| Wed 20 Nov 2002, 10:07 | | Moulded Medical Supplies Limited - Interim Results |
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Moulded Medical Supplies Limited - Interim Results for the Six Months ended 31
August 2002
MOULDED MEDICAL SUPPLIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/003771/06)
(Share Code: MUM ISIN Code: ZAE0000013751)
Interim Results for the Six Months ended 31 August 2002
UNAUDITED GROUP INCOME Unaudited Unaudited Audited
STATEMENT
for the six months ended 31 6 Months 6 Months 12 Months
August 2002
R000`s Aug 02 Aug 01 Feb 02
Revenue 316 664 799
Cost of sales (219) (90) (221)
Gross profit 97 574 578
Operating costs (1,166) (1,604) (4,022)
Operating loss before (1,069) (1,030) (3,444)
capital items
Capital items 3,000 (136) (141)
Income / (loss) before 1,931 (1,166) (3,585)
investment income
Investment income 2 1 2
Net income / (loss) before 1,933 (1,165) (3,583)
tax
Tax 13 - -
Net income / (loss) after 1,946 (1,165) (3,583)
tax
Attributable to outside 149 35 236
shareholders
Net profit / (loss) from 1,797 (1,130) (3,347)
ordinary activities
Extraordinary items / Prior - 108 (140)
year adjustment
Net profit / (loss) for the 1,797 (1,022) (3,487)
period
Dividends - - -
Accumulated income / (loss) 1,797 (1,022) (3,487)
for the period
Accumulated income / (loss) (2,627) 860 860
beginning of period
Accum. Income / (loss) at 830 (162) 2,627
the end of the period
Earnings per share 1.9 (1.1) (3.5)
Headline earnings / (loss) 1.9 (1.0) (3.4)
per share
Dividends per share - - -
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS
Net income / (loss) 1,797 (1,022) (3,347)
attributable to
shareholders
Profit on sale of 141
investment in subsidiaries
Write down of investment in - 136 -
associates
Headline profit / (loss) 1,797 (886) (3,206)
Shares issued - 000`s 96,260 92,000 96,260
Headline proft / (loss) per 1.9 (1.0) (3.4)
share (cents)
STATEMENT OF CHANGES IN
EQUITY
Ordinary shareholders` 11,083 13,489 13,489
funds - begin
4,259,824 ordinary shares - - 1,081
issued
Prior year adjustments - - (140)
Movement in retained
earnings
Net profit / (loss) 1,797 (1,022) (3,347)
for the period
Ordinary shareholders` 12,880 12,467 11,083
funds - end
INTERIM GROUP BALANCE SHEET Unaudited Unaudited Audited
at 31 August 2002 6 Months 6 Months 12 Months
R000`s Aug 02 Aug 01 Feb 02
ASSETS
Non-current assets 11,588 13,181 11,779
Fixed assets 179 694 376
Intangibles 11,400 11,424 11,403
Investment in associated - 1,039 -
companies
Deposits 8 24 -
Investments and loans 1 - -
Current assets 4,269 2,853 1,554
Inventory 1,083 1,484 1,308
Trade and other receivables 3,176 1,361 226
Bank balances and cash 10 8 20
TOTAL ASSETS 15,857 16,034 13,333
EQUITY AND LIABILITIES
Capital and reserves 12,880 12,467 11,083
Share capital 13,710 12,629 13,710
Reserves (830) (162) (2,627)
Minority interest (526) (384) (586)
Non-current liabilities 1,332 1,185 1,271
Long term liabilities 1,332 1,185 1,271
Current liabilities 2,171 2,766 1,565
Trade and other payables 1,826 2,358 1,292
Provision for income tax 345 364 273
Bank overdrafts - 44 -
TOTAL EQUITY AND LIABILITIES 15,857 16,034 16,586
Number of shares in issue - 96,260 92,000 96,260
000`s
UNAUDITED CASH FLOW STATEMENT
Net cash inflow / (outflow) (62) 18 (1,955)
from operations
Net (outflow) / inflow - (9) (87) 777
investing activities
Net cash inflow / (outflow) - 61 (22) 1,145
financing activities
Net cash (outflow) / inflow (10) (91) (33)
from activities
CASH AND CASH EQUIVALENTS AT 20 55 53
BEGINNING
CASH AND CASH EQUIVALENTS AT 10 (36) 20
END
COMMENTS
International distribution agreements are under negotiation for EZW, Prostaflo,
Dermasun Products and Soya Health Foods. The PET (Personal Electron Therapy
device which can treat 556 ailments) will be launched in December 2002. The
subsidiary Bioscan sold the Intellectual rights of it`s Wellness Centre concept
to Zest Interactive Limited for R3 000 000 plus royalties of 2% on turnover. A
committed investor namely Blue Skye (Pty) Ltd went into liquidation during the
re-structuring process of Mouldmed, which in turn placed a considerable strain
on the company`s financial resources.
PROSPECTS
The group has embarked on major marketing and promotional drives for all its
products. The Directors and Management are confident that this will yield
substantial financial benefits for the company in 2004.
REVIEW
The company`s auditors PZ van der Merwe and Co have reviewed the consolidation
and expressed a qualified opinion with regard to the value placed on the
intangible assets disclosed and the goodwill on the acquisition of a subsidiary.
The auditor`s report is available for inspection at the company`s registered
office. The financial statements have been prepared in accordance with South
African statements of Generally Accepted Accounting Practice and are based on
appropriate accounting policies which have been consistently applied and which
are supported by reasonable and president judgments and estimates.
POST BALANCE SHEET EVENTS
The group is about to increase its authorised share capital to 600 million
shares at no par value at the company`s annual general meeting on 29 November
2002.
ON BEHALF OF THE BOARD
DR S BRITS (Chairman)
15 November 2002.
Date: 20/11/2002 07:30:00 AM Produced by the JSE SENS Department
