KAKUZI PLC
ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
| 31 December 2022 | 31 December 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 |
|
Earnings per share (Shs): | Shs | Shs |
| Basic and diluted earnings per ordinary share | 43:15 | 16.31 |
Condensed Consolidated Statement of Financial Position
| 31 December 2022 | 31 December 2021 | |
|
EQUITY | Shs'000 | Shs'000 |
| 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 2022 | 31 December 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 capital | Other reserves | Retained earnings | Proposed dividends | Total 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.
DIVIDEND:
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
INDEPENDENT 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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