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KNG
KNG
KNG - King Consolidated Holdings Limited - Unaudited group results for the six
months ending 31 August 2008
KING CONSOLIDATED HOLDINGS LIMITED
Registration No: 1992/006472/06
Incorporated in the Republic of South Africa
Code: KNG ISIN: ZAE 000073458
UNAUDITED GROUP RESULTS FOR THE SIX MONTHS ENDING 31 AUGUST 2008
ABRIDGED GROUP BALANCE SHEET
Unaudited 6 Unaudited Audited
months 6 months Year ended
ended ended
31/08/2008 31/08/2007 29/02/2008
R000`s R000`s R000`s
ASSETS
Non- current assets 25 299 19 203 21 504
Property, plant and equipment 22 339 16 354 18 544
Deferred taxation 2 960 2 849 2 960
Current assets 50 686 46 698 45 273
Inventories 16 344 21 992 17 349
Accounts receivable 34 342 24 706 26 366
Cash and cash equivalents 0 0 1 558
75 985 65 901 66 777
EQUITIES AND LIABILITIES
Capital and reserves 10 474 15 960 13 905
Ordinary shareholders funds 10 474 15 960 13 905
Non-current liabilities 37 645 20 897 27 296
Long term liabilities 37 645 20 897 27 296
Current liabilities 27 866 29 044 25 576
Accounts payable 24 946 25 066 20 675
Bank overdraft 2 920 3 978 4 901
75 985 65 901 66 777
ABRIDGED GROUP CASH FLOW
STATEMENT
Unaudited 6 Unaudited Audited
months 6 months Year ended
ended ended
31/08/2008 31/08/2007 29/02/2008
R000`s R000`s R000`s
Cash flow from operating (5 028) (1 578) (1 976)
activities
Cash flow from investing (4 898) (1 543) (3 865)
activities
Cash flow from financing 10 349 3 586 6 941
activities
Net change in cash and 423 465 1 100
cash equivalents
Cash resources at (3 343) (4 443) (4 443)
beginning of the year
Cash resources at end of (2 920) (3 978) (3 343)
the period
STATEMENT OF CHANGES IN EQUITY
Share Share Accum.
Capital Premium Loss Total
R000`s R000`s R000`s R000`s
Balance at 28 February 2,510 18,062 (2 537) 18,035
2007
Net loss for the year 0 0 (4 130) (4 130)
Balance at 29 February 2,510 18,062 (6 667) 13,905
2008
Net loss for the year 0 0 (3 431) (3 431)
Balance at 31 August 2008 2,510 18,062 (10 098) 10,474
ACCOUNTING
POLICIES
The accounting policies, as outlined in the 2008 annual report, have
been consistently applied. The abridged financial statements have
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, McGinty`s, Saddles, Bimbos,
Dockside Porterhouse and Keg Cafe.
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 due mainly to the expansion of
the franchise division`s "owned stores" operations.
2. The franchise division remained profitable for the interim period
and has opened a number of new franchises during this period.
3. The processing division continued to be the main contributor to
the group`s losses and thus the group is in the process of
rationalising these operations and considering the closure of this
division.
4. The distribution division experienced continued cost pressures
due to the high inflation of costs associated with transportation
activities.
5. The major shareholder has committed additional funds to the group
to assist with its operations and expansion activities.
PROSPECTS
We expect an improvement in results for the second period due to the
seasonal nature of the businesses, as well as a result of the
curtailment of costs within the processing division and the expected
reduction in fuel related costs.
King Consolidated Food Services is expecting to continue to increase
its franchise network during this period.
DIVIDENDS
The Board has resolved not to declare a dividend.
For and on behalf of the board
ACP Cotterell
(CEO)
27 NOVEMBER 2008
DIRECTORS
ACP Cotterell (CEO), VPG Cotterell*, RP Hume*, PJM Cotterell*
Group Secretary : L * - Non-executive
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: 27/11/2008 11:50:01 Produced by the JSE SENS Department.
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