Crookes Brothers Limited - Trading Statement
CROOKES BROTHERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1913/000290/06)
(`the company`)
Share code: CKS ISIN: ZAE000001434
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Securities Exchange South
Africa (`JSE`) relating to Trading Statements a listed company is required to
publish a trading statement as soon as it becomes aware that the financial
results for the next period to be reported on will differ by at least 20% or
more from those of the previous corresponding period.
Shareholders are advised that the company`s earnings and headline earnings for
the year ending 31 March 2005 are now expected to be between 70% and 90% lower
than the previous year.
The terms of the Accounting Statement AC 137 (Agriculture) growing crops are
required to be valued at each balance sheet date at their fair value less
estimated point-of-sale costs. Fair value is based on estimated yields, quality
standards, age and market prices. The combined effects of the strong rand on
all the company`s crops (except bananas) and the ongoing drought conditions have
reduced the company`s estimated year-end value of growing crops, and operating
income by R8,7m compared to the previous estimates contained in the interim
report.
The drought has also significantly reduced sugar, grain and banana crop volumes
and the resultant revenue in the current year.
The current wheat price in respect of the 2004 season is a disappointing 30%
lower than the 2003 season.
The information in this trading statement has not been reviewed or reported on
by the company`s auditors.
The company`s actual results for the year ending 31 March 2005 are expected to
be published on 26 May 2005.
Renishaw
25 February 2005
Sponsor
Sasfin Corporate Finance
A division of Sasfin Bank Limited
Date: 25/02/2005 04:00:14 PM
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