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Pals Holdings Limited - Results Announcement
PALS HOLDINGS LIMITED
Incorporated in the Republic of South Africa)
(Co Reg No 1987/002753/06)
Share code: PAL ISIN: ZAE000055237
Audited Financial Results for the Year ended 30 June 2005
CONSOLIDATED INCOME STATEMENT
Audited Audited
12 Months 12 Months
30 June 30 June
2005 2004
R`000 R`000
Turnover 64,630 65,614
Operating profit/(loss) 1,533 (3,354)
Net finance costs (190) (89)
Net profit/(loss) before taxation 1,343 (3,443)
Taxation (457) (170)
Earnings/(loss) attributable
to ordinary shareholders 886 (3,613)
Ordinary shares in issue (000`s) 8,972 8,972
Earnings/(loss)per share(cents) 9.9 (40.3)
Headline earnings/(loss)per 9.9 (40.3)
share(cents)
Dividends per share (cents) - 50.0
CONSOLIDATED BALANCE SHEET
Audited Audited
12 Months 12 Months
30 June 30 June
2005 2004
R`000 R`000
ASSETS
Non-Current assets 6,295 5,578
Current assets 23,970 24,643
30,265 30,221
EQUITY AND LIABILITIES
Capital and Reserves 23,604 22,718
Non-current liabilities 1,136 368
Current liabilities 5,525 7,135
30,265 30,221
CONSOLIDATED CASH FLOW STATEMENT
Audited Audited
12 Months 12 Months
30 June 30 June
2005 2004
R`000 R`000
Cash flows from operating 4,099 (4,569)
activities
Cash flows from operations 4,280 6,534
Net financing costs, dividends (181) (11,103)
and taxation paid
Cash flows from investing (1,797) (1,594)
activities
Net capital expenditure (1,797) (1,594)
Changing in investments
Cash flows from financing 768 (559)
activities
Net increase/(decrease) in cash 3,070 (6,722)
equivalents
CONSOLIDATED CHANGES IN EQUITY
Share Accumulated
Capital Profit Total
R`000 R`000 R`000
Balance at 1 July 2003 90 30,727 30,817
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
Net profit for the year 886 886
Balance at June 2005 90 23,514 23,604
COMMENTS
Accounting policies
The accounting policies at 30 June 2005 are in accordance with South African
Statements of Generally Accepted Accounting Practice
Change in estimate
There was a change in the estimated useful lives of property, plant and
equipment. The effect of this change in estimate is that the depreciation charge
was reduced by R1,249,730 before tax (R887,308 after tax)
Audit opinion
The year-end financial results have been audited by the Company`s auditors
Moores Rowland. Their unqualified audit opinion is available for inspection at
the company`s registered office.
Review
The turnover decreased marginally by 1.5% this year however the company has
reversed the previous years loss and shown a profit before tax of R1.34 million
for the year ended 30 June 2005.
The business has continued the refocus from export to the local markets and will
continue with this drive due to the strengthening of the rand and the
uncertainty of the Duty Credit Certificate Incentive scheme. The scheme has not
yet been extended beyond March 2005 and is awaiting the signature of the
minister.
Prospects
The company has continued to diversify its customer base by launching a new
Ladies Wear division, which will be marketed to the chain stores.
This division will help increase the company`s presence in the local market
Margins continue to remain under pressure due to increased 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 Cape Town
G Dewar 26 September 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
Company secretary: Mrs C K Loydall
* Non-executive
Date: 26/09/2005 11:15:08 AM
Produced by the JSE SENS Department
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