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KNG
KNG
King - Audited Group results for the year ended 28 February 2006
KING CONSOLIDATED HOLDINGS LIMITED
Registration No: 1992/006472/06
Incorporated in the Republic of South Africa
(Ordinary Share Code: KNG; ISIN code: ZAE000073458)
Audited Group results for the year ended 28 February 2006
ABRIDGED INCOME STATEMENT
Audited Audited
Year Year
ended ended
28/02/2006 28/02/2005
R000"s R000"s
Revenue 225816 229293
Operating profit/(loss) before interest 1038 2955
Net interest paid -2072 -2164
Profit/(loss) before exceptional items -1034 791
Exceptional items 4175 -235
Profit/(loss) before 3141 556
taxation
Deferred Taxation -437 307
Profit/(loss) attributable to ordinary shareholders 2704 863
Headline earnings/(loss) per share (cents) -8.8 6.6
Earnings/(loss) per share (cents) 16.2 5.2
Dividend per share 0 0
NTAV per share (cents) 100.9 84.7
NAV per share (cents) 100.9 84.7
Shares in issue 16735 16735
(000"s)
Weighted Average 16735 16735
(000"s)
Reconciliation of headline earnings
Profit/(loss) per income statement 2704 863
Provision against prior year"s adjustment 575 582
Sale of Bimbo"s franchise agreements -4750
Profit on sale of Mikes Kitchen -984
Impairment on Zimbabwe Assets 286
Loss on discontinued operation 351
Headline -1471 1098
earnings/(losses)
ABRIDGED GROUP BALANCE SHEET Audited Audited
Year Year
ended ended
28/02/2006 28/02/2005
R000"s R000"s
ASSETS
Non- current assets 18735 18873
Property, plant and 15783 15484
equipment
Deferred taxation 2952 3389
Current assets 43484 39513
Inventories 18949 15238
Accounts receivable 24535 24275
62219 58386
EQUITIES AND
LIABILITIES
Capital and reserves 16881 14177
Ordinary shareholders 16881 14177
funds
Non-current 15964 15204
liabilities
Long term liabilities 15964 15204
Current liabilities 29374 29005
Accounts payable 25195 20197
Taxation 0 157
Bank overdraft 4179 8651
62219 58386
ABRIDGED GROUP CASH FLOW STATEMENT Audited Audited
Year Year
ended ended
28/02/2006 28/02/2005
R000"s R000"s
Cash flow from operating activities 4492 -4747
Cash flow from investing activities -1048 -3172
Cash flow from financing activities 760 1215
Net change in cash and cash equivalents 4204 -6704
Cash resources at beginning of year -8364 -1660
Cash resources at end -4160 -8364
of year
DIRECTORS
ACP Cotterell (CEO), VPG Cotterell*, RP Hume*, B Trafalis
* - Non-executive
Group Secretary: B Trafalis
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd
Sponsor: Sasfin Corporate Finance - 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)
STATEMENT OF CHANGES IN EQUITY
Share Share Accum.
Capital Premium Profit/Loss Total
Balance at 29 February 2004 2510 18062 -7258 13314
Net profit for the year 0 0 863 863
Balance at 28 February 2005 2510 18062 -6395 14177
Net profit for the year 0 0 2704 2704
Balance at 28 February 2006 2510 18062 -3691 16881
The group has reported its financial information for the 2006 financial year
in accordance with IFRS. The results below are disclosed for information
purposes only
Stated in accordance
with IFRS with SA GAAP
Audited Audited
Year Year
ended ended
28/02/2006 28/02/2006
Revenue 225816 225816
Operating profit/(loss) 1038 193
before interest
Net interest paid -2072 -2153
Profit/(loss) before -1034 -1960
exceptional items
Exceptional items 4175 4175
Profit/(loss) before 3141 2215
taxation
Deferred Taxation -437
Profit/(loss) attributable to ordinary 2704 2215
shareholders
Headline earnings/(loss) per share -8.8 -11.7
(cents)
Earnings/(loss) per share 16.2 13.2
(cents)
Non-current assets 18735 16272
Current assets 43484 43306
Total Assets 62219 59578
Capital and reserves 16881 14136
Non-current liabilities 15964 16068
Current liabilities 29374 29374
Total Equity and Liabilities 62219 59578
Reconciliation of net profit
for the year
Net Profit in accordance 2215
with GAAP
Interest adjustment 82
Depreciation adjustment 807
Operating lease adjustment 37
Deferred tax adjustment -437
Net profit in accordance 2704
with IFRS
ACCOUNTING POLICIES
The accounting policies have been altered to comply with International Financial
Reporting Standards ("IFRS"). The comparative figures have been restated to
comply with IFRS, which has been consistently applied throughout both years. The
results for the year ended 28 February 2006 have been audited by Baxters. The
unqualified audit opinion is available for inspection at the office of the
company.
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 decreased slightly, mainly due to tough fishing
conditions.
2 The franchising division remained profitable for the year.
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 the provision
for a prior year adjustment and the sale of the Bimbo"s franchise agreements for
those franchises located in Engen Garages.
SHARE CAPITAL
The share capital of Kingco was consolidated on a 1 for 15 basis and its
authorised capital was increased to 100 000 000 ordinary shares of 15 cents each
in terms of the special resolutions passed on 24 November 2005.
PROSPECTS
The group is focusing on a more streamlined production mix for the Hermanus
Factory and expects to make a profit in the coming year.
DIVIDENDS
The Board has resolved not to declare a dividend.
For and on behalf of the board 25 May 2006
ACP Cotterell
(CEO)
Date: 29/05/2006 05:00:11 PM Produced by the JSE SENS Department
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