Last checked at 31 Aug 2012 07:00
KAKUZI LIMITED
EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2012
The unaudited results for the Kakuzi Group for the period of six months to 30 June 2012 and the comparative figures for the previous year are as follows:
Condensed Consolidated Statement of Comprehensive Income
30 June 2012 30 June 2011
Shs'000 Shs'000
Represented
Sales 336,109 394,103
Profit before fair value gain in Biological assets and income tax 98,521 50,204
Fair value gain in Biological assets 18,025 9,425
Profit before income tax 116,546 59,629
Income tax expense (45,303) (21,577)
Profit for the period from continuing operations 71,243 38,052
Profit for the period from discontinuing operation 32,147 93,533
Profit for the period (of which Shs 152,582,568 has been dealt with
in the accounts of the company) 103,390 131,585
Other comprehensive income - -
Total comprehensive income 103,390 131,585
Total comprehensive income attributable to:
Equity holders of the company:
Profit for the period from continuing operations 71,243 38,052
Profit for the period from discontinuing operation 16,235 47,234
Profit for the period attributable to equity holders of the company 87,478 85,286
Non-controlling interest: Profit for the period from discontinuing operation 15,912 46,299
103,390 131,585
Earnings per share attributable to equity holders of the company:
Basic and diluted earnings per stock unit (Shs) 4.46 4.35
Condensed Consolidated Statement of Financial Position
Audited
30 June 2012 30 June 2011 31 December 2011
Shs'000 Shs'000 Shs'000
EQUITY
Share capital 98,000 98,000 98,000
Other reserves 2,413 - 2,413
Retained earnings 2,412,635 1,933,465 2,325,157
Proposed dividends - - 73,500
Attributable to company's equity holders 2,513,048 2,031,465 2,499,070
Non-controlling interest 193,880 239,187 257,695
Total equity 2,706,928 2,270,652 2,756,765
Non-current liabilities 601,566 637,278 709,398
3,308,494 2,907,930 3,466,163
REPRESENTED BY
Non-current assets 2,315,269 2,486,015 2,642,675
Current assets 263,717 330,512 277,313
Cash and cash equivalents 526,403 525,252 897,332
Assets classified as held for sale 675,303 - -
Current liabilities (188,883) (433,849) (351,157)
Liabilities classified as held for sale (283,315) - -
Net current assets 993,225 421,915 823,488
3,308,494 2,907,930 3,466,163
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's level while prices have remained firm. This coupled with the appreciating Kenya Shilling has resulted in reduced Tea profits. The early outgrower Fuerte Avocado season was reasonable. Prospects for the Hass Avocado season are not, as yet, quantifiable regarding pricing and volumes.
Sireet Outgrowers Empowerment and Producer Co Ltd (formerly EPK Outgrowers Empowerment Project Company Ltd) advised Kakuzi Ltd on 18 May 2012 of its intention to purchase the balance 50.5% shareholding in Siret Tea Company Ltd (STCL) in accordance with the framework agreement signed in 2007. The Competition Authority of Kenya has given approval for this sale and as a result, STCL operations have been treated as assets held for sale at the reporting date and income and expenses are reported separately from the continuing operations of the Kakuzi Group.
The Directors do not recommend the payment of an Interim Dividend.
BY ORDER OF THE BOARD
K W Tarplee
Chairman
30 August 2012