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NUT
NUT
NUT - Nutritional Holdings Limited - Unaudited condensed interim results for
the six months ended 31 August 2011
Nutritional Holdings Limited
(Previously Imuniti Holdings Limited)
Reg no 2004/002282/06
(Incorporated in the Republic of South Africa)
("The Group" or "The Company")
Share code : NUT ISIN code : ZAE000156485
UNAUDITED CONDENSED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2011
Financial Highlights
Increase in Headline Earnings per Share 54.09%
Net Asset Value per Share (cents) 3.01
The unaudited financial statements are presented on a consolidated basis
Unaudited Unaudited Audited
Condensed six months six months year ended
consolidated
income statement
for the period 31 Aug 2011 31 Aug 2010 28 Feb 2011
ended
R`000
Revenue 24,214 26,534 46,708
Operating loss (2,249) (2,445) (4,543)
before interest
Reversal of 7,200 - -
impairment of
intangible asset
Finance costs (238) (379) (1,070)
Finance income 346 3 1,039
Profit (loss) 5,059 (2,821) (4,574)
before taxation
Taxation 757 - 6,239
Profit (loss) for 5,816 (2,821) 1,665
the period
Other comprehensive income:
Gain on property 2,910 - 3,900
revaluation
Taxation related (815) - (1,022)
to components of
other
comprehensive
income
Other 2,095 - 2,878
comprehensive
income for the
period net of
taxation
Attributable to 7,911 (2,821) 4,543
ordinary
shareholders
Comprehensive 0.67 -0.26 0.41
earnings per share
(cents)
Earnings per 0.49 -0.26 0.15
share(cents)-
basic and diluted
Headline earnings -0.12 -0.26 0.14
per share (cents)-
basic and diluted
Number of ordinary shares in issue (000)
- issued net of 1,362,368 1,144,035 1,144,035
treasury shares
- weighted-average 1,180,424 1,104,702 1,120,493
- Diluted weighted- 1,180,424 1,104,702 1,120,493
average
Cost of sales 12,404 13,128 24,939
(R`000)
Calculation of headline earnings (R`000)
Earnings 5,816 (2,821) 1,665
attributable to
ordinary
shareholders
Reversal of (7,200) - -
impairment of
intangible assets
Loss on disposal - - (83)
of property, plant
and equipment
Headline earnings (1,384) (2,821) 1,582
attributable to
ordinary
shareholders
Unaudited Unaudited Audited
Condensed six months six months year ended
Consolidated 31 Aug 2011 31 Aug 2010 28 Feb 2011
Statement of
Financial Position
for the period
ended
R`000
ASSETS
Non-current assets
Property, plant 14,498 10,213 11,656
and equipment
Intangibles 18,763 11,694 11,694
Deferred taxation 9,621 261 8,865
Finance lease 600 - 1,147
receivables
43,482 22,168 33,362
Current assets
Inventories 5,547 5,105 3,999
Trade and other 7,473 8,943 6,439
receivables
Loans receivable 4 144 8
Finance lease 949 - 751
receivables
Bank balance and 439 41 56
cash
14,412 14,233 11,253
TOTAL ASSETS 57,894 36,401 44,615
EQUITY AND LIABILITIES
Capital and reserves
Share capital and 120,410 113,302 113,302
premium
Reserves 5,642 669 3,547
Retained earnings (84,982) (95,284) (90,798)
Total 41,070 18,687 26,051
shareholders`
funds
Non-current
liabilities
Interest-bearing 242 833 601
borrowings
Deferred taxation 4,463 261 3,649
4,705 1,094 4,250
Current liabilities
Trade and other 9,105 11,796 9,762
payables
Loans from related 500 90 1,200
parties
Taxation 141 131 141
Bank overdraft 1,629 3,431 2,332
Current portion of 744 1,172 879
interest-bearing
borrowings
12,119 16,620 14,314
TOTAL EQUITY AND 57,894 36,401 44,615
LIABILITIES
Net asset value 3.0 1.6 2.3
per share (cents)
Unaudited Unaudited Audited
Condensed six months six months year ended
consolidated 31 Aug 2011 31 Aug 2010 28 Feb 2011
statement of cash
flows for the
period ended
R`000
Cash utilised by (5,175) (1,665) (2,569)
operations
Finance costs (238) (379) (1,070)
Finance income 346 3 1,039
Taxation refunded - 537 547
Cash flows from (5,067) (1,504) (2,053)
operating
activities
Cash flows from 7,347 (12) 2,448
investing
activities
Cash flows from (1,193) 132 (655)
financing
activities
Net increase 1,087 (1,384) (260)
(decrease) in cash
and cash
equivalents
Cash and cash (2,276) (2,006) (2,016)
equivalents at
beginning of
period
Cash and cash (1,189) (3,390) (2,276)
equivalents at end
of period
Condensed Consolidated Share Share Revaluati Retained Total
Statement of Changes in capita premiu on earnings ordinary
Equity l m reserve shareholder
for the period ended s`
31 August 2011 funds
R 000
Balance at 28 February 109 112,54 669 (92,463) 20,864
2010 - audited 9
Total comprehensive loss (2,821) (2,821)
for the period
Issue of shares 5 639 644
Balance at 31 August 2010 114 113,18 669 (95,284) 18,687
- unaudited 8
Total comprehensive 2,878 4,486 7,364
income for the period
Balance at 28 February 114 113,18 3,547 (90,798) 26,051
2011 - audited 8
Issue of shares 34 7,074 7,108
Total comprehensive 2,095 5,816 7,911
income for the period
Balance at 31 August 2011 148 120,26 5,642 (84,982) 41,070
- unaudited 2
Condensed Group segmental analysis
Nutrition Pharmaceutic Services Consolidate
al al d
Foods
R`000
Business segments
for the six months ended
31 August 2011 - unaudited
Revenue from external 22,050 2,164 - 24,214
sales
Profit (Loss) before tax (1,005) 207 5,857 5,059
Taxation 757
Profit for the year 5,816
for the six months ended
31 August 2010 - unaudited
Revenue from external 24,305 2,229 - 26,534
sales
Profit (Loss) before tax (2,318) (320) (183) (2,821)
Taxation -
Loss for the year (2,821)
for the year ended 28
February 2011 - audited
Revenue from external 43,327 3,381 - 46,708
sales
Profit (Loss) before tax (4,453) 128 (249) (4,574)
Taxation 6,239
Profit for the year 1,665
For management purposes the group is organized into three major operating
divisions, namely Nutritional Foods, Pharmaceuticals and Services. These
divisions are the basis on which the company reports its primary segment
information. The Nutritional Foods division involves the manufacture of high-
protein and fortified powdered food and food supplements. The Pharmaceutical
division involves the supply of pharmaceutical, complimentary and natural
medicines. The Services involves the providing of administration and
management services. The operating segments are reported in a manner
consistent with the internal reporting provided to the chief operating
decision-maker, namely the Executive Directors.
COMMENTARY
BASIS OF PRESENTATION
The condensed interim financial statements have been prepared in accordance
with International Financial Reporting Standards ("IFRS") and IAS 34 -
Interim Financial Reporting as issued by the International Accounting
Standards Board (IASB), AC 500 standards as issued by the Accounting
Practices Board, the Listing Requirements of the JSE Limited and the South
African Companies Act No 71 of 2008, as amended. They have been prepared on
the historical cost basis, except for certain financial instruments which are
measured at fair value or at amortised cost. The significant accounting
policies and methods of computation are consistent in all material respects
with those applied in the previous financial year, except for the adoption of
improved, revised or new standards and interpretations. The aggregate effect
of these changes in respect of the period ended 31 August 2011 is nil. The
interim financial results have been prepared under the supervision of the
Financial Director, Jenny Etchells CA(SA).
NATURE OF BUSINESS
The group`s primary business focus is to manufacture market and sell
pharmaceutical products and complementary and natural medicines as well as
high-protein fortified powdered nutritional food products and supplements.
OVERVIEW
In the first half of the financial year Nutritional Holdings Limited focused
on group structural changes. These changes included the name change from
Imuniti Holdings to Nutritional Holdings, changes to the Board of the
Directors and senior management, raising of capital to restructure the group
and internal structural and positional changes. The effect of these changes
is expected to have a positive influence in the group`s performance in the
next 6 to 12 months.
Both Nutritional Foods and Pharmaceuticals have been effected by these
changes, which are expected to have a positive effect in the future.
The capital injection by shareholders approved on 24 June 2011 was partially
delayed as a result of delays caused by the implementation of the new
Companies Act and the new process with CIPCo, which delays were reported on
in the Company`s SENS announcements. The finalization of this process is
expected soon where after the last capital outstanding will flow into the
Company.
The Group received its first small order for the Imuniti Nutritional
Supplement Combo Pack (ISCP) since signing of the Major Supply Agreement,
during the period under review.
The Group indicated in June 2011 that it is considering a dual listing on the
AIM market in London. Due to the ongoing financial instability of the Euro
region since this announcement the Group is treading cautiously in this
process. The process has not been stopped but slowed down. Shareholders will
be kept up to date as we move forward on this path.
FINANCIAL OVERVIEW
Headline earnings improved by 54.09% to (R1,384) million from (R2,821)
million for the same period last year as a result of improved results.
Revenue decreased by 8.7% from R26,5 million to R24,2 million mostly caused
by lower sales in the Nutritional Foods division.
The operating losses improved by 8% due to a reduction in operating expenses.
Earnings per share increased by 292.94% from a loss per share of (0.26) cents
to a profit per share of 0.49 cents. Headline earnings per share improved by
54.09% from a loss per share of (0.26) cents to a loss per share of (0.12)
cents per share.
The net debt (borrowings less cash and cash equivalents) to equity ratio is
now at 2.4% compared to 10.7% at 31 August 2010.
REVERSAL OF PRIOR YEAR IMPAIRMENT OF INTANGIBLE ASSETS
The intangible asset relating to the Distribution Rights of the ISCP was
impaired in 2009. A portion of this impairment has been reversed as the
Company has received orders for this product during the period. The first
Distribution outlets owned by the customer of the ISCP has been completed in
the Western Cape with the second one near completion. These customers
Distribution Outlets are budgeted to monthly require product in excess of the
order already placed.
EVENTS AFTER THE REPORTING PERIOD
There are no material events after the period ended 31 August 2011 to report
on.
DEFERRED TAX ASSETS
Deferred tax assets are recognized to the extent that sufficient taxable
temporary difference are available and it is probable that the deferred tax
assets will be able to be utilized against future taxable income, based on
the Group`s forecast of future taxable income.
GOING CONCERN
Shareholders are advised that the unaudited interim results for the six
months ended 31 August 2011 have been prepared on the going concern concept.
The annual report for the year ended 28 February 2011 contained emphasis of
matter as to going concern and the directors` report emphasized the need for
the company to be able to raise additional funding through, inter alia, the
issue of shares. As mentioned in the overview the majority of this funding
has been received.
CHANGES TO THE GROUP`S BOARD
The following changes to the board of directors transpired during the past
financial year, and to the date of this report, mainly as a result of the
restructuring of the Group:
H van der Merwe appointed as Chief Executive Director on 4 March 2011.
G Wambach appointed as independent non-executive Director and Chairman on 4
March 2011.
J Etchells appointed as independent non-executive Director on 4 March 2011.
P Fouche resigned as Financial Director and Company Secretary on 13 June
2011 and J Etchells was appointed as Financial Director and Company Secretary
on 14 June 2011.
T Hendry appointed as independent non-executive Director on 22 June 2011.
C Angus appointed as independent non-executive Director on 23 August 2011.
J Etchells resigned as Company Secretary on 24 August 2011 and G Verga was
appointed on the same day as Company Secretary.
ON BEHALF OF THE BOARD
HJ van der Merwe CA(SA)
Chief Executive Officer
Umhlanga Rocks
18 November 2011
Registered Office:
First floor, 9 Frosterley Park, La Lucia Ridge, 4019
Tel: +27 31 584 7100
Directors:
CD Angus (Non-executive), JA Etchells (Financial Director), TR Hendry (Non-
executive), HJ van der Merwe (Chief Executive Officer), GR Wambach (Non-
executive Chairman)
Auditors
Grant Thornton
Designated advisors
PSG Capital Proprietary Limited
Transfer secretaries:
Link Market Services South Africa Proprietary Limited, 5th floor, 11 Diagonal
Street, Johannesburg, 2000
Date: 18/11/2011 17:30:01 Produced by the JSE SENS Department.
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