Centum Investment Company Limited Annual Report & Financial
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Centum Investment Company Limited Annual Report & Financial Statements fy 11/12 Our Focus Direct Presence Indirect presence Currenttarget areas Contents OVERVIEW Corporate Information 3 Notice of the 45th Annual General Meeting 4 Notisi ya Mkutano wa Mwaka Makala 45 5 Members of the Board 6 - 7 Corporate Pillars 8 Performance Highlights 9 Chairman’s Statement 10 -13 Taarifa ya Mwenyekiti 14 -17 BUSINESS REVIEW Management Team 19 Chief Executive’s Review 20 - 23 Mapitio Ya Mkurugenzi Mkuu 24 - 27 Financial Review 28 - 29 PE Business Review 30 - 31 QPE Business Review 32 - 33 REI Business Review 34 - 39 Risk Management & Internal Controls 40 - 41 GOVERNANCE Board of Directors & Committee Members 43 Corporate Governance Statement 44 - 48 Corporate Social Responsibility 49 STATUTORY INFORMATION & AUDITED FINANCIAL STATEMENTS Directors Responsibilities 51 Report of the Directors /Ripoti Ya Wakurugenzi 52 Report of the Auditors 53 Consolidated Statement of Comprehensive Income 54 Company Statement of Comprehensive Income 55 Consolidated Statement of Financial Position 56 Company Statement of Financial Position 57 Consolidated Statement of Changes in Equity 58 - 59 Company Statement of Changes in Equity 60 - 61 Consolidated Statement of Cash Flows 62 Notes to the Financial Statements 63 -103 ADDITIONAL DISCLOSURES Portfolio Statistics 105 Historical Performance 106 -108 Information for Shareholders 109 VOTING FORMS AND PROXIES Proxy Form / Fomu ya Uakilishi 111 Voting Form 112 Centum Investment Company Limited ANNUAL REPORT AND FINANCIAL STATEMENTS FY 11/12 1 Overview Corporate Information 3 Notice of the 45th Annual General Meeting 4 Notisi ya Mkutano wa Mwaka Makala 45 5 Members of the Board 6 - 7 Corporate Pillars 8 Performance Highlights 9 Chairman’s Statement 10-13 Taarifa ya Mwenyekiti 14-17 Centum has a stake in four of the six Coca Cola bottling plants in Kenya namely; Nairobi Bottlers, Mount Kenya Bottlers, Kisii Bottlers and Rift Valley Bottlers. Note 19, Pg 96 Corporate Information / Overview REGISTERED OFFICE International House Mama Ngina Street P.O.Box 10518-00100 Nairobi COMPANY SECRETARY N E Nyamongo Certified Public Secretary, Kenya (CPS.K) International House Mama Ngina Street P.O.Box 10518-00100 Nairobi AUDITOR PricewaterhouseCoopers The Rahimtulla Tower Upper Hill Road P. O. Box 43963-00100 Nairobi BANKERS Co-operative Bank of Kenya Limited Co-operative Bank House, Haile Selassie Avenue P.O.Box 48231 – 00100 Nairobi Commercial Bank of Africa Limited International House Mama Ngina Street P.O.Box 30437 – 00100 Nairobi Standard Chartered Bank Kenya Limited Stanbank House Moi Avenue P.O.Box 40310 – 00100 Nairobi LAWYERS Coulson Harney Advocates Unit A, Nairobi Business Park, Ngong Road P.O. Box 10643 - 00100 Nairobi Ndungu Njoroge & Kwach Advocates 12th Floor, International House P.O. Box 41546 – 00100 Nairobi Simba & Simba Advocates Finance House P.O. Box 10312 – 00100 Nairobi REGISTRARS Custody and Registrars Services Limited 6th Floor, Bruce House, Standard Street P O Box 8484, 00100 Nairobi Centum Investment Company Limited ANNUAL REPORT AND FINANCIAL STATEMENTS FY 11/12 3 Notice of the 45th Annual General Meeting Notice Is Hereby Given that the 45th Annual General Meeting of PLEASE NOTE: Centum Investment Company Limited will be held on Wednesday, 25 July 2012 at the Two Rivers, Limuru Road (please see map 1. A member entitled to attend and vote at this meeting is entitled below), Nairobi from 11.00 a.m. for the following purposes: - to appoint a proxy who need not be a member of the company. AGENDA 2. A Proxy Form is provided with this report. Shareholders who do not propose to be at the Annual General Meeting are requested 1. Constitution of the Meeting to complete and return the form to the Registered Office of the Company so at to arrive not later than 10.00 a.m. on Tuesday, 24 The Secretary to read the notice convening the meeting and July 2012 determine if a quorum is present. 3. Registration of members and proxies for the Annual General 2. Confirmation of Minutes Meetings will commence at 8.00 a.m. on Wednesday, 25 July 2012. Members and proxies should carry their national ID cards To confirm the minutes of the 44th Annual General Meeting and a copy of a relevant Central Depository and Settlement held on Friday, 23 September 2011. Corporation (CDSC) account statement for ease of the registration. 3. Ordinary Business 4. Please note that there will be a bus at the Kenyatta International i) Report of the Auditors and Consolidated Financial Conference Centre (KICC) in Nairobi to transport bona fide Statements for the year ended 31 March 2012: shareholders to the venue of the AGM at the following times: To receive, consider and approve the Consolidated Financial a. From 7.30 a.m. Statements for the financial year ended 31 March 2012 b. From 8.30 a.m. together with the Directors’ and Auditors’ report thereon. c. From 9.30 a.m. d. From 10.30 a.m. ii) Remuneration of Directors: To authorise the Board of Directors to fix their remuneration. 5. Map to the venue Two Rivers - please see illustration below iii) Election of Directors: (a) To re-elect Mr. J. N. Muguiyi a director retiring by rotation, who being eligible, offers himself for re- election. (b) To re-elect Industrial & Commercial Development Corporation (ICDC) a director retiring by rotation, who being eligible, offers himself for re-election. iv) Election of Director over the age of 70 To elect Dr. C. J. Kirubi, who offers himself for re-election as a director of the company and in respect of whom special notice has been received pursuant to section 186(5) of the Companies Act (Cap. 486 of the Laws of Kenya) of the intention to propose the following resolution as an ordinary resolution: “THAT Dr. C. J. Kirubi, who is over the age of 70 years, be and is hereby re-elected a director of the company.” v) Appointment and Remuneration of Auditors: To appoint PricewaterhouseCoopers (PwC) as Auditors for the Company in accordance with section 159(2) of the Companies Act (Cap 486) and to authorize the directors to fix the auditors remuneration. 4. Any Other Business To transact any other business that may legally be transacted at an Annual General Meeting. BY ORDER OF THE BOARD Naomi E. Nyamongo Company Secretary 18 June 2012 Centum Investment Company Limited 4 ANNUAL REPORT AND FINANCIAL STATEMENTS FY 11/12 Notisi ya Mkutano wa Mwaka Makala 45 / Overview Notisi inatolewa kuwa mkutano wa mwaka makala ya 44 ya FAHAMU KUWA kampuni ya Centum Investment utafanyika mnamo Jumatano, 25 Julai 2012 katika sehemu ya Two Rivers,Barabara ya Limuru 1. Mwanachama mwenye kibali cha kuhudhuria na kupiga kura (tazama ramani uliyopewa), Nairobi kuanzia saa 11.00 ili katika katika mkutano anaweza kuteua mwakilishi ambaye si kutekeleza shughuli zifuatazo: - lazima awe mwanachama wa kampuni. YATAKAYO KUWEMO (AJENDA) 2. Umepewa fomu ya uwakilishi pamoja na ripoti hii.Wale wenyehisa ambao hawatahudhuria mkutano wa mwaka wanaombwa kujaza 1. Kuandaa mkutano fomu hizo na kuzirudisha kwa afisi ya usajili kabla ya saa nne asubuhi ya siku hiyo. Katibu wa kampuni kusoma notisi ya kuandaa mkutano na kuhakikisha kuwa kuna idadi tosha ya wanachama. 3. Usajili wa wanachama na wawakilishi wanaohudhuria mkutano mkuu utaanza saa tatu asubuhi Jumatano 25 Julai 2012. 2. Kuidhinisha majadiliano ya mkutano uliopita Wanachama na wawakilishi watahitajika kubeba vitambulisho na nakala ya daftari ya akaunti ya CDSC ili kurahizisha usajili. Kuidhinisha mambo yaliyojadiliwa kwenye mkutano wa mwaka makala ya 44 uliofanyika Ijumaa, 23 Septemba 2011 4. Tafadhali fahamu kwamba basi la usafiri litakuwa hapo Kenyatta International Conference Centre Jijini Nairobi litakalosafirisha 3. Shughuli za kawaida wanachama halisi hadi mahali pa mkutano wa mwaka kwa saa zifuatazo: (i) Ripoti ya wahasibu na taarifa ya fedha iliyojumuishwa ya a. Kuanzia saa 7.30 ya asubuhi mwaka uliokwisha tarehe 31 Machi 2012: b. Kuanzia saa 8.30 ya asubuhi Kupokea na kuthatmini kama inafaa kuidhinisha ripoti c. Kuanzia saa 9.30 ya asubuhi ya kifedha pamoja na taarifa ya wakurugenzi na ripoti ya d. Kuanzia saa 10.30 ya asubuhi wahasibu ya mwaka uliokwisha 31 Machi 2012. 5. Ramani ya mahali pa mkutano - tazama mchoro ufuatao (ii) Mishahara ya wakurugenzi Kuidhinisha halmashauri ya wakurugenzi kuamua mishahara yao. (iii) Uchaguzi Ya Wakurugenzi a. Kumchagua tena Bw. J.N Muguyi ,mkurugenzi anayestaafu kwa zamu lakini kwa kuwa ana ruhusa anajitolea tena ili kuchaguliwa. b. Kuchagua tena shirika la Industrial & Development Corporation,likiwa mkurugenzi linalostaafu kwa zamu na kwa kuwa lina ruhusa linajitolea tena ili kuchaguliwa. (iv) Uteuzi wa Mkurugenzi Mwenye Umri wa Zaidi ya Miaka 70. Kumteua Dr.C.J.Kirubi,anayejitolea ili kuteuliwa tena kuwa mkurugenzi wa kampuni na ambaye kwa ajili yake notisi maalum imepokelewa kwa mujibu wa sehemu ya 186(5) ya kanuni na sheria za kampuni(fungu la 486 ya sheria za Kenya) juu ya nia ya kupendekeza azimio lifuatalo kama azimio la kawaida: “KWAMBA Dr.C.J Kirubi,ambaye umri wake unapita miaka 70,anateuliwa kuwa Mkurugenzi wa kampuni” (v) Uteuzi wa Wahasibu na kuidhinisha malipo yao Kuteua Price Water House Coopers (PwC) kuwa wahasibu ya kampuni kulingana na sehemu ya 159(2) ya kanuni na sheria za kampuni (Fungu la 486) na kuidhinisha wakurugenzi kuamua malipo yao 4. Kutekeleza shughuli zinginezo ambazo sheria zinaruhusu kufanyika katika mkutano wa mwaka. KWA AMRI YA HALMASHAURI YA WAKURUGENZI Naomi E. Nyamongo Katibu 18 Juni 2012 Centum Investment Company Limited ANNUAL REPORT AND FINANCIAL STATEMENTS FY 11/12 5 Members of the Board 1 2 3 4 We have consistently ‘delivered positive market beating returns in each of the three years that we have been ‘ implementing our current strategy. 1. Mr. James N. Muguiyi (68yrs) the High Court of Kenya. Limited, UAP Provincial Insurance Company • Chairman and Non-Executive Director of • Member of Law Society of Kenya (LSK) Limited and Beverage Services of Kenya Centum Investment Company Limited and and a member of the Chartered Institute of Limited.