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KNG
KNG
Kingco - Unaudited Group results for the six months ending 31 August 2006
KING CONSOLIDATED HOLDINGS LIMITED
Registration No: 1992/006472/06
Incorporated in the Republic of South Africa
(Share Code : KNG, ISIN code : ZAE0000073458)
Unaudited Group results for the six months ending 31 August 2006
ABRIDGED INCOME STATEMENT
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/08/2006 31/08/2005 28/02/2006
R000"s R000"s R000"s
Revenue 109332 107599 225816
Operating profit/(loss) before -1136 1056 1187
interest
Net interest paid -1136 -1155 -2221
Profit/(loss) before exceptional -2272 -99 -1034
items
Exceptional items -624 4175
Profit/(loss) before -2272 -723 3141
taxation
Taxation 94 -437
Profit/(loss) attributable to -2178 -723 2704
ordinary shareholders
Headline earnings/(loss) per share -13.0 -0.6 -8.8
(cents)
Earnings/(loss) per share (cents) -13.0 -4.3 16.2
Dividend per share 0 0 0
NAV per share (cents) 87.9 70.8 100.9
Shares in issue (000"s) 16736 16736 16736
Weighted Average (000"s) 16736 16736 16736
Reconciliation of headline earnings
Profit/(loss) per income statement -2178 -723 2704
Provision against prior year"s 624 575
adjustment
Profit on sale of Bimbo"s Franchise -4750
Agreements
Loss on discontinued operation
Headline earnings/(losses) -2178 -99 -1471
ABRIDGED GROUP BALANCE SHEET Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/08/2006 31/08/2005 28/02/2006
R000"s R000"s R000"s
ASSETS
Non- current assets 18493 17333 18735
Property, plant and equipment 15447 14251 15783
Deferred taxation 3046 3082 2952
Current assets 42609 37851 43484
Inventories 18750 15528 18949
Accounts receivable 23859 22117 24535
Cash and cash equivalents 206
61102 55184 62219
EQUITIES AND LIABILITIES
Capital and reserves 14703 11852 16881
Ordinary shareholders funds 14703 11852 16881
Non-current liabilities 17311 16799 15964
Long term liabilities 17311 16799 15964
Current liabilities 29088 26533 29374
Accounts payable 26664 26533 25195
Bank overdraft 2424 0 4179
61102 55184 62219
ABRIDGED GROUP CASH FLOW STATEMENT Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/08/2006 31/08/2005 28/02/2006
R000"s R000"s R000"s
Cash flow from operating activities 2389 8143 5691
Cash flow from investing activities -1981 -975 -1972
Cash flow from financing activities 1347 1696 760
Net change in cash and cash 1755 8864 4479
equivalents
Cash resources at beginning of the -4179 -8658 -8658
period
Cash resources at end of the period -2424 206 -4179
STATEMENT OF CHANGES IN EQUITY
Share Share Accum.
Capital Premium Profit/Loss Total
Balance at 28 2510 18062 -6395 14177
February 2005
Net loss for the 0 0 2704 2704
year
Balance at 28 2510 18062 -3691 16881
February 2006
Net loss for the 0 0 -2178 -2178
period
Balance at 31 August 2510 18062 -5869 14703
2006
ACCOUNTING POLICIES
The accounting policies, as outlined in the 2006 annual report, have been
consistently applied. The abridged annual financial statements have been
prepared in accordance with International Financial Reporting Standards (IFRS),
the interpretations adopted by the International Accounting Standards Board
(IASB) and the requirements of the South African Companies Act. These
statements have been reviewed by Baxters and hence, no audit opinion has been
given. The review report is available for inspection at the company"s
registered office.
COMMENTS
Sector: Industrial - Hotels and Leisure
Nature of business
The nature of the business is:
- The establishment, development and operation of franchise restautants and
pubs, namely;
- Keg, Keg Cafe", McGinty"s, Saddles, Bimbos and Dockside Porterhouse.
The processing, storage, wholesaling and distribution of frozen, chilled and
dry products under the name of Lusitania Food Products.
FINANCIAL RESULTS
The Group"s turnover has increased slightly, retaining it"s market share in
tough fishing conditions.
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.
Legal fees in the group amounted to R 835 383. This has been spent on an
ongoing case where the director"s are of the opinion the company will receive
adequate compensation in the future.
EXCEPTIONAL ITEM
No exceptional items arose during the current period
PROSPECTS
We expect the second period to be profitable, 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)
29 November 2006
DIRECTORS
ACP Cotterell (CEO), VPG Cotterell*, RP Hume*, JLN Dineen, IH Nitsche
Group Secretary : D Le Roux
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)
Changes during the period:
Mr B Trafalis resigned as director and company secretary
Mr JLN Dineen and Mr IH Nitsche were appointed as executive directors.
Mr D Le Roux was appointed as company secretary
Date: 29/11/2006 05:30:04 PM Produced by the JSE SENS Department
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