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CROOKES BROTHERS LIMITED
Registration No. 1913/000290/06
Share code : CKS ISIN No. ZAE000001434
("the company" or "the group")
UNAUDITED INTERIM REPORT
for the six months ended 30 September 2003
The seasonal nature of the group"s farming operations makes the analysis of the
interim figures extremely difficult.
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 Unaudited Audited
INCOME STATEMENT Six months ended Year ended
30 September 30 September 31 March
2003 2002 2003
(R000"s) Restated Restated
Revenue 108237 106913 179957
Operating profit before 15089 19268 26095
interest
Income from investments 35 36 37
Net interest received 136 412 2155
Profit before taxation and 15260 19716 28287
abnormal items
Abnormal items 1033 - 86
Profit before taxation 16293 19716 28373
Taxation (5208) (5618) (9976)
Profit after taxation 11085 14098 18397
Share of profits of - - 28
associate company
Net profit attributable
to shareholders 11085 14098 18425
Reconciliation of headline
earnings
Net profit attributable to 11085 14098 18425
shareholders
Profit on disposal of land (1016) - -
Profit on disposal of (17) - (86)
shares
Headline earnings 10052 14098 18339
Number of shares in issue 12091666 12000000 12000000
Headline earnings per 83.1 117.5 152.8
share (cents)
Headline earnings per 82.4 116.0 150.8
share (diluted) (cents)
Earnings per share (cents) 91.7 117.5 153.5
Earnings per share 90.8 116.0 151.6
(diluted) (cents)
Dividends declared per 50,0 37,5 100,0
share (cents)
ABRIDGED STATEMENT OF CHANGES Unaudited Audited
IN EQUITY Six months ended Year ended
30 September 30 September 31 March
2003 2002 2003
(R000"s) Restated Restated
Shareholders" equity at
beginning of period
as previously reported 222804 202296 202296
Change in accounting policy - 1621 14204 14204
AC137
Restated balance 224425 216500 216500
Changes in share capital and 509 0 0
premium
Issue of share capial 23
- -
Share premium - share option 490
scheme - -
- share (4)
issue expenses - -
Changes in retained earnings 3014 8098 7925
Net profit attributable to 11085 14098 18425
shareholders
Restatement - implementation (514)
of AC133 - -
Dividends paid (7557) (6000) (10500)
Shareholders" equity at end of 227948 224598 224425
period
ABRIDGED GROUP Unaudited Audited
BALANCE SHEET 30 September 30 September 31 March
2003 2002 2003
(R000"s) Restated Restated
ASSETS
Non-current assets 226881 185661 192969
Property,plant and equipment 173165 141124 143587
Bearer biological assets 50820 42572 45874
Investments 2067 567 2110
Other non-current assets 829 1398 1398
Current assets 99790 111824 99638
Inventories 9647 9923 10531
Biological assets - crops 47220 55508 57457
- 7490 6038 7892
livestock
Trade and other receivables 21057 20793 11893
Bank balances and cash 14376 19562 11865
Total assets 326671 297485 292607
EQUITY AND LIABILITIES
Ordinary shareholders" funds 227948 224598 224425
Non-current liabilities 49859 49822 53747
Deferred taxation 40880 37242 39555
Post-retirement medical 8979 12580 14192
obligation
Current liabilities 48864 23065 14435
Accounts payable and accruals 18583 22812 13489
Interest bearing debt - short 30281 253 946
term
Total equity and liabilities 326671 297485 292607
Net asset value per share 1885 1872 1870
(cents)
ABRIDGED GROUP Unaudited Audited
CASH FLOW STATEMENT Six months ended Year ended
30 September 30 September 31 March
2003 2002 2003
(R000"s) Restated Restated
Cash generated by operations 28961 35021 40806
Investment income 35 36 37
Net interest received 136 412 2155
Changes in working capital (4800) (6135) (1428)
Taxation paid (2981) (3236) (11049)
Cash available from operations 21351 26098 30521
Dividends paid (7557) (6000) (10500)
Cash retained from operations 13794 20098 20021
Net investment activities (41329) (9612) (17925)
Net cash inflow/(outflow) (27535) 10486 2096
Net increase/(decrease) in 30046 (20) 673
short term loans
Net increase/(decrease) in 2511 10466 2769
cash resources
Cash and cash equivalents at 11865 9096 9096
beginning of period
Cash and cash equivalents at 14376 19562 11865
end of period
Cash flow from operating
activities
- per share (cents) 176,6 217,5 254,3
OTHER GROUP SALIENT FEATURES Unaudited Audited
30 September 30 September 31 March
(R000"s) 2003 2002 2003
Depreciation 4763 4515 8901
Capital expenditure
Incurred 35557 9947 16973
Capital commitments
- Contracted 1828 2907 5488
- Authorised but not 919 406 5928
contracted
2747 3313 11416
Contingent liabilities - - -
GROUP SEGMENTAL ANALYSIS Unaudited Audited
Six months ended Year ended
30 September 30 September 31 March
(R000"s) 2003 2002 2003
Restated Restated
Operating profit before
interest
Sugar cane 17934 23210 30473
Bananas 1215 1262 3132
Citrus 1081 (2696) (79)
Grain and sheep 227 3643 6103
Deciduous fruit (123) (780) 3213
Crocodile farming/tourism (200) 88 983
Cattle 360 (53) (212)
Other operations 430 364 942
Group administration (5835) (5770) (18460)
15089 19268 26095
ACCOUNTING POLICIES
The interim financial statements have been compiled in accordance with the South
African Statements of Generally Accepted Accounting Practice and the Listings
Requirements of the JSE Securities Exchange South Africa.
The accounting policies as set out in the 2003 annual report have been
consistently applied in producing these results, except for the changes in
accounting policies as detailed below.
The group has adopted both AC133 (Financial Instruments) and AC137
(Agriculture) with effect from 1 April 2003.
As required by the statements, AC133 has been prospectively applied, whereas
AC137 has been retrospectively applied with comparative figures for the previous
year having been restated accordingly.
The group has applied the principles in AC137 since 1 April 2000 however
biological assets (except for livestock and harvested agricultural produce) were
valued at cost. As from 1 April 2003 the group is required in terms of AC137 to
value biological assets at fair value less estimated point-of sale costs. This
change has resulted in difficult subjective decisions that have to be taken in
respect of estimated fair values of unharvested crops. The substantial changes
in earnings have effected retrospectively the results for the 2003 financial
year and those for the current half year.
Unrealised profits/(losses) are therefore brought into account at the end of
each financial period instead of in the financial period in which the crops are
harvested and sold.
The impact on net profit attributable to shareholders is as follows :
Unaudited Audited
Six months ended Year ended
(R000"s) 30 September 30 September 31 March
2003 2002 2003
Profit after taxation - on 20501 26335 31008
previous basis
Decrease in net profit (9416) (12237) (12583)
attributable to shareholders
Profit from operations - (13452) (17482) (17976)
adjustment AC137
Taxation 4036 5245 5393
Restated net profit 11085 14098 18425
attributable to shareholders
Headline earnings per share - 161.0 219.5 257.7
previous basis
Headline earnings per share - 83.1 117.5 152.8
revised basis
COMMENTS ON THE RESULTS
The Board is extremely pleased to report that in all divisions volumes are
higher than those of the previous year however the strong Rand has negatively
impacted on the estimated prices of RV/sucrose, local grain, and both
citrus and deciduous fruit exports.
As a result of the abovementioned factors and the application of AC137, it is
expected that headline earnings for the current year will be similar to the
restated figures of the previous year.
The ongoing drought conditions, especially in Mpumalanga and Swaziland are a
matter of great concern. If good summer rains are not forthcoming it could have
serious consequences for the group"s earnings in the 2004/2005
financial year.
The circular to shareholders dated 12 September 2003 provided full details of
the acquisition of the Farm Seekoegat in Mpumalanga. The interim figures include
the puchase price of R30m which has been allocated to property, plant
and equipment, biological assets and interest bearing debt - short term.
WITHDRAWAL OF CAUTIONARY
Shareholders are referred to the trading update and cautionary announcement
dated 22 September 2003. As a consequence of the publication of the interim
results the cautionary is now withdrawn.
INTERIM DIVIDEND NO. 177
The company"s policy of declaring an interim dividend of 50% of the total
dividend of the previous 12 months has been followed and an interim dividend of
50,0 cents (2002: 37,5 cents) per share has been declared payable to
shareholders recorded in the books of the company at the close of business on
the record date, Friday, 9 January 2004.
The salient dates are :
Last date to trade shares cum dividend Friday 2 January 2004
Shares trade ex dividend from Monday 5 January 2004
Record date Friday 9 January 2004
Payment date Monday 12 January 2004
Share certificates may not be Dematerialised/Rematerialised between Monday, 5
January 2004 and Friday, 9 January 2004, both days inclusive.
For and on behalf of the Board
J F C Palmer (Chairman)
D J Crookes (Managing Director)
Renishaw 26 November 2003
Registered office and postal address Transfer secretaries
Renishaw, KwaZulu-Natal Computershare Limited
P O Renishaw, 4181 70 Marshall Street, Johannesburg,
2001
Telephone (011) 370 5000
Sponsor
Sasfin Corporate Finance Website
A Division of Sasfin Bank Limited www.cbl.co.za
Directors:
J F C Palmer * (Chairman), D J Crookes (Managing), P Bhengu *, P L Campbell *,
C J H Chance *, A C Crookes *
* Non-executive director
Secretary:
B Darbyshire-Roberts
Date: 26/11/2003 05:00:16 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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