| Mon 30 May 2005, 17:05 | | Moulmed - Reviewed preliminary results for the yea |
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Moulmed - Reviewed preliminary results for the year ended 28 February 2005
Moulded Medical Supplies Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/003771/06)
(Share code: MUM & ISIN code: ZAE000058731)
REVIEWED PRELIMINARY RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2005
GROUP INCOME STATEMENT Reviewed Audited
for the year ended 28 February 2005 12 Months 12 Months
R000`s Feb 05 Feb 04
Revenue 5,900 2,433
Cost of sales 3,967 1,318
Gross profit 1,933 1,115
Operating costs 1,832 (1,819)
Operating profit (loss) from ordinary activities 101 (704)
Loss from extraordinary activities - (13,898)
Capital items - 28
Income / (loss) before investment income 101 (14,574)
Investment income 1 11
Net Income / (loss) before tax 102 (14,563)
Tax - -
Net income / (loss) after tax 102 (14,563)
Attributable to outside shareholders (62) 7
Net profit / (loss) for the year 40 (14,556)
Dividends - -
Accumulated income / (loss) for the year 40 (14,556)
Accumulated income /(loss) beginning of year (15,550) (994)
Accum. income / (loss) at the end of year (15,510) (15,550)
Earnings per share 0.04 (15.1)
Headline earnings / (loss) per share 0.04 (0.7)
Dividends per share 0.0 0.0
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS
Net Income / (loss) attributable to shareholders 40 (14,556)
Loss of extraordinary activities - 13,898
Capital Items - (28)
Headline profit / (loss) 40 (686)
Shares issued - 000`s 96,260 96,260
Headline profit / (loss) per share (cents) 0.04 (0.7)
STATEMENT OF CHANGES IN EQUITY
Ordinary shareholders` funds - begin (1,840) 12,716
Movement in retained earnings 40 (14,556)
Ordinary shareholders` funds - end (1,800) (1,840)
GROUP BALANCE SHEET Reviewed Audited
at 28 February 2005 12 Months 12 Months
R000`s Feb `05 Feb `04
ASSETS
Non-current assets 4 2
Fixed assets 4 2
Intangibles - -
Deposits - -
Investments and loans - -
Current assets 2,662 1,613
Inventory 821 1,105
Trade and other receivables 1,531 498
Bank balances and cash 310 10
TOTAL ASSETS 2,666 1,615
EQUITY AND LIABILITIES
Capital and reserves (1,800) (1,840)
Share capital 13,710 13,710
Reserves (15,510) (15,550)
Minority interest (551) (613)
Non-current liabilities 920 1,088
Long term liabilities 920 1,088
Current liabilities 4,097 2,980
Trade and other payables 3,835 2,672
Provision for income tax 262 308
TOTAL EQUITY AND LIABILITIES 2,666 1,615
Number of shares in issue - 000`s 96,260 96,260
UNAUDITED CASH FLOW STATEMENT
Net cash inflow / (outflow) from operations 472 (11,548)
Net (outflow) / inflow - investing activities (4) 11,398
Net cash inflow / (outflow) - financing (168) 117
activities
Net cash (outflow) / inflow from activities 300 (33)
CASH AND CASH EQUIVALENTS AT 10 43
BEGINNING
CASH AND CASH EQUIVALENTS AT 310 10
END
COMMENTS
The company and its subsidiaries have achieved the following milestones. Rest
and Recuperation Retreats Ltd (Medical and General Tourism) has successfully
commenced with the selling of exclusive licenses. Mouldmed Group has finalized
negotiations with a suitable BEE partner - Nubian. Mouldmed Group has through
its subsidiary Rest and Recuperation Retreats Ltd finalized negotiations with
Route +27 RD (Pty) Ltd the owners of the South African Tourism Encyclopaedia who
in turn have an agreement enabling all the information on the CD to be available
on the SMS services of Vodacom, MTN and Cell C (independent auditors valuation
of the business potential is in excess of R300 million Rand). Mouldmed Group
has moved to new premises, which is able to accommodate all the activities of
the group`s expansion. The Group has a signed agreement of sale to take
transfer of this building on or before November 2005. Rest and Recuperation
Retreats Ltd has finalized negotiations with a BEE partner - Tselane Basadi (Dr
Namane Magau), which has resulted in them acquiring a 26% shareholding.
REVIEW OF PRELIMINARY FINANCIAL RESULTS
The immediate results, due to the lack of working capital are still
disappointing but Management believes in a positive change in the financial year
28/02/2006. Provided approval of the Circular is not delayed any further. Such
approval will ensure the flow of the necessary working capital to realize the
strategic plans of the company.
REVIEW
The company`s auditors, PZ van der Merwe and Co have reviewed the preliminary
financial results 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 constantly
applied and which are supported by reasonable and prudent judgement and
estimates.
POST BALANCE SHEET EVENTS
Mouldmed Group is in the process of finalizing the negotiations of the Medical
Exhibition Centre for international exhibitions and has organized two one-day
seminars for such exhibitors to attend. Mouldmed Products and Mouldmed Locum
International Exchange are ready to follow in the steps of Rest and Recuperation
Retreats Ltd by licensing the companies locally. Rest and Recuperation Retreats
Ltd are ready to launch the licensing program in the United Kingdom and Europe.
ON BEHALF OF THE BOARD
DR S BRITS (Chairman)
MR GERRIT A THERON (CEO)
30 MAY 2005
