| Thu 26 May 2005, 17:00 | | Crookes Brothers Limited - Audited group results a |
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Crookes Brothers Limited - Audited group results and final dividend declaration
Crookes Brothers Limited
Registration No. 1913/000290/06Share code : CKS ISIN No: ZAE000001434
AUDITED GROUP RESULTS AND FINAL DIVIDEND DECLARATION
The audited results of the group for the year ended 31 March 2005 together
with those of the previous year are set out below:ABRIDGED GROUP INCOME STATEMENT 31 March 31 March
2005 2004
(R000`s)
Revenue 173443 181984Operating profit before interest 10855 29028
Income from investments 79 35
Net interest paid (2649) (580)
Profit before taxation and 8285 28483abnormal items
Abnormal items 8 1026
Profit before taxation 8293 29509
Taxation (2940) (9609)Profit after taxation 5353 19900
Share of profits of associate company 2 8
Net profit attributable
to shareholders 5355 19908Reconciliation of headline earnings
Net profit attributable to shareholders 5355 19908
Profit on disposal of shares (8) (17)
Profit on disposalof property, plant and equipment (1071) (1653)
Tax effect on disposal 321 193
of property, plant and equipment
Headline earnings 4597 18431Number of shares in issue (000`s) 12181 12092
Earnings per share (cents) 44,0 164,6
Earnings per share (diluted) (cents) 43,6 162,7
Headline earnings per share (cents) 37,7 152,4Headline earnings per share (diluted) (cents) 37,4 150,7
Dividends declared per share (cents) 45,0 106,0
ABRIDGED STATEMENT OF CHANGES IN EQUITY 31 March 31 March
(R000`s) 2005 2004Shareholders` equity at beginning of year
as previously stated 230726 224425
Changes in share capital and premium
Issue of share capital 495 510Changes in non-distributable reserves
Transfer to retained earnings
- realisation of reserves - (7722)
Changes in retained earnings (5730) 13513Net profit attributable to shareholders 5355 19908
Ordinary dividends paid (11085) (13603)
Implementation of AC 133 - (514)
Transfer ex non-distributable reserves - 7722Shareholders` equity at end of year 225491 230726
ABRIDGED GROUP BALANCE SHEET 31 March 31 March
2005 2004
(R000`s)ASSETS
Non-current assets 233940 228480
Property,plant and equipment 171729 172609
Bearer biological assets 58576 52933Investments 3097 2083
Other non-current assets 538 855
Current assets 89507 85201
Total assets 323447 313681EQUITY AND LIABILITIES
Ordinary shareholders` funds 225491 230726
Non-current liabilities 51480 50345
Deferred taxation 41876 41358Post-retirement medical obligation 9604 8987
Current liabilities 46476 32610
Accounts payable and accruals 12494 15364
Interest bearing debt - short term 33982 17246Total equity and liabilities 323447 313681
Net asset value per share (cents) 1851 1908
ABRIDGED GROUP CASH FLOW STATEMENT 31 March 31 March
2005 2004(R000`s)
Cash generated by operations 14708 27485
Investment income 79 35
Net interest paid (2649) (580)Changes in working capital (4850) 5495
Taxation paid (4139) (6924)
Cash available from operations 3149 25511
Dividends paid (11085) (13603)Cash flows from operations (7936) 11908
Net investment activities (9568) (40588)
Net cash outflow (17504) (28680)
Net cash inflow from financing activities 17548 16839Net (decrease)/increase in cash resources 44 (11841)
Cash and cash equivalents at beginning of year 24 11865
Cash and cash equivalents at end of year 68 24
Cash flow from operating activities- per share (cents) 25,9 211,0
OTHER GROUP SALIENT FEATURES 31 March 31 March
2005 2004
(R000`s)Depreciation 10376 9808
Capital expenditure
Incurred 9886 40273
Capital commitments- Contracted 3810 3308
- Authorised but not contracted 7555 6020
11365 9328
Contingent liabilities - -SEGMENTAL ANALYSIS 31 March 31 March
(R000`s) 2005 2004
Revenue
Sugar cane 93971 100610Bananas 41119 38361
Citrus 9322 13819
Grain and sheep 13926 18979
Deciduous fruit 9965 5557Crocodile farming/tourism 2694 2885
Cattle 1204 494
Other operations 1242 1279
173443 181984Operating profit before interest
Sugar cane 15341 23919
Bananas 5212 9872
Citrus (410) (329)Grain and sheep 209 4866
Deciduous fruit 865 122
Crocodile farming/tourism 536 719
Cattle (445) 269Other operations 2156 2131
Group administration (12609) (12541)
10855 29028
ACCOUNTING POLICIESThe 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 used in this report are consistent with those applied in the previousyear.
COMMENTS ON THE RESULTS
Profit attributable to shareholders has declined by 73% to R5,355m as a result
of the following factors:The impact of the continuing drought in the eastern Mpumalanga region and the
associated water restrictions have resulted in cane yields on those estates
reducing from a normal 110 tons per hectare to 71 tons per hectare during the
2004 season.The South African RV sucrose price reduced by R60 to R1297 per ton and the
Swaziland sucrose price also decreased by R98 to R1287 per ton.
The strength of the Rand has had a negative effect on prices received for most
of the company`s crops.Grain yields decreased by 26% as a result of the adverse weather conditions
experienced during the period prior to harvest.
Net interest paid for the year was higher as a result of the previous year`s
purchase of the Farm Seekoegat in Mpumulanga for R30 million.OUTLOOK
Estimated volumes of all crops are expected to be significantly higher than
those achieved in the 2004/05 financial year, and for budget purposes, product
prices for all crops ( except grain ) are based on those achieved in that year.The company is very reliant on the variable prices received for its export and
local products and therefore the weaker Rand and the improved world sugar
prices will be of benefit in the forthcoming year.
As a result of the abovementioned factors, considerable earnings growth isexpected in the year ahead.
AUDITED RESULTS
The results for the year ended 31 March 2005 have been audited by Deloitte &
Touche. Their unqualified audit opinion is available for inspection at theregistered office of the company.
DECLARATION OF DIVIDEND NO. 180
In the light of the improved prospects anticipated in the year ahead the
directors have declared a final dividend of 10,0 cents per share in respect ofthe year ended 31 March 2005. This dividend will be paid on Monday, 11 July
2005 to shareholders recorded in the books of the company at the close of
business on the record date, Friday, 8 July 2005.
In compliance with the requirements of STRATE, the following datesare applicable:
Last day to trade cum the dividend Friday 1 July 2005
Date trading commences ex the dividend Monday 4 July 2005
Record date Friday 8 July 2005Payment date Monday 11 July 2005
Shareholders may not dematerialise or rematerialise shares between Monday, 4
July 2005 and Friday, 8 July 2005, both days inclusive.
This dividend, together with the interim dividend of 35,0 cents per share whichwas declared on 1 December 2004, makes a total distribution in respect of the
year ended 31 March 2005 of 45,0 cents per share ( 2004: 106,0 cents).
For and on behalf of the Board
J F C Palmer (Chairman)D J Crookes (Managing Director)
Renishaw 25 May 2005
Registered office and postal address Transfer secretaries
Renishaw, KwaZulu-Natal Computershare InvestorP O Renishaw, 4181 Services 2004 (Pty) Ltd
70 Marshall Street,
Johannesburg, 2001
Telephone ( 011 ) 370 5000Sponsor
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 *, D T Naicker * * Non-executive director
Secretary:
B Darbyshire-RobertsDate: 26/05/2005 05:00:07 PM Produced by the JSE SENS Department
