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PASDEC - INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002
Unaudited interim results for the six months ended 30 June
2002
Pasdec Resources SA Limited
Incorporated in the Republic of South Africa
Registration Number 1987/004942/06
Share code: PSC
ISIN: ZAE000023552
www.pasdec.co.za
("Pasdec")
Consolidated Income Statement
Unaudited Unaudited Audited
Half`year Half`year Year
ended ended ended
30.06.02 30.06.01 31.12.01
R`000 R`000 R`000
Revenue 101 539 64 339
143 758
Operating profit / 3 486 (3 706)
(loss) (16 300)
Net finance charges (848) (1 424)
(2 916)
Profit / (loss) 2 638 (5 130)
(19 216)
Net profit / (loss) 2 638 (5 130) (19 216)
attributable to
ordinary shareholders
Amortisation of - - 342
goodwill
Headline profit / 2 638 (5 130) (18 874)
(loss) attributable to
ordinary shareholders
Profit / (loss) per 4.7 (9.2) (34.3)
share (cents)
Headline profit / 4.7 (9.2) *(33.7)
(loss) per share
(cents)
Weighted number of 55 964 55 964
shares in issue (`000) 55 964
(No taxation has been provided as the group has substantial
assessed losses which will be used to offset future profits.)
* disclosed as (34.3) in the annual financial statements for
the year ended 31 December 2001, now adjusted for amortisation
of goodwill.
Consolidated Balance Sheet
Unaudited Unaudited Audited
at at at
30.06.02 30.06.01 31.12.01
R`000 R`000 R`000
Assets
Non-current
assets
Property, plant 24 421 27 442
and equipment 25 292
Goodwill 6 560 6 902
6 560
30 981 34 344
31 852
Current assets
Inventories 58 524 52 610
56 531
Trade and other 48 460 26 768
receivables 31 949
Cash and cash 9 044 23 096
equivalents 12 230
116 028 102 474 100 710
Total assets 147 009 136 818 132 562
Equity and
liabilities
Capital and
reserves
Share capital 37 642 37 642
37 642
Share premium 80 982 80 982
80 982
Accumulated loss (110 420) (98 972)
(113 058)
Non-distributable 15 596 15 596 15 596
reserve
23 800 35 248 21 162
Shareholder`s 58 220 36 155 58 390
loan
Total 82 020 71 403 79 552
Shareholders`
funds
Interest bearing 24 486 28 301 17 708
debt
Current
liabilities
Trade and other 39 716 35 890 34 519
payables
Current portion 787 1 199
of interest 783
bearing debt
Taxation - 25 -
40 503 37 114 35 302
Total equity and 147 009 136 818 132 562
liabilities
Consolidated Cash Flow Statement
Unaudited Unaudited Audited
Half`year Half` year Year
ended ended ended
30.06.02 30.06.01 31.12.01
R`000 R`000 R`000
Cash flows from
operating activities
Cash generated / 5 223 (1 196) (10 883)
(utilised) by
operations
Interest paid (848) (1 424)
(2 916)
Normal taxation paid - -
(79)
Net cash generated / 4 375 (2 620)
(utilised) from (13 878)
operating activities
Changes in working (13 307) (7 918)
capital (16 605)
Net cash utilised by (8 932) (10 538)
operating activities (30 483)
Cash flows from (864) (1 535)
investing activities (1 951)
Cash flows from 4 381 26 820 47 055
financing activities
Net (decrease) / (5 415) 14 747 14 621
increase in cash
Beginning of period (152) (14 773)
cash and cash (14 773)
equivalents
End of period cash and (5 567) (26) (152)
cash equivalents
Cash and cash
equivalents
Bank overdraft (14 611) (23 122) (12 382)
Cash at bank and on
hand 9 044 23 096 12 230
(5 567) (26)
(152)
Statement of changes in equity
Share Share Non- Accumulat Share Total
capital premium distrib ed loss holders
utable ` loans
reserve
R`000 R`000 R`000 R`000 R`000 R`000
Balance
at
2001-12-
31 37 642 80 982 15 596 (113 058) 58 390 79 552
Movement
on loan
account (170) (170)
Profit
for the
half
year 2 638 2 638
Balance
at
2002-06-
30 37 642 80 982 15 596 (110 420) 58 220 82 020
Results for the six months
The group turnover for the six months ended 30 June 2002 amounted to R101,5
million, compared with R64,3 million for the corresponding period of the
previous year.
The operating profit of the group for the six months is R3,5 million compared
with an operating loss of R3,7 million for the corresponding period of the
previous year. After allowing for finance costs, the group net profit for the
six months amounted to R2,6 million (2001: R5,1 million loss).
Accounting policies
The accounting policies adopted are in accordance with the Statements of
Generally Accepted Accounting Practice in South Africa and are consistent with
those adopted in the previous financial year.
Business activities
The group`s core business activities are the manufacture and distribution of
consumer and industrial electric motors, flame proof electric motors for the
mining industry, electric motor control systems, the distribution in the sub-
Saharan region of the full range of General Electric motors and the manufacture
of electric wiring harnesses for the automotive industry
Management
Regrettably, Mr. Guy Zammit, the group managing director, passed away suddenly
on 7 June 2002. While a replacement is being sought, Mr. Paul Becker, executive
deputy chairman, has taken over these duties in addition to his current
portfolio.
Future prospects
All the companies are now generating profits with the exception of Pasdec
Electrical Technologies (Pty) Ltd ("PET") and Femco Specialised Motors Australia
(Pty) Ltd. ("FSMA").
PET is anticipating making up the losses it incurred in the first six months
during the remaining six months of the year. Subject to receiving a substantial
order for electric motors which it anticipates receiving shortly, FSMA expects
to reach a break even for the full financial year.
Based on the anticipated increase in the group turnover for the second half of
year 2002, the net profit for the full year is expected to increase
correspondingly.
Directorate
The directors of Pasdec Resources SA Limited are:
Non-executive:
Dato` Hamdan Jaafar* Chairman
Goh Song Han*
Baharum Lajim*
Executive:
Paul Becker Executive deputy chairman
*Malaysian
Registered office: Transfer secretaries:
Block G Computershare Investor Services Ltd
101 Knightsbridge Manor 11 Diagonal Street
33 Sloane Street Johannesburg 2001
Bryanston 2021 P.O.Box 1053
P.O.Box 67706 Johannesburg
Bryanston 2021 2000
30 July 2002
Date: 30/07/2002 05:10:00 PM Produced by the JSE SENS Department
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