) (3126) (1058) (4653)
Basic earnings / (loss) per share (cents) (5.338) (0.018) (0.062)
attributable to equity holders of the parent
Headline earnings per share (cents) (5.338) (0.018) (0.079)
attributable to equity holders of the parent
Weighted average number of shares `000 58520 5851976 5851976
Number of shares in issue `000 58520 5851976 5851976
Reconciliation between basic earnings / (loss)
and headline earnings
IAS 33 Basic earnings / (loss) (3126) (1058) (3610)
IAS 16 Profit on disposal of property, plant - - (1043)
and equipment
Headline earnings (3126) (1058) (4653)
Abridged Interim Financial Statements For the Period ended 31 December 2009
Abridged Segmental Information for the period
ended 31 December 2009
31 Dec 2009 Unaudited R`000 R`000 R`000 R`000
Group
Primary segments Biotechnology Packaging Elimination Consolidated
Revenues 1072 2614 - 3686
Unallocated corporate -
revenue
Total external Revenue 3686
Segmental results (195) (1588) - (1783)
Unallocated group (1834)
profit
Total result (3617)
31 Dec 2008 Unaudited R`000 R`000 R`000 R`000
Group
Primary segments Biotechnology Packaging Elimination Consolidated
Revenues 1861 2422 - 4283
Unallocated corporate -
revenue
Total external Revenue 4283
Segmental results (368) (1276) - (1644)
Unallocated group 586
profit
Total result (1085)
30 June 2009 Audited R`000 R`000 R`000 R`000
Group
Primary segments Biotechnology Packaging Elimination Consolidated
Revenues 2279 4652 - 6931
Unallocated corporate -
revenue
Total external Revenue 6931
Segmental results (1230) (3039) 1452 (2817)
Unallocated group (2540)
profit
Total result (5357)
Abridged Interim Financial Statements For the Period ended 31 December 2009
Abridged Consolidated Statement of Changes in
Equity for the Year Ended 30 June 2008
Capital Non Share Accumulated Minority Total
distribut option profit / interest
able liability (loss)
reserve
R`000 R`000 R`000
R`000 R`000 R`000
31 Dec 2009
Unaudited Group
Balance as at 30 24415 13088 - (39423) 491 (1429)
June 2009
Net loss for the - - - (3126) (491) (3617)
period
Balance as at 31 24415 13088 - (42549) - (5046)
Dec 2009
31 Dec 2008
Unaudited Group
Balance as at 30 24415 13088 39 (35852) 2238 3928
June 2007
Net loss for the - - - (1058) (616) (1674)
period
Balance as at 31 24415 13088 39 (36910) 1622 2254
Dec 2008
30 June 2009
Audited Group
Balance as at 30 24415 13088 39 (33202) 1529 7001
June 2008
Options expired - - (39) 39 - -
Net loss for the - - - (3610) (1747) (5357)
period
Balance as at 30 24415 13088 - (39423) 491 (1429)
June 2009
Abridged Interim Financial Statements For the Period ended 31 December 2009
Abridged Consolidated Cash Flow Statement for 31 Dec 31 Dec 30 June
the Year Ended 30 June 2009 2009 2008 2009
Unaudited Unaudited Audited
Group Group Group
R`000 R`000 R`000
NET CASH (OUTFLOW) / INFLOW FROM OPERATING (160) (8435) (11890)
ACTIVITIES
NET CASH (OUTFLOW) / INFLOW FROM INVESTING (203) (486) 1755
ACTIVITIES
NET CASH INFLOW/(OUTFLOW) FROM FINANCING 450 10000 11432
ACTIVITIES
Increase / (Decrease) in cash and cash 87 1079 1297
equivalents
Cash and cash equivalents at the beginning of 339 (958) (958)
the year
Cash and cash equivalents at the end of the year 426 121 339
Comments
REVIEW OF RESULTS AND FINANCIAL POSITION
The unaudited abridged interim results under review for the six months ended
31 December 2009 represents the income from the Group`s two trading
subsidiaries, Vinguard Ltd ("Vinguard") and Lazaron Biotechnologies (SA) Ltd
("Lazaron"). As a whole, the Group has severely felt the results of the global
economic crisis in both its subsidiaries. The main impact has been felt in the
trading subsidiary Vinguard. This is directly attributable to the strong Rand
which has negatively affected margins and curtailed the ability of the company
to export profitably. As such Group revenue is down from R4.2 million to R3.6
million. The Group shows a loss for the period under review of R3.1 million.
An additional interest burden on the loan from Golden Oak Corporate Advisors
has resulted in a further loss of R630 000 to the Group.
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. Stakeholders remain reminded
that the Group underwent a consolidation of 100:1 during the period under
review.
Vinguard Limited ("Vinguard")
During the period under review Vinguard was successful in expanding its local
market and has substantially increased local market share, particularly in the
Northern Cape. The company has expanded its client list and the SO2 generating
sheet manufactured by the company has once again proven itself to be one of
the most efficient products of its kind in the world. The strong Rand has been
most unfavourable to the company and as a result the company severely cut down
on its exports to India as low margins and the added credit risk would have
put undue risk on the Group as a whole.
Lazaron Biotechnologies (SA) Limited ("Lazaron")
Lazaron has managed to maintain its position in the market and a small loss of
R200 000 attributable to Lazaron is mainly made up of an additional interest
burden in extending credit and additional overhead costs in developing a new
product service, which will be launched later this year. Lazaron has been
accepted as a member of the Asia Pacific Cord Blood Banking Consortium, a
consortium of 11 cord blood banks situated in South-East Asia and Australia.
It is anticipated that this interaction with member banks holds the potential
for new product and service offerings and future collaboration.
PROSPECTS
The holding company is currently in process of converting the loan from Golden
Oak Corporate Advisors to equity and is engaged in various discussions with
interested groups regarding expansion and additional financing for the Group.
No decisions in this regard have been made and shareholders will be kept
informed.
DIVIDENDS
No dividends have been declared and no dividend is proposed.
EVENTS SUBSEQUENT TO THE STATEMENT OF FINANCIAL POSITION DATE
There are no events subsequent to the statement of financial position date.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The unaudited abridged consolidated financial results have been prepared using
accounting policies consistent with International Financial Reporting
Standards ("IFRS"), in accordance with the requirements of IAS 34 Interim
Financial Reporting, the Listings Requirements of the JSE and the manner
required by the South African Companies Act. The accounting policies are
consistent with those used in the annual financial statements for the
financial year ended 30 June 2009.
For and on behalf of the Board
H Minnie
CEO
Stellenbosch
31 March 2010
Directors: S Tshiki (Non-executive Chairman), HD Minnie (CEO), NJ Ackermann
(Financial Director), S Serex (Non-Executive Director)
Company Secretary: C Esterhuizen
Registered Office: Infruitec Northern Terrain, Lelie Street, Stellenbosch
7600, PO Box 1243, Stellenbosch, 7599.
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd, 70
Marshall Street, Marshalltown 2001. PO Box 61051, Marshalltown, 2107.
Sponsor: Arcay Moela Sponsors (Pty) Ltd
Auditors: PKF (Cpt) Inc
Date: 31/03/2010 16:21:01 Produced by the JSE SENS Department.
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