Annual Financial Report

RNS Number : 3477I

Kakuzi Ld

25 March 2015

 



KAKUZI LIMITED
ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014
Condensed Consolidated Statement of Comprehensive Income
					31 December 2014		31 December 2013
					Shs'000		Shs'000
Sales					1,689,917		1,384,375
Profit before fair value gain in Biological assets and income tax					153,486		142,989
Fair value gain in Biological assets					79,313		96,317
Profit before income tax					232,799		239,306
Income tax expense					(72,594	)	(74,278	)
Profit for the year					160,205		165,028
Other comprehensive income:
Items that are not classified to profit and loss:
Remeasurements of post employment benefit obligations (net of tax)					(6,005	)	11,275
Total comprehensive income					154,200		176,303
Earnings per share (Shs):
Basic and diluted earnings per stock unit					8.17		8.42
Condensed Consolidated Statement of Financial Position
					31 December 2014		31 December 2013
					Shs'000		Shs'000
EQUITY
Share capital					98,000		98,000
Other reserves					3,981		9,986
Retained earnings					2,809,247		2,722,542
Proposed dividends					73,500		73,500
Total equity					2,984,728		2,904,028
Non-current liabilities					695,305		666,334
					3,680,033		3,570,362
REPRESENTED BY
Non-current assets					2,676,369		2,546,888
Current assets					207,395		265,897
Cash and bank balances					973,690		904,758
Current liabilities					(177,421	)	(147,181	)
Net current assets					1,003,664		1,023,474
					3,680,033		3,570,362

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 profit for the year was similar to that of the previous year. Avocados, with increased volumes, were the significant contributor to profit mitigating the downward trend on returns occasioned by the very poor market prices of Tea in 2014. DIVIDEND: The Directors recommend the payment of a first and final dividend for the financial year 2014 of 75% equivalent to Shs 3.75 per stock unit (2013: Shs 3.75) subject to shareholders approval. The dividend shall be paid on or about 30 June 2015 to the shareholders on the members' register at the close of business on Friday, 29 May 2015. ANNUAL GENERAL MEETING: The Annual General Meeting of the Company will be held on Tuesday, 26 May 2015 at 12.00 Noon at Nairobi Serena Hotel. BY ORDER OF THE BOARD K W Tarplee Chairman 24 March 2015

 

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