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ended 31 August 2001
Registration No 1992/006472/06
Incorporated in the Republic of South Africa
Share Code: KNG
ISIN No: ZAE 0000 129 02
Interim Results
Interim Results For the six months ended 31 August 2001
GROUP INCOME STATEMENT
Six months ended Year ended
31 August 31 August 28 February
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
R000s R000s R000s
Gross revenue 87 877 102 249 183 750
Net operating (loss)/profit
before interest (61) 675 (3 696)
Net interest paid (668) (374) (862)
Net (loss)/profit before
exceptional items (729) 301 (4 558)
Exceptional items - - (321)
Net (loss)/profit before taxation (729) 301 (4 879)
Taxation - - 3441
Net (loss)/profit (729) 301 (1 438)
Share of associate company loss (269) - (188)
Net (loss)/profit attributable to
ordinary shareholders (998) 301 (1 626)
Headline (losses)/earnings per
share (cents) (0.7) 0.2 (0.9)
(Loss)/profit per share (cents) (0.7) 0.2 (1.2)
Dividend per share (cents) - - -
Shares in issue (000s) 139 465 131 105 139 465
- weighted average (000s) 139 465 130 703 139 465
ABRIDGED GROUP BALANCE SHEET
31 August 31 August 28 February
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
R000s R000s R000s
Capital and reserves
Shareholders funds 16 481 19 413 17 479
Non-current liabilities
Long term liabilities 11 281 10 313 2 006
Current liabilities
Bank overdraft 5 643 - 3 281
Taxation 560 - 2 138
Trade and other payables 15 551 23 573 27 363
Total equity and liabilities 49 516 53 299 52 267
Non-current assets
Property, Plant & Equipment 12 102 10 995 9 456
Investments 1 378 - 3 604
Deferred taxation 3 082 - 3 082
Current assets
Inventories 13 910 17 335 14 602
Trade and other receivables 19 044 24 043 21 523
Cash and cash equivalents - 926 -
Total assets 49 516 53 299 52 267
GROUP CASH FLOW STATEMENT
Six months ended Year ended
31 August 31 August 28 February
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
R000s R000s R000s
Cash flow from operating activities (10 450) (4 516) 2 091
Cash flow from investment activities (1 187) (837) (3 340)
Cash flow from financing activities 9 275 1 092 (7 219)
Net decrease in cash and cash
equivalents (2 362) (4 261) (8 468)
Cash and cash equivalents
at beginning of year (3 281) 5 187 5 187
(Bank overdraft)/cash and cash
equivalents (5 643) 926 (3 281)
Changes in Equity: No changes.
COMMENTS
Sector: Industrial Hotels and Leisure
Nature of Business
Developing and operating franchise food and pub outlets and distributing
food products.
RESULTS
The Groups results for the 6 month period ended 31st August 2001 reflect a
14% decrease in turnover when compared with the same period for the previous
year.
This decrease in turnover is as a result of the Lusitania Port Elizabeth
branch being closed in March 2001. Despite this loss of turnover, all the
branches in Lusitania
are now profitable.
Trading conditions for the first half of the year were extremely
competitive. In
order to protect market share, the Group accepted lower gross margins on the
sale
of its products and services.
Sixty two percent of the net operating loss is attributable to foreign
exchange fluctuations, incurred whilst the Group was settling its off shore
loans. The profits
in the Groups trading divisions are weighted to the second half of the year
due to
the seasonal nature of the industry.
PROSPECTS
Head office expenses have been curtailed together with other cost saving
measures and it is expected that the Group will return to a profitable
situation by February 2002. The Lusitania processing plant in Hermanus has
been upgraded and a greater contribution to profits is expected, as capacity
has been substantially increased.
Despite the Group experiencing difficult trading conditions, confidence has
been reflected in the Keg brand with the planned opening of twelve new
outlets
in the next six months. This includes the long awaited expansion programme
into Africa. Furthermore four additional Bimbos stores are also scheduled to
open in the next six months.
ACCOUNTING POLICIES
Consistent with prior year/GAAP.
DIRECTORS
DPN Yiannakis (Chairman), ACP Cotterel (CEO), LC Greyvenstein, JLambrechts,
AD Constandakis (Non-Exec),VPG Cotterell (Non-Exec), RP Hume (Non-Exec)
DIVIDENDS
As in previous years, the policy of the Group is not to declare an interim
dividend
TRANSFER SECRETARIES REGISTERED OFFICE
Computershare Services Limited 5 Burke House, 6 Burke Street
2nd Floor, Edura House, Randburg, 2125
41 Fox Street, Johannesburg, 2001
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