|
Pasdec Resources Sa Ltd - Reviewed Preliminary Results
Release Date: 14/02/2003 17:05:30 Code(s): PSC
PASDEC RESOURCES SA LTD - REVIEWED PRELIMINARY RESULTS
PASDEC RESOURCES SA LTD
(Incorporated in the Republic of South Africa)
(Registration number 1987/004942/06)
(`Share code: PSC ISIN: ZAE000023552)
("Pasdec" or "the company")
Reviewed preliminary results for the year ended
31 December 2002
Reviewed Audited
Year ended Year ended
31 December 31 December
2002 2001
Summarised Consolidated R`000 R`000
Income Statement
Revenue
224,739 143,758
Operating profit/ (loss)
14,285 (16,300)
Net finance charges
(3,526) (2,916)
Profit/ (loss) after
taxation 10,759 (19,216)
Net profit/ (loss)
attributable to
ordinary shareholders
10,759 (19,216)
Amortisation of goodwill 685
685
Headline earnings/ (loss)
attributable
to ordinary shareholders
11,444 (18,531)
Earnings/ (loss) per share
(cents) 19,22 (34,34)
Headline earnings/ (loss)
per share (cents) 20,45 (33,11)
Weighted average number of
shares in issue (`000) 55,964 55,964
Reviewed Audited
Year ended Year
ended
31 31
December December
2002 2001
Summarised Consolidated R`000 R`000
Balance Sheet
Assets
Non-current assets
Property, plant and
equipment 23,134 25,292
Goodwill
5,875 6,560
29,009 31,852
Current assets
Inventories
96,049 56,531
Trade and other
receivables 34,885 31,949
Cash and cash equivalents
18,761 12,230
149,695 100,710
Total assets
178,704 132,562
Equity and liabiliities
Capital and reserves
Share capital
37,642 37,642
Share premium
80,982 80,982
Accumulated loss
(102,299) (113,058)
Non-distributable reserve
15,106 15,596
31,431 21,162
Shareholders` loans
61,447 58,390
Total shareholders` funds
92,878 79,552
Interest bearing debt
33,337 17,708
Current liabilities
Trade and other payables
50,663 34,519
Current portion of
interest bearing debt 1,826 783
52,489 35,302
Total equity and
liabilities 178,704 132,562
Consolidated Statement of Changes in Equity
Non-
Share Share distribu Accumulat
table ed
Capital Premium reserves loss Total
Balance at 31 December 37,642 80,982 15,596 (113,058) 21,162
2001
Movement in foreign - - (490) - (490)
currency translation
reserve
Net profit for the year - - - 10,759 10,759
Balance at 31 December 37,642 80,982 15,106 (102,299) 31,431
2002
Summarised Consolidated Cash Flow Reviewed Audited
Statement
Year Year ended
ended
31 31 December
December
2002 2001
R`000 R`000
Cash flows from operating activities
Cash generated/ (utilised) by operations 18,281 (11,429)
Net interest paid (3,526) (2,916)
Normal taxation paid - (79)
Net cash generated/ (utilised) from 14,755 (14,424)
operating activities
Changes in working capital (26,310) (16,606)
Net cash outflows from operating (11,555) (31,030)
activities
Cash flows from investing activities (1,643) (1,406)
Cash flows from financing activities 6,979 47,057
Net increase in cash (6,219) 14,621
Beginning of period cash and cash (152) (14,773)
equivalents
End of period cash and cash equivalents (6,371) (152)
Cash and cash equivalents
Bank overdraft (25,132) (12,382)
Cash at bank and on hand 18,761 12,230
(6,371) (152)
Comment on the reviewed preliminary results for the year ended 31 December 2002
Group turnover for the year amounted to R 224,7 million, compared with R 143,8
million in the prior year, representing an increase of 56%.
Operating profit for the current year amounts to R 14,3 million ( 2001: R16,3
million loss). After allowing for finance costs, the net profit for the year is
R10,76 million (2002: R19,2 million loss).
The turnaround is attributable to the substantial increase in group turnover and
lower overheads arising from significant restructuring which took place during
the year within the group.
Disclosures
These summarised preliminary results have been reviewed by KPMG Inc. Their
unmodified review opinion is available for inspection at the company`s
registered office.
These summarised preliminary results have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice and the accounting
policies applied in preparing these results are consistent with those applied in
the previous financial period.
For and on behalf of the Board
PA Becker (Executive Deputy Chairman)
14 February 2003
Directors
Dato` Hamdan Bin Jaafar* (Chairman), PA Becker (Executive Deputy Chairman), HS
Goh* (Non-executive), L Baharum (Non-executive)* *- Malaysian
Registered office
Block G, 101 Knightsbridge Manor, 33 Sloane Street, Bryanston,
Transfer secretaries
Computershare Investor Services Limited, Edura House, 41 Fox Street,
Johannesburg
Date: 14/02/2003 05:05:00 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
