Annual Financial Report
KAKUZI LIMITED
ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER 2012
Condensed Consolidated Statement of Comprehensive Income
31 December 2012 31 December 2011
Shs'000 Shs'000
Represented
Sales 1,564,792 1,560,149
Profit before fair value gain in Biological assets, release of provision,
sale of shares in subsidiary and income tax 362,364 384,051
Fair value gain in Biological assets 63,686 157,411
Profit on sale shares in subsidiary 53,249 -
Release of provision - 109,024
Profit before income tax 479,299 650,486
Income tax expense (129,833) (196,919)
Profit for the period from continuing operations 349,466 453,567
Profit for the period from discontinued operations 59,190 190,830
Profit for the period (of which Shs 530,340,651 (2011: 507,766,360)
has been dealt with in the accounts of the company) 408,656 644,397
Other comprehensive income:
Actuarial (loss)/gain on post employment benefit obligation (net of tax):
Continuing operations (3,552) 2,424
Discontinued operations - 1,567
Total comprehensive income 405,104 648,388
Total comprehensive income attributable to:
Equity holders of the company:
Profit for the period from continuing operations 345,914 455,991
Profit for the period from discontinued operations 29,891 97,160
Profit for the period attributable to equity holders of the company 375,805 553,151
Non-controlling interest: Profit for the period from discontinued operations 29,299 95,237
405,104 648,388
Earnings per share attributable to equity holders of the company:
Basic and diluted earnings per stock unit - continuing operations 17.83 23.14
Basic and diluted earnings per stock unit - discontinued operations 1.52 4.92
19.35 28.06
Condensed Consolidated Statement of Financial Position
31 December 2012 31 December 2011
Shs'000 Shs'000
EQUITY
Share capital 98,000 98,000
Other reserves (1,289) 2,413
Retained earnings 2,631,014 2,325,157
Proposed dividends 73,500 73,500
Attributable to company's equity holders 2,801,225 2,499,070
Non-controlling interest - 257,695
Total equity 2,801,225 2,756,765
Non-current liabilities 624,452 709,396
3,425,677 3,466,163
REPRESENTED BY
Non-current assets 2,334,227 2,642,675
Current assets 339,933 277,313
Cash and cash equivalents 897,540 897,332
Current liabilities (146,023) (351,157)
Net current assets 1,091,450 823,488
3,425,677 3,466,163
OVERVIEW:
The above results are extracted from the financial statements audited by PricewaterhouseCoopers, Certified Public Accountants of Kenya, and on which an unqualified opinion has been issued.
The profits are considered satisfactory although are down on last year having been affected by only eight months trading of Siret tea operations, the prevailing strength of the exchange rate together with relatively poor prices attained on avocados. In the year a profit of Shs 53.2 million was realised on sale of the final 50.5% of the shares of Siret Tea Company Ltd to Sireet Outgrowers Empowerment and Producer Company Ltd which concluded on 31 August 2012.
DIVIDEND:
The directors recommend the payment of a first and final dividend for the financial year 2012 of 75% equivalent to Shs 3.75 per stock unit (2011: Shs 3.75) subject to shareholders approval. The dividend shall be paid on or about 30 June 2013 to the shareholders on the members' register at the close of business on Friday, 31 May 2013.
ANNUAL GENERAL MEETING:
The Annual General Meeting of the Company will be held on Tuesday, 21 May 2013 at 12.00 Noon at Nairobi Serena Hotel.
BY ORDER OF THE BOARD
K W Tarplee
Chairman
28 March 2013
This information is provided by RNS
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