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Sekunjalo - Unaudited Interim Results For The Period Ended 28 February 2005
SEKUNJALO INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1996/006093/06
Share Code: SKJ ISIN: ZAE000017893
(`Sekunjalo`)
SEKUNJALO UNAUDITED INTERIM RESULTS FOR THE PERIOD ENDED 28 FEBRUARY 2005
GROUP BALANCE SHEET
Unaudited Unaudited Audited
6 months 6 months
to 28 February to 29 to 31 August
2005 February 2004
R`000 2004 R`000
ASSETS R`000
Non current assets 137,372 131,362
Property, plant & equipment 63,385 119,625 61,269
Goodwill & intangible assets 56,418
Pharmaceutical dossiers 18,339 11,732
Biological assets 26,350 12,291 27,200
Investments(incl. 6,485 28,050 6,485
associate co`s) 5,371
Loans receivable 10,700 8,271
Deferred taxation 9,900 13,109 16,405
Current Assets 2,213 4,386 -
Inventories 167,352 - 169,326
Trade & other receivables 59,987 137,771 52,050
Bank & cash on hand 82,939 57,333 95,813
24,426 60,222 21,463
TOTAL ASSETS 20,216
304,724 300,688
EQUITY & LIABILITIES 257,395
Capital & Reserves
Issued capital 98,197 107,317
Non distributable reserves 213,943 110,532 214,664
Accumulated loss 3,829 214,212 39
(119,576) 39 (107,386)
Non Current Liabilities (103,719)
Interest bearing borrowings
Non interest bearing 61,533 67,306
borrowings 71,310
Deferred taxation 465 2,505
Minority shareholders - 465 5,233
Interest 2,231
Current Liabilities 6,748 (2,249)
Trade & other payables 137,782 (1,555) 120,507
Bank Overdraft 87,843 74,412 83,038
Receiver of Revenue 45,504 51,242 33,827
4,435 21,711 3,642
TOTAL EQUITY & LIABILITIES 1,459
304,724 300,688
257,395
GROUP INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months
to 28 February To 29 to 31 August
2005 February 2004
R`000 2004 R`000
R`000
REVENUE 161,278 311,690
Operating (loss)/income (16,883) 129,514 23,175
Finance cost (5,346) 9,217 (13,131)
Profit/(loss) before tax (22,228) (4,149) 10,044
Taxation gain/(expense) 6,644 5,068 (4,042)
(Loss)/income after tax (15,584) (215) 6,002
Income from associates - 4,853 63
(Loss)/income (15,584) - 6,065
Minority shareholders 4,853
interest 3,325 (2,164)
Net (loss)/income for 2,646
the period (12,259) 3,901
7,499
DETERMINATION OF HEADLINE
EARNINGS
Net (loss)/income for
the period (12,259) 3,901
Amortisation of goodwill 199 7,499 529
Amortisation of dossiers 276 95 -
Amortisation & impairment 276
of patents & trademarks 170 -
Profit on disposal of 139
property, plant & equipment - (439)
Software development costs -
written-off - -
Loss on write-off of 76
investments - 124
Unrealised profit on loan -
acquired - -
Headline (loss)/earnings (11,614) (6,299) 4,115
1,786
Number of shares in issue 234,143,393 154,554,000
Headline (loss)/earnings 234,143,393
per share (cents) (5.92) 2.66
(Loss)/earnings per share 1.50
(cents) (6.25) 2.52
Diluted (loss)/earnings 6.30
per share (cents) (6.22) 2.52
6.24
NOTE:
1. The calculation of EPS is based on a (loss)/profit of -R12,259,062
(2004:R7,499,000) and a weighted number of 196,118,980 (2004: 119 058 478)
ordinary shares in issue throughout the year.
2. The calculation of headline earnings per share is based on a headline
(loss)/profit of -R11,613,717 (2004:R1,786,000) and a weighted number of
196,118,980 (2004: 119 058 478) ordinary shares in issue throughout the year.
3. The calculation of diluted earnings per share is based on a (loss)/profit of
-R12,259,062 (2004:R7,499,000) and a diluted number of 197,201,583 (2004:120 141
081) ordinary shares in issue, assuming all the share options in existence at
balance sheet date were issued.
GROUP STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 28 FEBRUARY 2005
Capital
Non- redemp-
distrib- tion Accumu-
Share Share utable Hedging reserve lated Total
capita premium reserves Fund fund loss
l R`000 R`000 R`000 R`000 R`000 R`000
Balance at R`000
31 August
2003 126,283 39 - 7,975 (111,218) 24,633
Net profit 1,554
from
ordinary - 3,901
activities - - - - 3,901
Issue of
share - -
capital 3 - - - 3
Premium on
issue of
share 79,997 -
capital - - - - 79,997
Share issue
expenses (2,884) -
written off - - - - (2,884)
Revaluation
of forward
exchange - -
contracts - - 1,736 - 1,736
Balance at
31 August 203,396 (107,317)
2004 1,557 39 1,736 7,975 107,386
Net profit
from - (12,259)
ordinary -
activities - - - (12,259)
Premium on
issue of 1,015 -
share -
capital - - - - - 1,015
Increase in -
NDR 3,791 - - 3,791
Revaluation
of forward - -
exchange -
contracts - (1,736) - (1,736)
Balance at 204,411 (119,576)
28 February 1,557
2005 3,830 - 7,975 98,197
ABRIDGED CASH FLOW STATEMENT FOR THE PERIOD ENDED 28 FEBRUARY 2005
Unaudited Unaudited Audited
6 months 6 months to 31 August
to 28 February to 29 2004 R`000
2005 February 2004
R`000 R`000 (12,581)
Cash flows from operating
activities (18,040) (23,879) (4,706)
Cash utilised by investing
activities (1,588) 757 (4,469)
Cash flows from financing
activities 10,913 12,235 (21,756)
Net decrease in cash and
cash equivalents (8,714) (10,887) 9,392
Cash and cash equivalents at
beginning of period (12,364) 9,392 (12,364)
Cash and cash equivalents at
end of period (21,078) (1,495)
OVERVIEW
The interim results have been prepared on the historical cost basis in
accordance with South African Statements of Generally Accepted Accounting
Practice. Accounting policies, which have been applied, are consistent in all
material respects with those applied in the previous year.
COMMENTARY
Sekunjalo Investments Limited results for the first six months of the financial
year has produced a lower than expected performance.
Profits have been affected by the continued strengthening of the rand,
restructuring costs and the pelagic season starting four months later than usual
with continued fixed costs.
As in the past, although higher than originally anticipated, the interim results
were impacted upon by the inherent cyclical nature associated with both the
healthcare and the fishing industries, resulting in an operating loss.
Notwithstanding the above, the past six months results do not necessarily
indicate the expected full year earnings. Sekunjalo expects earnings for the
year ending 31 August 2005 to be improved compared to that of the prior
comparative period.
This expected improved performance for the 2005 financial year will be as a
result of the income of the newly acquired business, as well as the upside of
the fishing and healthcare industries coming into effect in the latter six
months of the financial year.
REVIEW OF INVESTMENTS
PREMIER FISHING SA (PTY) LTD
Premier continues its strong presence in the market with significant
contributions to turnover up by 25% from the previous comparative period.
Premier is poised to produce in the second half of the financial year expecting
to land it`s full quotas despite price discounting in the market place and the
late start to the season.
Long Term Rights will be issued for 10 years and Premier is well suited to
receive its full allocations.
SEKUNJALO HEALTH CARE
Sekunjalo Health Care consisting of independent autonomous business units,
Rapimed, Sekpharma, New Promex Corporation and Health System Technologies.
Sekunjalo Health Care is currently reviewing a number of potential investments
that could add value to its underlying subsidiaries.
SEKPHARMA (PTY) LTD
Sekpharma continues to market branded generic products such as Betnovate,
Dermovate, asthma medication such as Becotide, Becloforte and Volmax, as well as
anti-microbial such as Fortum. The company has entered into a number of joint
ventures with multinationals and is seeking to add to its product portfolio
through acquisitions in the next 18 to 24 months.
RAPIMED
Rapimed continues to focus on the public sector to supply Rapid Urine
Diagnostics to the government. Implementing various strategies, including the
launching of HIV and Pregnancy tests so as to decrease reliance on existing
products, creation of operational synergy/integration of Sekunjalo groups
resources and actively pursuing ISO 2001 certification for exporting purposes,
it is well underway to deliver going forward into the future in the local and
international markets.
NEW PROMEX CORPORATION
New Promex Corporation (NPC), although it continues to be a market leader in
branded hypodermic needles and syringes it has struggled to cope with the
adverse impact of the strengthening of the Rand making it difficult to compete
with exports into the African countries. Albeit significantly cheaper imports
from China and India having put pressure on revenues and margins, NPC is a
dominant supplier to government.
HEALTH SYSTEM TECHNOLOGIES (HST)
HST successfully completing the provision of hospital information systems to the
tertiary hospitals such as Groote Schuur Hospital, Tygerberg and Red Cross
Children`s Hospital has contributed significantly to the underlying value of the
company as a major role player in the health care industry. Continued successful
rollouts will ensure a relatively easy transition for private application.
SYNERGY COMPUTING (PTY) LIMITED (Synergy)
Synergy, a Software solutions company in the Business Intelligence (`BI`)
solutions and Corporate Performance Management environment provides fast and
easy access to critical corporate data to an existing customer base of 350
active `Blue Chip` corporate and government clients. With offices in
Johannesburg, Cape Town and Durban, Synergy serves the needs of customers across
Africa and into select European countries.
Synergy`s BI solutions are considered a critical element in Sekunjalo`s
strategic focus on providing products and services that are affordable, socially
relevant and aligned with the strategic thrust of government policy. Sekunjalo
is in a unique position to participate as a partner in the government`s proposed
state health insurance fund.
BONLIFE
Bonlife is a life assurance company providing products predominately to the HDI
community. Bonlife teaming up with Synergy will enable the provision of non-
exploitative product solutions like affordable health funding and financial
service solutions to the poor and emerging black middle class.
PROSPECTS
Sekunjalo`s strengthened balance sheet and transformative empowerment business
model has now entered its growth and acquisitions phase.
This is indicative of the 82% shareholding of Synergy Computing (Pty) Ltd
(Synergy), 70% shareholding in Benmed and 70% shareholding in Bonlife and the
24% shareholding in XN Corporation Africa (Proprietary) Limited (`XN SA`),
whilst still readying itself for additional acquisitions in the near future.
Its sustainable, broad based and genuine empowerment approach to its businesses
will ensure that it is well positioned for the long-term allocation of fishing
rights as well as public/private partnerships in the health care sector.
By order of the Board
Dr WA Mgoqi Dr MI Surve
Chairman Chief Executive
Cape Town,
27 May 2005
Directors
Dr WA Mgoqi (Chairman), Dr MI Surve* (Chief Executive Officer),
Dr G Mayende, *MH Ally, *M Nkosi, D Case, Z Kota, MJ Ramatlhodi
*Executive Directors
MG January (Company Secretary)
Registered Address: Transfer Secretaries:
Suite 5, 2nd Floor, North Wing Ultra Registrars (Pty) Ltd
Great Westerford, 240 Main Road 11 Diagonal Street,
Rondebosch, 7700 Johannesburg, 2001
Sponsor: Nedbank Capital
Date: 31/05/2005 04:00:22 PM
Produced by the JSE SENS Department
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