| Thu 29 Nov 2001, 0:00 | | Alliance Unaudited Results |
|
ALLIANCE PHARMACEUTICALS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1981/006145/06)
Share code: ALN ISIN: ZAE000011110
("Alliance" or "the company")
Unaudited results for the six months ended 31 August 2001
CONSOLIDATED INCOME STATEMENTS
Six months Six months Year
ended ended ended
31 August 31 August 28 February
2001 2000 2001
Unaudited Unaudited Audited
R'000 R'000 R'000
Turnover 94 207 81 111 157 711
Operating profit before amortisation 2 687 2 089 1 925
Amortisation of patents and trademarks 290 487 580
Operating profit 2 397 1 602 1 345
Net finance income/(costs) (311) 108 40
Profit before taxation 2 086 1 710 1 385
Taxation 614 434 648
Profit after taxation 1 472 1 276 737
Profit attributable to
minority shareholders (105) (195) (30)
Net profit attributable to members 1 367 1 081 707
Shares in issue ('000) 95 677 95 677 95 677
Weighted average number of shares in
issue ('000) 95 677 93 979 94 821
Earnings per share (cents) 1,4 1,2 0,7
Headline earnings per share (cents) 1,6 1,5 1,2
ABRIDGED CONSOLIDATED BALANCE SHEETS
31 August 31 August 28 February
2001 2000 2001
Unaudited Unaudited Audited
R'000 R'000 R'000
Assets
Tangible fixed assets 8 750 8 518 8 137
Pharmaceutical registrations, patents
and trademarks 18 276 19 012 17 443
Deferred taxation 44 - 176
Other financial assets 35 426 35
Current assets 74 779 79 093 68 795
Inventories 34 740 30 836 33 059
Accounts receivable 33 573 32 784 29 167
Taxation - - 452
Bank and cash 6 466 15 473 6 117
Total assets 101 884 107 049 94 586
Equities and liabilities
Shareholders' interest 63 375 73 587 62 008
Outside shareholders' interest 308 368 203
Long-term liabilities 1 877 2 101 2 083
Interest bearing 1 877 2 062 2 083
Non-interest bearing - 39 -
Deferred taxation 675 1 629 712
Current liabilities 35 649 29 364 29 580
Interest bearing borrowings 2 395 1 607 1 340
Taxation 111 874 221
Accounts payable 33 143 26 883 26 742
Bank overdraft - - 1 277
Total equity and liabilities 101 884 107 049 94 586
Net asset value per share (cents) 66,2 76,9 64,8
ABRIDGED CONSOLIDATED CASH FLOW STATEMENTS
Six months Six months Year
ended ended ended
31 August 31 August 28 February
2001 2000 2001
Unaudited Unaudited Audited
R'000 R'000 R'000
Cash generated
from operations 5 552 9 828 10 060
Net interest received/(paid) (311) 108 40
Taxation paid (614) (434) (2 259)
Secondary Tax on
Companies paid - - (310)
Dividends paid - (2 485) (2 485)
Cash flow from operating activities 4 627 7 017 5 046
Cash flow from investing activities (2 987) (441) (766)
Cash flow from financing activities (13) (299) (8 636)
Net increase/(decrease) in cash and
cash equivalents 1 627 6 277 (4 356)
Cash and cash equivalents at
beginning of period 4 840 9 196 9 196
Cash and cash equivalents at end
of period 6 467 15 473 4 840
STATEMENT OF CHANGES IN EQUITY
Share
Share capital Non-
capital - "N" distribu- Distribu-
- ordinary ordinary Share table table
shares shares premium reserves reserves Total
R000's R000's R000's R000's R000's R000's
Balance at
1 March 2000 685 2 43 631 31 26 811 71 160
Repayment of
share premium
net of expenditure (10 112) (10 112)
Capitalisation issue 328 328
Share issue expenses (75) (75)
Net profit for period 707 707
Transfer from
non-distributable
reserve (3) 3 -
Balance at
28 February 2001 685 2 33 772 28 27 521 62 008
Net profit for period 1 367 1 367
Transfer from
non-distributable
reserve (1) 1 -
Balance at
31August 2001 685 2 33 772 27 28 889 63 375
COMMENTARY
Overview
Alliance continues to operate across healthcare and consumer personalcare
market sectors, with increased focus towards the healthcare sector and with
particular emphasis on the manufacture and export of own brands and
products.
The interim financial statements have been prepared on the historical
cost basis and in accordance with South African Statement 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 16,2% over that of the same period last year. Earnings
per share amounted to 1,4 cents for the current period compared to 1,2 cents
for the same period last year and headline earnings per share amounted to
1,6 cents compared to 1,5 cents for the same period last year.
The calculation of headline earnings per share is based on earnings
before amortisation of patents and trademarks of R1 570 530 (2000: R1 421
715) and a weighted average of 95 676 553 (2000: 93 978 779) 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 for 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 Chief Executive Officer
30 November 2001
Directors:
H R Levin* (Chairman), M Gelbart (Chief Executive Officer), J E Forman, R T
Ririe*, 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
