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DNA - Reviewed financial statements
DNA Supply Chain Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/004875/06)
Share code: DNA ISIN: ZAE000022794
(`DNA` or `the Group`)
Reviewed financial statements for the 6 months ended 30 June 2004 and
provisional financial statements for the 12 months ended 31 December 2004
Nature of business
The Group was previously engaged in the business of domestic and international
supply chain management through the provision of integrated supply chain
solutions and supply chain point solutions, but has with effect from 1 October
2003, sold its business activities, and is currently winding up its affairs.
General review of the group`s activities
Activities during the year centred around liquidating the Group`s remaining
assets and liabilities, and resolving outstanding claims, guarantees and
contracts. A number of claims which had not previously been provided against,
arose and were settled.
Accordingly, at the year-end, the Group`s net asset position consisted, in the
main, of cash in the bank and amounts owing to/by the South African Revenue
Services.
Shareholders are advised that interest has been shown by a few parties to either
use DNA as a vehicle for a reverse listing or to buy control of DNA, as an
alternative to DNA being delisted and liquidated.
Shareholders will be informed of developments in this regard.
Auditors review
The financial information reflected above has been reviewed but not audited by
the Group`s auditors, Deloitte & Touche, and their qualified review report is
available at the Group`s registered office. The report is modified due to the
non-adoption of AC 133, the uncertainty relating to the Group`s ability to
continue as a going concern, and also includes an emphasis of matter relating to
the vat receivable at 31 December 2004.
Consolidated Income Statement for the 6 months ended 30 June 2004
and for the year ended 31 December 2004
Year 6 months 18 months 12 months
ended ended ended ended
31 December 30 June 31 December 30 June
2004 2004 2003 2003
(reviewed) (reviewed) (audited) (reviewed)
R`000s R`000s R`000s R`000s
Turnover - - 2 581 669 2 210 984
Revenue - - 1 107 630 861 819
Operating loss before
foreign exchange
movements, depreciation
and amortisation (5 337) (2 595) (63 755) (63 106)
Foreign exchange losses - - (35 936) (34 084)
Depreciation - - (16 711) (14 261)
Amortisation - goodwill - - (24 648) (19 718)
- development
expenditure
and trademarks - - (2 198) (1 608)
Loss before finance charges (5 337) (2 595) (143 248) (132 777)
Net finance income/(charges) 817 601 (27 164) (19 849)
Losses from
associated companies - - (1 923) (1 833)
Profit on disposal of
businesses to
Super Group (note 1) - - 6 213 -
Discontinued operations
(note 2) - - (58 556) (72 777)
Loss before taxation (4 520) (1 994) (224 678) (227 236)
Taxation credit/(charge) 539 679 (14 169) (10 756)
Loss after taxation (3 981) (1 315) (238 847) (237 992)
Outside shareholders`
interest - - 518 (658)
Attributable loss (3 981) (1 315) (238 329) (238 650)
Headline earnings
reconciliation
Attributable loss (3 981) (1 315) (238 329) (238 650)
(Profit)/loss on disposal
of property,
plant and equipment (44) (44) (369) 6 103
Profit on disposal
of businesses
to Super Group - - (6 213) -
Discontinued operations - - 58 556 72 777
Amortisation of goodwill - - 24 648 19 718
Headline loss (4 025) (1 359) (161 707) (140 052)
Loss per share
- cents (0.64) (0.21) (37.3) (37.0)
Headline loss per share
- cents (0.64) (0.22) (25.3) (21.7)
Diluted loss per share
- cents (0.64) (0.21) (37.3) (37.0)
Diluted headline
loss per
share - cents (0.64) (0.22) (25.3) (21.7)
Weighted average
number of
shares - 000`s 625 596 625 596 638 372 644 760
Diluted number of
shares - 000`s 625 596 625 596 638 372 644 760
Notes to the Consolidated
Income Statement
1. Profit on disposal of
businesses to Super Group - - 6 213 -
Proceeds on disposal - - 212 000 -
Goodwill sold or written off - - (75 304) -
Trademarks sold - - (838) -
Development projects sold - - (5 791) -
Tangible net assets sold - - (105 470) -
Costs relating directly
to the transaction - - (18 384) -
2. Discontinued operation (58 556) (72 777)
2.1 Skonkwane - - (33 392) (26 836)
Write off of loans - - (26 836) (26 836)
Settlement of guarantees
and other costs - - (6 556) -
2.2 Disposal of
businesses other
than to Super Group - - (25 164) (45 941)
Net proceeds on disposal - - 4 131 2 377
Goodwill sold or written off - - (19 079) (22 760)
Subsidiary tangible
net assets sold - - (4 830) (4 221)
Deferred tax, non
recoverable loans
and other net assets
written off - - (5 386) (21 337)
Notes to the Financial Statements
1. These financial statements have, except for the changes that would have
been required had AC 133 been applied, been prepared in accordance with the
South African Statement of Generally Accepted Accounting Practice, applicable to
the interim Financial Reporting.
2. The accounting policies used in preparation of the financial statements
are consistent with those used in the annual financial statements for the 18
months ended 31 December 2003.
3. Vat receivable at 31 December 2004
The final vat calculation was calculated after consultation with our
external Vat specialists and the South African Revenue Services towards the end
of 2004, at which time the final Vat forms for Vat refunds were submitted.
As at the date of this report the amount owing of R1.96 million included in
accounts receivable, has not been received. The directors believe that the
amount is recoverable.
Consolidated Balance Sheet at 30 June 2004 and 31 December 2004
31 December 30 June 31 December 30 June
2004 2004 2003 2003
(reviewed) (reviewed) (audited) (reviewed)
R`000s R`000s R`000s R`000s
ASSETS
Non-current assets - - - 131 235
Property, plant
and equipment - - - 38 847
Goodwill - - - 80 467
Trademarks - - - 776
Investments and loans - - - 11 145
Current assets 11 967 14 376 29 365 474 191
Inventories - - - 12 482
Accounts receivable 2 610 9 415 10 161 244 275
Bank and cash 9 357 4 961 19 204 217 434
Total assets 11 967 14 376 29 365 605 426
EQUITY AND LIABILITIES
Capital and reserves 5 033 7 699 9 014 8 697
Share capital and
premium 152 927 152 927 152 927 152 931
Accumulated loss (147 894) (145 228) (143 913) (144 234)
Outside shareholders`
interest - - - 683
Non-current liabilities - - - 16 175
Long-term borrowings
Current liabilities 6 934 6 677 20 351 579 871
Accounts payable 3 103 2 846 8 393 257 725
Current portion of
long-term
borrowings - - - 45 396
Bank overdraft - - 279 267 935
Taxation 3 831 3 831 11 679 8 815
Total equity and
liabilities 11 967 14 376 29 365 605 426
Net asset value per
share - cents 0.8 1.2 1.4 1.4
Tangible net asset value
per share - cents 0.8 1.2 1.4 (11.6)
Number of shares
at year
end - 000`s 625 596 625 596 625 596 625 596
Statement of Changes in Equity for the year ended 31 December 2004
Non- Retained
Share capital distri- income/ Total
and butable (accumulated equity
premium reserves loss)
R`000 R`000 R`000 R`000
Balance - 30 June 2002 166 849 2 567 91 849 261 265
Attributable loss for
the eighteen months
ended 31 December 2003 - - (238 329) (238 329)
Treasury shares acquired (13 918) - - (13 918)
Cancellation of
preference shares (4) - - (4)
Transfer of foreign
currency translation
reserve to accumulated
loss - (2 567) 2 567 -
Balance - 31 December 2003 152 927 - (143 913) 9 014
Attributable loss for
the 6 months
ended 30 June 2004 - - (1 315) (1 315)
Balance - 30 June 2004 152 927 - (145 228) 7 699
Attributable loss for
the 6 months
ended 31 December 2004 - - (2 666) (2 666)
Balance - 31 December 2004 152 927 - (147 894) 5 033
Consolidated Cash Flow Statement for the 6 months ended 30 June 2004 and for
the year ended 31 December 2004
Year 6 months 18 months 12 months
ended ended ended ended
31 December 30 June 31 December 30 June
2004 2004 2003 2003
(reviewed) (reviewed) (audited) (reviewed)
R`000s R`000s R`000s R`000s
Cash flows from operating
activities (9 612) (13 964) (78 352) (23 744)
Cash flows from operations (5 381) (2 595) (99 602) (91 086)
Decrease/(increase) in
working capital 2 261 (4 801) 49 259 88 349
Net finance income/(charges) 817 601 (27 164) (19 849)
Taxation paid (7 309) (7 169) (402) (715)
Dividends paid to minority
shareholders - - (443) (443)
Cash flows from
investing activities 44 - 117 055 (44 129)
Net disposals/(additions)
to property,
plant and equipment 44 - (18 656) (17 348)
Trademarks acquired - (5) (5)
Increase in investments and
loans - Skonkwane - - (16 698) (16 698)
Net increase in
other investments
and loans - - (14 109) (12 455)
Cash flows from Super
Group transaction - - 169 281 -
Cash flows from
discontinued operations - - (2 758) 2 377
Cash flows from
financing activities - - (19 538) 17 612
Acquisition of
treasury shares - - (13 918) (13 918)
Cancellation of
preference shares - - (4) -
(Decrease)/increase
in borrowings - - (5 616) 31 530
Net (decrease)/increase
in cash
and cash equivalents (9 568) (13 964) 19 165 (50 261)
Cash and cash
equivalents at
beginning of year 18 925 18 925 (240) (240)
Cash and cash
equivalents
at end of year 9 357 4 961 18 925 (50 501)
Directors
G B Schwikkard (Chairman), M J Kaplan (Chief Executive Officer),
P M Baker, S A Conradie, H Pieterman*, (Alternate C D Stein*), R C Pople*,
I O Shongwe
*Non-executive
For and on behalf of the Board
6 May 2005
Garth Schwikkard Mark Kaplan
(Chairman) (Chief Executive Officer)
Registered Office
Stand 93
Angus Crescent
Long Meadows Business Estate
East Wing
Edenvale, 1609
Transfer Secretaries
Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street
Johannesburg, 2001
(PO Box 61051,
Marshalltown, 2107)
Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd
Deloitte Place
The Woodlands
Woodlands Drive
Woodmead, 2146
(Private Bag X6, Gallo Manor, 2052)
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