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Crookes Brothers Limited - Audited Group Results And Final Dividend Declaration
Crookes Brothers Limited
Registration number 1913/000290/06
Share code: CKS ISIN number: ZAE000001434
AUDITED GROUP RESULTS AND FINAL DIVIDEND DECLARATION
The audited results of the group for the year ended 31 March 2003 together with
those of the previous year are set out below:
ABRIDGED GROUP INCOME STATEMENT 31 March 31 March
(R000"s) 2003 2002
Revenue 179 957 139 472
Operating profit before interest 44 071 24 920
Income from investments 37 22
Net interest received 2 155 2 750
Profit before taxation and abnormal 46 263 27 692
items
Abnormal items 86 25
Profit before taxation 46 349 27 717
Taxation (15 369) (9 625)
Profit after taxation 30 980 18 092
Share of profits of associate company 28 -
Net profit attributable to 31 008 18 092
shareholders
Reconciliation of headline earnings
Net profit attributable to 31 008 18 092
shareholders
Profit on disposal of shares (86) (25)
Headline earnings 30 922 18 067
Number of shares in issue (000"s) 12 000 12 000
Earnings per share (cents) 258,4 150,8
Headline earnings per share (cents) 257,7 150,6
Dividends declared per share (cents) 100,0 75,0
ABRIDGED GROUP BALANCE SHEET 31 March 31 March
(R000"s) 2003 2002
ASSETS
Non-current assets 256 003 232 297
Property, plant and equipment 143 587 135 812
Biological assets 108 908 94 489
Investments 2 110 598
Other non-current assets 1 398 1 398
Current assets 34 289 29 090
Total assets 290 292 261 387
EQUITY AND LIABILITIES
Ordinary shareholders" funds 222 804 202 296
Non-current liabilities 53 053 46 149
Deferred taxation 38 861 34 359
Post-retirement medical obligation 14 192 11 790
Current liabilities 14 435 12 942
Accounts payable and accruals 13 489 12 669
Interest bearing debt - short-term 946 273
Total equity and liabilities 290 292 261 387
Net asset value per share (cents) 1 857 1 686
ABRIDGED GROUP 31 March 31 March
CASH FLOW STATEMENT (R000"s) 2003 2002
Cash generated by operations 40 806 22 462
Investment income 37 22
Net interest received 2 155 2 750
Changes in working capital (1 428) (1 588)
Taxation paid (11 049) (6 175)
Cash available from operations 30 521 17 471
Dividends paid (10 500) (8 280)
Cash retained from operations 20 021 9 191
Net investment activities (17 925) (22 987)
Net cash inflow/(outflow) 2 096 (13 796)
Net increase/(decrease) in
short-term loans 673 (18)
Net increase/(decrease) in cash 2 769 (13 814)
resources
Cash and cash equivalents at
beginning of year 9 096 22 910
Cash and cash equivalents at
end of year 11 865 9 096
Cash flow from operating activities
- per share (cents) 254,3 145,6
ABRIDGED STATEMENT OF 31 March 31 March
CHANGES IN EQUITY (R000"s) 2003 2002
Shareholders" equity at beginning of 202 296 186 564
year
Change in accounting policies - 5 878
Prior year adjustment - final dividend - 5 280
- STC - 598
Restated balance 202 296 192 442
Changes in non-distributable reserves - (78 717)
Transfer of realised capital profits - (78 759)
Deferred taxation on revaluation of - 42
properties
Changes in retained earnings 20 508 88 571
Net profit attributable to 31 008 18 092
shareholders
Ordinary dividends (10 500) (8 280)
Transfer of realised capital profits - 78 759
Shareholders" equity at end of year 222 804 202 296
COMMENTS
The group has delivered strong growth in agricultural production volumes,
resulting in a 29% increase in revenue and a 77% increase in operating income.
Headline earnings were 71% higher at R30,9 million.
The increase in operating income was as a result of :
- Sugar cane - earnings increased by R20,6 million to R45,6 million due to a
record 559 686 tons of cane harvested (2002: 442 585 tons). The group"s average
RV sucrose price in South Africa increased by 1% and the Swaziland sucrose price
improved by 15%.
- Grain and sheep - this operation benefited from improved grain, mutton and
wool prices, and, together with improved grain quality and yields, resulted in a
contribution to earnings of R6,1 million (2002: R1,7 million).
- Deciduous fruit - a combination of improved export prices and higher
production volumes have contributed R3,9 million to profits (2002: R2,6
million).
- Bananas - although production volumes were reduced by 24%, operating profits
were maintained at R3,3 million due to a 20% improvement in local prices.
- Citrus - a reduction in tonnage and a R1,9 million "write-off" of Swaziland
citrus trees were offset by a 20% increase in export cartons and a 14%
improvement in export prices. This operation contributed R1,9 million to
earnings (2002: R1,2 million).
- Group administration expenses, after eliminating the "abnormal" costs of R6,5
million (retirement fund deficits, post-retirement medical aid provisions and
other staff costs), increased by 12%.
ACCOUNTING POLICIES
The principal accounting policies used in this report are consistent with those
applied in the previous year and comply with South African Statements of
Generally Accepted Accounting Practice.
AUDITED RESULTS
The results for the year ended 31 March 2003 have been audited by Deloitte &
Touche. Their unqualified audit opinion is available for inspection at the
registered office of the company.
OUTLOOK
Despite increases in budgeted volumes of all crops in the coming year,
fluctuations in the value of the Rand and variable weather patterns of the past
summer could affect earnings in the year ahead.
DECLARATION OF DIVIDEND NUMBER 176
A final dividend of 62,5 cents per share has been declared in respect of the
year ended 31 March 2003 and will be paid on Monday, 14 July 2003 to
shareholders recorded in the books of the company at the close of business on
the record date, Friday, 11 July 2003.
The important dates pertaining to this dividend are as follows:
Last date to trade "CUM" dividend Friday 4 July 2003
Shares trade "EX" dividend Monday 7 July 2003
Record date Friday 11 July 2003
Payment date Monday 14 July 2003
Share certificates may not be dematerialised or rematerialised between Monday, 7
July 2003 and Friday, 11 July 2003, both days inclusive.
This dividend, together with the interim dividend of 37,5 cents per share which
was declared on 19 November 2002, makes a total distribution in respect of the
year ended 31 March 2003 of 100,0 cents per share (2002: 75,0 cents).
For and on behalf of the Board
JFC Palmer (Chairman) Renishaw
DJ Crookes (Managing Director) 29 May 2003
REGISTERED OFFICE AND POSTAL ADDRESS
Renishaw, KwaZulu-Natal
PO Renishaw
4181
TRANSFER SECRETARIES
Computershare Investor Services Limited
70 Marshall Street, Johannesburg 2001
Tel: (011) 370-7700
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
