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KLG
KLG
KLG - Kelgran - Reviewed interim results for the six months ended 31
December 2006
Kelgran Limited
Dimension Stone Specialists
Incorporated in the Republic of South Africa
Registration Number 1975/004595/06
Code: KLG & ISIN: ZAE000003885
("Kelgran")
Reviewed Interim Results for the six months ended 31 December 2006
Income statement for the period ended 31 December 2006
6 Months 6 Months Year
31 Dec 06 31 Dec 05 30 Jun 06
R`000 R`000 R`000
Revenue
Cost of sales
Gross loss - - -
Other operating income 1 755 306 2 183
Other operating expenses (1 336) (1 309) (3 666)
Operating profit/(loss) 419 (1 003) (1 483)
Net finance costs 151 3 5
Profit/(loss) before taxation 570 (1 000) (1 478)
Taxation - - -
Net profit/(loss) 570 (1 000) (1 478)
attributable to ordinary
shareholders
Reconciliation between basic
profit/(loss) and headline
loss:
Profit/(loss) per income 570 (1 000) (1 478)
statement
Impairment of loan to (1 755) (306) (2 114)
associate written back
Loss on disposal of 878 - -
investment
Headline loss (307) (1 306) (3 592)
Profit/(loss) per share
(cents)
- basic 0.6 (1.1) (1.6)
- diluted 0.7 (1.1) (1.6)
- headline (0.3) (1.4) (3.8)
Dividends paid per share
(cents)
- interim 30 October 2006 27.0 - -
- final - - -
Weighted average number of 89 695 94 034 94 034
shares (`000)
Number of shares in issue 85 356 94 034 94 034
(`000)
Fully diluted number of 85 356 94 034 94 034
shares (`000)
Balance sheet as at 31 December 2006
Actual Actual Year
31 Dec 06 31 Dec 05 30 Jun 06
R`000 R`000 R`000
ASSETS
Non-current assets - 30 000 -
Financial assets - 30 000 -
Current assets 2 407 214 30 060
Bank and cash 2 407 214 60
Financial assets - - 30 000
Total assets 2 407 30 214 30 060
EQUITY AND LIABILITIES
Capital and reserves 2 329 27 800 27 322
Non-current liabilities - 1 191 1 994
Amount due to holding company - 1 191 1 994
Current liabilities 78 1 223 744
Trade and other payables 78 1 223 744
Total equity and liabilities 2 407 30 214 30 060
Net asset value per share 2.7 29.6 29.1
(cents)
Cash flow statement for the period ended 31 December 2006
Actual Actual Year
31 Dec 06 31 Dec 05 30 Jun 06
R`000 R`000 R`000
Cash flows utilised in operating
activities
Cash utilised in operations (1 124) (809) (3 576)
Net finance costs 151 3 5
Dividends paid (23 046) - -
Net cash outflow from operating (24 019) (806) (3 571)
activities
Cash flows from investing
activities
Proceeds on disposal of 29 122 - -
investment
Decrease in associate`s loan 1 755 306 2 114
Net cash inflow from investing 30 877 306 2 114
activities
Cash flows from financing
activities
Share capital repurchased (2 517) - -
Shareholders` loan (1 994) 571 1 374
(repaid)/incurred
Net cash (outflow)/inflow from (4 511) 571 1 374
financing activities
Net increase/(decrease) in cash 2 347 71 (83)
and cash equivalents
Cash and cash equivalents at 60 143 143
beginning of the period
Cash and cash equivalents at the 2 407 214 60
end of the period
Statement of changes in equity for the period ended 31 December 2006
Retained
Non- earnings/
distri- (accu-
Share Share butable mulated
capital premium reserves loss) Total
R`000 R`000 R`000 R`000 R`000
Balance at 01 July 1 881 71 572 5 878 (50 531) 28 800
2005
Net loss for the (1 000) (1 000)
period
Balance at 31 December 1 881 71 572 5 878 (51 531) 27 800
2005
Net loss for the (478) (478)
period
Changes in (5 878) 5 878 -
classification
Balance at 30 June 1 881 71 572 - (46 131) 27 322
2006
Purchases of own (174) (2 343) (2 517)
shares
Net profit for the 570 570
period
Dividends paid (23 046) (23 046)
Balance at 31 December 1 707 46 183 - (45 561) 2 329
2006
Comments
DISPOSAL OF KELGRAN`S REMAINING INVESTMENT AND CASH DISTRIBUTION
Shareholders are reminded of the announcement dated 4 October 2006 advising
that the disposal of its remaining 49% shareholding in Kelgran Investments
(Pty) Ltd ("Kelgran Investments" or "the Associate") had been concluded, and
of the subsequent cash distribution of 27 cents per share out of share
premium paid on 30 October 2006.
RESULTS
The company`s business and operations and the results thereof are clearly
reflected in the interim reviewed financial statements.
ACCOUNTING POLICIES
The results have been prepared on a basis consistent with the accounting
policies applied in the prior year and in accordance with International
Financial Reporting Standards applicable to financial reporting, and the
requirements of the Companies Act. These results have been reviewed by the
auditors, KPMG Inc., and a copy of their review report is available for
inspection at Kelgran`s registered office.
PROSPECTS
The directors are considering various proposals with regards to the
company`s future and will in the foreseeable future (two months) either
return all remaining cash to the company`s shareholders and wind the company
up or present shareholders with a viable alternative for consideration and
approval. Details of further developments will be announced in due course.
By order of the Board.
DATO` CHOO ENG GUAN
Executive Director
30 March 2007
Registered Office: Suite 4A, Manhattan Office Park, Peter Street, Highveld
Technopark, Centurion 0169
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Limited, 70
Marshall Street, Johannesburg 2001
Sponsor: Bridge Capital Services (Pty Ltd
Executive Director: Dato` Choo Eng Guan*
Non-executive Directors: Dato` Yap Yong Seong* (Chairman), Dato` Murad
Mohamed Hashim*, Yap Wee Keat* and Yap Wee Chun*
*Malaysian
Date: 29/03/2007 16:09:01 Produced by the JSE SENS Department.
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