Last checked at 25 Aug 2010 16:55
RNS Number : 6470R
Kakuzi Ld
25 August 2010
KAKUZI LIMITED
Extract from the Interim Financial Statements for the period of six months to 30 June 2010
The unaudited results for the Kakuzi Group for the period of six months to 30 June 2010 and the comparative figures for the previous year are as follows:
| Condensed Consolidated Statement of Comprehensive Income | | | Condensed Consolidated Balance Sheet | | ||||||||
| | | | | | | | | | | | | |
| | 30 June 2010 | | 30 June 2009 | | | | 30 June 2010 | | 30 June 2009 | | Audited 31 December 2009 | |
| | Shs’000 | | Shs’000 | | | | Shs’000 | | Shs’000 | | Shs’000 | |
| | | | | | | | | | | | | |
| Sales | 808,271 | | 694,947 | | | CAPITAL AND RESERVES ATTRIBUTABLE TO COMPANY’S EQUITY HOLDERS | | | | | | |
| | | | | | | | | | | | | |
| Profit before finance costs and income tax | 194,613 | | 69,892 | | | Share capital | 98,000 | | 98,000 | | 98,000 | |
| Finance costs | (115 | ) | (15,071 | ) | | Retained earnings | 1,745,148 | | 1,374,872 | | 1,660,587 | |
| Profit before income tax | 194,498 | | 54,821 | | | Proposed dividends | - | | - | | 49,000 | |
| Income tax expense | (68,027 | ) | (37,891 | ) | | Attributable to company’s equity holders | 1,843,148 | | 1,472,872 | | 1,807,587 | |
| | | | | | | Non-controlling interest | 211,492 | | 134,772 | | 157,022 | |
| Profit for the period (of which Shs 76,036,000 has been dealt with in the accounts of the company) | 126,471 | | 16,930 | | | Total equity | 2,054,640 | | 1,607,644 | | 1,964,609 | |
| | Non-current liabilities | 622,089 | | 662,745 | | 604,515 | | |||||
| Other comprehensive income | - | | - | | | | 2,676,729 | | 2,270,389 | | 2,569,124 | |
| Total comprehensive income | 126,471 | | 16,930 | | | | | | | | | |
| | | | | | | REPRESENTED BY | | | | | | |
| | | | | | | Non-current assets | 2,363,067 | | 2,232,985 | | 2,254,817 | |
| Profit attributable to: | | | | | | | | | | | | |
| Equity holders of the company | 82,777 | | 5,182 | | | Current assets | 358,882 | | 328,958 | | 276,207 | |
| Non-controlling interest | 43,694 | | 11,748 | | | Cash and cash equivalents | 316,975 | | 68,314 | | 342,231 | |
| | | | | | | Current liabilities | (341,055 | ) | (211,575 | ) | (304,131 | ) |
| Earnings per share attributable to equity holders of the company: | | | | | | Borrowings | (21,140 | ) | (148,293 | ) | - | |
| | | | | | Net current assets | 313,662 | | 37,404 | | 314,307 | | |
| Basic and diluted earnings per stock unit (Shs) | 4.22 | | 0.26 | | | | 2,676,729 | | 2,270,389 | | 2,569,124 | |
| | | | | | | | | | | | | |
Overview:
The interim financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS).
The improved profit over the equivalent period last year has been due to satisfactory returns from our tea operations together with significantly reduced finance costs and a weaker Kenya Shilling. The early Avocado Fuerte seasons results were adversely affected by both volume and logistics.
The prospects for the Hass Avocado season are not as yet quantifiable and Tea prices have come down from last years levels.
In view of the above uncertainties and the need to maintain a positive cash balance for further development investment, the Directors do not recommend the payment of an Interim Dividend.
K W Tarplee
Chairman
25 August 2010
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