| Wed 20 Nov 2002, 17:58 | | Crookes Brothers Ltd - Interim Report |
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Crookes Brothers Ltd - Interim Report
CROOKES BROTHERS LIMITED
Registration No. 1913/000290/06
Share code : CKS ISIN No. ZAE000001434
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002
The seasonal nature of the group`s farming operations makes the analysis of the
interim figures extremely difficult, especially when the interim figures can
often match or exceed the full year`s results. 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
2002 2001 2002
(R000`s) (Unaudited) (Unaudited) (Audited)
Revenue 106 913 85 568 139 472
Operating profit before interest 36 750 24 969 24 920
Income from investments 36 20 22
Net interest received 412 1 169 2 750
Profit before taxation and
abnormal items 37 198 26 158 27 692
Abnormal items - - 25
Profit before taxation 37 198 26 158 27 717
Taxation (10 863) (6 883) (9 625)
Net profit attributable to shareholders 26 335 19 275 18 092
Reconciliation of headline earnings
Net profit attributable to
shareholders 26 335 19 275 18 092
Profit on disposal of shares - - (25)
Headline earnings 26 335 19 275 18 067
Number of shares in issue (000`s) 12 000 12 000 12 000
Headline earnings per share (cents) 219,5 160,6 150,6
Earnings per share (cents) 219,5 160,6 150,8
Dividends declared per share (cents) 37,5 25,0 75,0
ABRIDGED GROUP Six months ended Year ended
CASH FLOW STATEMENT 30 Sept 30 Sept 31 March
2002 2001 2002
(R000`s) (Unaudited) (Unaudited) (Audited)
Cash generated by operations 35 021 23 798 22 462
Investment income 36 20 22
Net interest received 412 1 169 2 750
Changes in working capital (6 135) (2 912) (1 588)
Taxation paid (3 236) (2 255) (6 175)
Cash available from operations 26 098 19 820 17 471
Dividends paid (6 000) (5 280) (8 280)
Cash retained from operations 20 098 14 540 9 191
Net investment activities (9 612) (6 084) (22 987)
Net cash inflow/(outflow) 10 486 8 456 (13 796)
Net (decrease)/increase in
short-term loans (20) 15 (18)
Net increase/(decrease) in
cash resources 10 466 8 471 (13 814)
Cash and cash equivalents at
beginning of period 9 096 22 910 22 910
Cash and cash equivalents at
end of period 19 562 31 381 9 096
Cash flow from operating activities
- per share (cents) 217,5 165,2 145,6
ABRIDGED GROUP 30 Sept 30 Sept 31 March
BALANCE SHEET 2002 2001 2002
(R000`s) (Unaudited) (Unaudited) (Audited)
ASSETS
Non-current assets 244 398 213 121 232 277
Property, plant and equipment 141 124 121 005 135 812
Biological assets 101 309 88 832 94 489
Investments 567 659 578
Other non-current assets 1 398 2 625 1 398
Current assets 50 278 55 438 29 110
Total assets 294 676 268 559 261 387
EQUITY AND LIABILITIES
Ordinary shareholders` funds 222 631 206 437 202 296
Non-current liabilities 48 980 42 585 46 149
Deferred taxation 36 400 31 491 34 359
Post-retirement medical obligation 12 580 11 094 11 790
Current liabilities 23 065 19 537 12 942
Accounts payable and accruals 22 812 19 231 12 669
Interest bearing debt - short-term 253 306 273
Total equity and liabilities 294 676 268 559 261 387
Net asset value per share (cents) 1 855 1 720 1 686
ABRIDGED STATEMENT OF 30 Sept 30 Sept 31 March
CHANGES IN EQUITY 2002 2001 2002
(R000`s) (Unaudited) (Unaudited) (Audited)
Shareholders` equity at beginning
of period as previously reported 202 296 186 564 186 564
Change in accounting policies - 5 878 5 878
Prior year adjustments
- final dividends - 5 280 5 280
- STC - 598 598
Restated balance 202 296 192 442 192 442
Changes in non-distributable
reserves - (78 759) (78 717)
Transfer of realised capital profits - (78 759) (78 759)
Deferred taxation on revaluation
of properties - - 42
Changes in retained earnings 20 335 92 754 88 571
Net profit attributable to shareholders 26 335 19 275 18 092
Transfer of realised capital profits - 78 759 78 759
Ordinary dividends (6 000) (5 280) (8 280)
Shareholders` equity at end
of period 222 631 206 437 202 296
GROUP SEGMENTAL ANALYSIS Six months ended Year ended
30 Sept 30 Sept 31 March
2002 2001 2002
(R000`s) (Unaudited) (Unaudited) (Audited)
Operating profit before interest
Sugar cane 38 335 27 773 24 988
Bananas 1 594 2 450 3 396
Citrus 629 1 224 1 214
Grain and sheep (64) (698) 1 747
Deciduous fruit 1 627 (601) 2 578
Crocodile farming/tourism 88 (139) 765
Cattle (53) 34 118
Other operations 364 207 749
Group administration (5 770) (5 281) (10 635)
36 750 24 969 24 920
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 2002.
The interim financial statements are prepared in accordance, and comply with
South African Statements of Generally Accepted Accounting Practice.
COMMENTS ON THE RESULTS
The Board is pleased to report improved results for the first half of the
current year resulting from higher volumes, particularly in the sugar cane
operations, and to a small extent, better prices. The Board expect the earnings
for the full year to exceed those of the interim period.
INTERIM DIVIDEND NUMBER 175
In view of the seasonal nature of the company`s earnings, and in order to
provide shareholders with a more even dividend stream, it has been decided that
the interim dividend should be based on 50% of the previous year`s full
dividend declaration.
An interim dividend of 37,5 cents (2001/2002: 25,0 cents) per share has been
declared payable on Monday, 13 January 2003 to shareholders recorded in the
books of the company at the close of business on the record date, Friday, 10
January 2003.
The important dates pertaining to this dividend are as follows:
Last date to trade "CUM" dividend Friday 3 January 2003
Shares trade "EX" dividend Monday 6 January 2003
Record date Friday 10 January 2003
Payment date Monday 13 January 2003
Share certificates may not be dematerialised or rematerialised between Monday, 6
January 2003 and Friday, 10 January 2003, both days inclusive.
For and on behalf of the Board
JFC Palmer (Chairman) Renishaw
DJ Crookes (Managing Director) 19 November 2002
REGISTERED OFFICE AND POSTAL ADDRESS
Renishaw, KwaZulu-Natal
PO Renishaw
4181
TRANSFER SECRETARIES
Computershare Investor Services Limited
70 Marshall 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
Date: 20/11/2002 05:15:00 PM Produced by the JSE SENS Department
