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31 December 2001
PACIFIC HOLDINGS LIMITED
(formerly AROMA LIQUOR HOLDINGS LIMITED)
Incorporated in the Republic of South Africa
(Registration number 1987/001960/06)
('the Company')
Unaudited Interim Report for the Six Months ended 31 December 2001
CONDENSED INCOME STATEMENT
Unaudited Unaudited Audited
Six months Six months year ended
ended ended 30 June 2001
31 Dec 2001 31 Dec 2000
R000 R000 R000
Revenue 2 294 3 650 5 948
Cost of sales (491) (813) (1 244)
Gross profit 1 803 2 837 4 704
Other operating income 405 230 548
Profit on sale of investments - - 300
Employee compensation costs (1 430) (1 629) (3 006)
Other operating expenses (1 286) (1 417) (2 914)
Operating profit /(Loss) (508) 21 (368)
Finance costs (385) (456) (899)
Net loss (893) (435) (1 267)
Earnings per Share
Loss per share:
Basic and diluted (cents) (5,55) (2,70) (7,9)
Headline loss (cents) (5,55) (2,70) (9,7)
HEADLINE LOSS
Loss attributable to shareholders (893) (435) (1 267)
Profit on sale of investment - - (300)
Headline loss (893) (435) (567)
CONDENSED BALANCE SHEET
Unaudited Unaudited Audited
Six months Six months year ended
Ended ended 30 June 2001
31 Dec 2001 31 Dec 2000
R000 R000 R000
ASSETS
Non-current assets
Property, plant and equipment 11 071 11 391 11 256
Non-current receivables - 1 000 -
11 071 12 391 11 256
Current assets
Inventories 55 85 55
Receivables and prepayments 156 253 166
Taxation prepaid 134 134 134
Cash and cash equivalents 16 22 14
361 494 369
Total Assets 11 432 12 885 11 625
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shares 161 161 161
Share premium 9 762 9 762 9 762
Accumulated deficit (16 574) (14 850) (15 681)
(6 651) (4 927) (5 758)
Non-current liabilities
Shareholders' loans 11 918 10 560 10 827
Interest bearing borrowings - 21 13
11 918 10 581 10 840
Current liabilities
Trade and other payables 855 738 639
Receiver of Revenue - VAT 580 873 887
Current portion of borrowings 268 833 534
Bank overdraft 4 462 4 787 4 483
6 165 7 231 6 543
Total liabilities 18 083 17 812 17 383
Total equity and liabilities 11 432 12 885 11 625
CONDENSED STATEMENT OF CHANGES IN EQUITY
Share Accumulated
Capital Deficit Total
R000 R000 R000
Balance at 1 July 2000 9 923 (14 415) (4 492)
Net loss - (435) (435)
Balance at 31 December 2000 9 923 (14 850) (4 927)
Balance at 1 July 2001 9 923 (15 681) (5 758)
Net loss - (893) (814)
Balance at 31 December 2001 9 923 (16 574) (6 572)
CONDENSED CASH FLOW STATEMENT
Unaudited Unaudited Audited
Six months Six months Year
31 Dec 2001 31 Dec 2000 30 June 2001
R 000 R000 R000
Net cash (utilised)/provided by
operating activities (789) 7 (928)
Net cash (utilised in)/generated
from investing activities - (16) 1254
Net cash generated from financing
Activities 812 419 380
Increase in cash and cash
Equivalents 23 410 706
Movement in Cash and cash
equivalents at
Start of interim period (4 469) (5 175) (5 175)
Increase 23 410 706
At end of inform period (4 446) (4 765) (4 469)
FINANCIAL RESULTS
The group incurred an operating loss of R508 000 for the six months ended 31
December 2001.
COMMENT
The company operates a hotel near Cape Town. The hotel continues to operate
at a loss, although the operations were stabilised and the net operating
loss brought down significantly since new management was appointed.
PROSPECTS
The hotel continues to expand its marketing efforts aggressively. Contact
has been made with the East which progress will be evident, in contrast to
the previous year, in modest pick-up in occupancy from the traditional
markets.
REVIEW BY AUDITORS
The company's auditors, PriceWaterhousCoopers Inc. carried out a limited
review of the preliminary report balance sheet and income statement
information for the six months ended 31 December 2001. Their qualified
report on the ability of the group to continue as a going concern and the
carrying amount of land and buildings is available for inspection at the
company's registered office.
DIVIDENDS
No ordinary shareholder dividend has been proposed or paid.
Data Choo Eng Guan
25 April 2002
DIRECTORS
Dato Choo Eng Guan #
Yap Wee Chun #
P J A Mphafudi
(appointed 19/07/2001)
# Malaysian
REGISTERED OFFICES
The Cape Rendezvous Hotel
Brackenfell Boulevard
Brackenfell 7561 Western Cape
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