Last checked at 7 Aug 2017 07:00
KAKUZI PLC
EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2017
The unaudited results for the Kakuzi Group for the period of six months to 30 June 2017 and the comparative figures for the previous year are as follows: |
Condensed Consolidated Statement of Comprehensive Income | ||||||||
30 June 2017 | Restated 30 June 2016 | |||||||
Shs'000 | Shs'000 | |||||||
Sales | 547,277 | 437,347 | ||||||
Profit before fair value gain in biological assets and income tax | 85,462 | 44,523 | ||||||
Fair value gain in biological assets | 20,000 | 19,054 | ||||||
Profit before income tax | 105,462 | 63,577 | ||||||
Income tax expense | (32,259 | ) | (18,189 | ) | ||||
Profit for the period | 73,203 | 45,388 | ||||||
Other Comprehensive Income | - | - | ||||||
Total comprehensive income | 73,203 | 45,388 | ||||||
Total comprehensive income attributable to | ||||||||
equity holders of the company: | 73,203 | 45,388 | ||||||
Shs | Shs | |||||||
Earnings per share attributable to equity holders of the company: | ||||||||
Basic and diluted earnings per ordinary share | 3.73 | 2.32 | ||||||
Condensed Consolidated Statement of Financial Position | ||||||||
Restated | ||||||||
30 June 2017 | 30 June 2016 | 31 December 2016 | ||||||
Shs'000 | Shs'000 | Shs'000 | ||||||
| ||||||||
EQUITY | ||||||||
Share capital | 98,000 | 98,000 | 98,000 | |||||
Other reserves | 14,872 | 8,936 | 14,872 | |||||
Retained earnings | 3,688,989 | 3,216,349 | 3,615,786 | |||||
Proposed dividends | - | - | 117,600 | |||||
Total equity | 3,801,861 | 3,323,285 | 3,846,258 | |||||
Non-current liabilities | 836,733 | 734,181 | 801,418 | |||||
4,638,594 | 4,057,466 | 4,647,676 | ||||||
REPRESENTED BY | ||||||||
Non-current assets | 3,037,497 | 2,906,372 | 3,015,067 | |||||
Current assets | 884,675 | 766,713 | 618,771 | |||||
Cash and cash balances | 1,143,772 | 731,663 | 1,430,576 | |||||
Current liabilities | (427,350 | ) | (347,282 | ) | (416,738 | ) | ||
Net current assets | 1,601,097 | 1,151,094 | 1,632,609 | |||||
4,638,594 | 4,057,466 | 4,647,676 | ||||||
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 2017 was KSh105.5 million compared to a restated profit of KSh63.6 million for the same period last year. The 2016 half year profits have been restated due to changes in the Accounting Standards. During the period under review, tea profits were depressed due to lower volumes partly offset by better prices arising from dry weather conditions in quarter one. Avocado results are in line with last year's performance whilst macadamia results are affected by lower than expected yields. It is difficult, at present, to predict financial performance for the year with erratic supply and demand, climatic conditions together with exchange rates to contend with.
The Directors do not recommend the payment of an Interim Dividend.
BY ORDER OF THE BOARD
G H MCLEAN CHAIRMAN 04 August 2017 |