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Kairos Industrial Holdings Limited - Provisional Annual Financial Statements
For The 12 Months Ended 28 February 2002
Kairos Industrial Holdings Limited
Incorporated in the Republic of South Africa.
Reg no 1987/002927/06.
Share code: KIR.
ISIN number: ZAE000011284
PROVISIONAL ANNUAL FINANCIAL STATEMENTS FOR THE 12 MONTHS ENDED 28 FEBRUARY
2002
OVERVIEW
Kairos` balance sheet improved significantly in the period under review
resulting in a strong increase in net asset value per share.
Key activities leading to the balance sheet improvements were:
* Settling a R5,317 million short term loan, inclusive of finance cost, by
way of set-off against a counter claim.
* A R7,157 million profit brought to account through the reversal of a
provision against the realisable value of assets previously disposed of to
the BroKrew joint venture.
Subsequent to the conversion of a debtor to a non-listed investment as at 28
February 2001, the investment reverted back to a short-term loan receivable.
Comparative figures for the previous year have been restated to conform to
current year presentation.
REVIEW OF GROUP RESULTS
Accounting Policies
The annual financial statements have been presented in accordance with South
African Statements of Generally Accepted Accounting Practice (GAAP) and with
international accounting standards, with exceptional items reported in the
body of the income statement. The accounting policies are also consistent
with those of the previous financial year.
Joint Venture - BroKrew
BroKrew remains the main supplier of ventilation equipment to the mining
industry.
While the joint venture`s results reflect a slight year-on-year decline in
revenue for the 12 months, the strengthening commodity prices have resulted
in a strong order book going forward.
Witbank Brickworks
Witbank Brickworks produces a broad range of bricks for the trade and retail
markets.
Gross operating profit increased during the year under review. Prospects for
improved market share and improved profitability are good.
Survivair
The local demand for Survivair`s range of mining emergency and safety
equipment will be strengthened in the year ahead by the strong performance
of platinum producers and a renewed awareness of safety standards on the
coal mines.
Witbank Coal Reserve
Negotiations and discussions are continuing in order to mine the total
Uitspan basin which has a mineable reserve calculated at some 10 million
tons.
Dividends
No dividends have been declared for the period.
Auditors Review
The results have been reviewed by the group`s auditors, Burn Reynolds & Co,
whose report is available for inspection at the company`s registered office.
PROSPECTS
The improved balance sheet and prospects of significant cash on hand will
enable Kairos to explore further income generating activities and to provide
increased value for shareholders in the year ahead.
Kairos meets the JSE Securities Exchange South Africa`s main board
requirements, both in terms of shareholder spread and profitability.
For and on behalf of the board
L Jonker
Company Secretary
30 May 2002
CONSOLIDATED INCOME STATEMENT
Unaudited Audited
12 months 12 months
ended ended
28 February 28 February
R`000 2002 2001
Turnover 45 693 45 218
Operating profit 1 518 2 431
Net interest 3 654 891
Depreciation (2 889) (3 036)
Profit before taxation 2 283 286
Taxation 266 -
Headline profit after taxation 2 549 286
Exceptional items
- Section 311 compromise benefit - 1 071
- Benefit from loan settlement 4 500 -
- Reversal of provisions 7 857 -
- Legal settlement payment (500) -
Net profit attributable
to ordinary
shareholders 14 406 1 357
Number of shares (000`s) 252 085 252 085
Headline earnings per
share (cents) 1,0 0,1
Earnings per share (cents) 5,7 0,5
CONSOLIDATED ABRIDGED BALANCE SHEET
Unaudited Audited
28 February 28 February
R`000 2002 2001
Assets
Non-current assets 12 370 15 540
Patents and intangibles 2 711 3 204
Property, plant and equipment 9 509 11 453
Investments 93 93
Other 57 790
Current assets 34 584 32 496
Inventories 5 977 5 732
Trade and other receivables 7 539 7 176
Short-term loan receivable 20 951 17 744
Cash and cash equivalents 117 1 844
TOTAL ASSETS 46 954 48 036
Equity and liabilities
Stated capital and reserves 41 601 27 195
Long-term interest bearing debt 299 976
Current liabilities 5 054 19 865
Trade and other payables 4 567 14 154
Interest bearing liabilities 478 5 406
Taxation 9 305
TOTAL EQUITY AND LIABILITIES 46 954 48 036
Shares in issue (000`s) 252 085 252 085
Net asset value per share
(cents) 16,50 10,79
CASH FLOW STATEMENT
Unaudited Audited
12 months 12 months
ended ended
28 February 28 February
R`000 2002 2001
Net cash flow from
operating activities 7 465 11 197
Net cash flow from
investment activities (461) (7 629)
Net cash flow from
financing activities (8 731) (25 270)
Increase in stated capital - 22 920
Net increase/(decrease) in cash (1 727) 1 218
Cash and cash equivalents at
beginning of period 1 844 626
Cash and cash equivalents
at end of period 117 1 844
STATEMENT OF CHANGES IN EQUITY
Non- Capital
Stated Retained distributable and
R`000 capital losses reserve reserves
Balance at 28
February 2001 210 140 (184 148) 1 203 27 195
Movement for
the period - 14 406 - 14 406
Balance at 28
February 2002 210 140 (169 742) 1 203 41 601
SEGMENTAL ANALYSIS
Unaudited Audited
12 months 12 months
ended ended
28 February 28 February Change
R`000 2002 2001 %
Revenue
Joint Venture - BroKrew 36 098 37 279 (3,2)
Witbank Brickworks 7 811 6 507 20,0
Survivair 1 872 491 281,3
Other 796 974 (18,3)
Inter Group eliminations (884) (33) -
45 693 45 218 1,1
Operating and investment income
Joint Venture - BroKrew 1 737 3 988 (56,4)
Witbank Brickworks 1 174 1 413 (16,9)
Survivair 234 49 377,6
Other (597) (1 993) 70,0
Investment income 3 351 2 900 15,6
5 899 6 357 (7,2)
Registered office
1111 Church Street, Hatfield 0083, Pretoria
PO Box 11328, Hatfield 0028, Pretoria
Tel: +27 (0) 12 342 1980, Fax: +27 (0) 12 342 1976
E-mail: info@kairos.co.za
Transfer secretaries
Computershare Investor Services Limited
11 Diagonal Street, Johannesburg 2001
Directors
WL van Deventer (Executive Chairman), JJ de W Mulder, L Jonker, CWJ
Milligan* (Non-executive) *British
Visit us at www.kairos.co.za
Date: 29/05/2002 05:10:00 PM Produced by the SENS Department
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