Half Yearly Report

RNS Number : 4327M

Kakuzi Ld

27 August 2013

 



KAKUZI LIMITED

EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2013

The unaudited results for the Kakuzi Group for the period of six months to 30 June 2013 and the comparative figures for the previous year are as follows:

Condensed Consolidated Statement of Comprehensive Income

                                                                                                                                                    30 June 2013                     30 June 2012

                                                                                                                                                              Shs'000                              Shs'000

Sales                                                                                                                                                     428,988                               336,109

Profit before fair value gain in Biological assets and income tax                                                            91,857                                 98,521

Fair value gain in Biological assets                                                                                                         21,015                                 18,025

Profit before income tax                                                                                                                     112,872                               116,546

Income tax expense                                                                                                                               (35,700)                              (45,303)

Profit for the period from continuing operations                                                                                      77,172                                 71,243

Profit for the period from discontinued operations                                                                                            -                                 32,147

Profit for the period                                                                                                                               77,172                               103,390

Other comprehensive income                                                                                                                            -                                           -

Total comprehensive income                                                                                                               77,172                               103,390

Total comprehensive income attributable to:

Equity holders of the company:

Profit for the period from continuing operations                                                                                      77,172                                 71,243

Profit for the period from discontinued operations                                                                                            -                                 16,235

Profit for the period attributable to equity holders of the company                                                         77,172                                  87,478

Non-controlling interest: Profit for the period from discontinued operations                                                     -                                 15,912

                                                                                                                                                                77,172                               103,390

Earnings per share attributable to equity holders of the company:                                                  Shs                                     Shs

Basic and diluted earnings per stock unit  - continued operations                                                             3.94                                     3.63

Basic and diluted earnings per stock unit  - discontinued operations                                                               -                                     0.83

                                                                                                                                                                   3.94                                     4.46

Condensed Consolidated Statement of Financial Position

                                                                                                                                                                                                          Audited

                                                                                                     30 June 2013                         30 June 2012            31 December 2012

                                                                                                              Shs'000                                  Shs'000                              Shs'000

EQUITY

Share capital                                                                                            98,000                                     98,000                                 98,000

Other reserves                                                                                          (1,289)                                      2,413                                 (1,289)

Retained earnings                                                                               2,708,186                                2,412,635                            2,631,014

Proposed dividends                                                                                           -                                               -                                 73,500

Attributable to company's equity holders                                      2,804,897                                2,513,048                            2,801,225

Non-controlling interest                                                                                      -                                   193,880                                           -

Total equity                                                                                        2,804,897                                2,706,928                            2,801,225

Non-current liabilities                                                                             648,843                                   601,566                               624,452

                                                                                                            3,453,740                                3,308,494                            3,425,677

REPRESENTED BY

Non-current assets                                                                             2,422,813                                2,315,269                            2,334,227

Current assets                                                                                       349,114                                   263,717                               339,933

Cash and cash equivalents                                                                   859,697                                   526,403                               897,540

Assets classified as held for sale                                                                     -                                    675,303                                           -

Current liabilities                                                                                   (177,884)                                (188,883)                             (146,023)

Liabilities classified as held for sale                                                                  -                                 (283,315)                                           -

Net current assets                                                                              1,030,927                                   993,225                            1,091,450

                                                                                                           3,453,740                                3,308,494                            3,425,677

Overview:

The above is an extract from the interim financial statements which have been prepared in accordance with the International Financial Reporting Standards (IFRS). Tea profit levels are lower primarily driven by lower prices as a result of high production levels. This negative impact has been alleviated to some extent by improved early season hass avocado profit levels. The smallholder Fuerte season was reasonable though volumes were lower as compared to last year. Volumes of our own Hass avocado are expected to be much lower compared to last year and pricing levels are, as yet, not quantifiable.

As often repeated, in our business, predicting the future is difficult.  We have a high interest rate economy with to date a relatively strong currency.  Demand continues for our export crops but downward pricing pressure is unprecedented due to supply competition trends particularly in Europe.  The company remains fully committed to its current development phase with strong cash reserves which your Directors believe are necessary to continue to realise the potential of Kakuzi Limited.

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

BY ORDER OF THE BOARD

K W Tarplee

Chairman

23 August 2013

 

END

 

 

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