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PAL
PAL
PAL - Pals Holdings - Reviewed Provisional Financial Results For The
Year Ended 30 June 2007
PALS HOLDINGS LIMITED
Incorporated in the Republic of South Africa)
(Co Reg No 1987/002753/06)
Share code: PAL & ISIN: ZAE000055237
Reviewed Provisional Financial Results for the Year ended 30 June 2007
CONSOLIDATED INCOME STATEMENT
Reviewed Audited
12 Months 12 Months
30 June 30 June
2007 2006
R`000 R`000
Turnover 67,211 64,363
Operating (loss)/profit (4,536) (1,595)
Net finance costs (945) (342)
Net (loss)/profit before taxation (5,481) (1,937)
Taxation (702) 162
(Loss)/Earnings attributable
to ordinary shareholders (6,183) (1,775)
Ordinary shares in issue (000`s) 8,972 8,972
(Loss)/earnings per share(cents) (68.9) (19.8)
Headline (loss)/earnings per share(cents) (68.9) (19.8)
Dividends per share (cents) - 25.0
CONSOLIDATED BALANCE SHEET
Reviewed Audited
12 Months 12 Months
30 June 30 June
2007 2006
R`000 R`000
ASSETS
Non-Current assets 5,827 7,020
Current assets 26,546 23,848
32,373 30,868
EQUITY AND LIABILITIES
Capital and Reserves 13,469 19,653
Non-current liabilities 369 668
Current liabilities 18,535 10,547
32,373 30,868
CONSOLIDATED CASH FLOW STATEMENT
Reviewed Audited
12 Months 12 Months
30 June 30 June
2007 2006
R`000 R`000
Cash flows from operating activities (5,871) (4,647)
Cash flows from operations (4,918) (1,749)
Net financing costs, dividends (953) (2,898)
and taxation paid
Cash flows from investing activities (362) (1,011)
Net capital expenditure (362) (1,011)
Changing in investments
Cash flows from financing activities (299) (469)
Net increase/(decrease) in cash equivalents (6,532) (6,127)
CONSOLIDATED CHANGES IN EQUITY
Share Accumulated
Capital Profit Total
R`000 R`000 R`000
Balance at 1 July 2005 90 23,514 23,604
Net loss for the year (1,775)
(1,775)
Dividends paid (2,243)
(2,243)
Unclaimed dividends 66 66
Balance at 1 July 2006 90 19,562 19,652
Net loss for the year (6,183)
(6,183)
Balance at June 2007 90 13,379 13,469
COMMENTS
Accounting policies
In line with listing requirements of the JSE Limited the company has adopted
International Financial Reporting Standards (IFRS)(transition date 1 July
2004).The reviewed provisional financial results for the year ended 30 June
2007 have been prepared in compliance with International Financial Reporting
Standards and the listing requirements of the JSE Limited.
Audit opinion
Mazars Moores Rowland have reviewed these condensed consolidated provisional
financial statements for the year ended 30 June 2007. Mazars Moores Rowland do
not believe that the going concern assumption.is appropriate in the preparation
of the financial statements. Accordingly, Mazars Moores Rowland have issued an
adverse conclusion in their review report on these condensed consolidated
provisional financial statements. The adverse report is available for
inspection at the company`s registered office.
Review
The turnover increased by 4.4% this year, however the company
has incurred a loss of R5.481 million before tax ,for the year ended 30 June
2007. This is compared to a loss of R1.937 million in the previous year.
The business has experienced a very difficult year. The margins on the export
business have been eroded due to the strong rand hence the company decided to
supplement this turnover with South African retail manufacture. Production
costs have increased during the year hence local margins have experienced
extreme pressure. Due to the issue of "going concern" the company has reversed
its provision for deferred tax from the prior year which has increased the loss
by 702,000 for the year under review.
Prospects
The company has had to restructure the business for the new trading year. The
export market appears to be on a further decline as most of these customers are
now sourcing their product from Asia. The company has focused the production
unit on more standard garments in an effort to increase efficiencies,
the impact of the above has resulted in a loss of employment for contract
workers.
Although the business is experiencing "going concern" issues this could be
remedied with the finalization of negotiations with interested parties.
Dividend
No dividend has been declared.
Subsequent Events
Mr Milos Brajovic has resigned as a Non Executive Director of the Company
effective 16 October 2007
For and on behalf of the Board of Directors.
S R Kagan Cape Town
G Dewar 16 October 2007
Sponsor
Sasfin Capital
(a division of Sasfin Bank Ltd)
Registration number 1951/002280/06
Transfer secretaries
2002
Ultra Registrars (Pty) Ltd
11 Diagonal Street
Johannesburg
Registered office
97 Durham Avenue
P O Box 311
Woodstock 7915
Salt River 7925
Directors: S R Kagan (Chairman), G Dewar (MD), H Thompson J Halford M Brajovic
G Choice
Company secretary: Mrs C K Loydall
Date: 16/10/2007 17:51:17 Produced by the JSE SENS Department.
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