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Pals Holdings Limited - Audited Financial Results and Dividend Declaration for
the year ended 30 June 2003
PALS HOLDINGS LIMITED
("the Company")
(Reg. No. 1987/002753/06)
SHARE CODE: PAL ISIN: ZAE000055237
Audited Financial Results and Dividend Declaration for the year ended 30 June
2003
CONSOLIDATED INCOME STATEMENT
2003 2002
R"000 R"000
Turnover 82,534 85,568
Operating profit 16,957 12,034
Net finance income/ (costs) 830 (465)
Net profit before taxation 17,787 11,569
Taxation (5,607) (3,503)
Earnings attributable to
ordinary shareholders 12,180 8,066
Ordinary shares in issue 10,000 10,000
(000"s)
Earnings per share (cents) 121.8 80.7
Headline earnings per share 121.8 80.5
(cents)
Dividends per share (cents) 24.0 10.0
COMMENT
Difference of 0.2 cents
between Earnings per share and
Headline earnings per share in
2002 is due to capital profit
made on disposal of items of
plant and equipment.
This profit is excluded from
the calculation of Headline
earnings per share.
CONSOLIDATED BALANCE SHEET
2003 2002
R"000 R"000
ASSETS
Non-current assets 5,243 5,326
Current assets 43,321 36,504
48,564 41,830
EQUITY AND LIABILITIES
Capital and reserves 30,793 22,735
Non-current liabilities 1,236 1,361
Current liabilities 16,535 17,734
48,564 41,830
CONSOLIDATED CASH FLOW
STATEMENT
2003 2002
R"000 R"000
Cash flows from operating 11,168 7,640
activities
Cash flows from operations 18,841 13,637
Working capital changes (2,862) (4,931)
Net financing costs, dividends
and
taxation paid (4,811) (1,066)
Cash flows from investing (1,786) (2,290)
activities
Net capital expenditure (2,175) (2,285)
Change in investments 389 (5)
Cash flows from financing (2,094) (32)
activities
Net increase in cash and cash 7,288 5,318
equivalents
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Share Share Accumul-
ated
Capital Premium Reserve Profit Total
R"000 R"000 R"000 R"000 R"000
Balance at 1 July 2001 100 1,722 850 12,997 15,669
Net profit for the year 8,066 8,066
Dividends paid (1,000) (1,000)
Transfer to distributable (850) 850 -
reserve
Balance at 1 July 2002 100 1,722 - 20,913 22,735
Net profit for the year 12,180 12,180
Dividends paid (2,400) (2,400)
Capital reduction (1,722) (1,722)
Balance at 30 June 2003 100 - - 30,693 30,793
COMMENTS
Accounting policies
The accounting policies at 30 June 2003 are consistent with those applied at 30
June 2002 and are in accordance with South African Generally Accepted Accounting
Practice. The year-end financial results have been audited in terms of the
Listings Requirements of the JSE Securities Exchange SA by the Company"s
auditors, Moores Rowland. This audit opinion is available for inspection at the
company"s registered office.
Review
Turnover decreased by 4% as a result of the strengthening of the Rand. Despite
the decrease in turnover, profits after taxation increased by 51% due to the
acceleration of Duty Credit Certificates received and utilised by the company
before year-end, as stated in the cautionary announcement made by the company on
9 September 2003. Management feels that the level of profitability for 2003 is
not sustainable at the prevailing exchange rate.
Dividend
The Board of Directors have declared a dividend of 50 cents per share to
ordinary shareholders recorded in the books of the company at close of business
on 24 October 2003.
The salient dates for the declaration and payment of the dividend are as
follows:
Last date to trade ordinary shares cum 17 October 2003
dividend
Ordinary shares trade ex dividend 20 October 2003
Record date 24 October 2003
Payment date 27 October 2003
Share certificates may not be dematerialised or rematerialised between
Monday, 20 October 2003, and Friday, 24 October 2003, both days
inclusive.
For and on behalf of the Board of Transfer Registered
Directors secretaries office
S R Kagan Ultra 97 Durham
Registrars Avenue
(Pty) Ltd
H Noik 11 Diagonal Salt River
Street
Johannesburg 7925
Cape Town 2001
30 September 2003 PO Box 311
Woodstock
Sponsor 7915
SASFIN Corporate Finance (a
division of SASFIN Bank Limited)
Directors: S R Kagan (Chairman), H Noik (Joint MD), S C Parsonage (Brit), J E
Kagan*, G Dewar (Joint MD), M L Sarembock*
Company secretary: Mrs C K Loydall *Non-executive
Date: 30/09/2003 07:45:05 AM Produced by the JSE SENS Department
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