| Tue 26 Mar 2002, 0:00 | | Pals Holdings Limited - Interim Report For The Six |
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2001
Pals Holdings Limited
Registration No. 1987/002753/06
Interim report for the six months ended 31 December 2001
CONSOLIDATED (Unaudited) (Unaudited) (Audited)
INCOME 6 months to 6 months to 12 months to
STATEMENT 31 December 31 December 30 June
2001 2000 2001
R'000 R'000 R'000
Turnover 38,690 28,529 58,906
Operating profit 3,120 1,280 4,267
Net finance costs (530) (606) (1,109)
189
Net profit before 2,590 674 3,158
taxation
Taxation (725) - 189
Earnings
attributable to
ordinary 1,865 674 3,347
shareholders
Ordinary shares in
issue (000's) 10,000 10,000 10,000
Earnings per share (cents) 18.7 6.7 33.5
Headline earnings
per share (cents) 18.7 6.7 33.3
Dividends per - - 10
share (cents)
CONSOLIDATED (Unaudited) (Unaudited) (Audited)
BALANCE 6 months to 6 months to 12 months to
SHEET 31 December 31 December 30 June
2001 2000 2001
R'000 R'000 R'000
ASSETS
Fixed and other non-current
assets 5,621 4,429 4,828
Current assets 25,512 22,579 29,510
31,133 27,008 34,338
EQUITY AND LIABILITIES
Capital and reserves 17,534 12,996 15,669
Non-current liabilities 1,265 2,345 1,330
Current liabilities 12,334 11,667 17,339
31,133 27,008 34,338
CONSOLIDATED (Unaudited) (Unaudited) (Audited)
CASH FLOW 6 months to 6 months to 12 months to
STATEMENT 31 December 31 December 30 June
2001 2000 2001
R'000 R'000 R'000
Cash flows from operating
activities - 1,451 (826)
Cash flows from operations - 2,051 5,751
Working capital changes - - (5,072)
Net financing costs,
dividends and taxation - (600) (1,505)
paid
Cash flows from investing
activities - (3) (1,532)
Net capital expenditure - - (1,506)
Increase in investments - (3) (26)
Cash flows from financing
activities (199)
Net decrease in cash
and cash equivalents - 1,448 (2,557)
CONSOLIDATED Share Share Reserve Accumulated Total
STATEMENT OF Capital Premium Profit
CHANGES IN EQUITY R'000 R'000 R'000 R'000 R'000
Balance at 31 December 2000 100 1,722 850 10,324 12,996
Net profit for the - - - 2,673 2,673
period
Balance at 30 June 2001 100 1,722 850 12,997 15,669
Net profit for the - - - 1,865 1,865
period
Balance at 31 December 2001 100 1,722 850 14,862 17,534
COMMENTARY
Accounting Policies
The accounting policies at 31 December 2001 are consistent with those
applied at 30 June 2001 and are in accordance with South African Generally
Accepted Accounting Practice.
Review
A 36% increase in turnover has resulted in a 144% increase in operating
profit compared to the six month period ended 31 December 2000.
We still do not envisage a major upturn in local sales. However, the export
market continues to grow.
Dividend
The Board of Directors advise that, as has been the policy in the past, no
interim dividend will be paid to shareholders.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
S R Kagan (Chairman)
H Noik
Cape Town
26 March 2002
TRANSFER SECRETARIES
Ultra Registrars (Pty) Ltd
11 Diagonal Street
Johannesburg, 2001
