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CKS
CKS
Crookes Brothers Limited - Results for the Year Ended 31 March 2006
CROOKES BROTHERS LIMITED
Registration No. 1913/000290/06
Share code : CKS ISIN No: ZAE000001434
AUDITED GROUP RESULTS AND FINAL DIVIDEND DECLARATION
The audited results of the group for the year ended 31 March 2006 together with
those of the previous year are set out below :
ABRIDGED GROUP INCOME STATEMENT 31 March 31 March
(R000"s) 2006 2005**
Revenue 201469 173443
Operating profit 42326 11667
Share of profits of associate company 1 2
Investment income 312 343
Finance costs (2298) (2905)
Profit before taxation 40341 9107
Taxation (12481) (3271)
Profit after taxation 27860 5836
Number of shares in issue 12279333 12181000
Earnings per share (basic) (cents) 226,9 47,9
Earnings per share (diluted) (cents) 226,0 47,5
Dividends declared per share (cents) 110,0 45,0
Reconciliation of headline earnings
Profit after taxation 27860 5836
Profit on disposal of shares (4) (8)
Profit on disposal of property, plant and equipment (736) (1071)
Tax effect on disposal of property, plant and
equipment 218 321
Headline earnings 27338 5078
Headline earnings per share (cents) 222,6 41,7
Headline earnings per share (diluted) (cents) 221,8 41,3
**Restated for IFRS
ABRIDGED STATEMENT OF CHANGES IN EQUITY 31 March 31 March
(R000"s) 2006 2005**
Shareholders" equity at beginning of year
as previously stated 219460 230726
Effect of transition to IFRS (6512)
Restated balance 219460 224214
Changes in share capital and premium
Issue of share capital 546 495
Changes in retained earnings 23562 (5249)
Net profit attributable to shareholders 27860 5836
Ordinary dividends paid (4298) (11085)
Shareholders" equity at end of year 243568 219460
**Restated for IFRS
ABRIDGED GROUP BALANCE SHEET 31 March 31 March
(R000"s) 2006 2005**
ASSETS
Non-current assets 238121 234752
Property, plant and equipment 173828 172541
Bearer biological assets 60580 58576
Investments 3131 3097
Other non-current assets 582 538
Current assets 99921 89507
Inventories 11055 9675
Biological assets - crops and livestock 79576 67820
Trade and other receivables 9210 11944
Cash and cash equivalents 80 68
Total assets 338042 324259
EQUITY AND LIABILITIES
Ordinary shareholders" funds 243568 219460
Share capital and premium 8245 7699
Retained earnings 235323 211761
Non-current liabilities 63905 58323
Deferred taxation 45337 39416
Post-employment obligations 18568 18907
Current liabilities 30569 46476
Trade and other payables 15292 12494
Interest bearing debt - short term 15277 33982
Total equity and liabilities 338042 324259
Net asset value per share (cents) 1984 1802
**Restated for IFRS
ABRIDGED GROUP CASH FLOW STATEMENT 31 March 31 March
(R000"s) 2006 2005**
Cash generated by operations 37437 14641
Changes in working capital 1044 (4850)
Interest paid (2298) (2905)
Taxation paid (3452) (4139)
Cash flows from operations 32731 2747
Net investment activities (10262) (9233)
Net cash inflow/(outflow) before financing activities 22469 (6486)
Dividends paid (4298) (11085)
Net cash (used in )/from financing activities (18159) 17615
Net cash inflow from financing activities 12 44
Cash and cash equivalents at beginning of year 68 24
Cash and cash equivalents at end of year 80 68
Cash flow from operating activities
- per share (cents) 266,6 22,6
**Restated for IFRS
OTHER GROUP SALIENT FEATURES 31 March 31 March
(R000"s) 2006 2005**
Depreciation 9431 9564
Capital expenditure
Incurred 11787 9886
Capital commitments
- Contracted 4428 3810
- Authorised but not contracted 5465 7555
9893 11365
Contingent liabilities - -
**Restated for IFRS
SEGMENTAL ANALYSIS 31 March 31 March
(R000"s) 2006 2005**
Revenue
Sugar cane 111189 93971
Bananas 50831 41119
Citrus 8081 9322
Grain and sheep 15774 13926
Deciduous fruit 10311 9965
Crocodile farming/tourism 3636 2694
Cattle 760 1204
Other operations 887 1242
201469 173443
Operating profit
Sugar cane 41239 15990
Bananas 11703 5285
Citrus (1533) (431)
Grain and sheep 1871 266
Deciduous fruit 236 900
Crocodile farming/tourism 799 548
Cattle 5 (445)
Other operations/sundry income 1268 2156
Group administration (13262) (12602)
42326 11667
**Restated for IFRS
RECONCILIATION OF PREVIOUS GAAP TO IFRS 31 March
(R000"s) 2005
Balance sheet
Equity
As previously reported - SA GAAP 225491
IAS 19 - Post-employment benefits (6512)
IAS 16 - Property, plant and equipment
Effect of changes on income statement - current year 481
Equity restated - IFRS 219460
Income statement
Net profit as previously reported 5355
Effect of transition to IFRS 481
IAS 19 - Post-employment benefits (93)
IAS 16 - Property, plant and equipment 574
Net profit attributable to shareholders restated - IFRS 5836
Earnings per share - (basic) - as previously stated (cents) 44,0
Earnings per share - (basic) - restated (cents) 47,9
ACCOUNTING POLICIES
The financial statements have been prepared in accordance with the group"s
accounting policies which fully comply with International Financial Reporting
Standards ("IFRS"). This announcement is presented in terms of IAS 34. The
group is reporting under IFRS for the first time for the year ended 31 March
2006. Comparative figures have accordingly been restated. The impact of the
transition from South African Statements of Generally Accepted Accounting
Practice (SA GAAP) to IFRS and the requisite changes in accounting policies are
set out in the table above.
COMMENTS ON THE RESULTS
It is pleasing to report that earnings for the year ended 31 March 2006, at
R27,86m are 377% higher than the previous financial year - ( Restated for
IFRS).
A record cane crop of 618976 tons (2005: 563931 tons ) was further enhanced by
improved cane quality. These volumes were achieved despite the yields ex our
Komatipoort estates being severely impaired by the drought in that area which
has continued for three years.
Both the South African RV (Recoverable Value) and the Swaziland sucrose
prices increased by 7,1% and 7,4% respectively.
The group is benefiting from the greatly improved world sugar price which is
currently at US 17 cents/lb; this is approximately 100% higher than the
equivalent price last year.
The provisional South African RV price for the 2006/07 season is R1664 per ton
and therefore in terms of current Accounting Statements ( IAS 41 ) the
valuation of the group"s biological assets at 31 March 2006, and consequently
operating income for that year, have increased significantly.
Banana sales volumes increased by 26% to 1031272 cartons (2005 : 819768
cartons) whilst local market prices were marginally lower than the previous
year.
Citrus 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 of R1,5m for the year.
OUTLOOK
The drought in eastern Mpumalaga which has prevailed for the past three years
was finally broken in March 2006 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.
There is every indication that earnings for the 2006/07 financial year will
show further improvement on the current year"s results. Prospects for sugar
cane, the most important sector of group operations, look promising and the
company will benefit from the greatly improved world sugar price. The outlook
for other sectors is expected to be positive in the year ahead.
AUDITED RESULTS
The results for the year ended 31 March 2006 have been audited by Deloitte &
Touche. Their unqualified audit opinion is available for inspection at the
registered office of the company.
DECLARATION OF DIVIDEND NO. 182
The directors have declared a final dividend of 85,0 cents per share in respect
of the year ended 31 March 2006.
This dividend will be paid on Monday, 10 July 2006 to shareholders recorded in
the books of the company at the close of business on the record date, Friday,
7 July 2006.
The salient dates of the declaration and payment of this final dividend are as
follows :
Last day to trade cum the dividend Friday 30 June 2006
Date trading commences ex the dividend Monday 3 July 2006
Record date Friday 7 July 2006
Payment date Monday 10 July 2006
Share certificates may not be dematerialised or rematerialised between Monday,
3 July 2006 and Friday, 7 July 2006, both days inclusive.
This dividend, together with the interim dividend of 25,0 cents per share which
was declared on 29 November 2005, makes a total distribution in respect of the
year ended 31 March 2006 of 110,0 cents per share ( 2005: 45,0 cents).
For and on behalf of the Board
J F C Palmer (Chairman)
D J Crookes (Managing Director)
Renishaw 24 May 2006
Registered office and postal address
Renishaw, KwaZulu-Natal
P O Renishaw, 4181
Transfer secretaries
Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
Telephone ( 011 ) 370 5000
Website
www.cbl.co.za
Sponsor
Sasfin Capital
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 *, G S Clarke, A C Crookes *, D T Naicker *
* Non-executive director
Secretary:
B Darbyshire-Roberts
Date: 25/05/2006 03:29:39 PM Produced by the JSE SENS Department
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