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MOULDED MEDICAL SUPPLIES
(Incorporated in the Republic of South Africa)
(Registration number 1995/003771/06)
Share code: MUM ISIN: ZAE000013751
("Mouldmed" or "the Group")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2001
UNAUDITED GROUP INCOME STATEMENT
for the six months ended 31 August 2001
Unaudited Unaudited Audited
6 months 6 months 12 months
Aug 2001 Aug 2000 Feb 2001
R000's R000's R000's
Revenue 664 900 1 160
Cost of sales (90) (100) (360)
Gross profit 574 800 800
Operating costs (1 604) (2 338) (3 934)
Operating loss before capital items (1 030) (1 538) (3 134)
Capital items (136) 2 473 (32 495)
(Loss)/Income before investment income (1 166) 935 (35 629)
Investment income 1 - -
Net (loss)/income before tax (1 165) 935 (35 629)
Tax - - -
Net (loss)/income after tax (1 165) 935 (35 629)
Attributable to outside shareholders 35 53 93
Net (loss)/profit
from ordinary activities (1 130) 988 (35 536)
Extraordinary items 108 (366) (366)
Net (loss)/profit for the period (1 022) 622 (35 902)
Dividends - - -
Accumulated (loss)/income
for the period (1 022) 622 (35 902)
Retained income
- beginning of period 860 36 762 36 762
Accumulated (loss)/income
at the end of the period (162) 37 384 860
Earnings per share (1,1) 0,7 (39,0)
Headline loss per share (1,0) (2,0) (3,7)
Dividends per share - - -
Reconciliation between earnings and
headline earnings
Net(loss)/income attributable
to shareholders (1 022) 622 (35 902)
Profit on sale of investment
in subsidiaries - (2 473) (3 505)
Write down of investment in associate 136 - 36 000
Headline loss (886) (1 851) (3 407)
Share issued-000's 92 000 92 000 92 000
Headline loss per share (cents) (1,0) (2,0) (3,7)
STATEMENT OF CHANGES IN EQUITY
Ordinary shareholders'
funds - beginning of period 13 489 49 391 49 391
Movement in retained earnings
Net (loss)/profit for period (1 022) 622 (35 902)
Ordinary shareholders'
funds - end of period 12 467 50 013 13 489
INTERIM GROUP BALANCE SHEET
at 31 August 2001
Unaudited Unaudited Audited
6 months 6 months 12 months
Aug 2001 Aug 2000 Feb 2001
R000's R000's R000's
ASSETS
Non-current assets 13 181 49 445 13 426
Fixed assets 694 839 820
Intangibles 11 424 11 437 11 446
Investment in associated companies 1 039 1 118 1 118
Deposits 24 29 21
Investments and loans - 36 022 21
Current assets 2 853 3 343 3 160
Inventory 1 484 1 370 1 512
Trade and other receivables 1 361 1 864 1 593
Bank balances and cash 8 109 55
Total assets 16 034 52 788 16 586
EQUITY AND LIABILITIES
Capital and reserves 12 467 50 013 13 489
Share capital 12 629 12 629 12 629
Reserves (162) 37 384 860
Minority interest (384) (292) (349)
Non-current liabilities 1 185 1 499 1 207
Long-term liabilities 1 185 1 499 1 207
Current liabilities 2 766 1 568 2 239
Trade and other payables 2 358 1 196 1 875
Provision for income tax 364 364 364
Bank overdrafts 44 8 -
Total equity and liabilities 16 034 52 788 16 586
Number of shares in issue - 000's 92 000 92 000 92 000
UNAUDITED CASH FLOW STATEMENT
Net cash inflow/(outflow)
from operations 18 (2 014) (2 778)
Net (outflow)/inflow
- investing activities (87) 2 431 3 441
Net cash outflow - financing activities (22) (349) (641)
Net cash (outflow)/inflow
from activities (91) 68 22
Cash and cash equivalents
at beginning of period 55 33 33
Cash and cash equivalents
at end of period (36) 101 55
COMMENTS
The Group recorded disappointingly low sales for the first six months of
the year. As we reported in the annual accounts, the "EeZeeWee" (in the form
of the travel pack and the refill pack) has gone into production and has
been positively received by the market. The balance of the EeZeeWee range
will be available for the market in January 2002. The Group was invited to
the Medica 2001 show (Dusseldorf) which was held on 21 November to 24
November 2001.
The EeZeeWee and the Prostaflo were presented on this show. International
distributors were being sought at this show for both products. The response
received for both products was beyond our most optimistic expectations. The
Group's marketing plan is now being put into action and we are confident
that the sales of the EeZeeWee and the Prostaflo will start to show their
true potential.
The Locum division has been making steady progress in the local market.
The web site is also facilitating overseas placements. The Locum division
has also been involved in assisting doctors with the sale of their
practices.
The Rest & Recuperation Retreats division has a website that has
approximately 12 000 pages of information logged. The Group now has access
to an IT company (through our new investor mentioned below) that will enable
this division to successfully commercialise the website.
The Bioscan division (formerly Mouldmed Rife (USA) Ltd.) has completed
their research into the establishment of wellness centres. The parties to
whom this research and development have been presented have endorsed the
plan.
PROSPECTS
The Group held a successful general shareholders' meeting on 12 October
2001 whereby approval was given to sell the balance of the authorised shares
to a new investor. The 8 million shares were sold at 25 cents per share.
Part of this capital is being used to revitalise the sales effort of the
Group. The new investor has also given the Group access to other marketing
companies in their stable which will greatly help the Group to market its
products effectively.
The UK Company has recently signed a joint venture agreement with an
award winning company, which will add value to its shares.
REVIEW
The company's auditors, Immelman Ferreira Incorporated, have reviewed the
consolidation and expressed a qualified opinion with regard to the value
placed on the intangible assets disclosed and the goodwill on acquisition of
a subsidiary. The auditor's report is available for inspection at the
company's registered office. The financial statements have been prepared in
accordance with Generally Accepted Accounting Practice and are based on
appropriate accounting policies, which have been consistently applied and
which are supported by reasonable and prudent judgments and estimates.
POST BALANCE SHEET EVENTS
The Group is about to increase its authorised share capital to 250
million shares of no par value. This is scheduled to happen at the Group's
annual general meeting on 30 November 2001.
On behalf of the board
Dr S Brits (Chairman)
27 November 2001
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