Wrap Text
Abridged unaudited consolidated financial statements for the quarter and six months ended 31 August 2018
GO LIFE INTERNATIONAL LIMITED
(Incorporated in the Republic of Mauritius)
(Registration number: 098177 C1/GBL)
Primary Listing SEM share code: GOLI.N0000
Secondary Listing JSE share code: GLI ISIN: MU0330N00004
(“the Company” or “Go Life”)
ABRIDGED UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE QUARTER AND SIX MONTHS ENDED 31 AUGUST 2018
DIRECTORS’ COMMENTARY
BACKGROUND
The Company was incorporated on 1 October 2010 as a public company limited by shares under the
Mauritian Companies Act and holds a Category 1 Global Business License (License No - C110009034)
issued by the Mauritius Financial Services Commission.
Go Life is registered in the Republic of Mauritius and was listed on the Stock Exchange of Mauritius (“SEM”)
on 7 July 2011. The Company successfully completed a secondary listing on the Alternative Exchange
(“AltX”) of the Johannesburg Stock Exchange (”JSE”) on 23 November 2016.
PRIMARY OBJECTIVE
Go Life was established to leverage the strength of existing South African nutraceutical companies, Go
Life Health Products and Gotha Health Products (collectively Go Life SA), and to drive the presence of
the South African products and brands across the global nutraceutical market.
The current focus of the Company is to participate in the medical industry through a holistic approach
achieved by focusing on health care with an emphasis on complementary and alternative medicine
and practices without discounting the role of conventional pharmaceutical products. To maximize
stakeholder returns, Go Life’s strategy is based on planning and executing its growth through
participation in the full spectrum of health care as opposed to limiting activities to individual market
subsectors.
RESULTS COMMENTARY
Revenue grew by 122% for the three months ended 31 August 2018 (“Q2”) compared to the prior three-
months ended 31 May 2018 (“Q1”). The growth in revenue can be attributed to the new channels of
sales in the formal pharmaceutical industry through distributors and warehouses across South Africa, and
not only in the Eastern Cape, where the business was started.
The Go Life Health Kiosks’ study period, Mamelodi Mall (in Tshwane) and the outlet in Port Elizabeth have
shown excellent growth, albeit off a low base. It has also pointed to various shortfalls in our brand and
marketing strategies, which are being addressed.
Profit from operations increased by 185.3% for Q2 to USD487 199 from USD170 752 in Q1.
Income from associates increased by 37.3% and is derived from the associate interest in Bon Health frail
care operations.
COMPANY OUTLOOK
One of the key positioning strategies of Go Life, is to be acknowledged as a vendor of excellent quality
medicinal remedies across the total pharmaceutical sphere, but with preeminent focus on its
nutraceutical and wellness brands.
To ensure alignment with our positioning strategy, the Company had launched a market study and
positioning audit to determine its market cover and to guide the acquisition of reliable brands in the
wellness market space. This audit highlighted certain limitations in the Go Life offering to the target
market as well as limitations of sales channels to reach the said market. This knowledge informed the
decision to acquire Sportron International (“Sportron”) together with their excellent wellness brands
including, amongst others, Swissgarde, Osteoflex and Biobalance, as well as Ascendis Health Direct, a
leading network marketing company specialising in the health industry. Sportron is a direct marketing
entity which has a footprint in South Africa and Nigeria.
The supply of Go Life products into official sales channels has yielded promising results. The Gotha Health
Products brand is now available to pharmacists and other outlets across South Africa through distributors
and pharmaceutical wholesalers. A marketing strategy has been launched wherein the Gotha brand
will undergo a marketing audit to ensure its attractiveness to its target market through the new sales
channels that have been unlocked. This exercise will be done in collaboration with a renowned
advertising house.
The Go Life Health Kiosks have produced exceptional results, not only as a sales channel, but also as a
source of market intelligence to further improve our offerings to the market. The expansion of the Health
Kiosks into the Eastern Cape and Gauteng is already at an advanced stage.
To further enhance its offerings, the Company is pursuing a strategy aimed at acquiring businesses or,
where merited, securing relationships with strategically aligned entities. By implementing this strategy, the
Company aims to expand its product range and service offerings and where warranted, retain the
expertise and knowledge of the founder members of those businesses (acquired entities), by absorbing
them into the Company’s structures.
DIVIDENDS
No dividends were authorized or paid during the period under review.
STATEMENT OF FINANCIAL POSITION
THE GROUP THE GROUP THE GROUP THE GROUP
Unaudited Unaudited Unaudited Audited
6 MONTHS 6 MONTHS 3 MONTHS 12 MONTHS
31 AUGUST 2018 31 August 2017 31 MAY 2018 28 Feb 2018
USD USD USD USD
ASSETS
Non - Current Assets 37 661 769 36 658 985 37 553 896 37 394 804
Investments in Associates 849 095 998 538 849 095 849 095
Intangible Assets 29 026 143 28 857 769 29 026 143 29 026 143
Property Plant and Machinery 7 786 531 6 802 678 7 678 658 7 519 566
Current Assets 1 313 558 717 440 1 070 014 856 012
Inventories 184 721 - 136 789 96 830
Trade and other Receivables 245 381 334 642 231 567 172 698
Cash and Cash Equivalents 883 456 382 798 701 658 572 724
Income taxes - - - 13 760
TOTAL ASSETS 38 975 327 37 376 425 38 623 910 38 250 816
EQUITY
Capital and Reserves 34 953 410 34 176 400 34 594 621 34 478 762
Share Capital 34 965 300 34 965 300 34 965 300 34 965 300
Accumulated Deficit (11 890) (795 900) (370 679) (486 538)
Non Distributable Reserves - - - -
Foreign Currency Translation Reserve - - - -
LIABILITIES
Non - Current Liabilities 3 612 296 2 988 122 3 692 521 3 424 784
Loan - Shareholders 3 487 325 2 988 122 3 567 550 3 424 784
Loan – third party 124 971 - 124 971 -
Current Liabilities 409 623 218 903 336 768 347 269
Trade and other Payables 409 623 218 903 336 768 241 299
Income Tax - - - 105 970
TOTAL EQUITY AND LIABILITIES 38 975 327 37 376 425 38 623 910 38 250 816
STATEMENT OF PROFIT / LOSS AND OTHER COMPREHENSIVE INCOME
THE GROUP THE GROUP THE GROUP THE GROUP THE GROUP
Unaudited Unaudited Unaudited Unaudited Audited
6 MONTHS 6 MONTHS 3 MONTHS 3 MONTHS 12 MONTHS
31 AUGUST 2018 31 August 2017 31 MAY 2018 31 MAY 2017 28 Feb 2018
USD USD USD USD USD
Revenue 1 270 983 438 169 572 287 343 730 1 819 213
Expenses (783 784) (280 194) (401 535) (193 523) (1 015 261)
PROFIT FROM
OPERATIONS 487 199 157 975 170 752 150 207 803 952
Share of profits -
Associates 78 569 32 393 29 363 28 235 190 565
Finance Income - - 508 2 565 -
Finance costs (206 981) (71 064) (84 764) (71 064) (313 103)
PROFIT BEFORE
TAXATION 358 787 119 304 115 859 109 944 681 414
Taxation - - - - (105 970)
NET PROFIT AFTER
TAXATION 358 787 119 304 115 859 109 944 575 445
Other Comprehensive
income - - - - -
TOTAL COMPREHENSIVE
INCOME FOR THE
PERIOD 358 787 119 304 115 859 109 944 575 445
RECONCILIATION OF BASIC EARNINGS TO HEADLINE EARNINGS
THE GROUP THE GROUP THE GROUP THE GROUP
Unaudited Unaudited Unaudited Audited
6 MONTHS 6 MONTHS 3 MONTHS 12 MONTHS
31 August 2018 31 August 2017 31 MAY 2018 28 Feb 2018
USD USD USD USD
Basic earnings 358 787 119 304 115 859 575 445
Headline earnings 358 787 119 304 115 859 575 445
Weighted average number of shares 900 000 000 900 000 000 900 000 000 900 000 000
Basic and diluted earnings per share (USD
cents) 0.0399 0.0133 0.0128 0.0639
Headline earnings per share (USD cents) 0.0399 0.0133 0.0128 0.0639
STATEMENT OF CASH FLOWS
THE GROUP THE GROUP THE GROUP THE GROUP THE GROUP
Unaudited Unaudited Unaudited Unaudited Audited
6 MONTHS 6 MONTHS 3 MONTHS 3 MONTHS 12 MONTHS
31 AUGUST 2018 31 August 2017 31 MAY 2018 31 MAY 2017 28 Feb 2018
USD USD USD USD
Net Cash from / (used in)
other operating activities 95 717 86 911 51 689 (24 595) 187 623
Investing activities
Property, plant and
equipment 5 749 3 722 2 879 2 377 2 303
Movement in net cash
resources 101 476 90 633 54 568 (22 218) 189 926
Balance at the start of the
year 627 292 415 624 572 724 383 922 382 798
Balance at the end of the year 728 768 386 796 627 292 361 704 572 724
STATEMENT OF CHANGES IN EQUITY
Share Revenue Total
USD USD USD
Balance as at 31 May 2018 34 965 300 (370 677) 34 594 623
Balance as at 28 February 2018 34 965 300 (486 536) 34 478 764
Total Comprehensive Income for the period - 474 646 474 646
Balance as at 31 August 2018
34 965 300 (11 890) 34 953 410
SEGMENTAL REPORTING – 6 MONTHS ENDED 31 AUGUST 2018
Frail care
Nutraceutical Property Total
Associate
USD USD USD USD
Statement of net profit/loss
Revenue 848 453 343 961 78 569 1 270 983
Interest expenses (79 556) (127 425) - (206 981)
Income Tax
Net profit/(loss) for the period 63 682 216 536 78 569 358 787
Statement of financial position
Total Assets 29 882 155 7 519 566 849 095 38 250 816
Total Borrowings 1 212 348 2 212 436 - 3 424 784
SEGMENTAL REPORTING – 6 MONTHS ENDED 31 August 2017
Frail care
Nutraceutical Property Total
Associate
USD USD USD USD
Statement of net profit/loss
Revenue 216 938 188 838 32 393 438 169
Interest expenses - (71 064) - (71 064)
Income Tax - - - -
Net profit/(loss) for the period (20 049) 105 654 32 393 117 998
Statement of financial
position
Total Assets 29 582 209 6 802 678 998 538 37 383 425
Total Borrowings - (2 988 122) - (2 988 122)
SEGMENTAL REPORTING – 3 MONTHS ENDED 31 MAY 2018
Frail care
Nutraceutical Property Total
Associate
USD USD USD USD
Statement of net profit/loss
Revenue 345 067 197 857 29 363 572 287
Interest expenses - (84 764) - (84 764)
Income Tax - - - -
Net profit/(loss) for the period (26 597) 113 093 29 363 115 859
Statement of financial position
Total Assets 29 882 155 7 519 566 849 095 38 250 816
Total Borrowings 1 212 348 2 212 436 - 3 424 784
SEGMENTAL REPORTING – 3 MONTHS ENDED 31 MAY 2017
Frail care
Nutraceutical Property Total
Associate
USD USD USD USD
Statement of net profit/loss
Revenue 217 801 97 694 28 235 343 730
Interest expenses - (71 064) - (71 064)
Income Tax - - - -
Net profit/(loss) for the period 217 801 26 630 28 235 272 666
Statement of financial position
Total Assets 22 822 587 6 959 543 849 095 30 631 225
Total Borrowings 2 212 436 - - 2 212 436
SEGMENTAL REPORTING – 12 MONTHS ENDED 28 FEB 2018
Nutraceutical Property Frail care Associate Total
USD USD USD USD
Statement of net profit/loss
Revenue 887 097 741 551 190 565 1 819 213
Interest expenses - (71 064) - (71 064)
Income Tax - (105 970) - (105 970)
Net profit/(loss) for the period (179 637) 564 517 190 565 575 445
Statement of financial position
Total Assets 29 882 155 7 519 566 849 095 38 250 816
Total Borrowings - (3 424 784) - (3 424 784)
Notes
The Company is required to publish financial results for the 6 months ended 31 August 2018 in terms of
the Listing Rule 12.19 of the SEM. The abridged unaudited consolidated financial statements for the 3
months ended 31 August 2018 (“Financial Statements”) have been prepared in accordance with the
measurement and recognition requirements of International Financial Reporting Standards (“IFRS”), the
requirements of IAS 34: Interim Financial Reporting and the SEM Listing Rules and the JSE Listing
Requirements.
The accounting policies adopted in the preparation of the Financial Statements are in terms of IFRS and
are consistent with those applied in the preparation of the audited financial statements of the year
ended 28 February 2018.
Copies of the abridged unaudited consolidated financial statements for the 6 months ended 31 August
2018 and the statement of direct and indirect interests of each officer of the Company, pursuant to Rule
8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007, are available free of
charge, upon request to the Company Secretary at the registered office of the Company at 5th Floor,
Atchia Building, Cnr Suffren & Eugene Laurent Streets, Port Louis 21001, Mauritius.
This communiqué is issued pursuant to SEM Listing Rules 11.3 and 12.20 and section 88 of the Securities
Act of Mauritius 2005. The Board accepts full responsibility for the accuracy of the information contained
in these Financial Statements. The Directors are not aware of any matters or circumstances arising
subsequent to the period ended 31 August 2018 that require any additional disclosure or adjustment to
the Financial Statements.
Go Life has its primary listing on the Stock Exchange Mauritius and a secondary listing on the AltX of the
JSE
By order of the Board
15 October 2018
Executive Directors: Non-Executive Directors:
Gerhard Jacobus Naudè Mohamed Yusuf Sooklall
Marthinus Johannes Wolmarans Jean Daniel Laurent Paulin Marie
JSE Sponsor:
Arbor Capital Sponsors Proprietary Limited
Date: 15/10/2018 02:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.