Half Yearly Report

RNS Number : 0534Q

Kakuzi Ld

27 August 2014

 



KAKUZI LIMITED

EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2014

The unaudited results for the Kakuzi Group for the period of six months to 30 June 2014 and the comparative figures for the previous year are as follows:

Condensed Consolidated Statement of Comprehensive Income
						30 June 2014				30 June 2013
						Shs'000				Shs'000
Sales						447,623				428,988
Profit before fair value gain in Biological assets and income tax						57,732				91,857
Fair value gain in Biological assets						18,506				21,015
Profit before income tax						76,238				112,872
Income tax expense						(27,282			)	(35,700	)
Profit for the period						48,956				77,172
Other Comprehensive Income						-				-
Total comprehensive income						48,956				77,172
Total comprehensive income attributable to
Equity holders of the company:						48,956				77,172
						Shs				Shs
Earnings per share attributable to equity holders of the company:
Basic and diluted earnings per stock unit						2.50				3.94
Condensed Consolidated Statement of Financial Position
								Audited
	30 June 2014		30 June 2013					31 December 2013
	Shs'000		Shs'000					Shs'000
EQUITY
Share capital	98,000		98,000					98,000
Other reserves	9,986		(1,289				)	9,986
Retained earnings	2,771,498		2,708,186					2,722,542
Proposed dividends	-		-					73,500
Total equity	2,879,484		2,804,897					2,904,028
Non-current liabilities	684,697		648,843					666,334
	3,564,181		3,453,740					3,570,362
REPRESENTED BY
Non-current assets	2,630,233		2,422,813					2,546,888
Current assets	350,214		349,114					265,897
Cash and cash equivalents	793,019		859,697					904,758
Current liabilities	(209,285	)	(177,884				)	(147,181			)
Net current assets	933,948		1,030,927					1,023,474
	3,564,181		3,453,740					3,570,362

Overview:

The above is an extract from the interim financial statements which have been prepared in accordance with the International Financial Reporting Standards (IFRS).

The major cause of the reduced profits has been mainly due to the lower tea prices in the first half of the year and the increased cost charges to revenue on Macadamia as early planted fields come to maturity.

Our Balance Sheet remains strong and under present conditions we would look towards similar profit levels to last year but as is often stated by your Directors, forecasting in a commercial agriculture environment is difficult.

The Directors do not recommend the payment of an Interim Dividend.

BY ORDER OF THE BOARD

K W Tarplee

Chairman

26 August 2014

 

END

 

 

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