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KAIROS - INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2004 AND FURTHER
CAUTIONARY ANNOUNCEMENT
KAIROS INDUSTRIAL HOLDINGS LIMITED
Incorporated in the Republic of South Africa.
Registration number 1987/002927/06.
Share code: KIR ISIN: ZAE000011284
(`Kairos` or `the Group`)
Interim Results For The Six Months Ended 31 August 2004 And Further Cautionary
Announcement
OVERVIEW OF RESULTS
The Board of Directors are pleased to announce that the financial results of the
Group show a substantial improvement compared to the results for the comparative
period. With the acquisition of a further brick producing facility during
January 2004 and the effect of a highly active market, Group turnover for the
period under review increased by 49% while operating profit increased by R6,55m
to R6,1m, from a previous loss of R0,5m. Investment income remained basically at
the same level while finance cost decreased by 11,5%. This turnabout in the
reported financial information is mainly due to the increased production and
sales in the brick making divisions.
Notwithstanding the decline in sales by 25% in the mining supply division, due
to lower commodity prices, the strong Rand and mines cutting back on development
programs, the division turned a previous loss into an operating profit of R0,4m.
With a net profit of R5,1m for the period under review earnings per share
increased to 2,0 cents, with headline earnings being 2,1 cents per share.
Black Economic Empowerment (`BEE`) initiative and further cautionary
announcement
Further to the cautionary announcement dated 26 August 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.
BASIS OF PREPARATION
The interim financial statements have been prepared and are presented in
accordance with the South African Statements of Generally Accepted Accounting
Practice (AC127) and with international accounting standards. The accounting
policies are consistent with those of the previous periods.
DIVIDEND POLICY
The Board has resolved not to declare any dividend to shareholders at this
stage.
PROSPECTS
The Group`s strategic focus remains unchanged with solid business models and
focus on its core businesses. The board remains confident of the prospects for
the full year and beyond.
For and on behalf of the board
L Jonker
Company Secretary
20 October 2004
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited* Audited
6 months 6 months Year
ended ended ended
31 August 31 August 29 February
(R`000) 2004 2003 2004
Turnover 44 340 29 741 67 170
Cost of sales (25 815) (20 456) (52 632)
Gross profit 18 525 9 285 14 538
Operating costs (12 433) (9 748) (9 496)
Operating profit/(loss) before
investment income,
depreciation and finance cost 6 092 (463) 5 042
Interest on loan to joint venture 557 545 1 048
Investment income 193 178 277
Depreciation (863) (692) (1 480)
Finance cost (837) (933) (1 656)
Profit/(loss) before taxation 5 142 (1 365) 3 231
Taxation (39) - (99)
Net profit/(loss) attributable to
ordinary shareholders 5 103 (1 365) 3 132
Determination of headline earnings
Profit/(loss) after taxation 5 103 (1 365) 3 132
(Profit)/loss on disposal of
fixed assets 189 18 (47)
Headline earnings/(loss) 5 292 (1 347) 3 085
Number of shares on which
earnings per share is based (000`s) 252 085 252 085 252 085
Headline earnings/(loss)
per share (cents) 2,10 (0,53) 1,22
Earnings/(loss) per share (cents) 2,02 (0,54) 1,24
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 August 31 August 29 February
(R`000) 2004 2003 2004
Net cash flow from
operating activities 11 259 1 324 3 960
Net cash flow from
investment activities (1 023) (1 136) (15 200)
Net cash flow from
financing activities (618) (211) 15 929
Net increase/(decrease) in cash 9 618 (23) 4 689
Cash and cash equivalents at
beginning of the period 6 331 1 642 1 642
Cash and cash equivalents at
end of the period 15 949 1 619 6 331
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
31 August 31 August 29 February
(R`000) 2004 2003 2004
Assets
Non-current assets 25 931 15 017 25 835
Patents and intangibles 2 798 1 972 3 044
Property, plant and equipment 22 203 12 110 21 853
Investments 815 815 847
Other 115 120 91
Current assets 36 133 17 648 26 465
Inventories 10 552 5 953 10 963
Trade and other receivables 9 632 10 076 9 171
Cash and cash equivalents 15 949 1 619 6 331
Total assets 62 064 32 665 52 300
Equity and liabilities
Stated capital and reserves 31 864 22 264 26 761
Long-term borrowings 12 140 2 517 12 643
Current liabilities 18 060 7 884 12 896
Interest bearing liabilities 3 546 237 3 703
Trade and other payables 14 453 7 647 9 164
Taxation 61 - 29
Total equity and liabilities 62 064 32 665 52 300
Shares in issue (000`s) 252 085 252 085 252 085
Net asset value per share (cents) 12,64 8,83 10,62
STATEMENT OF CHANGES IN EQUITY
Non- Total
Stated Retained distributable shareholders
(R`000) capital losses reserve funds
Balance at 29 February 2004 210 140 (184 582) 1 203 26 761
Movement for the period - 5 103 - 5 103
Transfer from reserves - 39 (39) -
Balance at 31 August 2004 210 140 (179 440) 1 164 31 864
Segmental analysis
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 August 31 August 29 February
(R`000) 2004 2003 2004
Revenue
Mining Supplies 20 206 25 325 51 988
Manufacturing - bricks 23 701 4 007 14 343
Property and other 449 438 839
Inter Group eliminations (16) (29) -
44 340 29 741 67 170
Operating and investment income
Mining Supplies 423 (275) 3 124
Manufacturing - bricks 8 100 429 2 989
Property and other (2 431) (617) (1 071)
Investment income 750 723 1 325
6 842 260 6 367
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 Investor Service 2004 (Pty) Limited
70 Marshall Street, Johannesburg 2001
Directors
JB Oosthuizen (non-executive chairman),
WL van Deventer (chief executive),
JJ de W Mulder, VD Mazibuko
Date: 19/10/2004 05:15:10 PM
Produced by the JSE SENS Department
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