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John Daniel Holdings Limited - Reviewed Interim Report For The 6 Months Ended
31 December 2003
John Daniel Holdings Limited
(registration number 1998/013215/06)
JSE Code JDH ISIN ZAE000044343
REVIEWED INTERIM REPORT FOR THE 6 MONTHS ENDED 31 DECEMBER 2003
Comments
Review of results and financial position.
The results under review represent the first interim report for the Group and
Company after the acquisition of the subsidiary Vinguard Ltd ("Vinguard") on
22 September last year. It is important therefore to note that the Vinguard
investment has increased the net asset value of the Company to above one cent
per share.
Losses in the Group are mainly attributable to the financing of the start-up
and research activities of Vinguard of R500 000. Non cash flow attributable
losses represent R400 000, while head office costs represent R160 000.
John Daniel Containers Ltd ("JDC"), the heavy trailer manufacturing
subsidiary, posted a loss of R480 000 after experiencing poor trading
conditions during September and October 2003. This was however turned around
at the beginning of November 2003 by a full order book and consequently
turnover was higher for this period than the previous year.
In summary, the directors wish to draw the attention of stakeholders to the
fact that, in their opinion, the net asset value of the Company being in
excess of 1 cent per share more realistically represents the current value of
the Group.
This is in line with the Board"s adopted business strategy "Vision 2005"
which maps the strategic path for the Group in unlocking shareholder value by
means of strategic diversification into high technology income generating
companies by 2005.
Prospects
Stakeholders are advised that it is anticipated that Group turnover might
increase significantly from the previous year due to the completion of
current orders on-hand in the heavy trailer manufacturing subsidiary, JDC,
and the fact that 3 months trading is left in this year.
JDC has now established its manufacturing presence in Johannesburg as a
result of the transaction entered into with Kearney"s Truck & Trailer CC as
conveyed to stakeholders on 16 February 2004.
No meaningful income will be derived from Vinguard during the current
financial year. Currently focus is directed at the design of a new
manufacturing plant and the completion of further strategic research relating
to the product. Shareholders were advised on 19 February 2004 that
negotiations relating to the possible sale of a stake in Vinguard and a
global sales and distribution agreement were in progress. These negotiations
continue and stakeholders will be advised on the outcome thereof in due
course.
In conclusion, the Board is satisfied that the subsidiaries are achieving the
milestones set in terms of Vision 2005 and is confident that the
profitability targets can be met.
Dividends
No dividends have been declared and no dividend is proposed.
Accounting policies
The results for the period have been prepared in accordance with South
African Generally Accepted Accounting Practice. The accounting policies are
consistent with those of the previous financial period. The results have
been reviewed by our auditors Fischer Hoffman Pkf(Newlands)Inc. The review
report is available for inspection at the registered office of the Company.
For and on behalf of the Board
L F Harris
Chairman
Mossel Bay
2 April 2004
Directors
L F Harris (Executive Chairman), DJ Hall (Executive Director), T Mvusi (Non-
Executive Director), S Tshiki (Non-Executive Director), S Serex (Non-
Executive Director).
Company Secretary
J Stride
Registered Office
1 Barrier Street, Mossdustria, Mossel Bay, 6500
Transfer Secretaries
Computershare Limited, 70 Marshall Street, 2001. P O Box 61051, Marshalltown,
2107
Sponsor
LPC Manhattan Sponsors (Pty) Ltd
JOHN DANIEL HOLDINGS LIMITED AND ITS SUBSIDIARIES
ABRIDGED INCOME STATEMENT FOR THE PERIOD ENDED 31 DECEMBER
2003
6 MONTHS ENDED 6 12 MONTHS ENDED
31 DECEMBER 2003 MONTHS 30 JUNE 2003
ENDED
31
MARCH
2003
UNAUDI UNAUDI UNAUDI AUDITE AUDITE
TED TED TED D D
GROUP COMPAN COMPAN GROUP COMPAN
Y Y Y
R R R R R
Turnover 6 277 200 - 10 811 -
966 000 627
Gross 1 602 200 - 3 215 -
profit 721 000 938
Other 75 401 39 925 - 97 121 -
income 926
Expenditure (3 393 (160 (348 (4 119 (1
661) 678) 000) 189) 590)
Operating (1 715 39 965 (348 (806 (1
income / 539) 248 000) 130) 590)
(loss)
Net finance (4 - - (118 (509)
costs 447) 777)
Profit / (1 719 39 965 (348 (924 (2
(loss) 986) 248 000) 907) 099)
before
taxation
Taxation 175 - - - -
284
Profit / (1 544 39 965 (348 (924 (2
(loss) 702) 248 000) 907) 099)
after
taxation
Earnings (0.027 0.694 (0.320 (0.025 -
per share ) ) )
Headline (0.020 0.001 (0.320 (0.016 -
earnings ) ) )
per share
Reconciliation between basic
earnings and headline earnings:
Basic (1 544 39 965 (348 (924 (2
earnings 702) 248 000) 907) 099)
Amortisatio 38 808 - - 36 074 -
n of
intangible
assets
Amortisatio 374 - - 748 -
n of 022 044
goodwill
Gain on - (39 - - -
fair value 925
adjustment 926)
of
investments
Headline (1 131 (678) (348 (140 (2
earnings 872) 000) 789) 099)
Weighted 5 756 5 756 108 5 701 5 701
average 867 867 912 975 975
number of 209 209 500 905 905
shares
issued
JOHN DANIEL HOLDINGS LIMITED AND ITS SUBSIDIARIES
ABRIDGED BALANCE SHEET AT 31 DECEMBER 2003
6 MONTHS ENDED 6 12 MONTHS ENDED 30
31 DECEMBER 2003 MONTHS JUNE 2003
ENDED
31
MARCH
2003
UNAUDI UNAUDI UNAUDI AUDITE AUDITED
TED TED TED D
GROUP COMPAN COMPAN GROUP COMPANY
Y Y
R R R R R
ASSETS
Non- 19 682 - - 18 750 -
current 293 060
assets
Property 4 175 - - 3 320 -
, plant 387 608
and
equipmen
t
Intangib 1 462 - - 1 196 -
le 813 621
assets
Goodwill 13 838 - - 14 212 -
809 831
Investme 20 000 - - 20 000 -
nts
Deferred 175 - - - -
tax 284
Loans 10 000 - - - -
receivab
le
Investme - 59 771 - - 18 806
nt in 061 213
subsidia
ries
Current 5 377 400 - 3 280 -
assets 510 460
TOTAL 25 059 59 771 - 22 030 18 806
ASSETS 803 461 520 213
EQUITY
AND
LIABILIT
IES
Capital 16 254 58 686 (1 311 16 798 17 721
and 164 922 000) 866 674
reserves
Opening 16 798 17 721 (1 213 (1 352 (1 352
balance 866 674 000) 440) 440)
Shares 1 000 1 000 250 20 204 20 204
issued 000 000 000 091 091
Capitali - - - - -
sation
issue
Listing - - - (1 127 (1 127
expenses 878) 878)
written
off
Net (1 544 39 965 (348 (924 (2 099)
profit/( 702) 248 000) 907)
loss)
for the
period
Non- 4 974 1 080 1 120 1 817 1 080 164
current 545 164 000 703
liabilit
ies
Interest- 878 - - 737 -
bearing 153 539
debt
Sharehol 4 096 1 080 1 120 1 080 1 080 164
ders" 392 164 000 164
loans
Current 3 831 4 375 191 3 413 4 375
liabilit 094 000 951
ies
TOTAL 25 059 59 771 - 22 030 18 806
EQUITY 803 461 520 213
AND
LIABILIT
IES
Net 0.28 1.01 - 0.29 0.31
asset
value
(cents)
Tangible 0.02 1.01 - 0.02 0.31
net
asset
value
(cents)
JOHN DANIEL HOLDINGS LIMITED AND ITS SUBSIDIARIES
ABRIDGED CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 DECEMBER
2003
6 MONTHS ENDED 6 12 MONTHS ENDED 30
31 DECEMBER 2003 MONTHS JUNE 2003
ENDED
31
MARCH
2003
UNAUDI UNAUDI UNAUDI AUDITE AUDITED
TED TED TED D
GROUP COMPAN COMPAN GROUP COMPANY
Y Y
R R R R R
Cash (446 38 922 (312 62 702 (291 068)
flows 272) 000)
from
operatin
g
activiti
es
Cash (187 - 250 1 365 -
flows 486) 000 587
from
investin
g
activiti
es
Cash 3 061 (38 62 000 (1 063 290 164
flows 500 922) 263)
from
financin
g
activiti
es
Net cash 2 427 - 365 (904)
inflow 742 026
for the
period
Cash and 363 - - (1 (1 195)
cash 831 195)
equivale
nts at
the
beginnin
g of the
period
Cash and 2 791 - - 363 (2 099)
cash 573 831
equivale
nts at
the end
of the
period
Date: 01/04/2004 05:54:17 PM Produced by the JSE SENS Department
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