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CKS
CKS
Crookes - Unaudited Interim Results for the six months ended 30 September 2006
And dividend declaration
Crookes Brothers Limited
Registration No. 1913/000290/06
Share code: CKS & ISIN: ZAE000001434
("the company" or "the group")
UNAUDITED INTERIM RESULTS
for the six months ended 30 September 2006
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.
ABRIDGED GROUP INCOME STATEMENT
Unaudited Audited
Six months ended Year ended
30 September 30 September 31 March
(R000"s) 2006 2005 2006
Revenue 119 819 113 831 201 469
Operating profit 20 946 14 473 42 326
Share of profits of
associate company - - 1
Investment income 138 148 312
Finance costs (1 342) (1 660) (2 298)
Profit before taxation 19 742 12 961 40 341
Taxation (7 190) (3 893) (12 481)
Profit after taxation 12 552 9 068 27 860
Ordinary number of shares
in issue (000"s) 12 346 12 279 12 279
Weighted average number
of shares
in issue (000"s) 12 324 12 279 12 279
Fully diluted number
of shares (000"s) 12 371 12 315 12 328
Earnings per share
(basic) (cents) 101,9 73,8 226,9
Earnings per share
(diluted) (cents) 101,5 73,6 226,0
Dividends declared
per share (cents) 35,0 25,0 110,0
HEADLINE EARNINGS
Unaudited Audited
Six months ended Year ended
30 September 30 September 31 March
(R000"s) 2006 2005 2006
Profit after taxation 12 552 9 068 27 860
Profit on disposal of shares - (4) (4)
Profit on disposal of
property, plant and equipment (420) (491) (736)
Tax effect on disposal
of property, plant
and equipment 122 142 218
Headline earnings 12 254 8 715 27 338
Headline earnings per
share (cents) 99,4 71,0 222,6
Headline earnings per
share (diluted) (cents) 99,1 70,8 221,8
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Unaudited Audited
Six months ended Year ended
30 September 30 September 31 March
(R000"s) 2006 2005 2006
Shareholders" equity
at beginning of period as
previously reported 243 568 225 491 219 460
Effect of transition to IFRS (6 031)
Restated balance 243 568 219 460 219 460
Changes in share
capital and premium
Issue of share capital 709 546 546
Changes in retained earnings 2 058 7 840 23 562
Net profit attributable
to shareholders 12 552 9 068 27 860
Ordinary dividends paid (10 494) (1 228) (4 298)
Shareholders" equity at end
of period 246 335 227 846 243 568
ABRIDGED GROUP BALANCE SHEET
Unaudited Audited
30 September 30 September 31 March
(R000"s) 2006 2005 2006
ASSETS
Non-current assets 250 322 241557 238 121
Property, plant and equipment 178 105 175113 173 828
Bearer biological assets 68 481 62785 60 580
Investments 3 131 3100 3 131
Other non-current assets 605 559 582
Current assets 106 807 85 940 99 921
Inventories 9 382 9 279 11 055
Biological assets
- crops and livestock 71 570 57 324 79 576
Trade and other receivables 25 770 19 256 9 210
Cash and cash equivalents 85 81 80
Total assets 357 129 327 497 338 042
EQUITY AND LIABILITIES
Ordinary shareholders" funds 246 335 227 846 243 568
Share capital and premium 8 954 8 245 8 245
Retained earnings 237 381 219 601 235 323
Non-current liabilities 64 163 58 066 63 905
Deferred taxation 45 423 38 741 45 337
Post-employment obligations 18 740 19 325 18 568
Current liabilities 46 631 41 585 30 569
Trade and other payables 26 955 24 962 15 292
Interest bearing debt - short
term 19 676 16 623 15 277
Total equity and liabilities 357 129 327 497 338 042
Net asset value per share (cents) 1 995 1 856 1 984
ABRIDGED GROUP CASH FLOW STATEMENT
Unaudited Audited
Six months ended Year ended
30 September 30 September 31 March
(R000"s) 2006 2005 2006
Cash generated by operations 26 253 25 830 37 437
Changes in working capital (6 674) 1 549 1 044
Interest paid (1 342) (1 660) (2 298)
Taxation paid (3 654) (566) (3 452)
Cash flows from operations 14 583 25 153 32 731
Net investment activities (9 169) (7 099) (10 262)
Net cash inflow before financing
activities 5 414 18 054 22 469
Dividends paid (10 494) (1 228) (4 298)
Net cash from/(used in)
financing activities 5 085 (16 813) (18 159)
Net cash inflow after
financing activities 5 13 12
Cash and cash equivalents
at beginning of period 80 68 68
Cash and cash equivalents
at end of period 85 81 80
SUPPLEMENTARY INFORMATION
Unaudited Audited
30 September 30 September 31 March
(R000"s) 2006 2005 2006
Depreciation 4 965 4 662 9431
Capital expenditure incurred 9 688 7 699 11 787
Capital commitments
- Contracted 997 826 4 428
- Authorised but not contracted 942 3 105 5 465
1 939 3 931 9 893
Contingent liabilities - - -
GROUP SEGMENTAL ANALYSIS
Unaudited Audited
Six months ended Year ended
30 September 30 September 31 March
(R000"s) 2006 2005 2006
Revenue
Sugar cane 77 483 76 942 111 189
Bananas 18 713 22 862 50 831
Citrus 13 965 5 053 8 081
Grain and sheep 1 097 2 012 15 774
Deciduous fruit 5 885 3 363 10 311
Crocodile farming/tourism 734 2 516 3 636
Cattle 1 370 499 760
Other operations 572 584 887
119 819 113 831 201 469
Operating profit
Sugar cane 21 386 23 344 41 239
Bananas 3 336 3 798 11 703
Citrus 3 485 (4 735) (1 533)
Grain and sheep 1 038 246 1 871
Deciduous fruit 446 (1 737) 236
Crocodile farming/tourism (341) 8 799
Cattle 217 89 5
Other operations/sundry income 717 702 1 268
Group administration (9 338) (7 242) (13 262)
20 946 14 473 42 326
ACCOUNTING POLICIES
The unaudited interim results of the group have been prepared in accordance
with IAS 34 - Interim Financial Reporting. The group"s accounting policies
comply with International Financial Reporting Standards ("IFRS") and have been
applied consistently with the policies adopted in the previous year.
COMMENTS ON THE RESULTS
Sugar cane - both the South African RV price and the Swaziland sucrose price
have benefited from the higher world sugar price as well as the more
favourable Rand/US dollar exchange rate. The improved prices are offset by the
company"s lower cane production volumes and a reduction in cane quality due to
adverse climatic conditions.
Overall group tonnage is expected to fall by 9% to 563 000 tons
(2005/06: 619 000 tons). Mpumalanga cane production is 26% lower at 108 000
tons (2005/06: 146 000 tons) due to the effect of the drought in previous
years, however production in the 2007/08 season is expected to recover to
203 000 tons.
Citrus - an excellent season was experienced following a general collapse in
export markets last year. Export volumes have increased by 20% to
288 000 cartons (2005/06: 239 000 cartons) and average export prices have
improved by 46%.
Deciduous - production volumes are expected to increase by 17% to
5 271 tons (2005/06: 4 489 tons) and export prices should be significantly
better than the previous year.
Grain - the current harvest is almost completed and overall tonnages are
expected to be similar to those of the previous year. Wheat prices are
expected to recover (by 40%) to levels received in the 2002 and 2003
harvesting seasons.
Bananas - estimated production volumes are 12% lower than last year, however
the lower sales volumes will be partially offset by improved prices.
Administration overheads - have increased due to certain non-recurring costs.
Taxation - has increased due to the higher operating profit and secondary tax
on companies paid on the significantly increased final dividend for the
2005/06 financial year of 85 cents per share (2004/05: 25 cents per share).
Prospects - the interim earnings for the current period are considerably
higher than the previous interim period, mainly due to the improved citrus
profits. However, as a result of the abovementioned factors, and as stated in
the Trading Statement issued on 22 November 2006, it is expected that earnings
and headline earnings for the full year ending 31 March 2007 will be between
210 and 230 cents per share.
INTERIM DIVIDEND NO. 183
An interim dividend of 35,0 cents (2005: 25,0 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, 12 January 2007.
The salient dates of the declaration and payment of this interim dividend are
as follows :
Last day to trade cum the dividend Friday, 5 January 2007
First day of trading ex the dividend Monday, 8 January 2007
Record date Friday, 12 January 2007
Payment date Monday, 15 January 2007
Share certificates may not be dematerialised or rematerialised between Monday,
8 January 2007 and Friday, 12 January 2007, both days inclusive.
DIRECTORATE
Mr Anthony Hewat was appointed as a non-executive director with effect from 1
October 2006.
For and on behalf of the Board
J F C Palmer G S Clarke
(Chairman) (Managing Director)
Renishaw
30 November 2006
Registered office and postal address
Renishaw, KwaZulu-Natal
PO Renishaw, KwaZulu-Natal, 4181
Transfer secretaries
Computershare Investor Services 2004 (Pty) Limited.
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), G S Clarke (Managing), P Bhengu *,
P L Campbell *, C J H Chance *, J A F Hewat *, D J Crookes *,
A C Crookes *, D T Naicker *
* Non-executive director
Secretary
B Darbyshire-Roberts
Date: 30/11/2006 04:23:08 PM Produced by the JSE SENS Department
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