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CKS
CKS
CKS - Crookes Brothers Limited - Audited group results and final dividend
declaration
CROOKES BROTHERS LIMITED
Registration No. 1913/000290/06
Share code : CKS ISIN No: ZAE000001434
AUDITED GROUP RESULTS AND FINAL DIVIDEND DECLARATION
The audited results of the group for the year ended 31 March 2008
together with those of the previous year are set out below:
ABRIDGED GROUP INCOME STATEMENT
31 March 31 March
(R000`s) 2008 2007
Revenue 246879 211670
Operating profit 61294 43614
Share of profit/(loss) of associate company 4 (8)
Investment income 772 367
Finance costs (3268) (2106)
Profit before taxation 58802 41867
Taxation (16870) (14088)
Profit for the year 41932 27779
Earnings per share (basic) (cents) 338,8 225,2
Earnings per share (diluted) (cents) 338,4 224,4
Dividends declared per share (cents) 140,0 120,0
HEADLINE EARNINGS 31 March 31 March
(R000`s) 2008 2007
Profit for the year 41932 27779
Capital profit on disposal of land and (3854) -
buildings
Profit on disposal of property, plant and (669) (395)
equipment
Tax effect on disposal of property, plant 346 116
and equipment
Headline earnings 37755 27500
Headline earnings per share (cents) 305,1 222,9
Headline earnings per share (diluted) 304,7 222,2
(cents)
ABRIDGED STATEMENT OF CHANGES IN EQUITY
31 March 31 March
(R000`s) 2008 2007
Shareholders` equity at beginning of year 257298 243568
Changes in share capital and premium
Issue of share capital 413 709
Movements in:
Share-based payment reserve 58 58
Investment revaluation reserve 4131 -
Changes in retained earnings 26454 12963
Net profit attributable to shareholders 41932 27779
Ordinary dividends paid (15478) (14816)
Shareholders` equity at end of year 288354 257298
ABRIDGED GROUP BALANCE SHEET
31 March 31 March
(R000`s) 2008 2007
ASSETS
Non-current assets 274002 248697
Property, plant and equipment 186175 174626
Bearer biological assets 77526 70283
Unlisted investments 9618 3158
Other non-current assets 683 630
Current assets 127483 106813
Inventories 15952 12332
Biological assets - crops and livestock 96538 86110
Trade and other receivables 14869 8283
Cash and cash equivalents 124 88
Total assets 401485 355510
EQUITY AND LIABILITIES
Ordinary shareholders` funds 288354 257298
Share capital and premium 9367 8954
Retained earnings 274740 248286
Investment revaluation reserve 4131 -
Share-based payment reserve 116 58
Non-current liabilities 72234 69407
Deferred taxation 55410 51564
Long-term borrowings 2800 -
Post-employment obligations 14024 17843
Current liabilities 40897 28805
Trade and other payables 15354 13147
Interest bearing borrowings - short term 25543 15658
Total equity and liabilities 401485 355510
Net asset value per share (cents) 2329 2084
ABRIDGED GROUP CASH FLOW STATEMENT
31 March 31 March
(R000`s) 2008 2007
Operating profit 61294 43614
Profit on disposal of property, plant and (4523) (395)
equipment
Non-cash items (1537) (6587)
Cash generated by operations before working 55234 36632
capital
Net outflow from changes in working capital (8958) (1749)
Interest paid (3268) (2106)
Taxation paid (12738) (8633)
Cash flows from operating activities 30270 24144
Net investment activities (27854) (10410)
Net cash inflow before financing activities 2416 13734
Net cash used in financing activities (2380) (13726)
Dividends paid (15478) (14816)
Proceeds from issue of shares 413 709
Net increase in long-term borrowings 2800 -
Net increase in short-term borrowings 9885 381
Net increase in cash and cash equivalents 36 8
Cash and cash equivalents at beginning of 88 80
year
Cash and cash equivalents at end of year 124 88
Cash flow from operating activities
- per share (cents) 244,6 195,7
OTHER GROUP SALIENT FEATURES
31 March 31 March
(R000`s) 2008 2007
Depreciation 11570 9998
Capital expenditure
Incurred 27380 11695
Capital commitments
- Contracted 5268 5716
- Authorised but not contracted 4555 9036
Contingent liabilities 497 412
Number of shares in issue 12382000 12346333
Weighted average number of shares on which
earnings per
share ( and headline earnings per share ) 12376056 12335166
are based
SEGMENTAL ANALYSIS
31 March 31 March
(R000`s) 2008 2007
Revenue
Sugar cane 142436 115216
Bananas 44978 42334
Deciduous fruit 20752 15664
Grain and sheep 18070 17402
Citrus 14692 14645
Crocodile farming/tourism 3526 3920
Cattle 1181 1502
Other operations 1244 987
246879 211670
Operating profit
Sugar cane 44578 34381
Bananas 6944 7475
Deciduous fruit 11762 4325
Grain and sheep 7962 5506
Citrus 2232 5200
Crocodile farming/tourism 1575 1132
Cattle 769 214
Other operations/sundry income 865 1034
Profit on disposal of property, plant and 4523 395
equipment
Group administration (19916) (16048)
61294 43614
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. The adoption of
new standards during the year, including
IFRS 7 : Financial Instruments, has not resulted in additional
disclosure in these abridged results.
COMMENTS ON THE RESULTS
It is pleasing to report that the company achieved record operating
profits and earnings for the year under review.
Operating profits increased by 40% to R61,3m (2007: R43,6m) and
headline earnings by 37% to R37,8m
(2007: R27,5m).
Sugar cane - a record crop of 642188 tons (2007: 558015) was further
enhanced by improved cane quality. The
South African RV price at R1702 per ton remained the same as the
previous year and the Swaziland sucrose
price increased by 11% to R1713 per
ton (2007: R1536).
Bananas - volumes of 740059 cartons were 4% lower than the previous
year (2007: 771041). Average prices per
carton were 9% higher than those of the previous year due to the
lower industry wide supply volumes.
Deciduous - a combination of higher yields and the acquisition of the
Dennebos farm contributed to record
earnings from this operation. Export prices were significantly better
than those of the previous year.
Grain - despite farming a reduced area, the contribution from this
operation improved as a result of a combination
of higher per hectare yields and product prices. The price of wheat
increased by 64% and barley by 38% from the
previous season.
Citrus - export carton sales were 18% higher and fruit quality was
exceptionally good, however export prices were
lower than the previous season.
OUTLOOK
Production volumes of all crops ( except grain ) are expected to be
higher than those achieved in the 2007/08
financial year. At this stage sugar prices are expected to be
marginally higher than the previous year. Exceptionally
high increases in input prices of fertilizer, fuel and chemicals will
have a negative imact on all operations and will
reduce the contribution from sugar cane. Other commodity price
expectations are relatively strong.
Given the abovementioned factors, it is expected that headline
earnings for the year ahead will be similar to those
of the 2007/08 financial year.
The group has been approached to consider the development of its
coastal land at Renishaw, near Scottburgh, into
alternative residential, leisure or commercial use. Consultants have
been appointed in this regard and at present
its utilisation remains for sugar
cane.
AUDITED RESULTS
The results for the year ended 31 March 2008 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. 186
The directors have declared a final dividend of 100,0 cents per share
in respect of the year ended 31 March 2008.
This dividend will be paid on Monday, 14 July 2008 to shareholders
recorded in the books of the company
at the close of business on the record date,
Friday, 11 July 2008.
The salient dates of the declaration and payment of this
final dividend are as follows :
Last day to trade cum the dividend Friday 4 July 2008
Date trading commences ex the Monday 7 July 2008
dividend
Record date Friday 11 July 2008
Payment date Monday 14 July 2008
Share certificates may not be dematerialised or rematerialised
between Monday 7 July 2008 and Friday 11 July
2008, both days inclusive.
This dividend, together with the interim dividend of 40,0 cents per
share which was declared on 28 November
2007, makes a total distribution in respect of the year ended 31
March 2008 of 140,0 cents per share
( 2007: 120,0 cents).These dividends are covered at a rate higher
than in the past and the directors consider
that this approach is warranted to enable increases to be sustained
in the light of future development prospects.
CHANGES TO THE BOARD OF DIRECTORS
Mr D T Naicker tendered his resignation as a non-executive director
of the company with effect from 20 May 2008.
Dayalan`s resignation was at the request of his employer and the
Board wish to thank him for his valuable
contribution to the company during the four years since his
appointment. The Board is pleased to announce that
Malcolm Rutherford has been appointed as a non-executive director of
the company with effect from 20 May 2008.
CAUTIONARY ANNOUNCEMENT
Shareholders are advised that;
- negotiations are in progress for the sale of the group`s farms at
Doornkop ( 1600 hectares under cultivation) and
Komatipoort ( 2450 hectares under cultivation ) in terms of the
Government`s land restitution process; and
- negotiations are in progress for the acquisition of an additional
deciduous fruit farm in the Western Cape, this
farm presently has 160 hectares
under cultivation.
- negotiations are in progress regarding the possible development of
4000 hectares of sugar cane in the SADC
region.
If these negotiations are successfully concluded, they may have a
material effect on the trading price of the
company`s securities. Accordingly, shareholders are advised to
exercise caution when dealing in the company`s
securities until a further
announcement is made.
For and on behalf of the Board
J F C Palmer (Chairman)
G S Clarke (Managing Director)
Renishaw
20 May 2008
Registered office and postal
address
Renishaw, KwaZulu-Natal
P O Renishaw, 4181
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
Transfer secretaries
Computershare Investor Services
(Pty) Ltd
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 *, G P Wayne * * Non-
executive director
Secretary:
B Darbyshire-Roberts
Date: 21/05/2008 16:00:03 Produced by the JSE SENS Department.
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