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CKS
CKS
CKS - Crookes - Audited Group Results and Final Dividend Declaration
CROOKES BROTHERS LIMITED
Registration No. 1913/000290/06
Share code: CKS & ISIN No: ZAE000001434
("Crookes" or "the group" or "the company")
AUDITED GROUP RESULTS AND FINAL DIVIDEND DECLARATION
The audited results of the group for the year ended 31 March 2007 together with
those of the previous year are set out below:
ABRIDGED GROUP INCOME STATEMENT 31 March 31 March
(R000`s) 2007 2006
Revenue 211670 201469
Operating profit 43614 42326
Share of (loss)/profit of associate (8) 1
company
Investment income 367 312
Finance costs (2106) (2298)
Profit before taxation 41867 40341
Taxation (14088) (12481)
Profit for the year 27779 27860
Earnings per share (basic) (cents) 225,2 226,9
Earnings per share (diluted) (cents) 224,4 226,0
Dividends declared per share (cents) 120,0 110,0
HEADLINE EARNINGS 31 March 31 March
(R000`s) 2007 2006
Profit for the year 27779 27860
Profit on disposal of shares - (4)
Profit on disposal of property, (395) (736)
plant and equipment
Tax effect on disposal of property, 116 218
plant and equipment
Headline earnings 27500 27338
Headline earnings per share (cents) 222,9 222,6
Headline earnings per share 222,2 221,8
(diluted) (cents)
ABRIDGED STATEMENT OF CHANGES IN 31 March 31 March
EQUITY
(R000`s) 2007 2006
Shareholders` equity at beginning of 243568 219460
year
Changes in share capital and premium
Issue of share capital 709 546
Share-based payment reserve 58 0
Changes in retained earnings 12963 23562
Net profit attributable to 27779 27860
shareholders
Ordinary dividends paid (14816) (4298)
Shareholders` equity at end of year 257298 243568
ABRIDGED GROUP BALANCE SHEET 31 March 31 March
(R000`s) 2007 2006
ASSETS
Non-current assets 248671 238121
Property,plant and equipment 174626 173828
Bearer biological assets 70283 60580
Investments 3132 3131
Other non-current assets 630 582
Current assets 106839 99921
Inventories 12332 11055
Biological assets - crops and 86110 79576
livestock
Trade and other receivables 8309 9210
Cash and cash equivalents 88 80
Total assets 355510 338042
EQUITY AND LIABILITIES
Ordinary shareholders` funds 257298 243568
Share capital and premium 8954 8245
Retained earnings 248286 235323
Share-based payment reserve 58 0
Non-current liabilities 69407 63905
Deferred taxation 51564 45337
Post-employment obligations 17843 18568
Current liabilities 28805 30569
Trade and other payables 13147 15292
Interest bearing debt - short term 15658 15277
Total equity and liabilities 355510 338042
Net asset value per share (cents) 2084 1984
ABRIDGED GROUP CASH FLOW STATEMENT 31 March 31 March
(R000`s) 2007 2006
Operating profit 43614 42326
Profit on disposal of property, (395) (736)
plant and equipment
Non-cash items (6587) (4153)
Cash generated by operations before 36632 37437
working capital
Net (outflow)/inflow from changes in (1749) 1044
working capital
Interest paid (2106) (2298)
Taxation paid (8633) (3452)
Cash flows from operating activities 24144 32731
Net investment activities (10410) (10262)
Net cash inflow/(outflow) before 13734 22469
financing activities
Net cash used in financing (13726) (22457)
activities
Dividends paid (14816) (4298)
Proceeds from issue of shares 709 546
Net increase/(decrease) in short- 381 (18705)
term borrowings
Net increase in cash and cash 8 12
equivalents
Cash and cash equivalents at 80 68
beginning of year
Cash and cash equivalents at end of 88 80
year
Cash flow from operating activities
- per share (cents) 195,7 266,6
OTHER GROUP SALIENT FEATURES 31 March 31 March
(R000`s) 2007 2006
Depreciation 9998 9431
Capital expenditure
Incurred 11695 11787
Capital commitments
- Contracted 5716 4428
- Authorised but not contracted 9036 5465
14752 9893
Contingent liabilities 412 327
SEGMENTAL ANALYSIS 31 March 31 March
(R000`s) 2007 2006
Revenue
Sugar cane 115216 111189
Bananas 42334 50831
Citrus 14645 8081
Grain and sheep 17402 15774
Deciduous fruit 15664 10311
Crocodile farming/tourism 3920 3636
Cattle 1502 760
Other operations 987 887
211670 201469
Operating profit
Sugar cane 34381 41239
Bananas 7475 11703
Citrus 5200 (1533)
Grain and sheep 5506 1871
Deciduous fruit 4325 236
Crocodile farming/tourism 1132 799
Cattle 214 5
Other operations/sundry income 1429 1268
Group administration (16048) (13262)
43614 42326
ACCOUNTING POLICIES
The financial statements have been prepared in accordance with the group`s
accounting policies which fully comply with International Financial Reporting
Standards ("IFRS"). These abridged annual financial statements are in
accordance with IAS 34. The accounting policies and methods of computation used
in this report are consistent with those applied in the previous year.
COMMENTS ON THE RESULTS
Operating profit and earnings per share are similar to those of the previous
year despite a significant decrease in sugar cane production and a
deterioration in cane quality due to adverse climatic conditions.
Sugar cane - both the South African RV price and the Swaziland sucrose price
benefited from the higher world sugar price as well as the more favourable
Rand/US dollar exchange rate.
The improvement in prices was offset by the decrease in yields; overall group
tonnage fell by 10% to 558015 tons (2005/06: 618976 tons). Mpumalanga cane
production was 26% lower at 108225 tons (2005/06: 146394 tons) due to the
ongoing effect of the drought in previous years, however production in the
2007/08 season is expected to recover to more than 200000 tons.
Bananas - production volumes were 25% lower than the previous year due largely
to an element of cyclicity in annual production levels and aggravated by an
abnormally cold winter. Avearage prices per carton were 10% higher
than the previous year due to the lower industry wide supply volumes.
Citrus - an excellent season was experienced following a general collapse in
exports to the Japanese markets during the 2005 citrus season. Export volumes
increased by 21% to 290458 cartons (2005/06: 239285 cartons) and average export
prices improved by 84%.
Grain - yields were marginally higher than the previous season however wheat
prices increased by 40% to levels last achieved in the 2002 and 2003 harvesting
seasons.
Deciduous - production volumes increased by 16% to 5212 tons (2005/06: 4489
tons) as replanted orchards matured. Export prices were significantly better
than those of the previous year.
Administation overheads - have increased significantly due to certain non-
recurring costs.
Taxation - has increased due to the higher operating profit and secondary tax
on companies paid on the significantly increased final dividend for the 2005/06
financial year of 85 cents per share (2004/05: 25 cents per share).
OUTLOOK
Production volumes of all crops (except grain) are expected to be higher than
those achieved in the 2006/07 financial year.
At this early stage the South African RV price is expected to be lower than the
previous year as a result of the reduced world sugar price.
Given the abovementioned factors, it is expected that earnings for the year
ahead will be similar to those of the 2006/07 financial year.
AUDITED RESULTS
The results for the year ended 31 March 2007 have been audited by Deloitte &
Touche. Their unmodified audit opinion is available for inspection at the
registered office of the company.
DECLARATION OF DIVIDEND NO. 184
The directors have declared a final dividend of 85,0 cents per share in respect
of the year ended 31 March 2007.
This dividend will be paid on Monday, 16 July 2007 to shareholders recorded in
the books of the company at the close of business on the record date, Friday,
13 July 2007.
The salient dates of the declaration and payment of this final dividend are as
follows:
Last day to trade cum the dividend Friday 6 July 2007
Date trading commences ex the dividend Monday 9
July 2007
Record date Friday 13 July 2007
Payment date Monday 16 July 2007
Share certificates may not be dematerialised or rematerialised between Monday,
9 July 2006 and Friday, 13 July 2007, both days inclusive.
This dividend, together with the interim dividend of 35,0 cents per share which
was declared on 29 November 2006, makes a total distribution in respect of the
year ended 31 March 2007 of 120,0 cents per share ( 2006: 110,0 cents).
For and on behalf of the Board
J F C Palmer (Chairman)
G S Clarke (Managing Director)
Renishaw
23 May 2007
Registered office and postal address
Renishaw, KwaZulu-Natal
P O Renishaw, 4181
Transfer secretaries
Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
Telephone (011) 370 5000
Website: www.cbl.co.za
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
Directors:
J F C Palmer * (Chairman), G S Clarke (Managing), P Bhengu *, C J H Chance *, A
C Crookes *, D J Crookes *, J A F Hewat *, D T Naicker *
* Non-executive director
Secretary:
B Darbyshire-Roberts
Date: 24/05/2007 13:00:01 Produced by the JSE SENS Department.
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