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Kairos Industrial Holdings Limited - Interim Results For The Six
Months Ended 31 August 2002
Kairos Industrial Holdings Limited
Incorporated in the Republic of South Africa.
Reg no 1987/002927/06.
Share code: KIR. ISIN: ZAE000011284
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2002
Overview
Group turnover increased by 40% compared to the first six months of
the previous financial year while operating income increased from
R1,173m to R3,023m.
It is anticipated that this growth trend will continue for the
remainder of this financial year.
Efforts continue in an attempt to recover the short-term loan for
which a provision has been raised as detailed in the Chairman`s review
dated 30 September 2002.
review of group results
Accounting policies
The financial statements have been prepared and are presented in
accordance with the South African Statements of Generally Accepted
Accounting Practice and with relevant international accounting
standards. The accounting policies are consistent with those of the
previous year.
Joint Venture - BroKrew
As a major supplier of ventilation equipment to the mining sector,
this business increased sales further during this period, while
margins have also been improved due to ongoing cost savings and
improved internal controls. The board and management are confident
that this improved trend can be sustained.
Witbank Brickworks
Demand exceeds production and the directors and management are
confident that the increase in sales and profits will continue in the
second half of this financial year.
Survivair
As previously reported prospects for sales in this product range for
the remainder of the financial year are excellent, both locally and
abroad.
Prospects
The board is confident that results for the remainder of the financial
year will be positive, enabling the company to explore further income
generating activities.
By order of the board
L Jonker
Company Secretary
22 November 2002
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
R`000 2002 2001 2002
Turnover 29 790 21 247 45 693
Operating income 3 023 1 173 1 518
Net interest (28) 298 437
Depreciation (1 439) (1 469) (2 889)
Income/(loss) before
Taxation 1 556 2 (934)
Taxation - - 266
Income/(loss) after
Taxation 1 556 2 (668)
Exceptional items
Capital
- Provision against
short-term loan - - (13 753)
- Benefit from loan
settlement - - 4 500
- Reversal of provisions - - 7 857
Revenue
- Net income on
cancellation of
sale of subsidiaries 568 - -
- Provision against
prior period
investment income - - (4 136)
- Legal settlement payment - (250) (500)
Attributable income/(loss) 2 124 (248) (6 700)
Headline earnings
reconciliation
Attributable
earnings/(loss) 2 124 (248) (6 700)
Exceptional items - revenue (568) 250 4 636
Profit on disposal of
fixed assets - - (25)
Exceptional
items - capital - - 1 396
1 556 2 (693)
Number of shares (000`s) 252 085 252 085 252 085
Headline earnings/(loss)
per share (cents) 0,62 0 (0,27)
Earnings/(loss) per
share (cents) 0,84 (0,10) (2,66)
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
31 August 31 August 28 February
R`000 2002 2001 2002
Assets
Non-current assets 14 524 32 517 12 370
Patents and intangibles 2 465 2 958 2 711
Property, plant and
Equipment 11 801 10 467 9 509
Investments 93 18 547 93
Other 165 545 57
Current assets 17 022 14 665 13 478
Inventories 7 457 5 699 5 977
Trade and other
receivables 8 250 6 625 7 381
Cash and cash equivalents 1 315 2 341 120
TOTAL ASSETS 31 546 47 182 25 848
Equity and liabilities
Stated capital and reserves 22 619 26 947 20 495
Longterm borrowings 2 175 550 299
Loan from controlling
shareholder - 214 -
Current liabilities 6 752 19 471 5 054
Trade and other payables 6 430 13 340 4 567
Interest bearing
liabilities 318 5 871 478
Taxation 4 260 9
TOTAL EQUITY AND
LIABILITIES 31 546 47 182 25 848
Shares in issue (000`s) 252 085 252 085 252 085
Net asset value per
share (cents) 8,97 10,69 8,13
Segmental analysis
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 August 31 August % 28 February
R`000 2002 2001 Change 2002
Revenue
Mining supplies 25 822 18 036 43,2 37 971
Manufacturing - Bricks 3 963 3 183 24,5 7 810
Other 442 414 6,8 795
Inter Group
eliminations (437) (386) 13,2 (883)
29 790 21 247 40,2 45 693
Operating income
Mining supplies 2 378 1 332 78,5 1 971
Manufacturing - Bricks 1 076 529 103,4 1 175
Other (431) (688) 37,4 (1 628)
3 023 1 173 157,7 1 518
STATEMENT OF CHANGES IN EQUITY
Non- Total
Stated Retained distributable shareholders
R`000 capital losses reserve funds
Balance at
1 March 2002 210 140 (190 848) 1 203 20 495
Earnings for
the period - 2 124 - 2 124
Balance at
31 August 2002 210 140 (188 724) 1 203 22 619
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
R`000 2002 2001 2002
Net cash flow from
operating activities 3 076 145 (14 182)
Net cash flow from
investment activities (3 593) 99 (427)
Net cash flow from
financing activities 1 715 253 12 885
Net increase/(decrease)
in cash 1 198 497 (1 724)
Cash and cash equivalents at
beginning of period 117 1 844 1 844
Cash and cash equivalents
at end of period 1 315 2 341 120
Registered office
Kairos Industrial Holdings Limited
Incorporated in the Republic of South Africa.
Reg no 1987/002927/06.
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
Share 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
Date: 21/11/2002 05:06:01 PM Produced by the JSE SENS Department
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