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Pasdec Resources Sa Ltd - Reviewed Preliminary Results For The
Release Date: 02/02/2004 17:15:04 Code(s): PSC
PASDEC RESOURCES SA LTD - REVIEWED PRELIMINARY RESULTS FOR THE
YEAR ENDED 31 DECEMBER 2003
PASDEC RESOURCES SA LTD
(Incorporated in the Republic of South Africa)
(Registration number 1987/004942/06)
(Share code : PSC ISIN : ZAE000023552)
("Pasdec")
Reviewed preliminary results for the year ended 31 December
2003
Reviewed Reviewed
year year
ended ended
31-Dec 31-Dec
2003 2002
Summarised Consolidated Income Statement R"000 R"000
Revenue 240,250 224,739
Operating profit 33,153 14,285
Net finance charges (7,138) (3,526)
Net profit before taxation 26,015 10,759
Taxation 41,017 -
Net profit for the year 67,032 10,759
Reconciliation of earnings and headline earnings
Net profit attributable to
ordinary shareholders 67,032 10,759
Amortisation of goodwill 343 685
Headline Earnings attributable
to ordinary shareholders 67,375 11,444
119,78 19,22
Earning per share (cents)
Headline earnings per share (cents) 120,39 20,45
Weighted number of shares in issue (`000) 55,964 55,964
Reviewed Reviewed
year year
ended ended
31-Dec 31-Dec
2003 2002
Summarised Consolidated Balance Sheet R"000 R"000
ASSETS
Non-current assets
Property, plant and equipment 25,678 23,134
Intangibles 5,532 5,875
Deferred taxation 41,489 -
72,699 29,009
Current assets
Inventories 114,264 96,049
Trade and other receivables 38,650 34,885
Cash and cash equivalents 13 13
152,927 130,947
Total assets 225,626 159,956
EQUITY AND LIABILITIES
Capital and reserves
Share capital 37,642 37,642
Share premium 80,982 80,982
Accumulated loss (29,264) (102,299)
Non-distributable reserve 9,092 15,106
98,452 31,431
Shareholders` loans 61,044 61,447
Total shareholders` funds 159,496 92,878
Long-term interest bearing debt 8,176 8,205
Current liabilities
Trade and other payables 34,373 50,663
Current portion of interest bearing debt 986 1,826
Bank borrowings 22,595 6,384
57,954 58,873
Total equity and liabilities 225,626 159,956
Consolidated Statement of
Changes in Equity
Non- Accum-
Share Share distribu ulated
table
Capital Premium reserve loss Total
Balance at 31 December 2002 37,642 80,982 15,106 (102,299) 31,431
Movement in foreign
currency
translation reserve (11) (11)
Movement in non- (6,003) 6,003 -
distributable reserve
Net profit for the year 67,032 67,032
Balance at 31 December 2003 37,642 80,982 9,092 (29,264) 98,452
Summarised Consolidated Cash Flow Statement Reviewed Reviewed
year year
ended ended
31-Dec 31-Dec
2003 2002
R"000 R"000
Cash flows from operating activities
Cash generated by operations 35,237 18,290
Net finance charges (7,138) (3,526)
Taxation paid (472) -
Net cash generated from 27,627 14,764
operating activities
Changes in working capital (38,270) (26,310)
Net cash utilised by operating activities (10,643) (11,546)
Cash flows from investing activities (4,296) (1,652)
Cash flows from financing activities (1,272) 6,979
Net decrease in cash and cash equivalents (16,211) (6,219)
Beginning of period cash
and cash equivalents (6,371) (152)
End of period cash
and cash equivalents (22,582) (6,371)
Cash and cash equivalents
Bank balances 15,056 18,748
Cash at bank and on hand 13 13
Bank overdraft (37,651) (25,132)
(22,582) (6,371)
Comment on the reviewed preliminary results for the year ended
31 December 2003
Group turnover for the year amounted to R240,2 million,
compared with R 224,7 million in the prior year, representing
an increase of 7,34% mainly due to the strengthening of the
Rand
.
Operating profit for the year amounts to R 33,2 million (
2002: R14,3 million). After allowing for finance costs, the
net profit before taxation for the year is R26,0 million
(2002: R10,8 million).
The increase in net profit before taxation is mainly
attributable to lower overheads arising from the significant
restructuring of the group and from improved performance
efficiencies.
The earnings per share of 119,78 cents is arrived at after
bringing to account certain group assessed losses, as
reflected in the deferred taxation asset of R41,5 million and
as required by accounting statement AC102, as this is the
first year in which it is evident that it is probable that
future taxable profits will be available against which the
unused tax losses can be utilised.
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 behalf of the Board
P.A.Becker (Executive deputy chairman)
02 February 2004
Directors
Non-executive : Dato" Hamdan Jaafar* (Chairman,),H.S.Goh*,
L.Baharum* ( *Malaysian)
Executive : P.A.Becker (Executive Deputy Chairman),
P.Pather
Registered office: Transfer secretaries:
Block G Computershare Limited
101 Knightsbridge Manor 70 Marshall Street
33 Sloane Street Johannesburg 2001
Bryanston 2021
(P.O.Box 67706
Bryanston 2021)
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