2884
« on: March 01, 2015, 12:34:00 pm »
P/E Ratio 43.86
Release Date: 24/02/2015
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX
MONTHS ENDED 31 DECEMBER 2014
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
Six months Six months Year ended
31-Dec-14 31-Dec-13 30-June-14
R’000 R’000 R’000
Current assets 158 961 49 759 164 997
Cash and cash equivalents 141 154 40 239 143 883
Total assets 258 317 100 486 247 535
Total equity and liabilities 258 317 100 486 247 535
Net asset value per share (cents) 92.31 55.62 89.00
Net tangible asset value per share (cents) 76.19 55.25 80.30
Revenue 92 721 74 677 155 791
Gross profit 50 755 37 588 84 348
Earnings per share (cents) 2.33 4.17 6.44
Diluted earnings per share (cents) 2.33 4.17 6.44
Notes to the statement of comprehensive income
Headline earnings for the period attributable to ordinary
shareholders:
Headline earnings per share (cents) 2.33 4.17 6.44
Diluted headline earnings per share (cents) 2.33 4.17 6.44
- Total number of shares in issue(‘000) 221 843 90 467 211 615
- Weighted average number of shares (‘000) 221 615 90 467 120 272
- Diluted weighted average number of shares (‘000) 221 843 90 467 120 273
Reconciliation of headline earnings calculation:
Earnings for the period attributable to ordinary 5 174 3 776 7 740
shareholders
Headline earnings for the period attributable to ordinary
5 174 3 776 7 740
shareholders
Cash and cash equivalents at end of year 141 154 40 239 143 883
REVENUE
SOUTH AFRICA 13 001 - 7 259
External revenue 13 001 - 7 259
AUSTRALIA 79 720 74 677 148 532
External revenue 79 720 74 677 148 532
During the period under review the company entered into an agreement to develop five day hospitals, one in Gauteng and four in the Western Cape. Construction has commenced on some of these day clinics. The acquisition consideration was settled through the issue of 10 000 000 new shares at an issue price of R1.70 per share.
In Australia, construction of the largest ophthalmic day hospital in the country has commenced. The
six-theatre facility is scheduled for completion towards the end of 2015.
Sundry negotiations with different role players within the day hospital environment are ongoing
and, if successful, will provide Presmed Australia with an improved coverage of specialised day
hospitals in the greater Sydney area. The above initiatives will add further growth opportunities for
the Australian subsidiaries.
The South African activities were focussed mainly on transactions to develop additional day
hospitals, which will be achieved through negotiations with like-minded partners, as outlined in the
pre-listing prospectus.
Management is confident that, by the end of June 2016, the South African subsidiary will be in
control of at least nine day hospitals compared to the current two operational units.
Projects in the pipeline for South Africa include:
- Advanced Durbanville Surgical Centre (under construction, operational Q3 2015);
- Advanced Panorama Surgical Centre (under construction, operational Q1 2016);
- Advanced Soweto Day Hospital (under construction, operational Q1 2016);
- Advanced Knysna Surgical Centre (construction Q1 2015, operational Q1 2016);
- Advanced Waterkloof Somerset Surgical Centre (construction Q1 2015, operational Q1 2016);
- Advanced Worcester Surgical Centre (construction Q1 2015, operational Q1 2016)
- Advanced Groenkloof Surgical Centre (construction Q4 2015, operational Q1 2016)
It should be noted that the R100 million cash raised in conjunction with the listing is held for future
developments which will only start generating income for the group in the next financial year.
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