| Fri 28 Sep 2001, 0:00 | | Pasdec Resources Sa Limited -unaudited Interim Res |
|
ended 30 June 2001
Pasdec Resources SA Limited
Incorporated in the Republic of South Africa
Registration Number 1987/004942/06
Share Code: PSC
ISIN Code: zae000023552
Unaudited Unaudited Audited
Half year Half year Year
Consolidated Income ended ended ended
Statement 30.06.01 30.06.00 31.12.00
R'000 R'000 R'000
Revenue 64,339 65,095 144,574
Operating loss (3,706) (9,347) (6,912)
Net finance charges (1,424) (2,404) (5,415)
Net Loss (5,130) (11,751) (12,327)
Headline loss attributable to (5,130) (11,751) (12,327)
ordinary shareholders
Net loss attributable to (5,130) (11,751) (12,327)
ordinary shareholders
Loss per share (cents) (9.2) (21.0) (22.0)
Headline loss per share (cents) (9.2) (21.0) (22.0)
Weighted number of shares in
issue on which loss per share 55,964 55,964 55,964
calculated (000's)
(No taxation has been provided
as the group has substantial
assessed losses, which will be
used to offset future profits)
Consolidated
Balance Sheet
Unaudited Unaudited Audited
Half year Half year Year
ended ended ended
30.06.01 30.06.00 31.12.00
R'000 R'000 R'000
Assets
Non-current assets
Property, plant and
equipment 27,442 26,024 28,073
Goodwill 6,902 2,055 7,245
34,344 28,079 35,318
Current Assets
Inventories 52,610 29,333 48,669
Trade and other receivables 26,768 29,280 20,346
Cash and cash equivalents 23,096 7,932 6,540
102,474 66,545 75,555
Total assets 136,818 94,624 110,874
Equity and liabilities
Capital and Reserves
Share capital 37,642 36,824 36,824
Share premium 80,982
Accumulated loss (98,972) (94,616) (93,842)
Non-distributable reserve 15,596 16,946 15,596
Shareholders' loans 36,155 81,800 90,941
Total Shareholders' funds 71,403 40,954 49,519
Non-current liabilities
Long term liabilities 28,300 23,112 26,686
Current liabilities
Trade and other payables 35,890 28,899 31,661
Current portion of long term 1,199 1,281 2,929
liabilities
Taxation 25 378 79
37,114 30,558 34,669
Unaudited Unaudited Audited
Half year Half year Year
ended ended ended
30.06.01 30.06.00 31.12.00
R'000 R'000 R'000
Total equity and
liabilities 136,818 94,624 110,874
Number of ordinary shares 55,964 55,964 55,964
in issue (000's)
Net asset value per
ordinary 127.6 73.2 88.5
share(cents)
Consolidated Cash Flow
Statement
Cash flows from operating
activities
Cash utilised by operations (1,196) (9,347) (6,912)
Interest paid (1,424) (2,404) (5,415)
Net cash (outflow)/inflow (2,620) (11,751) (12,327)
Changes in working capital (7,918) (9,320) (10,375)
Net Cash outflow from (10,538) (21,071) (22,702)
operating activities
Cash flows from investing (1,535) (2,547) (10,091)
activities
Cash flows from financing 26,820 43,358 51,542
activities
Net increase/(decrease)in cash 14,747 19,740 18,749
BOP cash and cash equivalents (14,773) (33,522) (33,522)
EOP cash and cash equivalents (26) (13,782) (14,773)
Cash and cash equivalents
Interest bearing short term
debt
Bank overdraft 23,122 17,928 21,313
Cash at bank and on hand 23,096 4,146 6,540
(26) (13,782) (14,773)
Statement of changes
in equity
Share Non- Accum
Capital Share distrib ulated Share-
Preferent utable loss holders'
Ordinary Total Premium reserves loans Total
Balance at 36,824 36,824 15,596 (93,842) 90,941 49,519
31 December
2000
Preferant
shares
issued 818 818 80,982
81,800
26 February 2001
Movement on
loan account (54,786)(54,786)
Loss for the
half year (5,130) (5,130)
Balance at
30 June 2001
36,824 818 37,642 80,982 15,596 (98,972) 36,155 71,403
Comments
Share capital
Following from the general meeting of shareholders held on 26 February 2001,
81 800 000 redeemable convertible preference shares, each with a 1 cent par
value, were issued at a premium of 99 cents per share to the majority
shareholder, Pahang Off-Shore Sendirian Berhad, in order to facilitate the
conversion of the major portion of their shareholder's loan into equity.
Funding
Pahang Off-Shore Sendirian Berhad injected further funds totaling R27
million by way of loan capital into the company during the six months ended
30 June 2001.
Increase in the net asset value per ordinary share
Arising mainly from the restructuring of the share capital and the
introduction by the majority shareholder of further funding, the net asset
value per ordinary share has increased from 73.2 cents per share at 30 June
2000 to 127.6 cents at 30 June 2001.
Results for the six months
The group turnover for the six months ended 30 June 2001 amounted to R64.3
million, compared with R65.1 million for the corresponding period of the
previous year. The group incurred an operating loss of R3.7 million for the
six months (2000:R9.3 million). After allowing for finance costs, the net
loss for the six months is R5.1 million (2000:R11.7 million).
Business activities
The Group's core business continues to be the manufacture of electric wiring
harnesses for the automotive industry (Pasdec Automotive Technologies (Pty)
Ltd), the manufacture and distribution of consumer and industrial motors
(Femco (Pty) Ltd) and the manufacture and refurbishment of flameproof
electric motors for the mining industry (Femco Mining Motors (Pty) Ltd).
In January 2001 the Group commenced a new business activity which
manufactures, repairs and distributes electric motor control systems, such
as soft starters, variable speed drives etc. in the name of Pasdec
Electrical Technologies (Pty )Ltd ("PET"), which recently acquired, as a
going concern, the power electronic control systems business of Motor
Control Systems (Pty) Ltd, a company manufacturing and distributing a range
of high voltage motor drives, digital frequency converters and allied
equipment.
PET has also been appointed the sole distributor and refurbisher in Southern
Africa of Baldwin & Francis, a UK company specialising in electric motor
control systems, many of which are currently in use by the local mining
industry.
Management
Our Group Management Board has been further strengthened by the following
new appointments, namely:
Mr Adam Iskounen, formerly a senior staff manager of
General Electric, USA, as Director of Business Development-International,
based in Charlottesville, USA. During his 20 plus years with GE he has
been based in various parts of the world including Japan, Singapore and
Europe and has vast experience in international trade. His global network
of contacts will enable us to penetrate into new markets for all our
products.
Mr Bruno Penzhorn as Director of Business Development-
Southern Africa. Bruno has held senior appointments in local industry and
is well known in the business sector in which our Group operates. He will
assist the Group in expanding its business into these sectors and into new
markets within Southern Africa.
Future prospects
The improved financial gearing of the Group places it in a good position to
actively pursue new business opportunities. As previously reported,
numerous initiatives, both in the local as well as in the export markets,
are on track to substantially improve turnover and profitability.
Arising from the relationship the Group has with General Electric, USA, as
the distribution partner of their full range of electric motors in the Sub-
Saharan Region of Africa, management is currently implementing the Six Sigma
Quality performance system throughout the organisation, with the assistance
of GE, who have themselves embraced the system as an integral part of their
corporate culture. Once introduced, the benefits to be derived from the
system will make a positive contribution to the future profitability of the
Group.
The directors of Pasdec Resources SA Limited are
Non executive:
Dato'Hamdan Jaafar* - (Chairman)
Goh Song Han*
Baharum Lajim*
Executive:
P.A.Becker - (Executive deputy chairman)
G.A.Zammit**
*Malaysian **British
Registered Office: Transfer Secretaries:
Block G Mercantile Registrars Limited
101 Knightsbridge Manor 11 Diagonal Street
33 Sloane Street Johannesburg 2001
Bryanston 2021 PO Box 1053
PO Box 67706 Johannesburg
Bryanston 2021 2000
