Last checked at 18 Mar 2011 08:03
KAKUZI LIMITED
Announcement of Group Results for the year ended 31 December 2010
Condensed Consolidated Statement of Comprehensive Income
31 December 2010 31 December 2009
Shs'000 Shs'000
Sales 2,113,774 2,008,157
Profit before finance costs and income tax 554,348 578,363
Finance costs (414) (19,473)
Profit before income tax 553,934 558,890
Income tax expense (168,555) (168,595)
Profit for the period (of which Shs 300,466,000 has
been dealt with in the accounts of the company) 385,379 390,295
Other comprehensive income ______- ______-
Total comprehensive income 385,379 390,295
Profit attributable to:
Equity holders of the company 311,123 339,897
Non-controlling interest 74,256 50,398
Earnings per share attributable to equity
holders of the company:
Basic and diluted earnings per stock unit (Shs) 15.87 17.34
Condensed Consolidated Statement of Financial Position
31 December 2010 31 December 2009
Shs'000 Shs'000
As restated
EQUITY
Share capital 98,000 98,000
Retained earnings 1,848,179 1,584,272
Proposed dividends 49,000 49,000
Attributable to company's equity holders 1,995,179 1,731,272
Non controlling interest 215,325 157,022
Total equity 2,210,504 1,888,294
Non-current liabilities 624,408 571,806
2,834,912 2,460,100
REPRESENTED BY
Non-current assets 2,423,021 2,254,817
Current assets 265,949 276,207
Cash and cash equivalents 529,621 342,231
Current liabilities (383,679) (413,155)
Net current assets 411,891 205,283
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