|
Kairos - Abridged audited financial results for the year ended 28 February 2005
Kairos Industrial Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/002927/06)
Share code: KIR ISIN: ZAE000011284
CONSOLIDATED INCOME STATEMENT
Audited Audited
Year Year
Ended ended
28 February 29 February
(R`000) 2005 2004
Turnover 94,474 67,170
Cost of sales (67,201) (52,632)
Gross profit 27,273 14,538
Operating costs (13,777) (9,496)
Operating profitbefore investment
income,
depreciation and finance cost 13,496 5,042
Interest on loan to joint venture 1,115 1,048
Investment income 338 277
Depreciation (2,356) (1,480)
Finance cost (2,088) (1,656)
Profit before taxation 10,505 3,231
Taxation (134) (99)
Net profit attributable to ordinary
Shareholders 10,371 3,132
Determination of headline earnings
Profit after taxation 10,371 3,132
Loss/(Profit)on disposal of fixed 48 (47)
assets
Headline earnings 10,419 3,085
Number of shares on which earning
and headline earnings
per share is based (000`s) 252,085 252,085
Headline earnings per share (cents) 4.13 1.22
Earning per ordinary share (cents) 4.11 1.24
CONSOLIDATED BALANCE SHEET
Audited Audited
28 February 29 February
(R`000) 2005 2004
Assets
Non-current assets 29,915 25,835
Patents and intangibles 2,725 3,044
Property, plant and equipment 26,225 21,853
Investments 965 847
Other - 91
Current assets 37,275 26,465
Inventories 17,578 10,963
Trade and other receivables 10,972 9,171
Cash and cash equivalents 8,725 6,331
TOTAL ASSETS 67,190 52,300
Equity and liabilities
Stated capital and reserves 37,132 26,761
Long-term borrowings 13,132 12,643
Current liabilities 16,926 12,896
Short-term borrowings 4,841 3,703
Trade and other payables 11,983 9,164
Taxation payable 102 29
TOTAL EQUITY AND LIABILITIES 67,190 52,300
Shares in issue (000`s) 252,085 252,085
Net asset value per share (cents) 14.73 10.62
STATEMENT OF CHANGES IN EQUITY
Non- Total
Share Retained distributable Shareholders
(R`000) capital losses reserve Funds
Balance at 29 210,140 (184,582) 1,203 26,761
February 2004
Net profit for - 10,371 - 10,371
the year
Transfer from - 39 (39) -
reserves
Balance at 28 210,140 (174,172) 1,164 37,132
February 2005
SEGMENTAL ANALYSIS
Audited Audited
Year Year
ended ended
28 February 29 February
(R`000) 2005 2004
REVENUE
Mining Supplies 45,128 51,988
Manufacturing - bricks 48,499 14,343
Property and other 847 839
94,474 67,170
OPERATING AND INVESTMENT INCOME
Mining Supplies 1,869 3,124
Manufacturing - bricks 11,573 2,989
Property and other (125) (1,071)
Investment income 1,528 1,325
14,845 6,367
CONSOLIDATED CASH FLOW STATEMENT
Audited Audited
Year Year
Ended ended
R`000 28 Feb 05 29-Feb-04
Net cash flow from operating 7,250 3,960
activities
Net cash flow from investment (6,575) (15,200)
activities
Net cash flow from financing 15,929
activities 1,719
Net increase in cash 2,394 4,689
Cash and cash equivalents at 6,331 1,642
beginning of period
Cash and cash equivalents at end 8,725 6,331
of period
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 previous
financial year.
Group turnover for the year under review increased by 40,7% while operating
profit increased by R8 454 000 to R13 496 000, from a previous profit of R5 042
000. Investment income increase by 22% while finance cost increased by 26,1%.
This turnaround in the reported financial information is mainly due to the
increased production and sales in the brick making divisions.
The decline in sales by 13% in the mining supply division was due to lower
commodity prices, the strong Rand and mines cutting back on development
programs. Despite this the division still managed to return an operating profit
for the year under review.
With a net profit of R10 371 000 for the year under review compared to R3 132
000 for the previous year, headline earnings increased to 4,13 cents per share.
BLACK ECONOMIC EMPOWERMENT (`BEE`) INITIATIVE
Further to the announcement dated 15 February 2005 and subject to obtaining the
necessary shareholders approval, the board of directors has resolved to proceed
with an odd lot and pro rata offer to all shareholders as set out in the
abovementioned announcement.
A circular to shareholders in this regard will be posted to shareholders on or
about 9 May 2005.
BASIS OF PREPARATION
The abridged audited financial statements have been prepared and are presented
in accordance with the South African Statements of Generally Accepted Accounting
Practice (AC127) and international accounting standards.
The accounting policies are consistent with those of the previous year.
In terms of paragraph 8.60 of the JSE Listing Requirements shareholders are
advised that this report has been audited by Burn Reynolds & Co. Chartered
Accountants and Auditors. A copy of Burn Reynolds & Co`s opinion is available
for inspection at the company`s registered office.
DIVIDEND POLICY
The Board has resolved not to declare any dividends.
PROSPECTS
The Group`s strategic focus remains unchanged with solid business models and
focus on its core business.
The Board remains confident of the prospects for 2006 and beyond.
For and on behalf of the Board
L Jonker
Company Secretary
9 May 2005
| 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 ] | |||||||||||||
|
|||||||||||||
