| Thu 21 Nov 2002, 18:12 | | Alliance - Interim Results For The Six Months Ende |
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Alliance - INTERIM results for the SIX MONTHS ended 31 AUGUST 2002
ALLIANCE PHARMACEUTICALS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1981/006145/06)
Share code ALN ISIN ZAE000011110
Share code CAN ISIN ZAE000011847
("Alliance" 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 2002 31 Aug 2001 28 Feb 2002
unaudited unaudited audited
R`000 R`000 R`000
Turnover 102 864 94 207 190 717
Operating profit before amortisation 3 681 2 687 2 015
Amortisation of patents and trademarks 290 290 580
Operating profit 3 391 2 397 1 435
Finance income 101 48 139
Finance costs (304) (359) (855)
Profit before taxation 3 188 2 086 719
Taxation 1 062 614 415
Profit after taxation 2 126 1 472 304
Profit attributable to minority shareholders (17) (105) (29)
Net profit attributable to shareholders 2 109 1 367 275
Shares in issue (000`s) 95 677 95 677 95 677
Earnings and headline earnings
per share (cents) 2,2 1,4 0,3
GROUP BALANCE SHEET
31 Aug 2002 31 Aug 2001 28 Feb 2002
unaudited unaudited audited
R`000 R`000 R`000
Assets
Property plant and equipment 10 045 8 750 10 435
Pharmaceutical registrations
patents and trademarks 16 632 18 276 16 922
Deferred taxation 305 44 305
Financial assets 35 35 35
Current assets 82 540 74 779 73 135
Inventories 41 806 34 740 37 119
Trade and other receivables 35 051 33 573 31 868
Taxation 404 - 958
Cash and cash equivalents 5 279 6 466 3 190
Total Assets 109 557 101 884 100 832
Equities and liabilities
Shareholders` interest 64 392 63 375 62 283
Non-current liabilities 2 270 2 860 1 902
Equity minority interest in subsidiaries 250 308 233
Interest-bearing 1 137 1 877 786
Deferred taxation 883 675 883
Current liabilities 42 895 35 649 36 647
Interest-bearing borrowings 1 951 2 395 2 521
Taxation 748 111 217
Trade, other payables and provisions 40 196 33 143 33 909
Total equity and liabilities 109 557 101 884 100 832
Net asset value per share (cents) 67.3 66.2 65.1
GROUP CASH FLOW STATEMENT
Six months Six months Year
ended ended ended
31 Aug 2002 31 Aug 2001 28 Feb 2002
unaudited unaudited audited
R`000 R`000 R`000
Cash flows from operating activities 3 226 4 626 3 387
Cash flows from investing activities (918) (2 987) (4 921)
Cash flows from financing activities (219) (13) (116)
Net increase/(decrease) in
cash and cash equivalents 2 089 1 626 (1 650)
Cash and cash equivalents
at beginning of the period 3 190 4 840 4 840
Cash and cash equivalents
at end of the period 5 279 6 466 3 190
STATEMENT OF CHANGES IN EQUITY
Share
Share capital Non-
capital - "N" distri- Distri-
- ordinary ordinary Share butable butable
shares shares premium reserves reserves Total
R`000 R`000 R`000 R`000 R`000 R`000
Balance at 1 March 2001 685 2 33 772 28 27 521 62 008
Net profit for the year 275 275
Transfer from
non-distributable reserve (3) 3 -
Balance at 28 February 2002 685 2 33 772 25 27 799 62 283
Net profit for the period 2 109 2 109
Transfer from
non-distributable reserve (2) 2 -
Balance at 31August 2002 685 2 33 772 24 29 910 64 392
NOTES
1. Financial review
Alliance Pharmaceuticals Limited manufactures, markets and distributes
generic pharmaceuticals, medical and surgical disposables, parenteral nutrition
and consumer personal care products.
Turnover increased by 9,2 % over the same period last year. Earnings and
headline earnings per share amounted to 2,2 cents for the current period
compared to 1,4 cents for the same period the previous year.
The calculation of earnings and headline earnings per share is based on
earnings of R2 109 332 (2001: R1 367 117) and 95 676 553 shares in issue (2001:
95 676 553 shares).
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.
For and on behalf of the board
H R Levin M Gelbart
Chairman Chief Executive Officer
22 November 2002
Directors: H R Levin* (Chairman), M Gelbart (Managing), Y Bhayat*,
J Black* (British) R T Ririe* (*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 05:29:17 PM Produced by the JSE SENS Department
