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JDH - John Daniel Holdings Limited - Abridged Interim Financial Statements for the Period ended 31 December 2009 JOHN DANIEL HOLDINGS LIMITED Incorporated in the Republic of South Africa - Registration number: 1998/013215/06 JSE Code: JDH - ISIN: 000136677 - ("the Company" or "JDH" or "the Group") Abridged Interim Financial Statements for the Period ended 31 December 2009 Abridged Consolidated Statement of Financial 31 Dec 31 Dec 30 June Position As At 31 December 2009 2009 2008 2009 Unaudited Unaudited Audited Group Group Group R`000 R`000 R`000
ASSETS Non-current assets Property, plant and equipment 4130 6210 4208 Intangible assets 1790 1044 1790 Investments - - - Deferred tax 2062 2806 2179 Loan receivable - - - Total non-current assets 7982 10060 8177 Total current assets 4801 9000 7845 TOTAL ASSETS 12783 19060 16022 EQUITY AND LIABILITIES Capital and reserves (5046) 632 (1920) Minority interest - 1622 491 Total Equity (5046) 2254 (1431) Non-current liabilities Interest bearing borrowings 249 - 263 Deferred tax - - 23 Total non-current liabilities 249 - 286 Total current liabilities and shareholders 17580 16806 17165 loans TOTAL EQUITY AND LIABILITIES 12783 19060 16022 Net asset value (5046) 632 (1920) Net tangible asset value (6836) (412) (3710) Net asset value per share (cents) (8.617) 0.011 (0.024) Net tangible asset value per share (cents) (11.674) (0.007) (0.055) Abridged Interim Financial Statements For the Period ended 31 December 2009 Abridged Consolidated Statement Of 31 Dec 31 Dec 30 June Comprehensive Income For The Period Ended 31 2009 2008 2009 December 2009 Unaudited Unaudited Audited Group Group Group R`000 R`000 R`000 REVENUE 3686 4283 6931 COST OF SALES (2951) (1917) (5535) GROSS PROFIT 735 2366 1396 Other income - 124 1403 Selling, distribution and administration (3625) (4816) (6859) expenses PROFIT/(LOSS) before net finance costs and tax (2890) (2325) (4060) Net finance costs (633) - (1297) Taxation income (94) 651 - (LOSS) FOR THE YEAR (3617) (1674) (5357) Attributable to minorities (491) (616) (1747) Attributable to shareholders (3126) (1058) (3610) Basic and headline earnings/(loss) Basic earnings / (loss) (3126) (1058) (3610) Headline earnings / (loss) (3126) (1058) (4653) Basic earnings / (loss) per share (cents) (5.338) (0.018) (0.062) attributable to equity holders of the parent Headline earnings per share (cents) (5.338) (0.018) (0.079) attributable to equity holders of the parent Weighted average number of shares `000 58520 5851976 5851976 Number of shares in issue `000 58520 5851976 5851976 Reconciliation between basic earnings / (loss) and headline earnings IAS 33 Basic earnings / (loss) (3126) (1058) (3610) IAS 16 Profit on disposal of property, plant - - (1043) and equipment Headline earnings (3126) (1058) (4653)
Abridged Interim Financial Statements For the Period ended 31 December 2009 Abridged Segmental Information for the period ended 31 December 2009
31 Dec 2009 Unaudited R`000 R`000 R`000 R`000 Group Primary segments Biotechnology Packaging Elimination Consolidated
Revenues 1072 2614 - 3686 Unallocated corporate - revenue Total external Revenue 3686 Segmental results (195) (1588) - (1783) Unallocated group (1834) profit Total result (3617) 31 Dec 2008 Unaudited R`000 R`000 R`000 R`000 Group Primary segments Biotechnology Packaging Elimination Consolidated Revenues 1861 2422 - 4283 Unallocated corporate - revenue Total external Revenue 4283 Segmental results (368) (1276) - (1644) Unallocated group 586 profit Total result (1085)
30 June 2009 Audited R`000 R`000 R`000 R`000 Group Primary segments Biotechnology Packaging Elimination Consolidated
Revenues 2279 4652 - 6931 Unallocated corporate - revenue Total external Revenue 6931 Segmental results (1230) (3039) 1452 (2817) Unallocated group (2540) profit Total result (5357) Abridged Interim Financial Statements For the Period ended 31 December 2009 Abridged Consolidated Statement of Changes in Equity for the Year Ended 30 June 2008 Capital Non Share Accumulated Minority Total distribut option profit / interest able liability (loss) reserve
R`000 R`000 R`000 R`000 R`000 R`000 31 Dec 2009 Unaudited Group Balance as at 30 24415 13088 - (39423) 491 (1429) June 2009 Net loss for the - - - (3126) (491) (3617) period Balance as at 31 24415 13088 - (42549) - (5046) Dec 2009
31 Dec 2008 Unaudited Group Balance as at 30 24415 13088 39 (35852) 2238 3928 June 2007 Net loss for the - - - (1058) (616) (1674) period Balance as at 31 24415 13088 39 (36910) 1622 2254 Dec 2008 30 June 2009 Audited Group Balance as at 30 24415 13088 39 (33202) 1529 7001 June 2008
Options expired - - (39) 39 - - Net loss for the - - - (3610) (1747) (5357) period Balance as at 30 24415 13088 - (39423) 491 (1429) June 2009 Abridged Interim Financial Statements For the Period ended 31 December 2009 Abridged Consolidated Cash Flow Statement for 31 Dec 31 Dec 30 June the Year Ended 30 June 2009 2009 2008 2009 Unaudited Unaudited Audited Group Group Group
R`000 R`000 R`000 NET CASH (OUTFLOW) / INFLOW FROM OPERATING (160) (8435) (11890) ACTIVITIES NET CASH (OUTFLOW) / INFLOW FROM INVESTING (203) (486) 1755 ACTIVITIES
NET CASH INFLOW/(OUTFLOW) FROM FINANCING 450 10000 11432 ACTIVITIES Increase / (Decrease) in cash and cash 87 1079 1297 equivalents Cash and cash equivalents at the beginning of 339 (958) (958) the year Cash and cash equivalents at the end of the year 426 121 339 Comments REVIEW OF RESULTS AND FINANCIAL POSITION The unaudited abridged interim results under review for the six months ended 31 December 2009 represents the income from the Group`s two trading subsidiaries, Vinguard Ltd ("Vinguard") and Lazaron Biotechnologies (SA) Ltd ("Lazaron"). As a whole, the Group has severely felt the results of the global economic crisis in both its subsidiaries. The main impact has been felt in the trading subsidiary Vinguard. This is directly attributable to the strong Rand which has negatively affected margins and curtailed the ability of the company to export profitably. As such Group revenue is down from R4.2 million to R3.6 million. The Group shows a loss for the period under review of R3.1 million. An additional interest burden on the loan from Golden Oak Corporate Advisors has resulted in a further loss of R630 000 to the Group. OPERATIONAL REVIEW Group Overview The Group currently has two operational subsidiaries, Vinguard and Lazaron, and the holding company, John Daniel Holdings continues to conduct business as a venture capital investment holding company. Stakeholders remain reminded that the Group underwent a consolidation of 100:1 during the period under review. Vinguard Limited ("Vinguard") During the period under review Vinguard was successful in expanding its local market and has substantially increased local market share, particularly in the Northern Cape. The company has expanded its client list and the SO2 generating sheet manufactured by the company has once again proven itself to be one of the most efficient products of its kind in the world. The strong Rand has been most unfavourable to the company and as a result the company severely cut down on its exports to India as low margins and the added credit risk would have put undue risk on the Group as a whole. Lazaron Biotechnologies (SA) Limited ("Lazaron") Lazaron has managed to maintain its position in the market and a small loss of R200 000 attributable to Lazaron is mainly made up of an additional interest burden in extending credit and additional overhead costs in developing a new product service, which will be launched later this year. Lazaron has been accepted as a member of the Asia Pacific Cord Blood Banking Consortium, a consortium of 11 cord blood banks situated in South-East Asia and Australia. It is anticipated that this interaction with member banks holds the potential for new product and service offerings and future collaboration. PROSPECTS The holding company is currently in process of converting the loan from Golden Oak Corporate Advisors to equity and is engaged in various discussions with interested groups regarding expansion and additional financing for the Group. No decisions in this regard have been made and shareholders will be kept informed. DIVIDENDS No dividends have been declared and no dividend is proposed. EVENTS SUBSEQUENT TO THE STATEMENT OF FINANCIAL POSITION DATE There are no events subsequent to the statement of financial position date. BASIS OF PREPARATION AND ACCOUNTING POLICIES The unaudited abridged consolidated financial results have been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS"), in accordance with the requirements of IAS 34 Interim Financial Reporting, the Listings Requirements of the JSE and the manner required by the South African Companies Act. The accounting policies are consistent with those used in the annual financial statements for the financial year ended 30 June 2009. For and on behalf of the Board H Minnie CEO Stellenbosch 31 March 2010 Directors: S Tshiki (Non-executive Chairman), HD Minnie (CEO), NJ Ackermann (Financial Director), S Serex (Non-Executive Director) Company Secretary: C Esterhuizen Registered Office: Infruitec Northern Terrain, Lelie Street, Stellenbosch 7600, PO Box 1243, Stellenbosch, 7599. Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd, 70 Marshall Street, Marshalltown 2001. PO Box 61051, Marshalltown, 2107. Sponsor: Arcay Moela Sponsors (Pty) Ltd Auditors: PKF (Cpt) Inc Date: 31/03/2010 16:21:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
