Last checked at 19 Mar 2014 07:00
KAKUZI LIMITED
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ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013 | ||||||||
Condensed Consolidated Statement of Comprehensive Income | ||||||||
31 December 2013 | 31 December 2012 | |||||||
Shs'000 | Shs'000 | |||||||
Sales | 1,384,375 | 1,564,792 | ||||||
Profit before fair value gain in Biological assets, sale of shares in subsidiary and income tax |
142,989 |
362,364 | ||||||
Fair value gain in Biological assets | 96,317 | 63,686 | ||||||
Profit on sale of shares in subsidiary | - | 53,249 | ||||||
Profit before income tax | 239,306 | 479,299 | ||||||
Income tax expense | (74,278 | ) | (129,833 | ) | ||||
Profit for the year from continuing operations | 165,028 | 349,466 | ||||||
Profit for the year from discontinued operations | - | 59,190 | ||||||
Profit for the year
| 165,028
| 408,656
| ||||||
Other comprehensive income: | ||||||||
Actuarial gain/(loss) on post employment benefit obligation (net of tax) | 11,275 | (3,552 | ) | |||||
Total comprehensive income | 176,303 | 405,104 | ||||||
Total comprehensive income attributable to: | ||||||||
Equity holders of the company: | ||||||||
Profit for the year from continuing operations | 176,303 | 345,914 | ||||||
Profit for the year from discontinued operations | - | 29,891 | ||||||
Profit for the year attributable to equity holders of the company | 176,303 | 375,805 | ||||||
Non-controlling interest: Profit for the year from discontinued operations | - | 29,299 | ||||||
| 176,303 | 405,104 | ||||||
Earnings per share attributable to equity holders of the company: | ||||||||
Basic and diluted earnings per stock unit - continuing operations | 8.42 | 17.83 | ||||||
Basic and diluted earnings per stock unit - discontinued operations | - | 1.52 | ||||||
| 8.42 | 19.35 | ||||||
Condensed Consolidated Statement of Financial Position | ||||||||
31 December 2013 | 31 December 2012 | |||||||
Shs'000 | Shs'000 | |||||||
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EQUITY | ||||||||
Share capital | 98,000 | 98,000 | ||||||
Other reserves | 9,986 | (1,289 | ) | |||||
Retained earnings | 2,722,542 | 2,631,014 | ||||||
Proposed dividends | 73,500 | 73,500 | ||||||
Attributable to company's equity holders | 2,904,028 | 2,801,225 | ||||||
Non-current liabilities | 666,334 | 624,452 | ||||||
3,570,362 | 3,425,677 | |||||||
REPRESENTED BY | ||||||||
Non-current assets | 2,546,888 | 2,334,227 | ||||||
Current assets | 265,897 | 339,933 | ||||||
Cash and cash equivalents | 904,758 | 897,540 | ||||||
Current liabilities | (147,181 | ) | (146,023 | ) | ||||
Net current assets | 1,023,474 | 1,091,450 | ||||||
3,570,362 | 3,425,677 | |||||||
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 major impact on profits arises from our Avocado and Tea operations both of which are significantly down on turnover and profit as compared with 2012.
DIVIDEND:
The Directors recommend the payment of a first and final dividend for the financial year 2013 of 75% equivalent to Shs 3.75 per stock unit (2012: Shs 3.75) subject to shareholders approval. The dividend shall be paid on or about 30 June 2014 to the shareholders on the members' register at the close of business on Friday, 30 May 2014
ANNUAL GENERAL MEETING:
The Annual General Meeting of the Company will be held on Tuesday, 20 May 2014 at 12.00 Noon at Nairobi Serena Hotel.
BY ORDER OF THE BOARD
K W Tarplee Chairman 18 March 2014 |