TIDMKAKU
RNS Number : 4039U
Kakuzi Ld
29 March 2019
KAKUZI PLC
ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER
2018
Condensed Consolidated Statement of Profit or Loss
and other Comprehensive Income
31 December 31 December
2018 2017
Shs'000 Shs'000
Sales 3,152,831 2,823,926
=========== ===========
Profit before fair value gain
in non-current biological assets
and income tax 610,001 766,324
Fair value gain in non-current
biological assets 74,082 82,799
Profit before income tax 684,083 849,123
Income tax expense (202,489) (257,480)
----------- -----------
Profit for the year 481,594 591,643
Other Comprehensive Income:
Items that are not reclassified
to profit or loss:
Remeasurement of post-employment
benefit obligations (net of tax) 3,046 1,735
Total comprehensive income 484,640 593,378
=========== ===========
Shs Shs
Earnings per share (Shs):
Basic and diluted earnings per
ordinary share 24.57 30.19
Condensed Consolidated Statement of Cash flows
31 December 31 December
2018 2017
Shs'000 Shs'000
Cash and cash equivalents at
the beginning of the year 1,648,749 1,430,576
----------- -----------
Net cash generated from operating
activities 361,190 924,954
Net cash used in investing activities (369,462) (587,801)
Net cash used in financing activities (137,200) (117,600)
Net exchange losses on foreign
currency cash & cash equivalent (2,342) (1,380)
----------- -----------
(Decrease)/increase in cash and
cash equivalents (147,814) 218,173
Cash and cash equivalents at
the end of the year 1,500,935 1,648,749
=========== ===========
Condensed Consolidated Statement of Financial Position
31 December 31 December
2018 2017
Shs'000 Shs'000
EQUITY
Share capital 98,000 98,000
Other reserves 19,653 16,607
Retained earnings 4,375,423 4,070,229
Proposed dividends 176,400 137,200
-------------- -------------
Total equity 4,669,476 4,322,036
Non-current
liabilities 881,602 807,190
-------------- -------------
5,551,078 5,129,226
============== =============
REPRESENTED
BY
Non-current
assets 3,624,125 3,338,922
Current assets 815,982 758,455
Cash and cash
balances 1,500,935 1,648,749
Current liabilities (389,964) (616,900)
-------------- -------------
Net current
assets 1,926,953 1,790,304
-------------- -------------
5,551,078 5,129,226
============== =============
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 1.1.2018 98,000 16,607 4,070,229 137,200 4,322,036
Profit for the
year - 3,046 481,594 - 484,640
Dividends - final
for 2017 - - - (137,200) (137,200)
- proposed for
2018 - - (176,400) 176,400 -
-------- --------- --------- ---------- ---------
On 31.12.2018 98,000 19,653 4,375,423 176,400 4,669,476
OVERVIEW:
The results for 2018 reflect a pre-tax profit of Shs 684 million
compared to Shs 849 million in 2017. The lower profits are as a
result of lower avocado prices achieved, due to a heavily over
supplied market in Europe. Macadamia and forestry profits improved
over the previous year as a result of increased production from our
orchards and a rise in the demand for wood products. Earnings per
share was Shs 24.57 in 2018 compared to Shs 30.19 in 2017.
DIVIDEND:
The Directors recommend the payment of a first and final
dividend for the financial year 2018 of Shs 9.00 per ordinary share
(2017: Shs 7.00) subject to shareholders' approval. The dividend
shall be paid on or about 30 June 2019 to the shareholders on the
members' register at the close of business on Friday, 31 May
2019.
ANNUAL GENERAL MEETING:
The Annual General Meeting of the Company will be held on
Tuesday 14 May 2019 at 12.00 Noon at Nairobi Serena Hotel.
BY ORDER OF THE BOARD
G H MCLEAN
CHAIRMAN
28 MARCH 2019
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
INDEPENDENT AUDITORS' REPORT ON THE CONDENSED COSOLIDATED
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 2018, 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 2018.
In our opinion, the accompanying condensed 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.
Condensed consolidated financial Statements
The condensed consolidated financial statements do not contain
all the disclosures required by 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 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 28 March
2019. That report also includes the communication of a key audit
matter.
Directors' responsibility for the condensed consolidated
financial statements
The Directors are responsible for the preparation of the
condensed consolidated financial statements in accordance with the
requirements of the Capital Markets (Securities) (Public Offers,
Listings and Disclosures) Regulation, 2002 Requirements as
applicable to condensed 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 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.
CPA Anne Muraya, Practising certificate No. 1697.
Signing partner responsible for the independent audit
28 March 2019
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END
FR LFFSLVEITFIA
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