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KAIROS INDUSTRIAL HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Reg no 1987/002927/06.
Share code: KIR ISIN: ZAE000011284
("Kairos or the Group")
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2003
FINANCIAL HIGHLIGHTS 2003 2002
Operating profit to sales (%) 9,59 3,32
Return on net assets (RONA) (%) 13,51 (27,36)
Return on equity (ROE) (%) 14,21 (28,10)
Debt to equity ratio 0,034 0,033
OVERVIEW
Group turnover increased by 35% compared to the previous financial year while
operating income, including investment income, increased by 181% from R2 683m to
R7 541m.
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
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. The auditors, Burn Reynolds & Co.,
have issued their opinion on the financial statements for the year ended 2003. A
copy of the auditor"s unqualified report is available for inspection at Kairos"
registered office.
Joint Venture - Brokrew
Sales increased during the financial year by 32% and it remains a major supplier
of ventilation equipment to the mining sector. Operating and investment income
increased from R1 174m to R4 951m for the year under review. The board and
management are confident that this level of turnover can be sustained.
Witbank Brickworks
Demand exceeds production and the directors and management are confident that
the increase in sales will continue in the next financial year.
Survivair
Demand by the mining sector for this line of safety products increased
by 8%. This trend should continue for the foreseeable future.
DIVIDEND
No dividend has been declared nor is one recommended in respect of the financial
year under review.
BLACK ECONOMIC EMPOWERMENT ("BEE") INITIATIVE AND CAUTIONARY ANNOUNCEMENT
The board of directors and shareholders of Kairos recognise the importance of
BEE and to this end negotiations initiated early 2002 have now been condensed to
a written agreement. Further announcements will follow once all conditions have
been met. Shareholders are advised to exercise caution in dealing with their
Kairos shares in the interim.
PROSPECTS
The board is confident of further improved results and are committed to obtain
further income generating operations during the 2004 financial year.
By order of the board
L Jonker
Company Secretary 15 May 2003
CONSOLIDATED INCOME STATEMENT
Year Year
ended ended
28 February 28 February
R"000 2003 2002*
Turnover 61 873 45 693
Cost of sales (32 487) (25 245)
29 386 20 448
Operating costs (23 450) (18 930)
Operating profit before investment
income, depreciation and finance cost 5 936 1 518
Interest on loan to joint venture 1 043 1 030
Investment income 562 135
Depreciation (2 098) (2 889)
Finance cost (1 732) (728)
Profit/(loss) before taxation 3 711 (934)
Taxation (12) 266
Profit/(loss) after taxation 3 699 (668)
Exceptional items
Capital
- Provision against short-term loan - (13 753)
- Benefit from loan settlement - 4 500
- Reversal of provision - 7 857
- Reversal of profit on cancellation
of sale of subsidiaries (565) -
Revenue
- Provision against prior
period investment income - (4 136)
- Legal settlement payment - (500)
Net profit/(loss) attributable
to ordinary shareholders 3 134 (6 700)
Determination of headline earnings
Profit/(loss) after taxation 3 134 (6 700)
Profit on disposal of fixed assets (5) (25)
Exceptional items
Net loss on reversal of sale
of subsidiaries 565 -
Benefit from loan settlement and
reversal of provisions - 1 396
Headline earnings 3 694 (5 329)
Number of shares (000"s) 252 085 252 085
Headline earnings per share (cents) 1,5 (2,1)
Earnings per ordinary share (cents) 1,2 (2,7)
* Certain comparative figures have
been restated.
CONSOLIDATED ABRIDGED BALANCE SHEET
28 February 28 February
R"000 2003 2002*
Assets
Non-current assets 14 083 12 370
Patents and intangibles 2 219 2 711
Property, plant and equipment 11 666 9 509
Investments 93 93
Other 105 57
Current assets 18 515 13 478
Inventories 6 718 5 977
Trade and other receivables 10 155 7 381
Cash and cash equivalents 1 642 120
TOTAL ASSETS 32 598 25 848
Equity and liabilities
Stated capital and reserves 23 629 20 495
Creditors for share issues 4 12
Longterm borrowings 1 970 299
Current liabilities 6 995 5 042
Trade and other payables 6 512 4 555
Interest bearing liabilities 461 478
Taxation 22 9
TOTAL EQUITY AND LIABILITIES 32 598 25 848
Shares in issue (000"s) 252 085 252 085
Net asset value per share (cents) 9,37 8,13
* Certain comparative figures
have been restated.
CONSOLIDATED CASH FLOW STATEMENT
Year ended Year ended
28 February 28 February
R"000 2003 2002
Net cash flow from operating activities 4 910 (14 182)
Net cash flow from investment
activities (4 991) (427)
Net cash flow from financing activities 1 606 12 882
Net increase/(decrease) in cash 1 525 (1 727)
Cash and cash equivalents at
beginning of period 117 1 844
Cash and cash equivalents
at end of period 1 642 117
STATEMENT OF CHANGES IN EQUITY
Retained Non- Capital
Stated (losses)/ distributable and
R"000 capital income reserve reserves
Balance at 28 February 2002 210 140 (190 848) 1 203 20 495
Movement for the period - 3 134 - 3 134
Balance at 28 February 2003 210 140 (187 714) 1 203 23 629
Segmental analysis
R"000 2003 2002 % Change
Revenue
Mining supplies 52 144 39 843 30,9
Manufacturing - bricks 9 015 7 810 15,4
Property and other 850 (1 077) n/a
Inter Group eliminations (136) (883) n/a
61 873 45 693 35,4
Operating and
investment income
Mining supplies 4 931 1 408 250,2
Manufacturing - bricks 1 117 1 737 (35,7)
Property and other (112) (1 627) 93,1
Investment income 1 605 1 165 37,8
7 541 2 683 181,1
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
Sponsors
Bridge Capital Services (Pty) Limited
1st Floor Building 22a, The Woodlands,
Woodland Drive, Woodmead, Sandton
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: 14/05/2003 05:00:10 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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