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KNG
KNG
KNG - King Consolidated Holdings Limited - Abridged income statement
KING CONSOLIDATED HOLDINGS LIMITED
Registration No: 1992/006472/06
Incorporated in the Republic of South Africa
(Code : KNG ISIN: ZAE000073458)
AUDITED GROUP RESULTS
For the year ended 29 February 2008
ABRIDGED INCOME STATEMENT
Audited Audited
Year Year
ended ended
29/02/2008 28/02/2007
R000`s R000`s
Revenue 231197 238419
Operating profit before interest -505 3741
Net interest paid -3625 -2518
Profit/(loss) before exceptional -4130 1223
items
Exceptional items
Profit before taxation -4130 1223
Deferred Taxation 0 -69
Profit attributable to ordinary -4130 1154
shareholders
Headline earnings/(loss) per share -24.7 6.9
(cents)
Earnings /(loss)per share (cents) -24.7 6.9
Dividend per share 0 0
NTAV per share (cents)
83.1 107.8
NAV per share (cents)
83.1 107.8
Shares in issue (000`s) 16735 16735
Weighted Average (000`s) 16735 16735
RECONCILIATION OF HEADLINE EARNINGS
Profit/(loss) per income statement -4130 1154
Reconciling entries 0 0
Headline earnings/(losses) -4130 1154
ABRIDGED GROUP BALANCE SHEET Audited Audited
Year Year
ended ended
29/02/2008 28/02/2007
R000`s R000`s
ASSETS
Non- current assets 21504 18089
Property, plant and equipment 18544 15205
Deferred taxation 2960 2884
Current assets 45273 52460
Inventories 17349 25315
Accounts receivable 26366 26727
Cash and cash equivalents 1558 418
66777 70549
EQUITIES AND LIABILITIES
Capital and reserves 13905 18035
Ordinary shareholders funds 13905 18035
Non-current liabilities 27296 18705
Long term liabilities 27296 18705
Current liabilities 25576 33809
Accounts payable 20675 28948
Bank overdraft 4901 4861
66777 70549
ABRIDGED GROUP CASH FLOW STATEMENT Audited Audited
Year Year
ended ended
29/02/2008 28/02/2007
R000`s R000`s
Cash flow from operating activities -1976 -649
Cash flow from investing activities -3865 -1439
Cash flow from financing activities 6941 1824
Net change in cash and cash 1100 -264
equivalents
Cash resources at beginning of year -4443 -4179
Cash resources at end of year -3343 -4443
STATEMENT OF CHANGES IN EQUITY
Share Share Accum.
Capital Premium Profit/Loss Total
Balance at 28 2510 18062 -3691 16881
February 2006
Net profit for the 0 0 1154 1154
year
Balance at 28 2510 18062 -2537 18035
February 2007
Net profit for the 0 0 -4130 -4130
year
Balance at 29 2510 18062 -6667 13905
February 2008
ACCOUNTING POLICIES
The accounting policies, as outlined in the 2008 annual report, have been
consistently applied. The abridged annual financial statements 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.
COMMENTS
Sector : Industrial - Hotels and Leisure
Nature of business
The nature of the business is:
1. The establishment, development and operation of franchise restaurants 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.
EXCEPTIONAL ITEM
There were no exceptional items during the year
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.
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 their strategy of market
penetration and innovation.
DIVIDENDS
The Board has resolved not to declare a dividend.
For and on behalf of the board
ACP Cotterell
(CEO)
1 SEPTEMBER 2008
DIRECTORS
ACP Cotterell (CEO), VPG Cotterell*, RP Hume*, PJM 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, Registered Accountants and Auditors, Chartered Accountants
(SA)
Date: 01/09/2008 07:41:14 Produced by the JSE SENS Department.
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