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KELGRAN LIMITED
Dimension Stone Specialists
Incorporated in the Republic of South Africa
Registration number 1975/04595/06
Code:KLG
ISIN:ZAE0000038851
CONDENSED INCOME STATEMENT
6 Months 6 Months Year
31 Dec 2002 31 Dec 2001 30 Jun 2002
R`000 R`000 R`000
Revenue 211 862 219 059 444 520
Operating profit before
depreciation and finance costs 6 631 9 637 25 029
Depreciation (1 899) (3 866) (6 179)
Net finance costs (2 147) (2 170) (4 546)
Profit before taxation 2 585 3 601 14 304
Taxation (1 664) (1 759) (3 220)
Profit after taxation 921 1 842 11 084
Minority interest - - (60)
Attributable to ordinary
shareholders 921 1 842 11 024
Reconciliation to headline
earnings
Attributable to ordinary
shareholders 921 1 842 11 024
Profit on sale of property,
plant and equipment (494) (901) (4 077)
Profit on sale of investment (886)
Tax 148 1 489
Headline earnings 575 941 7 550
Earnings per share (cents)
- basic 1,0 2,0 11,9
- fully diluted 1,0 2,0 11,7
- headline 0,6 1,0 8,1
- fully diluted headline 0,6 1,0 8,0
Dividends per share (cents)
- interim - 3,0 3,0
- final - - -
Weighted number of shares in
issue (`000) 94 034 91 903 92 871
Number of shares in issue (`000) 94 034 94 034 94 034
Fully diluted number of shares
(`000) 94 034 94 034 94 034
CONSENSED BALANCE SHEET
31 Dec 2002 31 Dec 2001 30 Jun 2002
R`000 R`000 R`000
ASSETS
Non current assets 75 903 65 339 79 241
Property, plant & equipment 51 153 55 863 51 611
Deferred taxation 17 313 9 451 17 512
Loans to contractors 7 437 10 118
Investments 25
Current assets 250 753 298 049 282 297
Inventories 139 879 112 308 123 534
Accounts receivable 107 351 175 393 147 706
Cash and cash equivalents 3 523 10 348 11 057
Total assets 326 656 363 388 361 538
EQUITY AND LIABILITIES
Capital and reserves 177 744 167 641 176 823
Minority shareholders` interest
in subsidiaries 333 273 333
Non-current liabilities 13 913 12 010 12 949
Rehabilitation & closure cost
obligation 12 555 10 941 11 632
Post-retirement medical benefits
obligation 1 358 1 069 1 317
Current liabilities 134 666 183 464 171 433
Accounts payable 62 821 80 545 88 281
Current tax liabilities 52 5 577 6 099
Short-term borrowings 71 793 97 342 77 053
Total equity and liabilities 326 656 363 388 361 538
CONDENSED CASH FLOW STATEMENT
6 Months 6 Months Year
31 Dec 2002 31 Dec 2001 30 Jun 2002
R`000 R`000 R`000
Cash flow from operating
activities (5 003) (42 028) (24 290)
Cash generated/(utilised) by
operating activities 4 855 (37 037) (7 923)
Net finance costs (2 147) (2 170) (4 546)
Taxation paid (7 711) (9 000)
Dividends paid (2 821) (2 821)
Cash effects of investing
activities 2 729 (6 067) (10 497)
Cash effects of financing
activities - - -
Net decrease in cash & cash
equivalents (2 274) (48 095) (34 787)
Cash and cash equivalents at
beginning of the period (65 996) (31 209) (31 209)
Cash and cash equivalents at
end of the period (68 270) (79 304) (65 996)
CONDENSED STATEMENT OF CHANGES IN EQUITY
31 Dec 2002 31 Dec 2001 30 Jun 2002
R`000 R`000 R`000
Ordinary share capital
At the beginning of the period 1 881 1 834 1 834
Shares issued during the period 47 47
At the end of the period 1 881 1 881 1 881
Share premium
At the beginning of the period 71 572 69 294 69 294
Shares premium raised 2 278 2 278
At the end of the period 71 572 71 572 71 572
Non-distributable reserves
At the beginning of the period 6 065 6 065 6 065
Movements during the period - - -
At the end of the period 6 065 6 065 6 065
Retained earnings
At the beginning of the period 97 305 89 102 89 102
Net profits for the period 921 1 842 11 024
Dividends (2 821) (2 821)
At the end of the period 98 226 88 123 97 305
Capital and reserves 177 744 167 641 176 823
NATURE OF BUSINESS
The Group is engaged in the quarrying, marketing and distribution of granite. As
these activities comprise an integrated operation, the Group regards this as a
single primary business segment, on which all information is disclosed in this
announcement.
Results
Turnover decreased by 3 percent from R219,1 million to R211,9 million, mainly as
a result of the stronger Rand.
Operating profit decreased from R9,6 million to R6,6 million, mainly due to
lower US$ selling prices achieved.
Demand for granite remained stable during the period under review, but was
undersupplied mainly due to logistical and production difficulties.
Despite lower depreciation charges following the outsourcing of earthmoving
equipment and reduced capital expenditure, profit before taxation decreased from
R3,6 million to R2,6 million.
Capital expenditure for the period under review amounted to R1,5 million
compared to R6,4 million for the six months ended 31 December 2001.
Debt net of cash amounted to R68,3 million at 31 December 2002, reducing from
R87,0 million as at 31 December 2001. The net debt equity ratio was 37,3 percent
(December 2001: 52,0 percent).
Bank guarantees given by the Group to third parties amounted to R7,8 million,
whilst contingencies totalled R0,7 million (R7,6 million and R0,4 million,
respectively as at 31 December 2001).
Operational activities
Despite generally good market demand, sales volumes for the period under review
were marginally lower than the corresponding six months of the previous
financial year. Stronger competition and limited rail capacities negatively
affected both sales volumes and pricing.
Following intensive exploration during 2002, several new materials are now being
actively promoted.
The Barracuda tile factory performed to expectations and will continue to expand
its production in monumental products.
Accounting policies
The accounting policies adopted in the preparation of the financial statements
are consistent with those used in the financial statements for the year ended 31
December 2001, apart from the adoption of AC107, requiring that dividends be
recorded in the period in which they were paid (refer to Statement of Changes in
Equity).These results have been prepared in accordance with Generally Accepted
Accounting Practice.
Prospects
Kelgran is currently in a consolidation phase with focus on re-establishing
traditional markets. In the medium term increased beneficiation at the Barracuda
factory should increase turnover and enhanced profitability.
Exploration and evaluation of new products will continue for the purpose of long
term growth of the company.
Dividend
The Directors have resolved not to declare an interim dividend.
By order of the Board.
RFE Brown
Acting Managing Director
Johannesburg
29 February 2002
Executive Directors
Dato` Choo Eng Guan*, RFE Brown (Managing Director) and FP van Wyk
Non-executive Directors
Dato` Yap Yong Seong* (Chairman), Dato` Murad Mohamed Hashim*, Yap Wee Keat*, Dr
J Mphafudi, Yap Wee Chun* and V di Capua**
*Malaysian
** Italian
Company secretary: CH Mulder
Registered Office
4 Homestead Avenue, Bryanston, Sandton 2196
Transfer Secretaries
Computershare Investor Services Ltd, 11 Diagonal Street, Johannesburg 2001
Date: 06/03/2003 05:15:03 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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