Kakuzi Ld Annual Financial Report (3191S)

TIDMKAKU

RNS Number : 3191S

Kakuzi Ld

17 March 2016

 
 
                            KAKUZI LIMITED 
          ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 
                          31 DECEMBER 2015 
           Condensed consolidated statement of profit or 
                 loss and other comprehensive income 
 
                                           31 December   31 December 
                                                  2015          2014 
                                               Shs'000       Shs'000 
 
 
 Sales                                       2,481,844     1,689,917 
                                           ===========   =========== 
 
 
  Profit before fair value gain 
  in Biological assets and income 
  tax                                          650,183       153,486 
 Fair value gain in Biological 
  assets                                       114,262        79,313 
 
 Profit before income tax                      764,445       232,799 
 Income tax expense                           (236,758)      (72,594) 
                                           -----------   ----------- 
 
 Profit for the year                           527,687       160,205 
 
 Other comprehensive income: 
 Items that are not reclassified 
  to profit or loss: 
 Remeasurement of post employment 
  benefit obligations (net of 
  tax)                                           4,955        (6,005) 
 
 Total comprehensive income                    532,642       154,200 
                                           ===========   =========== 
 
 Earnings per share (Shs): 
 Basic and diluted earnings 
  per stock unit                                 26.92          8.17 
                                           ===========   =========== 
 
           Condensed Consolidated Statement of Financial 
                              Position 
 
                                           31 December   31 December 
                                                  2015          2014 
                                               Shs'000       Shs'000 
 
 EQUITY 
 Share capital                                  98,000        98,000 
 Other reserves                                  8,936         3,981 
 Retained earnings                           3,238,934     2,809,247 
 Proposed dividends                             98,000        73,500 
                                           -----------   ----------- 
 Total equity                                3,443,870     2,984,728 
 Non-current liabilities                       742,099       695,305 
                                           -----------   ----------- 
                                             4,185,969     3,680,033 
                                           ===========   =========== 
 REPRESENTED BY 
 Non-current assets                          3,025,106     2,676,369 
                                           -----------   ----------- 
 
 Current assets                                354,639       207,395 
 Cash and bank balances                      1,175,434       973,690 
 Current liabilities                          (369,210)     (177,421) 
 Net current assets                          1,160,863     1,003,664 
                                             4,185,969     3,680,033 
                                           ===========   =========== 
 
 
 
 
 
    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 improved profit is considered satisfactory and was driven to 
    some extent by the weather conditions as well as favourable market 
    demand for our main export products. Avocado was dominant in returns 
    but tea and forestry made useful contribution to profits. The weakening 
    Kenya Shilling also worked in our favour as well as the fact that 
    we could take advantage of high interest rates with our strong 
    cash position. 
 
    DIVIDEND: 
 
    The Directors recommend the payment of a first and final dividend 
    for the financial year 2015 of Shs 5.00 per stock unit (2014: Shs 
    3.75) subject to shareholders approval. The dividend shall be paid 
    on or about 30 June 2016 to the shareholders on the members' register 
    at the close of business on Tuesday, 31 May 2016. 
 
    ANNUAL GENERAL MEETING: 
 
    The Annual General Meeting of the Company will be held on Tuesday 
    17 May 2016 at 12.00 Noon at Nairobi Serena Hotel. 
 
    BY ORDER OF THE BOARD 
 
    K W Tarplee 
    Chairman 
    16 March 2016 
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March 17, 2016 03:00 ET (07:00 GMT)