| Wed 27 Mar 2002, 0:00 | | Pasdec Resources Sa Limited - Preliminary Results |
|
year ended 31 December 2001
Pasdec Resources SA Limited
Incorporated in the Republic of
South Africa
Registration Number 1987/004942/06
Share code: PSC
ISIN: ZAE000023552
Preliminary results for the year ended 31 December 2001
Consolidated Income Statement Audited Audited
Year Year
ended ended
31.12.01 31.12.00
R'000 R'000
Revenue 143,758 144,574
Operating loss (16,300) (6,912)
Net finance charges (2,916) (5,415)
Loss before taxation (19,216) (12,327)
Taxation - -
Net loss attributable to ordinary (19,216) (12,327)
shareholders
Loss per share (cents) (34.3) (22.0)
Headline loss per share (cents) (34.3) (22.0)
Number of shares in issue (000s) 55,964 55,964
Consolidated Balance Sheet
Audited Audited
Year Year
ended ended
31.12.01 31.12.00
R'000 R'000
Assets
Non-current assets
Property,plant and equipment 25,292 28,073
Long Term Loan 250 250
Goodwill 6,560 7,245
32,102 35,568
Current assets
Inventories 56,531 48,669
Trade and other receivables 31,949 20,346
Cash and cash equivalents 12,230 6,540
100,710 75,555
Total assets 132,812 111,123
Equity and liabilities
Capital and reserves
Share capital 37,642 36,824
Share premium 80,982 -
Accumulated loss (113,059) (93,842)
Non-distributable reserve 15,596 15,596
Shareholders loans 58,390 90,941
Total Shareholders' funds 79,551 49,519
Interest bearing borrowings 17,957 26,936
Current liabilities
Trade and other payables 34,521 31,659
Current portion of long term 783 2,930
liabilities
Taxation - 79
35,304 34,668
Total equity and liabilities 132,812 111,123
Consolidated Cash Flow Statement
Audited Audited
Year Year
ended ended
31.12.01 31.12.00
R'000 R'000
Cash flows from operating activities
Cash utilised by operations (11,429) (1,513)
Interest paid (2,916) (5,415)
Normal taxation paid (79) (5)
Net cash outflow from operating (14,424) (6,933)
activities
Changes in working capital (16,606) (13,856)
Net cash (outflows)/inflows from (31,030) (20,789)
operating activities
Cash flows from investing activities (1,406) (11,093)
Cash flows from financing activities 47,057 (50,631)
Net increase/(decrease) in cash 14,621 18,749
Beginning of period cash and cash (14,773) (33,522)
equivalents
End of period cash and cash (152) (14,773)
equivalents
Cash and cash equivalents
Interest bearing short term debt
Bank overdraft (12,382) (21,313)
Cash at bank and on hand 12,230 6,540
(152) (14,773)
Statement of changes in Equity
Share Share Non- Accumu- Share- Total
Capital Premium distri- lated holders
butable loss loans
reserves
Balance at 2000-12-31 36,824 15,596 (93,842) 90,941 49,519
Preference share
issue 818 80,982 81,800
Movement on
loan account (32,551) (32,551)
Loss for the year (19,217) (19,217)
Balance at 2001-12-31 37,642 80,982 15,596 (113,059) 58,390 79,551
Results for the year ended 31 December 2001
The group turnover for the year amounted to R143,8 million, compared with
R144,6 million in the prior year. The operating loss for the current year
amounts to R16,3 million (2000: R6,9 million). After allowing for finance
costs, the net loss for the year is R19,2 million (2000: R12,3 million)
The major causes for the loss are attributed to the August 2001 strike in
the motor industry, to the postponement of projects for which substantial
expenditure was incurred during the period under review and to start up
costs in Pasdec Electrical Technologies (Pty) Ltd and in Femco Specialized
Motors Australia (Pty) Ltd.
During the year the Port Elizabeth branch of Pasdec Automotive Technologies
which had been earmarked for export contracts was discontinued. Production
has since been centralized in the Brits and East London plants. Based on the
net costs incurred during the year under review, cost savings are estimated
to be in the region of R6,5 million per annum.
By Order Of The Board
27 March 2002
