TIDMKAKU
RNS Number : 8849G
Kakuzi Ld
20 March 2020
KAKUZI PLC
ANNOUNCEMENT OF GROUP RESULTS FOR THE YEARED 31 DECEMBER
2019
Summarised Consolidated Statement of Profit or Loss
and other Comprehensive Income
31 December 31 December
2019 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 31 December
2019 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 31 December
2019 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 Other Retained Proposed Total
capital reserves earnings dividends 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.
DIVID:
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
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 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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END
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