| Mon 29 Nov 2004, 10:49 | | RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2004 |
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MOULDED MEDICAL SUPPLIES LIMITED - INTERIM RESULTS - 31 AUGUST 2004
MOULDED MEDICAL SUPPLIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/003771/06)
(Share code: MUM ISIN code: ZAE000058731)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2004
UNAUDITED GROUP INCOME STATEMENT
Unaudited Unaudited Audited
for the six months ended 31 August 2004 6 Months 6 Months 12 Months
R000`s Aug 04 Aug 03 Feb 04
Revenue 2,252 708 2,433
Cost of sales (1,834) (582) (1,318)
Gross profit 418 126 1,115
Operating costs (950) (754) (1,819)
Operating loss from ordinary activities (532) (628) (704)
Operating loss from extraordinary activities - - (13,898)
Capital items - - 28
Income / (loss) before investment income (532) (628) (14,574)
Investment income 1 1 11
Net Income / (loss) before tax (531) (627) (14,563)
Tax - - -
Net income / (loss) after tax (531) (627) (14,563)
Attributable to outside shareholders 4 13 7
Net profit / (loss) for the period (527) (614) (14,556)
Dividends - - -
Accum. income / (loss) for the period (527) (614) (14,556)
Accum. income /(loss) beginning of period (15,550) (994) (994)
Accum. income / (loss) at the end of period (16,077) (1,608) (15,550)
Earnings per share (0.5) (0.6) (15.1)
Headline earnings / (loss) per share (0.5) (0.6) (0.7)
Dividends per share - - -
RECONCILIATION BETWEEN EARNINGS AND HEADLINE
EARNINGS
Net Income / (loss) attributable to
shareholders (527) (614) (14,556)
Headline profit / (loss) (527) (614) (686)
Shares issued - 000`s 96,260 96,260 96,260
Headline profit / (loss) per share (cents) (0.5) (0.6) (0.7)
STATEMENT OF CHANGES IN EQUITY
Ordinary shareholders` funds - begin (1,840) 12,716 12,716
Movement in retained earnings (527) (614) (14,556)
Ordinary shareholders` funds - end (2,367) 12,102 (1,840)
INTERIM GROUP BALANCE SHEET Unaudited Unaudited Audited
at 31 August 2004 6 Months 6 Months 12 Months
R000`s Aug `04 Aug `03 Feb `04
ASSETS
Non-current assets 1 11,405 2
Fixed assets 1 7 2
Intangibles - 11,398 -
Deposits - - -
Investments and loans - - -
Current assets 1,797 3,812 1,613
Inventory 1,096 1,143 1,105
Trade and other receivables 514 2,663 498
Bank balances and cash 187 6 10
TOTAL ASSETS 1,798 15,217 1,615
EQUITY AND LIABILITIES
Capital and reserves (2,367) 12,102 (1,840)
Share capital 13,710 13,710 13,710
Reserves (16,077) (1,608) (15,550)
Minority interest (617) (619) (613)
Non-current liabilities 1,041 1,242 1,088
Long term liabilities 1,041 1,242 1,088
Current liabilities 3,741 2,492 2,980
Trade and other payables 3,447 2,170 2,672
Provision for income tax 294 322 308
TOTAL EQUITY AND LIABILITIES 1,798 15,217 1,615
Number of shares in issue - 000`s 96,260 96,260 96,260
UNAUDITED CASH FLOW STATEMENT
Net cash inflow / (outflow) from operations 224 (308) (11,548)
Net (outflow) / inflow - investing
activities - - 11,398
Net cash inflow / (outflow) - financing (47) 271 117
activities
Net cash (outflow) / inflow from activities 177 (37) (33)
CASH AND CASH EQUIVALENTS AT 10 43 43
BEGINNING
CASH AND CASH EQUIVALENTS AT 187 6 10
END
COMMENTS
The Company and its subsidiaries have made the necessary arrangements to bring
on board a credible BEE-Group and to find the necessary working capital, which
will greatly enhance the Group`s activities in future.
REVIEW OF RESULTS
The immediate results have been disappointing but management expects a positive
change in the near future. The necessary restructuring of the company and the
increase in capital were completed at the Annual General Meeting held on 22
October 2004.
RESTATEMENT OF REVENUE
After legal advice taken, the turnover of a subsidiary, Mouldmed Locum
International Exchange Ltd (`MLIE`) are adjusted upwards for the previous three
semesters. The main business of MLIE is the placement of nurses and medical
practitioners thereby earning an `agency fee`. Only this fee was previously
regarded as revenue. The directors of MLIE have therefore resolved, after
consultation with Mouldmed`s auditors, to adapt their bookkeeping system to
reflect the legal realities. This resulted in a simultaneous increase in the
revenue as well as cost of services rendered. The net income before and after
tax was not affected.
REVIEW
The company`s auditors, PZ van der Merwe and Co has reviewed the consolidation
and expressed a qualified opinion with regard to the going concern
consideration. 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 agreements with each of the following Groups: NUBIAN,
TSELANE BASADI and Route + 27 to obtain a BEE partner and acquire assets. A
detailed circular will be issued to members in due course.
ON BEHALF OF THE BOARD
DR S BRITS (Chairman)
MR GERRIT A THERON (Managing Director)
25 November 2004
Date: 29/11/2004 10:18:35 AM
Produced by the JSE SENS Department
