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Pals Holdings Limited - Audited Financial Results and Dividend Declaration
for the year ended 30 June 2002
Pals Holdings Limited
(Reg. No. 1987/002753/06)
Share Code: PAL
ISIN: ZAE000005237
Audited Financial Results and Dividend Declaration for the year ended 30 June
2002
CONSOLIDATED INCOME STATEMENT
2002 2001
R`000 R`000
Turnover 85,568 58,906
Operating profit 12,034 4,260
Net finance costs (465) (1,102)
Net profit before taxation 11,569 3,158
Taxation (3,503) 189
Earnings attributable to
ordinary shareholders 8,066 3,347
Ordinary shares in issue 10,000 10,000
(000`s)
Earnings per share (cents) 80.7 33.5
Headline earnings per share 80.5 33.3
(cents)
Dividends per share (cents) 10.0 -
CONSOLIDATED BALANCE SHEET
2002 2001
R`000 R`000
ASSETS
Non-current assets 5,326 4,828
Current assets 36,504 29,510
41,830 34,338
EQUITY AND LIABILITIES
Capital and reserves 22,735 15,669
Non-current liabilities 1,361 1,330
Current liabilities 17,734 17,339
41,830 34,338
CONSOLIDATED CASH FLOW
STATEMENT
2002 2001
R`000 R`000
Cash flows from operating 7,640 (826)
activities
Cash flows from operations 13,637 5,751
Working capital changes (4,931) (5,072)
Net financing costs, dividends
and taxation paid (1,066) (1,505)
Cash flows from investing
activities (2,290) (1,532)
Net capital expenditure (2,285) (1,506)
Change in investments (5) (26)
Cash flows from financing
activities (32) (199)
Net increase/ (decrease)
in cash and cash equivalents 5,318 (2,557)
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Share Share Accumulated
Capital Premium Reserve Profit Total
R`000 R`000 R`000 R`000 R`000
Balance at 1 July 100 1,722 850 9,650 12,322
2000
Net profit for - - - 3,347 3,347
the year
Balance at 1 July 100 1,722 850 12,997 15,669
2001
Net profit for - - - 8,066 8,066
the year
Dividends paid - - - (1,000) (1,000)
Balance at 30 100 1,722 850 20,063 22,735
June 2002
COMMENTS
Accounting policies
The accounting policies at 30 June 2002 are consistent with those applied at
30 June 2001 and are in accordance with South African Generally Accepted
Accounting Practice.
Review
The increase in turnover of 45% and the resultant increase in after tax
profits of 141% was mainly due to the rise in exports and tight control of
operating expenses.
The sustainability of the current level of profitability is dependant on the
maintaining of increased exports as our share of the local market remains
constant.
Dividend
The Board of Directors has decided to declare a dividend of 15 cents per
share to ordinary shareholders recorded in the books of the company at close
of business on 18 October 2002.
Share certificates may not be dematerialised or rematerialised between
Monday, 14 October and Friday, 18 October 2002, both days inclusive.
The salient dates for the declaration and payment of the dividend are as
follows:
Last date to trade 11 October 2002
ordinary shares cum
dividend
Ordinary shares trade 14 October 2002
ex dividend
Record date 18 October 2002
Payment date 21 October 2002
For and on behalf of Transfer
the Board of Directors secretaries
SR Kagan (Chairman) Ultra Registrars
(Pty) Ltd
H Noik 11 Diagonal
Street
Johannesburg
Cape Town 2002
27 September 2002
Date: 27/09/2002 05:15:00 PM Produced by the JSE SENS Department
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