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DNA Supply Chain Investments Limited -
DNA Supply Chain Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/004875/06)
Share code: DNA ISIN: ZAE000022794
("DNA" or "the Company")
Interim Results for the six months ended 31 December 2002 and further cautionary
announcement
Consolidated Income Statement for the 6 months ended
31 December 2002
6 months 6 months Year
ended ended ended
31 Dec 2002 31 Dec 2001 30 June 2002
(unaudited) (unaudited) (audited)
R"000s R"000s R"000s
Turnover 1 220 467 1 069 928 2 385 878
Revenue 358 464 397 836 840 105
Operating income before
foreign exchange
profits and losses,
depreciation and
amortisation 15 315 43 506 41 694
- Ongoing core businesses 29 769
- Other (refer segmental report) (14 454)
Foreign exchange losses
(profits) 19 265 (19 561) (28 980)
Depreciation 7 600 5 156 10 325
Amortisation
- goodwill 7 409 8 174 22 032
- development expenditure
and trademarks 1 203 1 842 6 446
(Loss) income before
finance charges (20 162) 47 895 31 871
Net finance charges 4 805 2 338 3 601
Losses from associated
companies 1 257 928 3 535
Discontinued operations 52 231 - -
(Loss) income before taxation (78 455) 44 629 24 735
Taxation (4 257) 12 374 8 527
(Loss) income after taxation (74 198) 32 255 16 208
Outside shareholders" interest 899 4 530 3 991
Attributable (loss) income (75 097) 27 725 12 217
Headline earnings
reconciliation
Attributable (loss) income (75 097) 27 725 12 217
(Profit) loss on disposal
of property plant and
equipment (391) (417) 517
Discontinued operations 52 231 - -
Amortisation of goodwill 7 409 8 174 22 032
Headline (loss) earnings (15 848) 35 482 34 766
(Loss) earnings per
share - cents (12,0) 4,2 1,8
Headline (loss) earnings
per share - cents (2,5) 5,4 5,3
Weighted average number
of shares - 000"s 626 893 658 432 660 576
Consolidated Balance Sheet at 31 December 2002
31 Dec 2002 31 Dec 2001 30 June 2002
(unaudited) (unaudited) (audited)
R"000s R"000s R"000s
ASSETS
Non-current assets 198 963 164 470 210 155
Property, plant and
equipment 44 329 24 652 39 672
Goodwill 111 836 104 947 119 031
Trademarks 1 090 2 069 1 380
Investments and loans 14 101 20 077 30 340
Deferred taxation 19 607 5 368 11 832
Development expenditure 8 000 7 357 7 900
Current assets 457 260 506 283 535 313
Inventories 19 660 28 618 38 199
Accounts receivable 320 198 443 776 388 635
Bank and cash 117 402 33 889 108 479
Total assets 656 223 670 753 745 468
EQUITY and LIABILITIES
Capital and reserves 171 386 294 709 261 265
Share capital and
premium 166 849 166 849 166 849
Treasury shares (14 782) - -
Foreign currency
translation reserve - 20 503 2 567
Retained income 19 319 107 357 91 849
Outside shareholders"
interest 1 856 7 566 1 296
Non-current liabilities 15 501 2 361 15 146
Long-term borrowings
Current liabilities 467 480 366 117 467 761
Accounts payable 276 237 284 308 336 331
Current portion of long -
term borrowings 13 927 13 641 15 266
Bank overdraft 167 433 55 983 108 719
Taxation 9 883 12 185 7 445
Total equity and liabilities 656 223 670 753 745 468
Net asset value per share
- cents 27,5 44,4 39,3
Tangible net asset value per
share - cents 8,1 27,1 20,0
Number of shares at period
end - 000"s 623 196 664 288 664 288
Segmental Report for the 6 months ended 31 December 2002
Logistics Supply Forex Total Trading of Total
Services Chain Losses Ongoing discontinued
Services core operations,
businesses infrastructure
costs and
related
forex losses
R"000s R"000s R"000s R"000s R"000s R"000s
Turnover 750 418 421 560 - 1 171 978 48 489 1 220 467
Operating
income (loss)
before foreign
exchange profits and
losses, depreciation
and amortisation 15 696 14 073 - 29 769 (14 454) 15 315
Headline earnings(loss)13 768 6 565 (6 423) 13 910 (29 758) (15 848)
Statement of Changes in Equity for the 6 months ended 31 December 2002
Share capital Treasury Currency Retained Total
and shares translation income equity
premium reserve
R"000s R"000s R"000s R"000s R"000s
Balance -
30 June 2002 166 849 - 2 567 91 849 261 265
Set off
treasury shares - (14 782) - - (14 782)
Attributable loss
for the six
months ended
31 December 2002 - - - (75 097) (75 097)
Transfer of
currency translation
reserve to
retained income - - (2 567) 2 567 -
Balance -
31 December 2002 166 849 (14 782) - 19 319 171 386
Consolidated Cash Flow Statement for the 6 months ended 31 December 2002
6 months 6 months Year
ended ended ended
31 Dec 2002 31 Dec 2001 30 June 2002
(unaudited) (unaudited) (audited)
R"000s R"000s R"000s
CASH FLOWS FROM OPERATING
ACTIVITIES (14 072) (42 348) 42 110
Cash flows from operations (3 710) 63 066 71 191
Increase in working capital (1 819) (92 812) (8 480)
Net finance charges (4 805) (2 338) (3 601)
Taxation paid (3 399) (10 224) (16 384)
Dividends paid to minority
shareholders (339) (40) (616)
CASH FLOWS FROM INVESTING
ACTIVITIES (20 372) (47 476) (123 456)
Net additions to property, plant
and equipment (9 470) (7 984) (27 463)
Trademarks acquired (5) - (337)
Development expenditure (7 235) (1 010) (6 209)
Purchase of businesses (1 683) (38 374) (76 738)
Proceeds on disposal of
businesses 14 284 - -
Net increase in other
investments and loans (16 263) (108) (12 709)
CASH FLOWS FROM FINANCING
ACTIVITIES (15 347) 25 603 38 979
Increase in ordinary
share capital - 3 3
Treasury shares acquired (14 782) - -
Increase in share premium - 22 358 22 358
Share issue expenses - (139) (139)
(Decrease) increase in
borrowings (565) 3 381 16 757
NET DECREASE IN CASH AND
CASH EQUIVALENTS (49 791) (64 221) (42 367)
Cash and cash equivalents
at beginning of period (240) 42 127 42 127
CASH AND CASH EQUIVALENTS
AT END OF PERIOD (50 031) (22 094) (240)
Notes to the Interim Financial Statements
1. These interim financial statements have been prepared in accordance with
South African Statements of Generally Accepted Accounting Practice.
2. The accounting policies used in the preparation of the interim financial
statements are consistent with those used in the Annual Financial Statements for
the year ended 30 June 2002.
3. Included in current assets is an amount of approximately R67 million,
representing amounts owing by trade debtors for statutory and other
disbursements. A related amount is reflected in current liabilities.
4.South African bank accounts participate in the benefits of a cash management
set-off system, but are shown separately as gross bank balances and overdrafts
in order to comply with AC 125.
Performance Review
DNA"s core businesses, in particular Micor, Automotive and Beverages,
continued to perform to expectations in the 6 month period to 31 December 2002.
Turnover increased by 14% to R1,22 billion, while revenue (turnover less
disbursements) decreased from R398 million to R358 million due to:
* The sale of Sensormatic SA (Pty) Ltd, which had previously contributed R52,4
million in revenue; and
* Lower rand earnings from dollar denominated trading as compared to the
equivalent period ended 31 December 2001.
DNA"s ongoing core businesses contributed headline earnings of R20,3 million
before related forex losses of R6,4 million.
Also included in the headline earnings are costs attributable to discontinued
operations (with related forex losses) and restructuring costs. Overall, this
has resulted in the Group recording a headline loss of R15,8 million.
The remedial action taken by management will have a positive impact on the
future earnings. These actions include:
* Sale of Sensormatic SA (Pty) Ltd, which resulted in a loss on disposal of
R18,6 million; and
* Liquidation of DNA Skonkwane Supply Chains (Pty) Ltd, resulting in a provision
for potential loss of R24,1 million.
As a consequence of the above, attributable earnings showed a loss of R75,1
million.
It is anticipated that DNA"s core businesses will continue to trade to
expectation. Although action has been taken to minimize the impact of
fluctuations in exchange rates, losses may continue to accrue on certain fixed
exchange rate contracts.
The ongoing growth in the trading activities of DNA"s core businesses,
coupled with the negative impact on cash reserves as a result of the non-
recurring items mentioned above, have resulted in the Group experiencing cash
constraints.
Super Group Transaction
As previously reported, the board of DNA is currently considering an offer by
Super Group Limited ("Super Group") to purchase the Group"s core operations,
including Micor, Automotive, Sherwood, Streamworks and Jumpoint. These are
promising businesses that have performed well during an extremely difficult
period for the Group. In an appropriate environment, they will continue to grow
and build value.
Super Group has made certain funding facilities available to DNA in order to
fund the growth of these core businesses, while negotiations continue.
Further Cautionary Announcement
Further to the announcement dated 5 March 2003, DNA shareholders are advised
that the negotiations with Super Group regarding the disposal of the core
business operations of DNA are continuing. If successfully concluded, this
transaction could have a material effect on the price at which DNA shares trade.
Shareholders are accordingly advised to continue exercising caution in their
dealings in DNA shares until a full announcement in this regard is made.
Directors:
SA Conradie (Chairman), MJ Kaplan (Chief Executive Officer),
GB Schwikkard (Chief Operating Officer) PM Baker, Prof. NA Binedell*,
AG Dandridge,R Krishnasamy*, H Pieterman* (Alternate C Stein*),
RC Pople*, IO Shongwe *non-executive
For and on behalf of the Board
30 April 2003
Stephen Conradie Mark Kaplan
(Chairman) (Chief Executive Officer)
Registered Office
1st Floor, Building 16
The Woodlands
Corner Kelvin and Woodlands Drive
Woodmead, 2199
(Private Bag 27, Gallo Manor,Sandton, 2052)
Transfer Secretaries
Computershare Investor Services Limited
70 Marshall Street
Johannesburg, 2001
(PO Box 61051,
Marshalltown, 2107)
Sponsor
Standard Corporate and Merchant Bank
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)
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