Last checked at 15 Aug 2018 07:00
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 |
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| 30 June 2018 |
| 30 June 2017 |
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|
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|
| Shs'000 |
| Shs'000 |
|
|
Sales |
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| 613,118 |
| 547,277 |
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|
|
|
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 |
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|
Income tax expense |
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| (112,114 | ) | (32,259 | ) |
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|
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|
Profit for the period |
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| 270,454 |
| 73,203 |
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|
|
|
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|
|
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|
Other Comprehensive Income |
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| - |
| - |
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|
Total comprehensive income |
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| 270,454 |
| 73,203 |
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|
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|
Total comprehensive income attributable to |
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|
equity holders of the company: |
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| 270,454 |
| 73,203 |
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| Shs |
| Shs |
|
|
Earnings per share attributable to equity holders of the company: |
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|
Basic and diluted earnings per ordinary share |
|
| 13.80 |
| 3.73 |
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Condensed Consolidated Statement of Financial Position |
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|
| 30 June 2018 |
| 30 June 2017 |
| 31 December 2017 |
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|
|
|
|
| Shs'000 |
| Shs'000 |
| Shs'000 |
|
EQUITY |
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|
|
|
|
|
|
|
|
|
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 |
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Non-current assets |
|
|
|
| 3,402,413 |
| 3,037,497 |
| 3,338,922 |
|
|
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|
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|
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|
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|
|
|
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 |
|
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|
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Condensed Consolidated Cashflow Statement |
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|
| 30 June 2018 |
| 30 June 2017 |
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|
|
|
| Shs'000 |
| Shs'000 |
|
|
Cash and cash equivalents at the beginning of the year |
|
| 1,648,749 |
| 1,430,576 |
|
|
|
|
|
|
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|
|
|
Net cash used in operating activities |
|
| (144,726 | ) | (27,778 | ) |
|
Net cash used in investing activities |
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| (69,430 | ) | (141,426 | ) |
|
Net cash used in financing activities |
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| (137,200 | ) | (117,600 | ) |
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Decrease in cash and cash equivalents |
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| (351,356 | ) | (286,804 | ) |
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Cash and cash equivalents at the end of the period |
|
| 1,297,393 |
| 1,143,772 |
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Condensed Consolidated Statement of Changes in Equity |
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| Share capital |
| Other reserves |
| Retained earnings |
| Proposed dividends |
| Total Equity |
|
| Shs'000 |
| Shs'000 |
| Shs'000 |
| Shs'000 |
| Shs'000 |
|
|
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|
|
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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 | ) |
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On 30.6.2018 | 98,000 |
| 16,607 |
| 4,340,683 |
| - |
| 4,455,290 |
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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