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PALS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1987/002753/06
Share code: PAL
ISIN: ZAE000005237
Interim Report for the Six Months ended 31 December 2002
CONSOLIDATED INCOME
STATEMENT
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to 12 months
31 December 31 December to 30 June
2002 2001 2002
R"000 R"000 R"000
Turnover 47,413 38,690 85,568
Operating profit 3,857 3,120 12,034
Net finance costs 46 (530) (465)
Net profit before 3,903 2,590 11,569
taxation
Taxation (1,171) (725) (3,503)
Earnings attributable to
ordinary shareholders 2,732 1,865 8,066
Ordinary shares in issue 10,000 10,000 10,000
(000"s)
Earnings per share 27.3 18.7 80.7
(cents)
Headline earnings per 27.3 18.7 80.5
share (cents)
Dividends per share 15.0 10.0 10.0
(cents)
Repayment of share 17.2 - -
premium (cents)
CONSOLIDATED BALANCE
SHEET
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to 12 months
31 December 31 December to 30 June
2002 2001 2002
R"000 R"000 R"000
ASSETS
Non-current assets 6,137 5,621 5,326
Current assets 31,774 25,512 36,504
37,911 31,133 41,830
EQUITY AND LIABILITIES
Capital and reserves 22,245 17,534 22,735
Non-current liabilities 2,237 1,265 1,361
Current liabilities 13,429 12,334 17,734
37,911 31,133 41,830
CONSOLIDATED CASH FLOW
STATEMENT
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to 12 months
31 December 31 December to 30 June
2002 2001 2002
R"000 R"000 R"000
Cash flows from 7,878 331 7,640
operating activities
Cash flows from 4,668 3,850 13,637
operations
Working capital changes 6,386 (3,036) (4,931)
Net financing costs,
dividends and
taxation paid (3,176) (483) (1,066)
Cash flows from (1,625) (1,752) (2,290)
investing activities
Net capital expenditure (1,622) (1,845) (2,285)
Change in investments (3) 93 (5)
Cash flows from (292) (67) (32)
financing activities
Net increase/ (decrease)
in cash and cash 5,961 (1,488) 5,318
equivalents
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Non- Accumulated
distributable
Capital Premium reserve Profit Total
R"000 R"000 R"000 R"000 R"000
Balance at 31 100 1,722 850 14,862 17,534
December 2001
Net profit for the 6,201 6,201
period
Release of NDR to (850) 850 -
reserves
Dividend paid (1,000) (1,000)
Balance at 30 June 100 1,722 - 20,913 22,735
2002
Net profit for the 2,732 2,732
period
Dividends paid (1,722) (1,500) (3,222)
Balance at 31 100 - - 22,145 22,245
December 2002
COMMENTS
Accounting policies
The interim financial statements have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice and the accounting
policies used are consistent with those applied for the year ended 30 June 2002.
Review
A 23% increase in turnover resulted in a 24% increase in operating profit
compared to the six month period ended 31 December 2001. However, the outlook
for the next six months does not look promising because of the appreciation of
the Rand in the latter half of 2002 and the first two months of 2003.
The strengthening of the Rand has affected the local market, as importers can
now import goods at a cheaper price.
Exports to our trading partners in the UK and USA, which constitute a major
source of revenue for the company, are adversely affected as our customers will
only pay a world price for goods, to which there has been no increase over the
last six months due to their lower inflation rates.
Dividend
The Board of Directors has resolved to declare an interim dividend of 9 cents
per share (2001: Nil cents per share) to ordinary shareholders recorded in the
books of the company at close of business on 17 April 2003.
The salient dates for the declaration and payment of the dividend are as
follows:
Last date to trade ordinary shares cum dividend 10 April 2003
Ordinary shares trade ex dividend 11 April 2003
Record date 17 April 2003
Payment date 22 April 2003
Share certificates may not be dematerialised or rematerialised during the period
Friday, 11 April 2003 to Thursday, 17 April 2003, both days inclusive.
For and on behalf of the Board of Directors
SR Kagan (Chairman)
H Noik
Transfer secretaries
Ultra Registrars (Pty) Ltd
11 Diagonal Street
Johannesburg
2002
Cape Town
26 March 2003
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