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PAL
PAL
PAL- Pals Holdings Limited - Interim Report: Six Months ended 31 December 2006
PALS HOLDINGS LIMITED
Incorporated in the Republic of South Africa)
(Co Reg No 1987/002753/06)
Share code: PAL & ISIN: ZAE0000055237
Interim Report for the Six Months ended 31 December 2006
CONSOLIDATED INCOME STATEMENT
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to 12 Months
to
31 December 31 December 30 June
2006 2005 2006
R`000 R`000 R`000
Turnover 37,630 34,429 64,363
Operating (loss)/profit (1,274) 598
(1,595)
Net finance costs (827) 30
(342)
Net (loss)/profit before taxation (2,101) 628
(1,937)
Taxation 606 (202) 162
(Loss)/earnings attributable
to ordinary shareholders (1,495) 426 (1,775)
Ordinary shares in issue 8,972 8,972 8,972
(Loss)/earnings per share(cents) (16.6) 4.75
(19.8)
Headline (loss)/earnings per share (16.6) 4.75 (19.8)
Dividends per share (cents) - - 25.0
CONSOLIDATED BALANCE SHEET
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to 12 Months
to
31 December 31 December 30 June
2006 2005 2006
R`000 R`000 R`000
ASSETS
Non-Current assets 7,447 5,927 7,020
Current assets 28,330 23,340 23,848
35,777 29,267 30,868
EQUITY AND LIABILITIES
Capital and Reserves 18,158 24,030 19,653
Non-current liabilities 1,134 1,022 668
Current liabilities 16,485 4,215 10,547
35,777 29,267 30,868
CONSOLIDATED CASH FLOW STATEMENT
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to 12 Months
to
31 December 31 December 30 June
2006 2005 2006
R`000 R`000 R`000
Cash flows from operating activities (5,483) (2,019)
(4,320)
Cash flows from operations 114 1,641
(1,735)
Working capital changes (4,764) (3,690)
Net financing costs, dividends (833) 30
(2,585)
and taxation paid
Cash flows from investing activities (235) (382) (1,011)
Net capital expenditure (235) (382) (1,011)
Changing in investments
Cash flows from financing activities 466 (114) (795)
Net (decrease)/increase in cash (5,252) (2,515) (6,126)
CONSOLIDATED CHANGES IN EQUITY
Share Accumulated
Capital Profit Total
R`000 R`000 R`000
Balance at 31 December 2005 90 23,940 24,030
Net loss for the period (2,201)
(2,201)
Dividends paid (2,243) (2,243)
Unclaimed dividends 67 67
Balance at 30 June 2006 90 19,563 19,653
Net loss for the period (1,495) (1,495)
Dividends paid -
Unclaimed dividends -
Balance at December 2006 90 18,068 18,158
COMMENTS
Accounting policies
In line with the Listing Requirements of the JSE Limited the company has
adopted International Financial Reporting Standards (IFRS) (transition date 01
July 2004).
The interim financial statements for the six months period ended 31 December
2006 have been prepared in compliance with IAS 34 - Interim Financial Reporting
and the Listing Requirements of the JSE Limited.
The interim financial report has not been reviewed nor audited by an external
auditor.
Review
The turnover has increased by 9.3% compared to the same period for the previous
year. The company however, has shown a loss for the period under review of
R2,101,000, before taxation, due mainly to the fact that the fluctuating rand
has generated R549,000 in forex losses as well as eroding margins on our
imported goods.The interest rate increase has also had a negative effect on the
business as finance costs amount to R827,000 for the period.
With the uncertainty of the Duty Credit Incentive Scheme, it has become
necessary to discontinue producing for export customers, as there is no derived
benefit for the business.
The company is endeavouring to secure additional business with the local
retailers, as the impact of the quota on Chinese imports, starts to take
effect.
Prospects
The company has maintained the focus on the local markets. The ladies division
has managed to secure new orders for delivery early in the new financial year,
which replaces part of the export business.
Dividend
No dividend has been declared
For and on behalf of the Board of Directors.
S R Kagan G Dewar
Cape Town
29 March 2007
Sponsor
Sasfin Capital
(a division of Sasfin Bank Ltd)
Registration number 1951/002280/06
Registered office
97 Durham Avenue
Salt River 7925
P O Box 311
Woodstock 7915
Transfer secretaries
Link Market Services
11 Diagonal Street
Johannesburg
2001
Directors: S R Kagan (Chairman), G Dewar (MD),G Choice*, H Thompson
Company secretary: Mrs. C K Loydall
* Non-executive
Date: 29/03/2007 16:00:01 Produced by the JSE SENS Department.
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