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KING CONSOLIDATED HOLDINGS LIMITED - UNAUDITED GROUP RESULTS FOR THE SIX MONTHS
ENDING 31 AUGUST 2003
KING CONSOLIDATED HOLDINGS LIMITED
Registration No: 1992/006472/06
(Ordinary Share Code : KNG, ISIN code : ZAE 000012902)
Incorporated in the Republic of South Africa
(Debenture Code : KNGD, ISIN code : ZAE 000033775)
Unaudited Group results
For the six months ending 31 August 2003
(Ordinary Share Code : KNG, ISIN code : ZAE 000012902)
(Debenture Code : KNGD, ISIN code : ZAE 000033775)
ABRIDGED INCOME STATEMENT
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/08/2003 31/08/2002 28/02/2
R000"s R000"s R000"s
Revenue 96290 96766 204938
Operating profit/(loss) before interest 2256 1962 -1840
Net interest paid -873 -1919 -3667
Profit/(loss) before exceptional items 1383 43 -5507
Exceptional items -985 -1657 -1028
Profit/(loss) before taxation 398 -1614 -6535
Taxation 0
Profit/(loss) attributable to ordinary 398 -1614 -6535
shareholders
Headline earnings/(loss) per share (cents) 0.7 0.0 -2.8
Earnings/(loss) per share (cents) 0.2 -1.2 -3.3
Diluted earnings/(loss) per share (cents) 0.2 -0.6 -2.6
Dividend per share 0 0 0
Shares in issue (000"s) 251003 139465 139465
Weighted Average (000"s) 195234 139465 139465
Reconciliation of headline earnings
Profit/(loss) per income statement 398 -1614 -6535
Write-off of loan to share incentive scheme 240
Write-off of irrecoverable loans 948 948
Realisation of NDR -825
Loss on discontinued operation 985 709 665
Headline earnings/(losses) 1383 43 -5507
ABRIDGED GROUP BALANCE SHEET Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/08/2003 31/08/2002 28/02/2
R000"s R000"s R000"s
ASSETS
Non- current assets 15111 18499 15870
Property, plant and equipment 12029 15417 12788
Deferred taxation 3082 3082 3082
Current assets 40767 43464 37617
Inventories 17924 17775 16065
Accounts receivable 22843 25689 21552
55878 61963 53487
EQUITIES AND LIABILITIES
Capital and reserves 15778 9148 4227
Ordinary shareholders funds 15778 9148 4227
Non-current liabilities 13587 22292 23409
Long term liabilities 13587 11138 12255
Convertible debentures 0 11154 11154
Current liabilities 26513 30523 25851
Accounts payable 19310 24160 23582
Bank overdraft 7203 6363 2269
55878 61963 53487
ABRIDGED GROUP CASH FLOW STATEMENT Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/08/2003 31/08/2002 28/02/2003
R000"s R000"s R000"s
Cash flow from operating activities -6093 -9919 -6216
Cash flow from investing activities -173 -482 -645
Cash flow from financing activities 1332 5453 6007
Net change in cash and cash equivalents -4934 -4948 -854
Cash resources at beginning of year -2269 -1415 -1415
Cash resources at end of year -7203 -6363 -2269
STATEMENT OF CHANGES IN EQUITY
Share Share Accum.
Capital Premium Profit/Loss Total
Balance at 28 February 2002 1395 8024 1343 10762
Net loss for the year -6535 -6535
Balance at 1 March 2003 1395 8024 -5192 4227
Net loss for the year 398 398
Debentures converted during the period 1115 10038 11153
Balance at 31 August 2003 2510 18062 -4794 15778
ACCOUNTING POLICIES
The principle accounting policies, as outlined in the 2003 annual report,
have been consistently applied. The annual financial statements have
been prepared in accordance with South African Statements of Generally
Accepted Accounting Practice.
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"s results for the 6 months period ended 31st August 2003 reflects
decrease in turnover when compared to the same period of the previous year.
has, however, made profits of R398 168 for this period.
2 Operating profit before interest has increased by 15%.
3 Interest on shareholders loans and debenture interest have not been charged
period at the option of the major shareholder.
EXCEPTIONAL ITEM
The exceptional item disclosed in the income statement arose from:
1 Loss on discontinued operation resulting from the closure of a company owned
CONVERTIBLE DEBENTURES
The 11 153 795 unsecured 14% compulsory convertible debentures
of R1 each, were converted into 10 shares each on the 31st
August 2003.
PROSPECTS
The profits in the Group"s trading divisions are weighted towards the second hal
the year, due to the seasonal nature of the industry.
The Board would like to take this opportunity to welcome Alan Watkins as an
Executive Director responsible for the Franchise division and Group Corporate Go
DIVIDENDS
The Board has resolved not to declare a dividend.
For and on behalf of the board 27 November 2003
ACP Cotterell
(CEO)
DIRECTORS
ACP Cotterell (CEO), A Watkins, B Trafalis, VPG Cotterell*, RP Hume*,
Group Secretary : Colin Webb * - Non-executive
Transfer Secretaries : Computershare Limited
Sponsor : Sasfin Corporate Finance - A division of Sasfin Bank Limited
Registered Office : Kingco Park, 97 Milner Street, Kensington B, Randburg, 2194.
Auditors : Baxters, Registered Accountants and Auditors, Chartered Accountants (
Date: 28/11/2003 08:39:01 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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