RNS Number : 4947W
Kakuzi Ld
19 August 2020
 

KAKUZI PLC

 

 

EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2020

The unaudited results for the Kakuzi Group for the period of six months to 30 June 2020 and the comparative figures for the previous year are as follows:    

Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

30 June 2020

 

30 June 2019

 

 

 

 

 

Shs'000

 

Shs'000

 

 

 

 

 

 

 

 

 

 

  Sales

 

 

889,909

 

619,463

 

 

 

 

 

 

 

 

 

 

  Profit before fair value gain in non-current biological assets and income tax

 

 

186,022

 

334,857

 

 

  Fair value gain in non-current biological assets

 

 

18,095

 

20,225

 

 

 

 

 

 

 

 

 

 

  Profit before income tax

 

 

204,117

 

355,082

 

 

  Income tax credit/(expense)

 

 

68,670

 

(109,501

)

 

 

 

 

 

 

 

 

 

  Profit for the period

 

 

272,787

 

245,581

 

 

 

 

 

 

 

 

 

 

  Other Comprehensive Income:

 

 

 

 

 

 

 

  Items that are not reclassified to profit or loss:

 

 

 

 

 

 

 

  Remeasurement of post-employment benefit obligations (net of tax)

 

 

-

 

-

 

 

  Total comprehensive income

 

 

272,787

 

245,581

 

 

 

 

 

 

 

 

 

 

 

 

 

Shs

 

Shs

 

 

  Earnings per share (Shs):

 

 

 

 

 

 

 

  Basic and diluted earnings per ordinary share

 

 

13.92

 

12.53

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statement of Cash flows

 

 

 

 

 

 

 

 

 

 

 

 

 

30 June 2020

 

30 June 2019

 

 

 

 

 

Shs'000

 

Shs'000

 

 

 

 

 

 

 

 

 

 

  Cash and cash equivalents at the beginning of the year

 

 

1,696,130

 

1,500,935

 

 

 

 

 

 

 

 

 

 

  Net cash used in operating activities

 

 

(226,022

)

(86,944

)

 

  Net cash used in investing activities

 

 

(195,489

)

(235,314

)

 

  Net cash used in financing activities

 

 

(274,413

)

(176,400

)

 

  Effect of exchange rate differences on cash and cash equivalents

 

 

12,856

 

1,911

 

 

  Decrease in cash and cash equivalents

 

 

(683,068

)

(496,747

)

 

 

 

 

 

 

 

 

 

  Cash and cash equivalents at the end of the year

 

 

1,013,062

 

1,004,188

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statement of Financial Position

 

 

 

 

 

 

 

 

 

Audited

 

 

 

 

 

 

30 June 2020

 

30 June 2019

 

31 December 2019

 

 

 

 

 

 

Shs'000

 

Shs'000

 

Shs'000

 

  EQUITY

 

 

 

 

 

 

 

 

 

 

  Share capital

 

 

 

 

98,000

 

98,000

 

98,000

 

  Other reserves

 

 

 

 

31,463

 

19,653

 

31,463

 

  Retained earnings

 

 

 

 

5,087,249

 

4,621,004

 

4,814,462

 

  Proposed dividends

 

 

 

 

-

 

-

 

274,400

 

  Total equity

 

 

 

 

5,216,712

 

4,738,657

 

5,218,325

 

  Non-current liabilities

 

 

 

 

914,503

 

972,478

 

1,007,047

 

 

 

 

 

 

6,131,215

 

5,711,135

 

6,225,372

 

  REPRESENTED BY

 

 

 

 

 

 

 

 

 

 

  Non-current assets

 

 

 

 

3,920,666

 

3,745,481

 

3,868,015

 

 

 

 

 

 

 

 

 

 

 

 

  Current assets

 

 

 

 

1,568,992

 

1,371,745

 

896,890

 

  Cash and cash balances

 

 

 

 

1,013,062

 

1,004,188

 

1,696,130

 

  Current liabilities

 

 

 

 

(371,505

)

(410,279

)

(235,663

)

  Net current assets

 

 

 

 

2,210,549

 

1,965,654

 

2,357,357

 

 

 

 

 

 

6,131,215

 

5,711,135

 

6,225,372

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statement of Changes in Equity

 

 

 

 

 

 

Share

capital

 

Other reserves

 

Retained earnings

 

Proposed dividends

 

Total Equity

 

 

Shs'000

 

Shs'000

 

Shs'000

 

Shs'000

 

Shs'000

 

 

 

 

 

 

 

 

 

 

 

 

  At start of the year

98,000

 

31,463

 

4,814,462

 

274,400

 

5,218,325

 

 

 

 

 

 

 

 

 

 

 

 

  Profit for the period

-

 

-

 

272,787

 

-

 

272,787

 

  Dividends paid

-

 

-

 

-

 

(274,400

)

(274,400

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  At end of period

98,000

 

31,463

 

5,087,249

 

-

 

5,216,712

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESULTS:

 

The profit before tax for the period to June 2020 was KSh 204.1 million compared to a profit of KSh 355.1 million for the same period last year. This is principally due to a financial provision write back in 2019.

 

During the first half of the year, avocado profits are on a par with 2019, macadamia profits are greater, and our tea operations made an operating loss of KSh 11.3 million compared to a loss of KSh 1.1 million in 2019.

 

The profit after tax for the period to 30 June 2020 was KSh 272.8 million compared to a profit of KSh 245.5 million for the same period last year. This is principally due to the release of deferred tax provision in view of the reduction of the Corporate tax rate to 25% from 30% by the Government.

 

The Directors do not recommend the payment of an interim dividend.

 

BY ORDER OF THE BOARD

 

G H MCLEAN

CHAIRMAN                                                                                                             

18 AUGUST 2020                   


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