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Pasdec - Unaudited group interim results for the six months ended 30 June 2004
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` or `the company`)
UNAUDITED GROUP INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2004
CONSOLIDATED INCOME STATEMENT
Unaudited Audited
Year ended
Six months to 30 June 31 December
2004 2003 2003
R`000 R`000 R`000
Revenue 111 182 117 931 240 250
Operating profit before 9 485 14 936 33 496
amortisation of goodwill
Amortisation of goodwill (171) (171) (343)
Operating profit 9 314 14 765 33 153
Net finance charges (3 024) (2 742) (7 138)
Net profit before taxation 6 290 12 023 26 015
Taxation (1 769) - 41 017
Net profit after taxation 4 521 12 023 67 032
attributable to ordinary
shareholders
Earnings per share (cents) 8,1 21,5 119,8
Headline earnings per share (cents) 8,4 21,8 120,4
Dividend per share (cents) 2,5 - -
Weighted number of shares in issue 55 964 55 964 55 964
(000`s)
RECONCILIATION OF HEADLINE EARNINGS
Unaudited Audited
Year ended
Six months to 30 June 31 December
2004 2003 2003
R`000 R`000 R`000
Net profit after taxation 4 521 12 023 67 032
attributable to ordinary
shareholders
Amortisation of goodwill 171 171 343
Headline earnings attributable to 4 692 12 194 67 375
ordinary shareholders
SEGMENTAL ANALYSIS
Unaudited Audited
Year ended
Six months to 30 June 31 December
2004 2003 2003
R`000 R`000 R`000
Turnover
Automotive 56 316 53 535 106 233
Electrical motors and controls
54 866 64 396 134 017
Other 0 0 0
111 182 117 931 240 250
Operating income
Automotive 10 815 9 275 16 609
Electrical motors and controls
(752) 5 702 18 401
Other (578) (41) (1 514)
9 485 14 936 33 496
Segmental assets
Automotive 55 084 46 263 44 056
Electrical motors and controls 128 857 100 287 121 136
Other 13 617 15 645 13 400
Intangibles 5 361 5 704 5 532
Deferred tax assets 39 960 - 41 489
Cash and cash equivalents 13 13 13
Total assets 242 892 167 912 225 626
Segmental liabilities
Automotive 21 229 6 237 9 373
Electrical motors and controls 27 027 26 981 27 973
Other 65 618 64 604 67 233
Bank borrowings 25 226 26 668 22 595
Dividend payable 1 400 - -
Taxation payable 644 - -
Total liabilities 141 144 124 490 127 174
CONSOLIDATED BALANCE SHEET
Unaudited Audited
30 June 31 December
2004 2003 2003
R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 29 107 22 124 25 678
Intangibles 5 361 5 704 5 532
Deferred taxation 39 960 - 41 489
74 428 27 828 72 699
Current assets
Inventories 120 884 93 518 114 264
Trade and other receivables 47 567 46 553 38 650
Cash and cash equivalents 13 13 13
168 464 140 084 152 927
Total assets 242 892 167 912 225 626
EQUITY AND LIABILITIES
Capital and reserves
Share capital 37 642 37 642 37 642
Share premium 80 982 80 982 80 982
Accumulated loss (26 143) (90 276) (29 264)
Non-distributable reserve 9 267 15 074 9 092
101 748 43 422 98 452
Shareholder`s loan 64 505 61 446 64 622
Total shareholders` funds 166 253 104 868 163 074
Long-term interest bearing debt 6 098 5 047 4 598
Current liabilities
Trade and other payables 42 932 30 879 34 373
Dividend payable 1 400 - -
Taxation payable 644 - -
Current portion of long-term 339 450 986
interest bearing debt
Bank borrowings 25 226 26 668 22 595
70 541 57 997 57 954
Total equity and liabilities 242 892 167 912 225 626
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Audited
Year ended
Six months to 30 June 31 December
2004 2003 2003
R`000 R`000 R`000
Cash generated by operations 10 415 16 331 35 237
Changes in working capital (6 573) (30 295) (38 185)
3 842 (13 964) (2 948)
Taxation paid - - (472)
Net finance charges (3 024) (2 742) (7 138)
Net cash inflow/(outflow) from 818 (16 706) (10 558)
operating activities
Cash flows from investing activities (4 185) (418) (4 296)
Cash flows from financing activities 736 (3 160) (1 357)
Net decrease in cash and cash (2 631) (20 284) (16 211)
equivalents
Beginning of period cash and cash (22 582) (6 371) (6 371)
equivalents
End of period cash and cash (25 213) (26 655) (22 582)
equivalents
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Non- Accumulated Total
capital premium distributable loss
reserves
R`000
Balance at
31 December 2003
37 642 80 982 9 092 (29 264) 98 452
Movement in foreign
currency
translation reserve 175 175
Net profit for the
half year 4 521 4 521
Dividend declared
(1 400) (1 400)
Balance at
30 June 2004 37 642 80 982 9 267 (26 143) 101 748
COMMENTS ON THE UNAUDITED GROUP INTERIM RESULTS FOR THE SIX MONTHS ENDED
30 JUNE 2004
RESULTS FOR THE SIX MONTHS
The group turnover for the six months ended 30 June 2004 amounted to R111,2
million, compared with R117,9 million for the corresponding period of the
previous year, representing a decrease of some 5,72%. The decrease in turnover
is attributable to Femco (Proprietary) Limited not having achieved its budgeted
turnover by a substantial margin, primarily due to the intense competition which
has been experienced in the market resulting from the strengthening of the Rand.
Consequently, the operating profit of the group for the six months ended 30 June
2004 is R9,3 million compared with R14,8 million for the corresponding period of
the previous year. After allowing for finance costs, the group net profit before
taxation for the six months ended 30 June 2004 amounted to R6,3 million (six
months to 30 June 2003: R12,0 million).
At 31 December 2003, when it became probable that future taxable profits will be
available against which the assessed and unused tax losses and deductible
temporary losses can be utilised, a deferred tax asset of R41 489 917 was
recognised in respect of estimated tax losses at that date. The tax charge of R1
769 234 at 30 June 2004 was calculated as follows:
Deferred taxation 1 530 071
Income tax 64 163
Secondary Tax on Companies 175 000
As the deferred tax asset was recognised only at 31 December 2003, the
comparative figure at 30 June 2003 is shown as nil.
ACCOUNTING POLICIES AND BASIS OF PREPARATION
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. The results have been prepared in
accordance with South African Statements of Generally Accepted Accounting
Practice`s AC127: Interim financial reporting.
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 electrical wiring harnesses for the automotive industry.
FUTURE PROSPECTS
It is anticipated that the electrical wiring harness business will achieve its
aggressive budget for the year. Although the electric motors businesses have
historically enjoyed higher turnovers in the second half of each calendar year,
they will continue to face fierce market competition should the Rand continue to
trade in its current range
The benefits to be derived from the stringent steps taken to substantially
reduce inventory levels from their present high values will begin to be realised
within the second half of the current year.
DIRECTORATE
Regretably, Mr.Baharum Lajim, who has served as a non-executive director since
28 April 2000, passed away on 16 August 2004.
The current directors of Pasdec Resources SA Limited are:
Non-executive:
Dato` Hamdan Bin Jaafar* Chairman
Goh Song Han *
Executive:
Paul Becker Executive deputy chairman
Kevin Pather Executive director
*Malaysian
For and behalf of the Board
PA Becker
(Executive deputy chairman)
Registered office: Transfer secretaries:
Block G Computershare Investor
101 Knightsbridge Manor Services 2004 (Pty) Ltd
33 Sloane Street 70 Marshall Street
Bryanston 2021 Johannesburg 2001
(P.O.Box 67706 (P.O.Box 61051
Bryanston 2021) Johannesburg 2107)
13 September 2004
Sponsor
KPMG
Date: 10/09/2004 05:15:14 PM Produced by the JSE SENS Department
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