- Announcements and Trading Updates -
 
Crookes Brothers Trading Statement Tues, 22 Nov 2011
 

CROOKES BROTHERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1913/000290/06)
Share code: CKS ISIN: ZAE000001434
(“Crookes” or “the company”)

TRADING STATEMENT

In terms of the Listings Requirements of the JSE Limited relating to Trading Statements, a listed company is required to publish a trading statement as soon as it becomes aware that the financial results for the next period to be reported on will differ by at least 20% or more from those of the previous corresponding period.

Shareholders are advised that the company expects that, for the six months ended 30 September 2011:

  • earnings per share (EPS) will be between 265 cents and 285 cents compared to the prior period EPS of 804.1 cents
  • headline earnings per share (HEPS) are expected to improve to between 265 cents and 285 cents over HEPS of 100.9 cents in the previous corresponding period.

The improvement in HEPS arises from improved prices and sound yields, particularly in sugar cane operations. The reduction in EPS is due to the recognition in the prior reporting period of the once-off capital profit realised on the sale of the Komati Estate to the government as part of the land restitution program.

The financial information on which this trading statement is based has not been reported upon by the company’s auditors. The company’s results for the six month period ended 30 September 2011 are expected to be published on or about 29 November 2011.

Renishaw
22 November 2011

Sponsor
Sasfin Capital
A Division of Sasfin Bank Limited

 
CKS - Crookes Brothers Limited - Changes to the bo Tues, 19 Apr 2011
 

CKS
CKS
CKS - Crookes Brothers Limited - Changes to the board
CROOKES BROTHERS LIMITED
(Incorporated in the Republic of South Africa) (Registration number 1913/000290/06)
Share code: CKS ISIN: ZAE000001434
("Crookes" or "the Company")
CHANGES TO THE BOARD
In compliance with the requirements of paragraph 3.59 of the Listings Requirements of the JSE Limited, Crookes wishes to announce the following changes to the Board of Directors.
Phumla Mnganga (43) BA, BEd and MBL and Rodger Stewart (62) BSc (Agric) have been appointed as independent non-executive directors with effect from 1 May 2011.
Phumla is Managing Director of Lehuma Women`s Investment Company. She is a director of Tolcon-Lehuma (Pty) Limited and The Spar Group Limited, Vice Chairperson of the University of KZN Council and Chairperson of the Siyazisiza Trust. Rodger farms in the Stanger area of KwaZulu-Natal. He has served as a director and Chairman of the South African Cane Growers Association and has been a council member and Chairman of the South African Sugar Association.
Renishaw
19 April 2011
Sponsor:
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 19/04/2011 16:51:25 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 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 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, information disseminated through SENS.

 
CKS - Crookes Brothers Limited - Dealing in securities by a directory Mon, 28 Feb 2011
 

CKS
CKS
CKS - Crookes Brothers Limited- Dealing in securities by a director
CROOKES BROTHERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1913/000290/06)
Share code: CKS ISIN: ZAE000001434
("Crookes" or "the company")
DEALING IN SECURITIES BY A DIRECTOR
In compliance with the terms of paragraph 3.63 to 3.74 of the Listings Requirements of the JSE Limited, the Company hereby discloses the following director's dealings in the Company's shares:

Name:
Number of shares:
Price:
Total Value:
Date:
Class of shares:
Nature of transaction:
Interest:
Clearance to deal:
Mr Phillips J Barker (Group Financial Director)
1 000
R36.00
R36 000.00
23 February 2011
Ordinary Shares
Purchase- on market trade
Direct beneficial
Yes

Renishaw
28 February 2011
Sponsor
Sasfin Capital
A Division of Sasfin Bank Limited
Date: 28/02/2011 13:28:00 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 the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
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,
Information disseminated through SENS.
 
Crookes Brothers Limited - Unaudited Interim Tue, 30 Nov 2010
 

CKS - Crookes Brothers Limited - Unaudited Interim Results for the six months ended 30 September 2010 and cash dividend declaration CROOKES BROTHERS LIMITED

Registration No. 1913/000290/06
Share code : CKS ISIN No. ZAE000001434
("Crookes" "the company" or "the group")

     
CONDENSED CONSOLIDATED STATEMENT                 Unaudited Audited
OF COMPREHENSIVE INCOME           Six months ended Year ended
30 Sept 30 Sept 31 March
(R000's)                                                                       2010 2009   2010
Continuing operations:
 Revenue       190 421       169 570       305 883
     
Operating profit          17 430         20 730         36 402
Share of profit of associate company                -                  -                   7
Investment income           1 198              857              502
Finance costs          (3 825)          (2 329)          (5 828)
Capital items         92 972         13 198        13 188
Profit before tax       107 775         32 456         44 271
Income tax expense        (6 528)        (4 112)        (7 214)
Profit for the period from continuing operations       101 247         28 344        37 057
 
Discontinued operations:
(Loss)/ profit for the year from discontinued operations                -          (3 944)     (16 797)
Profit for the year     101 247        24 400       20 260
 
Other comprehensive income
Investment revaluation               13               65              305
Exchange differences on translating foreign operations (3 609)                -           (867)
Other comprehensive income for the period, net of tax       (3 596) 65         (562)
  __________ ______ ________
Total comprehensive income for the period        97 651 24 465      19 698
 
Profit attributable to :
Owners of the company         99 582 24 463         20 650
Non-controlling interests           1 665 _______3)         (390)
      101 247 ___24 400       20 260
Total comprehensive income attributable to :
Owners of the company         95 986         24 528         20 088
Non-controlling interests           1 665              (63)             (390)
        97 651         24 465         19 698
Earnings per share (cents) :
Basic           804.1           197.0           166.7
Diluted           803.2           196.8           166.6
Dividends/cash distributions per share (cents) :
Dividends declared per share - interim             45.0             45.0               70.0
- special             50.0                -                    -  
     
HEADLINE EARNINGS RECONCILIATION Unaudited Audited
Six months ended Year ended
30 Sept 30 Sept 31 March
(R000's) 2010 2009   2010
Profit after taxation          99 582         24 463         20 650
Adjusted for:
Capital (profit) on disposal of land, buildings & biological assets        (92 972)        (13 198)        (13 188)
(Profit)/loss on disposal of property, plant and equipment                -               (148)          (2 150)
Tax effect of the above           5 883          (2 602)          (2 301)
Discontinued operations re-measurement items                -                  -           10 693
Discontinued operations re-measurement items tax effect                -                  -            (2 467)
(Profit)/Loss on disposal of shares                -                  -               (117)
Tax effect on disposal of shares                -                  -                 13
Headline earnings         12 493           8 515         11 133
 
Headline earnings per share (cents) :
Headline earnings           100.9             68.8             89.9
  Headline earnings (diluted)           100.8             68.7             89.8
         
CONDENSED CONSOLIDATED Unaudited Audited
STATEMENT OF CHANGES IN EQUITY Six months ended Year ended
30 Sept 30 Sept 31 March
(R000's) 2010 2009   2010
Balance at beginning of period       342 151       342 151       342 151
Share-based payment reserve movement                -                 50              100
Total comprehensive income for the period         95 986         24 528         20 088
Ordinary dividends paid          (3 096)          (8 422)        (13 995)
Cash distribution paid                -            (6 193)          (6 193)
Shareholders' equity at end of period       435 041       352 114       342 151
Outside shareholders interest in subsidiary
Balance at beginning of period             (446)              (56)              (56)
Total comprehensive income for the period           1 665              (63)             (390)
          1 219             (119)             (446)
Total equity       436 260       351 995       341 705
                 -                  -                    -  
     
CONDENSED CONSOLIDATED Unaudited Audited
STATEMENT OF FINANCIAL POSITION 30 Sept 30 Sept 31 March
(R000's) 2010 2009   2010
ASSETS
Non-current assets       282 125       226 167       250 879
Property, plant and equipment       164 799       136 694       159 790
Bearer biological assets       104 714         79 308         79 153
Unlisted investments           3 891           3 593           3 873
Investment in associate companies           8 063           5 805           8 063
Unsecured loan - long term              658              767                -  
Current assets       316 480       284 959       279 890
Inventories         12 370         17 397         21 105
Biological assets - crops and livestock         89 464         99 741       120 345
Trade and other receivables         43 686         47 915         16 732
Taxation           4 054                -             1 495
Unlisted investments - preference shares       125 938                -                  -  
Cash and cash equivalents         30 968           3 102           3 338
Unsecured loan - short term                -                  -                797
Assets classified as held-for-sale         10 000       116 804       116 078
Total assets       598 605       511 126       530 769
 
EQUITY AND LIABILITIES
Total equity       436 260       351 995       341 705
Share capital and premium           3 208           3 208           3 208
Retained earnings       432 399       345 299       335 913
Investments revaluation reserve           3 602           3 349           3 589
Foreign currency translation reserve          (4 476)                -               (867)
Share-based payment reserve              308              258              308
Shareholders' interest       435 041       352 114       342 151
Outside interests in subsidiary           1 219             (119)             (446)
Non-current liabilities       113 963         99 812         98 806
Deferred taxation         47 561         59 708         57 547
Long-term liabilities - interest bearing           9 320         12 107         10 332
Long-term liabilities - interest free         42 434         14 322         16 550
Post-employment obligations         14 648         13 675         14 377
Current liabilities         48 382         59 319         90 258
Trade and other payables         32 945         28 980         18 146
Taxation                -             5 741                -  
Current portion of long term liabilities           3 456           1 524           3 414
Interest bearing debt - short term           1 981         11 454         58 698
Other liabilities                -             1 620                -  
Liabilities associated with assets classified as held for sale         10 000         10 000         10 000
Total equity and liabilities       598 605       511 126       530 769
  0 0   0
     
CONDENSED CONSOLIDATED Unaudited Audited
STATEMENT OF CASH FLOWS Six months ended Year ended
30 Sept 30 Sept 31 March
(R000's) 2010 2009   2010
       
Operating profit         17 430         15 252         13 411
Non-cash items         25 824         18 629           8 659
Operating cash flows before movement in working capital         43 254         33 881         22 070
Net inflow/(outflow) from changes in working capital          (3 420)         26 040         18 231
Finance costs          (3 825)          (2 329)          (5 828)
Taxation paid        (19 073)          (4 549)        (12 552)
Net cash flows from operating activities         16 936         53 043         21 921
Net investing activities
Proceeds on sale of Komati property, plant and equipment       199 745                -                    -  
Investment in preference shares and other investments      (125 956)                -                    -  
Other net investment activities          (1 611)          (3 978)        (16 462)
Net cash outflow before dividends and financing activities         89 114         49 065           5 459
Dividends and cash distribution paid          (3 096)        (14 615)        (20 188)
Net cash inflow/(outflow) before financing activities         86 018         34 450        (14 729)
Financing activities        (58 388)        (31 503)         17 912
Net (decrease)/increase in borrowings        (58 388)        (31 503)         17 912
Net (decrease)/increase in cash and cash equivalents         27 630           2 947           3 183
Cash and cash equivalents at beginning of period           3 338              155              155
Cash and cash equivalents at end of period         30 968           3 102           3 338
         
SUPPLEMENTARY INFORMATION Unaudited Audited
Six months ended Year ended
30 Sept 30 Sept 31 March
(R000's) 2010 2009   2010
       
Depreciation           6 499           6 286         12 541
Capital expenditure
    Incurred           13 982         17 852         55 521
Capital commitments
   - Contracted           1 702           1 229           6 839
   - Authorised but not contracted           1 478           1 551         10 975
          3 180           2 780         17 814
Contingent assets         24 500                -           16 100
Contingent liabilities              643              575              643
Net asset value per share           3 522           2 842           2 759
Ordinary number of shares in issue    12 385 000   12 385 000   12 385 000
Weighted average number of shares in issue     12 385 000   12 385 000   12 385 000
Fully diluted number of shares     12 398 591   12 396 014   12 398 591
         
         
GROUP SEGMENTAL ANALYSIS Unaudited Audited
Six months ended Year ended
30 Sept 30 Sept 31 March
(R000's) 2010 2009   2010
Continuing operations
Revenue
Sugar cane       136 344       123 461       179 094
Bananas         25 786         21 920         54 430
Deciduous fruit         15 486         19 259         50 209
Grain and sheep           1 733           1 052         14 290
Crocodile farming/tourism           2 627           1 154           2 812
Cattle           4 575           1 186           1 473
Other operations           3 870           1 538           3 575
      190 421       169 570       305 883
Operating profit
Sugar cane         37 341         39 086         54 435
Bananas              (62)           2 234           9 522
Deciduous fruit          (6 572)          (9 319)        (10 154)
Grain and sheep           1 543           2 406           4 358
Crocodile farming/tourism          (3 397)          (1 429)          (1 170)
Cattle               88               67             (292)
Other operations/sundry income           3 014              815           5 028
Group administration        (14 525)        (13 130)        (25 325)
        17 430         20 730         36 402
     

ACCOUNTING POLICIES

The unaudited interim results of the group have been prepared in accordance with IAS 34 - Interim Financial Reporting. The group's accounting policies comply with International Financial Reporting Standards ("IFRS"), AC 500 Standards as issued by the Accounting Practices Board, the South African Companies Act, 1973 as amended and the Listings Requirements of the JSE Limited. 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.

COMMENTS ON THE RESULTS                                                                     
Earnings per share for the 6 months ended 30 September 2010 are 308% higher than for the same period in the previous year largely due to the profit from the sale of the group’s Komati Estate.  Notwithstanding a flat operating profit from all operations, headline earnings per share are 47% higher than for the same period in the previous year, mainly due to adjustments to the deferred tax provision.

Operating profits for each segment were affected by:

  • Sugar cane:  The irrigated farms in Mpumalanga and Zambia performed well but drought impacted production in the coastal region of KwaZulu-Natal. The strong Rand reduced earnings in Swaziland and Zambia.
  • Bananas: Lower prices on the local market and a repeat of winter cold damage decreased operating profit.
  • Deciduous: Prices in foreign currency are firmer than those of the previous year but export revenues were affected by the strong Rand.
  • Grain: Dry winter conditions reduced yields.
  • Crocodiles: Prices for skins remained depressed due to poor market conditions and a substantial supply overhang in Southern Africa. The crocodile farming element of Crocworld will be closed down due to the weak market.  This is not expected to have a significant adverse impact on full year results, and the site will remain operational as a tourist attraction.

CAPITAL TRANSACTION

The sale of the Komati Estate to the Department of Land Affairs was eventually concluded during June 2010 with the receipt of capital proceeds, and the estate is currently leased back by the group for a five year period, renewable for a further five years, with results remaining consolidated.  Legal action is being pursued to recover interest which the directors believe is due in terms of the sale agreement.  This amount has not been taken into account in the earnings figures reported in the interim results and is shown as a contingent asset. It is planned to re-invest the proceeds of the Komati sale in replacement growth assets.

SPECIAL AND INTERIM DIVIDEND DECLARATION

The board is mindful of balancing growth prospects with generating a 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.

The board has declared an interim dividend of 45.0 cents (2009: 45.0 cents) per share to reflect the sustainable earnings prospects for the group.

In addition, in recognition of the non-recurring gains realised by the group from the Komati sale, the Board has declared a special dividend of 50 cents. This special dividend will be paid from reserves and is subject to exchange control approval. A finalisation announcement in this respect will be published on or about 23 December 2010.

PROSPECTS

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

Due to the volatility of exchange rates and prices for the group’s products, and JSE rules, it is considered inappropriate to provide a forecast of expected headline earnings for the year at this stage. Earnings for the full year will benefit from the profit on the sale of the Komati Estate.

The cash received from the sale of the Komati Estate has been invested in preference shares pending the identification of suitable investment opportunities.  Several options are currently being investigated and your directors will act conservatively and with foresight in redeploying realised capital to establish new growth projects for the group.

SPECIAL AND INTERIM CASH DIVIDEND

An interim dividend of 45,0 cents (2009: 45,0 cents) per share and a special dividend of 50,0 cents (2009: nil) per share have been declared payable to shareholders recorded in the books of the company at the close of business on the record date, Friday, 7 January 2011.
The salient dates of the declaration and payment of these dividends are as follows:

Last day to trade cum-dividend

Friday

31 December 2010

Shares commence trading ex-dividend

Monday

 3 January 2011

Record date

Friday

 7 January 2011

Payment date

Monday

10 January 2011

Share certificates may not be dematerialised or re-materialised between Monday, 3 January 2011 and Friday, 7 January 2011, both days inclusive.

For and on behalf of the Board:
 
  G P Wayne
(Chairman)		 G S Clarke
(Managing Director)
  Renishaw 26 November 2010
     
  Registered office and postal address Transfer secretaries
  Renishaw, KwaZulu-Natal
P.O Renishaw, KwaZulu-Natal, 4181		 Computershare Investor Services (Pty) Ltd.
P O Box 61051, Marshalltown, 2107
     
  Sponsor Website
  Sasfin Capital
A division of Sasfin Bank limited		 www.cbl.co.za
     
  Directors:  
  G P Wayne * (Chairman), G S Clarke (Managing), P J Barker (Financial), P Bhengu *, C J H Chance *, D J Crookes *, J A F Hewat *, P G Joubert *, M T Rutherford *
* Non-executive director
     
  Secretary:  
  Highway Corporate Services (Pty) Limited  
     
Crookes Brothers Trading Statement Mon, 15 Nov 2010

CKS
CKS
CKS - Crookes Brothers Limited- Trading Statement                              
CROOKES BROTHERS LIMITED                                                       
(Incorporated in the Republic of South Africa)                                 
(Registration number 1913/000290/06)                                           
Share code: CKS   ISIN: ZAE000001434                                           
("Crookes" or "the company")                                                   
TRADING STATEMENT                                                              
In terms of the Listings Requirements of the JSE Limited relating to Trading Statements, a listed company is required to publish a trading statement as soon as it becomes aware that the financial results for the next period to be reported on will differ by at least 20% or more from those of the previous corresponding period. Shareholders are advised that the company`s earnings per share for the six months ended 30 September 2010 is expected to be between 300% and 320% higher and headline earnings per share is expected to be between 45% and 65% higher than the results of the previous corresponding period. The difference between the earnings and headline earnings figures is due to the capital profit on the sale of the Komatipoort Estate to the National Department of Land Affairs as announced on SENS on 7 July 2010. The company has a claim against the Department in respect of R24.5 million in interest payable on the proceeds of this sale. This amount is reported as a contingent asset and, as such, is excluded from earnings and headline earnings.  The financial information on which this trading statement is based has not been reviewed or reported upon by the company`s auditors.  The company`s results for the six month period ended 30 September 2010 are expected to be published on 29 November 2010.                                                                  
Renishaw                                                                       
15 November 2010                                                               
Sponsor                                                                         
Sasfin Capital                                                                 
A Division of Sasfin Bank Limited                                              
Date: 15/11/2010 16:19:49 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 the information published on SENS. The JSE, their officers,    
employees and agents accept no liability for (or in respect of) any direct,    
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, 
Information disseminated through SENS.  
Dealing in Securities by a Director Thu, 19 Aug 2010
   
In compliance with the terms of paragraph 3.63 to 3.74 of the Listings Requirements of JSE Limited, the Company hereby discloses the following director's dealing in the Company's shares:
   
Name
 : Mr CJH Chance
(Non-executive Director)
Number of shares : 400
Price : R36.30 per share
Total Value : R14 520.00
Date : 19 August 2010
Class of shares : Ordinary Shares
Nature of transaction : Sale, on market trade
Interest : Direct beneficial
Clearance to deal : Yes
Renishaw
19 August 2010
Sponsor:
Sasfin Capital
A division of Sasfin Bank Limited		    
 
   
Dealing in Securities by a Director Fri, 06 Aug 2010
   
In compliance with the terms of paragraph 3.63 to 3.74 of the Listings Requirements of JSE Limited, the Company hereby discloses the following director's dealing in the Company's shares:
   
Name
 : Mr Dudley J Crookes
(Non-executive Director)
Number of shares : 910
Price : R40.50 per share
Total Value : R36 855.00
Date : 6 July 2010
Class of shares : Ordinary Shares
Nature of transaction : Sale, on market trade
Interest : Direct beneficial
Clearance to deal : Yes
 
   
Name
 : Mr Dudley J Crookes
(Non-executive Director)
As trustee of The Maranatha Trust
Number of shares : 10
Price : R41.00 per share
Total Value : R410.00
Date : 9 July 2010
Class of shares : Ordinary Shares
Nature of transaction : Sale, on market trade
Interest : Indirect, beneficial
Clearance to deal : Yes
 
   
Name
 : Mr Dudley J Crookes
(Non-executive Director)
As trustee of The Maranatha Trust
Number of shares : 43
Price : R41.00 per share
Total Value : R1 763.00
Date : 12 July 2010
Class of shares : Ordinary Shares
Nature of transaction : Sale, on market trade
Interest : Indirect, beneficial
Clearance to deal : Yes

Renishaw
6 August 2010
Sponsor:
Sasfin Capital
A division of Sasfin Bank Limited

   
 
   
Crookes results of AGM Mon, 26 Jul 2010
 
Shareholders were advised that, at the company's annual general meeting held at 12h00 on 23 July 2010 the special resolution and all the ordinary resolutions, proposed thereat, were approved by the requisite majority of shareholders.
 
 Crookes - company announcement Wed, 7 Jul 2010
 
Shareholders are referred to the announcement which was released on SENS on 7 September 2009 wherein it was stated that the department had not furnished the requisite undertaking for payment of the purchase price of R200 million for the Komatipoort Estate to the conveyancers in accordance with the provisions of the agreement of sale and purchase. Shareholders are now advised that the conveyancers have as at 6 July 2010 received the purchase price of R200 million from the department.

In terms of the agreement of sale and purchase, Crookes is entitled to interest on any part of the purchase price not paid by the department at a rate of 15.5% per annum from the date of default to the date of payment. The department has given notice that it intends to contest the payment of this penalty interest. Crookes has commenced the appropriate process to pursue its rights in this regard. Shareholders are further advised that the company's lease of the property from the department commenced on the date of transfer, 2 July 2010, and farming operations on the property continue without interruption. The term of the lease is 5 years, renewable at the company's option for a further 5 years.
 
Crookes - AGM notice and no change statement  Mon, 28 Jun 2010
   
Shareholders are advised that the annual report of the company for the year ended 31 March 2010 will be posted on Tuesday, 29 June 2010 and contain no modifications to the audited financial results which were released on SENS on 24 May 2010. Notice is hereby given that the annual general meeting of the company will be held at 12h00 on Friday, 23 July 2010, at Durban Country Club, Isaiah Ntshangase Road (formerly Walter Gilbert Road), Durban, to transact the business as stated in the annual general meeting notice, forming part of the annual report.
 
   
Access to Information
Designed & Maintained by ScottNET
Conditions of Use