Half Yearly Report

RNS Number : 7574V

Kakuzi Ld

12 August 2015

 



KAKUZI LIMITED EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2015 The unaudited results for the Kakuzi Group for the period of six months to 30 June 2015 and the comparative figures for the previous year are as follows:

Condensed Consolidated Statement of Comprehensive Income
				30 June 2015		30 June 2014
				Shs'000		Shs'000
Sales				420,173		447,623
Profit before fair value gain in Biological assets and income tax				46,602		57,732
Fair value gain in Biological assets				17,262		18,506
Profit before income tax				63,864		76,238
Income tax expense				(20,436	)	(27,282	)
Profit for the period				43,428		48,956
Other Comprehensive Income				-		-
Total comprehensive income				43,428		48,956
				Shs		Shs
Earnings per share:
Basic and diluted earnings per stock unit				2.22		2.50
Condensed Consolidated Statement of Financial Position
						Audited
	30 June 2015			30 June 2014		31 December 2014
	Shs'000			Shs'000		Shs'000
EQUITY
Share capital	98,000			98,000		98,000
Other reserves	3,981			9,986		3,981
Retained earnings	2,852,675			2,771,498		2,809,247
Proposed dividends	-			-		73,500
Total equity	2,954,656			2,879,484		2,984,728
Non-current liabilities	717,230			684,697		695,305
	3,671,886			3,564,181		3,680,033
REPRESENTED BY
Non-current assets	2,851,784			2,630,233		2,676,369
Current assets	386,117			350,214		207,395
Cash and cash balances	665,083			793,019		973,690
Current liabilities	(231,098	)		(209,285	)	(177,421	)
Net current assets	820,102			933,948		1,003,664
	3,671,886			3,564,181		3,680,033

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 reduced profit has been due mainly to the later than normal start of our avocado season resulting from drought conditions early in the year. Our tea and macadamia operations have both performed better than in the first half of 2014. It is difficult at present to give prospects for the year with such matters as exchange rates and interest rates showing volatility and the economic situation in Europe remains very fragile. Our cash and investment position remain strong. The Directors do not recommend the payment of an Interim Dividend. BY ORDER OF THE BOARD K W Tarplee Chairman 11  August 2015

 

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