Half-year Report

RNS Number : 8093X

Kakuzi Ld

15 August 2018

 

KAKUZI PLC

EXTRACT FROM THE INTERIM FINANCIAL STATEMENTSFOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2018

The unaudited results for the Kakuzi Group for the period of six months to 30 June 2018 and the comparative figures for the previous year are as follows:

Condensed Consolidated Statement of Comprehensive Income
			30 June 2018		30 June 2017
			Shs'000		Shs'000
Sales			613,118		547,277
Profit before fair value gain in non-current biological assets and income tax			361,927		85,462
Fair value gain in non-current biological assets			20,641		20,000
Profit before income tax			382,568		105,462
Income tax expense			(112,114	)	(32,259	)
Profit for the period			270,454		73,203
Other Comprehensive Income			-		-
Total comprehensive income			270,454		73,203
Total comprehensive income attributable to
equity holders of the company:			270,454		73,203
			Shs		Shs
Earnings per share attributable to equity holders of the company:
Basic and diluted earnings per ordinary share			13.80		3.73

Condensed Consolidated Statement of Financial Position
					30 June 2018		30 June 2017		31 December 2017
					Shs'000		Shs'000		Shs'000
EQUITY
Share capital					98,000		98,000		98,000
Other reserves					16,607		14,872		16,607
Retained earnings					4,340,683		3,688,989		4,070,229
Proposed dividends					-		-		137,200
Total equity					4,455,290		3,801,861		4,322,036
Non-current liabilities					871,632		836,733		807,190
					5,326,922		4,638,594		5,129,226
REPRESENTED BY
Non-current assets					3,402,413		3,037,497		3,338,922
Current assets					1,292,927		884,675		758,455
Cash and cash equivalents					1,297,393		1,143,772		1,648,749
Current liabilities					(665,811	)	(427,350	)	(616,900	)
Net current assets					1,924,509		1,601,097		1,790,304
					5,326,922		4,638,594		5,129,226

Condensed Consolidated Cashflow Statement
			30 June 2018		30 June 2017
			Shs'000		Shs'000
Cash and cash equivalents at the beginning of the year			1,648,749		1,430,576
Net cash used in operating activities			(144,726	)	(27,778	)
Net cash used in investing activities			(69,430	)	(141,426	)
Net cash used in financing activities			(137,200	)	(117,600	)
Decrease in cash and cash equivalents			(351,356	)	(286,804	)
Cash and cash equivalents at the end of the period			1,297,393		1,143,772

Condensed Consolidated Statement of Changes in Equity
	Share capital		Other  reserves		Retained earnings		Proposed dividends		Total Equity
	Shs'000		Shs'000		Shs'000		Shs'000		Shs'000
On 1.1.2018	98,000		16,607		4,070,229		137,200		4,322,036
Profit for the period	-		-		270,454		-		270,454
Dividends paid	-		-		-		(137,200	)	(137,200	)
On 30.6.2018	98,000		16,607		4,340,683		-		4,455,290

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 profit before tax for the period to 30 June 2018 was KSh382.60 million compared to a profit of KSh105.5 million for the same period last year.

During the period under review, tea profits improved due to higher volumes and firm prices in the first quarter. Avocado results are significantly improved on last year's performance due to increased volumes and a strong winter market in Europe. Macadamia and Forestry results made a positive contribution to profits.

However, given the volatility that has now crept in to the markets, the trading picture for the second half of the year is very difficult to predict, particularly as this is the time when the vast majority of the avocado crop is sold.

The Directors do not recommend the payment ofan Interim Dividend.

BY ORDER OF THE BOARD

G H MCLEAN

CHAIRMAN

14 August 2018

 

END

 

 

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