Kakuzi Ld Annual Financial Report (8369T)

TIDMKAKU

RNS Number : 8369T

Kakuzi Ld

22 March 2023

KAKUZI PLC

ANNOUNCEMENT OF GROUP RESULTS FOR THE YEARED 31 DECEMBER 2022

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

 
                                   31 December  31 December 
                                          2022         2021 
                                       Shs'000      Shs'000 
 Sales                               4,434,211    3,296,414 
                                     =========  =========== 
 Profit before fair value gain 
  in non-current biological assets 
  and income tax                     1,108,065      333,435 
 Fair value gain in non-current 
  biological assets                    113,559      138,121 
                                     =========  =========== 
 Profit before income tax            1,221,624      471,556 
 Income tax expense                  (375,820)    (151,820) 
                                     =========  =========== 
 
   Profit for the year                 845,804      319,736 
 Other Comprehensive Income: 
 Items that are not reclassified 
  to profit or loss: 
 Remeasurement of post-employment 
  benefit obligations (net of 
  tax)                                 (5,176)        6,038 
                                     =========  =========== 
 Total comprehensive income            840,628      325,774 
                                     =========  =========== 
                                           Shs          Shs 
   Earnings per share (Shs): 
 Basic and diluted earnings per 
  ordinary share                         43:15        16.31 
                                     =========  =========== 
 

Condensed Consolidated Statement of Financial Position

 
                                   31 December  31 December 
                                          2022         2021 
                                       Shs'000      Shs'000 
   EQUITY 
 Share capital                          98,000       98,000 
 Other reserves                         32,815       37,991 
 Retained earnings                   5,347,636    4,972,232 
 Proposed dividends                    470,400      431,200 
                                   ===========  =========== 
 Total equity                        5,948,851    5,539,423 
 Non-current liabilities             1,187,337    1,070,957 
                                   ===========  =========== 
                                     7,136,188    6,610,380 
                                   ===========  =========== 
 REPRESENTED BY 
 Non-current assets                  4,089,669    3,929,196 
 
   Current assets excluding cash 
   and cash balances                 1,983,022    1,302,056 
 Cash and bank balances              1,408,744    1,656,219 
 Current liabilities                 (345,247)    (277,091) 
                                   ===========  =========== 
 Net current assets                  3,046,519    2,681,184 
                                   ===========  =========== 
                                     7,136,188    6,610,380 
                                   ===========  =========== 
 

Condensed Consolidated Statement of Cash flows

 
                                         31 December  31 December 
                                                2022         2021 
                                             Shs'000      Shs'000 
 Cash and cash equivalents at 
  the beginning of the year                1,656,219    1,670,124 
                                         ===========  =========== 
 
   Net cash generated from operating 
   activities                                382,426      556,796 
 Net cash used in investing activities     (281,012)    (233,896) 
 Net cash used in financing activities     (431,201)    (352,803) 
 Net exchange gains on foreign 
  currency cash & cash equivalent             82,312       15,998 
                                         ===========  =========== 
 Decrease in cash and cash equivalents     (247,475)     (13,905) 
                                         ===========  =========== 
 
   Cash and cash equivalents at 
   the end of the year                     1,408,744    1,656,219 
                                         ===========  =========== 
 

Condensed 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 
 On 1.1.2022                98,000            37,991         4,972,232          431,200        5,539,423 
 Profit for the 
  year                              -                   -      845,804                -          845,804 
 Other comprehensive 
  loss                              -             (5,176)             -               -          (5,176) 
 Dividends 
  - final paid 
  for 2021                          -                   -             -       (431,200)        (431,200) 
 - proposed for 
  2022                              -                   -    (470,400)          470,400                - 
                       ==============  ==================  ============  ==============  =============== 
 On 31.12.2022               98,000           32,815         5,347,636      470,400            5,948,851 
                       ==============  ==================  ============  ==============  =============== 
 

OVERVIEW:

Kakuzi, your superfoods growing Company recorded a 159% increase in pre-tax profits with a record Ksh 1.22 billion earnings, up from Ksh 472 millionprimarily due to increased production volumes of Hass and Pinkerton avocados and an increased contribution from both the macadamia and tea operations.

DIVID:

Your Board recommends an increase in the dividend per share to Shs 24.00 compared to Shs 22.00 per share in 2021. The dividend shall be paid on or about 15 June 2023 to the shareholders on the members' register at the close of business on Wednesday, 31 May 2023.

ANNUAL GENERAL MEETING:

The Annual General Meeting of the Company will be held in the Ballroom at Nairobi Serena Hotel, Nairobi on Tuesday, 16th May 2023 at 12.00 Noon.

BY ORDER OF THE BOARD

NICHOLAS NG'ANG'A

CHAIRMAN

21 MARCH 2023

INDEPENT AUDITORS' REPORT ON THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

TO THE SHAREHOLDERS OF KAKUZI PLC

Opinion

The accompanying condensed consolidated Financial Statements of Kakuzi Plc and its subsidiaries (the "Group"), which comprise the condensed consolidated statement of financial position as at 31 December 2022, and the

condensed consolidated statement of profit or loss and other comprehensive income, the condensed consolidated statement of changes in equity and the condensed 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 2022.

In our opinion, the accompanying condensed consolidated Financial Statements are consistent, in all material respects, with the audited 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.

Condensed consolidated Financial Statements

The condensed consolidated Financial Statements do not contain all the disclosures required by the International Financial Reporting Standards as applicable to annual Financial Statements. Reading the condensed consolidated

Financial Statements and the auditors' report thereon, therefore, is not a substitute for reading the audited 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 Financial Statements in our report dated 21 March 2023. That report also includes the communication of a key audit matter related to measurement of biological assets. Key

audit matters are those matters that in our professional judgement were of most significance in our audit of the Financial Statements of the current period.

Management's Responsibility for the Condensed Financial Statements

Management is responsible for the preparation of the condensed Financial Statements in accordance with the Capital Markets (Securities) (Public Offers, Listings and Disclosures) Regulation, 2002 ("the Regulations") as applicable to

summary financial statements.

Auditors' responsibility

Our responsibility is to express an opinion on whether the condensed consolidated Financial Statements are consistent, in all material respects, with the audited 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.

The engagement partner responsible for the audit resulting in this independent auditor's report is

CPA Fredrick Okwiri, Practicing Certificate No. 1699

For and on behalf of Deloitte & Touche LLP

Certified Public Accountants

Deloitte Place,

Waiyaki Way, Muthangari

P.O Box 40092 - 00100, Nairobi, Kenya

21 March 2023

Partners: D.M. Mbogho; A.N. Muraya; F. O. Aloo; J. Nyang'aya; B.W. Irungu; I. Karim; F. Okwiri; F.O Omondi; F. Mitambo; P. Seroney; D. Waweru; C Luo.

Deloitte & Touche, a partnership with registration No. 177912, converted to Deloitte & Touche LLP Registration No. LLP-A21DDP effective 14 June 2021

Associate of Deloitte Africa, a Member of Deloitte Touche Tohmatsu Limited

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March 22, 2023 03:00 ET (07:00 GMT)