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Kairos Industrial Holdings Limited - Audited Financial Results For The Year
Ended 28 February 2002
KAIROS INDUSTRIAL HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Reg no 1987/002927/06.
Share code: KIR. ISIN: ZAE000011284
AUDITED FINANCIAL RESULTS
FOR THE YEAR ENDED 28 FEBRUARY 2002
Overview
The release of these results has been delayed due to ongoing negotiations with
the principal debtor regarding the recoverability and repayment terms relating
to the short-term loan granted by the company during 1998. This loan plus
interest accrued thereon now totals R20,951 million. Although the directors are
still confident that the amount is fully recoverable, it was decided to make a
full provision against the loan as the principal debtor is currently overseas
and documentation of evidence could not be timeously provided to the group
auditor`s satisfaction to validate the recoverability of the loan.
Other than the above, key activities impacting on these results 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.
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
The company continues to supply ventilation equipment to the local mining
industry. Specific emphasis has been placed on the development of general
industrial applications, as well as the expansion of the export market.
It is the directors` and management`s view that this company should produce
acceptable results in the coming year.
Witbank Brickworks
Again performance was above budget with increased market share and profits.
Strong management and increased productivity continue and further improvements
in the coming year appear promising.
Survivair
The successful marketing of the "Survivair" refuge chambers and oxygen candles
to the mining industry locally and abroad continues. With the focus and drive on
safety in our mines, the prospects for this product range in the coming
financial year are very exciting.
Witbank Coal Reserve
Negotiations are still under way with a consortium 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.
STRATEGY
The company`s strategy remains unchanged. Its management will remain focused on
its two core revenue producing businesses - Witbank Brickworks and the joint
venture company BroKrew - until the company`s financial position is considerably
strengthened.
Recovering the short-term loan, now provided against, is of the highest priority
to the executive and is receiving ongoing and urgent attention.
For and on behalf of the board
L Jonker
Company Secretary
30 September 2002
CONSOLIDATED INCOME STATEMENT
Year ended Year ended
28 February 28 February
R`000 2002 2001
Turnover 45 693 45 218
Operating profit 1 518 2 431
Net interest 437 891
Depreciation (2 889) (3 036)
Profit/(loss) before taxation (934) 286
Taxation 266 -
Profit/(loss) after taxation (668) 286
Exceptional items
Capital
- Provision against short-term loan (13 753) -
- Benefit from loan settlement 4 500 -
- Reversal of provisions 7 857 -
- Section 311 compromise benefit - 1 071
Revenue
- Provision against prior period
investment income (4 136) -
- Legal settlement payment (500) -
Net profit/(loss) attributable to
ordinary shareholders (6 700) 1 357
Number of shares (000`s) 252 085 252 085
Headline earnings/(loss) per share
(cents) (2,1) 0,1
Earnings/(loss) per share (cents) (2,7) 0,5
CASH FLOW STATEMENT
Year ended Year ended
28 February 28 February
R`000 2002 2001
Net cash flow from operating activities (14 182) 11 130
Net cash flow from investment
activities (427) (7 562)
Net cash flow from financing activities 12 882 (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 1 March 2001 210 140 (184 148) 1 203 27 195
Loss for the year - (6 700) - (6 700)
Balance at 28 February
2002 210 140 (190 848) 1 203 20 495
CONSOLIDATED ABRIDGED BALANCE SHEET
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 13 478 32 496
Inventories 5 977 5 732
Trade and other receivables 7 381 7 173
Short-term loan receivable - 17 744
Cash and cash equivalents 120 1 847
TOTAL ASSETS 25 848 48 036
Equity and liabilities
Stated capital and reserves 20 495 27 195
Longterm borrowings 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 25 848 48 036
Shares in issue (000`s) 252 085 252 085
Net asset value per share (cents) 8,13 10,79
Segmental analysis
Year ended Year 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 135 2 900 (95,3)
2 683 6 357 (57,8)
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
70 Marshall Street, Johannesburg 2001
Directors
WL van Deventer (Executive Chairman), JJ de W Mulder, L Jonker,
CWJ Milligan* (Independent non-executive) *British
Visit us at www.kairos.co.za
Date: 30/09/2002 07:30:20 AM Produced by the JSE SENS Department
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