Académique Documents
Professionnel Documents
Culture Documents
LIMITED
REPORTS AND FINANCIAL
STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2015
PAGES
Corporate information
Financial highlights
Chairmans statement
5-8
9 - 11
12 - 13
14
15 - 16
Financial statements:
Statement of profit or loss and other comprehensive income
17
18
19
20
21 - 52
GILBERT K MASAKI
SECRETARY
Thursday June 11, 2015
A Member entitled to attend and vote at the Annual General Meeting is entitled to appoint another person as his/her proxy to
attend and vote instead of him/her, and such proxy need not also be a member of the company.
A form of proxy is provided with this report which shareholders who do not propose to be at the Meeting are requested to
complete and return to the registered office of the company so as to arrive not later than Twenty Four hours before the meeting.
CORPORATE INFORMATION
DIRECTORS
E N K Wanjama
S N Thumbi
J P Brooks
M Koech
A L Carmichael*
P Magor*
E C Magor*
A S Marsh*
- Chairman
* British
GOVERNANCE & AUDIT COMMITTEE
J P Brooks
M Koech
E N K Wanjama
A.L Carmichael*
P Magor*
- Chairman
- Managing Director
- Non executive Director
* British
STAFF & REMUNERATION COMMITTEE
E N K Wanjama
A.L Carmichael*
P Magor*
- Chairman
- Managing Director
- Non executive Director
* British
SECRETARY
Gilbert K Masaki
Certified Public Secretary (Kenya)
P. O. Box 42281 - 00100
Nairobi
REGISTERED OFFICE
Kapchorua
Kapchorua Road
P. O. Box 12 - 30301
Nandi
AUDITORS
BANKERS
LAWYERS
Hectares
'000 kgs
'000 kgs
Total
'000 kgs
Tea sold
'000 kgs
Sh
Turnover (Sh000)
(Loss)/profit (Sh'000)
(Loss)/profit before taxation
Taxation
2015
2014
2013
2012
2011
2010
628
=======
2,122
3,331
628
=======
2,259
3,445
633
======
2,288
3,915
637
=======
2,109
3,758
665
=======
2,131
3,891
661
=======
2,032
4,027
___________
___________
__________
___________
__________
__________
5,453
=======
5,708
=======
5,704
=======
5,593
=======
6,203
======
5,808
======
5,867
=======
5,929
=======
6,022
=======
6,467
=====
6,059
======
5,821
======
188.16
=======
1,073,989
213.37
=======
1,192,489
233.14
======
1,353,206
237.31
=======
1,406,794
191.89
193.46
=======
======
1,246,636 1,130,108
__________
__________
____________
___________
(29,536)
6,751
182,079
(56,088)
255,753
(76,035)
112,576
(34,608)
__________
268,393
(81,388)
__________
199,538
(60,286)
___________
___________
____________
___________
__________
__________
(22,785)
=======
125,991
=======
179,718
=======
77,968
=======
187,005
=======
139,252
=======
519,993
21,645
336
796,284
717
644,264
396,142
21,669
47
888,966
717
621,620
418,509
21,693
255
813,964
717
823,337
460,977
21,717
565
726,731
717
752,190
253,653
21,741
330
717,820
717
575,942
263,066
21,765
665
533,957
717
678,761
___________
___________
____________
___________
__________
__________
1,983,239
=======
1,929,161
=======
2,078,475
=======
1,962,897
=======
107,579
333,537
114,444
96,391
330,250
121,855
86,738
318,739
388,985
76,149
296,218
456,895
70,325
249,388
274,093
4,054
60,755
201,773
413,617
___________
___________
____________
___________
__________
__________
1,570,203 1,498,931
======= =======
555,560
548,496
794,462
829,262
593,806
680,199
___________
___________
____________
___________
__________
__________
1,427,679
1,380,665
1,284,013
1,133,635
976,397
818,732
==========
==========
===========
==========
===========
=========
19,560
1,408,119
19,560
1,361,105
19,560
1,264,453
19,560
1,114,075
19,560
956,837
19,560
799,172
___________
___________
____________
___________
__________
__________
1,427,679
=======
1,380,665
=======
1,284,013
======
1,133,635
=======
976,397
=======
818,732
=======
(LOSS)/EARNINGS
PER SHARE
Sh
(5.82)
=======
32.21
=======
45.94
======
19.93
=======
47.80
=======
35.60
=======
Sh
DIVIDEND COVER
Times
100
=======
5.00
=======
(1.16)
=======
100
=======
5.00
=======
6.44
=======
150
======
7.50
======
6.13
======
150
=======
7.50
=======
2.67
=======
175
=======
8.75
=======
5.46
=======
125
=======
6.25
=======
5.70
=======
US $
UK
92.34
136.45
=======
86.44
143.81
=======
85.64
129.61
======
83.06
132.75
=======
83.25
134.03
=======
77.30
116.58
=======
E N K WANJAMA
CHAIRMAN
2015
Number of Shares
4,500
=====
10
1
2
3
4
5
6
7
8
9
10
Name
Location
No of
shares
Nairobi
London
Nairobi
Nairobi
London
Nairobi
Nairobi
Nairobi
Nairobi
1,547,780
937,264
489,000
63,600
60,000
42,500
33,750
32,016
31,814
39.56
23.96
12.50
1.63
1.53
1.23
0.86
0.82
0.81
Nairobi
=======
27,584
======
====
Number
Shares held
17
326
35
____
1,069,614
703,341
2,139,045
_________
27.34
17.98
54.68
______
378
====
3,912,000
=========
100.00
======
206
150
19
2
1
____
40,956
415,238
481,762
1,426,264
1,547,780
_________
1.05
10.61
12.31
36.47
39.56
______
378
====
3,912,000
=========
100.00
======
0.71
Analysis of shareholders
By region:
Foreign shareholders
Local shareholders (Individuals)
Local shareholders (Institutional)
By shares distribution:
Less Than 501
501 To 10,000
10,001 To 100,000
100,001 To 1,000,000
Above 1,000,000
----------------------------------------Director
-----------------------------------Director
2015
11
2015
Sh000
2014
Sh000
(29,536)
6,751
_______
182,079
(56,088)
______
(22,785)
=======
125,991
======
The directors recommend that a first and final dividend of Sh 5 per share (2014 Sh 5), totalling
Sh 19,560,000 (2014 Sh 19,560,000) be paid to owners of the company. The final dividend is subject to approval by
the o of the company at the next Annual General Meeting.
TEA CROP
The following are comparative tea production statistics:
Year ended
31 March
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
Kapchorua
estate
Kgs'000
Bought leaf
Kgs'000
2,122
2,259
2,288
2,109
2,131
2,032
1,666
1,361
1,929
1,589
1,762
1,648
1,765
3,331
3,445
3,915
3,758
3,891
4,027
3,544
2,738
3,077
2,262
2,718
1,888
1,641
5,453
5,704
6,203
5,867
6,022
6,059
5,210
4,099
5,006
3,851
4,480
3,536
3,406
=======
=======
=======
Total
Kgs'000
The estimated tea production for the year to 31 March 2016 is 5,505,100 kilograms. This includes 3,645,400 kilograms
from out growers.
PLANTED AREA
The planted area under tea as at year end was as follows:
Mature
Immature
12
31 March
2015
Hectares
31 March
2014
Hectares
616.00
12.00
_______
621.00
7.00
_______
628.00
=======
628.00
=======
Secretary
2015
Nairobi
13
----------------------------------------Director
-----------------------------------Director
2015
14
15
16
2015
Sh000
2014
Sh000
1,073,989
1,192,489
14
14
(108,307)
16,117
________
84,031
19,538
________
981,799
1,296,058
(914,588)
________
(980,361)
________
TURNOVER
(LOSS)/GAIN ARISING FROM CHANGES IN
FAIR VALUE OF BIOLOGICAL ASSETS
TEA BUSHES
TIMBER
OPERATING INCOME
COST OF SALES
GROSS PROFIT
OTHER INCOME
INTEREST INCOME
6(a)
FINANCE COSTS
6(b)
14
DISTRIBUTION COSTS
ADMINISTRATIVE EXPENSES
NET FOREIGN EXCHANGE GAINS
67,212
315,697
3,335
4,983
5,161
(5,120)
(863)
(9,024)
(33,758)
(100,496)
(105,007)
(7,501)
(5,578)
22,058
_______
TAXATION CREDIT/(CHARGE)
7(a)
(29,536)
6,751
_______
(22,785)
_________
1,444
_______
182,079
(56,088)
_______
125,991
_________
127,656
(38,297)
_______
_______
89,359
_______
_______
66,574
======
125,991
=======
48,065
77,123
COMPRISING:
Profit arising from operating activities
(Loss)/gain arising from changes in fair
value of biological assets (net of attributable taxation)
Profit and total comprehensive (loss)/income for the year
(LOSS)/EARNINGS PER SHARE - basic and diluted (Sh)
17
(70,850)
_______
48,868
_______
(22,785)
======
125,991
=======
(5.82)
=======
32.21
=======
10
11
12
13
14
Current assets
Inventories
Trade and other receivables
Due from related companies
Corporate tax recoverable
Cash and bank balances
15
16
17
7(c)
22(b)
Total assets
EQUITY AND LIABILITIES
Capital and reserves
Share capital
Revaluation surplus
Retained earnings
18
Shareholders funds
Non-current liabilities
Deferred taxation
Provision for employee entitlements
19
20
Current liabilities
Trade and other payables
Due to related companies
Unclaimed dividends
21
17
9(b)
2015
Sh000
2014
Sh000
519,993
21,645
336
717
796,284
_________
396,142
21,669
47
717
888,966
________
1,338,975
_________
1,307,541
________
163,340
397,960
15,897
20,223
46,844
_________
194,936
263,775
10,340
17,911
134,658
________
644,264
_________
621,620
________
1,983,239
========
1,929,161
========
19,560
224,945
1,183,174
_________
19,560
150,903
1,210,202
________
1,427,679
_________
1,380,665
________
333,537
107,579
_________
330,250
96,391
________
441,116
_________
426,641
________
103,618
9,526
1,300
_________
106,293
14,744
818
________
114,444
_________
121,855
________
1,983,239
========
1,929,161
========
The financial statements on pages 17 to 52 were approved and authorised for issue by the board of directors on
2015 and were signed on its behalf by:
_______________________________
Director
_____________________________
Director
18