2nd Apr 2012 07:00
KAKUZI LIMITED
ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011
Condensed Consolidated Statement of Comprehensive Income
31 December 2011 31 December 2010
Shs'000 Shs'000
As restated
Sales 2,376,862 2,113,774
Profit before fair value gain in Biological assets, release of provision, finance costs and
income tax 593,647 434,206
Fair value gains in Biological Assets 217,422 124,837
Release of Provision 109,024 -
Finance costs - (414)
Profit before income tax 920,093 558,629
Income tax expense (275,696) (169,963)
Profit for the period (of which Shs 507,766,000 has been dealt with in the accounts
of the company) 644,397 388,666
Other comprehensive income:
Actuarial gains/(losses) on post employment benefit obligation (net of tax) 3,991 (3,287)
Total comprehensive income 648,388 385,379
Profit attributable to:
Equity holders of the company 549,936 313,374
Non-controlling interest 94,461 75,292
Total comprehensive income attributable to:
Equity holders of the company 553,151 311,123
Non-controlling interest 95,237 74,256
Earnings per share attributable to equity holders of the company:
Basic and diluted earnings per stock unit (Shs) 28.06 15.99
Condensed Consolidated Statement of Financial Position
31 December 2011 31 December 2010 31 December 2009
Shs'000 Shs'000 Shs'000
As restated As restated
EQUITY
Share capital 98,000 98,000 98,000
Other reserves 2,413 (1,578) 1,709
Retained earnings 2,325,417 1,849,757 1,582,563
Proposed dividends 73,500 49,000 49,000
Attributable to company's equity holders 2,499,330 1,995,179 1,731,272
Non-controlling interest 257,435 215,325 157,022
Total equity 2,756,765 2,210,504 1,888,294
Non-current assets 709,398 624,408 571,806
3,466,163 2,834,912 2,460,100
REPRESENTED BY
Non-current assets 2,642,675 2,423,021 2,254,817
Current assets 277,313 265,948 276,207
Cash and cash equivalents 897,332 529,621 342,231
Current liabilities (351,157) (383,678) (413,155)
Net-current assets 823,488 411,891 205,283
3,466,163 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.
The Profits are considered satisfactory and have been favourably affected by the exchange rates together with reasonable prices attained on both Tea and Avocado production, despite considerable reductions in volume due to lower rainfall levels. It should be noted that the profits reflect a favourable write back of Ksh. 109 million due to the satisfactory conclusion of the claim against Kakuzi Ltd made by Del Monte Kenya Ltd.
DIVIDEND:
The directors recommend the payment of a first and final dividend for the financial year 2011 of 75% equivalent to Shs 3.75 per stock unit (2010: Shs 2.50) subject to shareholders approval. The dividend shall be paid on or about 30 June 2012 to the shareholders on the members' register at the close of business on Thursday, 31 May 2012.
ANNUAL GENERAL MEETING:
The Annual General Meeting of the Company will be held on Wednesday, 24 May 2012 at 12.00 Noon at Nairobi Serena Hotel.
BY ORDER OF THE BOARD
K W Tarplee
Chairman
30 March 2012
Related Shares:
Kakuzi