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Pals - Interim Report For The Six Months Ended 31 December 2004
PALS HOLDINGS LIMITED
Incorporated in the Republic of South Africa)
(Co Reg No 1987/002753/06)
Share code: PAL ISIN: ZAE000005237
Interim Report for the Six Months ended 31 December 2004
CONSOLIDATED INCOME STATEMENT
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to 12 Months
to
31 December 31 December 30 June
2004 2003 2004
R`000 R`000 R`000
Turnover 35,165 37,896 65,614
Operating profit/(loss) 119 (1,130) (3,354)
Net finance costs (18) (204) (89)
Net profit/(loss) before taxation 101 (1,334) (3,443)
Taxation (30) 400 (170)
Earnings/(loss) attributable
to ordinary shareholders 71 (934) (3,613)
Ordinary shares in issue 8,972 8,972 8,972
Earnings/(loss)per share(cents) 0.79 (10.4) (40.3)
Headline earnings/(loss)per 0.79 (10.4) (40.3)
share(cents)
Dividends per share (cents) - 50.0 50.0
CONSOLIDATED BALANCE SHEET
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to 12 Months
to
31 December 31 December 30 June
2004 2003 2004
R`000 R`000 R`000
ASSETS
Non-Current assets 5,188 4,905 5,578
Current assets 24,765 26,348 24,643
29,953 31,253 30,221
EQUITY AND LIABILITIES
Capital and Reserves 22,789 24,859 22,718
Non-current liabilities 541 1,217 368
Current liabilities 6,623 5,177 7,135
29,953 31,253 30,221
CONSOLIDATED CASH FLOW STATEMENT
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to 12 Months
to
31 December 31 December 30 June
2004 2003 2004
R`000 R`000 R`000
Cash flows from operating activities (3,523) (2,685) (4,569)
Cash flows from operations 1,275 (192) (1,404)
Working capital changes (4,775) 7,887 7,937
Net financing costs, dividends (23) (10,380) (11,102)
and taxation paid
Cash flows from investing activities (569) (493) (1,594)
Net capital expenditure (569) (493) (1,594)
Changing in investments
Cash flows from financing activities 844 290 (559)
Net decrease in cash (3,248) (2,888) (6,722)
CONSOLIDATED CHANGES IN EQUITY
Share Accumulated
Capital Profit Total
R`000 R`000 R`000
Balance at 31 December 2003 100 24,759 24,859
Net loss for the period (2,131) (2,131)
Dividends paid -
Change in accounting policy (10) (10)
Balance at 30 June 2004 90 22,628 22,718
Net profit for the period 71 71
Dividends paid -
Balance at December 2004 90 22,699 22,789
COMMENTS
Accounting policies
The interim financial statements have been prepared in accordance with the
South African Statements of Generally Accepted Accounting Practice and the
policies are consistent with those applied for the year ended 30 June 2004.The
interim accounts for December 2003 have been restated to conform with the
requirements issued by the JSE Securities Exchange South Africa.The group now
consolidates the Pals Share Trust.
Review
With the rand strengthening, the market focus has moved from the export market
to the local market.Production output has increased resulting in greater
production efficiencies,and as a consequence,realised increased margins and a
breakeven position for the half year under review.
The change in market focus has had a negative impact on the cash flow of the
business.
Dividend
No dividend has been declared for the half year under review.
Board of Directors
As announced on SENS on 4 March 2005, Mr Howard Thompson has been appointed
Financial Director with effect from 1 March 2005.
For and on behalf of the Board of Directors.
S R Kagan Cape Town
G Dewar 15 March 2005
Sponsor
Sasfin Corporate Finance
(a division of Sasfin Bank Ltd)
Registration number 1951/002280/06
Transfer secretaries
Ultra Registrars (Pty) Ltd
11 Diagonal Street
Johannesburg 2001
Registered office
97 Durham Avenue
Salt River 7925
P O Box 311
Woodstock 7915
Directors:
S R Kagan (Chairman), G Dewar (MD), S C Parsonage, M L Sarembock*, H Thompson
* Non-executive
Company secretary:
Mrs C K Loydall
Date: 15/03/2005 05:00:38 PM
Produced by the JSE SENS Department
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