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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 0.0% 92.50 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Unknown 3,608.9 847.5 31.7 2.9 12

Kakuzi Ld Annual Financial Report

19/03/2021 7:00am

UK Regulatory (RNS & others)


Kakuzi Ld (LSE:KAKU)
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TIDMKAKU

RNS Number : 7888S

Kakuzi Ld

19 March 2021

KAKUZI PLC

ANNOUNCEMENT OF GROUP RESULTS FOR THE YEARED 31 DECEMBER 2020

 
      Summarised Consolidated Statement of Profit or Loss 
                 and other Comprehensive Income 
                                       31 December   31 December 
                                              2020          2019 
                                           Shs'000       Shs'000 
 
 Sales                                   3,608,941     2,888,662 
                                       ===========   =========== 
 
 Profit before fair value gain 
  in non-current biological assets 
  and income tax                           789,719       931,063 
 Fair value gain in non-current 
  biological assets                         57,813        83,414 
 
 Profit before income tax                  847,532     1,014,477 
 Income tax expense                       (225,498)     (301,038) 
                                       -----------   ----------- 
 
 Profit for the year                       622,034       713,439 
 
 Other Comprehensive Income: 
 Items that are not reclassified 
  to profit or loss: 
 Remeasurement of post-employment 
  benefit obligations (net of tax)             490        11,810 
 Total comprehensive income                622,524       725,249 
                                       ===========   =========== 
 
                                               Shs           Shs 
 Earnings per share: 
 Basic and diluted earnings per 
  ordinary share                             31.74         36.40 
 
 
 
   Summarised Consolidated Statement of Financial Position 
                                  31 December    31 December 
                                         2020           2019 
                                      Shs'000        Shs'000 
 EQUITY 
 Share capital                         98,000         98,000 
 Other reserves                        31,953         31,463 
 Retained earnings                  5,083,696      4,814,462 
 Proposed dividends                   352,800        274,400 
                                -------------  ------------- 
 Total equity                       5,566,449      5,218,325 
 Non-current liabilities            1,080,470      1,007,047 
                                -------------  ------------- 
                                    6,646,919      6,225,372 
                                =============  ============= 
 REPRESENTED BY 
 Non-current assets                 3,990,042      3,868,015 
 
 Current assets                     1,246,650        896,890 
 Cash and cash balances             1,670,124      1,696,130 
 Current liabilities                (259,897)      (235,663) 
                                -------------  ------------- 
 Net current assets                 2,656,877      2,357,357 
                                -------------  ------------- 
                                    6,646,919      6,225,372 
                                =============  ============= 
 
 
 
 
            Summarised Consolidated Statement of Cash flows 
                                              31 December   31 December 
                                                     2020          2019 
                                                  Shs'000       Shs'000 
 
 Cash and cash equivalents at 
  the beginning of the year                     1,696,130     1,500,935 
                                              -----------   ----------- 
 
 Net cash generated from operating 
  activities                                      541,255       785,578 
 Net cash used in investing activities           (358,206)     (406,500) 
 Net cash used in financing activities           (274,413)     (176,400) 
 Net exchange gains/(losses) on 
  foreign currency cash & cash equivalent          65,358        (7,483) 
                                              -----------   ----------- 
 (Decrease)/increase in cash and 
  cash equivalents                                (26,006)      195,195 
 
 Cash and cash equivalents at 
  the end of the year                           1,670,124     1,696,130 
                                              ===========   =========== 
 
 
 
        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 1.1.2020         98,000     31,463  4,814,462     274,400  5,218,325 
 Profit for the 
  year                    -        490    622,034           -    622,524 
 Dividends - 
  final for 2019          -          -          -   (274,400)  (274,400) 
 Proposed for 
  2020                    -          -  (352,800)     352,800          - 
                   --------  ---------  ---------  ----------  --------- 
 At 31.12.2020       98,000     31,953  5,083,696     352,800  5,566,449 
 
 

OVERVIEW:

The Company achieved robust results for the year, despite the uncertainty in our main sales markets caused by the COVID-19 Pandemic, with a pre-tax profit of Shs 848 million against Shs 1,014 million last year. Both avocado and macadamia export volumes were higher than 2019 but these were not sufficient to mitigate a significant reduction of 34% in the price of avocados. The market prices in 2019 were at record levels whilst 2020's prices were more in line with medium term average. The contribution to the overall results by macadamia and sales of wood products was encouraging and reflects the benefits of having a diversified product portfolio. The significant increase in tea production in Kenya (569 million kg v 458 million kg in 2019) has impacted negatively on price levels and consequently the profitability for this crop.

The results also include the cost of the Company defending itself from a UK law firm who wished to bring Kakuzi into the jurisdiction of the United Kingdom. As previously announced, Kakuzi was dropped as a party to the UK proceedings in July 2020.

DIVID:

The Directors recommend the payment of a first and final dividend for the financial year 2020 of Shs 18.00 per ordinary share (2019: Shs 14.00) subject to shareholders' approval. The dividend shall be paid on or about 30 June 2020 to the shareholders on the members' register at the close of business on Monday, 31 May 2021.

The summarised consolidated financial results do not include all of the disclosures required for full financial statements and should be read in conjunction with the Annual Report and consolidated financial statements for the year ended 31 December 2020.

ANNUAL GENERAL MEETING:

The Annual General Meeting of the Company will be held on Tuesday,18 May 2021 at 12.00 Noon by electronic means.

BY ORDER OF THE BOARD

NICHOLAS NG'ANG'A

CHAIRMAN

18 MARCH 2021

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 2020, 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 financial statements of the Group for the year ended 31 December 2020.

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 annual 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 financial statements and our report thereon

We expressed an unmodified audit opinion on the audited consolidated financial statements in our report dated 18 March 2021. 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)                                               18 March 2021 

FCPA Anne Muraya, Practising certificate No. 1697.

Signing partner responsible for the independent audit

18 March 2021

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END

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March 19, 2021 03:00 ET (07:00 GMT)

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