|
PAL
PAL
Pals - Reviewed Provisional Financial Results for the Year ended 30 June 2006
PALS HOLDINGS LIMITED
Incorporated in the Republic of South Africa)
(Co Reg No 1987/002753/06)
Share code: PAL
ISIN: ZAE000005237
Reviewed Provisional Financial Results for the Year ended 30 June 2006
CONSOLIDATED INCOME STATEMENT
Reviewed Audited
12 Months 12 Months
30 June 30 June
2006 2005
R"000 R"000
Turnover 64,363 64,630
Operating (loss)/profit (1,595) 1,533
Net finance costs (342) (190)
Net (loss)/profit before taxation (1,937) 1,343
Taxation 162 (457)
Earnings/(loss) attributable
to ordinary shareholders (1,775) 886
Ordinary shares in issue (000"s) 8,972 8,972
(Loss)/earnings per share(cents) (19.7) 9.9
Headline (loss)/earnings per share(cents) (19.7) 9.9
Dividends per share (cents) 25.0 -
CONSOLIDATED BALANCE SHEET
Reviewed Audited
12 Months 12 Months
30 June 30 June
2006 2005
ASSETS
Non-Current assets 7,020 6,295
Current assets 23,848 23,970
30,868 30,265
EQUITY AND LIABILITIES
Capital and Reserves 19,653 23,604
Non-current liabilities 668 1,136
Current liabilities 10,547 5,525
30,868 30,265
CONSOLIDATED CASH FLOW STATEMENT
Reviewed Audited
12 Months 12 Months
30 June 30 June
2006 2005
R"000 R"000
Cash flows from operating activities (4,320) 4,099
Cash flows from operations (1,735) 4,280
Net financing costs, dividends (2,585) (181)
and taxation paid
Cash flows from investing activities (1,011) (1,797)
Net capital expenditure (1,011) (1,797)
Changing in investments
Cash flows from financing activities (795) 768
Net increase/(decrease) in cash equivalents (6,126) 3,070
CONSOLIDATED CHANGES IN EQUITY
Share Accumulated
Capital Profit Total
R"000 R"000 R"000
Balance at 1 July 2004 90 22,628 22,718
Net profit for the year 886 886
Balance at 30 June 2005 90 23,514 23,604
Net loss for the year (1,775) (1,775)
Dividends paid (2,243) (2,243)
Unclaimed dividends 67 67
Balance at June 2006 90 19,563 19,653
COMMENTS
Accounting policies
In line with listing requirements of the JSE Limited the company has adopted
International Financial Reporting Standards (IFRS) (transition date 1 July
2004).
The reviewed provisional financial results for the year ended 30 June 2006
have been prepared in compliance with International Financial Reporting
Standards and the listing requirements of the JSE Limited. The first time
adoption of IFRS has not resulted in any changes in the accounting policies,
which remained consistent with the previous reporting period
Audit opinion
Provisional results have been reviewed by the company"s auditors, Moores
Rowland. The report of the auditors is available for inspection at the
company"s registered office.
Review
The turnover decreased marginally by 0.5% this year; however the company has
incurred a loss of R1.93 million before tax, for the year ended 30 June 2006.
This is compared to a profit of R1.34 million in the previous year.
The business has had a difficult year, due to the strength of the rand, which
made export sales marginal business. Furthermore during February and March
power cuts in the Cape caused major disruption to production which resulted in
manufacturing inefficiencies.
The margins were further eroded as the local manufacturers had to compete for
the retail business against garments imported from the East.
Prospects
The company sees a few positives for the new trading year. The weaker rand
will help with exports, as well as making imports less attractive. The DCC
programme is in place until
March 2007.The quotas restrictions on imports will have a benefit for the
local manufacturers as some of the garments planned to be sourced from China
will have to be produced locally
Dividend
No dividend has been declared.
For and on behalf of the Board of Directors.
S R Kagan
G Dewar
Cape Town
29 September 2006
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
2002
Registered office
97 Durham Avenue
Salt River 7925
P O Box 311
Woodstock 7915
Directors: S R Kagan (Chairman), G Dewar (MD), H Thompson
Company secretary: Mrs C K Loydall
Date: 28/09/2006 04:30:05 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
