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Pasdec - Reviewed Consolidated Results For The Year Ended 31 December 2004
PASDEC RESOURCES SA LTD
(Incorporated in the Republic of South Africa)
(Registration number 1987/004942/06)
(Share code : PSC ISIN : ZAE000023552)
(`Pasdec`)
REVIEWED CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004
CONSOLIDATED CONDENSED INCOME STATEMENT
Reviewed Audited
year year
ended ended
31 31
December December
2004 2003
R`000 R`000
Revenue 228,309 240,250
Operating (loss) / profit before abnormal (6,060) 33,153
items
Abnormal items Note 1 (55,334) -
Net (loss) / profit before interest and (61,394) 33,153
taxation
Finance charges Note 2 (10,706) (7,138)
Net (loss) / profit before taxation (72,100) 26,015
Taxation (charge) / credit (3,495) 41,017
(Loss) / profit for the year (75,595) 67,032
Reconciliation of (loss)
/ earnings and headline earnings:
(Loss) / profit attributable to
ordinary shareholders (75,595) 67,032
Amortisation of goodwill 343 343
Surplus on disposal of property and closure (648) -
of foreign subsidiary
Headline (loss) / earnings
attributable to ordinary
shareholders (75,900) 67,375
(Loss)/earnings per share (cents) (135.1) 119.8
Headline (loss)/earnings per share
(cents) (135.6) 120.4
Dividend per share (cents) 2.5 -
Weighted number of shares in issue 55,964 55,964
(`000)
Note 1 - Abnormal items
Write down of inventories to net 46,834 -
realisable value
Retrenchments 3,307 -
Provision for disputed
indirect taxes 3,160 -
Legal costs and write down on claims
being pursued 2,681 -
Surplus on disposal of property and closure
of foreign subsidiary (648) -
Total 55,334 -
Note 2 - Finance charges
Included in finance charges is an accrued charge for interest on
the majority shareholders subordinated loan account amounting to
R4 559 645 (2003 - Rnil). The interest charge at a rate of 7.5% per
annum has been accrued subject to Exchange Control approval.
CONSOLIDATED CONDENSED BALANCE SHEET
Reviewed Audited
year year
ended ended
31 31 December
December
2004 2003
R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 29,434 25,678
Intangibles 5,189 5,532
Deferred taxation 37,764 41,489
72,387 72,699
Current assets
Inventories 68,504 114,264
Trade and other receivables 27,156 38,650
Cash and cash equivalents 681 13
96,341 152,927
Total assets 168,728 225,626
EQUITY AND LIABILITIES
Capital and reserves
Share capital 37,642 37,642
Share premium 80,982 80,982
Accumulated loss (106,256) (29,264)
Non-distributable reserve 9,593 9,092
21,961 98,452
Shareholders` loans 68,815 64,622
Total shareholders` funds 90,776 163,074
Long-term interest bearing debt 5,450 4,598
Current liabilities
Trade and other payables 52,693 34,373
Current portion of long-term
interest bearing debt 2,115 986
Bank borrowings 17,694 22,595
72,502 57,954
Total equity and liabilities 168,728 225,626
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
Reviewed Audited
year year
ended ended
31 31
December December
2004 2003
R`000 R`000
Cash flows from operating activities
Cash (utilised) / generated by (3,900) 35,237
operations
Changes in working capital 22,010 (38,185)
Finance charges (10,706) (7,138)
Dividend paid (1,397) -
Taxation paid (175) (472)
Net cash generated / (utilised) by 5,832 (10,558)
operating activities
Cash flows from investing activities (6,437) (4,296)
Cash flows from financing activities 6,174 (1,357)
Net increase / (decrease) in cash and 5,569 (16,211)
cash equivalents
Beginning of period cash
and cash equivalents (22,582) (6,371)
End of period cash
and cash equivalents (17,013) (22,582)
Cash and cash equivalents
Bank balances and cash on hand 681 15,069
Bank overdraft (17,694) (37,651)
(17,013) (22,582)
CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY
Share Share Non- Accum- Total
capital premium distri- ulated
butable loss
reserves
Balance at 31 37,642 80,982 9,092 (29,264) 98,452
December 2003
Net movement in 501 501
foreign currency
translation
reserves
Net loss for the (75,595) (75,595)
year
Dividend paid (1,397) (1,397)
37,642 80,982 9,593 (106,256) 21,961
Balance at 31
December 2004
SEGMENTAL ANALYSIS
Reviewed Audited
year year
ended ended
31 31
December December
2004 2003
R`000 R`000
Revenue
Automotive 118,128 106,233
Electrical motors 110,181 134,017
Corporate - -
228,309 240,250
Operating (loss) / profit before
abnormal items
Automotive 20,096 16,266
Electrical motors (23,465) 18,401
Corporate (2,691) (1,514)
(6,060) 33,153
Net (loss) / profit before interest and
taxation
Automotive 17,938 16,266
Electrical motors (76,765) 18,401
Corporate (2,567) (1,514)
(61,394) 33,153
COMMENTARY ON THE REVIEWED CONSOLIDATED RESULTS
Trading conditions
Electrical Motors
The significant and sustained strength of the rand enabled competitors to import
motors at prices substantially lower than locally manufactured products. It also
had a detrimental effect on the export of products of original equipment
manufacturers utilising motors manufactured by the Group.
This resulted in lower revenues for the year as well as significantly reduced
margins. Strategies were implemented to enable profitable trading in the current
market conditions, which included:
- achieving flexibility in importing or manufacturing product in response to
movements in the local currency;
- rationalisation of the manufacturing process by inter alia outsourcing
non-core production processes;
- rationalisation of the product range stocked; and
- right sizing of operations in line with the above strategies.
Due to the substantial drop in market prices, the Group had to write down
inventories to net realisable values and also incurred certain costs in right
sizing the business.
Automotive
The division achieved its budget expectations as a result of the buoyant
conditions experienced in the automotive sector during the year.
Prospects
Carefully considered budgets for the coming year reflect continued profitable
operations in the Automotive division and the restoring of the Electrical Motors
division to operational profitability following the implementation of the
strategies outlined above.
Basis of preparation
These results have been prepared in accordance with the recognition and
measurement requirements of South African Statements of Generally Accepted
Accounting Practice and the presentation and disclosure requirements of the
South African Statement of Generally Accepted Accounting Practice on Interim
Financial Reporting. The accounting policies applied in preparing these results
are consistent with those applied in the previous financial period.
Review
KPMG Inc.`s unmodified review report on the condensed consolidated provisional
financial statements contained in this provisional report is available for
inspection at the company`s registered office.
For and behalf of the Board
P.A.Becker (Executive deputy chairman)
Wednesday, March 30 2005
Directors
Non-executive : Dato` Hamdan Jaafar* (Chairman), S.H.Goh*,
Majid Mohamad* (* Malaysian)
Executive : P.A.Becker (Executive Deputy Chairman), P.Pather
Registered office: Transfer secretaries:
Block G Computershare Investor
101 Knightsbridge Manor Services 2004 (Pty) Ltd
33 Sloane Street 70 Marshall Street
Bryanston 2021 Johannesburg 2000
(P.O.Box 67706
Bryanston 2021)
New registered office from 1 April 2005
33 Piet Pretorius Street
Brits 0250
(P.O.Box 1575, Brits 0250)
Sponsor: KPMG
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