In Inte terim im finan ancia ial l result sults For the perio iod ended ed 31 Decemb ember er 2017 Carel el Snym yman an Chief ief Financ nancia ial l Offic icer er
Exchange ange rate e fluct ctuat uatio ions ns Description Jun'15 Sep'15 Dec'15 Mar'16 Jun'16 Sep'16 Dec'16 Mar'17 Jun'17 Sep'17 Dec'17 Average rate 9.55 9.74 9.83 10.35 10.56 10.58 10.56 10.38 10.26 10.38 10.43 Closing rate 9.41 9.79 11.24 11.53 11.13 10.54 9.86 9.94 9.93 10.61 9.64 Page 2
Number ber of cases per r quart arter er Page 3
Statemen ement of Finan anci cial al Position ition as at 31 Decemb cember er 2017 Dec 2017 Dec 2016 Jun 2017 ₁ Increase in property, plant and Unaudited Unaudited Audited equipment is due to assets purchased for R'000 R'000 R'000 Coffs (PMA) totalling approximately R9 mil as well as assets to the value of R3 mil Assets purchased for East Rand Day Hospital Non-current Assets 378 842 337 254 349 700 (AHSA). Property, plant and equipment ₁ 263 847 253 669 251 184 Goodwill ₂ 30 947 26 487 26 597 ₂ Due to the purchase of Madison Day Intangible assets 27 498 29 073 28 458 Surgery (PMA) goodwill increased with Operating lease asset 1 217 - 1 240 AUD 850k. Adjustment to goodwill due to Other financial assets 7 943 6 391 5 894 a sale of shares to doctors in Sep ‘17 Deferred taxation₃ 47 390 21 634 36 327 resulting in a net reduction in goodwill of AUD350k. Total increase in goodwill Current Assets 84 853 87 354 88 640 therefore AUD 500k. Inventories 11 235 8 965 10 038 Trade and other receivables 4 20 010 20 429 26 576 ₃ Deferred tax asset increased during the Other financial assets 5 645 5 738 5 777 period under review - this is due to the Operating lease asset 4 841 763 5 412 increase in assessed losses incurred by the Current tax receivable 1 358 1 418 354 group for the six months. Cash and cash equivalents 41 764 50 041 40 483 ₄ In South Africa the trade and other Total Assets 463 695 424 608 438 340 receivables decreased by R6 million. This is mostly due the VAT refunds received, as well as a focused management of accounts receivable. Page 4
Statemen ement of Finan anci cial al Position ition as at 31 Decemb cember er 2017- continu inued ed Dec 2017 Dec 2016 Jun 2017 ₅ New shares issued during the rights Unaudited Unaudited Audited issue that occurred during August 2017. R'000 R'000 R'000 Total increase in stated capital after Equity and Liabilities deducting share issue related costs Capital and reserves 203 322 164 622 141 875 amounts to approximately R85 mil. Stated capital 5 222 297 137 378 137 378 Foreign currency translation reserve 27 534 27 898 28 898 ₆ The movements in the current and non- Retained earnings (51 749) (6 343) (28 417) current other financial liabilities are due Share based payment reserve 5 240 5 689 4 016 to: Non-controlling interest 40 596 45 995 43 507 - The rights issue during August 2017 Total Equity 243 918 210 617 185 382 whereby 58,4 mil shares were not Non-current Liabilities 129 253 154 652 184 738 settled in cash, but a loan account Other financial liabilities ₆ 82 507 116 244 142 630 outstanding was converted into shares Finance lease obligations 26 918 32 846 25 408 – amount of R75,9 mil. Operating lease liability 18 796 5 338 16 320 Provisions 1 032 94 - - Additional loans obtained in AHSA Deferred tax - 130 380 and PMA from Eenhede Konsultante. - Bank of Queensland provided a bridge Current Liabilities 90 524 59 339 68 220 loan to PMA to the value AUD1,1 mil Other financial liabilities 6 41 509 9 603 13 630 included in current liabilities. Finance lease obligations 9 938 4 366 8 820 Trade and other payables 7 27 056 29 862 36 658 ₇ Trade and other payables decreased Provisions 5 414 3 092 3 645 during the six month period due to fewer Current tax liability 3 540 8 720 2 326 equipment purchases during the period Operating lease liability 3 067 3 696 3 141 under review. Total Equity and Liabilities 463 695 424 608 438 340 Page 5
Statemen ement of Profit fit or Loss and Other er Compr preh ehen ensive ive Income me for the perio riod d ended ed 31 Decem ember ber 2017 Dec 2017 Dec 2016 Jun 2017 Unaudited Unaudited Audited R'000 Var % R'000 R'000 Revenue 199 463 33 149 751 309 109 Cost of sales (100 750) 35 (74 651) (154 857) Gross profit 98 713 31 75 100 154 252 Gross profit % 49% 50% 50% Other income 902 55 581 1 309 Other operating expenses (85 235) 30 (65 572) (132 534) Earnings before interest, taxation, depreciation, amortisation and rental 14 380 42 10 109 23 027 Investment income 286 (1) 290 725 Finance costs (6 865) 10 (6 255) (15 097) Rental paid (23 222) (0) (23 236) (45 893) Depreciation (15 939) 26 (12 636) (28 779) Loss before taxation (31 360) (1) (31 728) (66 017) Taxation 8 716 (4) 9 048 17 834 Loss after taxation (22 644) (0) (22 680) (48 183) Other comprehensive expense for the period/year (2 714) (79) (13 202) (11 761) Total comprehensive loss for the period/year (25 358) (29) (35 882) (59 944) Loss attributable to: Owners of the parent (23 332) 0 (23 311) (48 176) Non-controlling interest 688 9 631 (7) (22 644) (0) (22 680) (48 183) Total comprehensive loss attributable to: Owners of the parent (24 696) (31) (35 793) (59 658) Non-controlling interest (662) >100 (89) (286) (25 358) (29) (35 882) (59 944) Loss per share Basic (cents per share) (8.55) (10.52) (21.74) Diluted (cents per share) (8.55) (10.52) (17.08) Page 6
Statemen ement of Cash Flow w for the perio riod d ended ed 31 Decemb ember er 2017 Dec 2017 Dec 2016 Jun 2017 Unaudited Unaudited Audited R'000 R'000 R'000 Cash flows used in operating activities Cash generated by operations (4 357) (16 288) (19 574) Investment income 286 290 725 Finance costs (6 865) (6 255) (15 097) Taxation (paid)/ received (3 277) 182 (10 511) Net cash from operating activities (14 213) (22 071) (44 457) Cash flow from investment activities Acquisition of property, plant and equipment (27 469) (29 401) (52 090) Proceeds on the sale of property, plant and equipment 73 122 19 093 Acquisition of intangible assets (323) (2 210) (3 344) Acquisition of 100 % shares in Madison Day Surgery (8 440) - - Financial assets advanced (1 306) - - Financial assets received 57 2 137 2 595 Net cash from investing activities (37 408) (29 352) (33 746) Cash flow from financing activities Issue of shares 11 349 2 100 2 867 Proceeds from subsequent sale of shares in Madison Day Surgery 3 481 - - Financial liabilities raised 47 286 54 009 89 234 Financial liabilities repaid (2 991) - (10 728) Dividends paid - non controlling interest (4 214) (434) (3 374) Finance lease payments (915) (3 563) (7 381) Net cash from financing activities 53 996 52 112 70 618 Net increase/(decrease) in cash and cash equivalents 2 375 689 (7 585) Cash at the beginning of period/year 40 483 52 844 52 844 Effect of foreign currency translation (1 094) (3 492) (4 776) Cash and cash equivalents at the end of the period/year 41 764 50 041 40 483 Page 7
Statemen ement of Changes ges in Equity uity for the perio riod d ended ed 31 Decemb ember er 2017 Net stated Share based Foreign Retained Non- Total equity capital payment currency earnings/ controlling reserve translation (accumulated interest reserve loss) R'000 R'000 R'000 R'000 R'000 R'000 Balance as at 1 July 2016 137 378 4 465 40 380 16 968 44 300 243 491 Loss for the period - - - (23 311) 631 (22 680) Other comprehensive income for the period - - (12 482) - (720) (13 202) Share based payment expense - 1 224 - - - 1 224 Change in interest of subsidiary - - - - (464) (464) Issue of shares in subsidiary - - - - 2 713 2 713 Dividends declared - - - - (464) (464) Balance as at 31 December 2016 137 378 5 689 27 898 (6 343) 45 995 210 617 Loss for the period - - - (24 865) (638) (25 503) Other comprehensive income for the period - - 1 000 - 441 1 441 Share based payment expense - 1 118 - - - 1 118 Change in interest of subsidiary - - - - 465 465 Transfer of share-based payments - (2 791) - 2 791 - - Issue of shares in subsidiary - - - - 154 154 Dividends declared - - - - (2 910) (2 910) Balance as at 30 June 2017 137 378 4 016 28 898 (28 417) 43 507 185 382 Loss for the period - - - (23 332) 688 (22 644) Other comprehensive income - - (1 364) - (1 350) (2 714) Share based payment expense - 1 224 - - - 1 224 Issue of shares -net 84 919 - - - 1 965 86 884 Dividends declared - - - - (4 214) (4 214) Balance as at 31 December 2017 222 297 5 240 27 534 (51 749) 40 596 243 918 Page 8
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