Half Yearly Report -5-
16 September 2010 - 8:55PM
UK Regulatory
+---------------------------------------+---------+--+---------+--+---------+
| | | | | | |
+---------------------------------------+---------+--+---------+--+---------+
| FINANCING ACTIVITIES | | | | | |
+---------------------------------------+---------+--+---------+--+---------+
| Repayment of borrowings | (500) | | (500) | | (1,000) |
+---------------------------------------+---------+--+---------+--+---------+
| Repayment of obligations under | (29) | | (32) | | (61) |
| finance leases | | | | | |
+---------------------------------------+---------+--+---------+--+---------+
| New bank loans raised | 977 | | 1,400 | | 1,400 |
+---------------------------------------+---------+--+---------+--+---------+
| Cost of raising bank loans | (91) | | (14) | | (14) |
+---------------------------------------+---------+--+---------+--+---------+
| | | | | | |
+---------------------------------------+---------+--+---------+--+---------+
| | | | | | |
+---------------------------------------+---------+--+---------+--+---------+
| Net cash from financing activities | 357 | | 854 | | 325 |
+---------------------------------------+---------+--+---------+--+---------+
| | | | | | |
+---------------------------------------+---------+--+---------+--+---------+
| | | | | | |
+---------------------------------------+---------+--+---------+--+---------+
| Net increase / (decrease) in cash and | | | | | |
| cash equivalents | (26) | | 44 | | (322) |
+---------------------------------------+---------+--+---------+--+---------+
| Cash and cash equivalents at the | | | | | |
| beginning of the period | 961 | | 1,283 | | 1,283 |
+---------------------------------------+---------+--+---------+--+---------+
| | | | | | |
+---------------------------------------+---------+--+---------+--+---------+
| Cash and cash equivalents at the end | 935 | | 1,327 | | 961 |
| of the period | | | | | |
+---------------------------------------+---------+--+---------+--+---------+
| | | | | | |
+---------------------------------------+---------+--+---------+--+---------+
Notes to the Interim Report
For the six months ended 30 June 2010
1. General Information
NeutraHealth plc is a company incorporated in England & Wales under the
provisions of the Companies Act 2006. The address of the registered office is
180 Lifford Lane, Kings Norton, Birmingham, B30 3NU.
Copies of the interim statement maybe obtained from the above address or the
Investors section of the Company's website.
2. Basis of preparation
These interim consolidated financial statements are for the six months ended 30
June 2010 and were approved by the Board of Directors on 15 September 2010.
The interim financial report is unaudited but has been reviewed by the auditors
and their independent review is attached. The interim report has been prepared
in accordance with the recognition and measurement criteria of International
Financial Reporting Standards and IFRIC interpretations adopted for use in the
European Union ("IFRS"). The accounting policies and methods of computation used
are consistent with those used in the Group annual report for the year ended 31
December 2009 and are expected to be used in the Group Annual Report for the
year ended 31 December 2010. The six month period figures have not been audited.
The financial information for the year ended 31 December 2009 does not
constitute statutory information. A copy of the statutory accounts for that year
has been delivered to the Registrar of Companies. The auditors' report on those
accounts was not qualified and did not contain statements under section 498 of
the Companies Act 2006.
The interim consolidated financial statements are presented in pounds sterling
because that is the currency of the primary economic environment in which the
group operates. All values are rounded to the nearest thousand pounds (GBP'000)
except when otherwise stated.
The reconciliation of Profit from Operations before one off items to EBITDA is
as follows:
+-----------------------------------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
| | 6 months | 6 months | 12 |
| | 2010 | 2009 | months |
| | GBP'000 | GBP'000 | 2009 |
| | | | GBP'000 |
+-----------------------------------------+-----------+-----------+----------+
| | | | |
+-----------------------------------------+-----------+-----------+----------+
| Profit from Operations before one off | 173 | 737 | 1,445 |
| items | | | |
+-----------------------------------------+-----------+-----------+----------+
| Depreciation and amortisation | 376 | 395 | 789 |
+-----------------------------------------+-----------+-----------+----------+
| Charge for share based payments | 14 | 5 | 28 |
+-----------------------------------------+-----------+-----------+----------+
| | | | |
+-----------------------------------------+-----------+-----------+----------+
| EBITDA | 563 | 1,137 | 2,262 |
+-----------------------------------------+-----------+-----------+----------+
| | | | |
+-----------------------------------------+-----------+-----------+----------+
3. Significant Accounting Policies
The accounting policies and presentation applied in this condensed set of
financial statements are consistent with those described in the Annual Report
for the year ended 31 December 2009.
4. Segment Information
For management purposes the Group is currently organised into two operating
divisions representing the operations at each UK site. These divisions are:
+----------------+-------------------------+----------------------------+
| Name | Location | Nature of Business |
+----------------+-------------------------+----------------------------+
| Brunel | Swadlincote, Derbyshire | Manufacture and supply of |
| | | healthcare products to |
| | | large retailers and |
| | | contract customers |
+----------------+-------------------------+----------------------------+
| BioCare | Birmingham | Supply of branded |
| | | supplements and healthcare |
| | | products to practitioners |
| | | and consumers. |
+----------------+-------------------------+----------------------------+
The divisions reflect the Group's management and internal reporting structure
during the year.
+--------------------------------+---------+---------+-------------+---------+
| | Brunel | BioCare | Adjustments | Total |
| Period ended | | | | |
| 30 June 2010 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+---------+---------+-------------+---------+
| Revenue | | | | |
+--------------------------------+---------+---------+-------------+---------+
| External | 12,833 | 3,922 | - | 16,755 |
+--------------------------------+---------+---------+-------------+---------+
| | | | | |
+--------------------------------+---------+---------+-------------+---------+
| Segment revenue | 12,833 | 3,922 | - | 16,755 |
+--------------------------------+---------+---------+-------------+---------+
| | | | | |
+--------------------------------+---------+---------+-------------+---------+
| Operating results | | | | |
+--------------------------------+---------+---------+-------------+---------+
| EBITDA | (57) | 926 | - | 869 |
+--------------------------------+---------+---------+-------------+---------+
| Depreciation | (217) | (68) | - | (285) |
+--------------------------------+---------+---------+-------------+---------+
| Amortisation of intangibles | (87) | (4) | - | (91) |
+--------------------------------+---------+---------+-------------+---------+
| | | | | |
+--------------------------------+---------+---------+-------------+---------+
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