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Kairos - Interim Results For The Six Months Ended 31 August 2003 And Cautionary
Announcements
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")
OVERVIEW OF RESULTS
Group turnover remained virtually unchanged compared to the comparative six-
month period but the gross profit decreased from R11,9m to R9,3m. This decrease
can primarily be attributed to the performance of the joint venture company,
BroKrew. This decrease came about due to increases in the cost of raw materials
which were not recovered in the short-term, as well as other factors that have
since been addressed by management. Negotiations with major customers were
fruitful and competitive selling prices were contractually agreed. It is
anticipated that the Group will, as a result of the price increases, return to
profitability.
Management are still vigorously pursuing the recovery of the short-term loan
granted during 1998 and previously provided against, and remain confident that
this amount is recoverable.
Black Economic Empowerment ("BEE") initiative and further cautionary
announcement
Further to the cautionary announcement dated 6 August 2003, shareholders are
reminded that Kairos is in the process of finalising a BEE transaction. Further
announcements will follow once all conditions have been met.
Accordingly, shareholders are advised to continue exercising caution when
dealing in Kairos shares on the JSE Securities Exchange South Africa ("JSE")
until a full announcement is made.
Acquisition of business and cautionary announcement
Negotiations are in the process of being finalised to acquire an additional
brick making facility. A final agreement should be signed within the next 14
days. This may have a material effect on the price at which Kairos shares trade.
A detailed announcement will follow once the agreement is signed.
Shareholders are therefore advised to exercise caution in dealing with their
Kairos shares until a further announcement is made.
Accounting policy
The financial statements have been prepared and are presented in accordance with
the South African Statements of Generally Accepted Accounting Practice and with
international accounting standards. The accounting policies are consistent with
those of the previous periods.
PROSPECTS
The board remains confident that the Group will return to profitability in the
short-term and that the remainder of the financial year will again contribute to
stakeholders" equity.
For and on behalf of the board
L Jonker
Company Secretary
19 September 2003
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited* Audited
6 months 6 months Year
ended ended ended
31 August 31 August 28 February
(R"000) 2003 2002 2003
Turnover 29 741 29 790 61 873
Cost of sales (20 456) (17 938) (32 487)
Gross profit 9 285 11 852 29 386
Operating costs (9 748) (8 828) (23 450)
Operating (loss)/profit
Before investment income,
depreciation and finance cost (463) 3 024 5 936
Interest on loan to joint venture 545 543 1 043
Investment income 178 82 562
Depreciation (692) (1 439) (2 098)
Finance cost (933) (654) (1 732)
(Loss)/profit before exceptional
items and taxation (1 365) 1 556 3 711
Taxation - - (12)
(Loss)/profit after taxation before
exceptional item (1 365) 1 556 3 699
Exceptional item - capital
Reversal of profit on cancellation
of sale of subsidiaries - 568 (565)
Net (loss)/profit attributable to
ordinary shareholders (1 365) 2 124 3 134
Determination of headline earnings
(Loss)/profit after taxation (1 365) 2 124 3 134
(Loss)/profit on disposal of
fixed assets 18 - (5)
Exceptional item
Reversal of profit on cancellation
of sale of subsidiaries - (568) 565
Headline (loss)/earnings (1 347) 1 556 3 694
Number of shares on which
earnings per share is based (000"s) 252 085 252 085 252 085
Headline earnings/(loss)
per share (cents) (0,53) 0,62 1,47
Earnings/(loss) per ordinary
share (cents) (0,54) 0,84 1,24
Certain comparative figures have been restated.
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited
6 months 6 months Year
ended ended ended
31 August 31 August 28 February
(R"000) 2003 2002 2003
Net cash flow from
operating activities 1 324 3 076 4 910
Net cash flow from
investment activities (1 136) (3 593) (4 991)
Net cash flow from
financing activities (211) 1 715 1 606
Net (decrease)/increase in cash (23) 1 198 1 525
Cash and cash equivalents at
beginning of period 1 642 117 117
Cash and cash equivalents at
end of the period 1 619 1 315 1 642
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited*
31 August 31 August 28 February
(R"000) 2003 2002 2003
Assets
Non-current assets 15 017 14 524 14 083
Patents and intangibles 1 972 2 465 2 219
Property, plant and equipment 12 110 11 801 11 666
Investments 815 93 93
Other 120 165 105
Current assets 17 648 17 022 18 515
Inventories 5 953 7 457 6 718
Trade and other receivables 10 076 8 250 10 155
Cash and cash equivalents 1 619 1 315 1 642
Total assets 32 665 31 546 32 598
Equity and liabilities
Stated capital and reserves 22 264 22 619 23 629
Long-term borrowings 2 517 2 175 1 970
Current liabilities 7 884 6 752 6 995
Trade and other payables 7 647 6 430 6 512
Interest bearing liabilities 237 318 461
Taxation - 4 22
Total equity and liabilities 32 665 31 546 32 594
Shares in issue (000"s) 252 085 252 085 252 085
Net asset value per share (cents) 8,83 8,97 9,37
Certain comparative figures have been restated.
STATEMENT OF CHANGES IN EQUITY
Retained Non- Total
Stated (losses)/ distributable shareholders
(R"000) capital income reserve funds
Balance at 28 February 2003 210 140 (187 714) 1 203 23 629
Movement for the period - (1 365) - (1 365)
Balance at 31 August 2003 210 140 (189 079) 1 203 22 264
SEGMENTAL ANALYSIS
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 August 31 August 28 February
(R"000) 2003 2002 2003
Revenue
Mining Supplies 25 325 25 822 52 144
Manufacturing - bricks 4 007 3 963 9 015
Property and other 438 442 850
Inter Group eliminations (29) (437) (136)
29 741 29 790 61 873
Operating and investment income
Mining Supplies (275) 2 834 4 931
Manufacturing - bricks 429 1 076 1 117
Property and other (617) (886) (112)
Investment income 723 625 1 605
260 3 649 7 541
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
Sponsor
Bridge Capital Services (Pty) Limited
1st Floor Building 22a, The Woodlands,
Woodlands Drive, Woodmead, Sandton
Share transfer secretaries
Computershare 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: 18/09/2003 05:15:10 PM Produced by the JSE SENS Department
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