Wrap Text
Reviewed condensed consolidated interim results for the six months ended 30 June 2012
Litha Healthcare Holdings (Pty) Ltd
(Registration number 2006/006371/06)
Share code: LHG
ISIN: ZAE000144671
(The group or LHG)
Reviewed Condensed Consolidated INTERIM Results for the six months ended 30 June 2012
Completion of R590 million acquisition of Pharmaplan, effective July 2012
Cash flows from operating activities up 120%
Tender delay in Medical Division affected overall results
Headline earnings down 3%
Deconsolidation of Biovac effective 30 June 2012
Paladin Labs (Canada) now a 44% shareholder
The reviewed condensed consolidated interim results for the 6 months ended 30 June 2012 have not been audited in accordance with the requirements of the
Companies Act.
They have been prepared by the groups chief financial officer, Martin Michael Kahanovitz, CA (SA).
Consolidated Statement of Financial Position
Unaudited
Reviewed 30 June 2012 Reviewed Audited
30 June with Biovac 30 June 31 December
(R000) 2012 consolidated* 2011 2011
ASSETS
Non-current assets 674 121 580 355 429 065 533 614
Property, plant and equipment 19 167 227 895 85 098 186 860
Goodwill and intangible assets 265 740 327 811 325 333 318 500
Deferred taxation asset 11 108 11 199 15 934 15 734
Investment in joint venture 266 033
Loans to joint venture 100 673
Investment in associates 4 912 4 912 4 201
Other non-current assets 6 488 8 538 2 700 8 319
Current assets 310 361 971 487 1 088 138 901 366
Inventories 103 233 295 376 337 481 280 763
Trade and other receivables 132 679 421 321 484 288 442 371
Other current assets 25 677 26 682 10 143 27 995
Cash and cash equivalents 48 772 228 108 256 226 150 237
Non-current assets held for sale 387 387 2 815 7 765
Total assets 984 869 1 552 229 1 520 018 1 442 745
EQUITY AND LIABILITIES
Total equity 647 249 563 403 465 010 512 109
Share capital and premium 295 473 295 473 302 400 295 473
Reserves attributable to holders of the parent 329 989 184 537 98 487 138 938
Non-controlling interest 21 787 83 393 64 123 77 698
Non-current liabilities 170 434 170 995 182 546 196 871
Other financial liabilities 148 695 158 632 162 204 178 709
Loans from joint venture 9 375
Deferred taxation liability 12 364 12 363 20 342 18 162
Current liabilities 166 983 817 628 872 462 733 050
Accounts payable and provisions 86 116 667 171 800 265 631 911
Other financial liabilities 28 345 104 803 52 175 61 139
Bank Overdraft 45 654 45 654 20 022 40 000
Loans from joint venture 6 868
Liabilities of disposal groups 203 203 715
Total equity and liabilities 984 869 1 552 229 1 520 018 1 442 745
Consolidated Statement of Comprehensive Income
Unaudited
6 months
Reviewed ended Reviewed Audited
6 months 30 June 2012 6 months Year end
ended with Biovac ended 31 December
(R000) June 2012 consolidated* June 2011 2011
Turnover 949 032 949 032 888 983 1 747 026
Cost of sales (743 240) (743 240) (688 700) (1 358 381)
Gross profit 205 792 205 792 200 283 388 645
Operating expenses (158 395) (158 395) (141 367) (277 345)
Other income 22 753 22 753 20 448 34 773
Profit on deconsolidation of Biovac 169 020
Net loss from equity accounted
investment (691) (691) (335)
Operating profit 238 479 69 459 79 364 145 738
Non-operating interest paid (9 095) (9 095) (7 054) (7 171)
Profit before taxation 229 384 60 364 72 310 138 567
Taxation (11 816) (11 816) (21 936) (27 312)
Profit for the period from continuing
operations 217 568 48 548 50 374 111 255
Loss from discontinued operations (5 752) (5 752) (7 347)
Profit for the period 211 816 42 796 50 374 103 908
Fair value adjustments released to profit
for the year (964)
Total comprehensive income for the
period 211 816 42 796 50 374 102 944
Profit attributable to equity holders of
Litha Healthcare Group Limited
Profit from continuing operations 185 365 42 853 43 790 93 648
Loss from discontinued operations (5 752) (5 752) (7 347)
Profit attributable to equity holders of the
group 179 613 37 101 43 790 86 301
Non-controlling interest 32 203 5 695 6 584 17 607
Total profit for the period 211 816 42 796 50 374 103 908
Total comprehensive income attributable
to:
Equity holders of Litha Healthcare Group 179 613 37 101 43 790 85 337
Non-controlling interest 32 203 5 695 6 584 17 607
Total comprehensive income for the
period 211 816 42 796 50 374 102 944
Earnings per share (cents) 48.2 10.0 11.8 23.2
From continuing operations 49.7 11.5 11.8 25.2
From discontinued operations (1.5) (1.5) (2.0)
Diluted earnings per share (cents) 45.9 9.5 11.3 22.1
From continuing operations 47.4 11.0 11.3 24.0
From discontinued operations (1.5) (1.5) (1.9)
COMMENTARY TO THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Headline earnings reconciliation
Attributable profit 185 365 42 853 43 790 93 648
Adjusted for:
Profit on deconsolidation of subsidiary (142 512)
Profit from disposal of property, plant and
equipment (56) (56) (27) (81)
Write down of discontinued operations 5 752 5 752
Tax effect of profit from disposal of
property, plant and equipment 16 16 8 23
Headline earnings from continuing
operations 48 565 48 565 43 771 93 590
Loss from discontinued operations (5 752) (5 752) (7 347)
Headline earnings 42 813 42 813 43 771 86 243
Headline earnings per share (cents) 11.5 11.5 11.8 23.2
From continuing operations 13.0 13.0 11.8 25.2
From discontinued operations (1.5) (1.5) (2.0)
Diluted headline earnings per share
(cents) 10.9 10.9 11.3 22.1
From continuing operations 12.4 12.4 11.3 24.0
From discontinued operations (1.5) (1.5) (1.9)
Consolidated Statement of Cash Flows
Unaudited
Reviewed 6 months Reviewed
6 months ended 6 months Audited
ended 30 June 2012 ended year ended
30 June with Biovac 30 June 31 December
(R000) 2012 consolidated* 2011 2011
Cash generated by operating activities 147 797 147 797 94 558 115 495
Cash flows from operating activities 150 760 150 760 68 419 53 744
Cash flows from investing (54 366) (54 366) (130 914) (247 594)
Cash flows from financing activities (24 176) (24 176) 67 506 73 006
Net (decrease)/increase in cash and cash equivalents 72 218 72 218 5 011 (120 844)
Cash on deconsolidation (179 337)
Cash acquired on acquisition of subsidiary companies (320) 1 014
Cash and cash equivalents at beginning of period 110 237 110 237 231 513 231 513
Cash and cash equivalents at end of period 3 118 182 455 236 204 111 683
Cash and cash equivalents included in discontinued
operations 387 387 1 446
Consolidated Statement of Changes in Equity
Share Available Ordinary
Share based for sale Reserve share- Non-
capital payment revaluation on equity Accumulated holders controlling
(R000) and premium reserve reserve transactions profits interest interest Total
Audited balance at 1 January 2012 295 473 1 134 (70 155) 207 959 434 411 77 698 512 109
Total comprehensive income 179 613 179 613 32 203 211 816
Share based payment reserve 8 498 8 498 8 498
Deconsolidation of Biovac 2 940 2 940 (88 114) (85 174)
Reviewed balance at 30 June 2012 295 473 9 632 (67 215) 387 572 625 462 21 787 647 249
Audited balance at 1 January 2011 197 447 974 964 121 818 321 203 181 053 502 256
Share issue 1 500 1 500 1 500
Share based payment reserve 201 201 201
Acquisition of remainder of non-controlling
interest 103 453 (69 260) 34 193 (123 514) (89 321)
Total comprehensive income 43 790 43 790 6 584 50 374
Reviewed balance at 30 June 2011 302 400 1 175 964 (69 260) 165 608 400 887 64 123 465 010
With Biovac consolidated* (Unaudited)
Audited balance at 1 January 2012 295 473 1 134 (70 155) 207 959 434 411 77 698 512 109
Total comprehensive income 37 101 37 101 5 695 42 796
Share based payment reserve 8 498 8 498 8 498
Balance at 30 June 2012 295 473 9 632 (70 155) 245 060 480 010 83 393 563 403
* The second column in the Financials has been included for comparative purposes only and discloses what numbers would have been had The Biologicals and
Vaccines Institute of Southern Africa Proprietary Limited (Biovac) not been deconsolidated at 30 June 2012.
1. NATURE OF BUSINESS
Litha Healthcare Group Limited (Litha) is a diversified healthcare business providing services, products and solutions to public and private hospitals, retail
pharmacy/fast-moving consumer goods (FMCG) markets and government healthcare programmes in Southern Africa. It has three divisions Litha Biotech
(biotechnology/vaccines), Litha Medical (medical devices) and Litha Pharma (pharmaceuticals and complementary medicines).
2. RESULTS
Biovac deconsolidation
As announced on SENS on 2 August 2012, the government is a 47.5% shareholder in Biovac. The governments recent move to more actively participate with
Litha in business decisions necessitated a change in accounting. This, together with the early adoption of the new consolidation suite in IFRS, results in Biovac
being accounted for as a joint venture in accordance with IFRS 11, Joint Arrangements. Under Joint Arrangements, the government is considered to jointly
control Biovac with Litha. Its results therefore have to be presented in a single line item in the Statement of Comprehensive Income under Income from joint
venture and under the Statement of Financial Position as Investment in joint venture. This accounting treatment is effective from 30 June 2012. These results
therefore include the results of Biovac in the Statement of Comprehensive Income for the full interim period, although the assets and liabilities of Biovac have
been removed from the Statement of Financial Position.
The ownership structure and underlying benefits of Lithas investment in Biovac remain unchanged in all respects. In the interest of providing like-for-like
comparison, the results of Biovac are disclosed in a column in the financials that includes Biovac as if it had been consolidated with these results.
This change will have no effect on the earnings per share of the group in future periods.
3. FINANCIAL OVERVIEW
Statement of Comprehensive Income
Turnover increased by 7% from R889 million to R949 million, mainly due to increased sales in the Litha Biotech division following a comprehensive government
flu campaign in the first quarter of the year and increased demand for rabies vaccines. Group turnover growth was impacted by a decrease in sales from the
Medical division.
Operating profit increased by 201% from R79 million to R238 million due to the once-off profit realised on the deconsolidation of Biovac. The deconsolidation
required a fair value adjustment to recognise the investment in Biovac as a joint venture from 30 June 2012. Excluding the once-off profit, operating profit
decreased by 12%. This was mainly due to the lower Medical division sales, once-off costs relating to the Pharmaplan (Pty) Ltd (Pharmaplan) transaction and
further investment in the Pharma division without the resultants benefits of the Pharmaplan scale starting to come through.
Earnings per share increased by 308% due to the once-off profit on deconsolidation described above. Headline earnings per share, which excludes this once-off
profit, decreased by 3% to 11.5 cents per share (2011: 11.8 cents per share).
Other income, which relates to the groups external logistics fees, income from grants received and sundry income, increased by 11% to R23 million (2011: R20
million). Foreign exchange losses amounted to R6.1 million (2011: R11.2 million).
Non-operating interest expense of R9 million increased from R7 million following additional interest incurred on draw down on the IDC loan which was used to
fund the capital expenditure in Biovacs Cape Town facility.
The effective tax rate before profit on deconsolidation of Biovac of 20% (2011: 30%) was lower than the statutory rate due to an over provision in the prior period
and the incentives received on research and development costs. The tax rate should normalise and approximate 28% in future years given the deconsolidation
of Biovac.
Management decided to adopt a conservative approach with respect to the previously disclosed discontinued operations of the Capex and Cardiac business
units and provided for the full R5.7 million. Despite this provision, a process is in place to recover as much of the amount as possible.
Statement of Financial Position
Due to the deconsolidation of Biovac, the statement of financial position varies from the prior period. An additional column has been provided to allow for
comparison with prior periods.
The increase in property plant and equipment mostly relates to the additions in the Biotechnology division with continued investment in the vaccine
manufacturing facility in Cape Town. In addition, significant leasehold improvements were made to the new Midrand facility in Gauteng where consolidation of a
number of the groups business units was initiated.
Working capital remained in line with levels at 31 December 2011 despite the increased sales for the group, indicating good working capital management.
Cash Flow
Cash flows from operating activities improved by 120% with the collection of outstanding amounts from the Gauteng Department of Health.
Of the R54 million (2011: R130 million) cash outflow from investing activities, R48 million related to the purchase of property plant and equipment for the
vaccines facility in Cape Town as well as a R7 million of additional investment in products within the Pharmaceutical division.
The R24 million outflow (2011: R68 million inflow) from investing activities was due to repayments made on loans.
Cash and cash equivalents were R3 million (2011: R236 million) at period end with the exclusion of the cash in Biovac of R179 million due to its deconsolidation.
The groups net gearing as at the end of June 2012 stood at 12.4% (including Biovac 31.2%). Post the capital raised for the cash portion of acquisition of
Pharmaplan, the net gearing will be 18.4%.
4. OPERATIONAL REVIEW
The groups new head office was upgraded to accommodate the newly-acquired Pharmaplan business, Goldex Healthcare and Pharmafrica in the Pharma
division, as well as the inclusion of Filterworks and Earth Medical in the Medical division earlier this year.
During the period, the divisional finance function was restructured and centralised to one location (excluding Biovac which remains in the vaccine facility in Cape
Town) with the appointment of new heads of finance for all three divisions. This was done in line with our continued shared services strategy and in anticipation
of the quarterly reporting requirements of Lithas new majority shareholder Paladin Labs.
To expedite Lithas export drive, an export manager was appointed. He will be a resource for all the divisions and will oversee the groups export strategy. The
human resource executive was also replaced to assist with the integration following a number of acquisitions made, as well as driving the transformation/BBBEE
strategy of the group. Litha recently finalised its rating certificate for the next 12 months. The group achieved a level 3 contributor status, with Biovac achieving a
level 2 contributor status. The group is currently evaluating its BBBEE ownership structure.
Litha Biotech Division
Litha Biotech experienced strong sales compared to budget for the first six months with a comprehensive government flu campaign as well as the unexpected
increased demand for rabies vaccines. Turnover increased by 14% to R734 million (2011: R646 million). Operating profit increased by 126% to R53 million
(2011: R23 million). The foreign exchange impact was negligible compared to foreign exchange losses of R10 million in the prior year. With the once-off gain on
the deconsolidation, operating profit was R222 million. The division contributed 61% to operating profit before head office expenses (without taking into account
the once-off gain on deconsolidation).
In March 2012, Sanofi Pasteur announced the finalisation of an agreement with Biovac for the technology transfer of the manufacture of an innovative and
complex combination childrens vaccine for the supply to the Department of Healths Expanded Programme for Immunisation programme. This will result in the
training and transfer of knowledge to allow Biovac to locally manufacture the product at its facility in the next three years. The implementation of the World Health
Organisations flu project commenced with the ordering of the first pre-filled syringe filling line in South Africa. This will be used initially for the filling of regular flu
vaccines.
Self-assessment audits continue at the Cape Town facility to identify and address outstanding areas in preparation for regulatory audits.
Litha Medical Division
Turnover decreased by 31% to R133 million (2011: R192 million). Delays in the publishing of a forensic tender and the loss of some more expensive higher
specification products on a national government tender impacted the divisions results. The groups previously disclosed strategy to locally assemble and
manufacture some of its medical devices should ensure the recovery and growth of this particular business in the near future. Post period end, the forensic
tender in question has been advertised and we anticipate it will be awarded to the successful tenderer before the end of 2012.
Filterworks, ICU Medical SA and Earth Medical, which represents 73% of the divisions turnover, performed well against their targets and against the prior year.
Both Filterworks and Earth Medical have moved into the Midrand facility as part of the groups shared services strategy to extract synergies and reduce
duplications across the businesses.
Operating profit decreased by 58% to R25 million (2011: R58 million) as a consequence of the lower sales. This division contributed 29% to group operating
profit before head office expenses.
During the six months, the division expanded into the ophthalmic therapeutic market through five new agreements with international organisations. In addition,
the agreement with Intuitive Surgery® for a robotic system was signed. This is a first of its kind in South Africa and provides a unique solution for minimal
invasive surgery, reducing error and hospital stay time for the patient.
Litha Pharma Division
Turnover increased by 61% to R82 million (2011: R51 million) mainly as a result of the inclusion of the OTC Pharma SA and the Goldex Healthcare businesses
for a first full six months. Operating profit reduced by 13% despite the increase in sales due to the impact of continued investment in the division and current
business costs in recently acquired businesses before the benefit of scale from the Pharmaplan merger starts to flow through. These costs are being wound
down as the businesses are integrated into Litha.
This division contributed 10% to group operating profit before head office expense without the effect of the once-off profit from deconsolidation.
A divisional CEO for Litha Pharma was appointed during the period. The OTC Pharma SA business, which was acquired in December 2011, was moved from its
previous facility in Cape Town to the groups Midrand facility in line with the strategy of consolidating all the Pharmaceutical business units. The main focus
during the period has been on finalising the Paladin Labs and Pharmaplan transaction, whilst laying the platform for the merging of the pharmaceutical business
from 2 July 2012. The short term focus will be on the integration and restructuring of the division to optimise performance by streamlining the sales channels, as
well as to strengthen new business development and the regulatory and logistics aspects of the new and larger division.
The scale achieved from the Pharmaplan acquisition will significantly benefit the Pharmaceutical divisions product portfolio offering, which increased from 46 to
123 brands post the transaction. Following the combination of our existing general practitioner and pharmacy focused business with Pharmaplans specialist
doctor and hospital focused expertise, the group has achieved greater coverage and representation of our products in all sales channels. This will allow us to
add products and future acquisitions without needing to further invest in infrastructure or overheads. The group has already re-allocated employees into key
strategic focus areas such as healthcare solutions, training and key accounts. Cross-selling opportunities between the Pharma and Medical divisions in areas of
oncology and ophthalmology are in the process of being exploited. Our most active key therapeutic categories are central nervous system offerings, cardiology,
oncology, dermatology and infectious diseases.
Dr Gert Hoogland, the founder of Pharmaplan, is driving the integrated business development programme. He is supported through our cooperation agreement
with CPoint Capital in Canada. Dr Hoogland will build the groups pipeline in the originator space where he has expertise, with CPoint assisting in the generic
area. This will ensure that the group has a growing basket of products and a healthy pipeline for the future. The products in line for registration with the MCC
increased from 41 to 101 post the transaction.
Following the merger, the Pharmaceutical Division is likely to move up to the 5th position as per the IMS list within the South African generic market.
The group will continue to evaluate strategic bolt-on acquisitions in the pharmaceutical space to complement its business and to further extract value from its
existing infrastructure and experienced sales and marketing team.
5. PROSPECTS
With one technology transfer with Sanofi Pasteur concluded to date, Biovac aims to fill its production pipeline and to conclude further technology transfers. It will
continue to focus on ensuring momentum towards attaining a Good Manufacturing Practice (GMP) license, which will allow it to commence manufacture from the
end of 2013.
Litha Medical will continue to restructure certain operations to increase synergies between the business units. To ensure readiness for market changes towards
cost-effective products, the group is currently expanding locally developed medical devices and its own brands to ensure cost competitiveness.
The new Da Vinci Intuitive Surgery® robotic system will offer a unique opportunity for this division to expand its offering into markets such as urology,
gynaecology and gastroenterology.
The merger of Litha Pharma and Pharmaplan will involve a restructuring of current operations, as well as the deployment of new resources to cater for this
rapidly growing division. All of the businesses within the Pharmaceutical division will be integrated into one pharma business entity. The financial accounting
systems have already been integrated for three of the businesses, with Pharmaplan following in early January 2013. The positive impact of the Pharmaplan
merger within the Litha structure will start to reflect from the third quarter of this financial year.
6. CHANGES TO THE BOARD OF DIRECTORS
Velile Welcome Mcobothi was appointed as an independent non-executive director on 20 March 2012. Gerardus Adrianus Hoogland (Pharmaplan CEO) was
appointed as an executive director and Mark Beaudet and Mark Henry Nawacki (Paladin Labs) were appointed as non-executive directors on 2 July 2012.
Nkululeko Leonard Sowazi replaced Andrew David Bonamour as chairman of the board on 11 July 2012.
1. ACCOUNTING POLICIES
The reviewed condensed consolidated results have been prepared in accordance with the Framework concepts and the measurement and recognition
requirements of the International Financial Reporting Standards and containing information required by the IAS 34 Interim Financial Reporting and in the manner
required by the Companies Act.
The interim report has also been prepared in accordance with and containing the information required by AC 500 series as issued by the Accounting Practices
Board. The reviewed condensed consolidated interim financial statements are prepared on the historical cost basis, with the exception of certain financial
instruments which are measured at fair value. The results of the interim period are not necessarily indicative of the results for the entire year. These financial
statements should be read in conjunction with the audited financial statements for the year ended 31 December 2011. The condensed consolidated interim
financial statements for the period ending 30 June 2012 have been reviewed, but not audited, by Mazars, the groups auditors. Their unqualified review report is
available for inspection at Lithas registered office during normal business hours.
The condensed consolidated interim financial statements are prepared using the same policies and method of computation as the audited financial statements
for the year ended 31 December 2011, except for applying IFRS 10, Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12, Disclosure of
Interests in Other Entities as well as IAS 28(R) Investments in Associates and Joint Ventures. The application of these standards as well as the revised IAS 28
resulted in the Group needing to reassess its investments applying the principle of control as defined in IFRS 10. All subsidiaries, excluding Biovac, continue to
be consolidated. The investment in Biovac was determined to be a joint venture in accordance with the requirements of IFRS 11, it is now equity accounted in
accordance with the requirements of IAS 28(R). IFRS 12 is a disclosure standard the full effect of which will be seen in the annual financial statements. The early
adoption of these standards has not resulted in a change in the prior year reported amounts. The preparation of condensed consolidated interim financial
statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at period end and the reported amounts of revenue and expenses during the reporting periods. Although these estimates are based on managements
best knowledge of current events and actions that the group may undertake in the future, actual results may differ from those estimates.
2. WEIGHTED AVERAGE NUMBER OF SHARES
Reviewed Reviewed Audited
6 months 6 months year ended
ended ended 31
30 June 30 June December
2012 2011 2011
Weighted average number of
shares 372 480 311 372 198 148371 561 020
Diluted weighted average number
of shares 391 000 246387 442 493389 985 262
3. SUBSEQUENT EVENTS
As announced on SENS on 3 July 2012, all conditions precedent have been fulfilled to the acquisition of Pharmaplan. The transaction, as defined in the circular
distributed to shareholders dated 7 May 2012, was accordingly implemented with effect from Monday, 2 July 2012.
Other than the above, no material events to the understanding of the report have occurred in the period between 30 June 2012 and the date of this report.
4. RELATED PARTY TRANSACTIONS
The group paid R0.4 million to Blackstar Group (Pty) Ltd for advising and non-executive directors fees for serving on the LHG board.
Litha Medical (Pty) Ltd, a subsidiary of Litha paid rental fees of R1.8 million for occupation of the commercial property in Midrand which is accounted for as an
associate. LHG together with Blackstar Real Estate (Pty) Ltd, purchased the property during the 2011 financial year.
5. CAPITAL COMMITMENTS
Biovac has entered into agreements to purchase manufacturing facility equipment for R12 million. This expenditure is expected to take place in the second half
of the 2012 financial year.
6. SEGMENT INFORMATION
Medical Pharma- Biotech-
device ceutical nology
Segment division division division Group
R000
6 months ended 30 June 2012
Turnover 132 867 82 229 733 936 949 032
Reportable segment profit 24 529 8 932 221 662 255 123
Head Office costs (25 739)
Operating profit (before taxation) 229 384
Total assets 323 047 207 909 453 913 984 869
R000
Unaudited 6 months ended 30 June 2012
with TBI consolidated*
Turnover 132 867 82 229 733 936 949 032
Reportable segment profit 24 529 8 932 52 642 86 103
Head Office costs (25 739)
Operating profit (before taxation) 60 364
Total assets 323 047 207 909 1 021 273 1 552 229
R000
6 months ended 30 June 2011
Turnover 192 175 50 991 645 817 888 983
Reportable segment profit 58 098 10 214 22 633 90 945
Head Office costs (18 635)
Operating profit (before taxation) 72 310
Total assets 455 723 66 119 998 176 1 520 018
R000
Year ended 31 December 2011
Turnover 351 287 106 604 1 289 135 1 747 026
Reportable segment profit 75 151 14 561 67 447 157 159
Head Office costs (18 768)
Operating profit (before taxation) 138 391
Total assets 361 928 134 151 946 666 1 442 745
7. DIVIDEND
No dividend has been recommended or declared for the period. The group will review its dividend declaration policy annually.
For and on behalf of the board N Sowazi, Chairman
Johannesburg 30 August 2012
Directors: AD Bonamour*, S Kahanovitz, M Makhoana, M Kahanovitz, G Hoogland, N Sowazi*, W Marshall-Smith*, M Mzimba*, F Hendricks*, I Jacobson*, V
Mcobothi*, M Beaudet*, M Nawacki* (*non-executive) (Canadian)
Sponsor Rand Merchant Bank Transfer secretaries Computershare
Investor Services
Auditors Mazars Registered office 106 16th Road,
Midrand 1686
www.lithahealthcare.co.za
Date: 30/08/2012 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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