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Kayser Bondor Ld. (62HF)

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Friday 27 October, 2006

Kayser Bondor Ld.

Final Results

Kayser Bondor Ld
27 October 2006








                              Kayser Bondor Limited

                            Preliminary Announcement

                                  30 June 2006






                            Registration number 229735



KAYSER BONDOR LIMITED


Preliminary Announcement


Explanatory Statement

The directors present their preliminary announcement for the year ended 30 June
2006.

These accounts are not the Company's statutory accounts. The auditors have not
yet reported on the accounts for the year ended 30 June 2006, nor have any such
accounts been delivered to the Registrar of Companies. However, the audit work
is complete and no qualification is expected.

The comparative figures contained in this report are for the year ended 30 June
2005. These figures (with the exception of the cash flow statement from which
the Company was exempt under FRS 1) have been extracted from the statutory
accounts, which have been filed with the Registrar of Companies. The auditors'
report on those accounts was unqualified and did not contain any statement under
section 237(2) or (3) of the Companies Act 1985.

Review of the Business

The results for the year are shown in the profit and loss account.
On 6 June 2006 the share capital of the company's parent, Courtaulds Clothing
Brands Limited, was acquired by a subsidiary of Huit Holdings Limited, a company
incorporated in Hong Kong. Following this change of ownership a provision
amounting to £11,521,000 has been made against the amounts due from group
undertakings, resulting in a loss of £11,306,000 being sustained in the year
ended 30 June 2006 (2005: £209,000 profit).
The directors have acted to protect the interests of the preference shareholders
as a result of the change in ownership by putting in place an intercompany
guarantee with a related company, Kadima Properties (UK) Limited. Under the
terms of this guarantee all future obligations arising in respect of dividend,
redemption, buy back or interest thereon to the Company's preference
shareholders will be met as they fall due to the extent that the Company has
insufficient funds to make such payments.
Given the position of net liabilities at the end of the financial year, the
directors have obtained a further guarantee for the 12 month period from the
date of signing the directors report and accounts for the year ended 30 June
2006 from Kadima Properties (UK) Limited to ensure that its obligations to repay
its liablilities as stated in the balance sheet at 30 June 2006 can be met
should they fall due. Accordingly the Directors believe that it remains
appropriate to prepare the accounts on a going concern basis.



KAYSER BONDOR LIMITED


Preliminary Announcement



Dividends

The directors do not recommend the payment of an ordinary dividend (2005: £nil).

The contents of this report have been reviewed and approved by the Board of
Directors.

By order of the Board


M Ellis
Director
27 October 2006





KAYSER BONDOR LIMITED


Preliminary Announcement

Profit and Loss Account                               Notes       2006    2005
For the year ended 30 June 2006
                                                                 £'000   £'000
Administrative expenses                                        (11,521)      -
Operating loss                                                 (11,521)      -

Interest receivable from group undertakings                        254     254
(Loss) / profit before taxation                                (11,267)    254

Taxation                                                           (16)      -
(Loss) / profit after taxation                                 (11,283)    254

Preference dividend paid - non-equity                     2        (23)    (45)
(Loss) / profit attributable to ordinary shareholders          (11,306)    209

Basic and diluted earnings per share                      3   (47.1) p   0.9 p



Continuing operations

The company did not trade during the period.


Statement of total recognised gains and losses

There are no movements in total recognised gains and losses or shareholders'
funds other than those reported in the profit and loss account above.




KAYSER BONDOR LIMITED


Preliminary Announcement

Balance Sheet

As at 30 June 2006                                            2006        2005
                                                             £'000       £'000
Current assets
Debtors                                                          -      11,290
Creditors: amounts falling due within one year                (131)       (115)
Net current (liabilities) / assets                            (131)     11,175
Capital and reserves
Called up share capital                                      6,756       6,756
Profit and loss account                                     (6,887)      4,419
Total capital employed                                        (131)     11,175
Analysis of shareholders' funds
Equity                                                        (881)     10,425
Non-equity                                                     750         750
                                                              (131)     11,175






KAYSER BONDOR LIMITED


Preliminary Announcement

Cash Flow Statement

For the year ended 30 June 2006                                 2006      2005
                                                               £'000     £'000
Net cash outflow from operating activities:
Operating (loss) / profit                                    (11,521)        -
Decrease / (increase) in debtors                              11,290      (209)
                                                                (231)     (209)
Returns on investments and servicing of finance:
Interest received                                                254       254
Non-equity dividends paid                                        (23)      (45)
                                                                 231       209
Movement in cash                                                   -         -

The above balances are settled through a related company bank account. In the
Company accounts the transactions are accounted for via movements in related
party balances.







KAYSER BONDOR LIMITED


Preliminary Announcement

Notes to the Accounts
As at 30 June 2006

1. Basis of preparation
The unaudited results have been prepared in accordance with the accounting
policies set out in the Annual Report for the year ended 30 June 2005.

2. Dividends
No dividends were paid or proposed on the ordinary share capital. The rate of
preference dividend is 6% (2005: 6%), paid half yearly on 30 June and 31
December. The dividend due in June 2006 was paid by a related company, Kadima
Properties (UK) Limited, under the terms of the guarantee in place as detailed
on page 2.

3. Earnings per share
The calculation of basic and diluted earnings per share is based on the loss
attributable to ordinary shareholders of £11,306,000 (2005: £209,000 profit) and
on 24,023,440 (2005: 24,023,440) shares, being the weighted average number of
shares in issue during the period. There is no dilution of earnings per share.




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