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Centum Annual Report • 2015 1 Our Mission Our Vision Our Values

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Centum Annual Report • 2015 1 Our Mission Our Vision Our Values Centum Annual Report • 2015 1 OUR MISSION OUR VISION OUR VALUES To create real, tangible To be Africa’s We deliver to promise wealth by providing the foremost investment We have unity of purpose channel through which channel We are partners investors access and build We invest responsibly extraordinary enterprises in Africa Financial Services Power Education Healthcare Real Estate ICT Agribusiness Fast Moving Consumer Goods (FMCG) 4 Centum Annual Report • 2015 Centum Annual Report • 2015 5 Contents Corporate Information ___________________________________________________________________________________10 Strategic Pillars and Performance Highlights________________________________________________________________11 - 15 AGM Notice ________________________________________________________________________________________ 16 - 17 Notisi ya mkutano wa mwaka wa 48______________________________________________________________________ 18 - 19 Board of Directors____________________________________________________________________________________ 20 - 23 Chairman’s Statement_________________________________________________________________________________ 24 - 29 Taarifa ya mwenyekiti _________________________________________________________________________________ 30 - 34 Management Team___________________________________________________________________________________ 35 - 37 CEO’s Review________________________________________________________________________________________ 38 - 45 Taarifa ya afisa mkuu__________________________________________________________________________________ 46 - 53 Financial Review _____________________________________________________________________________________ 54 - 58 Sector Review 1. Real Estate______________________________________________________________________________________ 63 - 84 2. Power__________________________________________________________________________________________ 87 - 89 3. Fast Moving Consumers Goods (FMCGs) _______________________________________________________________ 91 - 93 4. Financial Services_________________________________________________________________________________ 95 - 97 5. Marketable Securities Portfolio______________________________________________________________________ 99 -101 6. Others ___________________________________________________________________________________________ 103 8. Outlook __________________________________________________________________________________________ 105 Corporate Governance Report ________________________________________________________________________ 108 -119 Risk Management Report ____________________________________________________________________________ 121-129 Sustainability Report: Our people, Environmental initiatives, CSI, Centum Foundation _____________________________ 131 -139 Financial Statements for the Year Ended 31 March 2015 ____________________________________________________ 141- 227 Additional Disclosures _____________________________________________________________________________ 229 - 230 Shareholder Information and Proxy Form _______________________________________________________________ 233 -235 CENTUM 3.0 (2014-2019) Develop investment-grade opportunities of scale in 8 key sectors; Generate 35% + annualized return over the strategic period Financial Services FMCG Develop investment-grade opportunities of scale in 8 key sectors; Real Estate, Power, Power Agribusiness Financial Services, FMCG, Agribusiness, Education, Healthcare and ICT To grow Centum total assets to Kes.120Bn [USD 1.38Bn] by 2019 and total AUMs including third party Real Estate AUMs to Kes. 720Bn (USD 8.28Bn) Education R B S F C E R O C O T A C CENTUM A U S N U L R FOCUS Develop teams with sector T E D S expertise and build a track record N of project development in our 3.0 targeted sectors Healthcare Maintain costs below 2.0% of total assets ICT 8 Centum Annual Report • 2015 Centum Annual Report • 2015 9 CORPORATE INFORMATION Centum Strategic Pillars REGISTERED OFFICE LAWYERS INVESTMENT COMMITTEE International House Coulson Harney Advocates Dr. C J Kirubi - Chairman RETURN Mama Ngina Street 5th Floor, West Wing, ICEA Lion Centre P M Kimurwa J M Mworia A SOLID TRACK RECORD OF VALUE CREATION AND REALIZATION P.O.Box 10518-00100 Riverside Park, Chiromo Road Dr. L Macharia Nairobi PO Box 10643-00100 I Khan The year ended 31 March 2015 was the first financial year in our new Centum 3.0 strategy period spanning 2014 – 2019. Nairobi H C Njoroge Our focus during Centum 3.0 strategy period will be to develop investment grade opportunities of scale in eight key sectors COMPANY SECRETARY of the economy. *Loise Gakumo Ndungu Njoroge & Kwach Advocates AUDIT AND RISK COMMITTEE I Khan - Chairman Certified Public Secretary (Kenya) 12th Floor, International House Dr. L Macharia NAV RETURN VS NSE RETURN MARKET CAPITALISATION & BOOK VALUE (USD) International House P.O. Box 41546 – 00100 H C Njoroge 500 600 Mama Ngina Street Nairobi YEAR NSE 20 CENTUM CENTUM M M Byama RETURN NAV RETURN OUTPERFORMANCE 450 P.O.Box 10518-00100 J M Mworia 500 2010 43% 56% 13% 400 Nairobi K N Associates 350 2011 (4%) 37% 41% 400 3rd Floor, Ngong Lane Plaza, Ngong Lane NOMINATION & GOVERNANCE COMMITTEE 300 AUDITOR Off Ngong Road P M Kimurwa - Chairman 2012 (13%) 9% 22% 250 300 J N Muguiyi 200 PricewaterhouseCoopers P.O. Box 27547-00100 2013 44% 18% (26%) 200 Dr. C J Kirubi 150 PwC Tower Nairobi 2014 2% 42% 40% 100 J M Mworia 100 Waiyaki Way/Chiromo Road, Westlands M M Byama 2015 8% 39% 31% 50 0 0 P. O. Box 43963-00100 Anjarwalla & Khanna Dr. L Macharia Geometric 2009 2010 2011 2012 2013 2014 2015 PERFORMANCE 11% 33% 22% Nairobi 3rd Floor, The Oval Average Centum Mkt Cap Centum NAV Centum Cumulative Return MCSI Cumulative Return BRANDING COMMITTEE Ring Rd Parklands/Jalaram Rd, Westlands Cumulative H C Njoroge - Chairman Growing 86% 447% 361% BANKERS PO Box 200-00606 return Dr. C J Kirubi shareholder wealth Co-operative Bank of Kenya Limited Nairobi J M Mworia Co-operative Bank House P M Kimurwa by consistently EXPONENTIAL GROWTH OF SHAREHOLDER WEALTH YEAr-oN-YeAR TOTAL RETURN (Kes BILLION) 9.01 Haile Selassie Avenue BOARD OF DIRECTORS delivering returns 42.3 P.O.Box 48231 – 00100 J N Muguiyi - Chairman ICT COMMITTEE H C Njoroge - Chairman that are above Nairobi J M Mworia - Managing Director J M Mworia market. 6.80 Dr. J B McFie - Deputy Chairman Commercial Bank of Africa Limited Dr. C J Kirubi 24.3 Kshs Billion International House Industrial & Commercial Development Billion Kes 13.2 Billion Kes Mama Ngina Street Corporation (ICDC) 13.0 9.8 31.9 3.30 3.40 8.6 2.45 P.O.Box 30437 – 00100 **P M Kimurwa - (Alternate to ICDC) 22.9 5.6 16.1 12.6 13.7 Nairobi H C Njoroge 5.9 9.2 1.13 The Permanent Secretary, Ministry of Trade 2009 2010 2011 2012 2013 2014 2015 M M Byama - (Alternate to Permanent Secretary, 2010 2011 2012 2013 2014 2015 Book Value Mkt Cap Ministry of Trade) I. Khan Dr. L. Macharia In the year 2014/15, the net asset value of the company grew by 39% while its market capitalization soared by 74% as compared to the NSE 20 return of 8%. This consistency in delivering superior returns to our shareholders has seen every shilling invested in the company *F N Murimi was the company secretary until August 2015. Loise Gakumo was appointed company secretary in August 2015. 6 years ago grow sevenfold to stand at a value of Kes 7.55 at 31 March 2015. ** Representing ICDC. Resigned in July 2015. The annualized year-on-year NAV return over the past 6 years was 33%, which was 22% higher than the average annual NSE return over Centum Annual Report • 2015 the same period. 10 Centum Annual Report • 2015 11 Centum Strategic Pillars Centum Strategic Pillars FocUS SCALE We have developed opportunities in four sectors and plan to also develop opportunities of scale in an additional four sectors Our total assets have grown four times in the last six years. We focus to grow Centum total assets to Kes 120 billion and total during the strategic period. AUMs including third party funds to Kes 720 billion by 2019. FINANCIAL SERVICES - Kes 10.7 Bn POWER - Kes 1.8 Bn TOTAL ASSETS ASSETS UNDER MANAGEMENT (INCLUDING THIRD PARTY FUNDS) FMCG - Kes 9.1 Bn 41.3 179 40 40 147 Centum Investment 30 28.8 30 Company Ltd 21.4 22 REAL ESTATE - Kes 9.2 Bn 20 20 15.0 15.7 14 16 Kshs Billion Kes Billion Kes Portfolio Value Billion Kes 10 9.8 10 9 KES 41.3 Bn 5.9 0 0 2009 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015 MARKETABLE SECURITIES - Kes 3.9 Bn OTHERS - Kes 6.6 Bn Centum Exotics Ltd 12 Centum Annual Report • 2015 Centum Annual Report • 2015 13 Centum Strategic Pillars Five Year Performance Highlights BRAND coST FIVE YEAR PERFORMANCE HIGHLIGHTS For us, brand refers to delivering to promise through our people. Cost efficiency is a key strategic focus. We have maintained an We have focused on delivery through building internal sector average cost efficiency of 1.95% of total company assets over the specific capacity within our sectors of focus. During the FY2015, past six years. we built capacity in the FMCG, Power, and Agribusiness sectors. COST EFFICIENCY- PERCENTAGE OF TOTAL COMpany ASSETS 2.3% 2.2% 2.0% 2.1% 1.6% 1.5% 2010 2011 2012 2013 2014 2015 14 Centum Annual Report • 2015 Centum Annual Report • 2015 15 Notice of the 48Th Annual General Meeting Notice of the 48Th Annual General Meeting Notice is hereby given that the 48th Annual General Meeting of 4. Special Business PLEASE NOTE: Centum Investment Company Limited (the “Company”) will be v. Approvals under regulation G.06 of the Fifth
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