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KLG
KLG
Kelgran Limited - Interim results for the six months ended 31 December 2005
KELGRAN LIMITED
Incorporated in the Republic of South Africa
Registration Number 1975/004595/06
Code KLG & ISIN ZAE000003885
("Kelgran")
Interim results for the six months ended 31 December 2005
Income statementfor the six months ended 31 December 2005
6 months 6 months Year
31 Dec 05 31 Dec 04 30 June 05
R"000 R"000 R"000
Revenue
Cost of sales
Gross loss - - -
Other operating income 306 - 3 817
Other operating expenses (1 309) (973) (2 394)
Operating (loss)/profit (1 003) (973) 1 423
Net finance costs 3 - 2
(Loss)/Profit before taxation (1 000) (973) 1 425
Taxation - - -
Net (loss)/profit attributable (1 000) (973) 1 425
to ordinary shareholders
Reconciliation between basic
(loss)/profit and headline
(loss)/profit:
(Loss)/profit per income (1 000) (973) 1 425
statement
Loan account written off (306) - (1 117)
Headline (loss)/profit (1 306) (973) 308
(Loss)/Profit per share (cents)
- basic (1.1) (1.0) 1.5
- diluted (1.1) (1.0) 1.5
- headline (1.4) (1.0) 0.3
Dividends paid per share (cents)
- interim - - -
- final - - -
Weighted average number of 94 034 94 034 94 034
shares ("000)
Number of shares in issue ("000) 94 034 94 034 94 034
Fully diluted number of shares 94 034 94 034 94 034
("000)
Cash flow statement
for the six months ended 31 December 2005
6 months 6 months Year
31 Dec 05 31 Dec 04 30 June 05
R"000 R"000 R"000
Cash flows utilised in operating
activities
Cash utilised in operations (809) (1) (1 739)
Net finance costs 3 - 2
Net cash outflow from operating (806) (1) (1 737)
activities
Cash flows from investing
activities
Decrease in associate"s loan 306 - 1 116
Net cash inflow from investing 306 - 1 116
activities
Cash flows from financing
activities
Shareholders" loan incurred 571 - 620
Net cash inflow from financing 571 - 620
activities
Net increase/(decrease) in cash 71 (1) (1)
and cash equivalents
Cash and cash equivalents at 143 144 144
beginning of the period
Cash and cash equivalents at the 214 143 143
end of the period
Balance sheet
as at 31 December 2005
31 Dec 05 31 Dec 04 30 Jun 05
R"000 R"000 R"000
ASSETS
Non-current assets 30 000 27 300 30 000
Financial assets 30 000 27 300 30 000
Current assets 214 143 143
Bank and cash 214 143 143
Total assets 30 214 27 443 30 143
EQUITY AND LIABILITIES
Capital and reserves 27 800 26 402 28 800
Non-current liabilities 1 191 - 620
Amount due to holding company 1 191 - 620
Current liabilities 1 223 1 041 723
Trade and other payables 1 223 1 041 723
Total equity and liabilities 30 214 27 443 30 143
Net asset value per share 29.6 28.1 30.6
(cents)
Statement of changes in equity
for the six months ended 31 December 2005
Retained
Non- earnings/
distribu- (accu-
Share Share table mulated
capital premium reserves loss) Total
R"000 R"000 R"000 R"000 R"000
Balance at 01 July 1 881 71 572 5 878 (51 956) 27 375
2004
Net loss for the (973) (973)
period
Balance at 31 Dec 1 881 71 572 5 878 (52 929) 26 402
2004
Net profit for the 2 398 2 398
period
Balance at 30 June 1 881 71 572 5 878 (50 531) 28 800
2005
Net loss for the (1 000) (1 000)
period
Balance at 31 Dec 1 881 71 572 5 878 (51 531) 27 800
2005
Comments
Disposal of Kelgran"s remaining 49% interest in Kelgran Investments
At a general meeting held on Friday, 31 March 2006, shareholders approved the
disposal of Kelgran"s remaining 49% shareholding in Kelgran Investments (Pty)
Ltd ("Kelgran Investments" or "the associate") to JVK S.r.l ("the transaction").
The transaction remains subject to, inter alia, approval by the relevant
competition authorities.
Nature of business
Kelgran"s only asset is a 49% interest in Kelgran Investments, whose
subsidiaries mine granite on group-owned and leased land. The major portion of
the associate"s production is sold for export.
As the activities conducted by the associate comprise an integrated operation,
it is regarded as a single primary business segment, on which all information in
this announcement is disclosed.
Results
The associate"s revenue decreased by 28% from R75,2 million to R53,9 million,
mainly as a result of sales volumes during the period under review being 18%
lower than the corresponding six month period. Despite an increase in foreign
currency prices to recover increases in freight charges, the average Rand price
received by the associate declined as a result of the substantially stronger
Rand.
The associate incurred a loss before tax of R4,9 million for the six month
period compared to a loss of R17,2 million in the corresponding period of the
previous year. The investment in associate has been fully impaired.
The associate"s quarrying operations performed as expected, with both production
volumes and costs being stable. Production was maintained at levels in line
with demand. Only the Rustenburg and African Red quarries were operational.
Accounting policies
The results have been prepared on a basis consistent with the accounting
policies applied in the prior year and in accordance with International
Financial Reporting Standards applicable to financial reporting, and the
requirements of the Companies Act.
Related parties
In terms of the agreement with JVK S.r.l ("JVK"), JVK will purchase, or procure
the purchase, from Kelgran Investments all granite produced at the operational
quarries which are suitable for the export market, up to the production
quantities agreed, on a free-on-truck basis.
Distribution and prospects
Following the successful implementation of the transaction detailed above, the
directors have resolved to proceed with a cash distribution to shareholders out
of share premium of approximately 28 cents per share ("the distribution"), such
that following the distribution the company will have a maximum cash balance of
R1 million. The directors are considering various proposals with regards to the
company"s future and will in the foreseeable future (six months) either return
all remaining cash to the company"s shareholders and wind the company up or
present the shareholders with a viable alternative for consideration and
approval. Details of these developments will be announced in due course.
By order of the Board
VITTORIO DI CAPUA
Chief Executive Officer
20 April 2006
Registered Office: Suite 3, Culross Court, 16 Culross Road, Bryanston, Sandton
2191
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Limited 70
Marshall Street Johannesburg 2001
Sponsor: Bridge Capital Services (Pty) Ltd
Executive Directors: V di Capua** (Chief Executive Officer and Executive Deputy
Chairman) and FP van Wyk
Non-executive Directors: Dato" Yap Yong Seong* (Chairman) Dato" Choo Eng Guan*
Dato" Murad Mohamed Hashim* Yap Wee Keat* and Yap Wee Chun* *Malaysian
** Italian
Date: 20/04/2006 08:00:56 AM Produced by the JSE SENS Department
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