| Wed 21 Nov 2001, 0:00 | | Crookes Brothers Ltd - Interim Report |
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INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001
Share code: CKS ISIN number: ZAE000001434
The seasonal nature of the group's farming operations makes the analysis of
our interim figures extremely difficult, especially when the interim figures
match or exceed the full year's results or estimates. Sugar cane is
harvested between April and December, citrus - between May and August, grain
- during October and November, deciduous fruit - between January and May,
and bananas throughout the year.
ABRIDGED GROUP Six months ended Year ended
INCOME STATEMENT 30 Sept 30 Sept 31 March
2001 2000 2001
(Restated) (Restated)
(R000's) (Unaudited) (Unaudited) (Audited)
Revenue 85 568 74 239 126 751
Operating profit
before interest 24 969 18 386 16 507
Income from investments 20 259 853
Net interest received 1 169 1 053 2 690
Profit before taxation and
abnormal items 26 158 19 698 20 050
Abnormal items - 2 457 2 591
Profit before taxation 26 158 22 155 22 641
Taxation (6 883) (6 748) (4 774)
Net profit attributable
to shareholders 19 275 15 407 17 867
Reconciliation of
headline earnings
Net profit attributable
to shareholders 19 275 15 407 17 867
Profit on disposal of shares - (2 422) (2 556)
Profit on disposal of land - (35) (35)
Headline earnings 19 275 12 950 15 276
Number of shares
in issue (000's) 12 000 12 000 12 000
Headline earnings per
share (cents) 160,6 107,9 127,3
Earnings per share (cents) 160,6 128,4 148,9
Dividends declared
per share (cents) 25,0 22,0 66,0
ABRIDGED GROUP Six months ended Year ended
CASH FLOW STATEMENT 30 Sept 30 Sept 31 March
2001 2000 2001
(R000's) (Unaudited) (Unaudited) (Audited)
Cash generated
by operations 23 798 17 667 22 005
Investment income 20 259 853
Net interest received 1 169 1 053 2 690
Changes in working capital (2 912) (1 479) 220
Taxation paid (2 255) (7 596) (9 905)
Cash available
from operations 19 820 9 904 15 863
Dividends paid (5 280) (4 800) (7 440)
Cash retained from
operations 14 540 5 104 8 423
Net investment activities (6 084) (5 361) (8 107)
Net cash flow 8 456 (257) 316
Net increase in
short-term loans 15 103 19
Net increase in
cash resources 8 471 (154) 335
Cash and cash equivalents at
beginning of period 22 910 22 575 22 575
Cash and cash equivalents at
end of period 31 381 22 421 22 910
Cash flow from operating
activities - per
share (cents) 165,2 82,5 132,2
ABRIDGED GROUP 30 Sept 30 Sept 31 March
BALANCE SHEET 2001 2000 2001
(Restated) (Restated)
(R000's) (Unaudited) (Unaudited) (Audited)
ASSETS
Non-current assets 213 121 204 840 205 414
Property, plant
and equipment 121 005 118 661 120 011
Biological assets 88 832 83 142 82 114
Investments 659 537 664
Other non-current assets 2 625 2 500 2 625
Current assets 55 438 46 632 38 905
Total assets 268 559 251 472 244 319
EQUITY AND LIABILITIES
Ordinary shareholders'
funds 206 437 192 530 192 442
Non-current liabilities 42 585 41 393 40 878
Deferred taxation 31 491 33 032 30 481
Post-retirement
medical obligation 11 094 8 361 10 397
Current liabilities 19 537 17 549 10 999
Accounts payable
and accruals 19 231 17 174 10 708
Interest bearing debt
- short-term 306 375 291
Total equity and
liabilities 268 559 251 472 244 319
Net asset value per
share (cents) 1 720 1 604 1 604
GROUP SEGMENTAL ANALYSIS Six months ended Year ended
30 Sept 30 Sept 31 March
2001 2000 2001
(R000's) (Unaudited) (Unaudited) (Audited)
Operating profit
before interest
Sugar cane 27 773 22 267 27 089
Bananas 2 450 1 409 2 241
Citrus 1 224 533 (2 917)
Grain and sheep (698) 385 1 390
Deciduous fruit (601) (1 381) (489)
Crocodile farming/tourism (139) (153) (83)
Cattle 34 (201) (73)
Other operations 207 151 235
Group administration (5 281) (4 624) (10 886)
24 969 18 386 16 507
Notes
Accounting policies
The accounting policies and methods of computation followed in this interim
report are consistent with the annual financial statements for the year
ended 31 March 2001 with the exception of the adoption of the new accounting
statement on Events After The Balance Sheet Date (AC 107). In terms of this
statement, dividends proposed or declared after the balance sheet date and
related STC are not recognised as a liability at the balance sheet date.
This change in the recognition of liabilities relating to dividends has been
applied retrospectively and comparative figures have been restated.
Subsequent to the publication of the 2000 Interim Report, the accounting
treatment in respect of biological assets (growing crops and livestock) was
changed in order to adhere to certain of the principles expounded in the new
International Accounting Standard relating to agriculture. The comparative
figures for the six months ended 30 September 2000 have been restated. This
change has resulted in an increase in both the comparative operating profits
(R5,9 million) and the deferred taxation charge (R1,7 million).
The interim financial statements are prepared in accordance with and comply
with South African Statements of Generally Accepted Accounting Practice.
COMMENTS ON THE RESULTS
As mentioned in last year's Interim Report, because of the seasonal nature
of our farming operations, the analysis of our interim figures is extremely
difficult.
Apart from banana revenue, the group does not receive any income between the
months of January to March and therefore the interim operating profits will
always exceed the actual results for the full year.
As a result of a further deterioration in both sugar cane yields and
quality, it is now estimated that headline earnings for the full financial
year will be marginally higher than the previous year.
INTERIM DIVIDEND NUMBER 173
An interim dividend of 25,0 cents (2000/2001: 22,0 cents) per share has been
declared payable on Monday, 14 January 2002. The last day to trade ("CUM"
the dividend) in order to participate in the dividend will be Friday, 4
January 2002. The share will commence trading "EX" the dividend from the
commencement of business on Monday, 7 January 2002 and the record date will
be Friday, 11 January 2002.
Share certificates may not be dematerialised/rematerialised between Friday,
7 December 2001 and Friday, 21 December 2001, both days inclusive.
For and on behalf of the Board
JFC Palmer (Chairman) Renishaw
DJ Crookes (Managing Director) 20 November 2001
REGISTERED OFFICE AND POSTAL ADDRESS
Renishaw, KwaZulu-Natal
PO Renishaw 4181
TRANSFER SECRETARIES
Mercantile Registrars Limited
11 Diagonal Street, Johannesburg 2001
Tel: (011) 370-5000
Sponsor
Sasfin Bank Limited
(Registration number 1951/002280/06)
DIRECTORS: JFC Palmer (Chairman), DJ Crookes (Managing), P Bhengu,
PL Campbell, CJH Chance, AC Crookes
SECRETARY: B Darbyshire-Roberts
