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PAL
PAL
PAL - Pals Holdings Limited - 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
Shareholders are referred to the reviewed provisional financial results
for the year ended 30 June 2007 which were published on SENS on 16 October
2007 and are advised that the accounting policies detailed therein contained
an error. Set out below are the financial results and the correct accounting
policies.
CONSOLIDATED INCOME STATEMENT
Reviewed Audited
12 12 Months
Months
30 June 30 June
2007 2006
R`000 R`000
Turnover 64,363
67,211
Operating (loss)/profit (1,595)
(4,536)
Net finance costs (342)
(945)
Net (loss)/profit before taxation (1,937)
(5,481)
Taxation 162
(702)
(Loss)/Earnings attributable
to ordinary shareholders (1,775)
(6,183)
Ordinary shares in issue (000`s) 8,972
8,972
(Loss)/earnings per share(cents) (19.8)
(68.9)
Headline (loss)/earnings per (19.8)
share(cents) (68.9)
Dividends per share (cents) - 25.0
CONSOLIDATED BALANCE SHEET
Reviewed Audited
12 12 Months
Months
30 June 30 June
2007 2006
R`000 R`000
ASSETS
Non-Current assets 7,020
5,827
Current assets 23,848
26,546
30,868
32,373
EQUITY AND LIABILITIES
Capital and 19,653
Reserves 13,469
Non-current liabilities 668
369
Current liabilities 10,547
18,535
30,868
32,373
CONSOLIDATED CASH FLOW STATEMENT
Reviewed Audited
12 12 Months
Months
30 June 30 June
2007 2006
R`000 R`000
Cash flows from operating (4,647)
activities (5,871)
Cash flows from operations (1,749)
(4,918)
Net financing costs, dividends (2,898)
(953)
and taxation paid
Cash flows from investing (1,011)
activities (362)
Net capital expenditure (1,011)
(362)
Changing in investments
Cash flows from financing (469)
activities (299)
Net increase/(decrease) in cash (6,127)
equivalents (6,532)
CONSOLIDATED CHANGES IN EQUITY
Share Accumulated
Capital Profit Total
R`000 R`000 R`000
Balance at 1 July 2005 23,514
90 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 19,562
90 19,652
Net loss for the year (6,183)
(6,183)
Balance at June 13,379
2007 90 13,469
COMMENTS
Accounting policies
The reviewed condensed provisional financial results have been prepared in
accordance with the recognition and measurement principles of International
Financial Reporting Standards and the requirements of IAS 34 "Interim
Financial Reporting", using accounting policies that are consistent with those
in the comparative annual financial statements.
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 17 October 2007
Sponsor
Sasfin Capital
(a division of Sasfin Bank Ltd)
Registration number 1951/002280/06
Transfer secretaries
Ultra Registrars (Pty) Ltd
11 Diagonal Street
Johannesburg
2002
Registered office
97 Durham Avenue
Salt River 7925
P O Box 311
Woodstock 7915
Directors: S R Kagan (Chairman), G Dewar (MD), H Thompson J Halford M Brajovic
G Choice
Company secretary: Mrs C K Loydall
Date: 17/10/2007 11:30:16 Produced by the JSE SENS Department.
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