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Forim - Interim Results For The Six Months Ended 31 August 2002
Release Date: 21/11/2002 17:28:01 Code(s): FOM
Forim - INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2002
Forim Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1986/004111/06)
Share code FOM ISIN ZAE000002689
("Forim" or "the group" or "the company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2002
Group Income Statement
Six months Six months Year
ended ended ended
31 Aug 31 Aug 28 Feb
2002 2001 2002
unaudited unaudited audited
R`000`s R`000`s R`000`s
Turnover 104 034 95 304 193 262
Operating profit before amortisation 4 609 3 907 4 281
Amortisation of patents, trademarks
and goodwill 750 746 1 500
Operating profit 3 859 3 161 2 781
Finance income 114 53 161
Finance costs (1 179) (1 192) (2 428)
Profit before taxation 2 794 2 022 514
Taxation 1 175 710 719
Profit after taxation 1 619 1 312 (205)
Profit attributable to minority shareholders (862) (668) (140)
Net profit/(loss) attributable to shareholders 757 644 (345)
Shares in issue (000`s) 50 000 50 000 50 000
Earnings/(loss) per share (cents) 1,5 1,3 (0,7)
Headline earnings per share (cents) 2,4 2,2 1,2
Reconciliation between earnings
and headline earnings
Attributable earnings 757 644 (345)
Amortisation of goodwill 460 460 920
Headline earnings 1 217 1 104 575
GROUP BALANCE SHEET
31 Aug 31 Aug 28 Feb
2002 2001 2002
unaudited unaudited audited
R`000`s R`000`s R`000`s
Assets
Property, plant and equipment 33 089 32 444 33 488
Pharmaceutical registrations,
patents and trademarks 29 197 31 760 29 947
Deferred taxation 305 44 305
Financial assets 379 379 379
Current assets 83 811 75 542 74 406
Inventories 41 806 34 740 37 119
Trade and other receivables 35 812 33 759 32 551
Taxation 766 386 1 326
Cash and cash equivalents 5 427 6 657 3 410
Total assets 146 781 140 169 138 525
Equities and liabilities
Shareholders` interest 55 014 55 879 54 257
Non-current liabilities 37 544 37 838 36 331
Equity minority interest in subsidiaries 32 806 32 473 31 945
Interest bearing 3 338 4 277 2 986
Deferred taxation margin 1 400 1 088 1 400
Current liabilities 54 223 46 452 47 937
Interest bearing borrowings 2 151 2 595 2 722
Taxation 1 111 253 476
Trade, payables and other provisions 41 746 34 215 35 468
Bank overdraft 9 215 9 389 9 271
Total equity and liabilities 146 781 140 169 138 525
Net asset value per share (cents) 110,0 111,8 108,5
Group CASH FLOW STATEMENT
Six months Six months Year
ended ended ended
31 Aug 31 Aug 28 Feb
2002 2001 2002
unaudited unaudited audited
R`000`s R`000`s R`000`s
Cash flows from operating activities 3 210 4 608 4 287
Cash flows from investing activities (918) (2 990) (4 921)
Cash flows from financing activities (219) 561 (316)
Net increase/(decrease) in
cash and cash equivalents 2 073 2 179 (950)
Cash and cash equivalents/
(overdrafts) at beginning of period (5 861) (4 911) (4 911)
Cash and cash equivalents/
(overdrafts) at end of period (3 788) (2 732) (5 861)
STATEMENT OF CHANGES IN EQUITY
Non-
distribu- Distribu-
Share Share table table
capital premium reserves reserves Total
R`000`s R`000`s R`000`s R`000`s R`000`s
Balance at 1 March 2001 500 23 257 450 30 395 54 602
Net loss for year (345) (345)
Transfer from/(to) non-
distributable reserve (45) 45 -
Balance at 28 February 2002 500 23 257 405 30 095 54 257
Net profit for period 757 757
Transfer from/(to) non-
distributable reserve (22) 22 -
Balance at 31 August 2002 500 23 257 383 30 874 55 014
NOTES
1. Financial review
The major activities of the group are conducted by its listed subsidiary,
Alliance Pharmaceuticals Limited ("Alliance"), which manufactures, markets and
distributes generic pharmaceuticals, medical and surgical disposables,
parenteral nutrition and consumer personalcare products. Shareholders are
referred to the announcement of Alliance`s audited results for the six months
ended 31 August 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 9,2% over the same period last year. Earnings per share
amounted to 1,5 cents for the current period compared to 1,3 cents for the same
period the previous year and headline earnings per share increased to 2,4 cents
from 2,2 cents for the same period the previous year.
The calculation of headline earnings per share is based on 50 000 000 shares
in issue and attributable earnings for the interim period of R1 216 839 (2001:
R1 104 073) before amortisation of goodwill of R459 834 (2001: R459 834).
It is anticipated that the results for the second six months of the year will
continue to show an improvement on those of the previous year.
The interim 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 for the year ended 28 February 2002.
2. Independent review by the auditors
The interim report has been the subject of a review by the company`s
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.
A copy of their unqualified review report is available for inspection at the
registered office of the company.
3. Dividends
It is the company`s policy to consider a dividend at the end of each
financial year.
4. Cautionary announcement
Shareholders are referred to the cautionary announcement published in the
press on 7 October 2002 and are advised that negotiations are continuing for the
sale of certain of the group`s fixed property. Shareholders are advised to
continue to exercise caution when dealing in the company`s securities until a
further announcement is made.
For and on behalf of the board
H R Levin M Gelbart
Chairman Managing Director
22 November 2002
Directors: H R Levin* (Chairman), M Gelbart (Managing), Y Bhayat*,
J E Forman (*non-executive)
Transfer Secretaries: Computershare Investor Services Limited,
Ground Floor, 70 Marshall Street, Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
Company Secretary: Executive Secretarial Services CC,
PO Box 261269, Excom, 2023
Date: 21/11/2002 05:28:00 PM Produced by the JSE SENS Department
