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PAL
PAL
Pals Holdings Limited - Interim Report for the Six Months ended 31 December 2005
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 2005
CONSOLIDATED INCOME STATEMENT
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to 12 Months to
31 December 31 December 30 June
2005 2004 2005
R"000 R"000 R"000
Turnover 34,429 35,165 64,630
Operating profit/(loss) 598 119 1,533
Net finance costs 30 (18) (190)
Net profit/(loss) before 628 101 1,343
taxation
Taxation (202) (30) (457)
Earnings/(loss) attributable
to ordinary shareholders 426 71 886
Ordinary shares in issue 8,972 8,972 8,972
Earnings/(loss) per 4.75 0.79 9.9
share(cents)
Headline earnings/(loss)per 4.75 0.79 9.9
share
Dividends per share (cents) - - -
CONSOLIDATED BALANCE SHEET
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to 12 Months to
31 December 31 December 30 June
2005 2004 2005
R"000 R"000 R"000
ASSETS
Non-Current assets 5,927 5,188 6,295
Current assets 23,340 24,765 23,970
29,267 29,953 30,265
EQUITY AND LIABILITIES
Capital and Reserves 24,030 22,789 23,604
Non-current liabilities 1,022 541 1,136
Current liabilities 4,215 6,623 5,525
29,267 29,953 30,265
CONSOLIDATED CASH FLOW
STATEMENT
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to 12 Months to
31 December 31 December 30 June
2005 2004 2005
R"000 R"000 R"000
Cash flows from operating (2,019) (3,523) 4,099
activities
Cash flows from operations 1,641 1,275 2,965
Working capital changes (3,690) (4,775) 1,315
Net financing costs, dividends 30 (23) (181)
and taxation paid
Cash flows from investing (382) (569) (1,797)
activities
Net capital expenditure (382) (569) (1,797)
Changing in investments
Cash flows from financing (114) 844 768
activities
Net (decrease)/increase in (2,515) (3,248) 3,070
cash
CONSOLIDATED CHANGES IN EQUITY
Share Accumulated
Capital Profit Total
R"000 R"000 R"000
Balance at 31 December 2004 90 22,699 22,789
Net profit for the period 815 815
Dividends paid -
Balance at 30 June 2005 90 23,514 23,604
Net loss for the period 426 426
Dividends paid -
Balance at December 2005 90 23,940 24,030
COMMENTS
Accounting policies
In line with the listing requirements of the JSE Limited the company has
adopted International Financial Reporting Standards (IFRS)(transition
date 01 July 2004).
The interim financial statements for the six months period ended
31 December 2005 have been prepared in compliance with IAS 34 - Interim
Financial Reporting and the listing requirements of the JSE Limited.
The first time adoption of IFRS has not resulted in any changes in
accounting policies,which remained consistant with previous reporting
period
Review
The turnover decreased marginally by 2.1% compared to the same period for
the previous year. The company however, has shown a profit for the period
under review due, mainly to the fact that the business has focused on the
local market and has realised more favourable margins.
With the continued strength of the rand the company has continued its
strategy to concentrate on growing the business with the local market
customers.
Prospects
The ladies division is already booking business for the next financial
year. The company has managed to secure orders from new local customers
which will realise more favourable margins.
Dividend
The company declared an interim dividend of 25 cents per share to all
shareholders recorded in the register of the company on the record date,
being Friday,10 March 2006. The dividend was paid on 13 March 2006.
For and on behalf of the Board of Directors.
Registered office
97 Durham Avenue
Salt River 7925
P O Box 311
Woodstock 7915
S R Kagan Cape Town
G Dewar 30 March 2006
Sponsor
Sasfin Capital
(a division of Sasfin Bank Ltd)
Registration number 1951/002280/06
Directors: S R Kagan (Chairman), G Dewar (MD), S C Parsonage, M L Sarembock*, H
Thompson
Company secretary: Mrs. C K Loydall
* Non-executive
Transfer secretaries
Ultra Registrars (Pty) Ltd
11 Diagonal Street
Johannesburg
2002
Date: 31/03/2006 12:00:18 PM Produced by the JSE SENS Department
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