Half Yearly Report

RNS Number : 1581N

Kakuzi Ld

30 August 2011

 



KAKUZI LIMITED

EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2011

The unaudited results for the Kakuzi Group for the period of six months to 30 June 2011 and the comparative figures for the previous year are as follows:

Condensed Consolidated Statement of Comprehensive Income

                                                                                                                                                    30 June 2011                     30 June 2010

                                                                                                                                                              Shs'000                              Shs'000

Sales                                                                                                                                                     872,073                               808,271

Profit before finance costs and income tax                                                                                           193,534                               194,613

Finance costs                                                                                                                                                     -                                   (115)

Profit before income tax                                                                                                                   193,534                               194,498

Income tax expense                                                                                                                               (61,949)                              (68,027)

Profit for the period (of which Shs 61,244,599 has

been dealt with in the accounts of the company)                                                                       131,585                               126,471

Other comprehensive income                                                                                                                           -                                           -

Total comprehensive income                                                                                                         131,585                               126,471

Profit attributable to:

Equity holders of the company                                                                                                                85,286                                 82,777

Non-controlling interest                                                                                                                            46,299                                 43,694

Earnings per share attributable to equity

holders of the company:

Basic and diluted earnings per stock unit (Shs)                                                                                          4.35                                     4.22

Condensed Consolidated Statement of Financial Position

                                                                                                                                                                                                          Audited

                                                                                                     30 June 2011                         30 June 2010            31 December 2010

                                                                                                              Shs'000                                  Shs'000                              Shs'000       

EQUITY

Share capital                                                                                            98,000                                     98,000                                 98,000

Retained earnings                                                                               1,933,465                                1,745,148                            1,848,179

Proposed dividends                                                                                           -                                               -                                 49,000

Attributable to company's equity holders                                            2,031,465                                1,843,148                            1,995,179

Non-controlling interest                                                                          239,187                                   211,492                               215,325

Total equity                                                                                          2,270,652                                2,054,640                            2,210,504

Non-current assets                                                                                637,278                                   622,089                               624,408

                                                                                                            2,907,930                                2,676,729                            2,834,912

REPRESENTED BY

Non-current assets                                                                             2,486,015                                2,363,067                            2,423,021

Current assets                                                                                       330,512                                   358,882                               265,949

Cash and cash equivalents                                                                   525,252                                   316,975                               529,621

Current liabilities                                                                                  (433,849)                                 (341,055)                            (383,679)

Borrowings                                                                                                       -                                   (21,140)                                          -

Net current assets                                                                                 421,915                                   313,662                               411,891

                                                                                                            2,907,930                                2,676,729                            2,834,912

Overview:

The interim financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS).

Tea production has been down on last year levels while prices have remained firm.  This coupled with the depreciating Kenya Shilling has resulted in reasonable Tea profits.  The early outgrower Fuerte Avocado season was reasonable.  Prospects for Hass Avocado season are not as yet quantifiable as regards pricing and volumes.

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

BY ORDER OF THE BOARD

K W Tarplee

Chairman

26 August 2011

 

END

 

 

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