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Pin to quick picksKakuzi Regulatory News (KAKU)

Share Price Information for Kakuzi (KAKU)

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Half Yearly Report

27 Aug 2013 07:00

RNS Number : 4327M
Kakuzi Ld
27 August 2013
 



KAKUZI LIMITED

 

EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2013

The unaudited results for the Kakuzi Group for the period of six months to 30 June 2013 and the comparative figures for the previous year are as follows:

 

Condensed Consolidated Statement of Comprehensive Income

 

30 June 2013 30 June 2012

Shs'000 Shs'000

 

Sales 428,988 336,109

 

Profit before fair value gain in Biological assets and income tax 91,857 98,521

Fair value gain in Biological assets 21,015 18,025

Profit before income tax 112,872 116,546

Income tax expense (35,700) (45,303)

Profit for the period from continuing operations 77,172 71,243

Profit for the period from discontinued operations - 32,147

 

Profit for the period 77,172 103,390

Other comprehensive income - -

Total comprehensive income 77,172 103,390

 

Total comprehensive income attributable to:

Equity holders of the company:

Profit for the period from continuing operations 77,172 71,243

Profit for the period from discontinued operations - 16,235

Profit for the period attributable to equity holders of the company 77,172 87,478

Non-controlling interest: Profit for the period from discontinued operations - 15,912

77,172 103,390

Earnings per share attributable to equity holders of the company: Shs Shs

Basic and diluted earnings per stock unit - continued operations 3.94 3.63

Basic and diluted earnings per stock unit - discontinued operations - 0.83

3.94 4.46

 

 

Condensed Consolidated Statement of Financial Position

Audited

30 June 2013 30 June 2012 31 December 2012

Shs'000 Shs'000 Shs'000

EQUITY

Share capital 98,000 98,000 98,000

Other reserves (1,289) 2,413 (1,289)

Retained earnings 2,708,186 2,412,635 2,631,014

Proposed dividends - - 73,500

Attributable to company's equity holders 2,804,897 2,513,048 2,801,225

Non-controlling interest - 193,880 -

Total equity 2,804,897 2,706,928 2,801,225

Non-current liabilities 648,843 601,566 624,452

3,453,740 3,308,494 3,425,677

REPRESENTED BY

Non-current assets 2,422,813 2,315,269 2,334,227

 

Current assets 349,114 263,717 339,933

Cash and cash equivalents 859,697 526,403 897,540

Assets classified as held for sale - 675,303 -

Current liabilities (177,884) (188,883) (146,023)

Liabilities classified as held for sale - (283,315) -

Net current assets 1,030,927 993,225 1,091,450

3,453,740 3,308,494 3,425,677

 

Overview:

 

The above is an extract from the interim financial statements which have been prepared in accordance with the International Financial Reporting Standards (IFRS). Tea profit levels are lower primarily driven by lower prices as a result of high production levels. This negative impact has been alleviated to some extent by improved early season hass avocado profit levels. The smallholder Fuerte season was reasonable though volumes were lower as compared to last year. Volumes of our own Hass avocado are expected to be much lower compared to last year and pricing levels are, as yet, not quantifiable.

 

As often repeated, in our business, predicting the future is difficult. We have a high interest rate economy with to date a relatively strong currency. Demand continues for our export crops but downward pricing pressure is unprecedented due to supply competition trends particularly in Europe. The company remains fully committed to its current development phase with strong cash reserves which your Directors believe are necessary to continue to realise the potential of Kakuzi Limited.

 

The Directors do not recommend the payment of an Interim Dividend.

 

BY ORDER OF THE BOARD

 

K W Tarplee

Chairman

23 August 2013

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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12

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