| Wed 13 Jun 2001, 0:00 | | Mouldmed Medical Supplies - Provisional Unaudited |
|
UNAUDITED GROUP INCOME STATEMENT
for the year ended 28 February 2001
R000's 2001 2000
Revenue 2,201 2,086
Cost of sales (298) (513)
Gross profit 1,903 1,573
Operating costs (4,466) (5,999)
Operating loss before capital items (2,563) (4,426)
Capital items 3,509 6,997
Income before Investment income 946 2,571
Investment Income 1 16
Net income before tax 947 2,587
Tax (99) (16)
Net income after tax 848 2,571
Attributable to outside shareholders 100 0
Net profit from ordinary activities 948 2,571
Extraordinary items (366) (783)
Net profit for the year 582 1,788
Dividends 0 0
Retained income for the year 582 1,788
Retained income - beginning of year 36,761 33,811
Fundamental error 0 1,162
Retained income at the end of the
Year 37,343 36,761
Earnings per share 0.6 1.9
Headline loss per share (2.8) (4.8)
Dividends per share 0.0 0.0
UNAUDITED CASH FLOW STATEMENT 2001 2000
Net cash outflow from operations (3,030) (1,436)
Net inflow - investing activities 3,693 7,184
Net cash outflow - financing
Activities (641) (5,822)
Net cash inflow / (outflow) from
Activities 22 (74)
CASH AND CASH EQUIVALENTS AT
BEGINNING 33 107
CASH AND CASH EQUIVALENTS AT END 55 33
UNAUDITED GROUP BALANCE SHEET
at 28 February 2001
R000's 2001 2000
ASSETS
Non-current assets 48,979 49,707
Fixed assets 361 1,198
Intangibles 11,446 11,487
Investment in associated companies 1,042 895
Deposits 29 26
Investments and loans 36,101 36,101
Minority interest 355 240
Current assets 4,184 2,839
Inventory 1,575 1,379
Trade and other receivables 2,554 1,424
Bank balances and cash 55 36
TOTAL ASSETS 53,518 52,786
EQUITY AND LIABILITIES
Capital and reserves 49,972 49,390
Share capital 12,629 12,629
Reserves 37,343 36,761
Non-current liabilities 1,207 1,848
Long term liabilities 1,207 1,848
Current liabilities 2,339 1,548
Trade and other payables 1,876 1,181
Provision for income tax 463 364
Bank overdrafts 0 3
TOTAL EQUITY AND LIABILITIES 53,518 52,786
Number of shares in issue - 000's 92,000 92,000
STATEMENT OF CHANGES IN EQUITY
Ordinary shareholders' funds -
1-Mar-00 49,390 46,440
Fundamental error 0 1,162
movement in retained earnings
Net profit for the year 582 1,788
Ordinary shareholders' funds -
28-Feb-01 49,972 49,390
2001 2000
Reconcialition of income
before tax to cash generated
from operations
Income after tax tax 582 1,788
Add tax 99 16
Correction 0 (1)
Income before tax 681 1,803
Adjusted for:-
Depreciation and amortisation 388 576
Amortisation 41
Investment written off 0 0
Capital items (3,509) (6,997)
Investment income (1) (16)
Interest paid 18 30
Operating (loss) / profit before
working capital changes (2,382) (4,604)
Working capital changes (631) 3,182
Decrease / (increase) in
Inventories (196) 217
Decrease / (increase) in accounts
Receivable (1,130) 2,294
Increase in trade payables 695 671
Decrease in other payables 0
Cash (utilised in) / cash generated
from operations (3,013) (1,422)
COMMENTS
In spite of the fact that the Company won a major and critically
important court case with costs, the Group has had a difficult
year. The effects of the High Court litigation carried over
longer than anticipated and the recovery has been more difficult
than originally thought. The Group has worked hard to re-position
itself and has been working on securing contracts that will auger
well for the future. The cost of the litigation has also resulted
in a very conservative approach to the business in an effort to
preserve liquidity. The low turnover has meant that the Group
incurred an operating loss of R2.5 million Rands despite the fact
that operating costs were cut by 25.5%. The controlling
shareholders gave an interest free loan to the group which was
converted into capital by the issue of shares in the subsidiary
companies early in the financial year. The capital items reflect
this transaction. The net result has meant that the Group made a
net profit of R848, 000 after tax. The extraordinary items refer
to the balance of the huge litigation costs incurred the Group's
High Court saga. The Group ended with net retained income for the
year of R582, 000.
PROSPECTS
We believe that the Group's philosophy of: "Prevention is better
than cure" is the correct philosophy. The equipment that we have
to offer to the market is sound and has been proven to be in the
forefront of its type in the market and new products are being
added to the range. The market approach is constantly being
refined and developed in order to properly present the equipment
to the correct market. The marketing of the "EeZeeWee" was
delayed whilst the company finalised the manufacturing process.
An agreement in principle has been reached with a potential
manufacturer and it is expected that the EeZeeWee final product
will be available in 10 weeks. The marketing division has been
setting up the infrastructure to launch the sales effort as soon
as the EeZeeWee comes off the production line. Sample products
have been displayed on medical shows in Dusseldorf and London
where the response was above our expectations. New applications
for the EeZeeWee have also been identified. The Locum division
has obtained its practice license for the placement of nursing
personnel. The division established a website that has resulted
in an increase in international placements. The potential of the
international placement market for Healthcare professionals is
vast and the coming year should see a marked increase in the
turnover of the Locum Division. A record turnover for May and
June 2001 is expected. Clintech's equipment was recently the
shown on an E TV documentary. This had resulted in interest been
shown by industries such as Healthclubs and airlines. The RRR
division is opening "Tourist Centres" throughout South Africa.
Capitalising on tourism with its huge growth potential will
provide an exciting opportunity for the RRR division. The Electro-
medical Division has secured the marketing rights for Africa for
one of the most advanced Microcurrent Bioactive instruments
available. The instrument bears the CE mark of approval for
medical devices and will be installed in clinics countrywide.
REVIEW
The consolidation has been reviewed by the company's auditors,
Immelman Ferreira Incorporated, who expressed a qualified opinion.
The auditor's report is available for inspection at the company's
registered office.
POST BALANCE SHEET EVENTS
The Group has finally managed to recover a small portion of the
legal costs that are due from its court case.
ON BEHALF ON THE BOARD W C COETZER (Chairman)
