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Crookes - Unaudited interim results for the six months ended 30 September 2005
Crookes Brothers Limited
Registration No. 1913/000290/06
Share code: CKS & ISIN No. ZAE000001434
("the company" or "the group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005
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.
CONDENSED GROUP Unaudited Audited
INCOME STATEMENT Six months Year ended
ended
30 September 30 31 March
September
2005 2004 2005
Restated Restated
(R000"s) for IFRS for IFRS
Revenue 113831 102768 173443
Operating profit 14473 8508 11675
Share of profits of associate company - - 2
Investment revenues 148 147 335
Finance costs (1660) (1595) (2905)
Profit before taxation 12961 7060 9107
Taxation (3893) (2919) (3271)
Profit after taxation 9068 4141 5836
Reconciliation of headline earnings
Profit after taxation 9068 4141 5836
Profit on disposal of shares (4) (8) (8)
Profit on disposal of property, plant (491) (634) (1071)
and equipment
Tax effect on disposal of property, 142 190 321
plant and equipment
Headline earnings 8715 3689 5078
Number of shares in issue 12279333 12181000 12181000
Earnings per share (cents) 73.8 34.0 47.9
Earnings per share (diluted) (cents) 73.6 33.7 47.5
Headline earnings per share (cents) 71.0 30.3 41.7
Headline earnings per share (diluted) 70.8 30.0 41.3
(cents)
Dividends declared per share (cents) 25,0 35,0 45,0
CONDENSED STATEMENT OF CHANGES Unaudited Audited
IN EQUITY Six months Year ended
ended
30 September 30 31 March
September
(R000"s) 2005 2004 2005
Shareholders" equity at beginning of
period
as previously reported 225491 230726 230726
Effect of transition to IFRS (6031) (6512) (6512)
Restated balance 219460 224214 224214
Changes in share capital and premium
Issue of share capial 546 496 495
Changes in retained earnings 7840 (2680) (5249)
Net profit attributable to shareholders 9068 4141 5836
Ordinary dividends paid (1228) (6821) (11085)
Shareholders" equity at end of period 227846 222030 219460
CONDENSED GROUP Unaudited Audited
BALANCE SHEET 30 September 30 31 March
September
2005 2004 2005
Restated Restated
(R000"s) for IFRS for IFRS
ASSETS
Non-current assets 241557 235040 234752
Property, plant and equipment 175113 175602 172541
Bearer biological assets 62785 56843 58576
Investments 3100 2078 3097
Other non-current assets 559 517 538
Current assets 85940 95082 89507
Inventories 9279 9720 9675
Biological assets - crops and livestock 57324 55156 67820
Trade and other receivables 19256 30190 11944
Cash and cash equivalents 81 16 68
Total assets 327497 330122 324259
EQUITY AND LIABILITIES
Ordinary shareholders" funds 227846 222030 219460
Share capital and premium 8245 7700 7699
Retained earnings 219601 214330 211761
Non-current liabilities 58066 55717 58323
Deferred taxation 38741 36925 39416
Post-employment liabilities 19325 18792 18907
Current liabilities 41585 52375 46476
Trade and other payables 24962 23150 12494
Interest bearing debt - short term 16623 29225 33982
Total equity and liabilities 327497 330122 324259
Net asset value per share (cents) 1856 1823 1802
CONDENSED GROUP Unaudited Audited
CASH FLOW STATEMENT Six months Year ended
ended
30 September 30 31 March
September
(R000"s) 2005 2004 2005
Cash generated by operations 25830 21294 14708
Net change in working capital 1549 (15783) (4850)
Interest paid (1660) (1595) (2905)
Taxation paid (566) (3012) (4139)
Cash flows from operations 25153 904 2814
Net investment activities (7099) (6566) (9233)
Net cash inflow/(outflow) before 18054 (5662) (6419)
financing activities
Dividends paid (1228) (6821) (11085)
Net cash (outflow)/inflow from (16813) 12475 17548
financing activities
Net (decrease)/increase in cash 13 (8) 44
resources
Cash and cash equivalents at beginning 68 24 24
of period
Cash and cash equivalents at end of 81 16 68
period
Cash flow from operations - per share 204,8 7,4 23,1
(cents)
OTHER GROUP SALIENT FEATURES Unaudited Audited
30 September 30 31 March
September
2005 2004 2005
Restated Restated
(R000"s) for IFRS for IFRS
Depreciation 4662 4658 9564
Capital expenditure
Incurred 7699 8024 9886
Capital commitments
- Contracted 826 1276 3810
- Authorised but not contracted 3105 435 7555
3931 1711 11365
Contingent liabilities - - -
GROUP SEGMENTAL ANALYSIS Unaudited Audited
Six months Year ended
ended
30 September 30 31 March
September
(R000"s) 2005 2004 2005
Revenue
Sugar cane 76942 66154 93971
Bananas 22862 17632 41119
Citrus 5053 10560 9322
Grain and sheep 2012 1097 13926
Deciduous fruit 3363 3684 9965
Crocodile farming/tourism 2516 1819 2694
Cattle 499 936 1204
Other operations 584 886 1242
113831 102768 173443
Operating profit before interest
Sugar cane 23344 13182 15990
Bananas 3798 2003 5285
Citrus (4735) 1365 (431)
Grain and sheep 246 (1044) 266
Deciduous fruit (1737) (510) 900
Crocodile farming/tourism 8 (412) 548
Cattle 89 (209) (445)
Other operations/sundry income 702 575 2156
Group administration (7242) (6442) (12594)
14473 8508 11675
RECONCILIATION OF PREVIOUS Audited Unaudited IFRS
transition
SA GAAP TO IFRS Year ended Half-year date
31 March 30 1 April
September
(R000"s) 2005 2004 2004
Balance sheet
Equity
As previously reported - SA GAAP 225491 228255 230726
IAS 19 - Post-employment benefits (6512) (6512) (6512)
( Note 1)
IAS 16 - Property, plant and equipment
( Note 2 )
Effect of changes on income statement :
Current period 481 287 -
Prior periods - - -
Equity restated - IFRS 219460 222030 224214
Income statement
Net profit as previously reported 5355 3854
Effect of transition to IFRS 481 287
IAS 19 - Post-employment benefits (93) -
( Note 1 )
IAS 16 - Property, plant and 574 287
equipment ( Note 2 )
Net profit atrributable to shareholders 5836 4141
restated - IFRS
ACCOUNTING POLICIES
The unaudited interim results of the group have been prepared in accordance with
the group"s accounting policies which fully comply with International Financial
Reporting Standards (IFRS) and the International Accounting Standard (IAS) 34 on
Interim Financial Reporting. The group is reporting under IFRS for the first
time for the year ending 31 March 2006. Comparative figures have accordingly
been restated.
The disclosures required by IFRS 1 (First-time Adoption of International
Financial Reporting Standards) concerning the transition from South African
Statements of Generally Accepted Accounting Practice (SA GAAP) to IFRS and the
requisite changes in accounting policies are set in the table above.
Note 1: Post-employment benefits
Under IFRS 1 the group has applied the option to eliminate unrecognised
actuarial losses of its retirement funds against opening retained income at the
date of transition. During the current financial period the group"s retirement
funds were actuarially valued as at 1 January 2003 ( for Financial Services
Board requirements - surplus apportionment exercise ) and as at 1 April 2004 and
1 April 2005 ( in order to incorporate the prescribed minimum benefits
introduced in terms of the Pension Funds Act ). The actuarial deficits of
R9,303m as at 1 April 2004 have been taken to retained earnings as at that date.
Future actuarial gains or losses will continue to be recognised using the
corridor method - only cumulative actuarial gains or losses in excess of 10% of
the surplus or deficit of the funds will be amortised in the income statement.
Cumulative gains or losses inside this corridor are carried on the balance sheet
and recognized over the expected remaining working lives of the employees.
The next statutory valuation will be performed as at 1 January 2006.
Note 2: Property, plant and equipment
The residual values and useful lives of fixed assets have been assessed and,
where applicable, depreciation has been adjusted accordingly.
IFRS 2: Share-based Payments
The group has elected not to apply the provisions of IFRS 2 - Share-based
Payments, to employee share option scheme awards granted on or before 7 November
2002. No share options awards have been granted after that date.
COMMENTS ON THE RESULTS
Earnings per share, at 73,8 cents for the six months ended 30 September 2005,
are, as indicated in the report given at the Annual General Meeting in July,
considerably higher than those for the six months to September 2004, (34,0
cents).
Major factors contributing to the improved results, bearing in mind that the
2004/05 financial year was the worst year for over 7 years, are:
- Sugar cane - record production together with improved prices have resulted in
operating profit increasing by 77%. This is in spite of the effect of on-going
water restictions, due to prevailing drought conditions in Mpumalanga where a
35% reduction in yields occurred. Swaziland has enjoyed a record season.
- Bananas - production in Mpumalanga is 27% higher than last year whilst local
market prices are marginally lower. This crop is being given preference over
sugar cane in respect of the limited water available.
The above was partially offset by:
- Citrus - crop yields were 18% higher and fruit quality was exceptionally good,
however the citrus industry experienced a disastrous marketing season especially
in exports to Japan which resulted in a loss in this division of R4.7m for the
period under review.
TRADING STATEMENT
A separate trading statement relating to the group"s estimated earnings and
headline earnings for the year ending 31 March 2006, will also be published on
the JSE Limited"s SENS on 30 November 2005.
INTERIM DIVIDEND NO. 181
An interim dividend of 25,0 cents (2004: 35,0 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, 13 January 2006.
The salient dates of the declaration and payment of this interim dividend are as
follows:
Last day to trade cum the dividend Friday 6 January 2006
Date trading commences ex the dividend Monday 9 January 2006
Record date Friday 13 January 2006
Payment date Monday 16 January 2006
Share certificates may not be dematerialised or rematerialised between Monday, 9
January 2006 and Friday, 13 January 2006, both days inclusive.
For and on behalf of the Board
J F C Palmer (Chairman)
D J Crookes (Managing Director)
Renishaw
29 November 2005
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 Capital
A division of Sasfin Bank Limited
Website
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-Roberts
Date: 30/11/2005 05:00:28 PM Produced by the JSE SENS Department
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