Kakuzi Ld Annual Financial Report (8075A)

TIDMKAKU

RNS Number : 8075A

Kakuzi Ld

29 March 2017

 
 
                           KAKUZI LIMITED 
         ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 
                         31 DECEMBER 2016 
          Condensed consolidated statement of profit or 
                loss and other comprehensive income 
                                                          Restated 
                                         31 December   31 December 
                                                2016          2015 
                                             Shs'000       Shs'000 
 
 
 Sales                                     2,651,199     2,481,844 
                                         ===========   =========== 
 
 Profit before fair value gain 
  in non-current biological assets 
  and income tax                             690,543       584,270 
 Fair value gain in non-current 
  biological assets                           67,236        83,071 
 
 Profit before income tax                    757,779       667,341 
 Income tax expense                         (195,354)     (207,627) 
                                         -----------   ----------- 
 
 Profit for the year                         562,425       459,714 
 
 Other comprehensive income: 
 Items that are not reclassified 
  to profit or loss: 
 Remeasurement of post employment 
  benefit obligations (net of 
  tax)                                         5,936         4,955 
 
 Total comprehensive income                  568,361       464,669 
                                         ===========   =========== 
 
 Earnings per share (Shs): 
 Basic and diluted earnings 
  per stock unit                               28.70         23.45 
                                         ===========   =========== 
 
          Condensed Consolidated Statement of Financial 
                             Position 
                                                          Restated 
                                         31 December   31 December 
                                                2016          2015 
                                             Shs'000       Shs'000 
 
 EQUITY 
 Share capital                                98,000        98,000 
 Other reserves                               14,872         8,936 
 Retained earnings                         3,615,786     3,170,961 
 Proposed dividends                          117,600        98,000 
                                         -----------   ----------- 
 Total equity                              3,846,258     3,375,897 
 Non-current liabilities                     801,418       712,968 
                                         -----------   ----------- 
                                           4,647,676     4,088,865 
                                         ===========   =========== 
 REPRESENTED BY 
 Non-current assets                        3,015,067     2,817,369 
                                         -----------   ----------- 
 
 Current assets                              618,771       465,272 
 Cash and bank balances                    1,430,576     1,175,434 
 Current liabilities                        (416,738)     (369,210) 
 Net current assets                        1,632,609     1,271,496 
                                           4,647,676     4,088,865 
                                         ===========   =========== 
 
 
 
 
 
    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 results for the year show an increased profit 
    before tax of Ksh 758 million against a restated 
    profit for 2015 of Ksh 667 million. The 2015 profits 
    have been restated due to changes in the Accounting 
    Standards. The earnings per stock unit increased 
    from Ksh 23.45 to Ksh 28.70. The improved profit 
    reflects the favourable market demand for our 
    two core crop products (avocado and macadamia) 
    as well as the continued growth of these operations 
    in keeping with Kakuzi's agricultural development 
    strategy. 
 
    DIVIDEND: 
 
    The Directors recommend the payment of a first 
    and final dividend for the financial year 2016 
    of Shs 6.00 per stock unit (2015: Shs 5.00) subject 
    to shareholders' approval. The dividend shall 
    be paid on or about 30 June 2017 to the shareholders 
    on the members' register at the close of business 
    on Wednesday, 31 May 2017. 
 
    ANNUAL GENERAL MEETING: 
 
    The Annual General Meeting of the Company will 
    be held on Monday 15 May 2017 at 12.00 Noon at 
    Fairmont The Norfolk Hotel. 
 
    BY ORDER OF THE BOARD 
 
    G H Mclean 
    Chairman 
    28 March 2017 
------------------------------------------------------------ 
 

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March 29, 2017 02:00 ET (06:00 GMT)