| |
|
|
|
|
|
(R000's) |
|
2008 |
|
2007 |
|
|
|
|
|
Revenue |
|
246 879 |
|
211,670 |
|
|
|
|
|
Operating profit |
|
61 294 |
|
43 614 |
Share of profits of associate company |
|
4 |
|
(8) |
Investment income |
|
772 |
|
367 |
Finance costs |
|
(3 268) |
|
(2 106) |
Profit before taxation |
|
58 802 |
|
41 867 |
Taxation |
|
(16 870) |
|
(14 088) |
Profit for the year |
|
41 932 |
|
27 779 |
|
|
|
|
|
Earnings per share (basic) (cents) |
|
338,8 |
|
225,2 |
Earnings per share (diluted) (cents) |
|
338,4 |
|
224,4 |
Dividends declared per share (cents) |
|
140,0 |
|
120,0 |
|
| |
Reconciliation of headline earnings |
Profit for the year |
|
41 932 |
|
27 779 |
Profit on disposal of shares |
|
(3 854) |
|
- |
Profit on disposal of property, plant and equipment |
|
(669) |
|
(395) |
Tax effect on disposal of property, plant and equipment |
|
346 |
|
116 |
Headline earnings |
|
37 755 |
|
27 500 |
|
|
|
|
|
Headline earnings per share (cents) |
|
305,1 |
|
222,9 |
Headline earnings per share (diluted) (cents) |
|
304,7 |
|
222,2 |
| |
|
|
|
|
|
|
|
|
|
(R000's) |
|
2008 |
|
2007 |
|
|
|
|
|
Shareholders' equity at beginning of year |
|
257 298 |
|
243 568 |
Changes in share capital and premium |
|
|
|
|
Issue of share capital |
|
413 |
|
709 |
Share-based payment reserve |
|
58 |
|
58 |
Investment revaluation reserve |
|
4 131 |
|
- |
Changes in retained earnings |
|
26 454 |
|
12 963 |
Net profit attributable to shareholders |
|
41 932 |
|
27 779 |
Ordinary dividends paid |
|
(15 478) |
|
(14 816) |
Shareholders' equity at end of year |
|
288 354 |
|
257 298 |
| |
|
|
|
|
|
(R000's) |
|
2008 |
|
2007 |
ASSETS |
|
|
|
|
Non-current assets |
|
274 002 |
|
248 697 |
Property,plant and equipment |
|
186 175 |
|
174 626 |
Bearer biological assets |
|
77 526 |
|
70 283 |
Investments |
|
9 618 |
|
3 158 |
Other non-current assets |
|
683 |
|
630 |
Current assets |
|
127 483 |
|
106 813 |
Inventories |
|
15 952 |
|
12 332 |
Biological assets - crops and livestock |
|
96 538 |
|
86 110 |
Trade and other receivables |
|
14 869 |
|
8 283 |
Cash and cash equivalents |
|
124 |
|
88 |
Total assets |
|
401 485 |
|
355 510 |
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
Ordinary shareholders' funds |
|
288 354 |
|
257 298 |
Share capital and premium |
|
9 367 |
|
8 954 |
Retained earnings |
|
274 740 |
|
248 286 |
Investment revaluation reserve |
|
4 131 |
|
- |
Share-based payment reserve |
|
116 |
|
58 |
Non-current liabilities |
|
72 234 |
|
69 407 |
Long-term borrowings |
|
2 800 |
|
- |
Deferred taxation |
|
55 410 |
|
51 564 |
Post-employment obligations |
|
14 024 |
|
17 843 |
Current liabilities |
|
40 897 |
|
28 805 |
Trade and other payables |
|
15 354 |
|
13 147 |
Interest bearing debt - short term |
|
25 543 |
|
15 658 |
Total equity and liabilities |
|
401 485 |
|
355 510 |
|
|
|
|
|
Net asset value per share (cents) |
|
2 329 |
|
2 084 |
|
|
|
|
|
|
|
(R000's) |
|
2008 |
|
2007 |
|
|
|
|
|
Operating Profit |
|
61 294 |
|
43 614 |
Profit on disposal of property, plant & equipment |
|
(4 523) |
|
(395) |
Non-cash items |
|
(1 537) |
|
(6 587) |
Cash generated by operations |
|
55 234 |
|
36 632 |
Changes in working capital |
|
(8 958) |
|
(1 749) |
Interest paid |
|
(3 268) |
|
(2 106) |
Taxation paid |
|
(12 738) |
|
(8 633) |
Cash flows from operations |
|
30 270 |
|
24 144 |
Net investment activities |
|
(27 854) |
|
(10 410) |
Net cash inflow/(outflow) before financing activities |
|
2 416 |
|
13 734 |
Net cash used in financing activities |
|
(2 380) |
|
(13 726) |
Dividends paid |
|
(15 478) |
|
(14 816) |
Proceeds from issue of shares |
|
413 |
|
709 |
Net increase in long-term borrowings |
|
2 800 |
|
- |
Net increase in short-term borrowings |
|
9 885 |
|
381 |
Net increase in cash and cash equivalents |
|
36 |
|
8 |
Cash and cash equivalents at beginning of year |
|
88 |
|
80 |
Cash and cash equivalents at end of year |
|
124 |
|
88 |
|
|
|
|
|
Cash flow from operating activities |
|
|
|
|
- per share (cents) |
|
244,6 |
|
195,7 |
|
|
|
|
|
|
|
|
|
|
(R000's) |
|
2008 |
|
2007 |
|
|
|
|
|
Depreciation |
|
11 570 |
|
9 998 |
| |
|
|
|
|
Capital expenditure |
|
|
|
|
-Incurred |
|
27 380 |
|
11 695 |
|
|
|
|
|
Capital commitments |
|
|
|
|
- Contracted |
|
5 268 |
|
5 716 |
- Authorised but not contracted |
|
4 555 |
|
9 036 |
|
|
9 823 |
|
14 752 |
|
|
|
|
|
Contingent liabilities |
|
497 |
|
412 |
Number of shares in issue |
|
12 382 000 |
|
12 346 333 |
Weighted average number of shares on which earnings per |
|
|
|
|
share (and headline earnings per share) are based |
|
12 376 056 |
|
12 335 166 |
|
|
|
|
|
|
(R000's) |
|
2008 |
|
2007 |
|
|
|
|
|
Revenue |
|
|
|
|
Sugar cane |
|
142 436 |
|
115 216 |
Bananas |
|
44 978 |
|
42 334 |
Deciduous fruit |
|
20 752 |
|
15 664 |
Grain and sheep |
|
18 070 |
|
17 402 |
Citrus |
|
14 692 |
|
14 645 |
Crocodile farming/tourism |
|
3 526 |
|
3 920 |
Cattle |
|
1 181 |
|
1 502 |
Other operations |
|
1 244 |
|
987 |
|
|
246 879 |
|
211 670 |
|
|
|
|
|
Operating profit |
|
|
|
|
Sugar cane |
|
44 578 |
|
34 381 |
Bananas |
|
6 944 |
|
7 475 |
Deciduous fruit |
|
11 762 |
|
4 325 |
Grain and sheep |
|
7 962 |
|
5 506 |
Citrus |
|
2 232 |
|
5 200 |
Crocodile farming/tourism |
|
1 575 |
|
1 132 |
Cattle |
|
769 |
|
214 |
Other operations/sundry income |
|
865 |
|
1034 |
Profit on disposal of property, plant and equipment |
|
4 523 |
|
395 |
Group administration |
|
(19 916) |
|
(16 048) |
|
|
61 294 |
|
43 614 |
|
| |
The financial statements have been prepared in accordance with the group's accounting policies which fully comply with International Financial Reporting Standards ("IFRS"). These abridged annual financial statements are in accordance with IAS 34. The accounting policies and methods of computation used in this report are consistent with those applied in the previous year. The adoption of new standards during the year, including IFRS 7: Financial Instruments, has not resulted in additional disclosure in these abridged results.
|
|
| |
 |
It is pleasing to report that the company achieved record operating profits and earnings for the year under review. Operating profits increased by 40% to R 61,3 million (2007:R43,6 million) and headline earnings by 37% to R37,8 million (2007:27,5 million)
SUGAR CANE - a record crop of 642 188 tons (2007:558 015) was further enhanced by improved cane quality. The South African RV price at R1 702 per ton remained the same as the previous year and the Swaziland sucrose price increased by 11% to R1 713 per ton (2007:R1 536)
BANANAS - volumes of 740 059 cartons were 4% lower than the previous year (2007:771 041). Average prices per carton were 9% higher than those of the previous year due to the lower industry wide supply volumes.
DECIDUOUS - a combination of higher yields and the acquisition of the Dennebos farm contributed to record earnings from this operation. Export prices were significantly better than those of the previous year.
GRAIN - despite farming a reduced area, the contribution from this operation improved as a result of a combination of higher per hectare yields and product prices. The price of wheat increased by 64% and barley by 38% from the previous season.
CITRUS - export carton sales were 18% higher and fruit quality was exceptionally good, however export prices were lower than the previous season.
|
|
|
|
Production volumes of all crops (except grain) are expected to be higher than those achieved in the 2007/8 financial year. At this stage sugar prices are expected to be marginally higher than the previous year. Exceptionally high increases in input prices of fertiliser, fuel and chemicals will have a negative impact on all operations and will reduce the contribution from sugar cane. Other commodity price expectations are relatively strong.
Given the abovementioned factors, it is expected that headline earnings for the year ahead will be similar to those of the 2007/8 financial year.
The group has been approached to consider the development of its coastal land at Renishaw, near Scottburgh, into alternative residential, leisure or commercial use. Consultants have been appointed in this regard and at present its utilisation remains for sugar cane.
|
|
|
AUDITED RESULTS |
The results for the year ended 31 March 2008 have been audited by Deloitte & Touche. Their unmodified audit opinion is available for inspection at the registered office of the company. |
|
|
DECLARATION OF DIVIDEND NO. 186 |
The directors have declared a final dividend of 100,0 cents per share in respect of the year ended 31 March 2008.
This dividend will be paid on Monday, 14 July 2008 to shareholders recorded in the books of the company at the close of business on the record date, Friday, 11 July 2008.
The salient dates of the declaration and payment of this final dividend are as follows:
Last day to trade cum the dividend |
Friday 4 July 2008 |
Date trading commences ex the dividend |
Monday 7 July 2008 |
Record date |
Friday 11 July 2008 |
Payment date |
Monday 14 July 2008 |
|
Share certificates may not be dematerialised or rematerialised between Monday, 7 July 2008 and Friday, 11 July 2008, both days inclusive.
This dividend, together with the interim dividend of 40,0 cents per share which was declared on 28 November 2007, makes a total distribution in respect of the year ended 31 March 2008 of 140,0 cents per share ( 2007:120,0 cents). These dividends are covered at a rate higher than in the past and the directors consider that this approach is warranted to enable increases to be sustained in the light of future development prospects.
|
|
|
CHANGES TO THE BOARD OF DIRECTORS |
Mr D T Naicker tendered his resignation as a non-executive director of the company with effect from 20 May 2008. Dayalan's resignation was at the request of his employer and the Board wishes to thank him for his valuable contribution to the company during the four years since his appointment. The Board is pleased to announce that Malcolm Rutherford has been appointed as a non-executive director of the company with effect from 20 may 2008.
|
|
|
CAUTIONARY ANNOUNCEMENT |
Shareholders are advised that:
- negotiations are in progress for the sale of the group's farms at Doornkop ( 1600 hectares under cultivation) and Komatipoort ( 2 450 hectares under cultivation) in terms of the Government's land restitution process.
- negotiations are in progress for the acquisition of an additional deciduous fruit farm in the Western Cape, this farm presently has 160 hectares under cultivation; and
- negotiations are in progress regarding the possible development of 4 000 hectares of sugar cane in the SADC region.
If these negotiations are successfully concluded, they may have a material effect on the trading price of the company's securities. Accordingly, shareholders are advised to exercise caution when dealing in the company's securities until a further announcement is made.
|
|
|
For and on behalf of the Board
J F C Palmer (Chairman)
G S Clarke (Managing Director)
Renishaw 20 May 2008
Registered office and postal address
Renishaw, KwaZulu-Natal
P O Renishaw,
4181 |
|
Transfer secretaries
Computershare Investor Services (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
Telephone ( 011 ) 370 5000 |
|
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited |
|
Website:
www.cbl.co.za |
Directors:
J F C Palmer * (Chairman) , G S Clarke (Managing) , P Bhengu *, C J H Chance *, A C Crookes *, D J Crookes*,
J A F Hewat*, D T Naicker*, G P Wayne*
* Non-executive director |
|
Secretary:
B Darbyshire-Roberts
|
|
|
|
|
|
|
