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Pacific Holdings Limited - Audited report for the year ended 30 June 2002
PACIFIC HOLDINGS LIMITED
(formerly AROMA LIQUOR HOLDINGS LIMITED)
Incorporated in the Republic of South Africa
(Registration number 1987/001960/06)
("the Company")
Audited report for the year ended 30 June 2002
SUMMARISED CONSOLIDATED INCOME STATEMENT
Audited Audited
year ended year ended
30 June 2002 30 June 2001
R 000 R 000
Revenue 4 988 5 948
Cost of sales (937) (1 244)
Gross profit 4 051 4 704
Other operating income 406 848
Employee compensation costs (2 840) (3 005)
Other operating expenses (2 536) (2 914)
Operating loss (919) (367)
Finance cost (806) (899)
Loss before tax (1 725) (1 266)
Taxation - -
Net loss (1 725) (1 266)
Number of shares in issue 16 095 320 16 095 320
Loss per share - basic (cents) (10.7) (7.9)
Headline loss per share - basic (cents) (10.7) (6.0)
HEADLINE LOSS
Loss attributable to shareholders (1 725) (1 266)
Profit on sale of investment - 300
Headline loss (1 725) (966)
SUMMARISED CONSOLIDATED BALANCE SHEET
Audited Audited
year ended year ended
30 June 2002 30 June 2001
R 000 R 000
ASSETS
Non-Current assets
"Property, plant and equipment" 10 889 11 256
10 889 11 256
Current assets
Inventories 44 55
Receivables and prepayments 247 166
Taxation prepaid 134 134
Cash and bank balances 16 14
441 369
Total assets 11 330 11 625
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shares 161 161
Share premium 9 762 9 762
Accumulated loss (17 406) (15 681)
(7 483) (5 758)
Non-current liabilities
Shareholders` loans 13 133 10 827
Interest bearing borrowings - 13
13 133 10 840
Current liabilities
Trade and other payables 812 639
Current portion of borrowings 196 534
Bank overdraft 4 480 4 483
VAT payable 192 887
5 680 6 543
Total liabilities 18 813 17 383
Total equity and liabilities 11 330 11 625
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
Audited Audited
year ended year ended
30 June 2002 30 June 2001
R 000 R 000
Cash outflow from operating activities (1 946) (928)
Cash inflow/(outflow) from investing
activities (3) 1 254
Cash inflow/(outflow) from financing
activities 1 954 380
Net increase cash and cash
equivalents 5 706
Cash and cash equivalents at
beginning of year (4 469) (5 175)
Cash and cash equivalents at end of year (4 464) (4 469)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Audited Audited
year ended year ended
30 June 2002 30 June 2001 R 000
R 000
Balance at beginning of year (5 758) (4 491)
Attributable loss for the year (1 725) (1 267)
Balance at end of year (7 483) (5 758)
The accounting policies applied are consistant with those of the previous year.
The financial statements are prepared in accordance with and comply with South
African Statements of Generally Accepted Accounting practice.
PricewaterhouseCoopers audited the financial statements. The audit opinion is
available for inspection at the company`s registered office.
FINANCIAL RESULTS
The company incurred a operating loss of R918 829 for the year ended 30 June
2002 primarily attributable to interest paid on capital employed.
COMMENT
The company operates a hotel in the suburb of Brackenfell near Cape Town.
Management continues to work on marketing itself to alternative markets in the
East. We have created an interest. With the planned refurbishments to parts of
the hotel, we expect an improved inflow to help strengthen performance during
the next financial year.
DIVIDENDS
No ordinary shareholder dividend has been proposed or paid.
ANNUAL REPORT
The annual report for the year ended 30 June 2002 will be posted to shareholders
during November 2002.
DIRECTORS
Dato Choo Eng Guan #
Yap Wee Chun #
J Mpafudi (appointed 19/07/2001)
# Malaysian
REGISTERED OFFICES
The Cape Rendezvous Hotel
Brackenfell Boulevard
Brackenfell 7561
WESTERN CAPE
TRANSFER OFFICE
Computer Share Investors Ltd
11 Diagonal Street
Johannesburg 2001
PO Box 1053
Johannesburg
2000
On behalf of the board
Dato` Choo Eng Guan
29 October 2002
Date: 29/10/2002 05:15:00 PM Produced by the JSE SENS Department
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