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CROOKES - UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004,
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT AND TRADING STATEMENT
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 2004, WITHDRAWAL
OF CAUTIONARY ANNOUNCEMENT AND TRADING STATEMENT
The seasonal nature of the group`s farming operations makes comparison 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 Year ended
ended
30 September 30 September 31 March
(R000`s) 2004 2003 2004
Revenue 102768 108237 181984
Operating profit before interest 8102 15089 29028
Income from investments 40 35 35
Net interest (paid)/received (1488) 136 (580)
Profit before taxation and 6654 15260 28483
abnormal items
Abnormal items - 1033 1026
Profit before taxation 6654 16293 29509
Taxation (2800) (5208) (9609)
Profit after taxation 3854 11085 19900
Share of profits of associate company - - 8
Net profit attributable
to shareholders 3854 11085 19908
Reconciliation of headline earnings
Net profit attributable to 3854 11085 19908
shareholders
Profit on disposal of shares (8) (17) (17)
Profit on disposal of property (1016) (1009)
-
Profit on disposal of plant and (634) (833) (644)
equipment
Tax effect on disposal of plant and 190 250 193
equipment
Headline earnings 3402 9469 18431
Number of shares in issue 12181000 12091666 12091666
Headline earnings per share (cents) 27.9 78.3 152.4
Headline earnings per share (diluted) 27.7 77.6 150.7
(cents)
Earnings per share (cents) 31.6 91.7 164.6
Earnings per share (diluted) (cents) 31.3 90.8 162.7
Dividends declared per share (cents) 35,0 50,0 106,0
ABRIDGED STATEMENT OF CHANGES Unaudited Audited
IN EQUITY Six months Year
ended ended
30 September 30 September 31 March
(R000`s) 2004 2003 2004
Shareholders` equity at beginning of
period
as previously reported 230726 222804 222804
Change in accounting policy - AC137 0 1621 1621
Restated balance 230726 224425 224425
Changes in share capital and premium
Issue of share capial 496 509 510
Changes in non-distributable reserves
Transfer to retained earnings - (7722)
realisation of reserves - -
Changes in retained earnings (2967) 3014 13513
Net profit attributable to 3854 11085 19908
shareholders
Ordinary dividends (6821) (7557) (13603)
Restatement - implementation of AC133 (514) (514)
-
Transfer ex non-distributable 7722
reserves - -
Shareholders` equity at end of period 228255 227948 230726
ABRIDGED GROUP Unaudited Audited
BALANCE SHEET 30 September 30 September 31 March
(R000`s) 2004 2003 2004
ASSETS
Non-current assets 234634 226881 228480
Property,plant and equipment 175196 173165 172609
Bearer biological assets 56843 50820 52933
Investments 2078 2067 2083
Other non-current assets 517 829 855
Current assets 95082 99790 85201
Total assets 329716 326671 313681
EQUITY AND LIABILITIES
Ordinary shareholders` funds 228255 227948 230726
Non-current liabilities 49086 49859 50345
Deferred taxation 39597 40880 41358
Post-retirement medical obligation 9489 8979 8987
Current liabilities 52375 48864 32610
Accounts payable and accruals 23150 18583 15364
Interest bearing debt - short term 29225 30281 17246
Total equity and liabilities 329716 326671 313681
Net asset value per share (cents) 1874 1885 1908
ABRIDGED GROUP Unaudited Audited
CASH FLOW STATEMENT Six months Year
ended ended
30 September 30 September 31 March
(R000`s) 2004 2003 2004
Cash generated by operations 21294 28961 27485
Investment income 40 35 35
Net interest (paid)/received (1488) 136 (580)
Changes in working capital (15783) (4800) 5495
Taxation paid (3012) (2981) (6924)
Cash available from operations 1051 21351 25511
Dividends paid (6821) (7557) (13603)
Net cash (outflow)/inflow from (5770) 13794 11908
operations
Net investment activities (6217) (41329) (40588)
Net cash outflow (11987) (27535) (28680)
Net cash inflow from financing 11979 30046 16839
activities
Net (decrease)/increase in cash (8) 2511 (11841)
resources
Cash and cash equivalents at 24 11865 11865
beginning of period
Cash and cash equivalents at end of 16 14376 24
period
Cash flow from operating activities
- per share (cents) 8.6 176,6 211,0
OTHER GROUP SALIENT FEATURES Unaudited Audited
30 September 30 September 31 March
(R000`s) 2004 2003 2004
Depreciation 5064 4763 9808
Capital expenditure
Incurred 8024 35557 40273
Capital commitments
- Contracted 1276 1828 3308
- Authorised but not contracted 435 919 6020
1711 2747 9328
Contingent liabilities
- - -
GROUP SEGMENTAL ANALYSIS Unaudited Audited
Six months Year
ended ended
30 September 30 September 31 March
(R000`s) 2004 2003 2004
Revenue
Sugar cane 66154 68284 100610
Bananas 17632 16245 38361
Citrus 10560 14843 13819
Grain and sheep 1097 1518 18979
Deciduous fruit 3684 4658 5557
Crocodile farming/tourism 1819 1720 2885
Cattle 936 303 494
Other operations 886 666 1279
102768 108237 181984
Operating profit before interest
Sugar cane 12857 17934 23919
Bananas 1966 1215 9872
Citrus 1375 1081 (329)
Grain and sheep (1072) 227 4866
Deciduous fruit (527) (123) 122
Crocodile farming/tourism (418) (200) 719
Cattle (209) 360 269
Other operations 575 430 2131
Group administration (6445) (5835) (12541)
8102 15089 29028
ACCOUNTING POLICIES
The interim report has been compiled in accordance with South African Statements
of Generally Accepted Accounting Practice as well as with applicable
legislation. The accounting policies are consistent with those used in the
previous year. The report has not been audited or reviewed by the company`s
auditors.
COMMENTS ON THE RESULTS
The drought conditions which prevailed throughout 2003, especially in Mpumalanga
and the dryland estates, have negatively impacted on sugar cane yields during
the current season. Grain yields were severely reduced as a result of the
adverse weather conditions experienced during the winter growing season.
The strength of the Rand has had a negative effect on prices paid for most of
the company`s crops.
Net interest paid was significantly higher for the period under review as a
result of the purchase of the Farm Seekoegat during September 2003 for R30m. As
a consequence of the above factors, headline earnings for the current interim
period are 64% lower at R3.402m. (2003: R9.469m).
TRADING STATEMENT
Despite the unfavourable weather conditions, volumes of all crops (except grain)
are expected to be similar to be similar to those of the previous year. However,
shareholders are advised that based on current estimates, earnings and headline
earnings for the year ending 31 March 2005 are expected to be between 25% and
35% lower than those of the previous financial year . This is mainly as a result
of lower estimated returns from both grain and sugar cane operations, together
with increased interest costs.
The information in this trading statement has not been reviewed or reported on
by the company`s auditors.
The year end results announcement is expected to be published on or about 26 May
2005.
WITHDRAWAL OF CAUTIONARY
Shareholders are referred to the trading statement and cautionary announcement
dated 28 July 2004. As a consequence of the publication of the interim results
the cautionary is now withdrawn.
INTERIM DIVIDEND NO. 179
In previous years, interim earnings have normally exceeded 50% of annual
earnings. In the current financial year the reverse has occurred due to the
factors set out above. As a result, the directors have digressed from the stated
policy of paying as an interim dividend, 50% of the previous 12 month dividend (
106,0 cents ), and will review the total dividend at the end of the financial
year.
An interim dividend of 35,0 cents (2003: 50,0 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, 14 January 2005.
In compliance with the requirements of STRATE, the following dates are
applicable:
Last day to trade cum the dividend Friday 7 January 2005
Date trading commences ex the dividend Monday 10 January 2005
Record date Friday 14 January 2005
Payment date Monday 17 January 2005
Certificated shareholders may not dematerialise
or rematerialise their share certificates
between
Monday, 10 January 2005 and Friday, 14 January
2005, both days inclusive.
BOARD COMPOSITION
Mr D T Naicker was appointed as a non-executive director with effect from 1
October 2004.
For and on behalf of the Board
J F C Palmer (Chairman)
D J Crookes (Managing Director)
Renishaw
01 December 2004
Registered office and postal address
Renishaw, KwaZulu-Natal
P O Renishaw, KwaZulu-Natal, 4181
Transfer secretaries
Computershare Investor Sevices 2004 (Pty) Ltd.
70 Marshall Street, Johannesburg, 2001
Telephone ( 011 ) 370 5000
Sponsor
Sasfin Corporate Finance
A division of Sasfin Bank Limited
Directors:
J F C Palmer * (Chairman), D J Crookes (Managing), P Bhengu *, P L Campbell *, C
J H Chance *, A C Crookes *, D T Naicker * * Non-executive director
Secretary:
B Darbyshire-Roberts
Website
www.cbl.co.za
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