TIDMKAKU
RNS Number : 0910J
Kakuzi Ld
15 August 2019
KAKUZI PLC
EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2019
The unaudited results for the Kakuzi Group for the period of six
months to 30 June 2019 and the comparative figures for the previous
year are as follows:
Condensed Consolidated Statement of Profit or Loss
and other Comprehensive Income
30 June 30 June
2019 2018
Shs'000 Shs'000
Sales 619,463 613,118
======== ========
Profit before fair value gain
in non-current biological assets
and income tax 334,857 361,927
Fair value gain in non-current
biological assets 20,225 20,641
Profit before income tax 355,082 382,568
Income tax expense (109,501) (112,114)
-------- --------
Profit for the year 245,581 270,454
Other Comprehensive Income:
Items that are not reclassified
to profit or loss:
Remeasurement of post-employment - -
benefit obligations (net of tax)
Total comprehensive income 245,581 270,454
======== ========
Shs Shs
Earnings per share (Shs):
Basic and diluted earnings per
ordinary share 12.53 13.80
Condensed Consolidated Statement of Cash flows
30 June 30 June
2019 2018
Shs'000 Shs'000
Cash and cash equivalents at
the beginning of the year 1,500,935 1,648,749
--------- ---------
Net cash used in operating activities (86,944) (139,160)
Net cash used in investing activities (235,314) (69,430)
Net cash used in financing activities (176,400) (137,200)
Effect of exchange rate differences
on cash and cash equivalents 1,911 (5,566)
--------- ---------
Decrease in cash and cash equivalents (496,747) (351,356)
Cash and cash equivalents at
the end of the year 1,004,188 1,297,393
========= =========
Condensed Consolidated Statement of Financial Position
Audited
30 June 30 June 31 December
2019 2018 2018
Shs'000 Shs'000 Shs'000
EQUITY
Share capital 98,000 98,000 98,000
Other reserves 19,653 16,607 19,653
Retained earnings 4,621,004 4,340,683 4,375,423
Proposed dividends - - 176,400
---------- --------- -----------
Total equity 4,738,657 4,455,290 4,669,476
Non-current
liabilities 972,541 871,632 881,602
---------- --------- -----------
5,711,198 5,326,922 5,551,078
========== ========= ===========
REPRESENTED
BY
Non-current
assets 3,745,481 3,402,413 3,624,125
Current assets 1,371,745 1,292,927 815,982
Cash and cash
balances 1,004,188 1,297,393 1,500,935
Current liabilities (410,216) (665,811) (389,964
---------- --------- -----------
Net current
assets 1,965,717 1,924,509 1,926,953
---------- --------- -----------
5,711,198 5,326,922 5,551,078
========== ========= ===========
Condensed Consolidated Statement
of Changes in Equity
Share Other Retained Proposed Total
capital reserves earnings dividends Equity
Shs'000 Shs'000 Shs'000 Shs'000 Shs'000
At start of
the year 98,000 19,653 4,375,423 176,400 4,669,476
Profit for the
period - - 245,581 - 245,581
Dividends paid - - - (176,400) (176,400)
At end of period 98,000 19,653 4,621,004 - 4,738,657
OVERVIEW:
The profit before tax for the period to June 2019 was Shs 355.0
million compared to a profit of Shs 382.6 million for the same
period last year. While there was an increase in revenue from
avocado sales, lower volumes of unharvested avocado crop resulted
in a reduction in the fair value adjustment compared to the prior
period. Revenue from tea declined due to lower production and a
weak market. Macadamia results improved as a result of increased
production and firmer prices. The results were also impacted by the
write back of provisions made in prior years, amounting to Shs
103.2 million.
The sale and export of avocados, the main income stream for the
Company, has begun in earnest and whilst the market prices look to
be improved over last year, the impact of reduced volumes in
comparison to 2018 will be unknown until later in the year.
The Directors do not recommend the payment of an interim
dividend.
BY ORDER OF THE BOARD
G H MCLEAN
CHAIRMAN
14 AUGUST 2019
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END
IR BUGDISGBBGCS
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