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PAL
PAL
PAL - Pals Holdings Limited - Reviewed interim report for the six months ended
31 December 2007
PALS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa) (Co Reg No 1987/002753/06)
Share code: PAL ISIN: ZAE000055237
("Pals Holdings")
Reviewed Interim Report for the Six Months ended 31 December 2007
CONSOLIDATED INCOME STATEMENT
(Reviewed) (Unaudited) (Audited)
6 Months to 6 Months to 12 Months
to
31 December 31 December 30 June
2007 2006 2007
R`000 R`000 R`000
Turnover 34,776 37,630 67,211
Operating (loss)/profit (3,574) (1,274) (4,536)
Net finance costs (483) (827) (945)
Net (loss)/profit before taxation (4,057) (2,101) (5,481)
Taxation - 606 (702)
(Loss)/earnings attributable
to ordinary shareholders (4,057) (1,495) (6,183)
Ordinary shares in issue (`000) 8,972 8,972 8,972
(Loss)/earnings per share (cents) (45.2) (16.6) (68.9)
Headline (loss)/earnings per share (45.2) (16.6) (68.9)
(cents)
Dividends per share (cents) - - -
CONSOLIDATED BALANCE SHEET
(Reviewed) (Unaudited) (Audited)
6 Months to 6 Months to 12 Months
to
31 December 31 December 30 June
2007 2006 2007
R`000 R`000 R`000
ASSETS
Non-Current assets 5,399 7,447 5,827
Current assets 15,604 28,330 26,546
21,003 35,777 32,373
EQUITY AND LIABILITIES
Capital and Reserves 9,412 18,158 13,469
Non-current liabilities 97 1,134 369
Current liabilities 11,494 16,485 18,535
21,003 35,777 32,373
CONSOLIDATED CASH FLOW STATEMENT
(Reviewed) (Unaudited) (Audited)
6 Months to 6 Months to 12 Months
to
31 December 31 December 30 June
2007 2006 2007
R`000 R`000 R`000
Cash flows from operating activities 6,055 (5,483) (5,871)
Cash flows from operations 6,538 (4,656) (4,924)
Net financing costs, dividends (483) (827) (947)
and taxation paid
Cash flows from investing activities (18) (235) (362)
Net capital expenditure (18) (235) (362)
Cash flows from financing activities (224) 466 (299)
Net increase/(decrease) in cash 5,813 (5,252) (6,532)
CONSOLIDATED CHANGES IN EQUITY
Share Accumulated
Capital Profit Total
R`000 R`000 R`000
Balance at 31 December 2006 90 18,068 18,158
Net loss for the period (4,689) (4,689)
Balance at 30 June 2007 90 13,379 13,469
Net loss for the period (4,057) (4,057)
Balance at 31 December 2007 90 9,322 9,412
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
previous annual financial statements, the JSE Listings Requirements and the
South African Companies Act.
Adverse review opinion
Mazars Moores Rowland have reviewed the interim financial information for the
six months ended 31 December 2007. Mazars Moores Rowland do not believe that the
going concern assumption is appropriate in the preparation of the interim
financial information for Pals Holdings given the prospective sale to Ad-Style
CC. Accordingly, Mazars Moores Rowland have issued an adverse conclusion in
their review report on these interim financial information. The adverse report
is available for inspection at the group`s registered office.
Review
The turnover has decreased by 7.6% compared to the same period for the previous
year.
The company has shown a loss for the period under review of R4,057,000
before taxation, due to costs incurred relating to the disposal of and operating
performance of Pals Clothing (Proprietary) Limited ("Pals Clothing").
The operating company has restructured and downsized the manufacturing division
at the end of October which resulted in about 200 temporary contracts not being
renewed. Subsequent to the restructuring the business has achieved small
profits.
Prospects
The company expects that the sale of Pals Clothing to Ad-Style CC will be
concluded in the foreseeable future which will benefit both parties.
Dividend
No dividend has been declared.
Subsequent Events
Mr. Howard Thompson resigned as CFO and executive director of Pals Holdings and
Pals Clothing effective 10 February 2008. He has been replaced as Interim CFO of
Pals Clothing by Mr. Ron Stockdale. Mr. Steven Klagsbrun resigned as Chairman
of Pals Holdings on 7 April 2008.
Mr. Grant Dewar was not re-elected as a Director of Pals Holdings at the Annual
General Meeting of Shareholders held in January 2008.
In February 2008 Pals Clothing refinanced Standard Bank with Merchant Factors
which provided it with a larger facility. As of 29 February 2008 approximately
R8 million was drawn under this facility which constituted the only indebtedness
of Pals Clothing.
For and on behalf of the Board of Directors.
J Halford
Cape Town
H Kagan
14 April 2008
Sponsor
Transfer secretaries
Registered office
Deloitte & Touche Sponsor Services
Link Market Services SA
97 Durham Avenue
(Proprietary) Limited
(Proprietary) Limited
Salt River 7925
Registration number 1996/000034/07
11 Diagonal Street
P O Box 311
Johannesburg
Woodstock 7915
2001
Directors: J Halford*, G Kagan*, H Kagan*
Company secretary: G Kagan*
* Non-executive
Note the Director changes have not yet been reflected on CIPRO as the forms are
being filed at the same time as this report.
Date: 14/04/2008 09:33:02 Produced by the JSE SENS Department.
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