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Unaudited interim results and cash dividend declaration

CROOKES BROTHERS LIMITED
Registration number: 1913/000290/06
Share code: CKS ISIN: ZAE000001434
("Crookes" or "the company" or "the group")

UNAUDITED INTERIM RESULTS and CASH DIVIDEND DECLARATION
for the six months ended 30 September 2012

CONDENSED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
                               Audited
                                                     Unaudited                 Year
                                                  Six months ended            ended
                                               30 Sept       30 Sept       31 March
(R'000)                                           2012          2011           2012

Revenue                       241 543       206 796        361 964

Operating profit                                45 717        52 297         98 345
Share of profit of associate companies                                          120
Interest/dividend income                        32 587         3 030          9 722
Finance costs                                   (1 810)       (2 503)        (3 467)
Capital items                                                                 4 627
Profit before tax                               76 494        52 824        109 347
Income tax expense                             (19 662)      (14 917)       (27 163)
Profit for the period                           56 832        37 907         82 184
Other comprehensive income/(loss)
Investment revaluation                  1 724           262         (1 516)
Exchange differences on translating
foreign operations                               4 878         5 127           (160)
Other comprehensive income/(loss) 
 for the period, net of tax                      6 602         5 389         (1 676)
Total comprehensive income
  for the period                                63 434        43 296         80 508
Profit attributable to:
Owners of the company                           53 687        34 413         78 261
Non-controlling interests                        3 145         3 494          3 923
                                                56 832        37 907         82 184
Total comprehensive income
attributable to:
Owners of the company                           60 289        39 802   76 585
Non-controlling interests                        3 145         3 494          3 923
                                                63 434        43 296         80 508
Earnings per share
Basic                            (cents)        433,5         277,9          631,9
Diluted                           (cents)        430,2         276,2          627,1
Dividends/cash distributions per share
Interim                    (cents)           80            65             65
Final                            (cents)            -             -            135
HEADLINE EARNINGS RECONCILIATION
Profit for the period attributable
  to owners of the company                      53 687       34 413          78 261
Adjusted for:
Capital profit on disposal of land,
  buildings and bearer biological assets                                     (4 627)
Profit on disposal of property,
  plant and equipment                             (681)        (397)           (436)
Tax effect of the adjustments                      139          111            (343)
Headline earnings                               53 145       34 127          72 855
Headline earnings per share       (cents)        429,1        275,6           588,3
Headline earnings per share
 (diluted)                    (cents)        425,8        273,9           583,8

CONDENSED CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY
                                                                              Audited
                                                     Unaudited                   Year
    Six months ended               ended
                                               30 Sept        30 Sept        31 March
(R'000)                                           2012           2011            2012
Balance at beginning of period                 503 595        439 056         439 056
Share-based payment reserve
  movement         131
Total comprehensive income
  for the period                                63 434         43 296          80 508
Ordinary dividends paid                        (16 720)        (8 052)        (16 100)
Total equity                                   550 309        474 300         503 595

CONDENSED CONSOLIDATED
SUPPLEMENTARY INFORMATION
                           Audited
                                                 Unaudited                       Year
                                             Six months ended                   ended
                                       30 Sept            30 Sept            31 March
(R'000)                                   2012               2011                2012
Depreciation                    8 870              6 699              13 975
Capital expenditure
 Incurred                               25 628             17 177              76 149
Capital commitments
 Contracted                              5 138             12 177               9 347
 Authorised but not contracted          53 629              7 910              53 018
   58 767             20 087              62 365
Guarantees                                  56                 56                  56
Contingent liabilities                     715                702                 715
Contingent assets *                                        25 300              28 900
Net asset value per share                4 443              3 830               4 066
Ordinary number of
 shares in issue                    12 385 000         12 385 000          12 385 000
Weighted average number
 of ordinary shares in issue        12 385 000         12 385 000          12 385 000
Weighted average number
 of diluted shares in issues        12 479 917         12 460 360          12 479 917

-The company's claim against the National Department of Land
Affairs in respect of interest payable on the proceeds of the sale of its
Komatipoort estate has been finalised.

CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION

                                               Unaudited         Audited
                                           30 Sept    30 Sept   31 March
(R'000)                                       2012       2011       2012
ASSETS
Non-current assets                   420 593    328 657    370 916
Property, plant and equipment              263 353    198 027    236 952
Bearer biological assets                   137 767    113 258    116 000
Unlisted investments                         5 256      6 881      3 769
Investment in associate companies           13 257      9 818     13 257
Unsecured loan: long term                      960        673        938
Current assets                             348 665    346 961    359 940
Inventories                                 16 563     12 853     25 467
Biological assets: crops and livestock     136 955    114 859    164 380
Trade and other receivables                100 118     59 969     43 318
Taxation                                                           1 572
Other financial assets                      81 415    128 671    101 756
Cash and cash equivalents                   13 264     30 309     19 383
Unsecured loan: short term                     350        300        500
Assets classified as held for sale                                 3 564
Total assets                               769 258    675 618    730 856
EQUITY AND LIABILITIES
Capital and reserves          550 309    474 300    503 595
Share capital and premium                    3 208      3 208      3 208
Retained earnings                          533 005    460 239    496 039
Investment revaluation reserve               5 339      5 393      3 615
Foreign currency translation reserve         1 205      1 614     (3 673)
Share-based payment reserve                    552        421  551
Shareholders' interest                     543 309    470 875    499 740
Outside shareholders in subsidiary           7 000      3 425      3 855
Non-current liabilities                    160 533    133 530    147 473
Deferred taxation                           79 156     56 809     71 456
Long-term borrowings: interest-bearing      15 889     18 260     16 373
Long-term liability: interest free          51 765     43 925     45 174
Post-employment obligations                 13 723     14 536     14 470
Current liabilities                         58 416     67 788     79 788
Trade, other payables and provisions        32 656     43 164     38 642
Short-term borrowings                       15 923     19 074     41 146
Taxation                                     9 837      5 550       
Total equity and liabilities               769 258    675 618    730 856

CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
                                                                 Audited
                                               Unaudited            Year
                                             Six months ended      ended
                                           30 Sept  30 Sept   31 March
(R'000)                                       2012       2011       2012
Operating profit for the period             45 717     52 297     98 345
Non-cash items                              23 379     13 344    (31 149)
Operating cash flows before
movements in working capital                69 096     65 641     67 196
Net outflow from changes in
working capital             (23 223)   (12 739)    (4 986)
Finance costs                               (1 810)    (2 503)    (3 467)
Taxation paid                               (2 239)    (1 003)    (5 469)
Net cash flows from operating activities    41 824     49 396     53 274
Net investing activities
Net proceeds on redemption/
(purchase) of investments                   21 002     (1 333)    24 730
Consideration on disposal of property,
plant and equipment                          1 139        774      1 035
Other net investment activities            (27 657)   (26 516)   (83 879)
Net cash flows before dividends
and financing activities                    36 308     22 321     (4 840)
Dividends paid                             (16 720)    (8 052)   (16 100)
Net (decrease)/increase in borrowings(25 707)     8 229     32 512
Net (decrease)/increase in cash
and cash equivalents                        (6 119)    22 498     11 572
Cash and cash equivalents at
beginning of period                         19 383      7 811      7 811
Cash and cash equivalents at
end of period                               13 264     30 309     19 383

CONDENSED CONSOLIDATED
GROUP SEGMENTAL ANALYSIS
                                                     Audited
                                               Unaudited            Year
                                            Six months ended       ended
                                           30 Sept    30 Sept   31 March
(R'000)                                       2012       2011       2012
Revenue
Sugar cane    181 473    154 782    225 808
Bananas                                     16 204     23 284     51 700
Deciduous fruit                             35 482     19 635     52 468
Grain and sheep                              2 371      1 887     19 450
Other operations                             6 013      7 208     12 538
                                           241 543    206 796    361 964
Operating profit
Sugar cane                                  58 822     63 589     98 700
Bananas                                     (3 161)     3 926      7 463
Deciduous fruit                                725     (5 279)    10 452
Grain and sheep                              3 258      3 415      8 059
Other operations/sundry income               3 669      2 845      4 305
Group administration                       (17 596)   (16 199)   (30 634)
                                            45 717     52 297     98 345
COMMENTS ON THE RESULTS
Headline earnings of R53,1 million for the six months ended 30 September
2012 are 56% higher than those for the same period in the previous year.
The increase is due to accounting for the settlement of the claim in
respect of interest payable on the proceeds of the sale of the group's
Komatipoort estate which amounts to R30,7 million before tax and
R22,1 million after tax. Without the additional interest income, headline
earnings would have been 8,2% lower for the period.

Operating profits are 13% lower than the corresponding period in the
previous year with each of the major segments performing as follows:

Sugar cane
Both cane and sucrose yields on our cane estates have not achieved
expectations this season, mainly due to less than optimal climatic
conditions, but the effect has been offset to some extent by better than
anticipated prices.

Bananas
After a slow start to the season, and some significant winter cold
damage, yields and quality are rapidly improving as the harvesting of
new plantations commences.

Deciduous
Good yields and prices were the feature of the 2012 season. The 2013
season offers even better prospects with excellent fruit set and good
prices on the back of the weak rand and poor harvests in Europe and
the United States of America.

Grain and sheep
Good winter rains in the Western Cape and firm prices have contributed
to good results in this division.

PROSPECTS
The Board again cautions against usinginterim figures to project full year
results, due to the varying seasonality of the diverse crops in the group's
portfolio.

Weaker but volatile exchange rates and generally stronger prices for the
group's products indicate sound shorter-term prospects.

Several significant projects are currently being implemented with the
aim of enhancing longer-term earnings:

- The expansion of the area under sugar cane by a further 500 hectares
on our existing operation at Big Bend in Swaziland, 260 hectares of
which is subject to the granting of additional water rights;

- The final phase of the expansion of the Western Cape deciduous
fruit operations, which will increase the size of this operation to
470 hectares;

- The establishment of 300 hectares of macadamia nut plantations on
long-term leased land in Gurue, Mozambique; and

- The progressing of the property development opportunities
on the Renishaw farm, with environmental impact assessment
documentation having been submitted to the authorities.

The strong balance sheet enables the funding of current project
expenditure from existing resources.

CHANGE IN SHAREHOLDING
On 5 November 2012 the company was advised that RMB Securities Pty Limited 
had sold their 30,2% shareholding in Crookes Brothers limited to Silverlands 
(SA) Plantations SARL.

INTERIM CASH DIVIDEND DECLARATION
The board is mindful of balancing growth prospects with generating
a sustainable and competitive yield to shareholders, and considers its
capital investment prospects together with seeking to at least match the
dividend yields and payout ratios of its peer group of JSE-listed food and
agricultural companies.

A gross cash dividend of 80,0 cents (2011: 65,0 cents) per share, for
the six-month period ended 30 September 2012, has been declared
payable to shareholders recorded in the books of the company at the
close of business on the record date, Friday 21 December 2012.

In respect of the interim gross cash dividend the following further
information is provided:

- The dividend has been declared from income reserves;

- Secondary tax on companies (STC) credits available amount to
  8,5174 cents per share;

- The dividend withholding tax rate is 15% resulting in a net dividend of
  69,27761 cents per share to those shareholders who are not exempt
  from the dividend withholding tax;

- Crookes' Brothers Limited's tax reference number is 9696/001/71/9; and

- The issued number of shares as at declaration date is 12 385 000.

The interim dividend will be paid on Monday 24 December 2012 to
shareholders recorded in the books of the company at close of business
on the record date, Friday 21 December 2012.

The salient dates of the declaration and payment of these dividends
are as follows:

Last day to trade cum-dividend     Thursday 13 December 2012
Shares commence trading ex-dividend                   Friday 14 December 2012
Record date                                          Friday 21 December 2012
Payment date                                          Monday 24 December 2012

Share certificates may not be dematerialised or re-materialised between
Friday 14 December 2012 and Friday 21 December 2012, both days
inclusive.

For and on behalf of the board
G P Wayne                                                 G S Clarke
Chairman                                                 Managing Director
Renishaw                                          23 November 2012

ACCOUNTING POLICIES
The unaudited interim results of the group have been prepared in
accordance with IAS 34  Interim Financial Reporting as well as the
AC 500 Standards as issued by the Accounting Practices Board, the
Listings Requirements of the JSE Limited and the requirements of the South
African Companies Act. The financial information has been prepared on
the historical cost basis except for the revaluation of available for sale
financial assets and the valuation of biological assets and share-based
payments at fair value. The principal accounting policies are consistent
with those of the previous year. 

The interim results have been prepared under the supervision of Phillip Barker 
(BA, ACMA,CGMA), the Group Financial Director of Crookes Brothers Limited.

CROOKES BROTHERS LIMITED
Registration number: 1913/000290/06 Share code: CKS
ISIN: ZAE000001434 ("Crookes" or "the company" or "the group")

REGISTERED OFFICE AND POSTAL ADDRESS
PO Renishaw, KwaZulu-Natal, 4181

TRANSFER SECRETARIES
Computershare Investor Services (Proprietary) Limited
PO Box 61051, Marshalltown, 2107

DIRECTORS
G P Wayne * (Chairman), G S Clarke (Managing), P J Barker (Financial),
P Bhengu *, C J H Chance *, J A F Hewat *, P G Joubert *, P Mnganga*,
M T Rutherford *, R E Stewart* * Non-executive director

COMPANY SECRETARY    Sponsor                   
Highway Corporate Services (Pty) Limited          Sasfin Capital 
                                                  (A division of Sasfin Bank Limited)

Date: 27/11/2012 05:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
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