| Tue 20 Mar 2001, 0:00 | | Pasdec - Preliminary Results For The Year Ended 31 |
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PASDEC RESOURCES SA LTD
Incorporated in the Republic of South Africa
Registration Number 1987/004942/06
Preliminary results for the year ended 31 December 2000
Consolidated Income Statement
Audited Audited
Year Year
ended ended
31.12.00 31.12.99
R'000 R'000
Turnover 144 574 166 929
Operating loss (6 912) (21 830)
Net finance charges (5 415) (12 164)
Loss before taxation (12 327) (33 994)
Taxation - (201)
Net loss after taxation (12 327) (33 793)
Headline loss attributable
to ordinary shareholders (12 327) (28 793)
Exceptional items (5 000)
Net loss attributable
to ordinary shareholders (12 327) (33 793)
Loss per share (cents) (22) (60)
Headline loss per
share (cents) (22) (51)
Number of shares in issue (000s) 55 964 55 964
Consolidated Balance Sheet
Audited Audited
Year Year
ended ended
31.12.00 31.12.99
ASSETS R'000 R'000
Non-current assets
Property, plant and equipment 28 073 28 229
Goodwill 7 245 2 398
35 318 30 627
Current assets
Inventories 48 669 32 569
Trade and other receivables 20 346 28 558
Cash and cash equivalents 6 540 3 786
75 555 64 913
Total assets 110 873 95 540
EQUITY AND LIABILITIES
Capital and Reserves
Share capital 36 824 36 824
Non-distributable reserve 15 596 16 946
Accumulated loss (93 842) (82 865)
Shareholders' loans 90 941 39 036
Total Shareholders' funds 49 519 9 941
Non current liabilities
Long term liabilities 26 686 41 898
Consolidated Balance Sheet Continued
Audited Audited
Year Year
ended ended
31.12.00 31.12.99
R'000 R'000
Current liabilities
Trade and other payables 31 659 39 543
Current portion of longterm liabilities 2 930 4 074
Taxation 79 84
34 668 43 701
Total equity and liabilities 110 873 95 540
Number of ordinary shares in issue
(000's) 55 964 55 964
Net asset value per ordinary share
(cents) 88.5 17.8
Consolidated Abridged Cash Flow Statement
Audited Audited
Year Year
ended ended
31.12.00 31.12.99
R'000 R'000
Cash outflow from operating activities (22 702) (32 213)
Cash (outflows)/inflows from
investing activities (10 091) 805
Cash inflow from financing activities 51 542 37 048
Net increase in cash and cash equivalents 18 749 5 640
Cash and cash equivalents at the
beginning of the year (33 522) (39 162)
Cash and cash equivalents at the
end of the year (14 773) (33 522)
Statement of changes in equity
Share Non- Accumulated Shareholders Total
Capital distributable loss loans
reserves
Balance at
31 - 12 - 1999 36 824 16 946 (82 865) 39 036 9 941
Transfer (from)/
to (1 350) 1 350
Movement on
loan account 51 905 51 905
Loss for the
year (12 327) (12 327)
Balance at
31 - 12 - 2000 36 824 15 596 (93 842) 90 941 49 519
CHAIRMAN'S STATEMENT
Change of name
In order to be more closely identifiable with its Malaysian ultimate holding
company, Pahang State Development Corporation, the company changed its name
from Femco Technology Holdings Limited to Pasdec Resources SA Limited with
effect from 28 February 2000.
"Pasdec" is an acronym of Pahang State Development Corporation.
The company's shares are listed in the Industrial, Electronics and Electrical
sector of the Johannesburg Securities Exchange.
Funding
Due to the confidence it has in the future viability of the company, the
majority shareholder, Pahang Off-Shore Sendirian Berhad, injected further funds
of R48,8 million during the 2000 financial year. At 31 December 2000 the total
funds injected thus far, amounting to R87,8 million and which are disclosed as
interest free shareholder loans, were provided to cover past losses and to
provide working capital for future initiatives.
Increase in share capital
Arising from the willingness of Pahang Off-Shore Sendirian Berhad to convert
R81,8 million of their shareholder's loan into equity, a general meeting of
shareholders of the company, held on 26 February 2001, unanimously agreed
* To increase the authorized share capital of the company from 70 000 000
ordinary shares of no par value to 119 871 000 ordinary shares of no par value
* To further increase the authorized share capital by the creation of 81 800
000 redeemable convertible preference shares of 1 cent each
* To convert R81 800 000 of the shareholder's loan into 81 800 000 unlisted
redeemable convertible preference shares of 1 cent each at a premium of 99
cents per share, having no dividend rights and no voting rights attached to the
* To the terms and conditions of the redemption and/or the conversion of the
preference shares into ordinary listed shares, as fully disclosed in the
circular to shareholders dated 2 February 2001
Acquisition of controlling interest in Femco Mining Motors (Pty) Ltd
On 2 November 2000 the company increased its shareholding in Femco Mining
Motors (Pty) Ltd from 49% to 96.2% by the conversion of share-holder loans into
an increase in the share capital of that company.
Business activities
The group's core business activities continue to be the manufacture and
distribution of consumer and industrial electric motors and electric wiring
harnesses for the automotive industry. In addition, the group has become the
distribution partner for the Sub-Saharan Region of the full range of General
Electric Motors and, arising from the acquisition of the controlling interest
in Femco Mining Motors Pty), the group designs and develops, manufactures and
refurbishes flame proof electric motors for the mining industry.
Results for the year
The group turnover for the year is R144,6 million, compared with R166,9 million
in the prior year. The decrease is attributable to motor vehicle model run
outs and the completion in the prior year of an automotive harness export
contract.
The operating loss of the group for the year is R6,9 million (1999 : R21,8
million).
After allowing for finance costs of R5,4 million (1999 : R12.2 million) the net
loss for the year is R12,3 million (1999 : R33,8 million)
Future Prospects
The restructuring and rationalization initiatives introduced over the past 12
to 18 months are having a positive effect on the group, as reflected in the
results for the year under review. The net loss for the year ended 31
December 1999 totalled R33,8 million, the net loss for the six months ended 30
June 2000 totalled R11,8 million, whilst the loss for the second half of the
year amounted to R0,5 million.
Future Prospects continued
Various initiatives are in place to improve turnover and profitability. The
group has been nominated the preferred global electric motor supplier to an
international manufacturer of coal mining equipment.
A subsidiary company has been formed in Australia for the distribution in that
country of products produced by the group in South Africa and a similar company
is in the course of registration in the United States of America. It is
anticipated that further initiatives will be brought to fruition during the
next few months.
It is envisaged that all the companies within the group will be profitable in
the year ending 31 December 2001.
On behalf of the board
Dato' H. Jaafar
Chairman
12 March 2001
The directors of Pasdec Resources SA Limited are
Dato' H Jaafar - Chairman (Malaysian)
PA Becker - Executive Deputy Chairman
G Zammit - Executive Director (British)
SH Goh - Non-Executive Director (Malaysian)
B Lajim - Non-Executive Director (Malaysian)
Registered office:
Block G
101 Knightsbridge Manor
33 Sloane Street
Bryanston 2021
PO Box 67706
Bryanston 2021
Transfer Secretaries:
Mercantile Registrars Limited
11 Diagonal Street
Johannesburg 2001
P O Box 1053
Johannesburg 2000
