Final results for the year ended 31 Dec 2011

RNS Number : 5149A

Kakuzi Ld

02 April 2012

 



KAKUZI LIMITED

ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011

Condensed Consolidated Statement of Comprehensive Income

                                                                                                                                                       31 December 2011          31 December 2010

                                                                                                                                                                          Shs'000                             Shs'000

                                                                                                                                                                                                             As restated

Sales                                                                                                                                                              2,376,862                           2,113,774

Profit before fair value gain in Biological assets, release of provision, finance costs and

income tax                                                                                                                                                          593,647                              434,206

Fair value gains in Biological Assets                                                                                                                 217,422                              124,837

Release of Provision                                                                                                                                          109,024                                         -

Finance costs                                                                                                                                                                -                                  (414)

Profit before income tax                                                                                                                               920,093                              558,629

Income tax expense                                                                                                                                        (275,696)                           (169,963)

Profit for the period (of which Shs 507,766,000 has been dealt with in the accounts      

of the company)                                                                                                                                             644,397                              388,666

Other comprehensive income:

Actuarial gains/(losses) on post employment benefit obligation (net of tax)                                                         3,991                               (3,287)

Total comprehensive income                                                                                                                     648,388                              385,379

Profit attributable to:

Equity holders of the company                                                                                                                          549,936                              313,374

Non-controlling interest                                                                                                                                        94,461                                75,292

Total comprehensive income attributable to:

Equity holders of the company                                                                                                                          553,151                              311,123

Non-controlling interest                                                                                                                                        95,237                                74,256

Earnings per share attributable to equity holders of the company:

Basic and diluted earnings per stock unit (Shs)                                                                                                    28.06                                  15.99

Condensed Consolidated Statement of Financial Position

                                                                                                                    31 December 2011   31 December 2010         31 December 2009

                                                                                                                                      Shs'000                      Shs'000                             Shs'000

                                                                                                                                                                  As restated                     As restated

EQUITY

Share capital                                                                                                                    98,000                         98,000                                98,000

Other reserves                                                                                                                  2,413                        (1,578)                                  1,709

Retained earnings                                                                                                       2,325,417                    1,849,757                           1,582,563

Proposed dividends                                                                                                         73,500                         49,000                                49,000

Attributable to company's equity holders                                                                    2,499,330                    1,995,179                           1,731,272

Non-controlling interest                                                                                                  257,435                       215,325                              157,022

Total equity                                                                                                                  2,756,765                    2,210,504                           1,888,294

Non-current assets                                                                                                        709,398                       624,408                              571,806

                                                                                                                                    3,466,163                    2,834,912                           2,460,100

REPRESENTED BY

Non-current assets                                                                                                     2,642,675                    2,423,021                           2,254,817

Current assets                                                                                                               277,313                       265,948                              276,207

Cash and cash equivalents                                                                                           897,332                       529,621                              342,231

Current liabilities                                                                                                          (351,157)                    (383,678)                           (413,155)

Net-current assets                                                                                                         823,488                       411,891                              205,283

                                                                                                                                    3,466,163                    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.

The Profits are considered satisfactory and have been favourably affected by the exchange rates together with reasonable prices attained on both Tea and Avocado production, despite considerable reductions in volume due to lower rainfall levels.  It should be noted that the profits reflect a favourable write back of Ksh. 109 million due to the satisfactory conclusion of the claim against Kakuzi Ltd made by Del Monte Kenya Ltd.

DIVIDEND:

The directors recommend the payment of a first and final dividend for the financial year 2011 of 75% equivalent to Shs 3.75 per stock unit (2010: Shs 2.50) subject to shareholders approval. The dividend shall be paid on or about 30 June 2012 to the shareholders on the members' register at the close of business on Thursday, 31 May 2012.

ANNUAL GENERAL MEETING:

The Annual General Meeting of the Company will be held on Wednesday, 24 May 2012 at 12.00 Noon at Nairobi Serena Hotel.

BY ORDER OF THE BOARD

K W Tarplee

Chairman

30 March 2012

 

END

 

 

FR LLFIEVFIIVIF