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KAIROS INDUSTRIAL HOLDINGS LIMITED - AUDITED RESULTS FOR THE YEAR ENDED
29 FEBRUARY 2004
Kairos Industrial Holdings Limited
Incorporated in the Republic of South Africa
Reg no 1987/002927/06
JSE Share code: KIR
ISIN: ZAE000011284
(`Kairos` or the `company`)
AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004
Commentary
OVERVIEW
The overall performance is as a result of management containing costs which has
resulted in sustained performance from the core revenue producing businesses.
Quality service and products contributed further to the sustained market share.
Positive operational cash flow was also achieved for the year under review.
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 29 February 2004. A copy of the unqualified report
is available for inspection at Kairos` registered office.
Witbank Brickworks (1961) (Pty) Limited
Again this subsidiary performed according to expectation and should further
improve its contribution in the coming financial year given the current high
demand for clay bricks.
During the year under review and effective from 1 January 2004, Kairos acquired
the business of Torre Brickworks (Pty) Limited. Subsequent to the year-end, all
conditions precedent were met.
Further expansions of production capacity and possible acquisitions are being
investigated on an ongoing basis.
Joint Venture - BroKrew (Pty) Limited
The level of sales remained unchanged during the current financial year compared
to the previous year, and it remains a major supplier of ventilation equipment
to the mining sector.
The board and management are confident that this level of turnover can be
sustained.
Survivair Refuge Chambers
Marketing of the `Survivair` refuge chambers and oxygen candles to the mining
industry locally and abroad continues.
DIVIDEND
No dividend has been declared nor is one recommended in respect of the financial
year under review.
BLACK ECONOMIC EMPOWERMENT INITIATIVE AND CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement dated 16 April 2004, shareholders are
reminded that Kairos is in the process of implementing a Black Economic
Empowerment initiative.
Accordingly, shareholders are advised to continue exercising caution when
dealing in the company`s securities until a further announcement is made.
L Jonker
Company Secretary
31 May 2004
CONSOLIDATED INCOME STATEMENT
Year ended Year ended
29 February 28 February
2004 2003
R`000
Turnover 67 170 61 873
Cost of Sales (52 632) (47 646)
Gross Profit 14 538 14 227
Operating Costs (9 496) (8 292)
Operating profit before investment
income, depreciation and
finance cost 5 042 5 935
Interest on loan to joint venture 1 048 1 043
Investment income 277 562
Depreciation (1 480) (2 098)
Finance costs (1 656) (1 732)
Profit before exceptional
items and taxation 3 231 3 710
Exceptional items - capital
Reversal of profit on
cancellation of sale
of subsidiaries - (565)
Profit before taxation 3 231 3 145
Taxation (99) (12)
Net profit attributable to
ordinary shareholders 3 132 3 133
Determination of headline
earnings
Profit after taxation 3 132 3 133
Profit on disposal of fixed assets (47) (5)
Exceptional items
Nett loss on reversal of sale
of subsidiaries - 565
Headline earnings 3 085 3 693
Number of shares in issue (`000) 252 085 252 085
Earnings per share: Cents Cents
Basic 1,24 1,24
Headline 1,22 1,47
CONSOLIDATED BALANCE SHEET
R`000 29 Feb 04 28 Feb 03
Assets
Non-current assets 25 843 14 083
Patents and intangibles 3 044 2 219
Property, plant and equipment 21 853 11 666
Investments 847 93
Other non-current assets 99 105
Current assets 26 465 18 515
Inventories 10 963 6 718
Trade and other receivables 9 168 10 152
Taxation overpaid 3 3
Bank and cash on hand 6 331 1 642
TOTAL ASSETS 52 308 32 598
Equity and liabilities
Stated capital 210 140 210 140
Non-distributable reserve 1 203 1 203
Accumulated loss (184 582) (187 714)
Total equity 26 761 23 629
Long-term borrowings 12 643 1 970
Current liabilities 12 904 6 999
Short-term loans 3 703 461
Taxation payable 29 22
Accounts payable and provisions 9 167 6 512
Section 311 dividend payable 5 4
TOTAL EQUITY AND LIABILITIES 52 308 32 598
Shares in issue (`000) 252 085 252 085
Net asset value per share (cents) 10,62 9,37
SEGMENTAL ANALYSIS
%
R`000 2004 2003 Change
Revenue
Mining supplies 51 988 52 144 (0.3)
Manufacturing - bricks 14 343 9 015 59.1
Property and other 839 850 (1.3)
Inter Group eliminations - (136) -
67 170 61 873 8.6
Operating and investment income
Mining supplies 3 124 4 931 (36.6)
Manufacturing - bricks 2 989 1 117 167.6
Property and other (1 071) (112) 856.3
Investment income 1 325 1 605 (17.4)
6 367 7 541 (15.6)
STATEMENT OF CHANGES IN EQUITY
Non Total
Stated Retained distributable share-
capital losses reserve holders
funds
R`000
Balance as at
1 March 2003 210 140 (187 714) 1 203 23 629
Profit attributable
to shareholders - 3 132 - 3 132
Balance as at
29 February 2004
210 140 (184 582) 1 203 26 761
CONSOLIDATED CASH FLOW STATEMENT
Year ended Year ended
29 February 28 February
2004 2003
R`000
Net cash flow from
operating activities 3 960 4 910
Net cash flow from
investment activities (15 200) (4 991)
Net cash flow from
financing activities 15 929 1 606
Net increase in cash 4 689 1 525
Cash and cash equivalents
at beginning of the year 1 642 117
Cash and cash equivalents
at end of the year 6 331 1 642
Registered office
1111 Church Street,
Hatfield,
Pretoria 0083
PO Box 11328,
Hatfield,
Pretoria 0028
Telephone +27 12 342-1980
Facsimile +27 12 342-1976
E-mail: info@kairos.co.za
Share transfer secretaries
Computershare Limited
70 Marshall Street,
Johannesburg 2001
Directors
WL van Deventer (Executive Chairman), JJ de W Mulder, L Jonker, CWJ Milligan*
*British Independent, non-executive
Sponsor
Bridge Capital Services (Pty) Limited
1st Floor, Building 22A,
The Woodlands
Woodlands Drive,
Woodmead, Sandton
Visit us at www.kairos.co.za
Date: 28/05/2004 05:33:20 PM
Produced by the JSE SENS Department
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