19 Aug 2020 07:00
KAKUZI PLC
EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2020
The unaudited results for the Kakuzi Group for the period of six months to 30 June 2020 and the comparative figures for the previous year are as follows:
Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income |
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| 30 June 2020 |
| 30 June 2019 |
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| Shs'000 |
| Shs'000 |
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Sales |
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| 889,909 |
| 619,463 |
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Profit before fair value gain in non-current biological assets and income tax |
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| 186,022 |
| 334,857 |
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Fair value gain in non-current biological assets |
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| 18,095 |
| 20,225 |
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Profit before income tax |
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| 204,117 |
| 355,082 |
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Income tax credit/(expense) |
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| 68,670 |
| (109,501 | ) |
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Profit for the period |
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| 272,787 |
| 245,581 |
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Other Comprehensive Income: |
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Items that are not reclassified to profit or loss: |
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Remeasurement of post-employment benefit obligations (net of tax) |
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| - |
| - |
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Total comprehensive income |
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| 272,787 |
| 245,581 |
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| Shs |
| Shs |
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Earnings per share (Shs): |
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Basic and diluted earnings per ordinary share |
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| 13.92 |
| 12.53 |
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Condensed Consolidated Statement of Cash flows |
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| 30 June 2020 |
| 30 June 2019 |
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| Shs'000 |
| Shs'000 |
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Cash and cash equivalents at the beginning of the year |
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| 1,696,130 |
| 1,500,935 |
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Net cash used in operating activities |
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| (226,022 | ) | (86,944 | ) |
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Net cash used in investing activities |
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| (195,489 | ) | (235,314 | ) |
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Net cash used in financing activities |
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| (274,413 | ) | (176,400 | ) |
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Effect of exchange rate differences on cash and cash equivalents |
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| 12,856 |
| 1,911 |
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Decrease in cash and cash equivalents |
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| (683,068 | ) | (496,747 | ) |
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Cash and cash equivalents at the end of the year |
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| 1,013,062 |
| 1,004,188 |
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Condensed Consolidated Statement of Financial Position | ||||||||||
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| Audited |
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| 30 June 2020 |
| 30 June 2019 |
| 31 December 2019 |
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| Shs'000 |
| Shs'000 |
| Shs'000 |
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EQUITY |
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Share capital |
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| 98,000 |
| 98,000 |
| 98,000 |
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Other reserves |
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| 31,463 |
| 19,653 |
| 31,463 |
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Retained earnings |
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| 5,087,249 |
| 4,621,004 |
| 4,814,462 |
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Proposed dividends |
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| - |
| - |
| 274,400 |
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Total equity |
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| 5,216,712 |
| 4,738,657 |
| 5,218,325 |
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Non-current liabilities |
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| 914,503 |
| 972,478 |
| 1,007,047 |
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| 6,131,215 |
| 5,711,135 |
| 6,225,372 |
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REPRESENTED BY |
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Non-current assets |
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| 3,920,666 |
| 3,745,481 |
| 3,868,015 |
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Current assets |
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| 1,568,992 |
| 1,371,745 |
| 896,890 |
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Cash and cash balances |
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| 1,013,062 |
| 1,004,188 |
| 1,696,130 |
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Current liabilities |
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| (371,505 | ) | (410,279 | ) | (235,663 | ) |
Net current assets |
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| 2,210,549 |
| 1,965,654 |
| 2,357,357 |
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| 6,131,215 |
| 5,711,135 |
| 6,225,372 |
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Condensed Consolidated Statement of Changes in Equity |
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| Share capital |
| Other reserves |
| Retained earnings |
| Proposed dividends |
| Total Equity |
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| Shs'000 |
| Shs'000 |
| Shs'000 |
| Shs'000 |
| Shs'000 |
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At start of the year | 98,000 |
| 31,463 |
| 4,814,462 |
| 274,400 |
| 5,218,325 |
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Profit for the period | - |
| - |
| 272,787 |
| - |
| 272,787 |
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Dividends paid | - |
| - |
| - |
| (274,400 | ) | (274,400 | ) |
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At end of period | 98,000 |
| 31,463 |
| 5,087,249 |
| - |
| 5,216,712 |
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RESULTS:
The profit before tax for the period to June 2020 was KSh 204.1 million compared to a profit of KSh 355.1 million for the same period last year. This is principally due to a financial provision write back in 2019.
During the first half of the year, avocado profits are on a par with 2019, macadamia profits are greater, and our tea operations made an operating loss of KSh 11.3 million compared to a loss of KSh 1.1 million in 2019.
The profit after tax for the period to 30 June 2020 was KSh 272.8 million compared to a profit of KSh 245.5 million for the same period last year. This is principally due to the release of deferred tax provision in view of the reduction of the Corporate tax rate to 25% from 30% by the Government.
The Directors do not recommend the payment of an interim dividend.
BY ORDER OF THE BOARD
G H MCLEAN
CHAIRMAN
18 AUGUST 2020
Kakuzi (KAKU)