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KIR
KIR
KIR - Kairos - Update on year end results for the year ended 28 February 2011
(Change in IAS 16 Treatment)
Kairos Industrial Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1987/002927/06
Share code: KIR ISIN: ZAE000011284
("Kairos" or "the company")
UPDATE ON YEAR END RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2011 (CHANGE IN IAS 16
TREATMENT)
Shareholders were advised in the Annual Integrated Report for the year ended 28
February 2011 that the audit opinion had been qualified in respect of plant and
equipment which had not been revalued with sufficient regularity as determined
by IAS 16 and that the group`s records did not permit the application of
adequate alternative audit procedures to satisfy the auditors as to the accuracy
and valuation of plant and equipment, depreciation and revaluation reserve.
Whilst the group`s current accounting policy for plant and equipment requires
regular revaluation of the assets, management were unable to satisfy the
auditors on the fair values of plant and equipment for the year ended 28
February 2011, notwithstanding external valuations undertaken on certain,
although not all of the assets.
At the request of the JSE Limited, management have undertaken to determine what
the value of the assets would be if there was to be a change in accounting
policy to the cost basis and the possible impact on the statement of
comprehensive income. This would entail the reversal of any revaluation surplus
arising from the revaluation of assets in the past and the restatement of the
depreciation charge for the current year and the adjustment to opening retained
income for the prior year adjustment.
The effects of the adjustment to the statement of comprehensive income would be
as follows:
R`000
Reported loss for the year (37 421)
Adjusted loss for the year (36 857)
The effects of the adjustment to the statement of equity would be as follows:
R`000
Equity as reported (57 501)
Adjusted for change in policy (58 839)
The difference of R564,000 in the reported loss for the year can be attributed
to the lower depreciation charge for the year, and the change in equity as
reported is as a result of the nett reversal in accumulated depreciation of R1
337 736. The impact on earnings per share is 0.25 cents, and net asset value per
share 0.6 cents per share.
With reference to Note 4 to the annual financial statements, the adjustment
would result in:
Before adjustment: Fair value Acc Depn. Carrying value
Plant and equipment reported 43 337 (17 674) 25 663
After adjustment: Cost Acc Depn. Carrying value
Plant and equipment adjusted 41 435 (17 110) 24 325
This information has not been audited and has been derived by management for the
benefit of shareholders.
Pretoria
23 June 2011
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 23/06/2011 17:30:04 Produced by the JSE SENS Department.
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