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Mouldmed Medical Supplies - Unaudited Results
MOULDMED MEDICAL SUPPLIES
Prevention is better than cure
PROVISIONAL UNAUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2002
UNAUDITED GROUP Unaudited Audited UNAUDITED GROUP Unaudited Audited
INCOME STATEMENT BALANCE SHEET
for the year ended 12 Months 12 Months at 28 February 12 Months 12
28 February 2002 2002 Months
R000`s Feb 02 Feb 01 R000`s Feb 02 Feb 01
Revenue 1,055 1,160 ASSETS
Cost of sales (466) (360) Non-current 12,288 13,426
assets
Gross profit 589 800 Fixed assets 377 820
Other operating 6 - Intangibles 11,403 11,446
income
Operating costs (3,096) (3,934) Investment in 499 1,118
associated
companies
Operating loss (2,501) (3,134) Deposits 9 21
before capital
items
Capital items (142) (32,495) Investments and - 21
loans
Loss before (2,643) (35,629) Current assets 2,454 3,160
investment income
Finance costs (87) - Inventory 1,138 1,512
Net loss before tax (2,730) (35,629) Trade and other 1,296 1,593
receivables
Tax - - Bank balances 20 55
and cash
Net loss after tax (2,730) (35,629) TOTAL ASSETS 14,742 16,586
Attributable to 103 93 EQUITY AND
outside LIABILITIES
shareholders
Net loss from (2,627) (35,536) Capital and 11,970 13,489
ordinary activities reserves
Extraordinary items 108 (366) Share capital 13,629 12,629
Net loss for the (2,519) (35,902) Reserves (1,659) 860
year
Dividends - - Minority (452) (349)
interest
Accumulated loss (2,519) (35,902) Non-current 543 1,207
for the year liabilities
Retained income - 860 36,762 Long term 543 1,207
beginning of year liabilities
Accum. (loss) / (1,659) 860 Current 2,681 2,239
income at the end liabilities
of the year
Earnings per share (2.7) (39.0) Trade and other 2,408 1,875
payables
Headline loss per (2.6) (3.7) Provision for 273 364
share income tax
Dividends per share 0.0 0.0 TOTAL EQUITY 14,742 16,586
AND LIABILITIES
Number of shares in issue - 000`s 96,000 92,000
Net loss (2,519) (35,902)
attributable to
shareholders
Profit on sale of - (3,505)
investment in
subsidiaries
Write down of 142 36,000 UNAUDITED CASH
investment in FLOW STATEMENT
associate
Headline loss (2,377) (3,407) Net cash (896) (2,778)
outflow -
operational
activities
Weighted average 92,923 92,000 Net cash inflow 525 3,441
issued ordinary - investing
shares activities
Headline loss per (2.6) (3.7) Net cash (664) (641)
share (cents) outflow -
financing
activities
STATEMENT OF Capital from 1,000 -
CHANGES IN EQUITY issue of shares
Ordinary 13,489 49,391 Net cash (35) 22
shareholders` funds (outflow) /
- begin inflow from
activities
Shares issued 1,000 - CASH AND CASH 55 33
EQUIVALENTS AT
BEGINNING
Movement in (2,519) (35,902) CASH AND CASH 20 55
retained earnings - EQUIVALENTS AT
net loss for year END
Ordinary 11,970 13,489
shareholders` funds
- end
Comments
The Group had a very disappointing year. The launch of the EeZeeWee had a
slow start. The Group displayed both the Prostaflo and the EeZeeWee at the
Medica 2001 medical show in Dusseldorf last year in November 2001. The
response to both products was beyond all our expectations and we were
delighted to be the recipient of the "Arch of Europe for Quality and
Technology for the year 2002". The Group has been invited back to the show
next year. Unfortunately, we have found that converting the response to
positive action has taken far longer than we anticipated. The Group has
signed up international distribution agreements in Turkey (Prostaflo) and
Nigeria (EeZeeWee). We are in the process of finalising agreements for the
United States of America, North Italy and Switzerland. Negotiations are in
progress to distribute our products in Australia as well. Blueskeye Private
Equity (Pty) Ltd. were unable to fulfil their full obligations to the Group
because of their internal problems. Blueskeye invested R1,064,956
(4,259,824 shares at 25 c per share) leaving a shortfall of R935 044.
Review of Results
The lack of volume has been disappointing in light of the interest displayed
in our products. The Group has focused on improving both the local and
international distribution of our products. We have appointed a company
called Spesco (Pty) Ltd. to distribute the Prostaflo in the Gauteng region.
Spesco are well connected in Gauteng and we expect to see a marked
improvement in the performance of the Prostaflo. The Group has reduced
expenses in light of the poor sales performance and has planned further
reductions in the new financial year.
Review
The consolidation has been reviewed by the company`s auditors, Immelman
Ferreira Incorporated. The auditor`s report is available for inspection at
the company`s registered office.
POST BALANCE SHEET EVENTS
The Group signed a licence agreement with Electromed (Aust) Pty Limited, an
Australian company, for the distribution of the Personal Electron Therapy
unit. Electromed is supplying 100 trial units to the value of approximately
R2 million. The unit will replace the Rife and the Group has great
expectations for this product.
ON BEHALF OF THE BOARD
DR S BRITS
(Chairman)
G A Theron
(Managing Director)
Date: 11/06/2002 08:24:13 AM Produced by the SENS Department
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