|
King Consolidated Holdings Limited - Provisional Audited Group results
King Consolidated Holdings Limited
Registration No: 1992/006472/06
Incorporated in the Republic of South Africa
Ordinary Share Code : KNG, ISIN code : ZAE000012902
Debenture Code : KNGD, ISIN code : ZAE000033775
(`The Group`)
Provisional Audited Group results
For the year ended 29 February 2004
ABRIDGED INCOME STATEMENT
29-Feb 28-Feb
2004 2003
R000`s R000`s
Revenue 203,074 204,938
Operating profit/(loss) before 3,193 -1,840
interest
Interest paid -2,680 -3,667
Profit/(loss) before 513 -5,507
exceptional items
Exceptional items -1,162 -1,028
Loss before taxation -649 -6,535
Taxation - -
Loss after taxation -649 -6,535
Headline earnings/(loss) per 0.3 -3.9
share (cents)
Loss per share (cents) -0.3 -4.7
Dividend per share - -
Shares in issue (000`s) 251,003 139,465
Weighted Average (000`s) 195,234 139,465
Reconciliation of headline
earnings
Profit/(loss) per income -649 -6,535
statement
Write-off of loan to share - 240
incentive scheme
Write-off of irrecoverable - 948
loans
Realisation of NDR - -825
Loss on discontinued operation 1,162 665
Headline earnings/(loss) 513 -5,507
ABRIDGED GROUP BALANCE SHEET
29-Feb 28-Feb
2004 2003
R000`s R000`s
ASSETS
Non- current assets 14,001 15,870
Property, plant and equipment 10,919 12,788
Deferred taxation 3,082 3,082
Current assets 38,235 37,617
Inventories 15,997 16,065
Accounts receivable 22,238 21,552
52,236 53,487
EQUITIES AND LIABILITIES
Capital and reserves 12,328 4,227
Ordinary shareholders funds 12,328 4,227
Non-current liabilities 14,011 23,409
Long term liabilities 14,011 12,255
Convertible debentures - 11,154
Current liabilities 25,897 25,851
Accounts payable 20,883 23,582
Taxation 3,354
Bank overdraft 1,660 2,269
52,236 53,487
ABRIDGED GROUP CASH FLOW 29-Feb 28-Feb
STATEMENT
2004 2003
R000`s R000`s
Cash flow from operating 135 -6,216
activities
Cash flow from investing -1,285 -645
activities
Cash flow from financing 1,759 6,007
activities
Net change in cash and cash 609 -854
equivalents
Cash resources at beginning of -2,269 -1,415
year
Cash resources at end of year -1,660 -2,269
STATEMENT OF CHANGES IN
EQUITY
Share Share Accum.
Capital Premium Profit/Loss Total
R000`s R000`s R000`s R000`s
Balance at 28 February 1,395 8,024 1,343 10,762
2002
Net loss for the year -6,535 -6,535
Balance at 1 March 2003 1,395 8,024 -5,192 4,227
Net loss for the year -649 -649
Conversion of convertible 1,115 10,042 11,157
debentures
Prior year adjustment -2,407 -2,407
Balance at 29 February 2,510 18,066 -8,248 12,328
2004
ACCOUNTING POLICIES AND AUDIT OPINION
The principal accounting policies, as outlined in the 2003 annual report,
have been consistently applied. The abridged annual financial statements have
been prepared in accordance with South African Statements of Generally
Accepted Accounting Practice.
The results for the year ended 29 February 2004 have been audited by Baxters.
The unqualified audit opinion is available for inspection at the registered
office of the company.
COMMENTS
Sector : Industrial - Leisure and Hotels
Nature of business
Developing and operating franchise food and pub outlets and distributing food
products.
FINANCIAL RESULTS
1 The group incurred a profit of R512 889 before the exceptional items
that are dealt with below.
2 The group has maintained market share, whilst improving
profitability. Sales have remained constant due only to the closure of
non-profitable stores. Sales in profitable divisions have grown by 3%
3 The prior year adjustment arose from a taxation dispute relating back to
1998 and includes penalties and interest.
EXCEPTIONAL ITEMS
The exceptional items disclosed in the income statement arose from:
a loss on discontinued operations resulting from the closure of company-owned
stores.
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 franchise division expects to grow its present franchisees by 10% in the
new financial year. They will be embarking on a TV advertising campaign in
order to increase brand awareness for their franchisees.
The food distribution division has continued it`s cost saving strategy
throughout the year and expects improved profitability in 2005.
DIVIDENDS
The Board has resolved not to declare a dividend.
For and on behalf of the board
ACP Cotterell
(CEO)
27 May 2004
Directors : ACP Cotterell (CEO), B Trafalis, VPG Cotterell*, RP Hume*,
* Non-executive
Transfer Secretaries : Computershare Limited
Sponsor : Sasfin Corporate Finance - A division of Sasfin Bank Limited
Group Secretary : Colin Webb
Registered Office : Kingco Park, 97 Milner Street, Kensington B, Randburg,
2194.
Auditors : Baxters, Registered Accountants and Auditors, Chartered
Accountants (SA)
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
