| Thu 29 Nov 2001, 0:00 | | Forim - Unaudited Results |
|
FORIM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/004111/06)
Share code: FOM ISIN: ZAE000002689
("Forim" or "the company")
Unaudited results for the six months ended 31 August 2001
Consolidated Income StatementS
Six months Six months
ended ended Year ended
31/08/2001 31/08/2000 28/02/2001
unaudited unaudited audited
R'000 R'000 R'000
Turnover 95 304 82 554 160 593
Operating profit before amortisation 3 907 3 336 4 074
Amortisation of goodwill,
patents and trademarks 746 487 1 500
Operating profit 3 161 2 849 2 574
Net finance costs (1 139) (1 194) (2 447)
Profit before taxation 2 022 1 655 127
Taxation 710 478 773
Profit/(loss) after taxation 1 312 1 177 (646)
Profit attributable to minority
shareholders (668) (616) (309)
Loss on change of interest
in subsidiary - (960) (894)
Net profit/(loss) attributable
to members 644 (399) (1 849)
Shares in issue ('000) 50 000 50 000 50 000
Earnings per share (cents) 1,3 (0,8) (3,7)
Headline earnings per share (cents) 2,4 1,5 (0,4)
ABRIDGED CONSOLIDATED BALANCE SHEETs
31/08/2001 31/08/2000 28/02/2001
unaudited unaudited audited
R'000 R'000 R'000
Assets
Tangible fixed assets 32 444 32 229 31 839
Pharmaceutical registrations,
goodwill, patents and trademarks 31 760 37 405 31 388
Other financial assets 379 770 379
Deferred taxation 44 - 176
Current assets 75 542 80 217 70 296
Inventories 34 740 30 836 33 059
Accounts receivable 33 759 33 469 30 038
Taxation 386 337 840
Cash and cash equivalents 6 657 15 575 6 359
Total assets 140 169 150 621 134 078
Equities and liabilities
Shareholders' interest 55 879 60 883 55 235
Outside shareholders' interest 32 473 36 606 31 805
Non-current liabilities 4 277 4 462 4 483
Deferred taxation 1 088 1 989 1 098
Current liabilities 46 452 46 681 41 457
Interest bearing borrowings 2 595 1 807 1 540
Taxation 253 981 340
Accounts payable 34 215 27 993 28 307
Bank overdraft 9 389 15 900 11 270
Total equities and liabilities 140 169 150 621 134 078
Net asset value per share (cents) 111,8 121,8 110,5
ABRIDGED CONSOLIDATED CASH FLOW STATEMENTS
Six months Six months
ended ended Year ended
31/08/2001 31/08/2000 28/02/2001
unaudited unaudited audited
R'000 R'000 R'000
Cash generated from operations 6 457 (399) 5 439
Net interest paid (1 139) (1 194) (2 447)
Taxation paid (710) (478) (2 781)
Dividends paid - - (763)
Net cash inflow from
operating activities 4 608 (2 071) (552)
Net cash flow from investing activities (2 990) 46 (765)
Net cash flow from financing activities 561 2 595 (2 699)
Net increase/(decrease) in
cash and cash equivalents 2 179 570 (4 016)
Cash and cash equivalents/
(overdrafts) at beginning of period (4 911) (895) (895)
Cash and cash equivalents/
(overdrafts) at end of period (2 732) (325) (4 911)
STATEMENT OF CHANGES IN EQUITY
Non-dis Distri-
Share Share tributable butable
capital premium reserve reserve Total
R'000 R'000 R'000 R'000 R'000
Balance at
1 March 2000 500 23 257 495 32 832 57 084
Net loss for period (1 849) (1 849)
Transfer from non-
distributable reserve (45) 45 -
Balance at
28 February 2001 500 23 257 450 31 028 55 235
Net profit for the
six months ended
31 August 2001 644 644
Transfer from
non-distributable reserve (23) 23 -
Balance at
31 August 2001 500 23 257 427 31 695 55 879
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 interim results for the six months ended 31
August 2001, published simultaneously with this announcement.
In addition, the group continues to own properties situated in and around
the Johannesburg Central Business District.
The interim financial statements have been prepared on the historical
cost basis and in accordance with South African Statements of Generally
Accepted Accounting Practice AC 127 - "Interim Financial Reporting". The
accounting policies applied are consistent with those applied in the annual
financial statements for the year ended 28 February 2001.
Results
Turnover increased by 15,4% over that of the same period last year. Earnings
per share amounted to 1,3 cents for the current period compared to a loss
per share of 0,8 cent for the same period last year and headline earnings
per share increased to 2,4 cents from 1,5 cents over the same period.
The calculation of headline earnings per share is based on attributable
earnings before amortisation of goodwill, patents and trademarks of R1 221
595 (2000: R765 978) and 50 000 000 shares in issue.
Independent review by the auditors
The interim report has been the subject of a review by our auditors, Grant
Thornton Kessel Feinstein, who have performed this review in accordance with
the guideline "Guidance for Auditors on Review of Interim Financial
Information" issued by the South African Institute of Chartered Accountants.
The objective of the review was to enable Grant Thornton Kessel Feinstein
to report that nothing came to their attention that caused them to believe
that the interim financial information needs modification so as to fairly
present, in accordance with South African Statements of Generally Accepted
Accounting Practice, the financial position of the group at 31 August 2001
and the results of its operations and cash flow information for the period
then ended. It should be recognised that their review did not constitute an
audit where a high level of assurance is expressed on the fair presentation
of the interim financial information. Accordingly, Grant Thornton Kessel
Feinstein expressed only a moderate level of assurance on the fair
presentation of the interim financial information.
A copy of their unqualified review report is available for inspection at
the registered office of the company.
Dividend
It is the company's policy to consider a dividend at the end of each
financial year.
For and on behalf of the board
H R Levin M Gelbart
Chairman Managing Director
30 November 2001
Directors:
H R Levin* (Chairman), M Gelbart (Managing), J E Forman, Dr H A Serebro*
(*non-executive)
Transfer secretaries:
Mercantile Registrars Limited, 11 Diagonal Street, Johannesburg, 2001 (PO
Box 1053, Johannesburg, 2000)
Company Secretary:
Executive Secretarial Services CC, PO Box 261269, Excom, 2023
