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Forim - Audited Results for the Year Ended 28 February 2002
FORIM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/004111/06)
JSE Share code: FOM ISIN ZAE000002689
("Forim" or "the group")
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2002
CONSOLIDATED INCOME STATEMENT
Year ended Year ended
28/02/2002 28/02/2001
audited audited
R`000 R`000
Turnover 193 262 160 593
Cost of sales 140 921 114 455
Gross profit 52 341 46 138
Operating costs 48 060 42 064
Operating profit before amortisation 4 281 4 074
Amortisation of goodwill,
patents and trade marks 1 500 1 500
Operating profit 2 781 2 574
Net finance costs (2 267) (2 447)
Profit before taxation 514 127
Taxation 719 773
Loss after taxation (205) (646)
Loss attributable to
minority shareholders (139) (309)
Loss on change of interest
in subsidiary (894)
Net loss attributable to members (344) (1 849)
Shares in issue (000`s) 50 000 50 000
Earnings per share (cents) (1,9) (3,7)
Headline earnings per share (cents) 1,6 (0,7)
Reconciliation of headline earnings
to earnings
Earnings (344) (1 849)
Add: amortisation of goodwill,
patents and trademarks 1 500 1 500
loss on change of interest
in subsidiary 894
Less: taxation (174) (174)
982 371
Minority interest (164) (164)
Headline earnings 818 207
CONSOLIDATED BALANCE SHEET
28/02/2002 28/02/2001
audited audited
R`000 R`000
Assets
Tangible fixed assets 33 488 31 839
Pharmaceutical registrations,
goodwill, patents and trademarks 29 947 31 388
Other financial assets 379 379
Deferred taxation 305 176
Current assets 77 101 70 296
Inventories 37 119 33 059
Accounts receivable 32 551 30 038
Taxation 1 326 840
Cash and cash equivalents 6 105 6 359
Total assets 141 220 134 078
Equities and liabilities
Shareholders` interest 54 258 55 235
Outside shareholders` interest 31 944 31 805
Non-current liabilities 2 986 4 483
Deferred taxation 1 400 1 098
Current liabilities 50 632 41 457
Interest bearing borrowings 2 722 1 540
Taxation 476 340
Accounts payable 35 467 28 307
Bank overdraft 11 967 11 270
Total equities and liabilities 141 220 134 078
Net asset value per share (cents) 108,5 110,5
CONSOLIDATED CASH FLOW STATEMENT
Year ended Year ended
28/02/2002 28/02/2001
audited audited
R`000 R`000
Cash generated from operations 7 450 5 110
Net interest paid (2 266) (2 447)
Taxation paid (897) (2 438)
Secondary tax paid - (310)
Dividends paid - (764)
Net cash flow from operating activities 4 287 (849)
Net cash flow from investing activities (4 922) (767)
Net cash flow from financing activities (315) (2 400)
Net decrease in cash and
cash equivalents (950) (4 016)
Cash and cash equivalents/
(overdrafts) at beginning of year (4 911) (895)
Cash and cash equivalents/
(overdrafts) at end of year (5 861) (4 911)
STATEMENT OF CHANGES IN EQUITY
Non-
distribu- Distribu-
Share Share table table
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
Change in accounting
policy of land and
buildings to fair value (633) (633)
Restated balance at
1 March 2001 500 23 257 450 30 395 54 602
Net loss for year (344) (344)
Transfer from
non-distributable reserve (45) 45 -
Balance at
28 February 2002 500 23 257 405 30 096 54 258
NOTES
1. Results
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 audited results for the year ended 28 February
2002, published simultaneously with this announcement.
In addition, the group continues to own properties situated in and around
the Johannesburg Central Business District.
Turnover increased by 20,3% over that of the same period last year. Loss
per share amounted to 1,9 cents for the current period compared to a loss of
3,7 cents for the previous year and headline earnings per share increased to
1,6 cents from a loss 0,7 cents over the previous year.
2. Accounting policies
The audited financial statements have been prepared on the historical
cost basis and in accordance with South African Statements of Generally
Accepted Accounting Practice. The accounting policies applied are consistent
with those applied in the annual financial statements of the previous
financial year, with the exception of the carrying value of land and
buildings. The group has changed its accounting policy relating to the
carrying value of land and buildings and now accounts for land and buildings
at fair value. Land and buildings were valued at 28 February 2002 and the
loss arising from the change to fair value is reflected as a change to
opening retained income as it was accepted that no major change in value had
occured between 1 March 2001 and 28 February 2002.
3. Directorate
Mr Yaseen Bhayat was appointed to the board of directors on 18 April
2002. Dr Harold 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 Managing Director
31 May 2002
Directors:
H R Levin* (Chairman), M Gelbart (Managing), Y Bhayat*,
J E Forman (*non-executive)
Transfer Secretaries:
Computershare Investor Services Limited,
11 Diagonal Street, Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
Company Secretary:
Executive Secretarial Services CC,
PO Box 261269, Excom, 2023
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