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Kenya Orchards

Kenya Orchards 2007 half year results reflect improved margins

By Markets Editor ⋅ October 27, 2007 ⋅ Post a comment
Kenya Orchards Limited released their 2007 half-year results for the six month period ending 30th June, 2007. Kenya Orchards reported KES10 million in revenues and KES1.2 million in operating profit.

Kenya Orchards 2007 half year results reflect improved margins.

Kenya Orchards Limited released their 2007 half-year results for the six month period ending 30th June, 2007. Kenya Orchards reported KES10 million in revenues and KES1.2 million in operating profit. According to the financial statements posted on the NSE website, the company had better gross and net profit margins in the first half of 2007 compared to margins from the twelve month period ending December 31st, 2006. The gross profit margin for the six month period ending June 30th, 2007 was 32% compared a gross margin of 6.65% from the 2006 financial period.

PLEASE NOTE: The financial statements filed by Kenya Orchards were inconsistent in form and quality. Kenya Orchards did not report their financial statements in a standard IFRS format. Hopefully, the Nairobi Stock Exchange and Capital Markets authority will step in and ensure all NSE listed companies adhere to IFRS reporting standards.
KENYA ORCHARDS LIMITED HALF YEAR FULL YEAR
PERIOD ENDING 30-Jun-07 31-Dec-06 31-Dec-05
KES KES KES
Turnover 10,538,031 24,481,395 55,521,785
Cost of Sales (7,185,829) (22,853,718) (47,847,671)
Gross Profit 3,352,202 1,627,677 7,674,114
Gross Margin % 31.81% 6.65% 13.82%
Other Operating income/(Loss) - (821,035) 824,688
Administrative Expenses - (1,878,642) (8,724,513)
Selling and Distribution Costs - (3,536,031) (9,854,525)
Other Operating Expenses - (2,803,640) (1,127,799)
Total Expenses (2,185,555) (8,218,313) (19,706,837)
Operating profit/ (Loss) 1,166,647 (7,411,671) (11,208,035)
Operating Margin % 11.07% -30.27% -20.19%
Finance Cost 781,133 1,606,582 2,559,867
Profit/(Loss) before taxation 385,514 (9,018,253) (13,767,902)
Taxation 2,672,491 18,586,478
Net Loss (6,345,762) 4,818,576
Annual Data: Balance Sheet
PERIOD ENDING  31 December 2006 31-Dec-06 31-Dec-05
KES KES
Current Assets
Inventories 13,492,671 12,462,735
Receivables and Prepayments 10,189,061 13,817,065
cash and Cash Equivalents 475,935 193,373
Total Current Assets 12,599,610 24,157,667 26,473,173
Non Current Assets
Deferred Tax 22,317,262 13,683,751
Property, Plant and Equipment 44,741,574 48,323,394
Investment Property 21,522,303 21,823,704
Total Non Current Assets 88,581,139 88,581,139 83,830,849
Total Assets 101,180,749 112,738,806 110,304,022
Current Liabilities
Trade and Other Payables 35,250,619 26,794,588
Borrowings 14,923,840 20,505,345
Total Current Liabilities 38,299,144 50,174,459 47,299,933
Non Current Liabilities
Borrowings 53,857,741 53,857,741
Total Non Current Liabilities 53,857,741 53,857,741 53,857,741
Total Liabilities 92,156,885 104,032,200 101,157,674
CAPITAL EMPLOYED
Share Capital 57,228,746 57,228,746
Revaluation Reserve 15,973,049 19,214,812
Retained Earnings -64,550,189 -67,352,210
Proposed Dividends 55,000 55,000
Shareholders Funds 8,651,606 8,706,606 9,146,348
Total Liabilities and Shareholders Equity 100,808,491 112,738,806 110,304,022

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