TIDMKAKU
RNS Number : 6353F
Kakuzi Ld
23 March 2022
KAKUZI PLC
ANNOUNCEMENT OF GROUP RESULTS FOR THE YEARED 31 DECEMBER
2021
Condensed Consolidated Statement of Profit or Loss
and Other Comprehensive Income
31 December 31 December
2021 2020
Shs'000 Shs'000
Sales 3,296,414 3,608,941
=========== ===========
Profit before fair value gain
in non-current biological assets
and income tax 333,435 789,719
Fair value gain in non-current
biological assets 138,121 57,813
Profit before income tax 471,556 847,532
Income tax expense (151,820) (225,498)
----------- -----------
Profit for the year 319,736 622,034
Other Comprehensive Income:
Items that are not reclassified
to profit or loss:
Remeasurement of post-employment
benefit obligations (net of tax) 6,038 490
Total comprehensive income 325,774 622,524
=========== ===========
Shs Shs
Earnings per share (Shs):
Basic and diluted earnings per
ordinary share 16.31 31.74
Condensed Consolidated Statement of Cash flows
31 December 31 December
2021 2020
Shs'000 Shs'000
Cash and cash equivalents at
the beginning of the year 1,670,124 1,696,130
----------- -----------
Net cash generated from operating
activities 556,796 541,255
Net cash used in investing activities (233,896) (358,206)
Net cash used in financing activities (352,803) (274,413)
Net exchange gains on foreign
currency cash & cash equivalent 15,998 65,358
----------- -----------
Decrease in cash and cash equivalents (13,905) (26,006)
Cash and cash equivalents at
the end of the year 1,656,219 1,670,124
=========== ===========
Condensed Consolidated Statement of Financial Position
31 December 31 December
2021 2020
Shs'000 Shs'000
EQUITY
Share capital 98,000 98,000
Other reserves 37,991 31,953
Retained earnings 4,972,232 5,083,696
Proposed dividends 431,200 352,800
------------ ------------
Total equity 5,539,423 5,566,449
Non-current liabilities 1,070,957 1,080,470
------------ ------------
6,610,380 6,646,919
============ ============
REPRESENTED BY
Non-current assets 3,929,196 3,990,042
Current assets excluding
cash and cash balances 1,302,056 1,246,650
Cash and bank balances 1,656,219 1,670,124
Current liabilities (277,091) (259,897)
------------ ------------
Net current assets 2,681,184 2,656,877
------------ ------------
6,610,380 6,646,919
============ ============
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 1.1.2021 98,000 31,953 5,083,696 352,800 5,566,449
Profit for the
year - - 319,736 - 319,736
Other comprehensive
income - 6,038 - - 6,038
Dividends -
final paid for
2020 - - - (352,800) (352,800)
- proposed for
2021 - - (431,200) 431,200 -
-------- --------- --------- ---------- ---------
On 31.12.2021 98,000 37,991 4,972,232 431,200 5,539,423
OVERVIEW:
The year saw the group post reduced earnings due to lower
avocado production and prices. This was due to the avocado orchards
entering their bi-annual offseason bearing cycle which results in a
large crop of avocados in one year, followed by a small crop the
following year. We, however, experienced greater earnings from
macadamia sales during the year as a result of increased yields
from our young orchards. Product diversification and value addition
remain key investment areas to enhanced stakeholder value and our
continued commitment to these is critical for the long term.
DIVID:
Your Board recommends an increase in the dividend per share to
Shs 22.00 compared to Shs 18.00 per share in 2020 . The dividend
shall be paid on or about 30 June 2022 to the shareholders on the
members' register at the close of business on Tuesday, 31 May
2022.
ANNUAL GENERAL MEETING:
The Annual General Meeting of the Company will be held virtually
on Tuesday, 17 May 2022 at 12.00 Noon.
BY ORDER OF THE BOARD
NICHOLAS NG'ANG'A
CHAIRMAN
22 MARCH 2022
Deloitte (--) Deloitte & Touche LLP
Deloitte Place
Waiyaki Way, Muthangari
P.O. Box 40092 - GPO 00100
Nairobi
Kenya
Tel: (+254 20) 423 0000
Cell: (+254 20) 0719 039 000
Dropping Zone No. 92
Email: admin@deloitte.co.ke
www.deloitte.com
INDEPENT 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 2021, 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 2021.
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 22 March 2022. 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.
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
FCPA Anne Muraya, Practicing Certificate No. 1697
For and on behalf of Deloitte & Touche LLP
Certified Public Accountants
Deloitte Place,
Waiyaki Way, Muthangari
P.O Box 40092 - 00100, Nairobi, Kenya
22 March 2022
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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END
FR SEMFDEEESEDD
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