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King Consolidated Holdings Limited
Registration No 1992/006472/06
(Ordinary Share Code: KNG, ISIN code: ZAE 000012902)
Incorporated in the Republic of South Africa
(Debenture Code: KNGD, ISIN code: ZAE 000033775)
AUDITED GROUP RESULTS
For the year ended 28 February 2002
ABRIDGED INCOME STATEMENT
28 Feb. 28 Feb.
2002 2001
R000's R000's
Revenue 186 847 183 750
Operating loss (548) (3 696)
before
interest
Net interest (1 788) (862)
paid
Loss before (2 336) (4 558)
exceptional
items
Exceptional (3 387) (321)
item
Loss before (5 723) (4 879)
taxation
Taxation (37) 3 441
Loss after (5 760) (1 438)
taxation
Share of (455) (188)
associated
company loss
Loss (6 215) (1 626)
attributable
to ordinary
shareholders
Headline loss (2,0) (0,9)
per share
(cents)
Loss per share (4,4) (1,2)
(cents)
Diluted loss (2,3) -
per share
(cents)
Dividend per - -
share
Shares in 139 465 139 465
issue (000's)
Weighted 139 465 139 465
Average
(000's)
Reconciliation
of headline
losses
Loss per (6 215) (1 626)
income
statement
Write-off of 800 -
loan to share
incentive
scheme trust
Write-off of 2 587 510
irrecoverable
loans
Reduction of - (3 003)
purchase price
of subsidiary
Loss on - 2 248
discontinued
operations
Loss on sale - 566
of property
Headline (2 828) (1 305)
losses
Effect on loss (0,3) -
per share of
debenture
issue (cents)
ABRIDGED GROUP
BALANCE SHEET
28 Feb. 28 Feb.
2002 2001
R000's R000's
ASSETS
Non-current 16 957 17 582
assets
Property, 13 235 9 456
plant and
equipment
Investment in - 3 604
associate
company
Other 640 1 440
investments
Deferred 3 082 3 082
taxation
Current assets 38 664 34 685
Inventories 16 876 14 602
Accounts 21 788 20 083
receivable
55 621 52 267
EQUITY AND
LIABILITY
Capital and 10 762 17 479
reserves
Ordinary 10 762 17 479
shareholders'
funds
Non-current 17 402 11 133
liabilities
Long term 6 248 11 133
liabilities
Convertible 11 154 -
debentures
Current 27 457 23 655
liabilities
Accounts 26 042 20 374
payable
Bank overdraft 1 415 3281
55 621 52 267
ABRIDGED GROUP
CASH FLOW
STATEMENT
28 Feb. 28 Feb.
2002 2001
R000's R000's
Cash flow from 1 110 (6 944)
operating
activities
Cash flow from (5 513) (3 434)
investing
activities
Cash flow from 6 269 1 910
financing
activities
Net change in 1 866 (8 468)
cash and cash
equivalents
Cash resources (3 281) 5 187
at beginning
of year
Cash resources (1 415) (3 281)
at end of year
STATEMENT OF
CHANGES IN
EQUITY
Share Share Accum.
Capital Premium Profits Total
Balance at 29 1 195 7290 9184 17 669
February 2000
Net loss for - - (1 626) (1 626)
the year
Shares issued 200 1 239 - 1 439
during the
year
Share issue - (3) - (3)
expenses
Balance at 1 1 395 8 526 7 558 17 479
March 2001
Debenture - (502) - (502)
issue expenses
Net loss for - - (6 215) (6 215)
the year
Balance at 28 1 395 8 024 1 343 10 762
February 2002
ACCOUNTING POLICIES
The principal accounting policies, as outlined in the 2001 annual report,
have been consistently applied. The annual financial statements have been
prepared in accordance with South African Statements of Generally Accepted
Accounting Practice.
COMMENTS
Sector: Industrial - Hotels and Leisure
Nature of Business
Developing and operating franchise food and pub outlets and distributing
food products.
RESULTS
The Group's results for the 12 month period ended 28th of February 2002
reflects an increase in turnover as compared with the same period last year.
As a result of cost saving measures introduced by the new management in the
second half of the financial year the attributable losses before exceptional
items decreased by 40 % from the prior year. Lusitania, a subsidiary of the
Group, reflected sustained growth in turnovers and profitability. The
franchise division retained its market share due to management's decision to
focus on core brands.
EXCEPTIONAL ITEMS
Exceptional items disclosed in the income statement arise from a write off
of:
1. The loan to the share incentive scheme trust created for employees due to
a devaluation of the market value of the underlying investment.
2. The loan account owed by a franchise store, in which the Group had a
shareholding, was written off. Management took the decision to close this
store as a result of ongoing losses.
PROSPECTS
Cost saving measures at head office level are ongoing. Anticipated growth of
the Group's brands and introduction of two new brands namely Mansfield's and
Lusitania Direct are contributing to the Group's expected return to
profitability.
Lusitania's successful upgrading of its Hermanus Processing facility has
resulted in increased production of value added seafood products, and
Lusitania's new premises which have opened in Cape Town will contribute to
increased service levels in the Cape region.
The off-shore operations in Australia are currently being restructured to
reduce overheads.
The Board is confident that the Group will revert back to profitability.
CONVERTIBLE DEBENTURES
The group has increased its long term borrowings by the issue of 11 153 795
unsecured 14% compulsorily convertible debentures of
R1 each, convertible into 10 ordinary shares each on the 31st August 2003.
DIVIDENDS
The Board has resolved, in the view of the results, not to declare a
dividend.
For and on behalf of the board
ACP Cottrell 29 May 2002
(CEO)
REGISTERED OFFICE
5 Galahad House, 6 Burke Street, Randburg, 2125
TRANSFER SECRETARIES
Computershare Services Limited
2nd Floor, Edura House, 41 Fox Street, Johannesburg, 2001
DIRECTORS
ACP Cotterell (CEO)
B Trafalis, VPG Cotterell*, RP Hume*, AD Constandakis*
*Non-executive
Country Keg Inn Bar & Restaurant KEG Saddles Steak Ranch
Bimbos McGinty's The Rockside Porterhouse Mike's Kitchen Lusitania
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