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Alliance Pharmaceuticals Limited - Audited Results For The Year Ended 28
February 2002
Alliance Pharmaceuticals Limited
Consolidated Income Statement
(Incorporated in the Republic of South Africa)
(Registration number 1981/006145/06)
JSE Share code: ALN ISIN: ZAE000011110
JSE Share code: ACN ISIN: ZAE000011847
("Alliance" or "the group")
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2002
CONSOLIDATED INCOME STATEMENT
Year Year
ended ended
28 Feb 2002 28 Feb 2001
audited audited
R`000 R`000
Turnover 190 717 157 711
Cost of sales 140 921 114 457
Gross profit 49 796 43 254
Operating expenses 47 781 41 329
Operating profit before amortisation 2 015 1 925
Amortisation of patents and
trade marks 580 580
Operating profit 1 435 1 345
Net finance income/(costs) (716) 40
Profit before taxation 719 1 385
Taxation 415 648
Profit after taxation 304 737
Profit attributable to minority
shareholders (30) (30)
Net profit attributable to members 274 707
Shares in issue (000`s) 95 677 95 677
Weighted average number of shares
in issue (000`s) 95 677 94 821
Earnings per share (cents) 0,3 0,7
Headline earnings per share (cents) 0,7 1,2
Reconciliation of headline earnings
to earnings
Earnings 274 274
Add: amortisation of patents and
trademarks 580 580
Less: taxation (174) (174)
Headline earnings 680 1 113
CONSOLIDATED BALANCE SHEET
28 Feb 2002 28 Feb 2001
audited audited
R`000 R`000
Assets
Tangible fixed assets 10 435 8 137
Pharmaceutical registrations,
patents and trademarks 16 922 17 443
Deferred taxation 305 176
Other financial assets 35 35
Current assets 73 134 68 795
Inventories 37 119 33 059
Accounts receivable 31 868 29 167
Taxation 958 452
Bank and cash 3 189 6 117
Total Assets 100 831 94 586
Equities and liabilities
Shareholders` interest 62 282 62 008
Outside shareholders` interest 233 203
Long-term liabilities 786 2 083
Interest-bearing borrowings
Deferred taxation 883 712
Current liabilities 36 647 29 580
Interest bearing borrowings 2 521 1 340
Taxation 217 221
Accounts payable 33 909 26 742
Bank overdraft - 1 277
Total equity and liabilities 100 831 94 586
Net asset value per share (cents) 65,1 65,4
CONSOLIDATED CASH FLOW STATEMENT
Year Year
ended ended
28 Feb 2002 28 Feb 2001
audited audited
R`000 R`000
Cash generated from operations 4 986 10 060
Net interest received/(paid) (716) 40
Taxation paid (883) (2 259)
Secondary tax on companies paid - (310)
Dividends paid - (2 485)
Cash flow from operating activities 3 387 5 046
Cash flow from investing activities (4 921) (766)
Cash flow from financing activities (116) (8 636)
Net decrease in cash and
cash equivalents (1 650) (4 356)
Cash and cash equivalents
at beginning of period 4 840 9 196
Cash and cash equivalents
at end of period 3 190 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
R`000 R`000 R`000 R`000 R`000 R`000
Balance at
29 February 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 274 274
Transfer from non-
distributable reserve (3) 3 -
Balance at
28 February 2002 685 2 33 772 25 27 798 62 282
NOTES
1. Results
Alliance continues to operate across healthcare and consumer personal
care market sectors, with increased focus on the healthcare sector and with
particular emphasis on the manufacture and export of own brands and
products.
Turnover increased by 20,9 % over that of the previous year. However,
the group`s gross margins were severely affected by the rapid decline of the
rand during the second half of the year. Furthermore, the disappointing
trading performance of Laminated Technologies had a significant adverse
effect on the group`s results. Steps are being taken by management to
restore the group`s profitability to former levels. The relocation of the
medical disposable manufacturing facility to the head office building has
been completed. The benefits of the relocation are expected to be realized
in the latter part of the 2003 financial year with the termination of the
original lease in July 2002.
Earnings per share amounted to 0,3 cents for the current year compared to
0,7 cents for the previous year and headline earnings per share amounted to
0,7 cents compared to 1,2 cents for the previous year.
2. Accounting policies
The audited financial statements have been prepared in accordance with
South African Statements of Generally Accepted Accounting Practice. The
accounting policies applied are consistent with those applied in the
previous financial year.
3. Directorate
Mr Yaseen Bhayat was appointed to the board of directors on 18 April
2002.
Dr H A Serebro resigned from the board on 8 May 2002.
4. Dividends
In order to preserve the group`s cash resources, no dividend has been
declared.
For and on behalf of the board
H R Levin M Gelbart
Chairman Chief Executive Officer
31 May 2002
Directors:
H R Levin* (Chairman), M Gelbart (Managing), Y Bhayat*, J E Forman,
R T Ririe*, (*Non-executive)
Transfer Secretaries:
Computershare Investor Services Limited,
11 Diagonal Street, Johannesburg, 2001
Company Secretary:
Executive Secretarial Services CC,
PO Box 261269, Excom, 2023
Date: 04/06/2002 05:10:00 PM Produced by the SENS Department
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