Last checked at 18 Aug 2021 07:00
KAKUZI PLC
EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2021
The unaudited results for the Kakuzi Group for the period of six months to 30 June 2021 and the comparative figures for the previous year are as follows:
Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income |
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| 30 June 2021 |
| 30 June 2020 |
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| Shs'000 |
| Shs'000 |
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Sales |
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| 888,949 |
| 889,909 |
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Profit before fair value gain in non-current biological assets and income tax |
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| 256,094 |
| 186,022 |
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Fair value gain in non-current biological assets |
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| 20,569 |
| 18,095 |
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Profit before income tax |
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| 276,663 |
| 204,117 |
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Income tax (expense)/credit |
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| (82,025 | ) | 68,670 |
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Profit for the period |
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| 194,638 |
| 272,787 |
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Other Comprehensive Income: |
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Items that are not reclassified to profit or loss: |
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Remeasurement of post-employment benefit obligations (net of tax) |
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| - |
| - |
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Total comprehensive income |
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| 194,638 |
| 272,787 |
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| Shs |
| Shs |
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Earnings per share (Shs): |
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Basic and diluted earnings per ordinary share |
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| 9.93 |
| 13.92 |
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Condensed Consolidated Statement of Cash flows |
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| 30 June 2021 |
| 30 June 2020 |
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| Shs'000 |
| Shs'000 |
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Cash and cash equivalents at the beginning of the period |
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| 1,670,124 |
| 1,696,130 |
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Net cash used in operating activities |
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| (17,917 | ) | (226,022 | ) |
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Net cash used in investing activities |
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| (82,021 | ) | (195,489 | ) |
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Net cash used in financing activities |
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| (352,803 | ) | (274,413 | ) |
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Effect of exchange rate differences on cash and cash equivalents |
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| (19,072 | ) | 12,856 |
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Decrease in cash and cash equivalents |
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| (471,813 | ) | (683,068 | ) |
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Cash and cash equivalents at the end of the period |
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| 1,198,311 |
| 1,013,062 |
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Condensed Consolidated Statement of Financial Position | ||||||||||
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| Audited |
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| 30 June 2021 |
| 30 June 2020 |
| 31 December 2020 |
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| Shs'000 |
| Shs'000 |
| Shs'000 |
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EQUITY |
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Share capital |
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| 98,000 |
| 98,000 |
| 98,000 |
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Other reserves |
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| 31,953 |
| 31,463 |
| 31,953 |
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Retained earnings |
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| 5,278,334 |
| 5,087,249 |
| 5,083,696 |
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Proposed dividends |
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| - |
| - |
| 352,800 |
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Total equity |
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| 5,408,287 |
| 5,216,712 |
| 5,566,449 |
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Non-current liabilities |
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| 1,082,661 |
| 914,503 |
| 1,080,470 |
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| 6,490,948 |
| 6,131,215 |
| 6,646,919 |
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REPRESENTED BY |
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Non-current assets |
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| 3,919,268 |
| 3,920,666 |
| 3,990,042 |
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Cash and cash balances |
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| 1,198,311 |
| 1,013,062 |
| 1,670,124 |
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Other current assets |
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| 1,798,417 |
| 1,568,992 |
| 1,246,650 |
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Current liabilities |
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| (425,048 | ) | (371,505 | ) | (259,897 | ) |
Net current assets |
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| 2,571,680 |
| 2,210,549 |
| 2,656,877 |
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| 6,490,948 |
| 6,131,215 |
| 6,646,919 |
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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 |
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| Shs'000 |
| Shs'000 |
| Shs'000 |
| Shs'000 |
| Shs'000 |
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At start of the period | 98,000 |
| 31,953 |
| 5,083,696 |
| 352,800 |
| 5,566,449 |
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Profit for the period | - |
| - |
| 194,638 |
| - |
| 194,638 |
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Dividends paid | - |
| - |
| - |
| (352,800 | ) | (352,800 | ) |
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At end of period | 98,000 |
| 31,953 |
| 5,278,334 |
| - |
| 5,408,287 |
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RESULTS:
The profit before tax for the half-year period ending June 2021 was KSh 276.7 million compared to KSh 204.1 million posted within the same period last year.
The harvesting of our flagship products, avocado and macadamia, began in earnest in June. The preliminary production data available at this stage indicates that the avocado crop output to market is significantly lower than 2020, whilst the macadamia crop is in line with earlier projections.
We anticipate that the COVID-19 Pandemic will continue to disrupt the potential of our markets to absorb our produce to a certain degree for the rest of this year. This is due to the market slowdown associated with lockdown and related restrictions. At this stage, it is too early to predict the full impact of these developments on the Company's full year performance, but we continue to actively monitor
The Directors do not recommend the payment of an interim dividend.
BY ORDER OF THE BOARD
NICHOLAS NG'ANG'A
CHAIRMAN
17 AUGUST 2021