Last checked at 25 Mar 2015 07:00
KAKUZI LIMITED
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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 | |||||||
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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 |