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King Consolidated Holdings Limited - Interim Report
For the six months ended 31 August 2002
King Consolidated Holdings Limited
Registration No 1992/006472/06
Incorporated in the Republic of South Africa
(Ordinary Share Code: KNG ISIN code: ZAE000012902)
(Debenture Code: KNGD ISIN code: ZAE000033775)
Interim Report
For the six months ended 31 August 2002
ABRIDGED GROUP INCOME STATEMENT
Reviewed Unaudited Audited
Six months Six months Year
ended ended ended
31 Aug 31 Aug 28 Feb
2002 2001 2002
R000`s R000`s R000`s
Gross revenue 96 766 87 877 186 847
Net operating profit
/(loss) before
interest 1 962 (61) (548)
Net interest paid (1 919) (668) (1 788)
Net profit/(loss)
before
exceptional items 43 (729) (2 336)
Exceptional item (1 657) - (3 387)
Net (loss) before
taxation (1 614) (729) (5 723)
Taxation - - (37)
Net (loss) after
taxation (1 614) (729) (5 760)
Share of associated
company loss - (269) (455)
Net (loss) attributable to
ordinary
shareholders (1 614) (998) (6 215)
Headline earnings/(losses) per
share (cents) 0.03 (0.07) (2.00)
(Loss) per share
(cents) (1.20) (0.07) (4.40)
Diluted (Loss)
per share (cents) (0.60) - (2.50)
Dividend per share
(cents) - - -
Shares in issue
(000`s) 139 465 139 465 139 465
- weighted average
(000`s) 139 465 139 465 139 465
Reconciliation of Headline
Profits/(Losses)
Loss per income
statement (1 614) (998) (6 215)
Write off of loan to share
incentive
scheme trust - - 800
Losses on
discontinued
operations 709 - -
Write off of
irrecoverable
loans 948 - 2 587
Headline profit/
(losses) 43 (998) (2 828)
Effect on loss per share of
debenture issue
(cents) (0.6) - (1.9)
ABRIDGED GROUP BALANCE SHEET
Reviewed Unaudited Audited
Six months Six months Year
ended ended ended
31 Aug 31 Aug 28 Feb
2002 2001 2002
R000`s R000`s R000`s
ASSETS
Non-current
assets 19 139 16 562 16 957
Property, plant
and equipment 15 417 12 102 13 235
Investment in
associated company - 1 378 -
Other investments 640 - 640
Deferred
taxation 3 082 3 082 3 082
Current assets 42 823 32 954 38 664
Inventories 17 775 13 910 16 876
Accounts
receivable 25 048 19 044 21 788
Total assets 61 962 49 516 55 621
EQUITY AND LIABILITIES
Capital and
reserves 9 148 16 481 10 762
Ordinary shareholder`s
funds 9 148 16 481 10 762
Non-current
liabilities 22 292 11 281 17 402
Long term
liabilities 11 138 11 281 6 248
Convertible
debentures 11 154 - 11 154
Current
liabilities 30 522 21 754 27 457
Accounts
payable 24 159 15 551 26 042
Bank
overdraft 6 363 5 643 1 415
Taxation - 560 -
Total equity
and
liabilities 61 962 49 516 55 621
ABRIDGED GROUP CASH FLOW STATEMENT
Reviewed Unaudited Audited
Six months Six months Year
ended ended ended
31 Aug 31 Aug 28 Feb
2002 2001 2002
R000`s R000`s R000`s
Cash flow from
operating
activities (6 725) (10 450) 1 110
Cash flow from investment
activities (3 113) (1 187) (5 513)
Cash flow from
financing
activities 4 890 9 275 6 269
Net (decrease)/increase in cash and
cash
equivalents (4 948) (2 362) 1 866
Cash and cash equivalents at
beginning
of year (1 415) (3 281) (3 281)
Bank overdraft at
end of period (6 363) (5 643) (1 415)
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Accum.
Share Share (Loss)/
Capital Premium Profits Total
Balance at 1 March 2001
1 395 8 526 7 558 17 479
Debenture issue
expenses - (502) - (502)
Net loss for
the year - - (6 215) (6 215)
Balance at 28 Feb 2002
1 395 8 024 1 343 10 762
Net loss for the
period - - (1 614) (1 614)
Balance at 31 Aug 2002
1 395 8 024 (271) 9 148
ACCOUNTING POLICIES
The consolidated interim financial statements at 31 August
2002 are prepared on the historical cost basis. Accounting
principles and policies used in preparing this report comply
with South African Statements of Generally Accepted
Accounting Practice and are consistent with those applied in
the group`s audited financial statements for the year ended
28 February 2002.
COMMENTS
Sector: Industrial - Hotels and Leisure
Nature of Business - Developing and operating franchise and
pub outlets and distributing food products.
FINANCIAL RESULTS
The Groups results for the 6-month period ended 31st August
2002 reflect a 10% increase in turnover when compared to the
same period of the previous year. This increase in turnover
can in the main be attributable to improved trading
conditions resulting from the renovations undertaken in
Hermanus and Cape Town by Lusitania and the increase in
franchise fees arising from the successful opening of
additional franchise stores.
Whilst the profit achieved before extraordinary items was
R43 506 the final phases of the cost saving measures at Head
Office level were implemented in this period. The Groups
continuing off shore operations also contributed favourably
to the overall results. Whilst these results were in line
with the Boards expectations, they were also affected in
this period by the substantially higher interest burden
arising from the costs attributable to financing of assets
acquired by Lusitania for renovations, and to interest
payments to the debenture holders.
EXCEPTIONAL ITEMS
Exceptional items disclosed in the income statement are made
up as follows:
The write off of the loan account owed by a company owned
store in Australia, which was considered irrecoverable once
management decided to close the store due to ongoing losses
being incurred therein.
The net losses incurred in the discontinuance of this
Australian store in the period under review.
PROSPECTS
The profits in the Groups trading divisions are weighted to
the second half of the year due to the seasonal nature of
the industry.
Both Lusitania and the Franchise Division are firmly on
track to meet and better forecasted results by the financial
year end and, provided the current economic market
conditions prevail in the future, the Group should increase
it`s trading profits by the end of the financial year.
DIVIDENDS
The Board has resolved, in view of the results, not to
declare a dividend.
For and on behalf of the Board
ACP Cotterell B Trafalis
(CEO) (DIRECTOR)
REGISTERED OFFICE:
Kingco Park, 97 Milner Street, Kensington B, Randburg, 2125
SPONSOR: SASFIN BANK LIMITED, 13-15 Scott Street,
Waverley 2090. (PO Box 95103, Grant Park, 2051)
AUDITORS: Galahad Chartered Accountants Incorporated
Registered Accountants and Auditors, Chartered Accountants
(SA)
The auditors review opinion is available at the company`s
registered office for inspection.
TRANSFER SECRETARIES: Computershare Investor Services
Limited, 70 Marshall Street, Johannesburg, 2001.
(PO Box 61051, Marsalltown, 2107)
GROUP SECRETARY: Basil Trafalis
DIRECTORS: ACP Cotterell (CEO), B Trafalis, VPG Cotterell*,
RP Hume*, AD Constandakis* * Non-Executive
Country Keg Inn logo Bar & Restaurant KEG Saddles
Steak Ranch
Bimbo`s McGinty`s The Rockside Porterhouse
Mike`s Kitchen Lusitania Logo
Date: 29/11/2002 07:26:55 AM Produced by the JSE SENS Department
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