Annual Financial Report

RNS Number : 3191S

Kakuzi Ld

17 March 2016

 

KAKUZI LIMITED
ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
Condensed consolidated statement of profit or loss and other comprehensive income
					31 December 2015		31 December 2014
					Shs'000		Shs'000
Sales					2,481,844		1,689,917
Profit before fair value gain in Biological assets and income tax					650,183		153,486
Fair value gain in Biological assets					114,262		79,313
Profit before income tax					764,445		232,799
Income tax expense					(236,758	)	(72,594	)
Profit for the year					527,687		160,205
Other comprehensive income:
Items that are not reclassified to profit or loss:
Remeasurement of post employment benefit obligations (net of tax)					4,955		(6,005	)
Total comprehensive income					532,642		154,200
Earnings per share (Shs):
Basic and diluted earnings per stock unit					26.92		8.17
Condensed Consolidated Statement of Financial Position
					31 December 2015		31 December 2014
					Shs'000		Shs'000
EQUITY
Share capital					98,000		98,000
Other reserves					8,936		3,981
Retained earnings					3,238,934		2,809,247
Proposed dividends					98,000		73,500
Total equity					3,443,870		2,984,728
Non-current liabilities					742,099		695,305
					4,185,969		3,680,033
REPRESENTED BY
Non-current assets					3,025,106		2,676,369
Current assets					354,639		207,395
Cash and bank balances					1,175,434		973,690
Current liabilities					(369,210	)	(177,421	)
Net current assets					1,160,863		1,003,664
					4,185,969		3,680,033

OVERVIEW: The above is an extract from the financial statements which have been prepared in accordance with the International Financial Reporting Standards (IFRS) and audited by PricewaterhouseCoopers, Certified Public Accountants of Kenya, and on which an unqualified opinion has been issued. The improved profit is considered satisfactory and was driven to some extent by the weather conditions as well as favourable market demand for our main export products.  Avocado was dominant in returns but tea and forestry made useful contribution to profits. The weakening Kenya Shilling also worked in our favour as well as the fact that we could take advantage of high interest rates with our strong cash position. DIVIDEND: The Directors recommend the payment of a first and final dividend for the financial year 2015 of Shs 5.00 per stock unit (2014: Shs 3.75) subject to shareholders approval. The dividend shall be paid on or about 30 June 2016 to the shareholders on the members' register at the close of business on Tuesday, 31 May 2016. ANNUAL GENERAL MEETING: The Annual General Meeting of the Company will be held on Tuesday 17 May 2016 at 12.00 Noon at Nairobi Serena Hotel. BY ORDER OF THE BOARD K W Tarplee Chairman 16 March 2016

 

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