RNS Number : 8849G
Kakuzi Ld
20 March 2020
 

KAKUZI PLC

 

 

ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019

Summarised Consolidated Statement of Profit or Loss and other Comprehensive Income






31 December 2019


31 December 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 2019


31 December 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 2019


31 December 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

capital


Other reserves


Retained earnings


Proposed dividends


Total

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.

DIVIDEND:

 

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

INDEPENDENT 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

                                                                                               


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