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KLG
KLG
KELGRAN LIMITED - Reviewed provisional results for the year ended 30 June
2006
KELGRAN LIMITED
Incorporated in the Republic of South Africa
Registration Number 1975/004595/06 Code KLG & ISIN ZAE000003885
("Kelgran")
Reviewed provisional results for the year ended 30 June 2006
Income statement for the year ended 30 June 2006
Reviewed Audited
2006 2005
R"000 R"000
Revenue - -
Cost of sales - -
Gross (loss)/profit - -
Other operating income 2 183 3 817
Other operating expenses (3 666) (2 394)
Operating (loss)/profit (1 483) 1 423
Net finance costs 5 2
(Loss)/profit before taxation (1 478) 1 425
Taxation - -
Net (loss)/profit attributable to ordinary (1 478) 1 425
shareholders
Reconciliation between basic(loss)/profit
and headline (loss)/profit:
(Loss)/profit per income statement (1 478) 1 425
Loan account written off (2 113) (1 117)
Headline (loss)/profit (3 591) 308
(Loss)/profit per share (cents)
- basic (1,6) 1,5
- diluted (1,6) 1,5
- headline (3,8) 0,3
Dividends paid per share (cents)
- interim 0,0 0,0
- final 0,0 0,0
Weighted average number of shares (`000) 94 034 94 034
Number of shares in issue (`000) 94 034 94 034
Fully diluted number of shares (`000) 94 034 94 034
Cash flow statement for the year ended 30 June 2006
Reviewed Audited
2006 2005
R"000 R"000
Cash flows utilised in operating activities
Cash utilised in operations (3 576) (1 739)
Net finance costs 5 2
Net cash outflow from operating activities (3 571) (1 737)
Cash flows from investing activities
Decrease in associate"s loan 2 114 1 116
Net cash inflow from investing activities 2 114 1 116
Cash flows from financing activities
Shareholders" loan incurred 1 374 620
Net cash inflow from financing activities 1 374 620
Net decrease in cash and cash equivalents (83) (1)
Cash and cash equivalents at beginning of 143 144
the period
Cash and cash equivalents at the end of the 60 143
period
Statement of changes in equity for the year ended 30 June 2006
Retained
Non- earnings/
distri- (accu-
Share Share butable mulated
capital premium reserves loss) Total
R"000 R"000 R"000 R"000 R"000
Balance at 1 July 1 881 71 572 5 878 (51 956) 27 375
2004
Net profit for the 1 425 1 425
year
Balance at 30 June 1 881 71 572 5 878 (50 531) 28 800
2005
Movements during the (5 878) 5 878
year
Net loss for the (1 478) (1 478)
year
Balance at 30 June 1 881 71 572 - (46 131) 27 322
2006
Balance sheet as at 30 June 2006
Reviewed Audited
2006 2005
R"000 R"000
ASSETS
Non-current assets 30 000 30 000
Financial assets 30 000 30 000
Current assets 60 143
Bank and cash 60 143
Total assets 30 060 30 143
EQUITY AND LIABILITIES
Capital and reserves 27 322 28 800
Non-current liabilities 1 994 620
Amount due to holding company 1 994 620
Current liabilities 744 723
Trade and other payables 744 723
Total equity and liabilities 30 060 30 143
Net asset value per share (cents) 29,1 30,6
Comments
DISPOSAL OF KELGRAN"S REMAINING INVESTMENT AND CASH DISTRIBUTION
Shareholders are reminded of the announcement dated 4 October 2006 advising
that the disposal of its remaining 49% shareholding in Kelgran Investments
(Pty) Ltd ("Kelgran Investments" or "the Associate") had been concluded,
and the subsequent cash distribution of 27 cents per share out of share
premium, payment date being 30 October 2006.
RESULTS
The Associate"s revenue decreased by 25% from R126,7 million to R94,8
million, mainly as a result of sales volumes during the period under review
being 17% lower than the corresponding year. 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 R13,6 million for the year
compared to a loss of R64,0 million in 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. These results have been reviewed by the
auditors, KPMG Inc., and a copy of their review report is available for
inspection at Kelgran"s registered office.
DISTRIBUTION AND PROSPECTS
The directors are considering various proposals with regards to the
company"s future and will in the foreseeable future (four months) either
return all remaining cash to the company"s shareholders and wind the
company up or present shareholders with a viable alternative for
consideration and approval. Details of further developments will be
announced in due course.
By order of the Board.
DATO" CHOO ENG GUAN Director
27 October 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 Director: Dato" Choo Eng Guan*
Non-executive Directors: Dato" Yap Yong Seong* (Chairman), Dato" Murad
Mohamed Hashim*, Yap Wee Keat* and Yap Wee Chun*
*Malaysian
Date: 27/10/2006 03:52:07 PM Produced by the JSE SENS Department
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