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CKS
CKS
CKS - Crookes Brothers Limited - Trading Statement
CROOKES BROTHERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1913/000290/06)
("Crookes" or "the company")
Share code: CKS & ISIN: ZAE000001434
TRADING STATEMENT
In terms of the Listings Requirements of JSE Limited, companies are required to
publish a Trading Statement as soon as they become reasonably certain that the
financial results for the period to be reported on will differ by more than 20%
from the financial results for the previous corresponding period.
Shareholders are advised that, for the year ending 31 March 2010, the company`s
earnings per share ("eps") and headline earnings per share ("heps") are expected
to be between 55% and 75% lower than the results of the corresponding period
last year.
These changes are mainly due to the following:
Citrus - as a result of poor export prices this operation will incur a trading
loss for the year. The company has discontinued its citrus operations as from 30
November 2009. The trading loss and write-off on these discontinued operations
amount to R22 million for the year. The related land at the company`s Riversbend
Estate is now successfully under lease to Tongaat Hulett.
Deciduous fruit - although excellent yields and good quality were achieved, Rand
prices are on average 38% lower than the previous year. The accounting policy
for the valuation of deciduous fruit stock and biological assets is to value the
fruit at estimated realizable values. With the significant price decrease, stock
and biological assets at 2009 year end were subsequently realized at prices
significantly lower than the year end valuation, resulting in a negative impact
of R13 million on profit.
Due to uncertainty over the receipt of the R200 million proceeds from the sale
of the company`s Komatipoort Estate to the National Department of Land Affairs,
this trading statement excludes the R16 million accrual of interest for the year
which, if recognized, would result in eps and heps being between 35% and 55%
lower than those of the previous year.
Cash flows from operations are expected to be similar to those achieved in the
prior year.
The information in this trading statement has not been reviewed or reported upon
by the company`s auditors. The company`s results for the year ending 31 March
2010 are expected to be published on or about 25 May 2010.
Renishaw
1 March 2010
Sponsor:
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 01/03/2010 11:00:17 Produced by the JSE SENS Department.
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