Half Yearly Report

RNS Number : 6470R

Kakuzi Ld

25 August 2010

 

KAKUZI LIMITED

Extract from the Interim Financial Statements for the period of six months to 30 June 2010

The unaudited results for the Kakuzi Group for the period of six months to 30 June 2010 and the comparative figures for the previous year are as follows:

Condensed Consolidated Statement of Comprehensive Income						Condensed Consolidated Balance Sheet
	30 June 2010		30 June 2009				30 June 2010		30 June 2009		Audited 31 December 2009
	Shs’000		Shs’000				Shs’000		Shs’000		Shs’000
Sales	808,271		694,947			CAPITAL AND RESERVES ATTRIBUTABLE TO COMPANY’S EQUITY HOLDERS
Profit before finance costs and income tax	194,613		69,892			Share capital	98,000		98,000		98,000
Finance costs	(115	)	(15,071	)		Retained earnings	1,745,148		1,374,872		1,660,587
Profit before income tax	194,498		54,821			Proposed dividends	-		-		49,000
Income tax expense	(68,027	)	(37,891	)		Attributable to company’s equity holders	1,843,148		1,472,872		1,807,587
						Non-controlling interest	211,492		134,772		157,022
Profit for the period (of which Shs 76,036,000 has been dealt with in the accounts of the company)	126,471		16,930			Total equity	2,054,640		1,607,644		1,964,609
						Non-current liabilities	622,089		662,745		604,515
Other comprehensive income	-		-				2,676,729		2,270,389		2,569,124
Total comprehensive income	126,471		16,930
						REPRESENTED BY
						Non-current assets	2,363,067		2,232,985		2,254,817
Profit attributable to:
Equity holders of the company	82,777		5,182			Current assets	358,882		328,958		276,207
Non-controlling interest	43,694		11,748			Cash and cash equivalents	316,975		68,314		342,231
						Current liabilities	(341,055	)	(211,575	)	(304,131	)
Earnings per share attributable to equity     holders of the company:						Borrowings	(21,140	)	(148,293	)	-
						Net current assets	313,662		37,404		314,307
Basic and diluted earnings per stock unit (Shs)	4.22		0.26				2,676,729		2,270,389		2,569,124

Overview: 

The interim financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS).

 

The improved profit over the equivalent period last year has been due to satisfactory returns from our tea operations together with significantly reduced finance costs and a weaker Kenya Shilling. The early Avocado Fuerte seasons results were adversely affected by both volume and logistics.

 

The prospects for the Hass Avocado season are not as yet quantifiable and Tea prices have come down from last years levels.

 

In view of the above uncertainties and the need to maintain a positive cash balance for further development investment, the Directors do not recommend the payment of an Interim Dividend.

 

K W Tarplee

Chairman

25 August 2010

 

 

END

 

 

IR PGUWARUPUGAA