Kakuzi Ld Half-year Report (0481G)

TIDMKAKU

RNS Number : 0481G

Kakuzi Ld

03 August 2016

 
                KAKUZI LIMITED 
 
 
 EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS 
 FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2016 
 
  The unaudited results for the Kakuzi Group 
 for the period of six months to 30 June 2016 
 and the comparative figures for the previous 
             year are as follows: 
 
 
       Condensed Consolidated Statement of Comprehensive 
                             Income 
 
                                                       Restated 
                                          30 June       30 June 
                                             2016          2015 
                                          Shs'000       Shs'000 
 
 Sales                                    437,347       420,173 
                                        =========   =========== 
 
 (Loss)/Profit before fair 
  value gain in Biological 
  assets and income tax                  (109,297)      (33,858) 
 Fair value gain in Biological 
  assets                                   57,693        37,411 
 (Loss)/Profit before income 
  tax                                     (51,604)        3,553 
 Income tax credit/(expense)               16,366        (1,117) 
                                        ---------   ----------- 
 (Loss)/Profit for the period             (35,238)        2,436 
 
 Other Comprehensive Income                     -             - 
 Total comprehensive (Loss)/income        (35,238)        2,436 
                                        =========   =========== 
 
 Total comprehensive (loss)/income 
  attributable to 
 equity holders of the company:           (35,238)        2,436 
                                        =========   =========== 
 
                                              Shs           Shs 
 Earnings per share attributable 
  to equity holders of the 
  company: 
 Basic and diluted earnings 
  per stock unit                            (1.80)         0.12 
 
 
         Condensed Consolidated Statement of Financial 
                            Position 
                                         Restated      Restated 
                              30 June     30 June   31 December 
                                 2016        2015          2015 
                              Shs'000     Shs'000       Shs'000 
 
 EQUITY 
 Share capital                 98,000      98,000        98,000 
 Other reserves                 8,936       3,981         8,936 
 Retained earnings          3,135,304   2,811,683     3,170,542 
 Proposed dividends                 -           -        98,000 
                            ---------   ---------   ----------- 
 Total equity               3,242,240   2,913,664     3,375,478 
 Non-current liabilities      699,444     699,653       712,787 
                            ---------   ---------   ----------- 
                            3,941,684   3,613,317     4,088,265 
                            =========   =========   =========== 
 REPRESENTED BY 
 Non-current assets         2,922,894   2,676,157     2,833,891 
                            ---------   ---------   ----------- 
 
 Current assets               634,409     503,175       448,150 
 Cash and cash balances       731,663     665,083     1,175,434 
 Current liabilities         (347,282  ) (231,098)     (369,210) 
 Net current assets         1,018,790     937,160     1,254,374 
                            3,941,684   3,613,317     4,088,265 
                            =========   =========   =========== 
 
 
 
Overview: 
 
 The above is an extract from the interim financial 
 statements which have been prepared in accordance 
 with the International Financial Reporting 
 Standards (IFRS). 
 
 The company has fully adopted the amendments 
 to the International Accounting Standard (IAS) 
 41 - Agriculture and our permanent plantings 
 are now classified under IAS 16 - property, 
 plant and equipment as bearer plants to be 
 depreciated over their expected useful life. 
 This has resulted in the original reported 
 profit before tax for the six month period 
 to 30th June 2015 of Ksh 63.8 million being 
 restated to Ksh 3.5 million. 
 The loss before tax for the period under review 
 is Ksh 51.6 million. This somewhat disappointing 
 result has been mainly due to lower tea prices, 
 lower livestock sales and the delay of macadamia 
 sales due to awaiting completion of the cracking 
 facility construction. 
 To predict financial performance for the year 
 is impossible at this stage with the irregularities 
 of supply and demand together with exchange 
 rates to contend with. 
 
 The Directors do not recommend the payment 
 of an Interim Dividend. 
 
 
 BY ORDER OF THE BOARD 
 
 K W TARPLEE 
 CHAIRMAN 
 02 August 2016 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR BLGDIXBGBGLD

(END) Dow Jones Newswires

August 03, 2016 02:00 ET (06:00 GMT)