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KingCo - Unaudited Group results for the six months ending 31 August 2005
KING CONSOLIDATED HOLDINGS LIMITED
Registration No: 1992/006472/06
Incorporated in the Republic of South Africa
(Ordinary Share Code: KNG & ISIN code: ZAE000012902)
Unaudited Group results for the six months ending 31 August 2005
ABRIDGED INCOME STATEMENT
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/08/2005 31/08/2004 28/02/2005
R000"s R000"s R000"s
Revenue 107599 106814 229293
Operating profit/(loss) before 812 -452 2018
interest
Net interest paid -1177 -1090 -2186
Profit/(loss) before -365 -1542 -168
exceptional items
Exceptional items -624 -25 -235
Profit/(loss) before taxation -989 -1567 -403
Taxation 0
Profit/(loss) attributable to -989 -1567 -403
ordinary shareholders
Headline earnings/(loss) per -0.1 -0.6 -0.1
share (cents)
Earnings/(loss) per share -0.4 -0.6 -0.2
(cents)
Dividend per share 0 0 0
NAV per share (cents) 4.4 4.3 4.7
Shares in issue (000"s) 251003 251003 251003
Weighted Average (000"s) 251003 251003 251003
Reconciliation of headline
earnings
Profit/(loss) per income -989 -1567 -403
statement
Provision against prior year"s 624 747 582
adjustment
Profit on sale of Mikes -984 -984
Kitchen
Impairment on Zimbabwe Assets 286
Loss on discontinued operation 262 351
Headline earnings/(losses) -365 -1542 -168
ABRIDGED GROUP BALANCE SHEET Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/08/2005 31/08/2004 28/02/2005
R000"s R000"s R000"s
ASSETS
Non- current assets 16445 15345 16780
Property, plant and equipment 13363 12263 13698
Deferred taxation 3082 3082 3082
Current assets 37851 38907 39372
Inventories 15528 16643 15238
Accounts receivable 22117 22264 24134
Cash and cash equivalents 206
54296 54252 56152
EQUITIES AND LIABILITIES
Capital and reserves 10932 10757 11921
Ordinary shareholders funds 10932 10757 11921
Non-current liabilities 16922 13870 15226
Long term liabilities 16922 13870 15226
Current liabilities 26442 29625 29005
Accounts payable 26442 23892 20197
Taxation 0 1997 157
Bank overdraft 0 3736 8651
54296 54252 56152
ABRIDGED GROUP CASH FLOW Unaudited Unaudited Audited
STATEMENT
6 Months 6 Months Year
ended ended ended
31/08/2005 31/08/2004 28/02/2005
R000"s R000"s R000"s
Cash flow from operating 7849 -900 -4747
activities
Cash flow from investing -975 -1889 -3172
activities
Cash flow from financing 1696 -141 1215
activities
Net change in cash and cash 8570 -2930 -6704
equivalents
Cash resources at beginning of -8364 -8364 -1660
year
Cash resources at end of year 206 -11294 -8364
STATEMENT OF CHANGES IN EQUITY
Share Share Accum.
Capital Premium Profit/Loss Total
Balance at 29 February 2510 18062 -8248 12324
2004
Net loss for the year 0 0 -403 -403
Balance at 28 February 2510 18062 -8651 11921
2005
Net loss for the year 0 0 -989 -989
Balance at 31 August 2005 2510 18062 -9640 10932
Restatement of financial information under International Reporting Standards
("IFRS")
The group will report its financial information for the 2006 financial year in
accordance with IFRS. The results below are discolsed for information purposes
only
Stated in Restated in
accordance accordance
with SA GAAP with IFRS
Unaudited Unaudited
6 Months 6 Months
ended ended
31/08/2005 31/08/2005
Revenue 107599 107599
Operating profit/(loss) before interest 812 1055
Net interest paid -1177 -1155
Profit/(loss) before exceptional items -365 -100
Exceptional items -624 -623
Profit/(loss) before taxation -989 -723
Taxation
Profit/(loss) attributable to ordinary -989 -723
shareholders
Headline earnings/(loss) per share -0.1 -0.04
(cents)
Earnings/(loss) per share (cents) -0.4 -0.3
Non-current assets 16445 17333
Current assets 37851 37851
Total Assets 54296 55184
Capital and reserves 10932 11851
Non-current liabilities 16922 16799
Current liabilities 26442 26534
Total Equity and Liabilities 54296 55184
Reconciliation of net profit for the year
Net loss in accordance with GAAP -989
Interest adjustment 21
Depreciation adjustment 337
Operating lease adjustment -92
Net profit in accordance with IFRS -723
ACCOUNTING POLICIES
The accounting policies, as outlined in the 2005 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. These statements have been reviewed by Baxters, but no
audit opinion has been given.
COMMENTS
Sector: Industrial - Hotels and Leisure
Nature of business
The nature of the business is:
1 The establishment, development and operation of franchise restautants and
pubs, namely; Keg, Keg Cafe", McGinty"s, Saddles, Bimbos and Dockside
Porterhouse.
2 The processing, storage, wholesaling and distribution of frozen, chilled
and dry products under the name of Lusitania Food Products.
FINANCIAL RESULTS
1 The Group"s turnover has increased slightly,
retaining it"s market share in tough fishing conditions.
2 The franchising division remained profitable for the interim period
The Lusitania fish and processing factory was affected by lower capacity
through the factory, due to poor catches by the local fishing industry,
resulting in losses for the period.
EXCEPTIONAL ITEM
The exceptional items disclosed in the income statement arose from a provision
for a prior year adjustment.
PROSPECTS
We expect to end the year with a profit, due to the seasonal nature of the
business.
DIVIDENDS
The Board has resolved not to declare a dividend.
For and on behalf of the board
ACP Cotterell
(CEO)
23 November 2005
DIRECTORS
ACP Cotterell (CEO), VPG Cotterell*, RP Hume*, B Trafalis
Group Secretary: Colin Webb
* - Non-executive
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd
Sponsor: Sasfin Capital - 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
(SA)
Date: 24/11/2005 01:04:10 PM Produced by the JSE SENS Department
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