CKS
CKS
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 Listing Requirements (Section 3.4 (b)) of the JSE Limited
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 upon 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 2006 are now expected to be between 380% and 400%
higher than the previous financial year - (Restated for International Financial
Reporting Standards).
The company is benefiting from the greatly improved world raw sugar price which
is currently at US 18 cents/lb. This is approximately 100% higher than the
equivalent price last year.
In 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 higher world sugar price will obviously have a positive effect on the 2006
season"s South African RV sucrose price and therefore as a result of the
abovementioned Accounting Statement, the company"s estimated year-end value of
cane growing crops, and operating income, have increased by a further R6,0m
compared to the previous estimates contained in the Trading Statement dated 23
February 2006.
The drought in eastern Mpumalanga which prevailed for the past three years was
finally broken in March when substantial rains led to the filling of both the
Maguga and Driekoppies dams. All restrictions on irrigation have now been lifted
and the replanting of all drought damaged cane fields will be completed during
the 2006 season. This will result in normal production volumes being achieved in
the 2007/08 financial year.
The information in this trading statement has not been reviewed or reported upon
by the company"s auditors. The company"s actual results for the year ending 31
March 2006 are expected to be published on 25 May 2006.
Renishaw
9 May 2006
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited.
Date: 09/05/2006 01:28:11 PM Produced by the JSE SENS Department
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