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KING CONSOLIDATED HOLDINGS LIMITED - Audited Group results for the year ended 28
February 2003
KING CONSOLIDATED HOLDINGS LIMITED
Registration No: 1992/006472/06
Incorporated in the Republic of South Africa
(Ordinary Share Code : KNG, ISIN code : ZAE 000012902)
(Debenture Code : KNGD, ISIN code : ZAE 000033775)
Audited Group results for the year ended 28 February 2003
ABRIDGED INCOME STATEMENT
28-Feb 28-Feb
2003 2002
R000"s R000"s
Revenue 204938 186847
Operating loss before interest -1840 -548
Net interest paid -3667 -1788
Loss before exceptional items -5507 -2336
Exceptional items -1028 -3387
Loss before taxation -6535 -5723
Taxation 0 -37
Loss after taxation -6535 -5760
Share of associated company loss 0 -455
Loss attributable to ordinary shareholders -6535 -6215
Headline loss per share (cents) -3.9 -2
Loss per share (cents) -4.7 -4.4
Diluted loss per share (cents) -2.6 -2.3
Dividend per share 0 0
Shares in issue (000"s) 139465 139465
Weighted Average (000"s) 139465 139465
Reconciliation of headline losses
Loss per income statement -6535 -6215
Write-off of loan to share incentive scheme 240 800
Write-off of irrecoverable loans 948 2587
Realisation of NDR -825
Loss on discontinued operation 665
Headline losses -5507 -2828
Effect on loss per share of debenture issue (cents) 2.1 2.1
ABRIDGED GROUP BALANCE SHEET
28-Feb 28-Feb
2003 2002
R000"s R000"s
ASSETS
Non- current assets 15870 16957
Property, plant and equipment 12788 13235
Other investments 0 640
Deferred taxation 3082 3082
Current assets 37617 38664
Inventories 16065 16876
Accounts receivable 21552 21788
53487 55621
EQUITIES AND LIABILITIES
Capital and reserves 4227 10762
Ordinary shareholders funds 4227 10762
Non-current liabilities 23409 17402
Long term liabilities 12255 6248
Convertible debentures 11154 11154
Current liabilities 25851 27457
Accounts payable 23582 26042
Bank overdraft 2269 1415
53487 55621
ABRIDGED GROUP CASH FLOW STATEMENT 28-Feb 28-Feb
2003 2002
R000"s R000"s
Cash flow from operating activities -6216 1110
Cash flow from investing activities -645 -5513
Cash flow from financing activities 6007 6269
Net change in cash and cash equivalents -854 1866
Cash resources at beginning of year -1415 -3281
Cash resources at end of year -2269 -1415
STATEMENT OF CHANGES IN EQUITY
Share Share Accum.
Capital Premium Profit/Loss Total
Balance at 28 February 2001 1395 8526 7558 17479
Net loss for the year -6215 -6215
Debenture issue expenses -502 -502
Balance at 1 March 2002 1395 8024 1343 10762
Net loss for the year -6535 -6535
Balance at 28 February 2003 1395 8024 -5192 4227
ACCOUNTING POLICIES AND AUDIT OPINION
The principle accounting policies, as outlined in the 2002 annual report, have
been consistently applied. The annual financial statements have been prepared in
accordance with South African Statements of Generally Accepted Accounting
Practice.
The results for the year ended 28 February 2003 have been audited by Baxters.
The unqualified audit opinion is available for inspection at the registered
office of the company.
COMMENTS
Sector: Industrial - Hotels and Leisure
Nature of business
Developing and operating franchise food and pub outlets and distributing food
products.
FINANCIAL RESULTS
1. The group incurred a loss of R5.5m before the exceptional items that are
dealt with below. However, the loss includes R2m from non-recurring marketi
expenses spent in order top build market awareness of the group"s brands.
2. The group turnover for the year ended 28 February 2003 has increased by a
encouraging 9.6% when compared to the previous year.
EXCEPTIONAL ITEMS
Exceptional items disclosed in the income statement arise from:
1. Write-off of loan account to the share incentive scheme.
2. Write-off of loan account to the discontinued operation.
3. Non-distributable reserves in non-trading subsidiaries have been written
off.
4. Loss on discontinued operation.
CONVERTIBLE DEBENTURES
The 11 153 795 unsecured 14% compulsory convertible debentures of R1 each, are
due for conversion into 10 shares each on the 31st August 2003.
PROSPECTS
The Board is confident that, provided the market conditions continue to improve,
the Group will realise trading profits in the immediate future.
With the Group debentures being converted, the future interest obligation will
be greatly reduced.
Future exceptional losses are not expected by the Group as the Board"s policy of
writing off unrealisable loan accounts and closing down unprofitable
subsidiaries was substantially achieved by February 2003.
The exception is the Keg in Melbourne, which is trading unprofitably at present.
DIVIDENDS
The Board has resolved, in view of the results, not to declare a dividend.
For and on behalf of the board
ACP Cotterell
(CEO)
29 May 2002
DIRECTORS
ACP Cotterell (CEO), B Trafalis, VPG Cotterell*, RP Hume*, AD Constandakis*
* Non-executive
Sponsor : Sasfin Bank Limited
Transfer Secretaries : Computershare Investor Services Limited
Group Secretary: Colin Webb
Registered Office : Kingco Park, 97 Milner Street, Kensington B, Randburg, 2125.
Auditors : Baxters, Registered Accountants and Auditors, Chartered Accountants
(SA)
Date: 29/05/2003 05:15:17 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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