CROOKES BROTHERS LIMITED - Year end results

Release Date: 12/06/2018 17:00
Code(s): CKS
 
Wrap Text
Year end results

CROOKES BROTHERS LIMITED 
(Incorporated in the Republic of South Africa)
Registration No. 1913/000290/06
Share code : CKS      ISIN No: ZAE000001434
("Crookes Brothers" or "the company" or "the group")

PRELIMINARY SUMMARISED AUDITED GROUP RESULTS
FOR THE YEAR ENDED 31 MARCH 2018

Commentary

The 2018 financial year has been extremely difficult. Although the group made a strong
recovery from the effects of the drought in the cane growing areas, the dramatic
decline in the cane price in South Africa as well as the continuation of the drought in
the Western Cape, severely impacted financial results.

Revenue from farming operations decreased by 8 % to R608 million (2017: R664 million)
on the prior corresponding year. Operating profit consequently decreased to R3 million
(2017: R125 million), with 76 % of the decrease coming from our cane segment. Cash
generated by operations decreased by 78% to R23 million (2017: R102 million).

Additional short-term cash facilities were utilised for ongoing projects, mainly in the
Mozambique macadamia and Renishaw property developments, in line with our
long term plans. Our total borrowings increased by R171 million for the year ended 
31 March 2018, giving rise to an increased net interest cost of R15 million (2017: 
R3.5 million net interest received).

The group recorded a headline loss of 50.6 cents per share (2017: Headline earnings
424.1 cents per share).

Operations Sugar

Sugar cane production dropped by 6 % to 556 000 tons in the aftermath of the drought,
while the SA RV price dropped by 15% compared to the prior year to R4187 per ton.
Revenue from cane decreased by 13% to R300 million (R 2017 R343 million).

The current low sugar prices also resulted in a significant reduction in the fair value of our
standing crop at 31 March 2018, despite the additional area planted during the year,
further impacting profits. Sugar cane operating profit decreased by 68% to R44 million
(2017: R137 million) as a result of these factors.

The adverse sugar price resulted from low international sugar prices, exacerbated by a
strong rand and a delayed import tariff adjustment.

We are hopeful that the low sugar price in South Africa will be rectified as an application
submitted by the South African Sugar Association, for a revision of the import tariff, has
reportedly been well received by Government.

Deciduous

As the year-end falls in the middle of the deciduous harvest, the 2018 (financial year)
results for deciduous fruit take into account the final results for the 2017 season as well
as expectations for the 2018 season. In both seasons, crop quality and to a lesser extent
yields were affected by drought. Deciduous production declined by 7% and the price
by 6 %, the latter largely due to the impact of the dry conditions on fruit quality.

Selling prices have not increased appreciably in nominal Rand terms in the past 5 years,
putting pressure on deciduous profits. The loss from this division increased to R20.4 million
from R10.4 million in the prior year.

Macadamia Nuts

The past year marked the beginning of production at Murrimo Macadamia, with 52 tons
dry nut in shell (DNIS) harvested in April/May 2017 and 200 tons DNIS harvested in 2018.
This project, which generated an operating profit of R5.5 million (2017: R2.3 million) is
running 40% ahead of the original yield estimates from our feasibility study, with
production set to grow exponentially over the next 5 years.

Banana Segment

The banana division continued to deliver good results, although operating profit
decreased by 27% to R28 million (2017: R38 million) following an exceptional 2017 prior-
year, marked by strong banana prices as a result of the drought. Production was up 8 %
on the prior year to 17 496 tons but prices declined by 16% to R6 760 per ton.

Banana prices have stabilised somewhat in 2018, but look set to remain at elevated
levels for the next year, while the drought persists in Southern Mozambique.

Renishaw property development

The Renishaw Hills mature lifestyle village of 512 units, set to be built over the next 8 years,
recorded revenue of R50 million in this financial year, with an operating loss of R 1 million,
which is as a result of initial sales being competitively priced in order to create traction
for the development. Later phases have been sold-out at higher prices.

The Renishaw Hills development consumed group working capital of R 100 million over
the past year in line with our plans. Additional working capital of R 14 million will be
required in the next year.

Prospects

Performance over the next 12 months will largely depend on the expected recovery of
the South African RV sugar price. As noted we are hopeful that the tariff will be
amended in the short term.

Long-term prospects in the deciduous sector are critically dependent on the water
supply situation in the Western Cape. Good early rains have been experienced this
season, giving some hope of relief from the devastating drought.

Macadamias are set to make an increasing contribution over the next 12- 24 months, as
the orchards mature. We expect the bananas to continue to perform well as produce
in the local market remains in short supply.

We are pleased to report that the long-running land claim case at Renishaw has been
resolved in our favour, offering opportunities to unlock value from sales of developable land.

Capital Expenditure and financing Activities

Despite the difficult prevailing conditions, the group has continued to invest in the future.
During the year R172 million was invested (2017: R189 million), mainly in the development
of our macadamia and property projects, in line with our long term plans.

This level of investment necessitated that we arrange additional short term facilities of R
50 million at year end, and a further R60 million 3 year term facility subsequent to year
end. With these development projects nearing completion additional capital and
project expenditure as well as working capital will be limited to R 69 million for the 2019
financial year.

CASH DIVIDEND DECLARATION

Given the subdued performance of the group over the past year, the board
of directors, ("the board") has, resolved not to declare a final dividend for year
ended 31 March 2018.

BASIS OF PREPARATION

The preliminary summarised consolidated financial statements are
prepared in accordance with the requirements of the JSE Listings
Requirements ("Listings  Requirements") for preliminary reports, and the
requirements of the Companies Act of South Africa applicable to summarised
financial statements. The Listings Requirements require preliminary reports 
to be prepared in accordance with the framework concepts and the
measurement and recognition requirements of International Financial
Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Pronouncements as issued by the
Financial Reporting Standards Council, and to also, as a minimum, contain the
information required by IAS 34, Interim Financial Reporting. The accounting
policies applied in the preparation of the consolidated annual financial
statements, from which the summarised consolidated financial statements were
derived, are in terms of IFRS and are consistent with the accounting policies applied
in the preparation of the 31 March 2017 consolidated annual financial statements.

The results have been prepared by N Naidoo CA(SA), assisted by Melani De Castro
CA(SA) under the supervision of GL Veale CA(SA), the group financial director.

The financial information has been prepared on the historical cost basis except for the
valuation of biological assets, investment property, certain financial instruments and
share- based payments, which are at fair value.

AUDITED RESULTS

These preliminary summarised consolidated financial statements for the year ended
31 March 2018 have been audited by Deloitte & Touche who expressed an
unmodified opinion thereon. The auditor has expressed an unmodified opinion on
the consolidated annual financial statements from which these preliminary
summarised consolidated financial statements were derived.

A copy of the auditor's report on the preliminary summarised consolidated financial
statements and of the auditor's report on the consolidated annual financial
statements are available for inspection at the company's registered office, together
with the financial statements identified in the respective auditor's reports.
The auditor's report does not necessarily report on all the information contained in
the financial results. Shareholders are therefore advised that in order to obtain a full
understanding of the nature of the auditor's engagement they should obtain a copy
of the auditor's report together with the accompanying financial information from
the company's registered office.

CHANGES TO THE BOARD OF DIRECTORS

Malcolm Rutherford was appointed as audit committee chairman on the 24 August 2017. Rodger Stewart was 
appointed as risk committee chairman on the 24 August 2017.

Tasneem Abdool- Samad was appointed to the board as a non- executive director on 6 June 2017 and 
Anthony Hewitt retired from the board on the 28 July 2017.


NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given to shareholders as recorded in the company's securities register on
Thursday, 14 June 2018 that the 105th annual general meeting of shareholders of Crookes
Brothers Limited ("Crookes Brothers" or "the company"), in respect of the financial year ended
31 March 2018 will be held at the Community Centre, Renishaw Hills, Scottburgh, 4181
on Friday, 27 July 2018. The proceedings will commence with a tour of the Renishaw
Hills Development at 10h00 thereafter the annual general meeting will be held at 11h00
("the annual general meeting"). The annual report be will published on or about 29 June 2018.

For and on behalf of the board

John Barton                                                Guy Clarke
Chairman                                                   Managing Director 

Durban

12 June 2018

Registered office and postal address
170 Flanders Drive, Mount Edgecombe, KwaZulu-Natal, 4300
PO Box 611, Mount Edgecombe, KwaZulu-Natal, 4300

Website
www.cbl.co.za

Transfer secretaries
Computershare Investor Services (Pty) Ltd
PO Box 61051, Marshalltown, 2107

Sponsor
Sasfin Capital Group
A member of Sasfin Bank Limited

Directors
JR Barton* (Chairman), GS Clarke (Managing), RGF Chance*, TJ Crookes*, 
TK Denton*#, T Abdool –Samad *, P Mnganga*, MT Rutherford*, RE Stewart*,
G Vaughan-Smith*#, GL Veale (Financial)

* Non-executive director   #British

Company secretary
Highway Corporate Services (Pty) Limited

PRELIMINARY SUMMARISED AUDITED GROUP RESULTS
FOR THE YEAR ENDED 31 MARCH 2018 AND FINAL DIVIDEND DECLARATION

The audited results of the group for the year ended 31 March 2018 together with those of the previous year are
set out below:

                                                                                  Audited year-  Audited year-
                                                                                            end            end
SUMMARISED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME                                                      31 March       31 March
(R000's)                                                                                   2018          2017*
  Revenue                                                                               657 223        663 951
  Operating profit before biological assets                                                 460        102 156
      Change in fair value of biological assets                                           2 600         22 998
  Operating profit after biological assets                                                3 060        125 154
      Share of profit of joint venture and associate companies                            3 641          2 105
      Investment income                                                                   1 666          9 055
      Finance costs                                                                    (16 700)        (5 453)
  (Loss)/profit before tax                                                              (8 333)        130 861
      Income tax expense                                                                  5 096       (34 655)
  (Loss)/profit for the year                                                            (3 237)         96 206

Other comprehensive (loss)/income, net of income tax

Items that will not be reclassified subsequently to profit or loss:
   Remeasurement of defined benefit surplus                                                   -          (211)
   Remeasurement of post-employment medical aid obligation                                (514)            462
Items that may be reclassified subsequently to profit or loss:
   Net fair value loss on available-for-sale financial assets                                 -           (46)
   Exchange differences on translating foreign operations                               (5 238)          1 551
Other comprehensive (loss)/income for the year, net of income tax                       (5 752)          1 756

Total comprehensive (loss)/income for the year                                          (8 989)         97 962
(Loss)/profit for the year attributable to:
  Owners of the company                                                                 (7 587)         64 826
  Non-controlling interests                                                               4 350         31 380
                                                                                        (3 237)         96 206


Total comprehensive (loss)/income for the year attributable to:
  Owners of the company                                                               (13 339)         66 582
  Non-controlling interests                                                              4 350         31 380
                                                                                       (8 989)         97 962


(Loss)/earnings per share (cents)
    Basic                                                                               (49.7)          424.7
    Diluted                                                                             (49.7)          424.6

* Prior year restated to split operating profit into operating profit before and after biological asset valuation.

                                                                               Audited year-    Audited year-
                                                                                         end              end
RECONCILIATION OF HEADLINE EARNINGS                                                 31 March         31 March
(R000's)                                                                                2018             2017
(Loss)/profit for the year attributable to owners of the company                     (7 587)           64 826 
Adjusted for:    
  Gain on disposal of property, plant and equipment                                    (361)            (128)
  Loss on disposal of available-for-sale financial assets - held at cost                   4                -
  Impairment of investment premium                                                       150                -
  Loss arising on changes in fair value of investment property                            17                -
     Tax effect of the adjustments                                                        54               36
Headline (loss)/earnings                                                             (7 723)           64 734
     
     
Headline (loss)/earnings per share (cents)     
  Headline (loss)/earnings per share                                                  (50.6)            424.1
  Headline (loss)/earnings per share (diluted)                                        (50.6)            424.0
     
                                                                               Audited year-    Audited year-
                                                                                         end              end
DIVIDEND DECLARATION                                                                31 March         31 March
                                                                                        2018             2017
Dividends per share (cents)    
  Ordinary dividends declared per share - interim                                       35.0             50.0
  Ordinary dividends declared per share - final                                          0.0            115.0
                                                                                        35.0            165.0
     
                                                                               Audited year-    Audited year-
                                                                                         end              end
SUMMARISED CONSOLIDATED    
STATEMENT OF CHANGES IN EQUITY                                                      31 March         31 March
(R000's)                                                                                2018             2017
Shareholders' equity at beginning of year                                          1 066 978        1 004 117
Movements in:    
  Share-based payment reserve                                                          1 059              980
  Other comprehensive (loss)/income for the year                                     (5 238)            1 294
  Non-controlling interests                                                            6 899                -
Changes in retained earnings                                                        (37 542)           60 587
  Net (loss)/profit attributable to owners of the company                            (7 587)           64 826
  Net profit attributable to non-controlling interests                                 4 350           31 380
  Remeasurement of post-employment obligations                                         (514)              462
  Dividends paid - ordinary shareholders                                            (22 896)         (25 186)
  Dividends paid - community partners                                               (10 895)         (10 895)
Shareholders' equity at end of year                                                1 032 156        1 066 978

                                                                                 Audited year-  Audited year-
                                                                                           end            end
SUMMARISED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION                                                       31 March       31 March
(R000's)                                                                                  2018          2017*
ASSETS 
  Non-current assets                                                                 1 052 815        931 244
    Property, plant and equipment                                                      967 756        874 815
    Investment property                                                                 11 432              -
    Deferred tax assets                                                                  6 044              -
    Other financial assets                                                               3 269          1 019
    Investments in joint venture and associates                                         60 816         55 410
    Unsecured loans                                                                      3 498              -
 
  Current assets                                                                       515 615        523 495
    Inventories                                                                        159 021        151 191
    Biological assets                                                                  213 443        213 272
    Trade and other receivables                                                         93 892         84 512
    Current tax assets                                                                   8 398          6 900
    Other financial assets                                                                 102              -
    Retirement benefit surplus                                                          10 212         10 212
    Unsecured loans                                                                      3 673            540
    Cash and bank balances                                                              26 874         56 868
  Total assets                                                                       1 568 430      1 454 739

EQUITY AND LIABILITIES
 Capital and reserves                                                                1 032 156      1 066 978
   Share capital and premium                                                           226 271        226 271
   Investment revaluation reserve                                                          951            951
   Foreign currency translation reserve                                               (29 002)       (23 764)
   Share-based payment reserve                                                           3 473          2 414
   Retained earnings                                                                   805 471        836 706
   Equity attributable to owners of the company                                      1 007 164      1 042 578
   Non-controlling interests                                                            24 992         24 400
 
  Non-current liabilities                                                              207 202        205 836
    Deferred tax liabilities                                                           126 986        135 244
    Borrowings - interest bearing                                                       24 104         33 169
    Other financial liabilities                                                          8 797              -
    Obligation to restore leased farmland                                               44 674         37 423
    Post-employment medical aid obligation                                               2 641              -
 
  Current liabilities                                                                  329 072        181 925
    Trade and other payables                                                            45 597         51 182
    Provisions                                                                           9 603         16 810
    Current tax liabilities                                                                337         14 074
    Post-employment medical aid obligation                                               7 693          9 023
    Borrowings - interest bearing                                                      241 792         80 356
    Outside shareholders' loan                                                               -            597
    Bank overdraft                                                                      24 050          9 883
  Total equity and liabilities                                                       1 568 430      1 454 739

* Prior year restated to reclassify deferred tax asset to net deferred tax liability.

                                                                                Audited year-   Audited year-
                                                                                          end             end
SUMMARISED CONSOLIDATED                       
STATEMENT OF CASH FLOWS                                                              31 March        31 March
(R000's)                                                                                 2018            2017
Operating profit for the year                                                           3 060         125 154
 Depreciation                                                                          49 290          48 557
 Change in fair value of biological assets                                            (2 600)        (22 998)
 Other non-cash items                                                                 (4 405)           2 610
                                                                                       45 345         153 323
  Net working capital changes                                                        (22 621)        (51 505)
Cash generated from operations                                                         22 724         101 818
                       
Cash flows from operating activities                                                  (9 450)          89 361
  Cash generated from operations                                                       22 724         101 818
  Interest received                                                                     1 591           8 958
  Interest paid                                                                      (16 594)         (5 453)
  Income taxes paid                                                                  (17 171)        (15 962)
                        
Cash flows from investing activities                                                (172 391)       (189 266)
  Proceeds on disposal of property, plant and equipment                                 6 402           1 743
  Investment in property, plant and equipment:                        
      replacement                                                                     (9 668)         (9 065)
      expansion, improvement and development                                         (80 411)       (102 783)
      bearer asset replants                                                          (65 138)        (47 151)
  Investment in investment property                                                  (11 449)               -
  Investment in joint venture and associate companies                                 (2 525)        (31 798)
  Other net investing activities                                                      (9 602)           (212)
                        
Cash flows from financing activities                                                  137 680          21 147
  Dividends paid:                        
       Ordinary shareholders                                                         (22 896)        (25 186)
       Community partners                                                            (10 895)        (10 895)
  Net increase in borrowings                                                            7 613          42 213
  Net increase in general banking facilities                                          154 985          15 015
  Net increase in other financial liabilities                                           8 873               -
                       
Net decrease in cash and cash equivalents                                            (44 161)        (78 758)
Cash and cash equivalents at beginning of the year                                     46 985         125 743
Cash and cash equivalents at end of the year                                            2 824          46 985

                                                                                Audited year-   Audited year-
                                                                                          end             end
   
OTHER GROUP SALIENT FEATURES                                                         31 March        31 March
(R000's)                                                                                 2018            2017
Depreciation                                                                           49 290          48 557
Capital commitments   
 - Contracted and anticipated:   
        - replacement                                                                     150           1 231
        - expansion, improvement and development                                       18 832          25 736
                                                                                       18 982          26 967
  - Authorised but not contracted:    
        - replacement                                                                   5 310          11 538
        - expansion, improvement and development                                       34 398         177 882
        - bearer asset replants                                                        15 921          36 825
                                                                                       55 629         226 245
Net asset value per share (cents)                                                       6 762           6 990
   
Number of shares in issue                                                          15 264 317      15 264 317
Weighted average number of shares on which earnings per share (and headline     
  earnings per share) are based                                                    15 264 317      15 264 317

                                                                                Audited year-   Audited year-
                                                                                          end             end
SUMMARISED CONSOLIDATED
SEGMENTAL ANALYSIS                                                                   31 March        31 March
(R000's)                                                                                 2018           2017*
Revenue
  Sugar cane                                                                          300 080         342 844
  Deciduous fruit                                                                     166 061         170 219
  Bananas                                                                             120 956         126 493
  Macadamias                                                                            2 628               -
  Property development                                                                 49 538               -
  Other operations                                                                     17 960          24 395
                                                                                      657 223         663 951
Operating profit before biological assets
 Sugar cane                                                                            48 993         112 906
 Deciduous fruit                                                                     (19 197)         (5 083)
 Bananas                                                                               26 240          33 842
 Macadamias                                                                           (1 398)           2 317
 Property development                                                                   (974)         (1 530)
 Other operations                                                                     (3 667)           9 267
 Profit on disposal of property, plant and equipment                                      361             128
 Corporate expenses                                                                  (49 898)        (49 691)
                                                                                          460         102 156
Change in fair value of biological assets 
  Sugar cane                                                                          (4 684)          24 073
  Deciduous fruit                                                                     (1 227)         (5 303)
  Bananas                                                                               1 584           4 234
  Macadamias                                                                            6 927               -
  Other operations                                                                          -             (6)
                                                                                        2 600          22 998
Operating profit after biological assets 
 Sugar cane                                                                            44 309         136 979
 Deciduous fruit                                                                     (20 424)        (10 386)
 Bananas                                                                               27 824          38 076
 Macadamias                                                                             5 529           2 317
 Property development                                                                   (974)         (1 530)
 Other operations                                                                     (3 667)           9 261
 Profit on disposal of property, plant and equipment                                      361             128
 Corporate expenses                                                                  (49 898)        (49 691)
                                                                                        3 060         125 154
* Prior year restated to split operating profit into operating profit before and after biological asset valuation.

                                                                               Audited year-   Audited year-
                                                                                         end             end
    
NOTES TO THE SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS                           31 March        31 March
(R000's)                                                                                2018            2017
    
Biological assets    
Growing crops at fair value     
Sugar cane                                                                           169 886         176 078
Deciduous fruit                                                                       18 817          20 044
Bananas                                                                               17 813          16 229
Macadamias                                                                             6 927               -
Livestock                                                                                  -             921
Fair value at end of year                                                            213 443         213 272
    
Analysis of fair values of growing crops:    
Fair value at beginning of year                                                      213 272         189 522
Gains/(losses) arising from changes attributable to volume and price:    
Sugar cane    
- Gain arising from physical growth (yield)                                           19 367          22 862
- Gain/(loss) arising from area under crop to be harvested                            16 989        (11 332)
- (Loss)/gain arising from price changes                                            (41 040)          12 543
Deciduous fruit    
- Gain/(loss) arising from physical growth (yield)                                     2 274           (626)
- (Loss)/gain arising from area under crop to be harvested                             (227)           1 004
- Loss arising from price changes                                                    (3 274)         (5 681)
Bananas    
- Gain/(loss) arising from physical growth (yield)                                       923           (775)
- Gain/(loss) arising from area under crop to be harvested                               203           (629)
- Gain arising from price changes                                                        458           5 638
Macadamias     
- Gain arising from area under crop to be harvested                                    6 927               -
Fair value changes attributable to births, deaths and ageing of livestock                (5)             (6)
Transfer of livestock to inventory                                                     (916)               -
Effect of foreign currency exchange differences                                      (1 508)             752
Fair value at end of year                                                            213 443         213 272
    
                                                                               Audited year-   Audited year-
                                                                                         end             end
NOTES TO THE SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS                           31 March        31 March
(R000's)                                                                                2018            2017
Biological asset valuations
The following key assumptions have been used in determining the
fair value of biological assets:
Sugar cane
Expected area to harvest after 31 March
- South Africa                                                         (ha)            3 901           3 615
- Swaziland                                                            (ha)            2 443           2 195
- Zambia                                                               (ha)              410             382
Total area                                                             (ha)            6 754           6 192
Estimated yields 
- South Africa                                                    (tons/ha)            101.5            84.8
- Swaziland                                                       (tons/ha)            108.3           108.0
- Zambia                                                          (tons/ha)            120.9           130.0
Weighted average                                                                       105.1            95.8
Average maturity of cane at 31 March
- South Africa                                                          (%)               64              64
- Swaziland                                                             (%)               64              64
- Zambia                                                                (%)               64              64
Estimated RV price - South Africa                                   (Rands)            3 991           4 790
Estimated sucrose price - Swaziland                                 (Rands)            2 946           3 880
Estimated ERC price - Zambia                                        (Rands)            4 044           3 355
Deciduous fruit 
Expected area to harvest after 31 March                                (ha)              202             178
Estimated yields                                                  (tons/ha)             56.9            57.0
Average maturity of crop at 31 March                                    (%)             81.9            81.8
Estimated net price per kg - apples and pears                       (Rands)             3.47            3.97
Estimated packout
- Class 1                                                               (%)             31.8            41.6
- Class 2                                                               (%)             18.5            15.9
- Class 3                                                               (%)             11.9             9.1
- Juice                                                                 (%)             37.7            33.4
Bananas
Expected area to harvest after 31 March                                (ha)              415             411
Estimated yields                                                  (tons/ha)             55.3            52.6
Average maturity of crop at 31 March                                    (%)             50.0            50.0
Estimated net price per carton                                      (Rands)           139.73          134.64
Macadamias
Expected area to harvest after 31 March                                (ha)              382               -
Estimated yields                                                  (tons/ha)              0.4               -
Average maturity of crop at 31 March                                    (%)              0.8               -
Estimated net price per ton                                         (Rands)           53 741               -

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