| Thu 31 May 2001, 0:00 | | Forim Holdings Ltd - Audited Results |
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Forim Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1986/004111/06)
("Forim" or "the company")
Audited results for the year ended 28 February 2001
Consolidated Income Statement
Year ended Year ended
28 February 29 February
2001 2000
audited audited
R'000 R'000
Turnover 160 593 206 603
Continuing operations 160 593 146 227
Discontinued operations - 60 376
Operating profit before
amortisation 4 073 7 772
Continuing operations 4 073 12 549
Discontinued operations - (4 777)
Amortisation of patents and
trade marks 580 580
Amortisation of goodwill 919 920
Operating profit 2 574 6 272
Continuing operations 2 574 11 094
Discontinued operations - (4 777)
Net finance costs 2 447 4 951
Continuing operations 2 447 2 747
Discontinued operations - 2 204
Profit before taxat 127 1 321
Continuing operations 127 8 302
Discontinued operations - (6 981)
Taxation 773 1 460
Loss after taxation (646) (139)
Profit attributable to
minority shareholders (309) ( 816)
Loss on change of
interest in subsidiary (894) (3 571)
Net loss attributable to members (1 849) (4 526)
Shares in issue ('000) 50 000 50 000
Earnings per share (cents) (3,7) (9,1)
Headline earnings
per share (cents) (0,07) (0,07)
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Year ended Year ended
28 February 29 February
2001 2000
audited audited
R'000 R'000
Cash generated from operations 5 110 37 415
Net interest paid (2 447) (4 951)
Taxation paid (2 438) (3 001)
Secondary tax on companies (310) -
Dividends paid (764) 1 575)
Net cash flow from operating
activities (849) 27 888
Net cash flow from investing
activities (767) (15 284)
Net cash flow from financing
activities (2 400) (869)
Net increase/(decrease) in
cash and cash equivalents (4 016) 11 735
Overdrafts at beginning of year (895) (12 630)
Overdrafts at end of year (4 911) (895)
ABRIDGED CONSOLIDATED BALANCE SHEET
28 February 29 February
2001 2000
audited audited
R'000 R'000
Assets
Tangible fixed assets 31 839 33 101
Pharmaceutical registrations,
goodwill, patents and trademarks 31 388 32 808
Deferred taxation 176 -
Other financial assets 379 770
Current assets 70 296 89 200
Inventories 33 059 28 727
Accounts receivable 30 038 40 857
Taxation 840 396
Cash and cash equivalents 6 359 19 220
Total Assets 134 078 155 879
Equities and liabilities
Shareholders' interest 55 235 57 084
Outside shareholders' interest 31 805 34 353
Long-term liabilities 4 483 3 726
Interest-bearing 4 483 3 557
Non interest-bearing - 169
Deferred taxation 1 098 1 497
Current liabilities 41 457 59 219
Interest-bearing 1 540 946
Taxation 340 1 299
Accounts payable 28 307 35 768
Bank overdraft 11 270 20 115
Shareholders for dividend - 1 091
Total Equities and liabilities 134 078 155 879
Net asset value per share (cents) 110,5 114,1
STATEMENT OF CHANGES IN EQUITY
Non dis- Dis-
Share Share tributable tributable
Capital premium reserve reserve
Total
R'000 R'000 R'000 R'000
R'000
Balance at
1 March 1999 500 23 257 900 39 825
64 482
Change in
accounting policy (360) (2 512)
(2 872)
Restated balance 500 23 257 540 37 313
61 610
Net loss for the year (4 526)
(4 526)
Transfer from non-
distributable reserve (45) 45
-
Balance at
29 February 2000 500 23 257 495 32 832
57 084
Net loss for the year (1 849)
(1 849)
Transfer from non-
distributable reserve (45) 45
-
Balance at
28 February 2001 500 23 257 450 31 028
55 235
NOTES
1.Overview
The major activities of the group are conducted by its listed subsidiary,
Alliance Pharmaceuticals Limited ("Alliance"), in pharmaceuticals, medical
and surgical disposables, manufacture and distribution of generic medicines,
the admixture of parenteral nutrition and the marketing and distribution of
consumer personalcare products.
Shareholders are referred to the announcement of Alliance's audited results
for the year ended 28 February 2001, published simultaneously with this
announcement.
In addition, the group continues to own properties situated in and around
the Johannesburg Central Business District.
The major accounting policies are consistent with those applied during the
previous year except for goodwill arising on the acquisition of businesses
and subsidiaries, trademarks and patents, which were previously reflected at
cost, and which are now amortised in order to comply with revised South
African Statements of Generally Accepted Accounting Practice.
Headline earnings exclude the amortisation of goodwill amounting to
approximately R919 000 and the loss on change of interest in subsidiary.
2.Loss on change of interest in subsidiary
The loss on change of interest arises from dilution of the company's holding
in Alliance as a result of a capitalisation issue by Alliance on 10 August
2000.
3.STRATE
The dematerialisation of the company's shares under the STRATE electronic
settlement system was effected on 30 April 2001. Paper scrip is no longer
accepted for settlement and shareholders who have not yet dematerialised
their shares are advised to appoint a Central Securities Depository
Participant (CSDP) as soon as possible.
For and on behalf of the board
H R Levin M Gelbart
Chairman Managing Director
31 May 2001
Directors: H R Levin* (Chairman), M Gelbart (Managing), J E Forman, Dr H A
Serebro*
(*non-executive)
Transfer secretaries: Mercantile Registrars Ltd,
11 Diagonal Street, Johannesburg, 2001 (PO Box 1053, Johannesburg, 2000)
Company secretary: Executive Secretarial Services CC, PO Box 261269, Excom,
2023
