Last checked at 30 Aug 2011 07:11
KAKUZI LIMITED
EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2011
The unaudited results for the Kakuzi Group for the period of six months to 30 June 2011 and the comparative figures for the previous year are as follows:
Condensed Consolidated Statement of Comprehensive Income
30 June 2011 30 June 2010
Shs'000 Shs'000
Sales 872,073 808,271
Profit before finance costs and income tax 193,534 194,613
Finance costs - (115)
Profit before income tax 193,534 194,498
Income tax expense (61,949) (68,027)
Profit for the period (of which Shs 61,244,599 has
been dealt with in the accounts of the company) 131,585 126,471
Other comprehensive income - -
Total comprehensive income 131,585 126,471
Profit attributable to:
Equity holders of the company 85,286 82,777
Non-controlling interest 46,299 43,694
Earnings per share attributable to equity
holders of the company:
Basic and diluted earnings per stock unit (Shs) 4.35 4.22
Condensed Consolidated Statement of Financial Position
Audited
30 June 2011 30 June 2010 31 December 2010
Shs'000 Shs'000 Shs'000
EQUITY
Share capital 98,000 98,000 98,000
Retained earnings 1,933,465 1,745,148 1,848,179
Proposed dividends - - 49,000
Attributable to company's equity holders 2,031,465 1,843,148 1,995,179
Non-controlling interest 239,187 211,492 215,325
Total equity 2,270,652 2,054,640 2,210,504
Non-current assets 637,278 622,089 624,408
2,907,930 2,676,729 2,834,912
REPRESENTED BY
Non-current assets 2,486,015 2,363,067 2,423,021
Current assets 330,512 358,882 265,949
Cash and cash equivalents 525,252 316,975 529,621
Current liabilities (433,849) (341,055) (383,679)
Borrowings - (21,140) -
Net current assets 421,915 313,662 411,891
2,907,930 2,676,729 2,834,912
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 levels while prices have remained firm. This coupled with the depreciating Kenya Shilling has resulted in reasonable Tea profits. The early outgrower Fuerte Avocado season was reasonable. Prospects for Hass Avocado season are not as yet quantifiable as regards pricing and volumes.
The Directors do not recommend the payment of an Interim Dividend.
BY ORDER OF THE BOARD
K W Tarplee
Chairman
26 August 2011