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Pacific Holdings Limited - Audited report for the year ended 30 June 2003
PACIFIC HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1987/001960/06)
JSE Code: PAC
ISIN Code: ZAE000027462
("the Company")
Audited report for the year ended 30 June 2003
SUMMARISED CONSOLIDATED INCOME STATEMENT
Audited Unaudited Audited
year ended Six months ended year ended
30 June 2003 31 Dec 2002 30 June 2002
R000 R000 R000
Revenue 5 297 2 577 4 988
Cost of sales (1 158) (640) (937)
Gross profit 4 139 1 937 4 051
Other operating income 526 483 406
Employee compensation costs (2 671) (1 279) (2 994)
Other operating expenses (2 935) (1 466) (2 536)
Operating Loss (941) (325) (1 073)
Finance costs (744) (375) (806)
Net loss (1 685) (700) (1 879)
Earnings per Share
Loss per share:
Basic and diluted (cents) (10.47) (4,35) (11,67)
Headline loss (cents) (10,47) (4,35) (11,67)
HEADLINE LOSS
Loss attributable to
shareholders (1 685) (700) (1 879)
Headline loss (1 685) (700) (1 879)
SUMMARISED CONSOLIDATED BALANCE SHEET
Audited Unaudited Audited
30 June 2003 31 Dec 2002 30 June 2002
R000 R000 R000
ASSETS
Non-current assets
Property, plant and equipment 8 614 10 652 6 282
8 614 10 652 6 282
Current assets
Inventories 47 74 44
Receivables and prepayments 305 302 247
Taxation prepaid 134 134 134
Cash and cash equivalents 20 16 16
506 526 441
Total Assets 9 119 11 177 6 722
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shares 161 161 161
Share premium 9 762 9 762 9 762
Revaluation reserve 2 799
Accumulated deficit (23 699) (18 106) (22 014)
(10 977) (8 183) (12 091)
Non-current liabilities
Shareholders" loans 14 421 13 984 13 133
14 421 13 984 13 133
Current liabilities
Trade and other payables 787 768 812
Receiver of Revenue - VAT 224 90 192
Current portion of borrowings 59 196
Bank overdraft 4 664 4 459 4 480
5 675 5 376 5 680
Total liabilities 20 096 19 360 18 813
Total equity and liabilities 9 119 11 177 6 722
NUMBER OF ORDINARY SHARES
Issued @ 1 cent each 16 095 320 16 095 320 16 095 320
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Accumulated Revaluation
Capital Deficit reserve Total
R000 R000 R000 R000
Balance at 1 July 2001 9 923 (15 681) (5 758)
Late implementation of change
in accounting policy
-depreciation on buildings (4 454) ( 4 454)
Restated balance at 1 July 2001 9 923 (20 135) (10 212)
Net loss - (1 879) (1 879)
Balance at 30 June 2002 9 923 (22 014) (12 091)
Balance at 1 July 2002 9 923 (22 014) (12 091)
Revaluation of land and buildings 2 799 2 799
Net loss - (1 685) (1 685)
Balance at 30 June 2003 9 923 (23 699) 2 799 (10 977)
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
Audited Unaudited Audited
Year Six months Year
30 June 2003 31 Dec 2002 30 June 2002
R000 R000 R000
Net cash utilized by operating
activities (1 230) (642) (1 946)
Net cash utilized in investing
activities (42) (31) (3)
Net cash generated from financing
activities 1 092 693 1 954
Increase in cash and cash
equivalents 180 20 5
Movement in Cash and cash
equivalents at
Start of the year (4 464) (4 464) (4 469)
Increase (180) 20 5
At end of year (4 644) (4 444) (4 464)
FINANCIAL RESULTS
The group incurred an operating loss of R940 786 for year ended 30 June 2003.
COMMENT
The company operates a hotel in the suburb of Brackenfell near Cape Town.
Management continues to work on marketing itself to various alternative markets.
It is hoped that with the support of all stakeholders, the planned
refurbishments to parts of the hotel can be implemented to help strengthen
performance in the new financial year.
ACCOUNTING POLICIES
The financial statements have been prepared in Accordance with South African
Statements of Generally Accepted Accounting Practice. The Accounting policies
applied are consistent with those of the previous year except for the late
adoption of AC135 (Investment Properties) which requires that owner-occupied
buildings be depreciated in terms of AC123 (Property, Plant and Equipment). This
policy change should have taken place for the year ended 30 June 2002, but has
only been implemented for the year ended 30 June 2003. The prior year figures
have been adjusted accordingly.
AUDIT OPINION
The company"s auditors, PriceWaterhouseCoopers Inc. carried out an audit on the
financial statements for the year ended 30 June 2003. The auditors report
contains a qualification relating to the going concern of the company and as a
result have an adverse audit opinion. The report also contains a emphasis of
matter relating to a contravention of the Articles of Association and the late
implementation of AC135. A copy of the audit report is available for inspection
at the company"s registered office.
DIVIDENDS
No ordinary shareholder dividend has been proposed or paid.
TRANSFER SECRETARIES
Computershare Limited
70 Marshall Street
Johannesburg 2000
PO Box 1053
Johannesburg 2000
DIRECTORS
Dato Choo Eng Guan #
Yap Wee Chun #
P J A Mphafudi
Ng Ju Suong (appointed 20/06/2003)#
# Malaysian
REGISTERED OFFICES
The Cape Rendezvous Hotel
Brackenfell Boulevard
Brackenfell 7561
Western Cape
Date: 31/10/2003 07:48:28 AM Produced by the JSE SENS Department
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