Final Results 2010
KAKUZI LIMITED
Announcement of Group Results for the year ended 31 December 2010
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Condensed Consolidated Statement of Comprehensive Income |
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31 December 2010 |
31 December 2009 |
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Shs'000 |
Shs'000 |
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Sales |
2,113,774 |
2,008,157 |
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Profit before finance costs and income tax |
554,348 |
578,363 |
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Finance costs |
(414) |
(19,473) |
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Profit before income tax |
553,934 |
558,890 |
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Income tax expense |
(168,555) |
(168,595) |
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Profit for the period (of which Shs 300,466,000 has |
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been dealt with in the accounts of the company) |
385,379 |
390,295 |
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Other comprehensive income |
_____- |
______- |
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Total comprehensive income |
385,379 |
390,295 |
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Profit attributable to: |
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Equity holders of the company |
311,123 |
339,897 |
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Non-controlling interest |
74,256 |
50,398 |
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Earnings per share attributable to equity |
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holders of the company: |
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Basic and diluted earnings per stock unit (Shs) |
15.87 |
17.34 |
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Condensed Consolidated Statement of Financial Position |
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31 December 2010 |
31 December 2009 |
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Shs'000 |
Shs'000 |
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As restated |
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EQUITY |
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Share capital |
98,000 |
98,000 |
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Retained earnings |
1,848,179 |
1,584,272 |
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Proposed dividends |
49,000 |
49,000 |
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Attributable to company's equity holders |
1,995,179 |
1,731,272 |
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Non-controlling interest |
215,325 |
157,022 |
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Total equity |
2,210,504 |
1,888,294 |
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Non-current liabilities |
624,408 |
571,806 |
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2,834,912 |
2,460,100 |
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REPRESENTED BY |
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Non-current assets |
2,423,021 |
2,254,817 |
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Current assets |
265,949 |
276,207 |
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Cash and cash equivalents |
529,621 |
342,231 |
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Current liabilities |
(383,679) |
(413,155) |
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Net current assets |
411,891 |
205,283 |
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2,834,912 |
2,460,100 |
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 given.
Net returns on the avocado crop in particular the Fuerte variety was lower than the previous year however profit on the Tea operations was ahead of 2009 levels.
The company has received a claim for an alleged overpayment of Shs 109 million from Del Monte Kenya Ltd (DMKL) following the discovery of an alleged error made by DMKL in calculating the sale price of pineapples for the joint venture for the years 2007 and 2008. Although the matter is still to be concluded, the directors consider it prudent to make a provision for this claim as an adjustment to prior years financial statements.
DIVIDEND:
The directors recommend the payment of a first and final dividend for the financial year 2010 of 50% equivalent to Shs 2.50 per stock unit (2009: Shs 2.50) subject to shareholders approval. The dividend shall be paid on or about 30 June 2011 to the shareholders on the members' register at the close of business on Tuesday, 31 May 2011.
ANNUAL GENERAL MEETING:
The Annual General Meeting of the company will be held on Wednesday, 25 May 2011 at 12.00 Noon at Nairobi Serena Hotel.
BY ORDER OF THE BOARD
K W Tarplee
Chairman
17 March 2011
This information is provided by RNS