Final Results

KAKUZI LIMITED

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

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