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Kayser Bondor Ld. (62HF)

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Thursday 30 March, 2006

Kayser Bondor Ld.

Interim Results

Kayser Bondor Ld
30 March 2006

                             Kayser Bondor Limited

                                 Interim Report

                                31 December 2005



                           Registration number 229735


KAYSER BONDOR LIMITED

Interim Report

Explanatory Statement

The directors present their interim report for the six months ended 31 December
2005.


Review of the Business

The results for the period are shown in the profit and loss account. The Company
did not trade during the period and results are consistent with the
corresponding prior year period. This trend is anticipated to continue for the
remainder of the year, subject to any unforeseen circumstances.


Dividends

The directors do not recommend the payment of an ordinary dividend (2004: £nil).


Going Concern

On 10 February 2005, Sara Lee Corporation announced that it proposed to divest
itself of the businesses known as European Branded Apparel. These divestitures
could include most of the business of Courtaulds Textiles (Holdings) Limited.


The directors are also aware that a disposal of the business could result in an
accelerated pension funding requirement under Section 75 of the Pensions Act
1995 that, if triggered, may be in excess of the deficit calculated in the
accounts of Courtaulds Textiles (Holdings) Limited.


At the date of signing these accounts, Sara Lee Corporation has submitted to the
UK Pensions Regulator a formal Funding and Guarantee Agreement for clearance
contingent upon a disposal taking place. The UK Pensions Regulator has not given
final sign-off on these arrangements and the agreement has not been executed;
accordingly, the details, timing and impact of any potential transactions are
not known with any certainty.


The company has received confirmation from its ultimate UK parent undertaking,
Sara Lee Investments, that it will provide financial support necessary to meet
its obligations for a period represented by the earlier of the date of disposal
or a period of 12 months from the date of signing these accounts. Due to the
current financial position of the entity it is reliant on the ongoing support of
Sara Lee Investments or a new parent undertaking to continue as a going concern.


KAYSER BONDOR LIMITED

Interim Report

Explanatory Statement (Continued)

The directors however believe that due to the potential impact of any disposal
there is a fundamental uncertainty over the ability of the entity to continue as
a going concern beyond the date of disposal. However the directors believe that
due to the continued support of Sara Lee Investments and the absence of any
formal sale agreement it remains appropriate to prepare the accounts on a going
concern basis.


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


By order of the Board



Signed
M Ellis
Director
27 March 2006




KAYSER BONDOR LIMITED

Interim Report

Profit and Loss Account                           Notes      2005        2004
For the 6 months ended 31 December 2005                     £'000       £'000
Interest receivable from group undertakings                   127         127
Profit before taxation                                        127         127
Taxation                                                        -           -
Profit after taxation                                         127         127
Preference dividend paid - non-equity               2         (22)        (22)
Profit attributable to ordinary shareholders                  105         105

Basic and diluted earnings per share                3        0.43 p      0.43 p


Continuing operations

The company did not trade during the period

Statement of total recognized gains and losses

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




KAYSER BONDOR LIMITED


Interim Report

Balance Sheet

As at 31 December 2005                                       2005         2004
                                                            £'000        £'000
Current assets
Debtors                                                    11,394       11,186
Creditors: amounts falling due within one year               (115)        (115)
Net current assets                                         11,279       11,071
                                                                              
Capital and reserves
Called up share capital                                     6,756        6,756
Profit and loss account                                     4,523        4,315

Shareholders' funds                                        11,279       11,071

Analysis of Shareholders' funds
Equity                                                     10,529       10,321
Non-equity                                                    750          750
                                                           11,279       11,071
                                                                          



KAYSER BONDOR LIMITED

Interim Report

Cash Flow Statement

For the 6 months ended 31 December 2005                       2005       2004
                                                             £'000      £'000
Net cash outflow from operating activities:
Operating profit                                                 -          -
Increase in debtors                                           (105)      (105)
                                                              (105)      (105)
Returns on investments and servicing of finance:
Interest received                                              127        127
Non-equity dividends paid                                      (22)       (22)
                                                               105        105
Movement in cash                                                 -          -
                                                                             


The above balances are settled through a parent company bank account which is
part of the Sara Lee UK Holdings Limited group banking scheme. In the Company
accounts the transactions are accounted for via movements in inter-company
balances.




KAYSER BONDOR LIMITED

Interim Report

Notes to the Accounts

As at 31 December 2005


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% (2004: 6%).


3. Earnings per share

The calculation of basic and diluted earnings per ordinary share is based on the
profit attributable to ordinary shareholders of £105,000 (2004: £105,000) and on
24,023,440 (2004: 24,023,440) ordinary shares, being the weighted average number
of ordinary shares in issue during the period. There is no dilution of earnings
per ordinary share.


4. Audit and review

The interim figures for both periods are neither audited nor reviewed.


5. Publication

The interim report will be posted to stock holders and will not be published in
newspapers. Copies of the interim reports are available for issue to the public
on application to the Company Secretary at the registered office:


225 Bath Road
Slough
Berkshire
SL1 4AU



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