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Weekly report - Week 35 Market Perfomance P revious T oday %Change Market Summary Shares traded 125,158,500 358,870,700 186.7% It was a mixed bag for the NSE Last week. After a very tumultuous week in the banking industry that Equity Turnover (KES) 2,670,283,939 6,726,668,014 151.9% saw banking stocks lose over 40bn on the market, Banks bounced back mainly due to investors who Market Cap (KES Bill) 1,944 1,931 -0.7% were keen to take advantage of the low entry levels for banks stocks. Most activity was seen on Market Cap (USD Mil) 19 19 -0.6% Safaricom where investors were rushing to lock in the ordinary and special dividend before book NSE-20 Share Index 3,217 3,188 -0.9% closure. Other counters that registered elevated activity were KCB Group, Equity bank and Co- NSE All Share Index 135 134 -0.7% 3,552 3,485 operative bank that witnessed activity mostly from investors that were taking advantage of the low NSE 25 Share Index -1.9% 91-day Treasury Bills 8.607 8.258 -4.1% banking valuations as well as investors fleeing to value. 182-day Treasury Bills 11.182 11.125 -0.5% All the main indices closed the week in the red.The Alsi, NSE 20 and NSE 25 shed 0.67%, 0.89% and 364-day Treasury Bills 11.982 11.502 -4.0% 1.87% respectively to close at 134.6, 3,187.87 and 3,485.42. Top Gainers & Losers Top gainers W eek Close w-o-w % Shares Traded Gainers Following news that Kuramo Capital had agreed to acquire about 25% percent of Transcentury’s Trans-Century Ltd 6.6 45.6% 52,500 Housing Finance Group Ltd 16.7 19.4% 312,300 shareholding in exchange for 2.0bn cash injection (a big premium on the price of Kes 4.50), NIC Bank Ltd 27.8 15.6% 486,900 Transcentury’s share prices soared 45.5% to close the week at Kes 6.60 from Kes 4.50 the previous Eveready East Africa Ltd 2.2 13.2% 14,200 Barclays Bank of Kenya Ltd 9.7 12.9% 5,925,700 Friday. NIC Bank Ltd and Barclays Bank Kenya Ltd gained 15.6% and 12.9% respectively. This was Losers largely considered as price correction following a rout on bank share prices that was triggered by the Standard Group Ltd 22.3 -17.6% 3,000 Sanlam Kenya Plc 31.5 -14.3% 56,700 interest rate cap law. Crown Paints Kenya Ltd 40.3 -11.5% 133,800 E.A.Cables Ltd 7.0 -11.5% 221,100 Top Losers Uchumi Supermarket Ltd 3.2 -11.1% 117,100 Actively Traded Following disappointing results from the media industry, Standard Group share price shed 17.6% to Safaricom Ltd 20.0 1.5% 135,559,500 KCB Group Ltd 26.5 -1.9% 86,416,000 close the week at Kes 22.3 form Kes 27.00 the previous week. Sanlam Kenya Plc lost 14% following Equity Group Holdings Ltd 26.5 -10.2% 77,945,000 the rebranding from Pan African insurance. The other top losers were Crown Paints Kenya, E.a The Co-operative Bank of Kenya Ltd 11.5 6.0% 22,681,000 Cables and Uchumi Supermarket shedding 11.5%, 11.5% and 11.1% respectively. Barclays Bank of Kenya Ltd 9.65 12.9% 5,925,700 Forex Currency P revious T oday %Change The Kenya shilling has remained stable against regional and global peers except the South African US D/KE S 101.38 101.30 0.083% Rand (losing 8.644%) and marginally losing against the Sterling pound (0.2316%). The South African STG Pound/KES 133.98 134.27 -0.216% Rand has gained against major currencies following an easing of the political concerns. On the E uro 114.52 112.78 1.545% regional front, the Kenya shilling lost 0.15% and 0.046% against Ugandan shilling and Tanzanian JP Y (100) 101.08 97.41 3.771% shilling respectively KE S /US H 33.27 33.32 -0.150% KE S /T S H 21.57 21.58 -0.046% 1 S A RAND 7.52 6.87 -8.644% Thematic Stories Implementation of the Interest rate cap law Following the gazettment of the Banking (Amendment) Act 2016, commercial banks and mortgage finance companies have been given up to September 14, 2016 to cut the cost of loans and fully implement the new law that provides for capping of interest rate while at the same time introducing a floor on interest on customer deposits. In a circular sent to banks by the central bank, a financial institution that charges borrowers more than the stipulated interest rates, or gives less deposit rate than the stated rate will be fined Sh1 million or the bank chief executive will be imprisoned for one year or both. Signing of the EPA Trade pact Attention has shifted to President John Magufuli as Kenya leads its integration partners to Arusha in a last-ditch effort to safeguard its free trade arrangement with Europe, amid stiff opposition from Tanzania. The East African Community’s extra-ordinary heads of state summit follows a surprise move by Tanzania to pull out of an earlier commitment that would see the bloc collectively sign Economic Partnership Agreements (EPAs) with Europe before the September 30 deadline. While Uganda had previously raised concerns over the EPA trade pact, it has since agreed to sign the agreement leaving Tanzania as the only opposition. (Business Daily) New auditing standard for NSE-listed firms Listed companies and intermediaries of the Nairobi Securities Exchange (NSE) will be subjected to more stringent auditing standards from January 2017.The auditors will be required to disclose all key matters that affect a particular business or operation in the course of the year for the purpose of providing full information for shareholders and other stakeholders. According to the Institute of Certified Public Accountants of Kenya (ICPAK), the revelation of the key audit matters (KAM) will be introduced locally in a bid to make information in company books more accessible to the non-technical people. Auditors were accused of not drawing attention to the factors that could affect the viability of the companies before they collapsed in the aftermath of the financial crisis. (Business Daily) Centum plans to build a 28MW solar farm Investment firm Centum plans to put up a 23-megawatt solar power plant to supply electricity to a mixed-use real estate project to be constructed in Vipingo, Kilifi County. The Nairobi-bourse listed firm said works on the solar farm, whose cost is still unknown, will start once it gets a power generation and distribution licence from the Energy Regulatory Commission. Centum is building the development on a 10,254 acre land the firm purchased last year from Rea Vipingo Holdings — a sisal plantation firm that sold part of its land as it de-listed from the Nairobi Securities Exchange (NSE). The investment firm will be seeking shareholders’ approval to form a special purpose vehicle dubbed Rea Power Co. to generate and distribute power within the proposed development at Vipingo. (Business Daily) 2 Average T otal Forward Return SECURITY Prices as at S hares Mkt Cap. EPS Earnings Forward P /E Dividend E arnings on 31/08/2016 Issued Kshs Mn. Total Earnings EPS (annualized) Growth DPS P /E P /E Share Value Y ield Y ield E quity S T AT US AGRICULTURAL FY 2015 Eaagads Ltd Ord 1.25 AIMS 20.00 32,157,000 643.14 477,000 0.01 0.03 110% 0.00 1348.30 643.14 41.93 0.00% 0.07% 0.07% FY 2015 Kakuzi Ltd Ord.5.00 270.00 19,599,999 5,292.00 527,687,000 26.92 31.63 17% 5.00 10.03 8.54 317.23 1.85% 9.97% 15.32% FY 2015 Kapchorua Tea Co. Ltd Ord Ord 5.00 AIMS 85.00 7,824,000 665.04 234,322,000 29.95 37.70 26% 5.00 2.84 2.25 107.01 5.88% 35.23% 16.41% FY 2015 The Limuru Tea Co. Ltd Ord 20.00 AIMS 790.00 2,400,000 1,896.00 3,044,000 1.27 1.46 15% 1.00 622.86 541.71 908.34 1.27% 0.16% 1.20% FY 2015 Sasini Ltd Ord 1.00 18.95 228,055,500 4,321.65 1,101,212,000 4.83 6.58 36% 1.25 3.92 2.88 25.81 1.75% 25.48% 8.15% FY 2015 W illiamson Tea Kenya Ltd Ord 5.00 AIMS 175.00 17,512,640 3,064.71 738,209,000 42.15 45.68 8% 40.00 4.15 3.83 189.65 22.86% 24.09% 10.59% 307,549,139 15,883 2,604,951,000 S ector P E 6.10 AUTOMOBILES & ACCESSORIES FY 2015 Car & General (K) Ltd Ord 5.00 31.50 40,103,308 1,263.25 127,147,000 3.17 3.74 18% 0.00 9.94 8.42 37.16 0.00% 10.07% 4.21% FY 2015 Marshalls (E.A.) Ltd Ord 5.00 8.50 14,393,106 122.34 (694,000) 0.0 0.01 114% 0.00 -176.28 1,223.41 1.22 0.00% -0.57% -0.25% FY 2015 Sameer Africa Ltd Ord 5.00 2.80 278,342,393 779.36 (16,552,700) -0.06 0.00 -106% 0.00 -47.08 779.36 0.17 0.00% -2.12% -0.65% 332,838,807 2,165 109,900,300 S ector P E 19.70 BANKING HY 2016 Barclays Bank of Kenya Ltd Ord 0.50 9.65 5,431,536,000 52,414.32 8,173,378,000 1.50 1.42 -6% 1.00 6.41 6.81 9.09 10.36% 15.59% 21% HY 2016 CFC Stanbic of Kenya Holdings Ltd ord.5.00 78.00 395,321,638 30,835.09 4,786,928,000 12.11 11.13 -8% 6.15 6.44 7.01 71.70 7.88% 15.52% 13% HY 2016 Diamond Trust Bank Kenya Ltd Ord 4.00 141.00 266,321,115 37,551.28 6,754,916,000 25.36 23.28 -8% 2.50 5.56 6.06 129.42 1.77% 17.99% 17% HY 2016 Equity Group Holdings Ltd Ord 0.50 26.50 3,773,674,802 18,509.00 20,159,870,000 5.34 4.77 -11% 2.00 4.96 5.56 23.66 7.55% 20.16% 27% HY 2016 Housing Finance Group Ltd Ord 5.00 16.65 352,416,667 5,867.74 1,225,106,000 3.48 3.35 -4% 1.30 4.79 4.97 16.04 7.81% 20.88% 11% HY 2016 I&M Holdings Ltd Ord 1.00 82.50 392,362,039 32,369.87 6,966,528,000 17.76 16.57 -7% 2.90 4.65 4.98 76.98 3.52% 21.52% 24% HY 2016 KCB Group Ltd Ord 1.00 26.50 3,066,056,647 81,250.50 21,000,506,000 6.85 6.52 -5% 2.00 3.87 4.06 25.24 7.55% 25.85% 23% HY 2016 National Bank of Kenya Ltd Ord 5.00 7.00 308,000,000 36,796.87 622,588,000 2.02 1.82 -10% 0.00 3.46 3.85 6.30 0.00% 28.88% 5% HY 2016 NIC Bank Ltd Ord 5.00 27.75 639,945,603 17,758.49 4,610,204,000 7.20 6.56 -9% 1.25 3.85 4.23 25.28 4.50% 25.96% 16% HY 2016 Standard Chartered Bank Kenya Ltd Ord 5.00 191.00 343,510,571 65,610.52 10,452,628,000 30.43 26.20 -14% 17.00 6.28 7.29 164.46 8.90% 15.93% 24% HY 2016 The Co-operative Bank of Kenya Ltd Ord 1.00 11.45 4,889,316,295 55,982.67 14,820,168,000 3.03 2.93 -3% 0.80 3.78 3.90 11.09 6.99% 26.47% 26% 19,858,461,377 434,946 99,572,820,000 S ector P E 4.37 COMMERCIAL AND SERVICES HY 2016 Express Kenya Ltd Ord 5.00 AIMS 3.15 35,403,790 111.52 (31,106,000) (0.9) (1.0) 13% 0.00 -3.59 -3.19 3.54 0.00% -27.89% -34.9% FY 2015 Kenya Airways Ltd Ord 5.00 3.55 1,496,469,035 5,312.47 (26,225,000,000) (17.5) (14.70) -16% 0.00 -0.20 -0.24 2.98 0.00% -493.65% -73.4% FY 2015 Longhorn Publishers Ltd Ord 1.00 AIMS 5.30 369,940,476 1,960.68 71,726,000 0.2 0.22 12% 0.35 27.34 24.51 5.91 6.60% 3.66% 20.4% FY 2015 Nairobi Business Ventures Ltd Ord.
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    CARBACID INVESTMENTS plc REPORT AND FINANCIAL STATEMENTS 2017 CARBACID INVESTMENTS PLC (FORMERLY CARBACID INVESTMENTS LIMITED) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2017 CONTENTS PAGES Corporate information 2 Chairman’s statement 3 - 4 Statement of corporate governance 5 – 8 Directors’ remuneration report 9 Report of the directors 10 - 11 Statement of directors’ responsibilities 12 Independent auditors’ report 13 - 16 Financial statements: Consolidated statement of profit or loss and other comprehensive income 17 Company statement of profit or loss and other comprehensive income 18 Consolidated statement of financial position 19 Company statement of financial position 20 Consolidated statement of changes in equity 21 Company statement of changes in equity 22 Consolidated statement of cash flows 23 Company statement of cash flows 24 Notes to the consolidated and company financial statements 25- 61 1 CARBACID INVESTMENTS PLC (FORMERLY CARBACID INVESTMENTS LIMITED) CORPORATE INFORMATION DIRECTORS D N O Awori - Chairman B C Patel M K R Shah J M Wanjigi R A Shepherd - Deceased (7 December 2016) S O Mudhune - Appointed on 7 July 2017 AUDIT & RISK COMMITTEE S O Mudhune - Chairperson B C Patel M K R Shah SECRETARY N P Kothari FCPS (Kenya) FCIS 2nd Floor, Apollo Centre, Vale Close, Ring Road Parklands, Westlands P O Box 764 - 00606, Sarit Centre Nairobi REGISTERED OFFICE 2nd Floor, Apollo Centre, Vale Close, Ring Road Parklands, Westlands P O Box 764 - 00606, Sarit Centre Nairobi REGISTRARS AND Axis Kenya TRANSFER OFFICE 2nd Floor, Apollo Centre, Vale Close, Ring Road Parklands, Westlands P O Box 764 - 00606, Sarit Centre Nairobi AUDITORS Deloitte & Touche Certified Public Accountants (Kenya) Deloitte Place, Waiyaki Way, Muthangari P O Box 40092 - 00100, GPO Nairobi BANKERS Commercial Bank of Africa Limited Upper Hill Branch Mara & Ragati Road P O Box 30437 - 00100, GPO Nairobi Stanbic Bank Limited Upper Hill Medical Centre Branch Ralph Bunche Road P O Box 2492 – 00200, City Square Nairobi ADVOCATE Wainaina Ireri & Co.
  • The Relationship Between Performance And

    The Relationship Between Performance And

    THE RELATIONSHIP BETWEEN PERFORMANCE AND EXECUTIVE COMPENSATION OF FIRMS LISTED ON THE NAIROBI SECURITIES EXCHANGE BY: ANDREW NJAGI MACHARIA A RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE MASTER OF SCIENCE DEGREE IN FINANCE AND ACCOUNTING AT THE UNIVERSITY OF NAIROBI NOVEMBER 2017 i DECLARATION I, declare that this is my original work and has not been submitted to any other college, institution or university other than the University of Nairobi for an academic credit. Signed: ___________________________ Date: _______________________ Macharia Andrew Njagi D63/82069/2015 This research project has been submitted for examination with my approval as the University Supervisor. Signed: _____________________________ Date: ____________________ Abdulatif Essajee Lecturer, Department of Finance and Accounting School of Business, University of Nairobi. ii ACKNOWLEDGEMENTS I would like to first and foremost thank the Almighty God for His strength and care throughout my research. Secondly, I would like to express sincere gratitude and appreciation to my supervisor Mr. Abdulatif Essajee for his invaluable and continuous support and guidance throughout my research study. He showed lots of patience, motivation, enthusiasm, and was helpful in imparting me with helpful knowledge from his extensive experience in academia that was crucial in making this a success. This work would also not be possible without the immense support of my colleague Kevin Andalya and family members who have shown lots of faith in me and given me
  • CARBACID INVESTMENTS Plc

    CARBACID INVESTMENTS Plc

    CARBACID INVESTMENTS plc REPORT AND FINANCIAL STATEMENTS 2018 Carbacid Investments plc Annual report and financial statements For the year ended 31st July 2018 CONTENTS PAGE Corporate information 1 Notice of meeting 2 Chairman's statement 3 - 4 Statement of corporate governance 5 - 9 Board of directors 10 Directors' remuneration report 11 Report of the directors 12 - 13 Statement of directors' responsibilities 14 Report of the independent auditor 15 - 17 Financial statements: Consolidated profit and loss account and statement of other comprehensive income 18 Company profit and loss account and statement of other comprehensive income 19 Consolidated balance sheet 20 Company balance sheet 21 Consolidated statement of changes in equity 22 Company statement of changes in equity 23 Consolidated statement of cash flows 24 Company statement of cash flows 25 Notes 26 - 52 Carbacid Investments plc Company information For the year ended 31st July 2018 Board of directors Amb D N O Awori Chairman J M Wanjigi B C Patel M K R Shah S O Mudhune Company secretary N P Kothari FCPS (Kenya) FCIS Audit & Risk committee S O Mudhune Chairperson B C Patel M K R Shah Registered office L.R. No. 1870/1/569 2nd Floor, Apollo Centre, Vale Close, Ring Road Parklands, Westlands P.O. Box 764 - 00606, Sarit Centre Nairobi, Kenya. Registrars and transfer office Axis Kenya 2nd Floor, Apollo Centre, Vale Close, Ring Road Parklands, Westlands P.O. Box 764 - 00606, Sarit Centre Nairobi, Kenya. Independent auditor RSM Eastern Africa Certified Public Accountants 1st Floor, Pacis Centre, Slip Road, off Waiyaki Way, Westlands P.O.