Last checked at 3 Aug 2016 07:00
KAKUZI LIMITED
EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2016
The unaudited results for the Kakuzi Group for the period of six months to 30 June 2016 and the comparative figures for the previous year are as follows: |
Condensed Consolidated Statement of Comprehensive Income | ||||||||
30 June 2016 | Restated 30 June 2015 | |||||||
Shs'000 | Shs'000 | |||||||
Sales | 437,347 | 420,173 | ||||||
(Loss)/Profit before fair value gain in Biological assets and income tax | (109,297 | ) | (33,858 | ) | ||||
Fair value gain in Biological assets | 57,693 | 37,411 | ||||||
(Loss)/Profit before income tax | (51,604 | ) | 3,553 | |||||
Income tax credit/(expense) | 16,366 | (1,117 | ) | |||||
(Loss)/Profit for the period | (35,238 | ) | 2,436 | |||||
Other Comprehensive Income | - | - | ||||||
Total comprehensive (Loss)/income | (35,238 | ) | 2,436 | |||||
Total comprehensive (loss)/income attributable to | ||||||||
equity holders of the company: | (35,238 | ) | 2,436 | |||||
Shs | Shs | |||||||
Earnings per share attributable to equity holders of the company: | ||||||||
Basic and diluted earnings per stock unit | (1.80 | ) | 0.12 | |||||
Condensed Consolidated Statement of Financial Position | ||||||||
Restated | Restated | |||||||
30 June 2016 | 30 June 2015 | 31 December 2015 | ||||||
Shs'000 | Shs'000 | Shs'000 | ||||||
| ||||||||
EQUITY | ||||||||
Share capital | 98,000 | 98,000 | 98,000 | |||||
Other reserves | 8,936 | 3,981 | 8,936 | |||||
Retained earnings | 3,135,304 | 2,811,683 | 3,170,542 | |||||
Proposed dividends | - | - | 98,000 | |||||
Total equity | 3,242,240 | 2,913,664 | 3,375,478 | |||||
Non-current liabilities | 699,444 | 699,653 | 712,787 | |||||
3,941,684 | 3,613,317 | 4,088,265 | ||||||
REPRESENTED BY | ||||||||
Non-current assets | 2,922,894 | 2,676,157 | 2,833,891 | |||||
Current assets | 634,409 | 503,175 | 448,150 | |||||
Cash and cash balances | 731,663 | 665,083 | 1,175,434 | |||||
Current liabilities | (347,282 | ) | (231,098 | ) | (369,210 | ) | ||
Net current assets | 1,018,790 | 937,160 | 1,254,374 | |||||
3,941,684 | 3,613,317 | 4,088,265 | ||||||
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 company has fully adopted the amendments to the International Accounting Standard (IAS) 41 - Agriculture and our permanent plantings are now classified under IAS 16 - property, plant and equipment as bearer plants to be depreciated over their expected useful life. This has resulted in the original reported profit before tax for the six month period to 30th June 2015 of Ksh 63.8 million being restated to Ksh 3.5 million. The loss before tax for the period under review is Ksh 51.6 million. This somewhat disappointing result has been mainly due to lower tea prices, lower livestock sales and the delay of macadamia sales due to awaiting completion of the cracking facility construction. To predict financial performance for the year is impossible at this stage with the irregularities of supply and demand together with exchange rates to contend with.
The Directors do not recommend the payment of an Interim Dividend.
BY ORDER OF THE BOARD
K W TARPLEE CHAIRMAN 02 August 2016 |