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MOULDED MEDICAL SUPPLIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/003771/06)
(Share code: MUM ISIN code: ZAE0000013751
PreveNtion is better than cure
PROVISIONAL UNAUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2003
PROVISIONAL UNAUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2003
UNAUDITED GROUP INCOME STATEMENT Unaudited Audited
for the year ended 28 February 2003 12 Months 12 Months
R000"s Feb 03 Feb 02
Revenue 839 799
Cost of sales (336) (221)
Gross profit 503 578
Other operating income - -
Operating costs (2,008) (4,022)
Operating loss before capital items (1,505) (3,444)
Capital items 3,000 (141)
Profit (loss) before investment income 1,495 (3,585)
Investment Income 8 2
Net profit (loss) before tax 1,503 (3,583)
Tax - -
Net profit (loss) after tax 1,503 (3,583)
Attributable to outside shareholders 19 236
Net profit (loss) from ordinary activities 1,522 (3,347)
Extraordinary items / Prior year - (140)
adjustment
Net profit (loss) for the period 1,522 (3,487)
Dividends - -
Accumulated profit (loss) for the period 1,522 (3,487)
Accumulated income (loss) - beginning of (2,627) 860
period
Accum. (loss) / income at the end of the (1,105) (2,627)
period
Earnings per share 1.6 (3.5)
Headline profit (loss) per share 1.6 (3.4)
Dividends per share 0.0 -
RECONCILIATION BETWEEN EARNINGS AND 1,522 (3,347)
HEADLINE EARNINGS
Net profit (loss) attributable to - 141
shareholders
Profit on sale of investment in 1,522 (3,206)
subsidiaries
Headline profit (loss) 96,260 96,260
Weighted average issued ordinary shares 1.6 (3.4)
Headline profit (loss) per share (cents)
STATEMENT OF CHANGES IN EQUITY 11,083 13,489
Ordinary shareholders" funds - begin 138 1,081
Shares issued (140)
Prior year adjustments 1,522 (3,347)
Movement retained earnings - net profit 12,743 11,083
for period
Ordinary shareholders" funds - end
UNAUDITED GROUP BALANCE SHEET Unaudited Audited
at 28 February 2003 12 Months 12 Months
R000"s Feb 03 Feb 02
ASSETS
Non-current assets 11,420 11,779
Fixed assets 22 376
Intangibles 11,398 11,403
Current assets 3,975 1,554
Inventory 1,050 1,308
Trade and other receivables 2,882 226
Bank balances and cash 43 20
TOTAL ASSETS 15,395 13,333
EQUITY AND LIABILITIES
Capital and reserves 12,743 11,083
Share capital 13,848 13,710
Reserves (1,105) (2,627)
Minority interest (606) (586)
Non-current liabilities 971 1,271
Long term liabilities 971 1,271
Current liabilities 2,287 1,565
Trade and other payables 1,940 1,292
Provision for income tax 347 273
Bank overdrafts - -
TOTAL EQUITY AND LIABILITIES 15,395 13,333
Number of shares in issue - 96,260 96,260
000"s
UNAUDITED CASH FLOW STATEMENT
Net cash outflow from (2,442) (1,955)
operations
Net inflow - investing - 777
activities
Net cash inflow - financing 2,465 1,145
activities
Net cash inflow (outflow) 23 (33)
from activities
CASH AND CASH EQUIVALENTS AT 20 53
BEGINNING
CASH AND CASH EQUIVALENTS AT 43 20
END
Comments
The Company and its Subsidiaries have achieved the following milestones:
Mouldmed Healthcare Centres Ltd. signed its first international distributors
agreement with Nigeria and had two large follow up orders. Prostaflo Ltd. had
its first export to Libya. Bioscan / Moulded Medical Supplies Ltd. sold a
license to use its intellectual rights of its Wellness Centre concept to Zest
Interactive Ltd. for R3,000,000 plus royalties of 2 % on turnover. The expected
income from royalties over the next three years will approximately be
R20,000,000. The Managing Director, Mr Gerrit Theron, undertook two business
trips to the Middle East which were very promising, but due to the Iraq War the
whole marketing strategy has been delayed.
Review of Results
The lack of volume has been disappointing in light of the interest displayed in
our products, but is now slowly improving in 2004. Mr Rudi Rebstein has been
appointed as CEO of our Locum Subsidiary.
Review
The company"s auditors, PZ van der Merwe and Co have reviewed the consolidation.
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 constantly applied and which
are supported by reasonable and prudent judgement and estimates.
POST BALANCE SHEET EVENTS
The Mouldmed Group is proceeding with the Restructuring on the lines as proposed
in the announcement on "SENS" dated 2 May 2003. An update announcement will be
published in due course.
ON BEHALF OF THE BOARD
DR S BRITS
(Chairman)
G A Theron
(Managing Director)
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