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JDH
JDH
JDH - Interim report for the six months ended 31 December 2005
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 2005
Abridged Balance Sheet at 31 December
2005
31 December 31 December 30 June 2005
2005 2004 Audited
Unaudited Unaudited
Group Group Group
ASSETS R000"s R000"s R000"s
Non-current assets 23 328 14 780 16 466
Property, plant and 4 334 2 470 3 353
equipment
Goodwill 5 207 5 886 5 607
Intangible assets - - -
Investments 6 750 - 4 500
Deferred taxation 6 922 5 610 2 282
Loans receivable 115 814 724
Investment in - - -
subsidiaries
Current assets 6 069 7 633 2 583
TOTAL ASSETS 29 397 22 413 19 049
EQUITY AND LIABILITIES
Capital and reserves 12 634 8 932 11 615
Non-current liabilities 6 879 6 763 1 501
Borrowings 928 - 48
Shareholders" loans 2 620 3 385 1 453
Deferred taxation 3 331 3 378 -
Outside shareholders 4 422 4 561 4 444
interest
Current liabilities 5 462 2 157 1 489
TOTAL EQUITY AND 29 397 22 413 19 049
LIABILITIES
Net asset value per 0.22 0.15 0.20
share (cents)
Net tangible asset value 0.13 0.05 0.10
per share (cents)
Statement of Changes in Equity for the Six Months Ended 31 December 2005
Share Share Non Accumu- Total
Capital Premium Distri- lated R000"s
R000"s R000"s butable Loss
Reserve R000"s
R000"s
GROUP
Balance as at 30 June 580 23 335 5 359 (17 659) 11 615
2005
Net profit for the - - - 1 019 1 019
period
Balance as at 31 580 23 335 5 359 (16 640) 12 634
December 2005
GROUP
Balance as at 30 June 580 23 335 5 359 (24 979) 4 295
2004
Net loss for the - - - 4 637 4 637
period
Balance as at 31 580 23 335 5 359 (20 342) 8 932
December 2004
GROUP
Balance as at 30 June 580 23 335 5 359 (24 979) 4 295
2004
Net profit for the - - - 7 320 7 320
period
Balance as at 30 June 580 23 335 5 359 (17 659) 11 615
2005
Abridged Income Statement for the Six Months Ended 31 December 2005
31 December 31 December 30 June 2005
2005 2004 Audited
Unaudited Unaudited
Group Group Group
R000"s R000"s R000"s
Turnover 6 116 2 397 6 151
Gross profit 893 455 890
Other operating income 291 1 661 8 126
Fair value adjustments 2 250 - 4 500
Expenditure (4 009) (437) (9 838)
Operating profit (575) 1 679 3 678
Net finance 3 179 (48)
cost/income
Profit before taxation (572) 1 858 3 630
Taxation 603 1 554 1 388
Profit after taxation 31 3 412 5 018
Income from associate 160 - -
Net income 191 3 412 5 018
Outside shareholders 828 1 224 1 453
interest
Net income
attributable to 1 019 4 636 6 471
shareholders
Earnings per share 0.02 0.08 0.11
(cents)
Headline earnings per 0.03 (0.01) 0.11
share (cents)
Reconciliation between
basic and headline
earnings
Basic earnings 1 019 4 636 6 471
Amortisation of 400 (3 454) 1 402
goodwill and
intangibles
Gains and losses on
fair value adjustments - - -
of investments
Profit on disposal of
property, plant and - (1 591) (1 509)
equipment
Headline earnings 1 419 (409) 6 364
Weighted average
number of shares 5 805 976 5 805 976 5 805 976
issued (`000)
Abridged Cash Flow Statement for the Six Months Ended 31 December 2005
31 December 31 December 30 June 2005
2005 2004 Audited
Unaudited Unaudited
Group Group Group
R000"s R000"s R000"s
Cash flow from 120 5 560 (5 645)
operating activities
Cash flow from (1 150) 3 334 2 188
investing activities
Cash flow from 704 (2 692) 4 917
financing activities
Net cash flow for the (323) 6 202 1 460
period
Cash and cash
equivalents at the 1 216 (244) (244)
beginning of the period
Cash and cash
equivalents at the end 893 5 958 1 216
of the period
Comments
REVIEW OF RESULTS AND FINANCIAL POSITION
The results under review for the six months ended 30 December 2005 are
acceptable given the trading conditions in which the group operates as a venture
capital investment holding company for early stage high technology companies.
Turnover increased by 255% over the comparable period. Headline earnings have
increased by 440% from a loss in the prior interim period.
Current operating profit is lower, when compared to the previous interim period
due to negative goodwill amounting to R3.4M accounted for in that period.
The board is pleased to already report income of R160 000 from the group"s
associate company, Lazaron Biotechnologies (SA) Ltd ("Lazaron") which only
commenced commercial operations on 01 September 2005 after Lazaron"s successful
initial public offer.
Currently the board expects profits for the remainder of the year to be in line
with the results of the interim period.
OPERATIONAL OVERVIEW
Group Overview
The group retains its focus on identifying and commercialising new technologies
that have both local and international applications.
Throughout the reporting period group resources have been focussed on developing
and growing the existing investments rather than on new opportunities, due to
the early stage of commercial development of both Vinguard and Lazaron.
John Daniel Containers Ltd "JDC"
No significant progress has been made regarding a possible merger with Kearney"s
Truck and Trailer cc. In light of this and particularly due to concerns
surrounding ever decreasing margins, and risks within the heavy transportation
manufacturing industry the board is investigating the sale or closure of "JDC"
in the short term.
Vinguard Ltd ("Vinguard")
Significant progress has been made by Vinguard in establishing its product as
the SO2 preservative sheet of choice for various table grape exporters in 10
countries overseas as well as large supermarkets in the UK. The board
anticipates substantially increased sales volumes during the Northern hemisphere
grape season commencing at the end of May 2006. Direct importation of raw
materials from overseas has further improved the margins for Vinguard.
Lazaron Biotechnologies (SA) Ltd ("Lazaron")
Lazaron commenced commercial human umbilical cord blood stem cell storage
services for South African parents on 01 September 2005. Income has met
expectations, which in turn have enabled Lazaron to expand faster than
originally anticipated. In addition to establishing the cord blood stem cell
laboratories, Lazaron is in the process of finalising construction of the most
advanced adult stem cell laboratory in Africa. In addition, good progress has
been made in the animal bio-cell division towards commercialising tendon
regeneration of racehorses.
Pursuant to the vision of Lazaron to represent an African centre of Excellence
in the field of stem cell research and regenerative medicine treatments, Lazaron
has also established the Lazaron Heart Clinic situated in Cape Town from where 3
cardiac surgeons practice.
PROSPECTS
JDH as a group remains committed to the principle of the new "towards twenty
ten" business strategy adopted during 2005.
Stakeholders remain advised that 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 under review.
Stakeholders are advised that the full impact of the losses in production at
Vinguard"s production facilities in the Western Cape during January and February
2006 remain unquantified at this stage. This was a direct result of the
inability of ESKOM to provide either a constant power supply or a reliable
timetable for power outages during the said period. Furthermore, concern exists
that future power outages might result in further losses to the group. At this
stage management of Vinguard remain unsure as to the reliability of future power
supply during the coming critical winter period. Consideration is being given
to an unbudgeted expenditure on a very costly power generation system as a
result of Vinguard"s high electricity demand in its production processes.
Lazaron remains unaffected by power outages as an independent power supply unit
was already installed early 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 International
Financial Reporting Standards. 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.
S TSHIKI
Chairman
Stellenbosch
31 March 2006
Directors: S Tshiki (Non-Executive Chairman), HD Minnie (CEO), NJ Ackermann
(Financial Director), T Mvusi (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 Moela (Pty) Ltd
Auditors: PKF (Newlands) Inc.
Date: 31/03/2006 11:29:12 AM Produced by the JSE SENS Department
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