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Pals Holdings Limited - Interim Report For The Six Months Ended 31 December 2003
Release Date: 15/03/2004 10:06:01 Code(s): PAL
Pals Holdings Limited - Interim Report for the Six Months ended 31 December 2003
PALS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1987/002753/06)
Share code: PAL
ISIN: ZAE000055237
Interim Report for the Six Months ended 31 December 2003
CONSOLIDATED INCOME
STATEMENT
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to 12 months
31 December 31 December to 30 June
2003 2002 2003
R"000 R"000 R"000
Turnover 37,896 47,413 82,533
Operating (loss)/profit (1,130) 3,857 16,957
Net finance (costs)/income (204) 46 830
Net (loss)/profit before (1,334) 3,903 17,787
taxation
Taxation 400 (1,171) (5,607)
(Loss)/earnings
attributable to
ordinary shareholders (934) 2,732 12,180
Ordinary shares in issue 10,000 10,000 10,000
(000"s)
(Loss)/earnings per share (9.3) 27.3 121.8
(cents)
Headline (loss)/earnings (9.3) 27.3 121.8
per share (cents)
Dividends per share 50.0 15.0 24.0
(cents)
Repayment of share premium - 17.2 -
(cents)
CONSOLIDATED BALANCE SHEET
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to 12 months
31 December 31 December to 30 June
2003 2002 2003
R"000 R"000 R"000
ASSETS
Non-current assets 4,905 6,137 5,243
Current assets 26,348 31,774 43,321
31,253 37,911 48,564
EQUITY AND LIABILITIES
Capital and reserves 24,859 22,245 30,794
Non-current liabilities 1,217 2,237 1,235
Current liabilities 5,177 13,429 16,535
31,253 37,911 48,564
CONSOLIDATED CASH FLOW
STATEMENT
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to 12 months
31 December 31 December to 30 June
2003 2002 2003
R"000 R"000 R"000
Cash flows from operating (2,685) 7,878 11,168
activities
Cash flows from operations (192) 4,668 17,271
Working capital changes 7,887 6,386 (2,862)
Net financing costs,
dividends and
taxation paid (10,380) (3,176) (3,241)
Cash flows from investing (493) (1,625) (1,787)
activities
Net capital expenditure (493) (1,622) (2,175)
Change in investments - (3) 388
Cash flows from financing 290 (292) (2,093)
activities
Net increase/ (decrease)
in cash and cash (2,888) 5,961 7,288
equivalents
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Accumul
ated
Capital Profit Total
R"000 R"000 R"000
Balance at 31 December 100 22,145 22,245
2002
Net profit for the period - 9,448 9,448
Dividend paid - (900) (900)
Balance at 30 June 2003 100 30,693 30,793
Net loss for the period - (934) (934)
Dividends paid - (5,000) (5,000)
Balance at 31 December 100 24,759 24,859
2003
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 2003.
Review
Shareholders are referred to the Chairman"s Report contained in the 2003 Annual
Report under the heading "Prospects", wherein Selwyn Kagan detailed the
extremely difficult challenges faced by South African clothing manufacturers.
These anticipated negative market conditions have,unfortunately, materialised
resulting in a 20% decrease in turnover.
The strength of the Rand and uncertainty as to the continuation of the Duty
Credit Certificate System is threatening South Africa"s ability to compete
internationally, resulting in job losses and a shrinking manufacturing industry
in South Africa.
2004 will prove to be a difficult year - one where we will undergo substantial
changes in our trading focus.
Dividend
The Board of Directors has resolved that no interim dividend will be declared or
paid to shareholders.
For and on behalf of the Board of Directors
SR Kagan (Chairman)
Transfer secretaries
Ultra Registrars (Pty) Ltd
11 Diagonal Street
Johannesburg
Cape Town 2002
12 March 2004
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