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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Kakuzi Ld | LSE:KAKU | London | Ordinary Share | KE0000000281 | STK KES5 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 92.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| General Farms,primarily Crop | 5.4B | 453.52M | 23.1386 | 0.04 | 18.13M |
From Apr 2019 to Apr 2024
TIDMKAKU
RNS Number : 8849G
Kakuzi Ld
20 March 2020
KAKUZI PLC
ANNOUNCEMENT OF GROUP RESULTS FOR THE YEARED 31 DECEMBER 2019
Hot Features
Premium
Summarised Consolidated Statement of Profit or Loss
and other Comprehensive Income
31 December 31 December
2019 2018
Shs'000 Shs'000
Sales 2,888,662 3,152,831
======== =========
Profit before fair value gain
in non-current biological assets
and income tax 931,063 610,001
Fair value gain in non-current
biological assets 83,414 74,082
________ _________
Profit before income tax 1,014,477 684,083
Income tax expense (301,038) (202,489)
________ _________
Profit for the year 713,439 481,594
Other Comprehensive Income:
Items that are not reclassified
subsequently to profit or loss:
Remeasurement of post-employment
benefit obligations (net of tax) 11,810 3,046
________ _________
Total comprehensive income for
the year 725,249 484,640
======== =========
Shs Shs
Earnings per share (Shs):
Basic and diluted earnings per
ordinary share 36.40 24.57
======== =========
----------------------------------- ----------- -----------
Summarised Consolidated Statement of Financial Position
31 December 31 December
2019 2018
Shs'000 Shs'000
EQUITY
Share capital 98,000 98,000
Other reserves 31,463 19,653
Retained earnings 4,814,462 4,375,423
Proposed dividends 274,400 176,400
________ _________
Total equity 5,218,325 4,669,476
Non-current
liabilities 1,007,047 881,602
________ _________
6,225,372 5,551,078
======== =========
REPRESENTED
BY
Non-current
assets 3,868,015 3,624,125
Current assets 896,890 815,982
Cash and cash
balances 1,696,130 1,500,935
Current liabilities (235,663) (389,964)
________ _________
Net current
assets 2,357,357 1,926,953
======== =========
6,225,372 5,551,078
======== =========
Summarised Consolidated Statement of Cash flows
31 December 31 December
2019 2018
Shs'000 Shs'000
Cash and cash equivalents at
the beginning of the year 1,500,935 1,648,749
________ _________
Net cash generated from operating
activities 785,578 361,190
Net cash used in investing activities (406,500) (369,462)
Net cash used in financing activities (176,400) (137,200)
Net exchange losses on foreign
currency cash & cash equivalent (7,483) (2,342)
________ _________
Increase/(decrease) in cash and
cash equivalents 195,195 (147,814)
________ _________
Cash and cash equivalents at
the end of the year 1,696,130 1,500,935
======== =========
--------------------------------------- ----------- -----------
Summarised Consolidated Statement
of Changes in Equity
Share Other Retained Proposed Total
capital reserves earnings dividends Equity
Shs'000 Shs'000 Shs'000 Shs'000 Shs'000
At 1.1.2019 98,000 19,653 4,375,423 176,400 4,669,476
Profit for the
year - - 713,439 - 713,439
Other comprehensive
income - 11,810 - - 11,810
Dividends -
final for 2018 - - - (176,400) (176,400)
- proposed for
2019 - - (274,400) 274,400 -
_______ ______ _________ ________ _________
At 31.12.2019 98,000 31,463 4,814,462 274.400 5,218,325
====== ====== ======== ======= ========
--------------------------------- -------- --------- --------- ---------- ---------
OVERVIEW:
An excellent set of results for 2019 showing a pre-tax profit of Shs 1,014 million against Shs 684 million of last year as a result of firm market demand and pricing for both avocado and macadamia throughout the year. The earnings per Share increased from Shs 24.57 to
Shs 36.40. Profitability within the tea operations continued to reflect the difficult trading conditions and significant inflationary pressure on labour and other production costs.
Kakuzi continues to develop its Core Crop Strategy in line with the Group's long-term objectives.
DIVID:
The Directors recommend the payment of a first and final dividend for the financial year 2019 of Shs 14.00 per ordinary share (2018: Shs 9.00) subject to shareholders' approval. The dividend shall be paid on or about 15 July 2020 to the shareholders on the members' register at the close of business on Friday, 19 June 2020.
ANNUAL GENERAL MEETING:
The Annual General Meeting of the Company will be held on Tuesday, 9 June 2020 at 12.00 Noon at Nairobi Serena Hotel. The audited Financial Statements are available on the Group's website: www.kakuzi.co.ke/investor-relations/regulatory-news
BY ORDER OF THE BOARD
G H MCLEAN
CHAIRMAN
19 MARCH 2020
Deloitte (--)
Deloitte & Touche
Certified Public Accountants (Kenya) Deloitte Place
Waiyaki Way, Muthangari
P.O. Box 40092 - GPO 00100 Nairobi
Kenya
Tel: +254 (0) 20 423 0000
Cell: +254 (0) 719 039 000 Dropping Zone No.92
Email: admin@deloitte.co.ke www.deloitte.com
Tel: +254 (0) 20 423 0000
Cell: +254 (0) 719 039 000 Dropping Zone No.92
Email: admin@deloitte.co.ke www.deloitte.com
INDEPENT AUDITORS' REPORT ON THE SUMMARISED COSOLIDATED FINANCIAL STATEMENTS
TO THE SHAREHOLDERS OF KAKUZI PLC
Opinion
The accompanying summarised consolidated financial statements of Kakuzi Plc and its subsidiaries (the "Group"), which comprise the summarised consolidated statement of financial position as at 31 December 2019, the summarised consolidated statement of profit or loss and other comprehensive income, the summarised consolidated statement of changes in equity and the summarised consolidated statement of cash flows for the year then ended, are derived from the audited consolidated financial statements of the Group for the year ended 31 December 2019.
In our opinion, the accompanying summarised consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements of the Group, in accordance with the requirements of the Capital Markets (Securities) (Public Offers, Listings and Disclosures) Regulation, 2002 ("the Regulations") as applicable to summary financial statements.
Summarised consolidated financial Statements
The summarised consolidated financial statements do not contain all the disclosures required by International Financial Reporting Standards as applicable to the audited consolidated financial statements. Reading the summarised consolidated financial statements and the auditors' report thereon, therefore, is not a substitute for reading the audited consolidated financial statements of the Group and the auditors' report thereon.
The audited consolidated financial statements and our report thereon
We expressed an unmodified audit opinion on the audited consolidated financial statements in our report dated 19 March 2020. That report also includes the communication of a key audit matter.
Directors' responsibility for the summarised consolidated financial statements
The Directors are responsible for the preparation of the summarised consolidated financial statements in accordance with the requirements of the Capital Markets (Securities) (Public Offers, Listings and Disclosures) Regulation, 2002 Requirements as applicable to summarised financial statements.
Auditors' responsibility
Our responsibility is to express an opinion on whether the summarised consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial Statements.
Certified Public Accountants (Kenya)
Nairobi
CPA Anne Muraya, Practising certificate No. 1697.
Signing partner responsible for the independent audit
19 March 2020
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
ACSSFSFWUESSEDD
(END) Dow Jones Newswires
March 20, 2020 03:00 ET (07:00 GMT)
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