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KNG
KNG
KNG - King Consolidated Holdings Limited - Unaudited group results for the
year ended 29 February 2008
KING CONSOLIDATED HOLDINGS LIMITED
Registration No: 1992/006472/06
Incorporated in the Republic of South Africa
(Ordinary Share Code : KNG, ISIN code : ZAE000073458
("Kingco" or "the
group" or "the
company")
UNAUDITED GROUP
RESULTS
FOR THE YEAR ENDED 29
FEBRUARY 2008
ABRIDGED INCOME STATEMENT
Unaudited Audited
Year Year
ended ended
29/02/2008 28/02/2007
R000`s R000`s
Revenue 230 922 238 419
Operating profit (134) 3 741
before interest
Net interest paid (3 995) (2 518)
Profit/(loss) before exceptional items (4 129) 1 223
Exceptional items 0 0
Profit before taxation (4 129) 1 223
Deferred Taxation (69)
Profit attributable to ordinary shareholders (4 129) 1 154
Headline earnings/(loss) per share (cents) -24.7 6.9
Earnings per share -24.7 6.9
(cents)
Dividend per share 0 0
NTAV per share (cents)
83.1 107.8
NAV per share (cents)
83.1 107.8
Shares in issue 16 735 16 735
(000`s)
Weighted Average 16 735 16 735
(000`s)
Reconciliation of headline earnings
Profit/(loss) per income statement (4129)
1 154
Reconciling entries 0
Headline (4129) 1154
earnings/(losses)
Unaudited Audited
ABRIDGED GROUP BALANCE SHEET
Year Year
ended ended
29/02/2008 28/02/2007
R000`s R000`s
ASSETS
Non- current assets 18 702 18 089
Property, plant and 18 702 15 205
equipment
Deferred taxation 2 884
Current assets 48 436 52 460
Inventories 19 642 25 315
Accounts receivable 28 794 26 727
Cash and cash 0 418
equivalents
67 138 70 549
EQUITIES AND
LIABILITIES
Capital and reserves 13 907 18 035
Ordinary shareholders 13 907 18 035
funds
Non-current 24 698 18 705
liabilities
Long term liabilities 24 698 18 705
Current liabilities 28 533 33 809
Accounts payable 26 651 28 948
Bank overdraft 1 882 4 861
67 138 70 549
ABRIDGED GROUP CASH FLOW STATEMENT Unaudited Audited
Year Year
ended ended
29/02/2008 28/02/2007
R000`s R000`s
Cash flow from operating activities (80) (649)
Cash flow from investing activities (5 535) (1 439)
Cash flow from financing activities 8 176 1 824
Net change in cash and cash equivalents 2 561 (264)
Cash resources at beginning of year (4 443) (4 179)
Cash resources at end (1 882) (4 443)
of year
STATEMENT OF CHANGES IN EQUITY
Share Share Accumulated.
Capital Premium Profit/(Loss) Total
Balance at 28 February 2 510 18 062 (3 691) 16 881
2006
Net profit for the year 0 0 1 154 1 154
Balance at 28 February 2 510 18 062 (2 537) 18 035
2007
Net profit for the year 0 0 (4 129) (4 129)
Balance at 29 February 2 510 18 062 (6 666) 13 906
2008
Accounting Policies
The accounting policies, as outlined in the 2007 annual report, have
been consistently applied. The abridged annual financial statements
have been prepared in accordance with International Financial
Reporting Standards (IFRS) and IAS 34, the interpretations adopted by
the International Accounting Standards Board (IASB) and the
requirements of the South African Companies Act.
Sector : Industrial - Hotels and Leisure
Nature of business
The nature of the business is :
The establishment, development and operation of franchise
restaurants and pubs, namely; Keg, Keg Cafe, McGinty`s, Saddles,
Bimbos and Dockside Porterhouse.
The processing, storage, wholesaling and distribution of frozen,
chilled and dry products under the name of Lusitania Food
Products.
FINANCIAL RESULTS
The financial year ended 2008 was characterised by industrial action
at Lusitania`s largest branch, which led to reduced capacity and
resulted in the loss of market share and a slow subsequent recovery
of operational efficiencies. King Consolidated Food Services
expanded its "owned stores" operation, with several new openings in
2008. The processing division continues to be the main contributor
to the group`s losses.
EXCEPTIONAL ITEM
There were no exceptional items during the year.
PROSPECTS
In the first quarter of 2009, Lusitania demonstrated a marked
recovery of market share, while King Consolidated Food Services has
aggressively continued with its strategy of geographic expansion. In
light of expected less favourable economic conditions in the future,
the directors will continue to focus on its strategy of market
penetration and innovation.
DIVIDENDS
The Board has resolved not to declare a dividend.
Johannesburg
30 June 2008
For and on behalf of the board
ACP Cotterell
(CEO)
DIRECTORS
ACP Cotterell (CEO)*, VPG Cotterell*, RP Hume*, PJN Cotterell*
*Non-executive
Group Secretary : L Turner
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 : Lucro Auditing, Registered Accountants and Auditors,
Chartered Accountants (SA)
Sponsor
Sasfin Capital (A division of Sasfin Bank Limited)
Date: 30/06/2008 17:21:01 Produced by the JSE SENS Department.
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