African Medical Investments PLC Final Results -3-
31 August 2012 - 8:01AM
UK Regulatory
The financial statements were approved and authorised for issue
by the Board of Directors on 31 August 2012 and were signed on its
behalf.
Peter Botha
Chief Executive Officer
31 August 2012
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As at 29 February 2012
Share Other Share-based Warrant Translation Retained Non-controlling Total
Capital Reserve payment reserve reserve earnings interests
reserve
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
------------ ------------ ---------------- ------------ ---------------- ------------- -------------------- -------------
Balances at 1
March 2010 41,607 - 59 647 189 (19,129) 7 23,380
Loss for the
year - - - - - (18,834) - (18,834)
Disposal of
subsidiaries - - - - - - (7) (7)
Other
comprehensive
income
Exchange
translation
differences
on
foreign
operations - - - - 260 - - 260
------------ ------------ ---------------- ------------ ---------------- ------------- -------------------- -------------
Total
comprehensive
income for
the
year - - - - 260 (18,834) (7) (18,581)
Transactions
with owners
Share issues 13,660 - - - - - - 13,660
Convertible
loan
note issue -
equity
element - 987 - - - - - 987
------------ ------------ ---------------- ------------ ---------------- ------------- -------------------- -------------
Total
transactions
with owners 55,267 987 59 647 449 (37,963) - 19,446
Balances at 1
March 2011 55,267 987 59 647 449 (37,963) - 19,446
Loss for the
year - - - - - (15,021) - (15,021)
Disposal of - - - - - - - -
subsidiaries
Other
comprehensive
income
Exchange
translation
differences
on
foreign
operations - - - - 207 - - 207
------------ ------------ ---------------- ------------ ---------------- ------------- -------------------- -------------
Total
comprehensive
income for
the
year - - - - 207 (15,021) - (14,814)
Transactions
with owners
Share issues 2,000 - - - - - - 2,000
Convertible
loan
note issue -
equity
element - 17 - - - - - 17
Shared based
payments - - 158 - - - - 158
------------ ------------ ---------------- ------------ ---------------- ------------- -------------------- -------------
Total
transactions
with owners 2,000 17 158 - - - - 2,175
------------ ------------ ---------------- ------------ ---------------- ------------- -------------------- -------------
Balance at 29
February 2012 57,267 1,004 217 647 656 (52,984) - 6,807
============ ============ ================ ============ ================ ============= ==================== =============
CONSOLIDATED CASH FLOW STATEMENT
For the period ended 29 February 2012
2012 2011
Note $'000 $'000
--------- ------------- --------------
OPERATING ACTIVITIES
Loss before tax (15,021) (18,843)
Adjustments for:
- Depreciation of property, plant
and equipment 19 1,625 1,558
- Share based payments expense 158 -
- Loss from financial irregularities 5 - 259
- Provision for bad debts increase 25 897 121
- Loss on disposal of property,
plant and
equipment 196 26
- Other losses and (gains) 12 (132) 95
- Net interest expense/(income) 13 541 46
- Impairment of property, plant
and equipment 6 5,358 587
- Impairment of trade and other
receivables - 427
- Impairment of current loans receivable 6 (131) 2,481
Operating cash flow before movements
in working capital (6,509) (13,243)
Working capital adjustments:
- Increase in inventories (330) (174)
- (Increase) / Decrease in receivables (821) 1,242
- Increase in payables 1,026 1,038
Cash used in operations (6,634) (11,137)
Finance cost 13 (4) (12)
Interest received 13 1 3
Net cash flow / (used) in discontinued
operating activities 16 - (2)
Net cash used in operating activities (6,637) (11,148)
------------- --------------
INVESTING ACTIVITIES
Purchase of property, plant and
equipment 19 (1,009) (5,517)
Proceeds on disposal of property, 182 -
plant and equipment
Increase in loans receivable - (3,369)
Loss of power to control entities - (17)
Net cash used in investing activities (827) (8,903)
------------- --------------
FINANCING ACTIVITIES
Proceeds from issue of share capital 27 2,000 13,660
Proceeds from issue of convertible
loan note 24 700 5,000
Net cash flow from financing activities 2,700 18,660
------------- --------------
Net (decrease)/increase in cash
and cash equivalents (4,764) (1,391)
Cash and cash equivalents at start
of the period 4,681 6,078
Effect of foreign exchange rate
changes (5) (6)
Cash and cash equivalents at end
of the period (88) 4,681
============= ==============
NOTES TO THE FINANCIAL STATEMENTS
For the period ended 29 February 2012
1. General information
African Medical Investments plc is incorporated and domiciled in
the Isle of Man under the Isle of Man Companies Act 2006. The
address of the registered office is Fort Anne, Douglas, Isle of Man
IM1 5PD. The nature of the Group's operations and its principal
activities are set out in the Directors Report.
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