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Pasdec -
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
30.06.03 30.06.02 31.12.02
R"000 R"000 R"000
Revenue 117 931 224 739
101 539
Operating profit 14 765 3 486 14 285
Net finance charges (2 742) (848) (3 526)
Net profit 12 023 2 638 10 759
attributable to
ordinary shareholders
Net profit 12 023 2 638 10 759
attributable to
ordinary shareholders
Amortisation of 171 342 685
goodwill
Headline earnings 12 194 2 980 11 444
attributable to
ordinary shareholders
Earnings per share 21.5 4.7 19.2
(cents)
Headline earnings per 21.8 *5.3 20.4
share (cents)
Weighted number of 55 964 55 964 55 964
shares in issue
(000"s)
* Prior year figure has been adjusted to account for the amortisation of
goodwill.
(No taxation has been provided as the group has substantial assessed losses,
which will be used to offset future profits.)
Consolidated Balance Sheet
Unaudited Unaudited Audited
at at at
30.06.03 30.06.02 31.12.02
R"000 R"000 R"000
Assets
Non-current assets
Property, plant and 22 124 24 421 23 134
equipment
Intangibles 5 704 6 218 5 875
27 828 30 639 29 009
Current assets
Inventories 93 518 58 524 96 049
Trade and other 46 553 48 460 34 885
receivables
Cash and cash 14 301 9 044 18 761
equivalents
154 372 116 028 149 695
Total assets 182 200 146 667 178 704
Equity and liabilities
Capital and reserves
Share capital 37 642 37 642 37 642
Share premium 80 982 80 982 80 982
Accumulated loss (90 276) (110 420) (102 299)
Non-distributable 15 074 15 596 15 106
reserve
43 422 23 800 31 431
Shareholder"s loan 61 446 58 220 65 573
Total Shareholders" 104 868 82 020 97 004
funds
Interest bearing debt 46 003 24 486 29 211
Current liabilities
Trade and other 30 879 39 374 50 663
payables
Current portion of 450 787 1 826
interest bearing debt
31 329 40 161 52 489
Total equity and 182 200 146 667 178 704
liabilities
Consolidated Cash Flow Statement
Unaudited Unaudited Audited
half year half year year
ended ended ended
30.06.03 30.06.02 31.12.02
R"000 R"000 R"000
Cash flows from
operating activities
Cash generated by 16 331 5 565 18 290
operations
Net finance charges (2 742) (848) (3 526)
Net cash generated 13 589 4 717 14 764
from operating
activities
Changes in working (30 295) (13 649) (26 310)
capital
Net cash utilised by (16 706) (8 932) (11 546)
operating activities
Cash flows from (418) (864) (1 652)
investing activities
Cash flows from (3 160) 4 381 6 979
financing activities
Net decrease in cash (20 284) (5 415) (6 219)
and cash equivalents
Beginning of period (6 371) (152) (152)
cash and cash
equivalents
End of period cash and (26 655) (5 567) (6 371)
cash equivalents
Cash and cash
equivalents
(11 134) - -
Bank debtor factoring
Bank overdraft (29 822) (14 611) (25 132)
Cash at bank and on
hand 14 301 9 044 18 761
(26 655) (5 567) (6 371)
Statement of changes in equity
Share Share Non- Accumulated Share Total
capital premium distributable loss holder`s
reserves loan
R"000 R"000 R"000 R"000 R"000 R"000
Balance at
31 December
2002 37 642 80 982 15 106 (102 299) 65 573 97 004
Movement on
loan
account (4 127) (4 127)
Movement in
foreign
currency
translation
reserve (32) (32)
Profit for
the half
year 12 023 12 023
Balance at
30 June
2003 37 642 80 982 15 074 (90 276) 61 446 104 868
Results for the six months
The group turnover for the six months ended 30 June 2003 amounted to R117,9
million, compared with R101,5 million for the corresponding period of the
previous year, representing an increase of some 16,2%.
The operating profit of the group for the six months is R14,7 million compared
with R3,5 million for the corresponding period of the previous year. After
allowing for finance costs, the group net profit for the six months amounted to
R12,0 million (2002: R2,6 million).
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 period.
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.
Future prospects
It is anticipated that group turnover will continue to grow for the remainder of
the current financial year, with a corresponding increase in the net profit for
the full year.
Directorate
The directors of Pasdec Resources SA Limited are:
Non-executive:
Dato" Hamdan Jaafar* Chairman
Han Song Goh *
Lajim Baharum *
Executive:
Paul Becker Executive deputy chairman
*Malaysian
Registered office: Transfer secretaries:
Block G Computershare Investor Services Ltd 101 Knightsbridge
Manor 70 Marshall Street
33 Sloane Street Johannesburg 2001
Bryanston 2021 P.O.Box 61051
P.O.Box 67706 Johannesburg
Bryanston 2021 2107
25 July 2003
Date: 23/07/2003 05:00:14 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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