Interim Financial Statements

RNS Number : 1442L

Kakuzi Ld

31 August 2012

 



KAKUZI LIMITED

EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2012

The unaudited results for the Kakuzi Group for the period of six months to 30 June 2012 and the comparative figures for the previous year are as follows:

Condensed Consolidated Statement of Comprehensive Income

                                                                                                                                                    30 June 2012                      30 June 2011

                                                                                                                                                              Shs'000                              Shs'000

                                                                                                                                                                                                 Represented

Sales                                                                                                                                                     336,109                               394,103

Profit before fair value gain in Biological assets and income tax                                                            98,521                                 50,204

Fair value gain in Biological assets                                                                                                         18,025                                   9,425

Profit before income tax                                                                                                                     116,546                                 59,629

Income tax expense                                                                                                                               (45,303)                              (21,577)

Profit for the period from continuing operations                                                                                      71,243                                 38,052

Profit for the period from discontinuing operation                                                                                   32,147                                 93,533

Profit for the period (of which Shs 152,582,568 has been dealt with

in the accounts of the company)                                                                                                       103,390                               131,585

Other comprehensive income                                                                                                                         -                                           -

Total comprehensive income                                                                                                             103,390                              131,585

Total comprehensive income attributable to:

Equity holders of the company:

Profit for the period from continuing operations                                                                                      71,243                                 38,052

Profit for the period from discontinuing operation                                                                                   16,235                                 47,234

Profit for the period attributable to equity holders of the company                                                          87,478                                 85,286

Non-controlling interest: Profit for the period from discontinuing operation                                            15,912                                 46,299

                                                                                                                                                              103,390                               131,585

Earnings per share attributable to equity holders of the company:

Basic and diluted earnings per stock unit (Shs)                                                                                          4.46                                     4.35

Condensed Consolidated Statement of Financial Position

                                                                                                                                                                                                         Audited

                                                                                                     30 June 2012                         30 June 2011            31 December 2011

                                                                                                              Shs'000                                  Shs'000                              Shs'000

EQUITY

Share capital                                                                                           98,000                                    98,000                                 98,000

Other reserves                                                                                          2,413                                             -                                    2,413

Retained earnings                                                                              2,412,635                               1,933,465                            2,325,157

Proposed dividends                                                                                         -                                               -                                 73,500

Attributable to company's equity holders                                     2,513,048                               2,031,465                        2,499,070

Non-controlling interest                                                                        193,880                                   239,187                               257,695

Total equity                                                                                      2,706,928                                2,270,652                            2,756,765

Non-current liabilities                                                                            601,566                                  637,278                               709,398

                                                                                                           3,308,494                               2,907,930                            3,466,163

REPRESENTED BY

Non-current assets                                                                            2,315,269                               2,486,015                            2,642,675

Current assets                                                                                      263,717                                   330,512                               277,313

Cash and cash equivalents                                                                  526,403                                   525,252                               897,332

Assets classified as held for sale                                                         675,303                                               -                                           -

Current liabilities                                                                                  (188,883)                                (433,849)                            (351,157)

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

Net current assets                                                                                993,225                                   421,915                               823,488

                                                                                                          3,308,494                                2,907,930                            3,466,163

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's level while prices have remained firm.  This coupled with the appreciating Kenya Shilling has resulted in reduced Tea profits.  The early outgrower Fuerte Avocado season was reasonable.  Prospects for the Hass Avocado season are not, as yet, quantifiable regarding pricing and volumes.

Sireet Outgrowers Empowerment and Producer Co Ltd (formerly EPK Outgrowers Empowerment Project Company Ltd) advised Kakuzi Ltd on 18 May 2012 of its intention to purchase the balance 50.5% shareholding in Siret Tea Company Ltd (STCL) in accordance with the framework agreement signed in 2007. The Competition Authority of Kenya has given approval for this sale and as a result, STCL operations have been treated as assets held for sale at the reporting date and income and expenses are reported separately from the continuing operations of the Kakuzi Group.

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

BY ORDER OF THE BOARD

K W Tarplee

Chairman

30 August 2012

 

END

 

 

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