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Moulded Medical Supplies Limited - Unaudited Interim Results For The Six Months
Release Date: 28/11/2003 17:48:00 Code(s): MUM
Moulded Medical Supplies Limited - Unaudited Interim Results For The Six Months
Ended 31 August 2003
MOULDED MEDICAL SUPPLIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/003771/06)
(Share code: MUM ISIN code: ZAE0000013751)
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2003
GROUP INCOME STATEMENT
Unaudited Unaudited Audited
for the six months
ended 31 August 2003 6 Months 6 Months 12 Months
R000"s Aug 03 Aug 02 Feb 03
Revenue 298 316 839
Cost of sales (172) (219) (227)
Gross profit 126 97 612
Operating costs (754) (1,166) (2,006)
Operating loss before
capital items (628) (1,069) (1,394)
Capital items - 3,000 3,000
Income / (loss) before
investment income (628) 1,931 1,606
Investment income 1 2 8
Net Income / (loss) before tax (627) 1,933 1,614
Tax - 13 -
Net income / (loss) after tax (627) 1,946 1,614
Attributable to outside
shareholders 13 149 19
Net profit / (loss) for
the period (614) 1,797 1,633
Dividends - - -
Accumulated income / (loss) for
the period (614) 1,797 1,633
Accumulated income /(loss)
beginning of period (994) (2,627) (2,627)
Accum. income / (loss) at the
end of period (1,608) (830) (994)
Earnings per share (0.6) 1.9 1.7
Headline earnings / (loss)
per share (0.6) 1.9 1.7
Dividends per share 0.0 0.0 0.0
RECONCILIATION BETWEEN
EARNINGS AND HEADLINE EARNINGS
Net Income / (loss) attributable
to shareholders (614) 1,797 1,633
Headline profit / (loss) (614) 1,797 1,633
Shares issued - 000"s 96,260 96,260 96,260
Headline profit / (loss)
per share (cents) (0.6) 1.9 1.7
STATEMENT OF CHANGES IN EQUITY
Ordinary shareholders"
funds - begin 12,716 11,083 11,083
Movement in retained earnings (614) 1,797 1,633
Ordinary shareholders" funds - end 12,102 12,880 12,716
INTERIM GROUP BALANCE SHEET
Unaudited Unaudited Audited
at 31 August 2003 6 Months 6 Months 12 Months
R000"s Aug "03 Aug "02 Feb "03
ASSETS
Non-current assets 11,405 11,588 11,420
Fixed assets 7 179 22
Intangibles 11,398 11,400 11,398
Deposits - 8 -
Investments and loans - 1 -
Current assets 3,812 4,269 4,084
Inventory 1,143 1,083 1,159
Trade and other receivables 2,663 3,176 2,882
Bank balances and cash 6 10 43
TOTAL ASSETS 15,217 15,857 15,504
EQUITY AND LIABILITIES
Capital and reserves 12,102 12,880 12,716
Share capital 13,710 13,710 13,710
Reserves (1,608) (830) (994)
Minority interest (619) (526) (606)
Non-current liabilities 1,242 1,332 971
Long term liabilities 1,242 1,332 971
Current liabilities 2,492 2,171 2,423
Trade and other payables 2,170 1,826 2,076
Provision for income tax 322 345 347
TOTAL EQUITY AND LIABILITIES 15,217 15,857 15,504
Number of shares in issue - 000"s 96,260 96,260 96,260
UNAUDITED CASH FLOW STATEMENT
Net cash inflow / (outflow) from
operations (308) (62) 2,442
Net (outflow) / inflow - investing
activities - (9) -
Net cash inflow / (outflow)
- financing 271 61 2,465
activities
Net cash (outflow) / inflow
from activities (37) (10) (23)
CASH AND CASH EQUIVALENTS AT 43 20 20
BEGINNING
CASH AND CASH EQUIVALENTS AT 6 10 43
END
COMMENTS
The Company and its subsidiaries have achieved the following milestones.
Mouldmed Locum International Exchange Ltd. is expanding into Home Care Placement
of sisters and nurses. Rest and Recuperation Retreats Ltd. is busy with a
viable Licensing program for the opening of 50 Tourism Centres focussing on
MediTourism and General Tourism in combination with a step down facility in each
region. This program is supported by a well-designed website 4TravelToAfrica.
Zest Interactive Ltd"s activities have been delayed due to a restructuring.
REVIEW OF RESULTS
The immediate results has been disappointing but management believes in a
drastic positive change in the near future. Mr David Louw has been appointed as
CEO of our Tourism subsidiary.
REVIEW
The company"s auditors, PZ van der Merwe and Co have reviewed the consolida-tion
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 constantly applied and which
are supported by reasonable and prudent judgement and estimates.
POST BALANCE SHEET EVENTS
Mouldmed Group has signed an Agency contract with BERCUT Ltd. of Russia for the
Africa continent as well as an International Agreement with Africa Global
Partners, LLC in Washington DC to support Mouldmed with Marketing, Trade and
Project Financing. An update announcement will be made in due course.
ON BEHALF OF THE BOARD
DR S BRITS (Chairman)
MR GERRIT A THERON (Managing Director)
27 November 2003
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