| Wed 22 May 2002, 0:00 | | Crookes Brothers Limited - Group Audited Results |
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Crookes Brothers Limited - Group Audited Results
CROOKES BROTHERS LIMITED
Registration number 1913/000290/06
Share code: CKS ISIN number: ZAE000001434
AUDITED GROUP RESULTS AND DIVIDEND DECLARATION
The audited results of the group for the year ended 31 March 2002 together
with those of the previous year are set out below:
ABRIDGED GROUP
INCOME STATEMENT 31 March 31 March
2002 2001
(R000`s) (Restated)
Revenue 139 472 126 751
Operating profit before interest 24 920 16 507
Income from investments 22 853
Net interest received 2 750 2 690
Profit before taxation and abnormal items 27 692 20 050
Abnormal items 25 2 591
Profit before taxation 27 717 22 641
Taxation (9 625) (4 774)
Net profit attributable to shareholders 18 092 17 867
Reconciliation of headline earnings
Net profit attributable to shareholders 18 092 17 867
Profit on disposal of shares (25) (2 556)
Profit on disposal of land - (35)
Headline earnings 18 067 15 276
Number of shares in issue (000`s) 12 000 12 000
Headline earnings per share (cents) 150,6 127,3
Dividends declared per share (cents) 75,0 66,0
ABRIDGED GROUP
BALANCE SHEET 31 March 31 March
2002 2001
(R000`s) (Restated)
ASSETS
Non-current assets 232 277 205 414
Property, plant and equipment 135 812 120 011
Biological assets 94 489 82 114
Investments 578 664
Other non-current assets 1 398 2 625
Current assets 29 110 38 905
Total assets 261 387 244 319
EQUITY AND LIABILITIES
Ordinary shareholders` funds 202 296 192 442
Non-current liabilities 46 149 40 878
Deferred taxation 34 359 30 481
Post-retirement medical obligation 11 790 10 397
Current liabilities 12 942 10 999
Accounts payable and accruals 12 669 10 708
Interest bearing debt - short-term 273 291
Total equity and liabilities 261 387 244 319
Net asset value per share (cents) 1 686 1 604
ABRIDGED GROUP 31 March 31 March
CASH FLOW STATEMENT 2002 2001
(R000`s) (Restated)
Cash generated by operations 22 462 22 005
Investment income 22 853
Net interest received 2 750 2 690
Changes in working capital (1 588) 220
Taxation paid (6 175) (9 905)
Cash available from operations 17 471 15 863
Dividends paid (8 280) (7 440)
Cash retained from operations 9 191 8 423
Net investment activities (22 987) (8 107)
Net cash (outflow)/inflow (13 796) 316
Net (decrease)/increase in short-term loans (18) 19
Net (decrease)/increase in cash resources (13 814) 335
Cash and cash equivalents at beginning of
year 22 910 22 575
Cash and cash equivalents at end of year 9 096 22 910
Cash flow from operating activities -
per share (cents) 145,6 132,2
ACCOUNTING POLICIES
Except as mentioned below, the accounting policies used to prepare the
financial statements are consistent with those used in the preparation of
the 2001 annual financial statements. The financial statements have been
prepared in accordance with South African Statements of Generally Accepted
Accounting Practice. During the year the company implemented Generally
Accepted Accounting Statement AC 107, Events After the Balance Sheet Date.
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.
COMMENTS ON THE RESULTS
The group achieved satisfactory results for the year with revenue increasing
by 10% and headline earnings by 18% on the previous year`s restated figure
of R15,3 million.
The 51% increase in operating income was as a result of:
* Sugar cane - earnings were reduced by R2,1 million due to an 18% reduction
in both cane and sucrose yields, partially offset by increased prices in
both South Africa and Swaziland.
* Bananas - despite lower prices, increased production volumes resulted in
an improvement in earnings of R1,2 million.
* Citrus - a return to a normal export marketing season resulted in a
contribution to earnings of R1,2 million (2001: R2,9 million loss).
* Deciduous fruit - a combination of improved export prices and the correct
variety mix contributed R2,6 million to profits (2001: R0,5 million loss).
* Grain and sheep - this operation benefited from improved prices and
contributed R1,7 million to earnings (2001: R1,4 million).
Income tax provisions, including deferred taxation, at R9,6 million, are
more than double those in 2001 when the group benefited from a reduction in
Swaziland tax rates.
PROSPECTS
At this early stage the year ahead looks promising providing normal weather
conditions prevail.
All divisions of the group have budgeted improved and positive contributions
to operating income for the year ending 31 March 2003.
The directors are therefore confident of a continuation in the real growth
of earnings per share.
DECLARATION OF DIVIDEND NUMBER 174
A final dividend of 50,0 cents per share has been declared in respect of the
year ended 31 March 2002 and will be paid on Monday, 15 July 2002 to
shareholders registered in the books of the company at the close of business
on the record date, Friday, 12 July 2002.
The important dates pertaining to this dividend are as follows:
Last date to trade "CUM" dividend Friday 5 July 2002
Shares trade "EX" dividend Monday 8 July 2002
Record date Friday 12 July 2002
Payment date Monday 15 July 2002
Share certificates may not be dematerialised or rematerialised between
Monday, 1 July 2002 and Friday, 12 July 2002, both days inclusive.
This dividend together with the interim dividend of 25,0 cents per share
paid on 14 January 2002, makes a total distribution for the year of 75,0
cents per share (2001: 66,0 cents).
For and on behalf of the Board
JFC Palmer (Chairman) Renishaw
DJ Crookes (Managing Director) 22 May 2002
REGISTERED OFFICE AND POSTAL ADDRESS
Renishaw, KwaZulu-Natal
PO Renishaw
4181
TRANSFER SECRETARIES
Computershare Investor Services 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
