TIDMKAKU
RNS Number : 9912S
Kakuzi Ld
22 March 2021
KAKUZI PLC
ANNOUNCEMENT OF GROUP RESULTS FOR THE YEARED 31 DECEMBER
2020
Summarised Consolidated Statement of Profit or Loss
and other Comprehensive Income
31 December 31 December
2020 2019
Shs'000 Shs'000
Sales 3,608,941 2,888,662
=========== ===========
Profit before fair value gain
in non-current biological assets
and income tax 789,719 931,063
Fair value gain in non-current
biological assets 57,813 83,414
Profit before income tax 847,532 1,014,477
Income tax expense (225,498) (301,038)
----------- -----------
Profit for the year 622,034 713,439
Other Comprehensive Income:
Items that are not reclassified
to profit or loss:
Remeasurement of post-employment
benefit obligations (net of tax) 490 11,810
Total comprehensive income 622,524 725,249
=========== ===========
Shs Shs
Earnings per share:
Basic and diluted earnings per
ordinary share 31.74 36.40
Summarised Consolidated Statement of Financial Position
31 December 31 December
2020 2019
Shs'000 Shs'000
EQUITY
Share capital 98,000 98,000
Other reserves 31,953 31,463
Retained earnings 5,083,696 4,814,462
Proposed dividends 352,800 274,400
------------- -------------
Total equity 5,566,449 5,218,325
Non-current liabilities 1,080,470 1,007,047
------------- -------------
6,646,919 6,225,372
============= =============
REPRESENTED BY
Non-current assets 3,990,042 3,868,015
Current assets 1,246,650 896,890
Cash and cash balances 1,670,124 1,696,130
Current liabilities (259,897) (235,663)
------------- -------------
Net current assets 2,656,877 2,357,357
------------- -------------
6,646,919 6,225,372
============= =============
Summarised Consolidated Statement of Cash flows
31 December 31 December
2020 2019
Shs'000 Shs'000
Cash and cash equivalents at
the beginning of the year 1,696,130 1,500,935
----------- -----------
Net cash generated from operating
activities 541,255 785,578
Net cash used in investing activities (358,206) (406,500)
Net cash used in financing activities (274,413) (176,400)
Net exchange gains/(losses) on
foreign currency cash & cash equivalent 65,358 (7,483)
----------- -----------
(Decrease)/increase in cash and
cash equivalents (26,006) 195,195
Cash and cash equivalents at
the end of the year 1,670,124 1,696,130
=========== ===========
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 1.1.2020 98,000 31,463 4,814,462 274,400 5,218,325
Profit for the
year - 490 622,034 - 622,524
Dividends -
final for 2019 - - - (274,400) (274,400)
Proposed for
2020 - - (352,800) 352,800 -
-------- --------- --------- ---------- ---------
At 31.12.2020 98,000 31,953 5,083,696 352,800 5,566,449
OVERVIEW:
The Company achieved robust results for the year, despite the
uncertainty in our main sales markets caused by the COVID-19
Pandemic, with a pre-tax profit of Shs 848 million against Shs
1,014 million last year. Both avocado and macadamia export volumes
were higher than 2019 but these were not sufficient to mitigate a
significant reduction of 34% in the price of avocados. The market
prices in 2019 were at record levels whilst 2020's prices were more
in line with medium term average. The contribution to the overall
results by macadamia and sales of wood products was encouraging and
reflects the benefits of having a diversified product portfolio.
The significant increase in tea production in Kenya (569 million kg
v 458 million kg in 2019) has impacted negatively on price levels
and consequently the profitability for this crop.
The results also include the cost of the Company defending
itself from a UK law firm who wished to bring Kakuzi into the
jurisdiction of the United Kingdom. As previously announced, Kakuzi
was dropped as a party to the UK proceedings in July 2020.
DIVID:
The Directors recommend the payment of a first and final
dividend for the financial year 2020 of Shs 18.00 per ordinary
share (2019: Shs 14.00) subject to shareholders' approval. The
dividend shall be paid on or about 30 June 2021 to the shareholders
on the members' register at the close of business on Monday, 31 May
2021.
The summarised consolidated financial results do not include all
of the disclosures required for full financial statements and
should be read in conjunction with the Annual Report and
consolidated financial statements for the year ended 31 December
2020.
ANNUAL GENERAL MEETING:
The Annual General Meeting of the Company will be held on
Tuesday,18 May 2021 at 12.00 Noon by electronic means.
BY ORDER OF THE BOARD
NICHOLAS NG'ANG'A
CHAIRMAN
18 MARCH 2021
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 2020, 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 financial statements of the Group for the year ended 31
December 2020.
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 annual 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 financial statements and our report thereon
We expressed an unmodified audit opinion on the audited
consolidated financial statements in our report dated 18 March
2021. 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) 18 March 2021
FCPA Anne Muraya, Practising certificate No. 1697.
Signing partner responsible for the independent audit
18 March 2021
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END
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