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KIR
KIR
Kairos - Unaudited Interim Results for the six months ended 31 August 2006
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")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2006
OVERVIEW OF RESULTS
With the acquisition of the remaining 50% interest in Brokrew (Pty) Ltd
("BroKrew"), now a wholly-owned subsidiary of the Group, revenue for the
period under review increased by 43% and operating profit increased by R930
000 to R5,95m compared to R5,02m for the comparative six-month period.
The effect of the acquisition is that the interest on loan to the joint
venture falls away. The increase in depreciation is mainly due to the
consolidation of BroKrew and the purchase of new plant and equipment for the
brick manufacturing company during the previous financial year.
With a net profit after taxation of R3,2 million for the period under review,
earnings per share decreased to 1,28 cents from 1,29 cents per share. Headline
earnings increased to 1,28 cents per share compared to the comparative six-
month period of 1,04 cents per share.
The company"s growth programme, that emphasised increase production volumes,
is still on course.
The financial information on which this interim statement is based has not
been reviewed or reported on by the company"s auditors.
BASIS OF PREPARATION
The interim financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") and are consistent with
the prior financial year. These standards and practices are subject to ongoing
review.
DIVIDEND
The Board has resolved that no interim dividend will be declared.
PROSPECTS
The demand for clay bricks, notwithstanding the upward trend in interest
rates, is expected to remain firm, and mining supplies should show continued
sales growth.
The Group"s strategic focus remains unchanged with solid business models and a
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
6 October 2006
GROUP INCOME STATEMENT
Unaudited Unaudited Audited
for the for the for the
6 months 6 months 12 months
ended ended ended
31 Aug 31 Aug 28 Feb
(R"000) 2006 2005 2006
Revenue 90 177 63 014 120 883
Cost of sales (72 938) (48 110) (92 688)
Gross profit 17 239 14 904 28 195
Operating costs (11 288) (9 883) (18 476)
Operating profit before
investment
income, depreciation and finance 5 951 5 021 9 719
cost
Interest on loan to joint venture - 557 1 115
Investment revenues 150 249 557
Profit on disposal of fixed - 650 988
assets
Fair value adjustments - - 731
Depreciation (1 911) (1 285) (3 049)
Finance cost (1 282) (1 465) (2 881)
Profit before taxation 2 908 3 727 7 180
Taxation 325 (463) (1 906)
- Normal (62) (420) (701)
- Deferred 387 (43) (1 196)
- Capital gains tax - - (9)
Net profit attributable to
ordinary
shareholders 3 233 3 264 5 274
Determination of headline
earnings
Profit after taxation 3 233 3 264 5 274
Profit on disposal of fixed - (650) (988)
assets
Headline earnings 3 233 2 614 4 286
Number of shares on which
earnings per share is based 252 107 252 089 252 107
(000"s)
Headline earnings per share 1,28 1,04 1,70
(cents)
Earning per ordinary share 1,28 1,29 2,09
(cents)
ABRIDGED GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
for the for the for the
6 months 6 months 12 months
ended ended ended
31 Aug 31 Aug 28 Feb
(R"000) 2006 2005 2006
Net cash (outflow)/inflow from (7 146) 9 604 11 830
operating activities
Net cash outflow from investment (4 047) (2 496) (12 335)
activities
Net cash flow generated/(utilised)
from
financing activities 9 050 (2 109) 3 061
Net (decrease)/increase in cash (2 143) 4 999 2 556
Cash and cash equivalents at 11 281 8 725 8 725
beginning of period
Cash and cash equivalents at end 9 138 13 724 11 281
of the period
SEGMENTAL ANALYSIS
Unaudited Unaudited Audited
for the for the for the
6 months 6 months 12 months
ended ended ended
31 Aug 31 Aug 28 Feb
(R"000) 2006 2005 2006
REVENUE
Mining supplies 56 759 26 079 52 977
Manufacturing - bricks 33 418 36 566 67 180
Property and other - 369 726
90 177 63 014 120 883
OPERATING AND INVESTMENT INCOME
Mining supplies 2 943 2 283 4 611
Manufacturing - bricks 2 430 3 059 6 314
Property and other 578 (321) (1 206)
Investment income 150 806 1 672
6 101 5 827 11 391
GROUP BALANCE SHEET
Unaudited Unaudited Audited
as at as at as at
31 Aug 31 Aug 28 Feb
(R"000) 2006 2005 2005
ASSETS
Non-current assets 61 616 46 589 55 922
Property, plant and equipment 45 444 34 620 43 308
Patents and intangibles 4 065 2 901 2 815
Investments 975 244 975
Goodwill 2 308 - -
Other non-current assets 8 824 8 824 8 824
Current assets 61 893 41 852 40 068
Inventories 27 926 13 995 17 107
Trade and other receivables 24 637 14 053 11 497
Taxation overpaid 192 - 183
Cash and cash equivalents 9 138 13 724 11 281
Assets classified as held for sale - 80 -
TOTAL ASSETS 123 509 88 441 95 990
EQUITY AND LIABILITIES
Stated capital and reserves 59 964 47 888 56 731
Non-current liabilities 23 653 16 212 15 154
Long-term borrowings 19 086 11 023 9 525
Deferred taxation 3 097 788 2 689
BBBEE share creditors 1 470 4 401 2 940
Current liabilities 39 892 24 341 24 105
Short-term loans 12 574 7 864 8 547
Tax payable 605 544 742
Accounts payable 20 095 13 215 11 558
Provisions 6 618 2 718 3 258
TOTAL EQUITY AND LIABILITIES 123 509 88 441 95 990
Shares in issue (000"s) 252 107 252 089 252 107
Net asset value per share (cents) 23,79 19,00 22,50
Net tangible asset value per share 21,26 17,85 21,39
(cents)
STATEMENT OF CHANGES IN EQUITY
Non- Total
distribut- share-
Stated Re- Retained able holders
valuation
(R"000) Capital reserve losses reserve funds
Balance as at 1
March 2005
As previously
reported
under SA GAAP 210 140 4 827 (174 462) 1 164 41 669
Profit for the 3 264 3 264
period
Share issue with 7 7
Odd lot offer
Effect of
changes in
accounting
policies
- Revaluation of 2 948 2 948
plant and
equipment
Balance as at 31 210 147 7 775 (171 1 164 47 888
August 2005 198)
Profit for the 2 010 2 010
period
Reversal on sale (523) (523)
of property
Effect of
changes in
accounting
policies
- Revaluation of 7 356 7 356
plant and
equipment
Balance as at 28 210 147 15 131 (169 188) 641 56 731
February 2006
Profit for the 3 233 3 233
period
Balance as at 31 210 147 15 131 (165 955) 641 59 964
August 2006
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 Services 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, DC de la Roche
Visit us at www.kairos.co.za
Date: 05/10/2006 05:05:07 PM Produced by the JSE SENS Department
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