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CKS
CKS
CKS - Crookes Brothers - Unaudited Interim Results For The Six Months
Ended 30 September 2007 and dividend declaration
Crookes Brothers Limited
Registration No. 1913/000290/06
Share code: CKS & ISIN: ZAE000001434
("the company" or "the group")
Unaudited Interim Results for the six months ended 30 September 2007
ABRIDGED GROUP INCOME STATEMENT
Unaudited Audited
Six months ended Year ended
30 September 30 September 31 March
(R000`s) 2007 2006 2007
Revenue 148 882 119 819 211 670
Operating profit 34 326 20 946 43 614
Share of loss of associate
company - - (8)
Investment income 303 138 367
Finance costs (2 139) (1 342) (2 106)
Profit before taxation 32 490 19 742 41 867
Taxation (9 874) (7 190) (14 088)
Profit after taxation 22 616 12 552 27 779
Ordinary number of shares in
Issue 12 382 000 12 346 333 12 346 333
Weighted average number of
shares in issue 12 370 111 12 324 000 12 335 166
Fully diluted number of shares 12 388 406 12 371 148 12 375 835
Earnings per share (basic)
(cents) 182,8 101,9 225,2
Earnings per share (diluted)
(cents) 182,6 101,5 224,4
Dividends declared per share
(cents) 40,0 35,0 120,0
HEADLINE EARNINGS Unaudited Audited
Six months ended Year ended
30 September 30 September 31 March
(R000`s) 2007 2006 2007
Profit after taxation 22 616 12 552 27 779
Profit on disposal of property,
plant and equipment (3 632) (420) (395)
Tax effect on disposal of
property, plant and equipment 430 122 116
Headline earnings 19 414 12 254 27 500
Headline earnings per share
(cents) 156,9 99,4 222,9
Headline earnings per share
(diluted) (cents) 156,7 99,1 222,2
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Unaudited Audited
Six months ended Year ended
30 September 30 September 31 March
(R000`s) 2007 2006 2007
Shareholders` equity at
beginning of period 257 298 243 568 243 568
Changes in share capital
and premium
Issue of share capital 413 709 709
Share-based payment reserve 29 - 58
Investments revaluation
reserve 3 903 - -
Changes in retained
earnings 12 091 2 058 12 963
Net profit attributable to
shareholders 22 616 12 552 27 779
Ordinary dividends paid (10 525) (10 494) (14 816)
Shareholders` equity at
end of period 273 734 246 335 257 298
ABRIDGED GROUP BALANCE SHEET
Unaudited Audited
30 September 30 September 31 March
(R000`s) 2007 2006 2007
ASSETS
Non-current assets 277 588 250 322 248 671
Property, plant and equipment 190 053 178 105 174 626
Bearer biological assets 79 183 68 481 70 283
Investments 7 697 3 131 3 132
Other non-current assets 655 605 630
Current assets 112 654 106 807 106 839
Inventories 10 686 9 382 12 332
Biological assets - crops and
livestock 68 898 71 570 86 110
Trade and other receivables 33 050 25 770 8 309
Cash and cash equivalents 20 85 88
Total assets 390 242 357 129 355 510
EQUITY AND LIABILITIES
Ordinary shareholders` funds 273 734 246 335 257 298
Share capital and premium 9 367 8 954 8 954
Retained earnings 260 377 237 381 248 286
Investments revaluation reserve 3 903 - -
Share-based payment reserve 87 - 58
Non-current liabilities 70 380 64 163 69 407
Deferred taxation 49 499 45 423 51 564
Long-term liabilities 2 643 - -
Post-employment obligations 18 238 18 740 17 843
Current liabilities 46 128 46 631 28 805
Trade and other payables 32 379 26 955 13 147
Current portion of long-term
liabilities 808 - -
Interest bearing debt -
short-term 12 941 19 676 15 658
Total equity and liabilities 390 242 357 129 355 510
ABRIDGED GROUP CASH FLOW STATEMENT
Unaudited Audited
Six months ended Year ended
30 September 30 September 31 March
(R000`s) 2007 2006 2007
Operating profit 34 326 20 946 43 614
Profit on disposal of
property, plant and equipment (3 632) (420) (395)
Non-cash items 17 548 5 727 (6 587)
Cash generated by
operations
before working capital 48 242 26 253 36 632
Net outflow from changes
in working capital (12 080) (6 674) (1 749)
Interest paid (2 139) (1 342) (2 106)
Taxation paid (4 384) (3 654) (8 633)
Cash flows from operating
activities 29 639 14 583 24 144
Net investment activities (20 329) (9 169) (10 410)
Net cash inflow before
financing activities 9 310 5 414 13 734
Net cash used in financing
activities (9 378) (5 409) (13 726)
Dividends paid (10 525) (10 494) (14 816)
Proceeds from issue of
shares 413 709 709
Net (decrease)/increase in
short-term borrowings (1 909) 4 376 381
Net increase in long-term
liabilities 2 643 - -
Net (decrease)/increase in
cash and cash equivalents (68) 5 8
Cash and cash equivalents
at beginning of period 88 80 80
Cash and cash equivalents
at end of period 20 85 88
SUPPLEMENTARY INFORMATION
Unaudited Audited
30 September 30 September 31 March
(R000`s) 2007 2006 2007
Depreciation 5 596 4 965 9 998
Capital expenditure incurred 24 570 9 688 11 695
Capital commitments
- Contracted 989 997 5 716
- Authorised but not contracted 867 942 9 036
1 856 1 939 14 752
Contingent liabilities 463 - 412
Net asset value per share (cents) 2 211 1 995 2 084
GROUP SEGMENTAL ANALYSIS
Unaudited Audited
Six months ended Year ended
30 September 30 September 31 March
(R000`s) 2007 2006 2007
Revenue
Sugar cane 101 302 77 483 115 216
Bananas 18 328 18 713 42 334
Citrus 15 003 13 965 14 645
Grain and sheep 3 150 1 097 17 402
Deciduous fruit 7 261 5 885 15 664
Crocodile farming/tourism 2 166 734 3 920
Cattle 1 053 1 370 1 502
Other operations 619 572 987
148 882 119 819 211 670
Operating profit
Sugar cane 31 058 21 386 34 381
Bananas (129) 3 336 7 475
Citrus 1 596 3 485 5 200
Grain and sheep 3 497 1 038 5 506
Deciduous fruit 2 345 446 4 325
Crocodile farming/tourism 124 (341) 1 132
Cattle 507 217 214
Other operations 190 297 1 034
Profit on disposal of property,
plant and equipment 3 632 420 395
Group administration (8 494) (9 338) (16 048)
34 326 20 946 43 614
ACCOUNTING POLICIES
The unaudited interim results of the group have been prepared in accordance
with IAS 34 - Interim Financial Reporting.
The group`s accounting policies comply with International Financial Reporting
Standards ("IFRS") and have been prepared on the historical cost basis except
for the revaluation of available-for-sale financial assets and the valuation
of biological assets and share-based payments at fair value. The principal
accounting policies are consistent with those of the previous year, except for
the adoption of IFRIC 4 and IAS 39. Headline earnings have been calculated in
terms of Circular 8/2007 issued by SAICA for the periods presented; no change
to the previously calculated headline earnings was required as a result of
this circular.
COMMENTS ON THE RESULTS
The seasonal nature of the group`s farming operations makes comparison of the
interim figures extremely difficult.
Sugar cane - the significant increase in revenue and profits resulted from
greater tonnage harvested from the 672 ha. replanted in Mpumalanga and the
earlier harvesting in both Mpumalanga and Swaziland, and at prices similar to
last year. Total tonnage for the full financial year is estimated at a record
level of 646 000 tons.
Bananas - the reduced revenue and contribution compared to last year is mainly
due to poor yields and quality as a result of the exceptionally cold winter.
An improvement is expected in the second half of the financial year.
Citrus - although record export production of 357 000 cartons was achieved,
prices realised were disappointing, resulting in reduced earnings compared to
last year.
Grain - excellent grain prices and good growing conditions have resulted in a
substantial increase in revenue and earnings compared to the previous period.
Deciduous - improved revenue and profit is largely the result of improved
prices relative to the previous year.
Administration overheads - administration costs are lower than the previous
corresponding period due to the inclusion of several non-recurring items in
the 2006 interim results.
Capital transactions - an additional deciduous fruit farm in the Vyeboom area
of the Western Cape was acquired at the end of August 2007 for a purchase
consideration of R13,5 million. A capital profit of R2,9 million was realised
from the sale of two small grain farms during April 2007.
Prospects - the increase in interim earnings compared to the same period of
2006 is largely attributed to seasonal timing differences as noted in the
Trading Statement issued on 19 November 2007. It is expected that earnings and
headline earnings for the full year ending 31 March 2008 will be in line with
those of the previous financial year.
INTERIM DIVIDEND NO. 185
An interim dividend of 40,0 cents (2006: 35,0 cents) per share has been
declared payable to shareholders recorded in the books of the company at the
close of business on the record date, Friday, 11 January 2008.
The salient dates of the declaration and payment of this interim dividend are
as follows:
Last day to trade cum the dividend Friday, 4 January 2008
First day of trading ex the dividend Monday, 7 January 2008
Record date Friday, 11 January 2008
Payment date Monday, 14 January 2008
Share certificates may not be dematerialised or rematerialised between Monday,
7 January 2008 and Friday, 11 January 2008, both days inclusive.
For and on behalf of the board
JFC Palmer GS Clarke
Chairman Managing Director
Renishaw 29 November 2007
Registered office and postal address
Renishaw, KwaZulu-Natal
PO Renishaw, KwaZulu-Natal, 4181
Transfer secretaries
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg, 2001
Telephone 011 370 5000
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
Website
www.cbl.co.za
Directors
JFC Palmer* (Chairman), GS Clarke (Managing), P Bhengu*
CJH Chance*, JAF Hewat*, DJ Crookes*, AC Crookes*, DT Naicker*
*Non-executive director
Secretary
B Darbyshire-Roberts
Date: 29/11/2007 16:00:01 Produced by the JSE SENS Department.
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