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KNG
KNG
KNG - King Consolidated Holdings - Unaudited Group Results For The Six Months
Ending 31 August2007
KING CONSOLIDATED HOLDINGS LIMITED
Registration No: 1992/006472/06
Incorporated in the Republic of South Africa
(Ordinary Share Code: KNG, ISIN code: ZAE000073458)
Unaudited Group results For the six months ending 31 August2007
ABRIDGED INCOME STATEMENT
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/08/2007 31/08/2006 28/02/2007
R000`s R000`s R000`s
Revenue 110992 109332 238419
Operating profit/(loss) before -573 -1136 3741
interest
Net interest paid -1468 -1136 -2518
Profit/(loss) before exceptional -2041 -2272 1223
items
Exceptional items 0 0 0
Profit/(loss) before taxation -2041 -2272 1223
Taxation -34 94 -69
Profit/(loss) attributable to -2075 -2178 1154
ordinary shareholders
Headline earnings/(loss) per share -12.4 -13.0 6.9
(cents)
Earnings/(loss) per share (cents) -12.4 -13.0 6.9
Dividend per share 0 0 0
NAV per share (cents) 95.4 87.9 107.8
Shares in issue (000`s) 16736 16736 16736
Weighted Average (000`s) 16736 16736 16736
Reconciliation of headline earnings
Profit/(loss) per income statement -2075 -2178 1154
Adjustments 0 0 0
Headline earnings/(losses) -2075 -2178 1154
ABRIDGED GROUP BALANCE SHEET Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/08/2007 31/08/2006 28/02/2007
R000`s R000`s R000`s
ASSETS
Non- current assets 19203 18493 18089
Property, plant and equipment 16354 15447 15205
Deferred taxation 2849 3046 2884
Current assets 46698 42609 52462
Inventories 21992 18750 25315
Accounts receivable 24706 23859 26729
Cash and cash equivalents 418
65901 61102 70551
EQUITIES AND LIABILITIES
Capital and reserves 15960 14703 18035
Ordinary shareholders funds 15960 14703 18035
Non-current liabilities 20897 17311 18705
Long term liabilities 20897 17311 18705
Current liabilities 29044 29088 33811
Accounts payable 25066 26664 28950
Bank overdraft 3978 2424 4861
65901 61102 70551
ABRIDGED GROUP CASH FLOW STATEMENT Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/08/2007 31/08/2006 28/02/2007
R000`s R000`s R000`s
Cash flow from operating activities -1578 2389 -649
Cash flow from investing activities -1543 -1981 -1439
Cash flow from financing activities 3586 1347 1824
Net change in cash and cash 465 1755 -264
equivalents
Cash resources at beginning of the -4443 -4179 -4179
period
Cash resources at end of the period -3978 -2424 -4443
STATEMENT OF CHANGES IN EQUITY
Share Share Accum.
Capital Premium Profit/Loss Total
Balance at 28 February 2006 2510 18062 -3691 16881
Net profit for the year 0 0 1154 1154
Balance at 28 February 2007 2510 18062 -2537 18035
Net loss for the period 0 0 -2075 -2075
Balance at 31 August 2007 2510 18062 -4612 15960
ACCOUNTING POLICIES
The accounting policies, as outlined in the 2007 annual report, have been
consistently applied.
The unaudited interim results have been prepared in accordance with
International Financial Reporting Standards (IFRS), IAS 34 on Interim Financial
Reporting, the interpretations adopted by the International Accounting
Standards Board (IASB) and the requirements of the South African Companies Act.
These statements have been reviewed by Baxters and hence, no audit opinion has
been given.
COMMENTS
Sector: Industrial - Hotels and Leisure
Nature of business
The nature of the business is:
1. The establishment, development and operation of franchise restautants and
pubs, namely; Keg, Keg Cafe`, McGinty`s, Saddles, Bimbos and Dockside
Porterhouse.
2. The processing, storage, wholesaling and distribution of frozen, chilled
and dry products under the name of Lusitania Food Products.
FINANCIAL RESULTS
1. The Group`s turnover has increased slightly, retaining it`s market share
in tough fishing conditions.
2. The franchising division remained profitable for the interim period
3. The Lusitania fish and processing divisions were affected by the following
adverse conditions
a) The JHB branch suffered a five week strike.
b) Low catches from the local market.
c) Price fluctuations in the salmon market.
4. Even with the above impacts, the group managed to reduce the loss from the
prior period by5%.
EXCEPTIONAL ITEM
No exceptional items arose during the current period
PROSPECTS
We expect the second period to be profitable, due to the seasonal nature of the
business.
DIVIDENDS
The Board has resolved not to declare a dividend.
For and on behalf of the board
ACP Cotterell
(CEO)
29 November 2007
DIRECTORS
ACP Cotterell (CEO), VPG Cotterell*, RP Hume*, PJM Cotterell*
Group Secretary: D Le Roux
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd
Sponsor: Sasfin Capital - A division of Sasfin Bank Limited
Registered Office: Kingco Park, 97 Milner Street, Kensington B, Randburg, 2194.
Auditors: Baxters, Registered Accountants and Auditors, Chartered Accountants
(SA)
Date: 29/11/2007 16:10:14 Produced by the JSE SENS Department.
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