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John Daniel Holdings Limited - Interim Report For The Six Months Ended 31
December 2004
JOHN DANIEL HOLDINGS LIMITED
Incorporated in the Republic of South Africa - Registration number:
1998/013215/06
JSE Code: JDH - ISIN: ZAE000044343 - (`the Company` or `JDH` or `the Group`)
Interim Report
For the six months ended 31 December 2004
Abridged Balance Sheet at 31
December 2004
31 December 2004 31 December 2003 30 June 2004
Unaudited Unaudited Audited
Group Company Group Company Group Company
ASSETS R000`s R000`s R000`s R000`s R000`s R000`s
Non-current 14 780 2 617 19 682 11 151 -
assets
Property, plant 2 470 - 4 175 - 4 212 -
and equipment
Goodwill 5 886 - 1 463 - 6 261 -
Intangible - - 13 839 - - -
assets
Investments - - 20 - - -
Deferred 5 610 2 617 175 - 678 -
taxation
Loans receivable 814 - 10 - - -
Investment in - 34 700 - 59 771 - 43 150
subsidiaries
Current assets 7 633 - 5 378 - 3 738 -
TOTAL ASSETS 22 413 37 317 25 060 59 771 14 889 43 150
EQUITY AND
LIABILITIES
Capital and 8 932 32 732 16 254 58 687 4 295 38 840
reserves
Non-current 6 763 4 580 4 975 1 080 3 029 4 305
liabilities
Interest-bearing - - 878 - 599 -
borrowings
Shareholders` 3 385 1 355 4 097 1 080 2 430 1 080
loans
Deferred 3 378 3 225 - - - 3 225
taxation
Outside 4 561 - - - (460) -
shareholders
interest
Current 2 157 5 3 831 4 8 025 5
liabilities
TOTAL EQUITY AND 22 413 37 317 25 060 59 771 14 889 43 150
LIABILITIES
Net asset value 0.15 0.56 0.28 1.01 0.07 0.67
per share
(cents)
Net tangible 0.05 0.56 0.02 1.01 (0.10) 0.67
asset value per
share (cents)
Statement of Changes in Equity for the Six Months Ended 31 December 2004
Share Share Non Accumulat Total
Capital Premium Distribut ed Loss R000`s
R000`s R000`s able R000`s
Reserve
R000`s
GROUP
Balance as at 30 June 580 23 335 5 359 (24 979) 4 295
2004
Net profit for the - - - 4 637 4 637
period
Balance as at 31 580 23 335 5 359 (20 342) 8 932
December 2004
COMPANY
Balance as at 30 June 580 23 335 5 359 9 566 38 840
2004
Net loss for the period - - - (6 108) (6 108)
Balance as at 31 580 23 335 5 359 3 458 32 732
December 2004
GROUP
Balance as at 30 June 570 22 345 5 359 (11 475) 16 799
2003
Issue of shares 10 990 - - 1 000
Net loss for the period - - - (1 545) (1 545)
Balance as at 31 580 23 335 5 359 (13 020) 16 254
December 2003
COMPANY
Balance as at 30 June 570 22 345 5 359 (10 552) 17 722
2003
Issue of shares 10 990 - - 1 000
Net profit for the - - - 39 956 39 956
period
Balance as at 31 580 23 335 5 359 29 404 58 687
December 2003
GROUP
Balance as at 30 June 570 22 345 5 359 (11 475) 16 799
2003
Issue of shares 10 990 - - 1 000
Net profit for the - - - (13 504) (13 504)
period
Balance as at 31 580 23 335 5 359 (24 979) 4 295
December 2003
COMPANY
Balance as at 30 June 570 22 345 5 359 (10 552) 17 722
2003
Issue of shares 10 990 - - 1 000
Net profit for the - - - 20 118 20 118
period
Balance as at 31 580 23 335 5 359 9 566 38 840
December 2003
Abridged Income Statement for the Six Months Ended 31 December 2004
31 December 2004 31 December 2003 30 June 2004
Unaudited Unaudited Audited
Group Company Group Company Group Company
R000`s R000`s R000`s R000`s R000`s R000`s
Turnover 2 397 - 6 278 200 13 621 1 210
Gross 455 - 1 603 200 1 490 1 210
profit
Other 1 661 - 75 39 926 59 22 946
operating
income
Fair - (8 450)
value
adjustmen
ts
Expenditu (437) (275) (3 394) (161) (15 894) (812)
re
Operating 1 679 (8 725) (1 716) 39 965 (14 345) 23 344
profit
Net 179 - (4) - (298) -
finance
cost
Profit 1 858 (8 725) (1 720) 39 965 (14 643) 23 344
before
taxation
Taxation 1 554 2 617 175 - 678 (3 225)
Profit 3 412 (6 108) (1 545) 39 965 (13 965) 20 119
after
taxation
Loss from - - - - - -
associate
Net 3 412 (6 108) (1 545) 39 965 (13 965) 20 119
income
Outside 1 224 - - - 461 -
sharehold
ers
interest
Net 4 636 (6 108) (1 545) 39 965 (13 504) 20 119
income
attributa
ble to
sharehold
ers
Earnings 0.08 (0.11) (0.03) 0.69 (0.23) (0.35)
per share
(cents)
Headline (0.01) 0.04 (0.02) - (0.08) (0.22)
earnings
per share
(cents)
Reconcili
ation
between
basic and
headline
earnings
Basic 4 636 (6 108) (1 545) 39 965 (13 503) 20 119
earnings
Amortisat (3 454) - 413 - 9 149 -
ion of
goodwill
and
intangibl
es
Gains and
losses on - 8 450 - (39 966) 20 (33 150)
fair
value
adjustmen
ts of
investmen
ts
Profit on
disposal (1 591) - - - (10) -
of
property,
plant and
equipment
Headline (409) 2 342 (1 132) (1) (4 344) (13 031)
earnings
Weighted
average 5 800 000 5 800 000 5 756 867 5 756 867 5 783 059 5 783 059
number of
shares
issued
(`000)
Abridged Cash Flow Statement for the Six Months Ended 31 December 2004
31 December 2004 31 December 30 June 2004
Unaudited 2003 Unaudited Audited
Group Company Group Company Group Company
R000`s R000`s R000`s R000`s R000`s R000`s
Cash flow from 5 560 (275) (446) 39 (4 398
operating activities 758)
Cash flow from 3 334 - (187) - (1 -
investing activities 327)
Cash flow from (2 692) 275 3 061 (39) 5 478 (398)
financing activities
Net cash flow for 6 202 - 2 428 - (607) -
the period
Cash and cash
equivalents at the (244) (2) 364 (2) 364 (2)
beginning of the
period
Cash and cash
equivalents at the 5 958 (2) 2 792 (2) (243) (2)
end of the period
Comments
REVIEW OF RESULTS AND FINANCIAL POSITION
The results under review represent the first tangible results after the
implementation of the business `Vision 2005` adopted at the end of 2003.
As a result of a new focus and drive within the group many new milestones have
been achieved, albeit with some major challenges along the way.
The relocation of the heavy trailer manufacturing company John Daniel Containers
Ltd to Johannesburg was the correct decision and although turnover towards the
end of last year was a point concern this has changed during the first quarter
of this year through buoyant sales.
Vinguard, despite facing a legal challenge to its intellectual property during
its IPO managed to raise the minimum amount in terms of its prospectus. As
expected the legal challenge was settled soon after the closing date of the
prospectus. Unfortunately the damage to investor confidence had already
occurred. Significant to both Vinguard and JDH as a group was the decision of
Mondi Ltd to not only convert its R3M loan to equity, but more importantly, the
further decision by Mondi to invest a further R4M in Vinguard, this has fully
capitalised Vinguard.
The investment in Lazaron Biotechnologies (SA) Ltd remains a very strategic
investment for the group, and JDH remains contractually bound to providing
Lazaron with management and infrastructure. Into the future this will lessen
the overhead expenditure of the group once Lazaron starts generating income
towards the third quarter of this year.
The results under review show a profit before taxation of R1.85M for this
interim period as apposed to a loss in the corresponding prior period of R1.72M.
The net profit for the group for the period under review is R4.6M as apposed to
a loss of R1.5M for the same period last year.
OPERATIONAL OVERVIEW
Group Overview
The `Vision 2005` business strategy runs to an end at the financial year end at
30 June 2005. The one major outstanding milestone for the group remains the
attainment of its goal of achieving at least a 25% black ownership level. JDH
is well diversified as an investment holding company, holding investments in
highly specialised heavy trailer manufacturing, specialised packaging and
advanced biotechnologies.
All of these investments have highly skilled management and very strategic
partners. The board remains of the opinion that these investments will realise
good returns for investors into the future.
John Daniel Containers Ltd
JDC was successful in renewing its exclusive licence agreement with Briab
Killafors of Sweden for a further five years. The manufacturing agreement with
Kearney`s comes to an end during the second quarter of this year. No decision
regarding either renewal of this arrangement or a possible merger have been
reached yet and stakeholders will be kept informed.
Vinguard Ltd
The new manufacturing facility of Vinguard has been established and should go
into production during April 2005. Vinguard has been fortunate to appoint, as
Marketing Executive, one of the world`s foremost sales specialists of SO2
sheets, Mr Cristian Gomez from Santiago, Chile who has relocated to
Stellenbosch, South Africa. Mr Gomez has a global business network, and the
company looks forward to entering the global SO2 sheet market under his
guidance. Vinguard has further entered into various international agreements,
the details of which remain commercially sensitive.
Lazaron Biotechnologies (SA) Ltd
JDH currently retains a 25% stake in this biotechnology company focussing at the
commercialisation of stem cell technologies. Recently the company appointed six
additional non-executive directors four of whom are internationally recognised
researchers and/or medical practitioners. The Scientific Advisory Board has
been expanded and one of the world`s foremost scientists serves as scientific
advisor to the company. Lazaron is currently in process of preparing an IPO,
however the company is also reviewing the possibility of a reverse listing on
the Alternative Investment Market of the London Stock Exchange. Lazaron is in
process of establishing South Africa`s first cryogenic cord blood stem cell
storage facility, and the animal bio cell division is currently engaged in the
last part of research towards providing a stem cell based treatment for tendon
regeneration in race horses, for the global race horse industry. In addition
Lazaron recently acquired one of the most advanced cell sorter machines in the
world, at a cost of R2.4M which substantially strengthens the research abilities
of this company
PROSPECTS
JDH as a group remains committed to the fundamental principles of its `Vision
2005` business strategy. This is to focus on generating profits through
diversified investments in high technology companies. JDH might choose to
realise certain underlying assets or part thereof in favour of increasing its
cash flow. The increased cash flow will be utilised to invest in other
opportunities, which are currently under review.
The Board aims to conclude at least one more investment during this year.
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 not been reviewed
by our auditors.
For and behalf of the Board.
LF HARRIS
Chairman
Stellenbosch
30 March 2005
Directors: LF Harris (Executive Chairman), HD Minnie (CEO), NJ Ackermann
(Financial Director), DJ Hall (Executive Director), T Mvusi (Non-Executive
Director), S Tshiki (Non-Executive Director), S Serex (Non-Executive Director)
Company Secretary: Capital Commitments Limited
Registered Office: Infruitec Northern Terrain, Lelie Street, Stellenbosch 7600,
PO Box 1243, Stellenbosch, 7599.
Transfer Secretaries: Computershare Limited, 70 Marshalltown 2001. PO Box
61051, Marshalltown, 2107.
Sponsor: LPC Manhattan Sponsors
Auditors: PKF (Newlands) Inc.
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