Half-year Report

RNS Number : 0481G

Kakuzi Ld

03 August 2016

 

KAKUZI LIMITED EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2016 The unaudited results for the Kakuzi Group for the period of six months to 30 June 2016 and the comparative figures for the previous year are as follows:

Condensed Consolidated Statement of Comprehensive Income
				30 June 2016		Restated 30 June 2015
				Shs'000		Shs'000
Sales				437,347		420,173
(Loss)/Profit before fair value gain in Biological assets and income tax				(109,297	)	(33,858	)
Fair value gain in Biological assets				57,693		37,411
(Loss)/Profit before income tax				(51,604	)	3,553
Income tax credit/(expense)				16,366		(1,117	)
(Loss)/Profit for the period				(35,238	)	2,436
Other Comprehensive Income				-		-
Total comprehensive (Loss)/income				(35,238	)	2,436
Total comprehensive (loss)/income attributable to
equity holders of the company:				(35,238	)	2,436
				Shs		Shs
Earnings per share attributable to equity holders of the company:
Basic and diluted earnings per stock unit				(1.80	)	0.12
Condensed Consolidated Statement of Financial Position
				Restated		Restated
	30 June 2016			30 June 2015		31 December 2015
	Shs'000			Shs'000		Shs'000
EQUITY
Share capital	98,000			98,000		98,000
Other reserves	8,936			3,981		8,936
Retained earnings	3,135,304			2,811,683		3,170,542
Proposed dividends	-			-		98,000
Total equity	3,242,240			2,913,664		3,375,478
Non-current liabilities	699,444			699,653		712,787
	3,941,684			3,613,317		4,088,265
REPRESENTED BY
Non-current assets	2,922,894			2,676,157		2,833,891
Current assets	634,409			503,175		448,150
Cash and cash balances	731,663			665,083		1,175,434
Current liabilities	(347,282	)		(231,098	)	(369,210	)
Net current assets	1,018,790			937,160		1,254,374
	3,941,684			3,613,317		4,088,265

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 company has fully adopted the amendments to the International Accounting Standard (IAS) 41 - Agriculture and our permanent plantings are now classified under IAS 16 - property, plant and equipment as bearer plants to be depreciated over their expected useful life. This has resulted in the original reported profit before tax for the six month period to 30th June 2015 of Ksh 63.8 million being restated to Ksh 3.5 million. The loss before tax for the period under review is Ksh 51.6 million. This somewhat disappointing result has been mainly due to lower tea prices, lower livestock sales and the delay of macadamia sales due to awaiting completion of the cracking facility construction. To predict financial performance for the year is impossible at this stage with the irregularities of supply and demand together with exchange rates to contend with. The Directors do not recommend the payment of an Interim Dividend. BY ORDER OF THE BOARD K W TARPLEE CHAIRMAN 02  August 2016

 

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