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PALS HOLDINGS LIMITED - AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE
2004
PALS HOLDINGS LIMITED
(`the Company`)
(Reg. No. 1987/002753/06)
SHARECODE: PAL ISIN: ZAE 000055237
Audited Financial Results for the year ended 30 June 2004
CONSOLIDATED INCOME STATEMENT
2004 2003
R`000 R`000
Turnover 65,614 82,533
Operating (loss)/profit (3,354) 16,954
Net finance (costs)/income (89) 830
Net (loss)/profit before taxation (3,443) 17,784
Taxation (170) (5,607)
(Loss)/earnings attributable to
ordinary shareholders (3,613) 12,177
Ordinary shares in issue (000`s) 8.972 8.972
(Loss)/earnings per share (cents) (40.3) 135.7
Headline (loss)/earnings per share (cents) (40.3) 135.7
Dividends per share (cents) 50.0 24.0
CONSOLIDATED BALANCE SHEET
2004 2003
R`000 R`000
ASSETS
Non-current assets 5,578 5,259
Current assets 24,643 43,321
30,221 48,580
EQUITY AND LIABILITIES
Capital and reserves 22,718 30,817
Non-current liabilities 368 1,226
Current liabilities 7,135 16,537
30,221 48,580
CONSOLIDATED CASH FLOW STATEMENT
2004 2003
R`000 R`000
Cash flows from operating activities (4,569) 11,556
Cash flows from operations 6,534 15,947
Net financing costs, dividends and
taxation paid (11,103) (4,391)
Cash flows from investing activities
Net capital expenditure (1,594) (2,175)
Cash flows from financing activities (559) (2,093)
Net increase in cash and cash equivalents (6,722) 7,288
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Accumulated
Capital Premium Profit Total
R`000 R`000 R`000 R`000
Balance at 1 July 2002 100 1,722 20,913 22,735
Change in accounting policies (10) (355) (365)
Restated balance 90 1,722 20,558 22,370
Net profit for the year 12,177 12,177
- Previously disclosed 12,180
- Change in accounting policies (3)
Dividends paid (2,008) (2,008)
- Previously disclosed (2,400)
- Change in accounting policies 392
Capital reduction (1,722) (1,722)
Balance at 1 July 2003 90 - 30,727 30,817
- Previously disclosed 30,693
- Change in accounting policies 34
Net loss for the year (3,613) (3,613)
Dividends paid (4,486) (4,486)
Balance at 30 June 2004 90 - 22,628 22,718
NOTES
1 Accounting policies
The accounting policies at 30 June 2004 are in accordance with South
African Statements of Generally Accepted Accounting Practice.
2 Change in accounting policies
During the year, the Group changed its accounting policy with respect to
the consolidation of the Pals Share Trust. In order to conform with the
requirements issued by the JSE Securities Exchange in South Africa, the
Group now consolidates the Pals Share Trust. The major effect of this
change was the elimination of a dividend received by the Trust, and a
decrease in the weighted average number of shares in issue.
During the year, the Group also changed its accounting policy with respect
to the revaluation of investment in listed shares. In order to conform
with the requirements of AC133 - Financial Instruments: Recognition and
Measurement, Investment in listed shares are now stated at fair value, and
not carried at cost. The effect of this change is the fair value
adjustment to the income statement.
Comparative figures have been restated for these changes in accounting
policies.
3 Audit opinion
The year-end financial results have been audited in terms of the Listing
Requirements of the JSE Securities Exchange in South Africa by the
Company`s auditors, Moores Rowland. This audit opinion is available for
inspection at the company`s registered office.
Review
In line with our Interim Report for the six months ended 31 December 2003,
turnover decreased for the year by 20% and the Company incurred a loss of
R3.4m before tax. This is as a result of the strengthening of the Rand
and the sluggish demand from the U.S.A., due to a slow down in that market
during the year under review.
Prospects
The Company has re-focussed its customer base whilst still maintaining an
export presence. New accounts in the South African market have been
opened and a new division manufacturing compatible garments to our
existing lines is in operation.
The plant`s capacity is fully committed to year end and bookings for the
first six months of next year are in line with our expectations.
Margins are under pressure due mainly to the strength of the Rand and the
high level of imports from the East.
Dividend
No dividend has been declared for the year under review.
For and on behalf of the Board of Directors
S R Kagan
H Noik
Cape Town
30 September 2004
Transfer secretaries
Ultra Registrars (Pty) Ltd
11 Diagonal Street
Johannesburg
2002
Registered office
97 Durham Avenue PO Box 311
Salt River Woodstock
7925 7915
Sponsor
SASFIN Corporate Finance (a division of SASFIN Bank Limited)
Directors: S R Kagan (Chairman), H Noik (Joint MD), S C Parsonage, G
Dewar (Joint MD), M L Sarembock*
Company secretary: Mrs C K Loydall
*Non-executive
Date: 29/09/2004 03:00:21 PM Produced by the JSE SENS Department
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