Eaagads
EAAGADS 2007 Interim loss triples as turnover drops 50%
Eaagads Limited, a Kenyan based NSE listed company that runs a coffee estate announced their interim financial results for the six months ended June 30th, 2007. Eaagads reported a loss after taxation of KES 10 million in the first half of 2007. In the first half of 2006, Eaagads reported loss after taxation of KES 3 million. Total turnover decreased by 50%, from KES 49 million reported in first half 2006 to KES 25 million reported in first half 2007.
EAAGADS Interim loss triples as turnover drops 50%
Eaagads Limited, a Kenyan based NSE listed company that runs a coffee estate announced their interim financial results for the six months ended June 30th, 2007. Eaagads reported a loss after taxation of KES 10 million in the first half of 2007. In the first half of 2006, Eaagads reported loss after taxation of KES 3 million. Total turnover decreased by 50%, from KES 49 million reported in first half 2006 to KES 25 million reported in first half 2007.
Eaagads’ cost of sales dropped by 35% from KES 52 million in first half 2006 to KES 33 million in first half 2007. Administration expenses increased by 12 percent, with approximately KES 3.3 million spent in the first half 2007 compared to KES 2.9 million in first half 2006. Eaagads operating loss for the period was KES 12 million, which is double their first half 2006 operating loss of KES 6 million. Sundry income for the period was KES 1.6 million, compared to KES 3 million reported in the first half of 2007.
Eaagads did not pay any taxation in the period, compared to KES 1 million paid in 2007. Eaagads Loss after taxation in H1 2007 increased by approximately KES 8 million (176%), compared to the same period in H1 2006. (H12006 – KES 3 million; H12007 – KES 10 million).
BALANCE SHEET:
Eaagads balance sheet as at June 30th, 2007 – reflects an increase of 40% in property, plant and equipment over the one year period starting June 30th, 2006. As at June 30th 2007, property, plant and equipment KES 104 million compared to KES 74 million reported at same time in June 2006. Biological assets grew by 22%, while prepaid operating leases dropped by 0.5%.
Inventories grew by 40% from KES 8 million as at 30 June 2006 to KES 11 million as at June 2007. Receivables remained somewhat stable at KES 4.6 million while cash and bank balances dropped by 77% from KES 2 million as at June 30th 2006 to KES 252,000 as at June 30th, 2007.
Trades and other payables decreased by 58%, from KES 2 million (June 06) to KES 1 million (June 2007). Shareholder funds dropped by 16% from KES 142 million as at June 30th, 2006 to KES 165 million as at June 30th, 2007.
CASH FLOW STATEMENT
Net Cash from operating activities for the first six months of 2007 was KES 2.7 million compared to KES 2.6 million for the first half of 2006. Eaagads spent KES 2.7 million in investing activities in the first six months of 2007 compared to KES2.0 million spent in the first half period ending June, 30th, 2006. Eaagads did not spend any money on financing activities. Eaagads had cash flows of KES 33,000 in the six months ending June 30th 2006 compared to Cash flows of KES 522,000 in the six months ending June 30th, 2007.
EAAGADS FREE CASH FLOW ANALYSIS
Free Cash Flows are a way of measuring cash that is available to a company for discretionary use. Free Cash Flows can be defined as cash flows from operating activities less cash outlays necessary for the replacement of operating capacity (capital expenditures). It is a measure of cash that is available for discretionary use by the company. As such, the calculation of free cash flows is somewhat arbitrary since it assumes a certain level of reinvestment to replace existing capacity. Generally it is defined as cash flows from operations less capital expenditures to maintain the company’s current operating capacity. Therefore, free cash flows are those cash flows available to grow the company, pay back debt, pay dividends, or repurchase stock.
| FY2007 FREE CASH FLOW ANALYSIS For the Year ended |
30-Jun-07 | 30-Jun-06 | 06 vs 07 |
| KES ‘00 | KES ‘000 | % Change | |
| Cash Flow from Operating activities | 2,713 | 2,558 | 6.06% |
| Less CAPEX (Cash Used in investing activities) | -2,680 | -2,389 | 12.18% |
| Free Cash flow | 33 | 169 | -80.47% |
Eaagads Half year 2007 cash flows dropped by 80% from KES 169,000 in first half 2006 to KES 33,000 in first half 2007.
| EAAGADS LTD | |||
| INCOME STATEMENT FOR THE SIX MONTH ENDED: | 30/6/2007 | 30/6/2006 | 06 vs. 07 |
| KES’. 000 | KES’. 000 | % Change | |
| Turnover | 25,024 | 49,846 | -49.80% |
| Cost of sales | (33,898) | (52,899) | -35.92% |
| Gross profit (Loss) | (8,874) | (3,053) | 190.66% |
| Administration expenses | (3,297) | (2,938) | 12.22% |
| Operating loss | (12,171) | (5,991) | 103.15% |
| Sundry income | 1,679 | 3,203 | -47.58% |
| Finance (charges) income | (2) | 0 | |
| Loss before taxation | (10,494) | (2,788) | 276.40% |
| Taxation | 0 | (1,019) | -100.00% |
| Loss after taxation | (10,494) | (3,807) | 175.65% |
| EAAGADS LTD | |||
| BALANCE SHEET AS AT: | 30/6/2007 | 30/6/2006 | 06 vs 07 |
| KES’. 000 | KES’. 000 | % Change | |
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 104,379 | 74,769 | 39.60% |
| Biological assets | 88,920 | 72,467 | 22.70% |
| Prepaid operating leases | 217 | 218 | -0.46% |
| Total non-current assets | 193,516 | 147,454 | 31.24% |
| Current assets | |||
| Inventories | 11,230 | 7,998 | 40.41% |
| Receivables | 4,614 | 4,620 | -0.13% |
| Due from subsidiary/parent companies | 3,111 | 18,372 | -83.07% |
| Taxation recoverable | 772 | 621 | 24.32% |
| Cash and bank balances | 562 | 2,452 | -77.08% |
| Total current assets | 20,289 | 34,063 | -40.44% |
| Total assets | 213,805 | 181,517 | 17.79% |
| LIABILITIES AND TOTAL EQUITY | |||
| Non current liabilities | |||
| Deferred income taxes | 44,112 | 33,300 | 32.47% |
| Provision for service gratuity | 2,973 | 3,156 | -5.80% |
| Total non-current liabilities | 47,085 | 36,456 | 29.16% |
| Current liabilities | |||
| Trade and other payables | 1,019 | 2,458 | -58.54% |
| Due to subsidiary/parents company | 0 | 0 | |
| Total current liabilities | 1,019 | 2,458 | -58.54% |
| Shareholders fund | |||
| Share capital | 10,049 | 10,049 | 0.00% |
| Revaluation reserve | 74,687 | 38,791 | 92.54% |
| Revenue reserve | 91,459 | 97,570 | -6.26% |
| Profit and loss-current year | (10,494) | (3,807) | 175.65% |
| Shareholders funds | 165,701 | 142,603 | 16.20% |
| Total shareholders funds and liabilities | 213,805 | 181,517 | 17.79% |
| Eaagads Limited | |||
| Abridged cash flow statement For the Year ended | 30-Jun-07 | 30-Jun-06 | 06 vs 07 |
| KES ‘00 | KES ‘000 | % Change | |
| Cash flow from operating activities | 2,713 | 2,558 | 6.06% |
| INVESTING ACTIVITIES | |||
| Fixed Asset Acquisition | -2,680 | -2,389 | 12.18% |
| Fixed Asset Disposal | - | 353 | |
| Cash flows from investing activities | -2,680 | -2,036 | 31.63% |
| FINANCING ACTIVITIES | |||
| Loans Received | 0 | 0 | 0.00% |
| Loans Reimbursed | 0 | 0 | 0.00% |
| Cash flows from financing activities | 0 | 0 | 0.00% |
| Net increase in cash and cash equivalents | 33 | 522 | -93.68% |
| Movement in Cash and Cash Equivalents | |||
| Opening Cash Balance | 529 | 1,930 | -72.59% |
| Increase(Decrease) | 33 | 522 | -93.68% |
| At June | 562 | 2,452 | -77.08% |
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