Last checked at 29 Mar 2017 07:00
KAKUZI LIMITED
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ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016 | ||||||||
Condensed consolidated statement of profit or loss and other comprehensive income | ||||||||
Restated | ||||||||
31 December 2016 | 31 December 2015 | |||||||
Shs'000 | Shs'000 | |||||||
Sales | 2,651,199 | 2,481,844 | ||||||
Profit before fair value gain in non-current biological assets and income tax | 690,543 | 584,270 | ||||||
Fair value gain in non-current biological assets | 67,236 | 83,071 | ||||||
Profit before income tax | 757,779 | 667,341 | ||||||
Income tax expense | (195,354 | ) | (207,627 | ) | ||||
Profit for the year | 562,425 | 459,714 | ||||||
Other comprehensive income: | ||||||||
Items that are not reclassified to profit or loss: | ||||||||
Remeasurement of post employment benefit obligations (net of tax) | 5,936 | 4,955 | ||||||
Total comprehensive income | 568,361 | 464,669 | ||||||
Earnings per share (Shs): | ||||||||
Basic and diluted earnings per stock unit | 28.70 | 23.45 | ||||||
Condensed Consolidated Statement of Financial Position | ||||||||
Restated | ||||||||
31 December 2016 | 31 December 2015 | |||||||
Shs'000 | Shs'000 | |||||||
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EQUITY | ||||||||
Share capital | 98,000 | 98,000 | ||||||
Other reserves | 14,872 | 8,936 | ||||||
Retained earnings | 3,615,786 | 3,170,961 | ||||||
Proposed dividends | 117,600 | 98,000 | ||||||
Total equity | 3,846,258 | 3,375,897 | ||||||
Non-current liabilities | 801,418 | 712,968 | ||||||
4,647,676 | 4,088,865 | |||||||
REPRESENTED BY | ||||||||
Non-current assets | 3,015,067 | 2,817,369 | ||||||
Current assets | 618,771 | 465,272 | ||||||
Cash and bank balances | 1,430,576 | 1,175,434 | ||||||
Current liabilities | (416,738 | ) | (369,210 | ) | ||||
Net current assets | 1,632,609 | 1,271,496 | ||||||
4,647,676 | 4,088,865 | |||||||
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 results for the year show an increased profit before tax of Ksh 758 million against a restated profit for 2015 of Ksh 667 million. The 2015 profits have been restated due to changes in the Accounting Standards. The earnings per stock unit increased from Ksh 23.45 to Ksh 28.70. The improved profit reflects the favourable market demand for our two core crop products (avocado and macadamia) as well as the continued growth of these operations in keeping with Kakuzi's agricultural development strategy.
DIVIDEND:
The Directors recommend the payment of a first and final dividend for the financial year 2016 of Shs 6.00 per stock unit (2015: Shs 5.00) subject to shareholders' approval. The dividend shall be paid on or about 30 June 2017 to the shareholders on the members' register at the close of business on Wednesday, 31 May 2017.
ANNUAL GENERAL MEETING:
The Annual General Meeting of the Company will be held on Monday 15 May 2017 at 12.00 Noon at Fairmont The Norfolk Hotel.
BY ORDER OF THE BOARD
G H Mclean Chairman 28 March 2017 |