2012-2013 HANDBOOK DISCLAIMER: No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Nairobi Securities Exchange (NSE). Care has been taken in the preparation of this Handbook, however no representation, warranty or undertaking is given by the Nairobi Securities Exchange as to the accuracy of the information contained therein and accepts no responsibility or liability whatsoever.
For more information about the NSE Handbook, please contact: The Nairobi Securities Exchange, Information Services, The Exchange Building, 55 Westlands Road, Westlands, Nairobi. Tel: 254-20-2831000, Fax 254-20-2224200, E-mail: [email protected], Website: www.nse.co.ke
2 Nairobi Securities Exchange | Handbook 2013 CHIEF EXECUTIVE’S NOTE
The Nairobi Securities Exchange is pleased to present the NSE Handbook 2013. It is an annual publication of the Exchange containing a 5-year financial review of all companies that have listed equity on the Nairobi Securities Exchange. The Handbook has been compiled from the 2012 Annual Reports of all the listed companies. The information contained in the Handbook is intended to serve as a general reference. It does not, by itself, provide answers to all questions which should be asked about listed equities and their prospects. It should prove to be a useful guide for investment decision-making and market analysis. Our aim is to provide retail as well as institutional investors with key management and statistical information that will help them gain a better understanding of the companies in which they have already invested or plan to invest. We trust that you will benefit immensely from the contents of this annual publication of the Nairobi Securities Exchange and your comments and feedback will be highly appreciated.
PETER MWANGI CHIEF EXECUTIVE
Nairobi Securities Exchange | Handbook 2013 3 Table of Content
6. How To Use This Book 7. Financial Ratios Used In The Book 8. Agricultural Sector 9. Eaagads Limited 12. Kakuzi Limited 14. Kapchorua Tea Company Limited 16. Limuru Tea Company Limited 18. Rea Vipingo Plantations Limited 20. Sasini Tea And Coffee Limited 22. Williamson Tea Kenya Limited 24. Automobiles And Accessories 26. Car And General (Kenya) Limited 30. CMC Holdings Limited 33. Marshalls (EA) Limited 35. Sameer Africa Limited 37. Banking 38. Barclays Bank Of Kenya Limited 41. CFC Stanbic Bank 44. Co-operative Bank Of Kenya 46. Diamond Trust Bank (Kenya) Limited 49. Equity Bank Limited 52. Housing Finance Company Limited 55. Kenya Commercial Bank Limited 57. National Bank Of Kenya Limited 59. NIC Bank Limited 61. Standard Chartered Bank Kenya Limited 64. Commercial And Services 65. Express Kenya Limited 67. Kenya Airways Limited 69. Longhorn Kenya Limited 72. Nation Media Group Limited 74. Scangroup Limited 77. Standard Group Limited 79. TPS Eastern Africa Limited (Serena Hotels)
4 Nairobi Securities Exchange | Handbook 2013 Table of Content
81. Uchumi Supermarket Limited 83. Construction And Allied Sector 84. ARM Cement Limited 86. Bamburi Cement Company Limited 89. Crown Paints Kenya Limited 91. East African Cables Limited 93. East African Portland Cement Company 95. Energy And Petroleum 96. Kenol Kobil Limited 98. Kenya Electricity Generating Company (KENGEN) 100. The Kenya Power & Lighting Co. Limited 102. Total Kenya Limited 104. Umeme Limited 106. Insurance 107. Britam Limited 109. CIC Insurance Limited 112. Jubilee Holdings Limited 114. Kenya Reinsurance Corporation Limited 116. Liberty Kenya Holdings Limited 118. Pan Africa Insurance Company Limited 121. Investment 122. Centum Investment Company (ICDCI) Limited 124. Olympia Capital Holdings Limited 127. Transcentury Limited 130. Manufacturing And Allied 131. Boc Kenya Limited 134. British American Tobacco Kenya Limited 137. Carbacid Investments Limited 139. East African Breweries Limited 142. Eveready East Africa Limited 145. Mumias Sugar Company Limited 147. Unga Group Limited 149. Telecommunication And Technology 150. Accesskenya Group 153. Safaricom
5 Nairobi Securities Exchange | Handbook 2013 How to use this Book
While reading this book, kindly remember that various companies have different financial year-ends i.e. March, June, September and December. Therefore, when making comparisons of the different stocks, please take cognizance of this fact. The ratios were derived from the Balance Sheets, Income and Expenditure Statements. However some of the definitions differ from company to company based on the items included or excluded from the calculation. For example, Earnings per Share is the ratio between profit attributable to shareholders and shares in issue. Profit attributable to share holders in some cases includes extraordinary items and general provisions while in others it doesn’t. Some companies have used the weighted average number of shares issued during the year as opposed to shares in issues at one point in time. Taxation item can either be a charge (which is the norm) or a credit. The sign before the taxation value identifies this. Also note that the symbol (-) suggests that the information is not available or undefined while (0) suggests that nothing was allocated.
While reading this book, kindly remember that various companies have different financial year-ends.
6 Nairobi Securities Exchange | Handbook 2013 Financial Ratios used In the Book
o Current Ratio = Total Current Assets Total Current Liabilities o Earnings Per Share = Earnings Attributable to Shareholders Number of Outstanding Shares o Price-to-Earnings Ratio = Market Price Per Share Earnings Per Share o Dividend Yield = Dividend Per Share Market Price Per Share o Pay Out - Ratio = Dividend Per Share Earnings Per Share o Dividend Per Share = Dividend (Kshs) Paid Total Number of Shares Issued
o Market Price to Book Value (Kshs.) = Market Capitalization Net Assets Value o Price-to-Earnings Ratio (P/E) = Market Price Per Share Earnings Per Share o Net Asset Value Per Share (Kshs.) = Total Net Assets Number of Outstanding Shares o Return on Equity = Net income (Profit After Tax). Equity
7 Nairobi Securities Exchange | Handbook 2013 Agricultural Sector
8 Nairobi Securities Exchange | Handbook 2013 EAAGADS LIMITED
EAAGADS LIMITED
COMPANY NAME: Eaagads Limited PHYSICAL LOCATION: Ngenda Road, Ruiru CHAIRMAN\LADY’S NAME: Mr. Lucas A. Omariba CHIEF EXECUTIVE’S NAME: Mr. C.J Coote NAMES OF OTHER DIRECTORS: Mr. Fabian Philippart, Mr. D C A Harries COMPANY SECRETARY: Mr. John L.G Maonga AUDITORS: Deloitte & Touche COMPANY BRIEF: The principal activity of the company is growing and selling of coffee.
9 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31-March 2012 2011 2009 2008 Assets Employed Non Current Assets 488,369 268,119 218,174 216,752 Current Assets 84,987 86,803 41,887 60,037 Current Liabilities 4,530 14,604 6,250 25,606 Net Current Assets 80,457 72,199 35,637 34,431 Total Net Assets 568,826 340,318 253,811 251,183
Financed By Share Capital 20,098 20,098 20,098 10,049 Reserves * 180,965 246,147 174,363 182,623 Revaluation Surplus 280,386 - - - Proposed Dividends - - - - Shareholders' Funds 481,449 266,245 194,461 192,672 Non Current Liabilities 87,377 74,073 59,350 58,511 Total Financing 568,826 340,318 253,811 251,183
Turnover 157,075 184,597 120,298 71,259 Profit/(Loss) Before Taxation 36,178 101,480 16,830 42,960 Taxation (Credit/Charge) (14,373) (29,696) (4,992) (13,274) Net Profit 21,805 71,784 11,838 29,686
Financial Ratios Current Ratio 18.76 5.94 6.70 2.34 Earnings/(Loss) Per Share 1.36 8.93 1.47 3.69 Net Asset Value Per Share 35.38 42.33 31.57 31.24 Price To Earnings Ratio 25.07 7.78 24.45 9.88 Dividend Yield % 3.68 1.80 1.74 0.00 Pay-Out Ratio % 92.17 14.00 42.44 0.00 Price To Book Value 0.96 1.64 1.14 1.17
Market Information Dividends Per Share 1.25 1.25 0.63 - Share Price As At 31 March. 34.00 69.50 36.00 36.50 Number Of Shares In Issue 16,078,500 8,039,250 8,039,250 8,039,250 Market Capitalization 546,669,000 558,727,875 289,413,000 293,432,625 Note: (*) Shows Revaluation And Revenue Reserve
10 Nairobi Securities Exchange | Handbook 2013
PRODUCER OF QUALITY:
AVOCADOS, PINEAPPLES, TREATED POLES, LIVESTOCK, HALAL MEAT
Kakuzi Ltd is an Agro-Industrial enterprise located in Makuyu in Thika and Maragwa District of Central Province, in the Republic of Kenya
Freshness, taste, appearance and value are the key criteria for Kakuzi as a producer and no product that falls below these high quality standards is acceptable. Personnel at all levels in the business have a high level of commitment and technical competence to ensure the safety of the consumer. Comprehensive and effective traceability systems are in place and an essential part of the food safety management system.
Kakuzi Ltd abides by the principle of “wise use” agriculture through education and hands on practical management. It also appreciates its non-commercial as well as commercial relationships which include Corporate Social Responsibility, Ethical investing, philanthropy, resource management and community social investment. This is emphasized by the various accreditations such as GlobalGAP, ISO 22000 and Tesco Nurtures Choice on the Avocado operation. Kenya Bureau of Standards Diamond Mark for pressure treated forestry products.
TO PLACE YOUR ORDER, PLEASE CONTACT:
Kakuzi Ltd
Tel: +254 20 2184100/11, Fax: +254 60 2031394 PO Box 24 Thika, 01000 Punda Milia Road, Thika , Kenya
Email: [email protected]
Website: www.kakuzi.co.ke
11 Nairobi Securities Exchange | Handbook 2013 KAKUZI LIMITED
KAKUZI LIMITED
COMPANY NAME: Kakuzi Limited PHYSICAL LOCATION: Main Office, Punda Milia Road, Makuyu CHAIRMAN\LADY’S NAME: Kenneth W Tarplee CHIEF EXECUTIVE’S NAME: Christopher J Flowers NAMES OF OTHER DIRECTORS: Graham H Mclean, Ketan R Shah, Nicholas Nganga Christopher J Ames, Daniel M Ndonye, Stephen N Waruhiu COMPANY SECRETARY: John L G Maonga AUDITORS: Pricewaterhousecoopers COMPANY BRIEF: The principal activities of the company comprise the cultivation of tea, growing, packing and selling of avocados, livestock farming, growing and selling of pineapples, forestry and macadamia development.
12 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31-Dec 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Share Capital 98,000 98,000 98,000 98,000 98,000 Reserves 2,703,225 2,401,070 1,896,143 1,633,272 1,389,290 Non Controling Interest - 257,695 216,361 157,022 80,343 Total Equity 2,801,225 2,756,765 2,210,504 1,888,294 1,567,633 Non Current Liabilities 624,452 709,398 624,408 571,806 685,997 3,425,677 3,466,163 2,834,912 2,460,100 2,253,630
Non Current Assets 2,334,227 2,642,675 2,423,021 2,254,817 2,223,158
Current Assets 1,237,473 1,174,645 795,569 618,438 439,361 Current Liabilities 146,023 351,157 383,678 413,155 408,889 Net Current Assets 1,091,450 823,488 411,891 205,283 30,472 3,425,677 3,466,163 2,834,912 2,460,100 2,253,630 Income Statement ( Kshs '000') Turnover 2,043,332 2,376,862 2,113,774 2,008,157 1,504,192 Gain on Biological Asset 63,686 217,422 124,837 64,562 181,439 Cost Of Production (1,277,868) (1,426,866) (1,279,724) (1,198,382) (1,121,010) Gross Profit 829,150 1,167,418 958,887 874,337 564,621 Other (Expenditure) Income (369,056) (294,993) (415,201) (304,499) (232,349) Operating Profit 460,094 872,425 543,686 569,838 332,272 Finance Income 107,712 47,668 15,357 6,084 292 Finance Cost - - (414) (19,473) (51,399) Profit Before Income Tax 567,806 920,093 558,629 556,449 281,165 Income Tax (159,150) (275,696) (169,963) (167,863) (74,562) Profit For The Year 408,656 644,397 388,666 388,586 206,603 Other Comprehensive Income (3,552) 3,991 (3,287) - - Total Comprehensive Income 405,104 648,388 385,379 388,586 206,603
Statistics Number Of Ordinary Shares In Issue 19,600 19,600 19,600 19,600 19,600 Earnings Per Stock Unit (Kshs) 19.35 28.06 15.99 17.26 9.23 Dividends Per Stock Unit (Kshs) 3.75 3.75 2.50 2.50 1.00 Net Assets Value (Kshs 000) 2,801,225 2,756,765 2,210,504 1,888,294 1,567,633 Price To Earning Ratio 3.72 2.48 5.1 1.84 2.49 Dividend Yield % 5.00 5.00 3.00 8.00 4.00 Pay Out Ratio % 19.00 13.00 16.00 14.00 11.00 Price To Book Value(Kshs) 0.50 0.49 0.72 0.33 0.29 Return On Equity 0.15 0.23 0.18 0.21 0.13 Market Price Per Share 72.00 69.50 81.50 31.75 23.00 Net Asset Value Per Share (Kshs) 142.92 140.65 112.78 96.34 79.98
13 Nairobi Securities Exchange | Handbook 2013 KAPCHORUA TEA COMPANY LTD
KAPCHORUA TEA COMPANY LTD
COMPANY NAME: Kapchorua Tea Company Ltd PHYSICAL LOCATION: Karen Office Park, Langata Road, Nairobi. CHAIRMAN\LADY’S NAME: E N K Wanjama * appointed on 16th October 2012. CHIEF EXECUTIVE’S NAME: A. L Carmichael NAMES OF OTHER DIRECTORS: NG Sandys-Lumsdaine* Retired, S N Thumbi, J P Brooks M Koech, A L Carmichael, P Magor, A S Marsh COMPANY SECRETARY: Mr. Gilbert K. Masaki AUDITORS: Deloitte & Touche COMPANY BRIEF: The principal activities of the company are the cultivation, manufacture and sale of tea.
14 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31-March 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Assets Employed Non-Current Assets 1,210,707 994,261 820170 820,156 773,597 Current Assets 752,190 575,942 678761 347,641 208,461 Current Liabilities 456,895 274,093 413617 206,571 117,585 Net Current Assets 295,295 301,849 265,144 141,070 90,876 Total Net Assets 1,506,002 1,296,110 1,085,314 961,226 864,473
Financed By Share Capital 19,560 19,560 19,560 19,560 19,560 Reserves * 925,718 956,837 799,172 669,700 601,748 Proposed Dividends - - - - - Revaluation Surplus 188,357 - - - - Shareholders Funds 1,133,635 976,397 818,732 689,260 621,308 Non Current Liabilities 372,367 319,713 266,582 271,966 243,165 Total Financing 1,506,002 1,296,110 1,085,314 961,226 864,473
Turnover 1,406,794 1,246,636.00 1,130,108 743,079 574,997 Profit/(Loss) Before Taxation 112,576 268,393.00 199,538 99,735 (-103,081) Taxation (34,608) (81,388.00) (60,286) (29,827) 33,303 Net(Loss)/Profit 77,968 187,005 139,252 69,908 (69,778)
Financial Ratios Current Ratio 1.65 2.10 1.64 1.68 1.77 Earnings Per Share (Kshs) 19.93 47.80 35.60 17.87 (17.84) Price-To-Earnings Ratio 6.07 2.41 4.10 3.81 (4.20) Dividend Yield % 6.20 6.52 4.28 9.56 3.33 Payout Ratio % 37.63 15.69 17.56 36.37 (14.02) Net Asset Value Per Share 384.97 331.32 277.43 245.71 220.98 Price-To-Book Value 0.31 0.35 0.53 0.28 0.34
Market Information Dividend Per Share (Kshs) 7.50 7.50 6.25 6.50 2.50 Share Price As At 31 March 121.00 115.00 146.00 68.00 75.00 No. Of Shares In Issue 3,912,000.00 3,912,000 3,912,000 3,912,000 3,912,000 Market Capitalization (Kshs) 535,944,000 535,944,000 535,944,000 535,944,000 535,944,000 Note: (*) Reserves Includes Revaluation Surplus And Revenue Reserve (**) Revenue From The Sale Of Tea
15 Nairobi Securities Exchange | Handbook 2013 LIMURU TEA COMPANY LIMITED
LIMURU TEA COMPANY LIMITED
COMPANY NAME: Limuru Tea Company Limited PHYSICAL LOCATION: Norfolk Towers, Kijabe Street CHAIRMAN\LADY’S NAME: Mr. Eric de Foresta CHIEF EXECUTIVE’S NAME: Mr. Eric de Foresta NAMES OF OTHER DIRECTORS: Mr. Richard Korir, Mr. John K. Cheruiyot COMPANY SECRETARY: Inviolata Oriwo* Current; Bonnie Okumu retired on 24th August 2012 AUDITORS: Pricewaterhouse Coopers COMPANY BRIEF: The principal activity of the Company is growing of green leaf tea.
16 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31-Dec 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Assets Employed Non-Current Assets 189,261 90,902 69,078 19,043 17,243 Current Assets 130,762 100,340 89,227 65,751 40,532 Current Liabilities 10,537 5,487 11,196 17,138 10,259 Net Current Assets 120,225 94,853 78,031 48,613 30,273 Total Assets 309,486 185,755 147,109 67,656 47,516
Financed By Share Capital 24,000 24,000 24,000 24,000 12,000 Revaluation Surplus/ Reserves Proposed Dividends 9,000 9,000 9,000 9,000 6,000 Retained Earnings 209,233 116,710 86,327 22,963 18,117 Shareholders' Funds 242,233 149,710 119,327 55,963 36,117 Non Current Liabilities 67,253 36,045 27,782 11,693 11,399 Total Financing 309,486 185,755 147,109 67,656 47,516
Turnover 116,012 102,504 123,859 91,130 69,528 Profit/Loss Before Taxation 146,621 59,849 104,328 38,731 15,234 Taxation (44,787) (19,365) (29,488) (11,762) (-6,768) Net Profit/Loss 101,834 40,484 74,840 26,969 8,466
Financial Ratios Current Ratio 12.41 18.29 7.97 3.84 3.95 Earnings Per Share 84.86 33.74 62.37 22.47 14.11 Net Asset Value Per Share 257.91 154.80 122.59 56.38 79.19 Price Earnings Ratio 5.07 9.93 4.81 13.57 21.62 Dividend Yield % 1.74 2.24 2.50 2.46 3.28 Pay-Out Ratio % 8.84 22.23 12.03 33.37 70.87 Price To Book Value 1.67 2.16 2.45 5.41 3.85
Market Information Dividends Per Share 7.50 7.50 7.50 7.50 10.00 Share Price As At 31 Dec. 430.00 335.00 300.00 305.00 305.00 Number Of Shares Issue 1,200,000.00 1,200,000.00 1,200,000.00 1,200,000.00 600,000.00 Market Capitalization 516,000,000.00 402,000,000.00 360,000,000.00 366,000,000.00 183,000,000.00
17 Nairobi Securities Exchange | Handbook 2013 REA VIPINGO PLANTATIONS LTD
REA VIPINGO PLANTATIONS LTD
COMPANY NAME: Rea Vipingo Plantations Ltd PHYSICAL LOCATION: Wilson Business Park, Langata Road, Nairobi CHAIRMAN\LADY’S NAME: Mr. Oliver Fowler CHIEF EXECUTIVE’S NAME: Mr.Neil Cuthbert NAMES OF OTHER DIRECTORS: Mr.Richard Robinow, Mr. Stephen Waruhiu,Mr. Brown Ondego COMPANY SECRETARY: Mr. Ian Hodson AUDITORS: Deloitte & Touche COMPANY BRIEF: The company is engaged in the cultivation of sisal and the production of sisal fibre and also acts as a holding company. The principal businesses of the subsidiary companies comprise the cultivation of sisal and horticultural produce and the production of sisal fibre and twines.
18 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 30th-September 2012 2011 2010 2009 2008 Assets Employed Non-Current Assets 1,497,062 1,394,594 1,120,525 911,560 840,611 Current Assets 879,556 894,146 586,491 502,524 791,353 Current Liabilities 257,984 425,236 436,849 224,412 554,440 Net Current Assets 621,572 468,910 149,642 278,112 236,913 Total Net Assets 2,118,634 1,863,504 1,270,167 1,189,672 1,077,524
Financed By Share Capital 300,000 300,000 300,000 300,000 300,000 Share Premium 84,496 84,496 84,496 84,496 84,496 Translation Reserve/Deficit (115,103) (53,955) (114,520) (90,814) (54,149) Retained Earnings 1,452,752 1,138,319 719,123 681,768 544,819 Proposed Dividend - - - - - Shareholders' Funds 1,722,145 1,468,860 989,099 975,450 875,166 Non-Current Liabilities 396,489 394,644 281,068 214,222 202,358 Total Financing 2,118,634 1,863,504 1,270,167 1,189,672 1,077,524
Turnover 2,571,725 2,115,616 1,441,668 1,371,090 1,356,427 Profit Before Taxation 555,293 678,846 103,910 214,066 227,219 Taxation (174,860) (211,650) (36,555) (65,117) (59,066) Profit/Loss After Tax 380,433 467,196 67,355 148,949 168,153
Financial Ratios Current Ratio 3.41 2.10 1.34 2.24 1.43 Earning Per Share (Kshs) 6.34 7.79 1.12 2.48 2.80 Price To Earnings Ratio 2.68 1.89 15.95 4.47 6.07 Dividend Yield % 6.47 7.46 4.47 4.50 1.18 Pay Out Ratio % 0.17 0.14 0.71 0.20 0.07 Net Asset Value Per Share (Kshs) 35.31 31.06 21.17 19.83 17.96 Price To Book Value 0.48 0.47 0.85 0.56 0.95
Market Information Dividend Per Share 1.10 1.10 0.80 0.50 0.20 Share Price As At 30 Sept. 17.00 14.75 17.90 11.10 17.00 Number Of Shares In Issue 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 Market Capitalization (Kshs) 1,020,000,000 885,000,000 1,074,000,000 666,000,000 1,020,000,000
19 Nairobi Securities Exchange | Handbook 2013 SASINI TEA AND COFFEE LTD
SASINI LTD
COMPANY NAME: Sasini Ltd PHYSICAL LOCATION: Sasini House, Loita Street, Nairobi CHAIRMAN\LADY’S NAME: Dr. James Boyd McFie CHIEF EXECUTIVE’S NAME: Dr. Caesar J.M. Mwangi NAMES OF OTHER DIRECTORS: Mr. Naushad Noorali Merali, Mrs. Lucy Waguthi Waithaka Mr. Steve Omenge Mainda, Mr. Akif Hamid Butt, Mr. Martin John Ernest Mr. Sameer Naushad Merali, Mr. I. A. Timamy* Resigned on 11th Dec 2012 Mr. P.W. Muthoka* Resigned on 21st sept, 2012 COMPANY SECRETARY: Mary Rebecca Ekaya AUDITORS: KPMG Kenya COMPANY BRIEF: The principal activities of the Company and its subsidiaries are the growing and processing of tea and coffee, commercial milling and marketing of coffee, value addition of related products, forestry, dairy operations, livestock and horticulture.
20 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 30th-September 2012 2011 2010 2009 2008 Assets Employed Non-Current Assets 7,813,109 8,218,794 7,832,405 6,957,222 5,824,508 Current Assets 1,109,871 1,243,233 1,227,656 1,041,011 971,798 Current Liabilities 585,628 583,435 519,045 407,361 361,223 Net Current Assets 524,243 659,798 708,611 633,650 610,575 Total Net Assets 8,337,352 8,878,592 8,541,016 7,590,872 6,435,083
Financed By Share Capital 228,055 228,055 228,055 228,055 228,055 Reserves* 6,065,616 6,344,999 6,125,185 5,302,244 4,367,379 Proposed Dividend Shareholders Funds 6,293,671 6,573,054 6,353,240 5,530,299 4,595,434 Minority Interest 133,131 189,118 136,739 131,523 121,871 Non Current Liabilities 1,910,550 2,116,420 2,051,037 1,929,050 1,717,778 Total Financing 8,337,352 8,878,592 8,541,016 7,590,872 6,435,083
Turnover 2,779,883 2665877.00 2,297,927 2,182,090 1,455,575 Profit / Loss Before Taxation & (85,225) 1,014,139 1,382,375 759,722 1,266,406 Exceptional Item Exceptional Item - - - - - Profit / Loss Before Taxation (85,225) 1014139 1,382,375 759,722 1,266,406 Taxation (38,888) (563,792) (388,646) (226,690) (381,202) Profit / Loss After Taxation (124,113) 450,347 993,729 533,032 885,204
Financial Ratios Current Ratio 1.90 2.13 2.37 2.56 2.69 Earnings Per Share (Kshs) - 1.97 4.36 2.34 3.88 Price-To-Earnings Ratio - 6.10 3.05 2.59 2.00 Dividend Yield (%) 6.85 6.64 3.76 6.61 0.00 Pay Out Ratio (%) - 13.11 16.38 15.45 0.00 Net Asset Value Per Share 36.56 38.93 37.45 33.29 28.22 Price-To-Book Value 0.30 0.31 0.36 0.18 0.27
Market Information Dividend Per Share (Kshs) 0.75 0.8 0.50 0.40 0.00 Share Price As At 30 Sept. 10.95 12.05 13.30 6.05 7.75 No. Of Shares In Issue 228,055 228,055,500 228,055,500 228,055,500 228,055,500 Market Capitalization (Kshs) 2,497,202 2,748,068,775 3,033,138,150 1,379,735,775 1,767,430,125 Note: * Includes Distributable And Non-Distributable Reserves
21 Nairobi Securities Exchange | Handbook 2013 WILLIAMSON TEA KENYA LIMITED
WILLIAMSON TEA KENYA LIMITED
COMPANY NAME: Williamson Tea Kenya Limited PHYSICAL LOCATION: Karen Office Park, Langata Road, Nairobi. CHAIRMAN\LADY’S NAME: Nigel Sandys Lumsdaine CHIEF EXECUTIVE’S NAME: A.L Carmichael NAMES OF OTHER DIRECTORS: S.C.A Koech-Retired, S.N Thumbi, P. Magor, E N K Wanjama D B White, A S Marsh COMPANY SECRETARY: Gilbert K. Masai AUDITORS: Deloitte & Touche COMPANY BRIEF: Cultivation, manufacture and sale of tea, investment in property and the sale of tea, and servicing of generators.
22 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31-Dec 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Assets Employed Non-Current Assets 4,796,004 3,705,964 3,399,119 1,549,815 2,977,624 Current Assets 2,447,223 2,326,779 1,929,587 493,345 602,701 Current Liabilities 1,017,203 687,396 948,494 179,735 276,030 Net Current Assets/(Liabilities) 1,430,020 1,639,383 981,093 313,610 326,671 Total Net Assets 6,226,024 5,345,347 4,380,212 1,863,425 3,304,295
Financed By Share Capital 43,782.00 43,782 43,782 43,782 43,782 Reserves 4,148,921.00 3,853,331.00 3,316,470 1,470,460 2,401,075 Proposed Dividends - 1,074,119.00 - - - Revaluation Surplus 586,797.00 239,867.00 - - - Shareholders' Funds 4,192,703 4,971,232 3,360,252 1,514,242 2,444,857 Minority Interest 165,556.00 134,248 110,229 - 79,237 Non-Current Liabilities 1,280,968.00 1 ,074,119 909,731 349,183 780,201 Total Financing 6,226,024 5,345,347 4,380,212 1,863,425 3,304,295
Turnover 3607409 3 ,284,909 2,723,187 1,489,982 1,095,341 Profit/(Loss) Before Taxation 1,163,499.00 1 ,293,690 1,223,281 145,341 (-143,984) Taxation (Charge/Credit) (308,759.00) (409,305.0) (347,226) (35,471) 46,467 Net Profit 854,740 (409,305) 876,055 109,870 (97,517)
Financial Ratios Current Ratio 2.41 3.38 2.03 2.74 2.18 Earnings (Loss) Per Share (Kshs) 97.61 (46.74) 100.05 12.55 (11.14) Price-To-Earnings Ratio 2.36 (3.96) 2.21 3.75 (5.16) Dividend Yield % 3.26 6.76 2.83 8.51 0.87 Pay-Out Ratio % 7.68 (26.74) 6.25 31.88 (4.49) Net Asset Value Per Share 711.03 610.46 500.23 212.81 377.36 Price-To-Book Value 0.32 0.30 0.44 0.22 0.15
Market Information Dividend Per Share (Kshs) 7.50 12.50 6.25 4.00 0.500 Share Price As At 31March 230.00 185.00 221.00 47.00 57.500 No. Of Shares In Issue 8,756,320.00 8,756,320 8,756,320 8,756,320 8,756,320 Market Capitalization (Kshs) 2,013,953,600 1,619,919,200 1,935,146,720 411,547,040 503,488,400 Note:-Reserves Consists Of Revaluation Surplus And Revenue Reserve
23 Nairobi Securities Exchange | Handbook 2013 AUTOMOBILES AND ACCESSORIES
24 Nairobi Securities Exchange | Handbook 2013 Available ex-stock 8 KVA to 3,000 KVA
One source warranty, fully integrated power solutions Generator sets, switchgears and controls designed, built and tested by Cummins.
Reliable Power Design, installation and commission Gensets maintenance contracts 24/7 emergency service Equipped High Horsepower workshop Dyno testing Highly skilled and competent staff On-shelf parts availability Operator training
Car & General is the franchised Cummins distributor for East Africa - Kenya, Uganda, Tanzania, Rwanda, Burundi, Ethiopia, Eritrea, Djibouti, Seychelles, Somalia and South Sudan
Tel: 020 - 6943000/100 Cell: Nairobi: 0722 - 209876, Mombasa: 0722-209875 Kisumu: 0722-509935, Nakuru: 0728-60617925 Nairobi Securities ExchangeEmail |: Handbook [email protected] 2013 www.cargen.com CAR AND GENERAL (KENYA) LTD
CAR & GENERAL (KENYA) LTD
COMPANY NAME: Car & General (Kenya) Ltd PHYSICAL LOCATION: New Cargen House, Dunga/Lusaka Road, Industrial Area Nairobi CHAIRMAN\LADY’S NAME: N. Ng’ang’a CHIEF EXECUTIVE’S NAME: Vijay Gidoomal NAMES OF OTHER DIRECTORS: S. P. Gidoomal, B. Kiplagat, E. M. Grayson, Pratul Shah M. Soundarajan COMPANY SECRETARY: N.P Kothari AUDITORS: Deloitte & Touche COMPANY BRIEF: Incorporated in 1936, Beacame a public company, floating shares on NSE in 1950 Has representation in East Africa - Kenya, Uganda, Tanzania, Rwanda, Burundi, Ethiopia, Eritrea, Djibouti, Seychelles, Somalia and South Sudan.
Our Brand Vision is to provide power for better living and make customers smile in every street every town. To be No. 1 in all markets we operate and become a 10 billion business in turnover by 2015. These are the core values that we have developed that make Car & General stand out.
Our people practice it everyday, and in a very consistent manner everywhere we operate.
• Making customers smile – every street, every town through the lens of the customer.
• Quality – products, processes, people
• Integrity – Doing the right thing every minute, every day.
• Innovation – Maximizing output at minimum cost.
• Empowerment – Taking responsibility.
Our product lines - Cummins diesel generators, Doosan earth moving equipment ans light construction equipment, Ingersoll-Rand air compressors, Briggs & Stratton power equipment (lawnmowers, gasoline generators, water pumps), Suzuki and TVS motorcycles, Piaggio three wheelers, Kubota tractors, MRF two and three wheeler tyres, Motorol lubricants, Electrolux laundry equipment, Mariner outboard engines
26 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 30th-September 2012 2011 2010 2009 2008 Assets Employed Non-Current Assets Investment Property 1,602,500 1,405,750 659,720 598,095 540,000 Property,Plant And Equipment 677,998 644,616 506,449 401,643 359,846 Operating Lease Prepayments 13,729 14,602 14,952 16,195 18,356 Intangible Assets 2,816 3,511 3,271 3,458 2,986 Defferred Tax Asset 11,178 5,770 8,929 - - 2,308,221 2,074,249 1,193,321 1,019,391 921,188 Current Assets Inventories Trade And Other Receivables 2,200,610 2,290,769 1,694,544 1,409,482 1,113,362 Due From Related Parties 1,007,150 969,062 862,370 702,145 619,394 Tax Recoverable 2,148 1,973 - - - Finance Lease Receivables 15,379 28,697 - - - Cash And Bank Balances - - - - 20,932 171,892 197,489 121,058 79,480 75,644 Total Assets 3,397,179 3,487,990 2,677,972 2,191,107 1,829,332 5,705,400 5,562,239 3,871,293 3,210,498 2,750,520 Equity And Liabilities Capital And Reserves Share Capital - - - - - Revaluation Surplus - - - - - Revenue Reserve 167,097 167,097 111,398 111,398 111,398 Translation Reserve 283,089 256,430 204,143 165,657 149,723 Equity Attributable To Owners 1,666,406 1,430,624 1,240,475 1,014,643 830,069 Of The Parent Non Controlling Interests (26,589) 8,178 (19,252) (2,840) 29,801 Total Equity 2,090,003 1,862,329 1,536,764 1,288,858 1,120,991 53,151 57,993 19,142 18,944 7,854 Non - Current Liabilities 2,143,154 1,920,322 1,555,906 1,307,802 1,128,845 Deferred Tax Liabilities Borrowings 409,886 327,519 223,383 210,966 197,127 223,897 209,151 52,658 10,586 10,911 Current Liabilities 633,783 536,670 276,041 221,552 208,038 Borrowings Trade And Other Payables Taxation Payable 1,476,963 1,678,310 1,100,889 980,173 601,433 1,441,981 1,424,065 930,265 691,334 797,824 Total Equity And Liabilities 9,519 2,872 8,192 9,637 14,380
Income Statement (Kshs '000') Turnover 5,711,529 6,086,106 4,779,318 4,349,489 2,997,342 Cost Of Sales (4,695,638) (5,017,506) (3,754,360) (3,446,825) (2,265,367)
27 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
Gross Profit 1,015,891 1,068,600 1,024,958 902,664 731,975 Other Operating Income 23,823 17,593 9,815 20,105 866 Gain In Fair Value Of Investment Property 196,750 292,578 61,625 58,042 56,228 Profit On Sale Of Shares In Subsidiary 119,755 - - - - Compay Selling And Distribution Costs (324,602) (311,339) (257,179) (304,818) (160,864) Administration Expenses (425,389) (447,876) (365,033) (295,715) (251,474) Interest Expense (261,716) (186,652) (128,346) (150,330) (65,282) Net Exchange Gains/(Losses) 10,006 (4,978) (16,665) 49,442 10,116 Profit Before Taxation 354,518 427,926 329,175 279,390 321,565 Taxation Charge (87,962) (139,220) (90,941) (81,406) (106,725) Profit For The Year 266,556 288,706 238,234 197,984 214,840
Other Comprehensive Income: Revaluation Surplus On Property 43,935 79,650 58,870 - - Deferred Tax On Revaluation Surplus (13,181) (23,895) (17,661) - - Exchange Difference Arising On Translation Of Foreign Operations (34,767) 27,430 (16,412) - - (4,013) 83,185 24,797 - - Total Comprehensive Income For The Year 262,543 371,891 263,031 197,984 214,840
Profit For The Year Attributable To: Owners Of The Parent 250,068 260,204 238,036 197,140 211,644 Non -Controlling Interests 16,488 28,502 198 844 3,196 Profit For The Year 266,556 288,706 238,234 197,984 214,840
Total Comprehensive Income Attributable To: Owners Of The Parent 246,055 343,389 262,833 197,140 211,644 Non Controlling Interests 16,488 28,502 198 844 3,196 262,543 371,891 263,031 197,984 214,840
Earnings Per Share-Basic And Diluted 7.48 7.78 10.70 8.80 9.50
Statistics 2012 2011 2010 2009 2008 Calculation 33,419,424 33,419,424 22,279,616 22,279,616 22,279,616 Earnings Per Share (Kshs) 7.48 7.78 10.70 8.80 9.50 Dividends Per Share (Kshs 0.55 0.55 0.80 0.67 0.67 Net Assets Value (Kshs) 2,143,154 1,920,322 1,555,906 1,307,802 1,128,845 Price Earning Ratio - - - - - Dividend Yield - - - - - Pay Out Ratio 0.07 0.07 0.07 0.08 0.07 Price To Book Value (Kshs) - - - - - Return On Equity 0.12 0.19 0.17 0.15 0.19
28 Nairobi Securities Exchange | Handbook 2013 29 Nairobi Securities Exchange | Handbook 2013 CMC HOLDINGS LIMITED
CMC HOLDINGS LIMITED
COMPANY NAME: CMC Holdings Ltd PHYSICAL LOCATION: Connaught House, Lusaka Road, Industrial Area CHAIRMAN\LADY’S NAME: Mr. Joel Kamau Kibe CHIEF EXECUTIVE’S NAME: Mrs. Mary W. Ngige - Acting Manging Director NAMES OF OTHER DIRECTORS: Mr. Joel K. Kibe, Mrs. Mary W. Ngige, Mr. Paul W. Ndungu Mr. Joshua Okumbe, Ms. Zehrabanu Janmohamed, Mr. Mark O. Karbolo, Mr. Kyalo Mbobu Mr. Naftali Mogere COMPANY SECRETARY: Nelly Matheka. AUDITORS: Ernst And Young Limited COMPANY BRIEF: CMC Holdings Ltd ( CMC) was incorporated in 1948 and got listed on Nairobi Securities Exchange (NSE) in 1956. It is currently the largest listed automobile company on the NSE. CMC Holdings Limited has a 100% percent ownership of the following subsidiary companies: CMC Motors Group Limited , Cooper Motor Corporation (Uganda) Limited, Hughes Motors (Tanzania) Limited , Hughes Agricultural (Tanzania) Limited. CMC has a 33% shareholding in Kenya Vehicle Manufacturers Limited, an assembly and bus body building company located in Thika.
The Group‘s principal activities comprise the sale and service of motor vehicles, tractors, associated spare parts and accessories, and specialised engineering equipment. The principal activity of the Company is investment in subsidiaries and property.
CMC Holdings Limited, is a leading player in the East African motor industry with exclusive franchises distribution for Ford, Volkswagen, Suzuki, Maruti, Mazda, Nissan Diesel, Eicher, Bobcat, MAN Trucks, Case construction, New Holland, Case tractors, extensive range of farming implements including Nardi ploughs and irrigation equipments. The company focuses on surpassing our customers expectations by assuring them comfort, durability and performance that our wide range of brands offer.
CMC Motors Group Limited is the largest trading subsidiary of CMC Holdings Ltd and has a vast branch network in seven major towns in Kenya. These are Nakuru, Eldoret, Kitale, Kisumu, Meru, Nanyuki and Mombasa. With two other subsidiary companies in Kampala-Uganda and Arusha-Tanzania, CMC Holdings Ltd boasts of having the largest distribution network in the East Africa region for agricultural equipment, vehicle, parts and service.
30 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec ASSETS NON CURRENT ASSETS Property and equipment 2,503,747 1,736,268 1,552,569 1,572,004 1,322,186 Investment Properties 13,801 23,133 23,735 24,337 28,403 Investment in associate 117,202 81,983 86,639 84,303 96,081 Prepaid operating lease rentals 199,606 233,918 230,233 229,456 46,826 Deffered trade receivables 65,329 195,042 549,544 495,501 416,886 2,899,685 2,270,344 2,442,720 2,405,601 1,910,382 CURRENT ASSETS Inventories 6,908,574 8,531,892 7,134,919 6,285,374 5,662,205 Taxation recoverable 70,975 101,377 20,794 40,622 - Trade and other receivables 2,945,615 3,502,726 4,924,510 4,441,237 4,196,968 Cash and bank balances 132,264 172,773 144,764 120,334 253,939 10,057,428 12,308,768 12,224,987 10,887,567 10,113,112 TOTAL ASSETS 12,957,113 14,579,112 14,667,707 13,293,168 12,023,494
EQUITY AND LIABILITIES EQUITY Share capital 291,355 291,355 291,355 291,355 291,355 Retained earnings 4,183,869 4,061,264 4,341,778 4,121,793 3,831,838 Revaluation surplus 1,352,859 858,107 875,281 892,543 724,026 Translation reserve (91,925) (65,297) (53,435) (32,544) (12,325) TOTAL EQUITY 5,736,158 5,145,429 5,454,979 5,273,147 4,834,894
NON CURRENT LIABILITIES Deferred Taxation 329,218 96,971 228,032 264,983 201,233 Borrowings-other 311,227 274,959 143,529 147,575 - Retirement benefits obligation 39,145 59,472 52,737 47,279 39,635 679,590 431,402 424,298 459,837 240,868
CURRENT LIABILITIES Trade and other payables 2,623,257 4,112,272 3,372,941 2,787,026 5,848,823 Borrowings-other 3,205,466 2,723,014 1,957,997 1,631,151 986,675 Borrowings -Post Import Finance (PIF) 673,340 2,126,679 3,421,002 3,113,776 - Taxation Payable 93,220 Unclaimed dividends 39,302 40,316 36,490 28,231 19,014 6,541,365 9,002,281 8,788,430 7,560,184 6,947,732 TOTAL EQUITY AND LIABILITIES 12,957,113 14,579,112 14,667,707 13,293,168 12,023,494
INCOME STATEMENT ( Kshs '000')
Sales 11,738,774 11,805,399 12,726,920 11,728,127 11,481,773 Cost of sales (9,214,705) (9,647,983) (10,239,726) (9,290,992) (8,772,973) Gross profit 2,524,069 2,157,416 2,487,194 2,437,135 2,708,800 Other operating income 18,613 34,089 57,929 53,811 143,816
31 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
Distribution cost (529,544) (525,743) (466,479) (424,951) (407,841) Administrative expenses (1,280,565) (1,633,896) (1,148,111) (944,744) (899,196) Finance income 176,463 188,293 107,560 75,821 - Finance costs (909,326) (440,657) (472,119) (376,691) (252,734) Net foreign exchange gains 235,355 17,579 15,576 3,728 27,470 Share of loss of associate (3,921) (6,651) 3,337 (16,826) 8,534 Profit / (loss) before taxation 231,144 (209,570) 584,887 807,283 1,328,849 Taxation (charge) / credit (125,789) 28,424 (178,216) (267,674) (401,687) Profit / (loss) for the year 105,355 (181,146) 406,671 539,609 927,162
Other comprehensive income
Exchange diference on translation (26,628) (11,862) (20,891) (20,219) - of foreign operations Surplus on revaluation of property and 677,197 - - 258,689 - equipment Deferred taxation thereon (203,159) - - (77,607) - Share of surplus on revaluation of property 54,234 - - - - and equipment of associate Deferred taxation thereon (16,270) - - _ - Total comprehensive income for the year 485,374 (11,862) (20,891) 160,863 - Total comprehensive income for the year 590,729 (193,008) 385,780 700,472 927,162
STATISTICS Number of ordinary shares issued in 582,709 582,709 582,709 582,709 582,709 calculation Earnings Per Share (Kshs) 0.18 -0.31 0.70 0.93 1.59 Dividends Per Share (Kshs) Nil Nil 0.20 0.35 0.45 Net Assets Value per share (Kshs) 9.84 8.83 9.36 9.05 8.30 Price to Earning Ratio 67.20 -39.08 18.63 10.80 11.94 Dividend Yield Nil Nil 0.02 0.03 0.02 Pay Out Ratio Nil Nil 0.29 0.38 0.28 Price to book value(Kshs) 1.23 1.38 1.39 1.11 2.29 Return on Equity 0.02 -0.04 0.07 0.10 0.19
32 Nairobi Securities Exchange | Handbook 2013 MARSHALLS (E.A) LTD
MARSHALLS (E.A) LTD
COMPANY NAME: Marshalls (E.A) Ltd PHYSICAL LOCATION: Marshalls, Kampala Road, Industrial Area CHAIRMAN\LADY’S NAME: Mr. Fred Okiki Amayo CHIEF EXECUTIVE’S NAME: Abhimanyu Garhwal NAMES OF OTHER DIRECTORS: Mukesh Vaya, Manish Nair, Arif Yusuf Hafiz, Iqbal Natha Madhuri Madhu Sudan, Hon. Joseph Kamotho COMPANY SECRETARY: Jophece Yogo COMPANY BRIEF: The principal activity of the company is that of selling and servicing of motor vehicles
33 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31St-March 2012 2011 2010 2009 2008 Assets Employed Non-Current Assets 369,993 893,951 842132 878,398 538,411 Current Assets 197,102 182,914 284076 555,572 671,689 Current Liabilities 174,466 673,297 570532 626,752 519,142 Net Current Assets 22,636 (490,383) (286,456) (71,180) 152,547 Total Net Assets 392,629 403,568 555,676 807,218 690,958
Financed By Share Capital 71,966 71,966 71,966 71,966 71,966 Reserves - - 661,021 670,583 326,510 Retained Earnings 165,575 (419,411) - - - Accumulated Losses (600,475) (265,315) (157,398) Revaluation Surplus 154,588 740,513 - - - Propoded Dividends - - - - - Shareholders Funds 392,129 403,568 132,513 477,234 241,078 Non-Current Liabilities 500 423,163 329,984 449,880 Total Financing 392,629 403,568 555,676 807,218 690,958
Turnover 234,306 263,078 604,815 592,843 894,585 Profit/Loss Before Taxation (165,527) 181,501 (344,722) (117,479) (169,688) Taxation - - - - (-149) Profit/Loss After Tax (165,527) 181,501 (344,722) (117,479) (169,837) - - 344722 117479 - Investor Ratios Current Ratio 1.13 0.27 0.50 0.89 1.29 Earnings Per Ord. Share (Kshs) (11.50) 12.61 (23.95) (8.16) (11.80) Dividend Yield % - - - - - Pay-Out Ratio % - - - - - Net Asset Value Per Ord. Share (Kshs) 27.28 28.04 38.61 56.08 48.01 Price-To-Earnings Ratio (1.05) 1.12 (0.79) (2.94) (1.60) Price-To-Book Value 0.44 0.50 0.49 0.43 0.39
Market Information Dividends Per Ord. Share (Kshs) - - - - - Share Price As At 31 March 12.05 14.15 19.00 24.0 18.85 Number Of Ord. Shares In Issue 14,393,106 14,393,106 14,393,106 14,393,106 14,393,106 Market Capitalization (Kshs) 173,436,927 203,662,450 273,469,014 345,434,544 271,310,048
34 Nairobi Securities Exchange | Handbook 2013 SAMEER AFRICA LIMITED
SAMEER AFRICA LIMITED
COMPANY NAME: Sameer Africa Limited PHYSICAL LOCATION: Mombasa / Enterprise Road Junction CHAIRMAN\LADY’S NAME: Eng. Erastus Kabutu Mwongera - FIEK, RCE, CBS CHIEF EXECUTIVE’S NAME: Mr. Allan Walmsley NAMES OF OTHER DIRECTORS: Mr. A. H. Butt, Mr. S. M. Githiga, Mr. I. A. Timamy, Mr. P. M. Gitonga, Mr S. N Merali, Prof Magarate Kobia. COMPANY SECRETARY: Mr. I. A. Timamy AUDITORS: KPMG Kenya COMPANY BRIEF: Sameer Africa Limited, under the name Firestone East Africa was established in Kenya in 1969 by Firestone Tyre and Rubber Company of the USA and the Government of Kenya to produce tyres for the East African market. Sameer Investments Limited, a Kenyan company purchased a significant part of the shareholding from Firestone Tyre and Rubber company.
In 1988 when Bridgestone Corporation purchased Firestone Tyre and Rubber Company, Sameer Investments Limited retained its shareholding in Firestone East Africa Limited and the company was listed in the Nairobi Stock Exchange in 1995.
The company’s corporate identity changed to Sameer Africa Limited in April 2005. This change created an independent tyre producer based in Kenya that aims to supply the East African and COMESA markets. With a technical capability developed over 43 years of producing tyres in Kenya, the company is now able to produce a comprehensive range of tyres to meet customers’ needs in Africa. Sameer Africa’s product range currently includes: passenger textile and steel belted radials, 4×4’s light truck radial and bias, truck and bus, agricultural, industrial and Off - The - Road tyres under the brand name Yana. Sameer Africa produces both tube type and tubeless tyres as well as tubes and flaps.
The Yana brand, officially launched in November 2005 in Nairobi is Sameer’s own brand that aims to be a Pan - African tyre brand. This brand is backed by leading tyre technology and the products are further developed locally to meet the challenging driving conditions in Africa.
Sameer Africa Limited also distributes the world renowned Bridgestone tyres in Kenya, Uganda Tanzania, Rwanda and Burundi. Indeed , Bridgestone Japan still retains a significant equity shareholding in Sameer Africa Limited of approximately 15%
For more information please visit: www.sameerafrica.com
35 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
31-Dec 2012 2011 2010 2009 2008 Balance Sheet ( Kshs ‘000’) 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Net Assets 2,326,723 2,249,788 2,168,142 2,282,567 2,135,566 Share Capital 1,391,712 1,391,712 1,391,712 1,391,712 1,391,712 Retained Earnings 865,425 802,408 776,430 751,684 743,854 Dividend 69,586 55,668 - 139,171 - Income Statement ( Kshs '000') Turnover 3,960,967 3,675,226 3,344,895 3,278,118 3,026,747 Profit Before Taxation 300,620 148,446 62,199 221,464 165,522 Taxation 110,865 51,498 4,803 63,459 14,674 Profit After Taxation 189,755 96,948 57,396 158,005 150,848 Statistics Number Of Ordinary Shares In Issue 278,342,393 278,342,393 278,342,393 278,342,393 278,342,393 Earnings Per Share (Kshs) 0.68 0.35 0.21 0.57 0.54 Dividends Per Share (Kshs) 0.25 0.20 0.00 0.50 0.00 Net Assets Value Per Share (Kshs) 8.36 8.08 7.79 8.20 7.67 Price To Earning Ratio 6.09 12.63 37.34 8.81 11.07 Dividend Yield 6.02 4.55 - 11.40 - Pay Out Ratio 0.37 0.57 - 0.88 - Price To Book Value(Kshs) 0.50 0.54 0.99 0.61 0.78 Return On Equity 8% 4% 3% 7% 7%
36 Nairobi Securities Exchange | Handbook 2013 Banking
37 Nairobi Securities Exchange | Handbook 2013 BARCLAYS BANK OF KENYA LTD
BARCLAYS BANK OF KENYA LTD
COMPANY NAME: Barclays Bank kenya Ltd PHYSICAL LOCATION: The West End Building, Waiyaki Way CHAIRMAN\LADY’S NAME: Francis Okomo Okello (Mbs) CHIEF EXECUTIVE’S NAME: Jeremy Awori NAMES OF OTHER DIRECTORS: Yusuf Omari - Executive Director, Nick Mbuvi - Executive Director,Adan Mohamed- Executive Director, Ashok Shah - Non-Executive Director, Brown M. M. Ondego (Mbs) - Non-Executive Director, Jane W Karuku - Non-Executive Director, Rose Ogega (Mbs) - Non-Executive Director, Eng. John Waweru - Non-Executive Director COMPANY SECRETARY: Judy Nyaga AUDITORS: Pricewaterhousecoopers COMPANY BRIEF: Barclays Bank of Kenya Limited, a subsidiary of Barclays Plc, is one of the top banks in Kenya. Our business units fall under Retail, Corporate, Treasury and Card Services with cross functional relationships to support the segments of local business and small to mid-sized enterprises (SME).We have operated in Kenya for 95 years, and currently have an extensive network of 117 branches and over 230 ATM’s countrywide. Our network is supported by Internet and mobile banking channels plus a Customer Service Centre that operates 24 hours a day, 7 days a week.
On 31 December 2010, the Company acquired the business and all the assets and liabilities held by the subsidiary companies- Communications Solutions Limited and Broadband Access Limited at their carrying values.
38 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31-Dec 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Assets Employed Cash And Balances With Central Bank 16,486 12,212 13,131 9,751 13,695 Of Kenya Financial Assets At Fair Value Thrugh 789 542 350 412 251 Profir Or Loss Government Securities:available For 47,536 37,599 55,996 43,861 28,307 Sale Securities Deposits And Balances Due From Bank- 1,282 913 935 1,061 1,654 ing Institutions Balances Due From Group Companies 4,066 4,531 3,285 6,246 6,993 Loans And Advances To Customers 104,204 99,072 87,147 93,543 108,086 Intangible Assets 3,452 3,364 3,448 686 546 Prepaid Operating Lease Rentals 59 60 61 62 63 Other Assets 4,284 3,777 3,279 1,496 3,492 Deferred Income Tax Asset - 868 - 1,837 2,020 Property And Equipment 2,667 3,056 3,244 5,921 3,403 Total Assets 184,825 165,994 170,876 164,876 168,510
Liabilities Balances Due To Central Bank Of Kenya - - 3,105 1,503 - Customer Deposits 137,915 124,207 123,826 125,869 126,408 Deposits And Balances Due To Banking 1,724 123 92 262 1,401 Institutions Balances Due To Group Companies 1,985 1,617 1,571 3,986 9,883 Current Income Tax Payable 1,125 208 193 115 175 Deferred Income Tax Liabilities 223 - 46 619 432 Retirement Benefit Liabilities 664 1,195 55 34 289 Long Term Liabilities 4,499 4,474 4,351 4,294 4,329 Other Liabilities 7,104 7,177 7,304 3,984 5,130 Total Liabilities 155,239 139,001 140,543 140,666 148,047
Shareholders' Equity Share Capital 2,716 2,716 2,716 2,716 2,716 Revaluation Reserve:available-For-Sale (206) (2,332) 515 125 (247) Securities Retained Earning 21,813 17,007 18,194 16,882 15,325 Statutory Loan Loss Reserve 1,461 2,541 2,526 1,771 632 Proposed Dividend 3,802 7,061 6,382 2,716 2,037 Total Shareholders' Equity 29,586 26,993 30,333 24,210 20,463 Total Equity And Liabilities 184,825 165,994 170,876 164,876 168,510
Income Statement ( Kshs '000')
Interest Income 21,041 17,632 17,131 17,517 17,821 Interest Expense (2,896) (1,296) (1,457) (2,747) (3,811) Net Interest Income 18,145 16,336 15,674 14,770 14,010
39 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) Fees And Commision Income 7,226 7,601 7,892 6,705 6,996 Fees And Commision Expense (650) (698) (518) (450) (412) Net Fees And Commission Income 6,576 6,903 7,374 6,255 6,584
Net Trading Income 2,673 2,861 - - - Net Investment Income - 234 - - - Foreign Exchange Income - - 2,346 2,193 2,567 Other Operating Income 30 5 631 179 466 Restructuring Expense - - (767) - - Net Income Fom Sale Of Custody - - 3,544 - - Business Total Income 27,424 26,339 28,802 23,397 23,627
Impairment Losses On Loans And (144) (729) (1,200) (513) (1,282) Advances Other Operating Expenses (14,260) (13,539) (14,049) (13,882) (14,329) Profit Before Income Tax 13,020 12,071 13,553 9,002 8,016 Income Tax Expense (4,279) (3,958) (2,954) (2,911) (2,491) Profit For The Year 8,741 8,113 10,599 6,091 5,525
Earnings Per Share Basic And Diluted ( Shs Per Share) 1.61 1.49 7.80 4.49 4.07
Other Comprehensive Income Fair Value Movement On Available For - - - - - Sale Securities Unrealised Net Gains/(Losses) Arising 3,036 (4,067) 390 372 (385) During The Year Deferred Income Tax Relating To Other (910) 1,220 - - - Comprehensive Income Actuarial Gains/( Losses) On Retirement 416 (1,138) - - - Benefit Obligations Other Comprehensive Income, Net 2,542 (3,985) 390 372 (385) Of Tax Total Comprehensive Income For The 11,283 4,128 10,989 6,463 5,140 Year
Statistics Number Of Ordinary Shares Issued In 5,431 5,431 1,358 1,358 1,358 Calculation Earnings Per Share (Kshs) 1.61 1.49 7.80 4.49 4.07 Dividends Per Share (Kshs) 1.00 1.50 5.45 2.50 2.00 Net Assets Value (Kshs) 20,495 24,209 31,465 29,223 29,584 Price To Earning Ratio Dividend Yield Pay Out Ratio 0.6 1.0 0.7 0.6 0.5 Price To Book Value(Kshs) Return On Equity 30% 30% 35% 25% 27%
40 Nairobi Securities Exchange | Handbook 2013 CFC STANBIC HOLDINGS LIMITED CFC STANBIC HOLDINGS LIMITED
COMPANY NAME: CFC Stanbic Holdings Limited PHYSICAL LOCATION: CFC Stanbic Centre, Chiromo Road, Nairobi Kenya CHAIRMAN\LADY’S NAME: Mr. Fred N’cruba Ojiambo, Mbs, Sc CHIEF EXECUTIVE’S NAME: Mr. Kitili Mbathi NAMES OF OTHER DIRECTORS: Mr. Gayling Richard May, Mr. Gregroy Robert Brackenridge, Mr. Charles Kahara Muchene, Ms. Ruth Thedessia Ngobi, Ms. Peter Nderitu Gethi, Ms. Rose Wairimu Kimotho, Mrs. Jane Babsa - Nzibo, Mr. Edward W Njoroge COMPANY SECRETARY: Ms. Lillian Nduku Mbindyo AUDITORS: Pricewaterhousecoopers COMPANY BRIEF: CfC Stanbic Holdings Limited (CSHL) is the parent company of CfC Stanbic Bank Limited, a liscenced Commercial Bank regulated by the Central Bank of Kenya; and CfC Stanbic Financial Services Limited, a liscenced Investment Bank regulated by the Capital markets Authority. The company was incorporated in 1955 and listed on the Main Investment Segment of the NSE from 1979.
The CSHL Group expanded significantly by way of a merger between the operations of CfC Bank Limited and Stanbic Bank Kenya Limited in 2008, forming CfC Stanbic Bank (CSB) Limited. The Company continues to expand through the continued growth in operations of CfC Stanbic Bank and CfC Stanbic Financial Services Limited (CSFS), both locally and regionally. The Company’s focus on growth and provision of products and services of unrivaled quality in the areas of banking, investment and financial services has seen it record growth in it’s Profit After Tax (PAT) of about 256% since 2008 when it reported a PAT of Kes 846,539,000, to a PAT of Kes 3,009,891,000 reported in December 2012.
41 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31-Dec 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Total Loans & Advances 78,483,828 94,884,596 75,224,630 70,922,412 65,210,086 Total Assets 143,212,155 150,171,015 140,080,202 127,690,950 111,128,799 Total Equity 27,240,888 19,329,127 24,768,615 20,341,602 19,247,973 Total Deposits 100,463,247 107,681,320 85,694,598 82,534,005 73,071,678 Total Equity & Liabilities 143,212,155 150,171,015 140,080,202 127,690,950 111,128,799 INCOME STATEMENT ( Kshs '000') Profit Before Tax 4,588,088 2,798,901 2,005,967 1,105,656 991,819 Income Tax (1,578,197) (1,159,744) (598,324) (479,106) (305,824) Profit After Tax from continuing oper- 3,009,891 1,639,157 1,407,643 626,550 685,995 ations Profit After Tax (including discontinued 3,009,891 1,838,992 1,787,368 35,928 846,593 operations) STATISTICS Number of ordinary shares issued in 395,321,638 273,684,211 273,684,211 273,684,211 273,684,211 calculation Earnings Per Share (Kshs) 9.90 5.99 5.14 2.29 2.51 Dividends Per Share (Kshs) 0.73 - 0.80 - 0.28 Net Assets Value (Kshs) 27,240,888 19,329,127 24,768,615 20,341,602 19,247,973 Price to Earning Ratio - - - - - Dividend Yield 1.74% 0.00% 1.07% 0.00% 0.47% Pay Out Ratio 0.07 - 0.16 - 0.11 Price to book value(Kshs) 609.51 566.37 834.25 605.45 853.13 Return on Equity 12.61% 9.51% 7.22% 0.18% 4.16%
Market price per share 42.00 40.00 75.50 45.00 60.00 Total dividends paid 200,000,000 - 220,220,372 - 78,000,000
42 Nairobi Securities Exchange | Handbook 2013 43 Nairobi Securities Exchange | Handbook 2013 CO-OPERATIVE BANK OF KENYA LIMITED
CO-OPERATIVE BANK OF KENYA LIMITED
COMPANY NAME: The Co-operative Bank of Kenya Ltd PHYSICAL LOCATION: Co-operative Bank House, Haile Sellassie Avenue CHAIRMAN\LADY’S NAME: Stanley C. Muchiri, EBS CHIEF EXECUTIVE’S NAME: Dr. Gideon M. Muriuki, MBS NAMES OF OTHER DIRECTORS: Mr. Julius Riungu, Mr.Julius Sitienei, Major(Rtd) Gabriel J.S. Wakasyaka, Mr.Macloud Malonza, Mr. Richard L. Kimanthi ,Mr. John K. Murugu, OGW Mr.Wilfred Ongoro, Mrs. Rose Simani, Mr. Fredrick F. Odhiambo, MBS Mr.Donald K. Kibera, Dr. James M. Kahunyo, Mr.Elijah K. Mbogo, Mr.Patrick K. Githendu Mrs Scholastica Odhiambo, Mr Godfrey K. Mburia, Mr. Cyrus N. Kabira, COMPANY SECRETARY: Mrs. Rosemary Githaiga AUDITORS: Ernst and Young Certified Public Accountants COMPANY BRIEF: The Co-operative Bank of Kenya Ltd is a fully fledged Commercial bank in corporated in kenya in 1965. Currently its ranked in Tier one category and Listed in the Nairobi Securities exchange in December 2008 with Co-operatives remaining the anchor and strategic investor with a 65% stake. The bank has adopted the universal banking model offering retail, corporate, Agribusiness, fund management, stockbroking, advisory and bancassurance services. The Bank has grown to be the third largest bank in Kenya with a Total Asset Base of Ksh 205 Billion at at 31st March 2013. The bank has 119 branches in kenya and 3.2 Million customers patronising its products and services.The products and services comprise deposit products, including current accounts,deposit accounts and cards; loan products such as personal loans and personal mortgage loans among others. A wide range of services is also offered including electronic banking andmoney transfer among others. Bank products and services for businesses and Institutions include business current accounts,overdrafts, co-op asset finance, Co-op Insurance finance, letters of credit, documentary collections, bonds and guarantees, short and long term loans and electronic transfers among others. The bank also offers cash cover facilities, insurance finance, consultancy services, loans and educationschemes for co-opearives. In addition, it provides investment banking services and various foreign exchange services.
44 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000) 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Cash And Short Term Funds 31,100,000 21,616,000 20,775,000 13,194,000 11,770,000 Loans & Advances To Customers( Gross) 123,824,000 114,101,000 90,965,000 66,620,000 60,418,000 Impairement Losses On Loans And -4,736,000 -4,692,000 -4,346,000 -4,346,000 -7,509,000 Advances Government And Other Securities 33,391,000 22,237,000 34,391,000 26,498,000 12,857,000 Property And Equipment 11,133,000 9,336,000 6,943,000 6,192,000 4,302,000 Other Assets 5,876,000 5,714,000 5,611,000 2,420,000 1,648,000 Total Assets 200,588,000 168,312,000 154,339,000 110,678,000 83,486,000 Customer Liabilities 163,149,000 144,514,000 129,226,000 92,529,000 67,159,000 Other Liabilities 8,072,000 2,846,000 5,133,000 2,493,000 3,375,000 Total Liabilities 171,221,000 147,360,000 134,359,000 95,022,000 70,534,000 Net Assets / Shareholders Equity 29,367,000 20,951,000 19,980,000 15,656,000 12,952,000
Income Statement ( Kshs '000) Net Interest Income 13,581,000 9,619,000 9,503,000 7054,000 5696,000 Non Interest Inome 10,200,000 8,687,000 6,168,000 4,664,000 3,954,000 Operating Expenses 13,171,000 11,387,000 9,231,000 7,354,000 5,888,000 Provision For Loans Impairment 999,000 710,000 799,000 628,000 403,000 Share Of Profit Of Associate 374,000 154,000 130,000 - - Profit Before Tax 9,984,000 6,363,000 5,771,000 3,736,000 3,359,000 Profit After Tax 7,724,000 5,366,000 4,580,000 2,968,000 2,374,000
Statistics Number Of Ordinary Shares Issued In 4,190,843,298 3,492,370,000 3,492,370,000 3,492,370,000 3,492,370,000 Calculation Earnings Per Share (Kshs) 1.84 1.53 1.31 0.85 0.8
Dividends Per Share (Kshs) 0.5 0.4 0.4 0.2 0.1 Net Assets Value Per Share(Kshs) 7.0 6.0 6.0 4.5 3.7 Price To Earning Ratio 7.1 6.4 12.1 8.8 10.5 Dividend Yield 3.8 4.1 2.5 2.7 1.2 Pay Out Ratio 27% 26% 31% 24% 13% Price To Book Value(Kshs) 1.9 1.6 2.6 1.7 2.3 Return On Equity 26.3 25.6 22.9 19.0 18.3
45 Nairobi Securities Exchange | Handbook 2013 DIAMOND TRUST BANK (KENYA) LTD
DIAMOND TRUST BANK (KENYA) LTD
COMPANY NAME: Diamond Trust Bank (Kenya) Ltd PHYSICAL LOCATION: DTB Head Office, 8th Floor, Nation Centre, Kimathi Street, Nairobi, Kenya CHAIRMAN\LADY’S NAME: Abdul Samji CHIEF EXECUTIVE’S NAME: Nasim Devji NAMES OF OTHER DIRECTORS: Moez Jamal, Nizar Juma, Amin Merali, Jamaludin Shamji Rafiuddin Zakir Mahmood, Mwaghazi Mwachofi, Pamela Ager, Irfan Keshavjee COMPANY SECRETARY: Stephen Kodumbe AUDITORS: PricewaterhouseCooper COMPANY BRIEF: “Diamond Trust Bank (DTB) is commercial banking institution offering a variety of products and services to the East African market. DTB commenced commercial banking services in July 1997, offering a full range of commercial financial services targeting principally small and midsized companies and the retail sector which it continues to do. DTB’s financial strength and strong heritage has positioned DTB to become a leading provider of financial services in Kenya, Tanzania, Uganda and Burundi.
DTB has established an extensive network of over 91 branches in East Africa, stretching from Arua in North Western Uganda to Zanzibar on the East African seaboard. DTB aims to promote economic development in the countries that it operates. The DTB group employs over 1,000 staff.
DTB Kenya is listed on the Nairobi Stock Exchange. Financial performance over the years has built confidence among the over 11,500 shareholders; Aga Khan Fund for Economic Development (AKFED), International Finance Corporation (IFC), Habib Bank Limited (an AKFED subsidiary) and Jubilee Insurance Company Limited rank amongst the Bank’s key institutional investors.“
46 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
31-Dec 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Government Securities 22,744,510 11,366,826 13,479,158 9,226,700 10,188,683 Deposits And Balances Due From Banking 7,722,752 12,507,416 7,930,638 7,392,025 5,455,435 Institutions Loans And Advances To Customers 87,707,243 71,297,721 51,260,068 41,518,135 34,063,359 Corporate Bond - - 936,573 933,746 - Investments In Subsidiaries And Associates - - - - - (Bank) Investments In Associates (Group) 5,938 1,940 2,599 - - Equity Investments 64,391 37,614 59,928 58,015 45,902 Amounts Due From Group Companies - - - - - Current Income Tax Recoverable 7,432 6,206 15,827 29,850 2,532 Deferred Income Tax Asset 672,958 459,092 284,966 141,194 126,990 Other Assets 1,869,483 1,333,157 1,231,485 893,046 1,099,819 Intangible Assets - Software Costs 214,405 281,030 249,599 135,434 79,499 Intangible Assets - Goodwill 173,372 173,372 173,372 173,372 173,372 Property And Equipment 2,770,067 2,013,943 1,510,816 1,606,902 1,049,289
Total Assets 135,461,412 107,759,818 83,600,177 66,679,080 56,145,697
Liabilities Balances Due To Central Bank Of Kenya - - 399,957 399,878 - Customer Deposits 106,975,254 85,986,399 66,196,600 52,834,395 45,023,186 Deposits And Balances Due To Banking Insti- 2,727,304 2,144,957 2,408,330 2,120,495 830,134 tutions Current Income Tax Payable 456,716 73,867 355,227 35,934 35,110 Deferred Income Tax Liability - - - 68 9,324 Long Term Borrowings 3,807,801 3,911,680 2,109,519 1,892,710 1,958,015 Other Liabilities 2,867,416 2,394,096 1,870,865 1,307,402 1,269,511
Total Liabilities 116,834,491 94,510,999 73,340,498 58,590,882 49,125,280 Shareholders' Equity Share Capital 880,400 782,578 652,148 652,148 652,148 Share Premium 3,856,898 2,197,735 2,197,735 2,197,735 2,197,735 Retained Earnings 11,012,392 7,796,631 5,627,348 3,628,298 2,582,523 Other Reserves 238,991 368,471 86,122 177,903 205,398 Statutory Loan Loss Reserve 115,291 115,291 115,291 89,371 39,458 Proposed Dividend 418,190 332,596 260,859 252,708 228,252
Equity Attributable To Owners Of The Bank 16,522,162 11,593,302 8,939,503 6,998,163 5,905,514
Non Controlling Interests 2,104,759 1,655,517 1,320,176 1,090,035 1,114,903
Total Equity 18,626,921 13,248,819 10,259,679 8,088,198 7,020,417
Total Liabilities And Equity 135,461,412 107,759,818 83,600,177 66,679,080 56,145,697
47 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
Income Statement ( Kshs '000') Interest Income 16,579,014 10,039,098 7,364,179 6,461,453 4,695,985 Interest Expense (7,332,628) (3,212,146) (2,481,417) (2,941,940) (2,257,251)
Net Interest Income 9,246,386 6,826,952 4,882,762 3,519,513 2,438,734
Net Fee And Commission Income 1,791,959 1,552,665 1,107,918 847,863 708,694 Foreign Exchange Income 1,186,297 996,483 683,208 610,574 487,934 Other Operating Income 95,785 195,719 1,083,705 89,980 33,439
Operating Income 12,320,427 9,571,819 7,757,593 5,067,930 3,668,801
Operating Expenses (5,188,686) (4,583,078) (3,671,376) (2,762,283) (1,851,463) Impairment Loss On Loans And Advances (984,696) (588,789) (557,854) (295,682) (190,527)
Profit From Operations 6,147,045 4,399,952 3,528,363 2,009,965 1,626,811 Share Of Results Of Associate After Tax 2,149 (483) (1,452) - 8,765 Finance Costs (121,295) (92,056) (63,912) (80,103) (31,280)
Profit Before Income Tax 6,027,899 4,307,413 3,462,999 1,929,862 1,604,296
Income Tax Expense (1,959,921) (1,310,687) (980,829) (575,427) (477,831)
Profit For The Year 4,067,978 2,996,726 2,482,170 1,354,435 1,126,465
Profit Attributable To:
Owners Of The Bank 3,627,766 2,656,797 2,284,824 1,250,250 1,024,489 Non Controlling Interests 440,212 339,929 197,346 104,185 101,976
4,067,978 2,996,726 2,482,170 1,354,435 1,126,465
Statistics Number Of Ordinary Shares Issued In 220,100,096 195,644,530 163,037,108 163,037,108 163,037,108 Calculation Earnings Per Share (Kshs) 17.44 13.15 11.31 6.19 5.07 Dividends Per Share (Kshs) 1.90 1.70 1.60 1.55 1.40 Net Assets Value (Kshs) 16,522,162 11,593,302 8,939,503 6,998,163 5,905,514 Price To Earning Ratio - - - - - Dividend Yield 1.7% 1.9% 1.2% 2.2% 2.0% Pay Out Ratio 0.0% 0.0% 0.0% 0.0% 0.0% Price To Book Value(Kshs) - - - - - Return On Equity 25.8% 25.9% 28.7% 19.4% 18.7% Share Price (Kshs) 115.00 90.50 135.00 70.00 68.50
48 Nairobi Securities Exchange | Handbook 2013 EQUITY BANK LIMITED
EQUITY BANK LIMITED
COMPANY NAME: Equity Bank Limited PHYSICAL LOCATION: 9th Floor, Equity Centre, Hospital Road, Upper Hill. Nairobi, Kenya CHAIRMAN\LADY’S NAME: Peter K. Munga CHIEF EXECUTIVE’S NAME: Dr. James Mwangi NAMES OF OTHER DIRECTORS: Dr. Julius Kangogo Kipng’etich, Benson Irungu Wairegi, Fredrick Mwangi Muchoki, Ernest Mattho Nzovu, Babatunde Temitope Soyoye, Temitope Olugbeminiyi Lawani, Prof. Shem Migot Adholla, Dr. Helen Wanjiru Gichohi, Alykhan Nathoo Dennis Aluanga, David Raymond Ansell COMPANY SECRETARY: Mary Wangari Wamae COMPANY BRIEF: The Bank is engaged in the business of banking and is licensed under the Banking Act. The Bank has also invested in nine wholly owned subsidiaries
49 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31-Dec 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Assets Employed Total Assets 243,170,000 196,294,000 143,018,000 100,812,000 78,879,000 Total Liabilities 200,254,000 162,009,000 115,814,000 77,904,000 59,299,000 Total Net Assets 42,916,000 34,285,000 27,204,000 22,908,000 19,580,000
Financed By Share Capital 1,851,000 1,851,000 1,851,000 1,851,000 1,851,000 Share Premium 12,161,000 12,161,000 12,161,000 12,161,000 12,161,000 Other Reserves (813,000) (1,145,000) (974,000) 305,000 (41,000) Retained Earnings 25,088,000 17,715,000 11,204,000 7,110,000 4,498,000 Proposed Dividends 4,629,000 3,703,000 2,962,000 1,481,000 1,111,000 Total Financing 42,916,000 34,285,000 27,204,000 22,908,000 19,580,000
Profit Before Taxation 17,420,000 12,834,000 9,045,000 5,278,000 5,022,000 Taxation (5,340,000) (2,509,000) (1,913,000) (1,044,000) (1,112,000) Attributable Profit 12,080,000 10,325,000 7,132,000 4,234,000 3,910,000
Investor Ratios Earnings Per Share (Kshs.) 3.26 2.79 1.93 1.14 10.56 Price-To-Earnings Ratio 5.90 5.88 13.89 12.55 16.67 Dividend Yield % 6.49 4.88 2.99 2.79 1.70
Pay-Out Ratio % 38.32 28.69 41.53 34.98 28.41 Net Asset Value/Share (Kshs.) 11.59 9.26 7.35 6.19 52.88 Price-To-Book Value 1.66 1.77 3.64 2.32 3.33
Market Information Dividends Per Share (Kshs.) 1.25 0.80 0.80 0.40 3.00 Share Price- 31 Dec. 19.25 16.40 26.75 14.35 176.00 Number Of Shares In Issue 3,702,777,020 3,702,777,020 3,702,777,020 3,702,777,020 370,277,702 Market Capitalization (Kshs.) 71,278,457,635 60,725,543,128 99,049,285,285 53,134,850,237 65,168,875,552
50 Nairobi Securities Exchange | Handbook 2013 51 Nairobi Securities Exchange | Handbook 2013 HOUSING FINANCE COMPANY LIMITED
HOUSING FINANCE COMPANY LIMITED
COMPANY NAME: Housing Finance Company Limited PHYSICAL LOCATION: Rehani House, Kenyatta Avenue/Koinange Street CHAIRMAN\LADY’S NAME: Mr. Steve Omenge Mainda CHIEF EXECUTIVE’S NAME: Mr. Frank Ireri NAMES OF OTHER DIRECTORS: Chairman Steve O Mainda, Managing Director Frank Ireri David R Ansell, Benson Wairegi, Peter K Munga, Shem Migot-Adholla, Adan D.Mohamed COMPANY SECRETARY: Mr. Joseph Kania COMPANY BRIEF: Housing Finance Company of Kenya Ltd (HF) is licensed to operate as a mortgage finance institution under the Banking Act (Cap.488). HF seeks to encourage and promote the flow of both private and public savings into financing home ownership. It was incorporated in 1965. More information is available on www.housing.co.ke
52 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Assets Employed Cash And Balances With Banks 1,454,359 384,034 420,390 319,839 186,896 Placements With Other Banks 6,395,958 4,724,183 7,866,266 2,106,419 2,585,603 Investment In Government Securities 723,616 379,847 539,835 509,507 478,594 Mortgage Advances To Customers (Net) 30,293,711 25,222,836 19,503,400 14,495,208 10,414,658 Investment In Joint Venture 86,700 - - - - Other Assets 384,425 246,178 200,208 83,203 118,474 Equity Investments 60,000 56,000 - - - Housing Development Projects 442,055 20,130 20,130 20,130 20,130 Property And Equipment 716,708 705,208 600,417 580,907 349,856 Prepaid Operating Lease Rentals 47,329 47,973 48,615 49,257 49,900 Intangible Assets 9,923 2,578 3,085 4,146 9,620 Tax Recoverable 69,156 - - - 15,615 Deferred Tax Asset 272,637 81,949 76,050 70,743 65,022 Total Assets 40,956,577 31,870,916 29,278,396 18,239,359 14,294,368
Liabilities Customers’ Deposits 22,937,649 18,671,586 15,943,341 12,219,449 10,063,830 Other Liabilities 784,326 329,927 321,598 220,443 178,122 Tax Payable 0 135,934 26,337 26,091 - Loans From Banks 1,702,834 847,507 1,573,369 1,700,000 400,000
Borrowed Funds 181,891 - - - - Corporate Bond 10,212,633 7,168,598 7,156,344 - - 35,819,333 27,153,552 25,020,989 14,165,983 10,641,952 Shareholders’ Equity Share Capital 1,153,000 1,152,125 1,150,000 1,150,000 1,150,000 Reserves (Page16 & 17) 3,933,494 3,514,489 3,056,657 2,872,626 2,451,666 Shareholders' Income Notes And Loans 50,750 50,750 50,750 50,750 50,750 5,137,244 4,717,364 4,257,407 4,073,376 3,652,416 Total Liabilities And Shareholders’ Equity 40,956,577 31,870,916 29,278,396 18,239,359 14,294,368
Income Statement ( Kshs '000') 2012 2011 2010 2009 2008 Interest Income 5,068,815 3,464,079 2,475,814 1,804,122 1,319,408 Interest Expense (3,118,780) (1,562,517) (1,074,826) (656,579) (488,690) Net Interest Income 1,950,035 1,901,562 1,400,988 1,147,543 830,718 Impairment Losses On Mortgage Advances (197,766) (186,297) (238,445) (225,487) (98,747) Net Interest Income After Impairment Losses On Mortgage Advances 1,752,269 1,715,265 1,162,543 922,056 731,971 Non Interest Income 283,886 291,619 254,196 226,902 213,624 Non Interest Expenses (1,128,524) (1,031,089) (855,711) (797,840) (742,925) Profit Before Taxation 907,631 975,795 561,028 351,118 202,670 Income Tax Expense (164,297) (353,517) (181,497) (116,942) (66,243) Net Profit After Tax For The Year 743,334 622,278 379,531 234,176 136,427 Other Comprehensive Income
53 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
Change In Fair Value Of Available-For-Sale (2,503) (34,000) - - - Investments Revaluation Of Property And Equipment - 63,129 - 255,784 - Total Comprehensive Income For The Year 740,831 651,407 379,531 489,960 136,427
Statistics 2012 2011 2010 2009 2008 Number Of Ordinary Shares Issued In Calcu- 230,600 230,425 230,000 230,000 230,000 lation Earnings Per Share (Kshs) 3.22 2.70 1.65 1.02 0.79 Dividends Per Share (Kshs) 1.40 1.20 0.70 0.50 0.30 Net Assets Value (Kshs) 22.28 20.47 18.51 17.71 15.88 Price To Earning Ratio 4.80 4.59 16.06 17.65 24.56 Dividend Yield 9% 10% 3% 3% 2% Pay Out Ratio 43% 44% 42% 49% 38% Price To Book Value(Kshs) 0.69 0.61 1.43 1.02 1.22 Return On Equity 14% 13% 9% 6% 4%
2012 2011 2010 2009 2008 Market Price Per Share 15.45 12.40 26.50 18.00 19.40
54 Nairobi Securities Exchange | Handbook 2013 KENYA COMMERCIAL BANK LTD
KENYA COMMERCIAL BANK LTD
COMPANY NAME: Kenya Commercial Bank Ltd PHYSICAL LOCATION: Kencom House, Moi Avenue CHAIRMAN\LADY’S NAME: Mr. Ngeny Biwott CHIEF EXECUTIVE’S NAME: Mr. Joshua N. Oigara NAMES OF OTHER DIRECTORS: N. Biwott (Chairman), J.N. Oigara (Chief Executive Officer), J.K. Kinyua, Eng. J.M. Ndeto, Mrs. C.A. Kola, Prof. P.K. Kimuyu, Mrs. C.M. Muya-Ngaruiya, A.A. Khawaja, Gen. (Rtd) J.R.E. Kibwana, T.D. Ipomai COMPANY SECRETARY:Joseph Kania COMPANY BRIEF: Established in 1896 the Bank has witnessed a stable and sustainable growth in its performance in the past 10 years to emerge the Best Bank in the East African Region. In 2012 KCB was the leading Bank in Balance Sheet, Capital Base, Market Share, Branch Network and the 2nd largest Bank in terms of number of customers. As the most regionalized Bank, KCB has enhanced Intra African trade and regional economic development finance through its one Branch Bank platform. KCB customers are able to access credit and other banking services in Kenya, Tanzania, South Sudan, Uganda, Rwanda and Burundi. Due to the size of its balance sheet, the Bank is able to lend to Corporates and Government Institutions across East Africa. In line with the growth in its performance the Bank continuous to invest in people and human development across the region through its KCB Foundation that sustainably supports Education, Enterprise Development, Environment, Health and Humanitarian Intervention. The Bank invests 1% of the Group’s profit before tax (of the previous year) to the Foundation. With 5,162 employees, 330 branches and over 5,000 agents the Bank is among the largest job creators in the region. The Bank also contributes to Job creation by lending to the Women’s Groups, Rural area farmers, Micro and SME sector. The Bank continuously ensures Capacity building and knowledge transfer to its customers (i.e. advice and expertise passed onto small scale business to promote development) and members of staff through training. Through its Biashara Club the Bank provides business solutions and advisory services to entrepreneurs through SME management, seminars and workshops. The Bank also has micro finance officers in all its branches.
Through its Developers club the Bank provides a platform, for partners in the real estate sector to network and gain best practice skills through by organizing seminars locally and internationally. The Bank frequently rolls out Channel Migration campaigns educating the customers on different options of performing banking transactions over and above the Branches and ATMs including Mobile Banking, Agency Banking and Internet Banking. These recent and ongoing innovations ensures that the bank maintains its leadership position and also facilitates access to finance in the rural areas where the bank is actively involved especially in Kenyan government and NGO projects by virtue of having the widest branch network. The Bank actively participates in provision of finance to those traditionally excluded from the formal sector through its diversified programmes. KCB’s Tuungane group loan is designed to cater for financing requirements for women, facilitated by third party guarantees as women mainly lack collateral. The Bank’s Micro Banking products and services are designed to cater for financing requirements of the small and micro enterprises and facilitated by easily accessible collateral. Diaspora banking provides access to service for individuals interested in banking back home from foreign countries. Going forward the Bank will focus on Profitably growing business in Kenya, Optimizing the subsidiaries and Expanding its foot print, Developing a fully aligned high performing team, Responsive Customer Segmentation, Strategic Partnerships, Developing best-in-class enabling processes, Research and Innovation.“ The Bank has recently marked the end of its restructuring exercise through the appointment of 6 new senior executives. These appointments are part of the KCB Transformation journey that started in 2011 to review the Bank’s corporate and governance structures, business model as well as review job roles and people placement within the roles across the business. Return on this investment will be realized in 18 months. These changes were driven strictly by the business needs and will enable the Bank to focus on its objectives of improving customer service, leading through innovation, growing market share particularly in Small and Medium Enterprises and further reducing costs.
The Bank has put in place a very good strategy that would make it a banker of choice over the next few years. The senior management and staff are committed to making KCB the best and most profitable Bank in the region through excellence in customer care, innovative products and services and efficiency, and management is refocusing its energy, processes and technology in driving these. The Bank will continue to leverage on growth in regional economies, new economic frontiers, innovation in technology driven products, championing financial inclusion, support entrepreneurship development for our youth, leverage on people skills to thrive in competitive banking landscape 55 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
31-Dec 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Assets Employed Due From Banks 10,421,565 25,812,084 10,211,008 9,067,840 42,175,191 Government Securities 73,374,427 36,800,135 44,246,010 24,560,365 24,706,327 Loans And Advances To Customers (Net) 211,664,226 198,724,919 148,113,364 122,659,082 93,522,105 Other Assets 71,919,067 69,379,021 48,785,818 38,490,548 30,807,963
Total Assets 367,379,285 330,716,159 251,356,200 194,777,835 191,211,586 Liabilities Due To Banks 9,333,589 14,105,149 11,056,967 6,668,388 38,506,010 Other Customer Deposits 288,037,367 259,308,849 196,974,651 163,029,350 126,691,068 Other Liabilities 16,668,770 12,937,134 4,194,811 2,509,885 4,927,556 Total Liabilities 314,039,726 286,351,132 212,226,429 172,207,623 170,124,634
Shareholders Funds 53339559 44,365,027 39,129,771 22,570,212 21,086,952
Total Liabilities & Shareholders Funds 367,379,285 330,716,159 251,356,200 194,777,835 191,211,586
Income Statement ( Kshs '000')
Interest Income 43,082,218 28,501,387 23,109,793 17,968,455 14,745,585 Interest Expense (12,445,986) (4,616,241) (3,464,468) (3,499,734) (2,970,468) Net Interest Income 30,636,232 23,885,146 19,645,325 14,468,721 11,775,117
Net Fees & Commission Income 9,073,812 8,729,447 6,482,425 5,539,533 5,549,155 Foreign Exchange Income 3,688,137 3,607,836 2,775,494 1,648,227 1,628,566 Other Income 661,157 880,951 425,564 937,292 474,704 Operating Income 44,059,338 37,103,380 29,328,808 22,593,773 19,427,542 Allowance For Impairement Losses (2,098,035) (145,778) (1,117,896) (717,921) (1,408,510) Other Operating Expenses (24,753,160) (21,828,228) (18,412,941) (15,575,491) (12,006,170)
(Loss)/Profit Before Tax 17,208,143 15,129,374 9,797,971 6,300,361 6,012,862 Income Tax Expense (5,004,612) (4,148,328) (2,619,998) (2,216,490) (1,822,172)
(Loss)/Profit After Tax 12,203,531 10,981,046 7,177,973 4,083,871 4,190,690
Statistics Number Of Ordinary Shares Issued In Calcu- 2,970,340,356 2,968,746,156 2,950,259,818 2,217,777,777 2,217,777,777 lation Earnings Per Share (Kshs) 4.11 3.72 2.76 1.84 1.97 Dividends Per Share (Kshs) 1.90 1.85 1.25 1.00 1.00 Net Assets Value (Kshs) 53,339,559,000 44,365,027,000 39,129,771,000 22,570,212,000 21,086,952,000 Price To Earning Ratio 7.24% 4.35 7.79 11.28 11.8 Dividend Yield 6.4% 11.4% 5.8% 4.8% 4.3% Pay Out Ratio 46.2% 49.7% 45.3% 54.3% 50.8% Price To Book Value(Kshs) 1.66 1.08 1.62 2.02 2.45 Return On Equity 25.0% 25.0% 18.0% 18.0% 20.0%
56 Nairobi Securities Exchange | Handbook 2013 NATIONAL BANK OF KENYA LTD
NATIONAL BANK OF KENYA LTD
COMPANY NAME: National Bank Of Kenya Ltd PHYSICAL LOCATION: National Bank Building, 18 Harambee Avenue, Nairobi CHAIRMAN\LADY’S NAME: Mohamed A. Hassan CHIEF EXECUTIVE’S NAME: Munir Sheikh Ahmed NAMES OF OTHER DIRECTORS: Eng. E. K. Mwongera, Mr. F. L. Atwoli, Mr. I. M. Mworia Mr. A. N. Ismail, Ms. S. M. Kitonga, Ms. Wangui Mwaniki COMPANY SECRETARY: Leonard G Kamweti COMPANY BRIEF: The principal of the bank, which is lincensed under the Banking Act, is the provision of banking, financial and related services.
57 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31-Dec 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Assets Employed Total Assets 67,154,805.00 68,664,516 60,026,694 51,404,408 42,695,700 Total Liabilities 56,704,829.00 58,208,042 50,097,083 43,496,716 36,487,855 Total Net Assets 10,449,976 10,456,474 9,929,611 7,907,692 6,207,845
Financed By Share Capital 7,075,000.00 7,075,000 7,075,000 6,675,000 6,675,000 Share Premium - - - 370,585 370,585 Revaluation Surplus 564,018.00 603,559 643,100 682,641 454,679 Reserves 2810958.00 2,777,915 2,211,511 179,466 (1,292,419) Shareholders Loans - - - - - Total Financing 10,449,976 10,456,474 9,929,611 7,907,692 6,207,845
Profit Before Taxation 1147408.00 2,443,850 2,697,823 2,159,441 1,796,565 Taxation (417,656.00) (897,737) (675,904) (696,486) (555,955) Net Profit 729,752 1,546,113 2,021,919 1,462,955 1,240,610
Financial Ratios Earnings Per Share (Kshs.)* 2.61 5.52 7.22 7.31 6.20 Price-To-Earnings Ratio 6.62 3.67 5.37 5.33 6.93 Dividend Yield % 1.16 1.98 1.55 - - Pay-Out Ratio % 7.67 - - - - Net Asset Value Per Share (Kshs) 37.32 37.34 35.46 39.54 31.04 Price-To-Book Value 0.46 0.54 1.09 0.99 1.39
Market Information Dividends Per Share (Kshs.) 0.2 0.4 1.0 0.00 0.00 Share Price As At 31 Dec. 17.25 20.25 39.00 39.00 43.00 Number Of Shares In Issue 280,000,000.00 280,000,000 280,000,000 200,000,000 200,000,000 Market Capitalization (Kshs.) 4,830,000,000 5,670,000,000 10,850,000,000 7,800,000,000 8,600,000,000 *Exlcudes 6% Preference Share Dividends Of Kshs 340,500,000 In 2008.
58 Nairobi Securities Exchange | Handbook 2013 NIC BANK LIMITED
NIC BANK LIMITED
COMPANY NAME: NIC Bank Ltd PHYSICAL LOCATION: NIC House, Masaba Road, Upper Hill CHAIRMAN\LADY’S NAME: Mr. James P. M. Ndegwa CHIEF EXECUTIVE’S NAME: Mr. Alan Dodd ( Ag Managing Director ) NAMES OF OTHER DIRECTORS: Mr. Francis Mwanzia, Mr. Michael Somen, Mr. George Maina Mr. Paras Shah, Mr. Andrew Ndegwa, Mr. Fredrick Mbiru, Mrs. Isabella O. Wilson, Mr Alan Dodd (Executive Director) COMPANY SECRETARY: Mr. Livingstone Murage AUDITORS: Pricewaterhousecoopers COMPANY BRIEF: NIC Bank Ltd (formerly National Industrial Credit Bank Limited) was incorporated in Kenya on 29th September 1959 as a joint venture between Mercantile Credit Limited and Standard Bank. It was among the first nonbank financial institutions formed to provide hire purchase and installment credit finance facilities in Kenya. NIC Bank went public by listing on the Nairobi Securities Exchange (NSE) in 1971. Barclays Bank (K) Limited (BBK) acquired 51% of NIC Bank’s total shares through the acquisition of Mercantile Credit Limited in the 1970s and thereafter, Standard Bank’s shareholding in the 1980s. Between 1993 and 1996, BBK divested all of its shares in NIC Bank by selling them to the public through the NSE. In order to effectively diversify into mainstream commercial banking, NIC Bank merged with African Mercantile Bank Limited (Ambank) in November 1997, through a share swap.
In 2003, NIC launched “MOVE”, a retail banking proposition that changed the banking scene in Kenya by offering the first “flat fee” current account in the market. In 2007, NIC Bank repositioned itself as a ‘One Stop Shop’ financial services supermarket. Diversification, both by geography and business lines, remains one of the pillars of NIC Bank Group’s strategy, with the overall objective of achieving significant and sustainable earnings in each business line.
59 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Assets Employed Government Securities 17,478,232 7,500,288 5,074,031 4,332,080 3,974,918 Loans And Advances To Customers 71,540,092 56,624,621 40,754,979 32,511,082 29,954,948 Property And Equipment 1,009,891 967,988 750,530 798,255 673,997 Others 18,320,378 13,891,108 12,434,382 9,916,824 8,015,256 Total Assets 108,348,593 78,984,005 59,013,922 47,558,241 42,619,119
Liabilities Customer Deposits 83,379,576 66,293,053 48,492,224 39,514,275 35,238,381 Line Of Credit 3,655,414 190,280 303,284 465,202 663,275 Other Liabilities 5,831,981 1,977,719 1,865,185 786,510 1,151,713 Total Liabilities 92,866,971 68,461,052 50,660,693 40,765,987 37,053,369
Total Equity 15,481,622 10,522,953 8,353,229 6,792,254 5,565,750 Total Liabilities And Equity 108,348,593 78,984,005 59,013,922 47,558,241 42,619,119
Income Statement ( Kshs '000')
Interest Income 11,467,574 6,831,580 4,757,544 4,425,440 3,747,301 Interest Expense 5,983,706 2,552,092 1,543,893 2,011,376 1,732,079 Net Interest Income 5,483,868 4,279,488 3,213,651 2,414,064 2,015,222
Non-Interest Income 2,832,257 2,323,246 1,999,829 1,427,014 1,149,231
Operating Income 8,316,125 6,602,734 5,213,480 3,841,078 3,164,453
Operating Expenses 3,500,673 2,739,635 2,288,448 1,850,801 1,485,728 Impairment On Loans And Advances 297,485 258,151 316,640 463,484 194,551 Operating Expenses 3,798,158 2,997,786 2,605,088 2,314,285 1,680,279
Profit Before Tax 4,517,967 3,604,948 2,608,392 1,526,793 1,484,174
Income Tax Expense 1,481,173 897,811 744,474 441,075 446,493 Profit For The Year 3,036,794 2,707,137 1,863,918 1,085,718 1,037,681 Statistics Number Of Ordinary Shares Issued Adjusted 542,984,148 542,984,148 542,984,148 542,984,148 542,984,148 Earnings Per Share (Kshs) 6.03 5.54 4.60 2.75 2.63 Dividends Per Share (Kshs) 1.00 0.50 0.50 0.50 0.50 Net Assets Value (Kshs) 28.51 19.38 15.38 12.51 10.25 Price To Earning Ratio 6.34 4.33 10.00 11.36 22.81 Dividend Yield 2.6% 2.1% 1.1% 1.6% 0.8% Pay Out Ratio 16.6% 9.0% 10.9% 18.2% 19.0% Price To Book Value(Kshs) 1.34 1.24 2.99 2.50 5.85 Return On Equity 19.6% 25.7% 22.3% 16.0% 18.6% Market Price 38.25 24.00 46.00 31.25 60.00 Actual Number Of Shares At Year End 542,984,148 394,897,562 358,997,784 296,692,383 296,692,383 60 Nairobi Securities Exchange | Handbook 2013 STANDARD CHARTERED BANK KENYA LTD
STANDARD CHARTERED BANK KENYA LTD
COMPANY NAME: Standard Chartered Bank Kenya Ltd PHYSICAL LOCATION: StandardChartered@Chiromo, 48 Westlands Road, P.O Box 30003-00100, GPO, Nairobi, Kenya. CHAIRMAN\LADY’S NAME: Mrs. Anne Mutahi CHIEF EXECUTIVE’S NAME: Richard Etemesi NAMES OF OTHER DIRECTORS: Michael C. Hart - Non-Executive Director, Kariuki Ngari - Executive Director, Consumer Banking, Chemutai Murgor - Executive Director, Finance & Chief Finance Officer, Kaushik Shah - Non-Executive Director, Les Baillie - Non-Executive Director Patrick Obath - Non-Executive Director, Robin Bairstow - Executive Director, Origination and Client Coverage, Nancy Oginde. COMPANY SECRETARY: Nancy Oginde AUDITORS: KPMG Kenya COMPANY BRIEF: Standard Chartered Bank Kenya Limited was established in 1911 with the first branch opened in Treasury Square, Mombasa. Today, 102 years later, Standard Chartered Bank is one of the leading banks in Kenya, with an excellent franchise. It has a total of 34 branches spread across the country, 98 automated teller machines (ATMs) and over 1, 900 employees. The Bank has about 32,000 local shareholders holding 26% of the Bank’s total shares. It is a publicly quoted company on the Nairobi Securities Exchange since 1989. Our capital, deposit base, and lending portfolio is reported in Kenya Shillings, and we offer a variety of local and foreign currency accounts, both deposit and loan, to our customers. We have a diversified portfolio cutting across select sectors that include business services, manufacturing, wholesale and retail trade, transport and communications, real estate, agriculture, energy and water. Further underpinning its importance, Standard Chartered Bank Kenya Limited hosts the regional Shared Service Centre supporting the Banks technology operations in Uganda, Tanzania, Zambia, Botswana and South Africa on a real time basis.
Consumer Banking Consumer Banking serves its customer base through a segmented strategic approach focusing on priority and International Banking, SME, Preferred and Personal Banking segments. Through this customer centric approach, the customers are able to access wealth management products such as current accounts, saving accounts, fixed and call deposits as well as investment products. They are also able to access loan products such as unsecured loans, overdrafts, mortgages, business loans and business overdrafts. Other off – balance sheet products and services such as letters of credit, trade services and foreign exchange products are available to customers. Other services offered by Consumer Bank include mobile and internet banking.
Wholesale Banking Wholesale banking offers lending, trade and cash management in commercial banking. It also offers FX sales and trading, derivatives, options, structured trade finance, assets and liabilities management, syndications and fixed income.
61 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Assets Employed Cash And Balances With Central Bank Of Kenya 13,575,454 12,005,054 8,210,822 7,728,872 7,380,062 Government And Other Securities Held For 2,914,556 41,222 3,271,603 2,326,700 1,615,561 Trading Derivative Financial Instruments 356,588 384,809 283,036 70,040 2,013,917 Loans And Advances To Banks 2,373,580 2,542,427 3,243,868 1,492,177 1,379,889 Loans And Advances To Customers 112,694,523 96,097,823 60,336,829 56,694,876 43,298,819 Investment Securities 42,973,924 25,012,421 52,161,984 43,473,479 22,273,708 Amounts Due From Group Companies 10,158,076 16,678,067 5,208,201 7,384,694 15,683,293 Tax Recoverable - - - - 41,751 Non-Current Asset Held For Sale - 57,724 334,770 - - Property And Equipment 4,034,210 4,055,767 3,341,337 2,343,765 1,512,616 Intangible Assets 3,999,563 4,373,307 4,739,681 3,302 6,604 Prepaid Operating Lease Rentals 262,462 107,042 110,513 204,449 209,079 Deferred Tax Asset - 327,104 - 80,616 274,858 Other Assets 2,009,820 2,363,857 1,503,605 1,976,002 3,329,414 Total Assets 195,352,756 164,046,624 142,746,249 123,778,972 99,019,571
Liabilities And Shareholders' Equity Liabilities Deposits From Banks 3,514,244 7,738,987 4,212,680 10,532,297 2,806,333 Deposits From Customers 140,524,846 122,323,049 100,504,065 86,773,652 76,898,456 Derivative Financial Instruments 607,225 822,806 285,491 242,930 3,696,116 Amounts Due To Group Companies 13,751,932 8,183,214 10,397,957 7,846,663 138,264 Tax Payable 932,068 108,172 36,247 309,423 - Deferred Tax Liability 337,865 - 1,098,526 - - Retirement Benefit Obligations 25,000 49,000 165,076 121,413 135,007 Other Liabilities 4,906,762 4,126,940 5,715,085 3,960,439 3,846,588 Total Liabilities 164,599,942 143,352,168 122,415,127 109,786,817 87,520,764 Shareholders' Equity Share Capital 1,825,798 1,715,386 1,715,386 1,639,839 1,639,839 Share Premium 7,792,427 4,836,258 4,836,258 2,520,000 2,520,000 Capital Contribution Reserve 1,889,052 1,889,683 1,891,127 74,590 - Revaluation Reserves 521,435 551,300 304,363 316,641 329,787 Fair Value Reserve (67,381) (2,316,104) 927,891 666,296 93,074 Statutory Credit Risk Reserve 454,017 452,010 259,155 179,070 191,336 Retained Earnings 14,304,972 10,240,075 7,872,096 6,607,254 5,280,702 Proposed Dividends 4,032,494 3,325,848 2,524,846 1,988,465 1,444,069 Total Shareholders' Equity 30,752,814 20,694,456 20,331,122 13,992,155 11,498,807
Total Liabilities And Shareholders' Equity 195,352,756 164,046,624 142,746,249 123,778,972 99,019,571
62 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
31-Dec-12 31-Dec-11 31-Dec-10 31-Dec-09 31-Dec-08 Kshs' 000 Kshs' 000 Kshs' 000 Kshs' 000 Kshs' 000 Income Statement Interest Income 19,375,477 12,011,253 9,777,689 9,347,475 7,445,466 Interest Expense (5,633,275) (2,159,959) (1,662,125) (2,010,197) (1,568,347) Net Interest Income 13,742,202 9,851,294 8,115,564 7,337,278 5,877,119 Fees And Commission Income 3,679,168 3,613,182 2,687,887 2,424,706 2,232,359 Fees And Commisssion Expense (345,664) (210,746) (57,131) (42,492) (75,596) Net Fee And Commmission Income 3,333,504 3,402,436 2,630,756 2,382,214 2,156,763
Net Trading Income 3,486,140 2,246,685 1,973,690 2,128,392 2,058,143 Other Operating Income 109,590 413,096 1,182,719 398,548 18,045 Operating Income 20,671,436 15,913,511 13,902,729 12,246,432 10,110,070 Staff Costs (4,649,299) (3,736,746) (3,394,945) (2,840,833) (2,998,390) Premises And Equipment Costs (637,266) (733,730) (523,988) (539,964) (538,344) General Administrative Expenses (2,213,458) (2,064,022) (1,667,318) (1,364,669) (1,263,592) Depreciation And Amortisation (898,572) (711,139) (302,273) (297,583) (224,581) Operating Expenses (8,398,595) (7,245,637) (5,888,524) (5,043,049) (5,024,907) Operating Profit Before Impairment Losses 12,272,841 8,667,874 8,014,205 7,203,383 5,085,163 And Taxation Net Impairment Losses On Loans And (716,650) (412,739) (332,321) (474,936) (365,349) Advances Profit Before Taxation 11,556,191 8,255,135 7,681,884 6,728,447 4,719,814 Income Tax Expense (3,486,658) (2,418,314) (2,305,693) (1,995,693) (1,469,001) Net Profit For The Year 8,069,533 5,836,821 5,376,191 4,732,754 3,250,813
Other Comprehensive Income /(Loss) Change In Fair Value Of Available-For-Sale 3,212,461 (4,616,524) 355,953 838,732 26,470 Investments Deferred Tax On Change In Fair Value Of Avail- (963,738) 1,372,529 (94,358) (265,510) 5,950 able-For-Sale Investments Revaluation Surplus - 401,412 - - 262,877 Deferred Tax On Revaluation Surplus - (104,614) - - (75,173) Total Other Comprehensive 2,248,723 (2,947,197) 261,595 573,222 220,124 Income/(Loss) For The Year Total Comprehensive Income For The Year 10,318,256 2,889,624 5,637,786 5,305,976 3,470,937
Statistics Number Of Ordinary Shares Issued 309,159,514 287,077,134 287,077,134 271,967,811 271,967,811 Earnings Per Share (Kshs) 26.60 19.28 18.58 16.45 11.34 Dividends Per Share (Kshs) 12.50 11.00 13.50 12.00 10.00 Net Assets Value Per Share (Kshs) 99.47 72.09 70.82 51.45 42.28 Price to Earnings Ratio 8.83 8.30 13.89 9.79 14.11 Dividend Yield 5% 7% 5% 7% 6% Pay Out Ratio 47% 57% 73% 73% 88% Price to Book Value (Khs) 2.36 2.22 3.64 3.13 3.78 Return On Equity 30% 33% 30% 39% 32% Market Price Per Share 235 160 258 161 160
63 Nairobi Securities Exchange | Handbook 2013 COMMERCIAL AND SERVICES
64 Nairobi Securities Exchange | Handbook 2013 EXPRESS KENYA LIMITED
EXPRESS KENYA LIMITED
COMPANY NAME: Express Kenya Limited PHYSICAL LOCATION: Express House, Road A, off Enterprise Road, Nairobi CHAIRMAN\LADY’S NAME: Dr. C. W Obura CHIEF EXECUTIVE’S NAME: Mr. Hector Diniz NAMES OF OTHER DIRECTORS: Mr. Kajal Thakker, Mr. Pinhas Moskovich COMPANY SECRETARY: Equatorial Secretaries and Registrars AUDITORS: PKF Kenya COMPANY BRIEF: The principal activities of the group are that of clearing and forwarding services for both air and sea as well as warehousing and logistics services.
65 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
31-Dec 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Assets Employed Non-Current Assets 431,624 629135 1,162,617 1,150,331 1,136,245 Current Assets 63,985 137,663 179,082 153,785 184,379 Current Liabilities 161,491 409,479.00 559,941 501,750 509,539 Net Current Assets (97,506) (271,816) (380,859) (347,965) (325,160) Total Net Assets 334,118 357,319 781,758 802,366 811,085
Financed By Share Capital 177,019 177,019 177,018 177,018 177,018 Share Premium 10,502 10,502 - - - Reserves 10,766 (16,963) 219,350 224,741 205,933 Proposed Dividends - - - - - Minority Interest - (-15282) (12,006) 10,694 49,155 Shareholders’ Funds 198,287 155,276 384,362 412,453 432,106 Non-Current Liabilities 135,831 202,043 397,396 389,913 378,979 Total Financing 334,118 357,319 781,758 802,366 811,085
Turnover 229,908 450,324 856,512 892,928 802,973 Profit/Loss Before Taxation (13,236) (222,355) (14,869) 25,916 (-52,864) Taxation 26,264 (6,733.00) (13,222) (10,846) 9,628 Loss/Profit For The Year 13,028 (-229,088) (-28,091) 15,070 (-43,236)
Investor Ratios Current Ratio 0.40 0.34 0.32 0.31 0.36 Earnings/Loss Per Share (Kshs) 0.37 (6.47) (0.79) 0.43 (1.22) Net Asset Value Per Share (Kshs) 9.44 10.09 22.08 22.66 22.91 Price-To-Earnings Ratio 9.51 (0.60) (9.83) 18.91 (10.65) Dividend Yield % - - - - - Pay-Out Ratio % - - - - - Price-To-Book Value 0.37 0.39 0.35 0.36 0.57
Market Information Dividends Per Share (Kshs) - - - - - Share Price As At 31 Dec. 3.50 3.90 7.80 8.05 13.00 Number Of Shares In Issue 35,403,790 35,403,790 35,403,790 35,403,790 35,403,790 Market Capitalization (Kshs) 123,913,265 138,074,781 276,149,562 285,000,510 460,249,270
66 Nairobi Securities Exchange | Handbook 2013 KENYA AIRWAYS LIMITED
KENYA AIRWAYS LIMITED
COMPANY NAME: Kenya Airways Limited PHYSICAL LOCATION: North Airport Road, Nairobi CHAIRMAN\LADY’S NAME: Mr. Evanson Mwaniki CHIEF EXECUTIVE’S NAME: Dr. Titus Naikuni NAMES OF OTHER DIRECTORS: Mr. Dinesh Kapila, Mr. Joseph Kinyua, Mr. Rob Schipper, Mr. Peter Hartman, Mr. Ayisi Makatiani, Dr. Cyrus Njiru, Mrs. Salma Mazrui-Watt Mr. Dennis Awori, Mr. Josef Veenstra, Mr. V. Rague, Mr. Alex W. Mbugua COMPANY SECRETARY: Ms. Fiona C. Fox AUDITORS: Pricewaterhouse Coopers COMPANY BRIEF: The principal activities of the Group are international, regional and domestic carriage of passengers and cargo by air, the provision of ground handling services to other airlines and the handling of import and export cargo.
67 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
31St-March 2012 2011 2010 2009 2008 Assets Employed Non Current Assets 55,599,000 55,121,000 55,403,000 56,270,000 55,347,000 Current Assets 21,833,000 23,622,000 17,860,000 19,709,000 21,433,000 Current Liabilities 23,756,000 22,214,000 20,580,000 21,722,000 14,113,000 Net Current Assets (1,923,000) 1,408,000 (2,720,000) (2,013,000) 7,320,000 Total Net Assets 53,676,000 56,529,000 52,683,000 54,257,000 62,667,000
Financed By Share Capital 2,308,000 2,308,000 2,308,000 2,308,000 2,308,000 Reserve** 20,280,000 20,089,000 17,153,000 14,868,000 23,565,000 Proposed Dividends 374,000 374,000 462,000 - - Shareholders Funds 22,962,000 22,771,000 19,923,000 17,176,000 25,873,000 Non-Current Liabilities 30,653,000 33,386,000 32,710,000 37,081,000 36,794,000 Minority Interest 61,000 53,000 50,000 - - Total Financing 53,676,000 56,529,000 52,683,000 54,257,000 62,667,000
Turnover 107,897,000 85,836,000 70,743,000 71,829,000 60,471,000 Profit /Loss Before Taxation 2,146,000 5,002,000 2,671,000 (5,664,000) 5,513,000 Taxation (486,000) (1,464,000) (636,000) 1,581,000 (1,644,000) Profit /Loss After Tax 1,660,000 3,538,000 2,035,000 (4,083,000) 3,869,000
Investor Ratios Current Ratio 0.92 1.06 0.87 0.91 1.52 Earnings Per Share (Kshs) 3.60 7.66 4.41 -8.85 8.38 Dividend Yield % 5.81 4.65 1.67 5.06 3.37 Pay-Out Ratio % 22.52 19.57 22.68 -11.31 20.88 P/E Ratio 3.88 4.21 13.61 -2.23 6.20 Net Asset Value/ Share (Kshs) 116.28 122.46 114.13 117.54 135.76 Price To Book Ratio 0.12 0.26 0.53 0.17 0.38
Market Information Dividends Per Share (Kshs) 0.81 1.50 1.00 1.00 1.75 Share Price As At 31 March 13.95 32.25 60.00 19.75 52.00 Number Of Shares In Issue 461,615,484 461,615,484 461,615,484 461,615,484 461,615,484 Market Capitalization (Kshs) 6,439,536,002 14,887,099,359 27,696,929,040 9,116,905,809 24,004,005,168 Note: Reserve Includes Revenue And Hedgung Reserves
68 Nairobi Securities Exchange | Handbook 2013 LONGHORN KENYA LTD
LONGHORN KENYA LTD
COMPANY NAME: Longhorn Kenya Ltd PHYSICAL LOCATION: Funzi Road, Industrial Area, Nairobi CHAIRMAN\LADY’S NAME: Hon. Francis T. Nyammo CHIEF EXECUTIVE’S NAME: Mr. James Musyoki Muli NAMES OF OTHER DIRECTORS: Mr. Job Kariru Muriuki - Representing Centum Investment Company Ltd, Mrs Jane Wangui Muigai Briggs, Mrs Susan Nkirote Omanga, Mr. John Syekei Nyandieka, Mr. Raymond Nyamweya Ondieki COMPANY SECRETARY: Enid Muriuki AUDITORS: Deloitte & Touche COMPANY BRIEF: Longhorn Publishers is a Company incorporated in Kenya with operations in Uganda, Tanzania and Rwanda.
Its main business is the development, publication, marketing and distribution of educational and general books.
Longhorn Publishers was incorporated on 14th May 1993. On May 30, 2012, Longhorn shares were listed (by introduction) on the Nairobi Securities Exchange, becoming the first book publisher in the Eastern Africa region to be publicly listed.
69 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
31-Dec 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Assets Non Current Assets Property Plant & Equipments 174,027 162,211 105,218 88,515 71,162 Intangible Assets 12,313 8,180 15,175 22,359 29,473 Deferred Tax Asset 31,291 12,328 22,665 20,002 12,584 217,631 182,719 143,058 130,876 113,219 Current Assets Inventories 275,038 173,714 187,974 155,341 74,553 Trade & Other Receivables 156,662 292,762 87,677 65,150 69,150 Taxation Recoverable - - 13,308 11,897 11,309 Short Term Deposits - - 43,653 21,407 102,463 Cash & Bank Balances 12,344 60,458 47,330 46,686 47,802 444,044 526,934 379,942 300,481 305,277
Total Assets 661,675 709,653 523,000 431,357 418,496
Equities & Liabilities Capital & Reserves Share Capital 58,500 58,500 58,500 58,500 58,500 Share Premium 5,039 5,039 5,039 5,039 5,039 Retained Earnings 235,999 346,214 236,178 220,439 233,387 Translation Deficit (34,953) (7,948) - - - 264,585 401,805 299,717 283,978 296,926 Non Current Liabilities Loan Payable - 9,600 22,920 - -
Current Liabilities Trade & Other Payables 376,773 252,645 174,257 147,333 121,570 Tax Payable 968 26,403 1,026 46 - Loan Payable 9,600 19,200 25,080 - - Overdraft 9,749 - - - - 397,090 298,248 200,363 147,379 121,570
Total Equity & Liabilities 661,675 709,653 523,000 431,357 418,496
Income Statement ( Kshs '000')
Turnover 775,943 1,100,947 526,853 639,952 648,268 Cost Of Sales (438,712) (552,687) (269,476) (351,573) (320,784)
Gross Profit 337,231 548,260 257,377 288,379 327,484
Other Operating Income 9,276 1,460 649 340 5,244
70 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
Selling & Distribution Expenses (87,499) (152,478) (67,965) (89,387) (58,836) Administrative Expenses (274,004) (183,793) (165,484) (184,431) (157,977) Interest Income 471 1,617 4,091 8,459 6,967 Finance Cost - - - - (200) Net Foreign Exchange Loss (11,424) (1,991) (1,265) 8,787 (132)
(Loss)/Profit Before Taxation (25,949) 213,075 27,403 32,147 122,550
Taxation Credit/(Charge) 3,484 (85,329) (5,782) (12,001) (44,594)
(Loss)/Profit For The Year (22,465) 127,746 21,621 20,146 77,956 Other Comprehensive Loss Exch Diff On Translation Of Foreign Operations (27,005) (13,958) 5,818 2,006 -
Total Comprehensive (Loss)/Income (49,470) 113,788 27,439 22,152 77,956 For The Year
STATISTICS Number Of Ordinary Shares Issued In 58,500 11,700 11,700 11,700 11,700 Calculation Earnings Per Share (Kshs) (0.38) 10.92 1.85 1.72 6.66 Dividends Per Share (Kshs) - 7.50 1.00 1.00 3.00 Net Assets Value (Kshs) 4.52 34.34 25.62 24.27 25.38 Mkt Price Per Share (Kshs) 18.50 - - - - Price To Earning Ratio (48.17) - - - - Dividend Yield - - - - - Pay Out Ratio - 0.69 0.54 0.58 0.45 Price To Book Value(Kshs) 4.09 - - - - Return On Equity (0.08) 0.32 0.07 0.07 0.26
71 Nairobi Securities Exchange | Handbook 2013 NATION MEDIA GROUP LIMITED
NATION MEDIA GROUP LIMITED
COMPANY NAME: Nation Media Group Limited PHYSICAL LOCATION:Nation Centre, Kimathi Street, Nairobi CHAIRMAN\LADY’S NAME: Mr. Wilfred D. Kiboro CHIEF EXECUTIVE’S NAME: Mr. Linus Gitahi NAMES OF OTHER DIRECTORS: Mr Dennis Aluanga, Mr Stephen Gitagama, Mr Richard Dowden Prof Lee Huebner, Mr Anwar Poonawala, Mr Gerard Wilkinson, Mrs Zuhura Muro Dr Simon Kagugube, Mr James Montgomery, Prof Olive Mugenda, Dr Yasmin Jetha Mr Francis Okello, Njeri Karago COMPANY SECRETARY: Mr James Kinyua AUDITORS: Pricewaterhouse Coopers COMPANY BRIEF: The principal activities of the Group are the publication, printing and distribution of newspapers and magazines,and radio and television broadcasting, in the East African countries of Kenya, Uganda, Rwanda and Tanzania.
72 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
31-Dec 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Assets Employed Non-Current Assets 3,429,200 2,961,200 2,898,400 2,806,800 2,590,900 Current Assets 7,248,200 5,855,100 5,076,800 3,765,600 4,027,800 Current Liabilities 3,216,700 2,530,900 2,553,100 1,769,400 2,172,900 Net Current Assets 4,031,500 3,324,200 2,523,700 1,996,200 1,854,900 Total Net Assets 7,460,700 6,285,400 5,422,100 4,803,000 4,445,800
Financed By Share Capital 392,800 392,800 392,800 356,500 356,500 Reserves 116,800 8,200 29,700 82,300 84,800 Retained Earnings 5,563,100 4,630,200 3,916,400 3,637,300 3,316,000 Proposed Dividends 1,178,400 1,021,300 1,021,300 570,400 570,400 Shareholders Funds 7,251,100 6,052,500 5,360,200 4,646,500 4,327,700 Minority Interests 72,400 69,900 61,900 67,200 (13,100) Non Current Liabilities 137,200 163000.00 0.00 89,300 131,200 Total Financing 7,460,700 6,285,400 5,422,100 4,803,000 4,445,800
Sales 12,346,800 11,245,800 9,602,500 8,189,800 8,251,500 Profit Before Taxation 3,504,600 2,006,800 2,146,600 1,617,400 1,910,300 Taxation (994,300) (803,500) (608,200) (498,200) (614,400) Profit\Loss After Taxation 2,510,300 1,203,300 1,538,400 1,119,200 1,295,900
Investor Ratios Current Ratio 2.25 2.31 1.99 2.13 1.85 Earnings Per Share (Kshs) 15.98 7.66 9.79 7.85 18.17 Dividend Yield % 4.50 5.71 4.79 4.66 3.82 Pay Out Ratio % 62.59 104.46 81.70 70.08 30.26 Price-To-Earnings Ratio 13.89 18.28 17.06 15.04 7.92 Net Asset Value/ Share (Kshs) 47.48 40.00 34.51 33.68 62.35 Price-To-Book Value 4.68 3.50 4.84 3.50 2.31
Market Information Dividends Per Share (Kshs) 10.00 8.00 8.00 5.50 5.50 Share Price As At 31 Dec. 222.00 140.00 167.00 118.00 144.00 Number Of Shares In Issue 157,118,572 157,118,572 157,118,572 142,610,520 71,305,260 Market Capitalization (Kshs) 34,880,322,984 21,996,600,080 26,238,801,524 16,828,041,360 10,267,957,440 Note: Number Of Issued Shares Incresed In 2005 Due To Abonus Issue One Ordinary Share For Every Three Held. Atotal Of 17.8 Million Shares Were Issued. (*) Long-Term Borrowings In 2008 Stood At Kshs 79.7 Million, A Reduction Of 157% From Kshs 204.5 Million In 2007.
73 Nairobi Securities Exchange | Handbook 2013 SCANGROUP LIMITED
SCANGROUP LIMITED
COMPANY NAME: Scangroup Limited PHYSICAL LOCATION: The Chancery, 5th Floor, Valley Road, Upper Hill, Nairobi CHAIRMAN\LADY’S NAME: David Hutchison CHIEF EXECUTIVE’S NAME: Bharat Thakrar NAMES OF OTHER DIRECTORS: JDavid Hutchison, Bharat Thakrar, Manish Shah Richard Omwela, Muchiri Wahome, Andrew Scott, Laurence Mellman COMPANY SECRETARY: Margaret Muhuni-Kipchumba AUDITORS: Deloitte & Touche COMPANY BRIEF: Scangroup is an integrated marketing communication company having interest in various disciplines within Advertising and Marketing Industry. Scangroup was incorporated on 26th January 1999 and was listed on Nairobi Securities Exchange on 29th August 2006 . It has majority interests in renowned companies such as Scanad Limited, Ogilvy Africa, Redsky Limited, Squad Digital and Hill & Knowlton Strategies East Africa. These companies have business interest in Kenya and other sub-Saharan countries such as Uganda, Tanzania, Ghana, Nigeria, Malawi, Mozambique, Zambia, Angola, and DRC.
The Companys’ growth strategy is “Integrated Marketing Communication” (IMC) delivery to our clients across all disciplines across multiple markets. We believe that delivering global best practice across multiple markets to our clients will cement our relationships with them. Expansion of the network across Sub-Saharan Africa is the growth propeller of the company.
74 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
2012 2011 2010 2009 2008 Non - Current Assets Equipment 452,783 294,593 221,491 99,771 96,585 Intangible Assets 14,228 25,060 - - - Other Equity Investments 5,528 5,664 - - - Kenya Government Securities - - 265,818 528,997 - Deferred Tax Asset 120,138 76,027 88,559 7,387 - Receivable From Related Parties 3,038 - - - - Goodwill 315,671 315,671 315,671 83,548 83,548 911,386 717,015 891,539 719,703 180,133 Current Assets Tax Recoverable 109,105 134,187 30,646 32,212 58,958 Trade And Other Receivables 5,663,316 4,951,237 4,822,688 2,460,545 2,365,622 Due From Related Parties 0 6,687 3,082 11,994 6,218 Work-In-Progress 8,276 32,072 61,672 31,926 52,370 Short-Term Bank Deposits 970,903 1,971,143 1,512,547 497,378 949,281 Cash And Bank Balances 983,975 677,597 687,257 179,390 161,375 7,735,575 7,772,923 7,117,892 3,213,445 3,593,824 Total Assets 8,646,961 8,489,938 8,009,431 3,933,148 3,773,957 Non - Current Liabilities Deferred Tax Liability 4,789 - 3,694 - 119 Loan Due To A Related Party 353,269 337,430 186,937 9,795 - Finance Leases - - 512 1,825 3,946 358,058 337,430 191,143 11,620 4,065 Current Liabilities Tax Payable 62,113 164,497 69,767 18,905 12,893
Due To Related Parties - - 642 18,400 8,983 Finance Leases - - 2,394 2,005 1,760 Bank Overdraft - - 21,152 - 145,965 Trade And Other Payables 3,313,136 3,623,330 4,140,532 1,508,378 1,516,330 Dividends Payable 14,024 9,772 5,996 7,618 4,497 3,389,273 3,797,599 4,240,483 1,555,306 1,690,428 Equity Share Capital 284,789 284,789 234,570 220,690 220,690 Share Premium 1,754,388 1,754,388 1,680,666 1,328,105 1,328,105 Revenue Reserve 2,236,625 1,807,599 1,248,761 780,519 517,798 Investments Revaluation Reserve - - 56,573 34,432 - Foreign Currency Translation Reserve (6,551) 1,193 (4,222) (9,906) (5,511) Equity Settled Employee Benefits - - 40,625 - - Reserve Non Controlling Interests 630,379 506,940 320,832 12,382 18,382 4,899,630 4,354,909 3,577,805 2,366,222 2,079,464 Total Equity And Liabilities 8,646,961 8,489,938 8,009,431 3,933,148 3,773,957
75 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
Income Statement ( Kshs '000') Billing 13,056,890 11,763,664 11,363,839 5,920,012 5,789,716 Direct Costs (8,825,055) (8,166,404) (9,018,285) (4,295,983) (4,352,824) Revenue 4,231,835 3,597,260 2,345,554 1,624,029 1,436,892 Other Income 2,553 12,842 899 1,492 4,150 Administrative And Operating Expens- (3,291,430) (2,530,104) (1,686,276) (1,172,728) (1,023,647) es Interest And Investment Income 166,133 139,916 174,100 95,982 14,281 Foreign Exchange (Loss ) / Gain (14,030) 60,186 4,119 (4,675) 5,079 Profit Before Taxation 1,095,061 1,280,100 838,396 544,100 436,755 Taxation Charge (343,052) (368,984) (197,811) (142,952) (120,966) Profit For The Year 752,009 911,116 640,585 401,148 315,789 Exchange Difference On Translating (7,935) 5,372 5,684 (5,252) (393) Foreign Operations Fair Value Gains On Financial Assets - - 22,141 34,432 - (Available For Sale) Total Comprehensive Income For The 744,074 916,488 668,410 430,328 315,396 Year
Statistics Number Of Ordinary Shares Issued In 284,789,128 284,789,128 237,324,321 220,689,655 220,689,655 Calculation Earnings Per Share (Kshs) 2.21 2.55 2.13 1.81 1.79 Dividends Per Share (Kshs) 0.60 0.70 0.70 0.50 0.69 Net Assets Value (Kshs) 4,899,630 4,354,909 3,577,805 2,366,222 2,079,464 Price To Earning Ratio ^ 31.00 16.27 28.87 14.09 14.94 Dividend Yield 1% 2% 1% 2% 3% Pay Out Ratio 27% 27% 33% 28% 39% Price To Book Value(Kshs) 3.98 2.71 4.08 2.38 2.84 Return On Equity 15% 17% 16% 17% 15%
^ As At 31 December Price Per Share 68.5 41.5 61.5 25.5 26.75 Market Cap (Ksh'000) 19,508,055 11,818,749 14,595,446 5,627,586 5,903,448 Share Of Minority In Total -12630 -186151 -61998 -2648 -8767 Comprehensive Income
76 Nairobi Securities Exchange | Handbook 2013 STANDARD GROUP LIMITED
STANDARD GROUP LIMITED
COMPANY NAME: Standard Group Limited PHYSICAL LOCATION: Mombasa Road CHAIRMAN\LADY’S NAME: Mr. Robin Sewell* CHIEF EXECUTIVE’S NAME: Mr. Paul Melly* Resigned Current Group C.E.O is Mr.Sam Shollei NAMES OF OTHER DIRECTORS: Orlando Lyomu, Sarvjeet Channa * Resigned, Francis Munywoki Zehrabanu Janmohamed, Lerionka S. Tiampati, James Boyd Mcfie COMPANY SECRETARY: Kipng’etich Bett AUDITORS: KPMG Kenya COMPANY BRIEF: The Principal activities of the group are the publishing of Standard Newspaper, distribution of selected local and international newspapers, magazines, periodicals , television broadcasting, radio broadcasting and outdoor services.
77 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 2012 2011 2010 2009 2008
Assets Employed Non-Current Assets 2,253,276 2,224,574 1,936,713 1,922,168 1,532,058 Current Assets 1,248,272 1,287,683 1,369,287 1,081,798 1,154,155 Current Liabilities 1,118,703 1,194,519 1,035,672 850,966 845,209 Net Current Assets 129,569 93,164 333,615 230,832 308,946 Total Net Assets 2,382,845 2,317,738 2,270,328 2,153,000 1,841,004
Financed By Share Capital 408,654 371,123 370,295 366,375 366,375 Share Premium 39380 36,522 31,048 3,765 3,765 Reserves 102 996,346 814,262 601,660 363,750 Shareholders Funds 448136 1,405,846 1,215,605 971,800 733,890 Retained Earnings 1,168,075 - - - - Non Current Liabilities* 543,943 663,672 734,550 891,572 842,960 Minority Interest 222,691 248,220 320,173 289,628 264,154 Total Financing 2,382,845 2,317,738 2,270,328 2,153,000 1,841,004
Turnover 3,617,816 3,174,907 3,105,436 2,767,835 2,818,860 Profit/(Loss) Before Taxation 265,364 232,097 453,650 376,493 428,774 Taxation (Credit) (82,057) (84,752) (173,866) (113,109) (142,582) Profit After Tax 183,307 147,345 279,784 263,384 286,192
Investor Ratios Current Ratio 1.12 1.08 1.32 1.27 1.37 Earnings/(Loss) Per Share (Kshs) 2.24 1.99 3.78 3.59 3.91
Net Asset Value / Share (Kshs) 29.15 31.23 30.66 29.38 25.12 Price-To-Earnings Ratio 9.70 12.59 12.04 10.57 12.80 Dividend Yield % 0.00 0.00 1.10 1.32 2.20 Pay-Out Ratio % 0.00 0.00 13.24 13.91 28.16 Price-To-Book Value 0.75 0.80 1.48 1.29 1.99
Market Information Dividends Per Share (Kshs) 0.00 0.00 0.50 0.50 1.10 Share Price As At 30 Dec. 21.8 25.00 45.50 38.00 50.00 Number Of Shares In Issue 81,730,854.0 74,224,526 74,059,026 73,275,029 73,275,029 Market Capitalization (Kshs) 1,777,646,074.5 1,855,613,150 3,369,685,683 2,784,451,102 3,663,751,450
78 Nairobi Securities Exchange | Handbook 2013 TPS EASTERN AFRICA LIMITED (SERENA HOTELS)
TPS EASTERN AFRICA LIMITED (SERENA HOTELS)
COMPANY NAME: TPS Eastern Africa Limited (Serena Hotels) PHYSICAL LOCATION: Williamson House, 4th Ngong Avenue CHAIRMAN\LADY’S NAME: Mr. Francis Okomo CHIEF EXECUTIVE’S NAME: Mr. Mahmud Jan Mohamed NAMES OF OTHER DIRECTORS: Abdulmalek Virani, Ameer Kassim-Lakha, Dr. Ramadhani Dau, Jack J Kisa, Jean-Louis Vinciguerra, Kabir Hyderally, Guedi Ainache, Ashish Sharma (Alternate to Jean-Louis Vinciguerra, Mseli Abdallah (Alternate to Dr. Ramadhani Dau) COMPANY SECRETARY: Mr. Dominic K. Ng’ang’a AUDITORS: PricewaterhouseCoopers COMPANY BRIEF:Tourism Promotion Services (TPS), Serena Hotels offers quality accommodation, conference and holiday solutions in a collection of 24 hotels, safari lodges, camps and resorts within 6 Countries in the Africa region (Kenya, Tanzania, Zanzibar, Uganda, Rwanda and Mozambique). TPS creates outstanding buildings which pay the highest regard to environmental concerns in design, planning and construction reflecting ethnic design that offer the highest standards of service and product and provide management and staff with an enabling environment resulting in satisfactory returns to our stakeholders.
In keeping with its policy of seeking to broaden ownership and build Regional Tourism one of Serena’s objectives is that the success of mature companies must be shared with the public. In 1997, the Kenyan Operations were floated in the Nairobi Stock Exchange and in 2006 when the operations in Tanzania and Zanzibar came to maturity the Group in East Africa was restructured and the Company, TPS Eastern Africa Limited (TPSEAL) became the public company. On 11th January 2013 the Company achieved a strategic milestone in line with it’s diversification strategy by acquiring majority interest in TPS (Uganda) Limited. This indeed re-enforced TPSEAL’s status as a truly East African holding Company with interests in the East African countries
79 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 2012 2011 2010 2009 2008
Assets Employed Non Current Assets 11,413,799 10,716,911 9,587,155 5,473,915 5,257,076 Current Assets 2,070,277 2,414,929 2,335,982 1,522,281 1,249,920 Current Liabilities 2,045,961 1,615,296 1,657,965 988,035 1,017,357 Net Current Assets 24,316 799,633 678,017 534,246 232,563 Total Net Assets 11,438,115 11,516,544 10,265,172 6,008,161 5,489,639
Financed By Share Capital 148,211.00 148,211 148,211 105,865 105,865 Share Premum & Reserves* 5,145,628 5,346,333 5,347,918 2,453,385 2,413,587 Retained Earnings 2,638,137.00 2,262,751 1,717,779 1,372,809 1,099,142 Proposed Dividends 192,674.00 192,674 185,264 132,331 132,331 Shareholders Funds 8,124,650 7,949,969 7,399,172 4,064,390 3,750,925 Minority Interest 56,760.00 96,855 97,213 - - Non Current Liabilities 3,256,705.00 3,469,720 2,768,787 1,943,771 1,738,714 Total Financing 11,438,115 11,516,544 10,265,172 6,008,161 5,489,639
Sales 5,343,960.00 5,465,975 4,480,128 4,077,657 3,243,203 Profit Before Taxation 721,516.00 853,133 692,933 520,002 330,014 Taxation (227,928.00) (237,242) (176,549) (139,327) (107,297) Profit/(Loss) After Taxation 493,588 615,891 516,384 380,675 222,717
Investor Ratios Current Ratio 1.01 1.50 1.41 1.54 1.23 Earnings/(Loss) Per Share (Kshs) 3.33 4.16 3.48 3.60 2.10
Dividend Yield % 3.25 2.36 1.82 2.78 2.38 Pay-Out Ratio% 39.04 31.28 35.88 34.76 59.42 Price To Earnings Ratio 12.01 13.24 19.66 12.51 24.95 Net Asset Value Per Share (Kshs) 77.17 77.70 69.26 56.75 51.86 Price-To-Book Value 0.52 0.71 0.99 0.79 1.01
Market Information Dividends Per Share (Kshs) 1.30 1.30 1.25 1.25 1.25 Share Price As At 31 Dec. 40.00 55.00 68.50 45.00 52.50 Number Of Shares In Issue 148,210,640.00 148,210,640 148,210,640 105,864,742 105,864,742 Market Capitalization (Kshs) 5,928,425,600 8,151,585,200 10,152,428,840 4,763,913,390 5,557,898,955 *Reserves Include Revaluation And Translation Reserve
80 Nairobi Securities Exchange | Handbook 2013 UCHUMI SUPERMARKETS LIMITED
UCHUMI SUPERMARKETS LIMITED
COMPANY NAME: Uchumi Supermarkets Limited PHYSICAL LOCATION: Yarrow Road, Off Nanyuki Road (Industrial Area) Nairobi CHAIRMAN\LADY’S NAME: Mr. Francis Okomo CHIEF EXECUTIVE’S NAME: Eng. Abdulrazaq Adan Ali * Retired NAMES OF OTHER DIRECTORS: Mr. Edwin Kinyua, Ms. Mbatha Mbithi, Mr. James Ruhiu Murigu Mr Bartholomew Ragalo, Mr. James Kabuga* Retired, Mr. Jan Mohamed* Retired Mr. Kungu Gatabaki * Retired, Ms. Khadija Mire * current chair person COMPANY SECRETARY: Pauline Kimotho AUDITORS: Ernst & Young COMPANY BRIEF:The principal activity of the company is that of operating retail supermarkets.
81 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 2012 2011 2010 2009 2008
Assets Employed Non-Current Assets 3,347,742 2,607,070 1,959,944 5,473,915 Current Assets 1,594,146 1,397,650 1,193,567 1,522,281 Current Liabilities 2,203,769 1542187 1294438 988,035 Net Current Assets (609,623) (144,537) (100,871) 534,246 Total Net Assets 2,738,119 2,462,533 1,859,073 6,008,161
Financed By Share Capital 1,327,133 1,327,133 900,000 105,865 Share Premium - - - 2,453,385 Revaluation And Translation Reserves 1,330,677 952,032 638,933 1,372,809 Retained Earnings - - - 132,331 Accumulated Losses - - - 4,064,390 Proposed Dividends Shareholders Funds 2,657,810 2,279,165 1,538,933 1,943,771 Non Current Liabilities 80,309 183,368 320,140 6,008,161 Total Financing 2,738,119 2,462,533 1,859,073 - - - - 4,077,657 Turnover 13,802,191 10,770,961 9,559,962 520,002 Profit /Loss Before Taxation 403,343 514,833 433,192 (139,327) Tax Credit/(Charge) (129,366) (124,408) 431,907 380,675 Profit After Taxation 273,977 390,425 865,099 -
Investor Ratios - - - 1.54 Current Ratio 0.72 0.91 0.92 3.60 Earnings Per Share (Kshs) 1.03 1.47 4.81 2.78 Dividend Yield % 1.89 - - 34.76 Pay-Out Ratio% 29.06 - - 12.51 Price To Earning Ratio 15.40 7.75 3.02 56.75 Net Asset Value / Share (Kshs) 10.32 9.28 10.33 0.79 Price-To-Book Value 1.54 1.23 1.40 0.00
Market Information - - - 1.25 Dividends Per Share (Kshs) 0.30 - - 45.00 Share Price As At 30 June 15.90 11.40 14.50 105,864,742 Number Of Shares In Issue 265,426,614 265,426,614 180,000,000 4,763,913,390 Market Capitalization (Kshs) Note: Where (-) Means No Information
82 Nairobi Securities Exchange | Handbook 2013 CONSTRUCTION AND ALLIED SECTOR
83 Nairobi Securities Exchange | Handbook 2013 ARM CEMENT LIMITED
ARM CEMENT LIMITED
COMPANY NAME: Athi-River Mining Limited PHYSICAL LOCATION: Rhino House, Chiromo Road, Westlands CHAIRMAN\LADY’S NAME: Mr Rick Ashley CHIEF EXECUTIVE’S NAME: Mr Pradeep H Paunrana NAMES OF OTHER DIRECTORS: Mr Surendra L Bhatia, Mr Atul Mathur, Mr Wilfred Murungi Mr Daniel M Ndonye, Mr Michael Turner, Mr Andrew Alli, Mrs Stella Kilonzo COMPANY SECRETARY: Mr R R Vora AUDITORS: Deloitte & Touche COMPANY BRIEF: The principal activities of the company and its subsidiaries are the manufacture and sale of cement, mining and processing of industrial minerals and chemicals, trading in other building products and the sale of fertilisers.
84 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 2012 2011 2010 2009 2008
Assets Employed Non Current Assets 19,016,690 16,792,719 12,324,838 8,778,345 4,467,467 Current Assets 7,936,410 3,723,221 4,240,062 3,362,746 1,885,011 Current Liabilities 6,502,840 4,420,053 3,206,460 3,353,762 1,842,931 Net Current Assets 1,433,570 (696,832) 1,033,602 8,984 42,080 Total Net Assets 20,450,260 16,095,887 13,358,440 8,787,329 4,509,547
Financed By Share Capital 495,275 495,275 495,275 495,275 495,275 Share Premium 302,027 302,027 302,027 302,027 302,027 Reserves* 1,270,966 1,373,546 1,365,784 1,444,966 (32,746) Proposed Dividends Retained Earnings 4,945,503 3,827,809 2,782,339 1,886,662 1,362,975 Convertible Bond Shareholders Fund 7,013,771 5,998,657 4,945,425 4,128,930 2,127,531 Non Current Liabilities 13,329,740 9,993,361 8,431,581 4,658,399 2,382,004 Minority Interest 106,749 103,869 (18,566) - - Total Financing 20,450,260 16,095,887 13,358,440 8,787,329 4,509,535
Turnover 11,400,569 8,180,992 5,964,670 5,144,822 4,619,473 Profit Before Taxation 1,790,296 1,362,912 1,112,962 948,714 705,450 Taxation (544,658) (212,414) (37,694) (-302,940) (-201,996) Net Profit 1,245,638 1,150,498 1,075,268 645,774 503,454
Investor Ratios Current Ratio 1.22 0.84 1.32 1.00 1.02 Earnings Per Share (Kshs) 2.52 11.61 10.86 6.52 5.08 Price - Earnings Ratio 17.69 13.60 16.86 17.03 17.81 Dividend Yield % 1.12 1.27 0.96 1.35 1.38 Payout Ratio % 19.88 17.22 16.12 23.01 24.59 Net Asset Value Per Share 41.29 162.49 134.86 88.71 45.53 Price -To- Book Value 1.08 0.97 1.36 1.25 1.99
Market Information Dividends Per Share (Kshs) 0.50 2 1.75 1.50 1.25 Share Price As At 31 Dec. 44.50 158 183.00 111.00 90.50 Number Of Shares In Issue 495,275,000 99,055,000 99,055,000 99,055,000 99,055,000 Market Capitalization 22,039,737,500 15,650,690,000 18,127,065,000 10,995,105,000 8,964,477,500
Reserves Include Revaluation Surplus And Translation Reserve
85 Nairobi Securities Exchange | Handbook 2013 BAMBURI CEMENT COMPANY LTD
BAMBURI CEMENT COMPANY LTD
COMPANY NAME: Bamburi Cement Limited PHYSICAL LOCATION: Kenya-Re Towers, Upper Hill, Nairobi, Kenya. CHAIRMAN\LADY’S NAME: John Simba CHIEF EXECUTIVE’S NAME: Hussein Mansi NAMES OF OTHER DIRECTORS: John Stull, Amb. Solomon Karanja, Chris Kisire, Sheila M’Mbijiwe, Dominique Brugier, Catherine Langreney, Thomas Farrell, Fabrizio Olivares, David Njoroge, Eric Kironde COMPANY SECRETARY: Betty Kanyagia AUDITORS: Ernst & Young COMPANY BRIEF: The group is primarily engaged in the manufacture and sale of cement and cement related products. The group also owns and manages a world class nature and environmental park developed from rehabilitated quarries. The company was Founded in 1951
86 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 2012 2011 2010 2009 2008
Non Current Assets 26,576,000.00 20,146,000.00 20,443,000.00 19,339,000.00 18,179,000.00 Current Assets 16,462,000.00 13,356,000.00 12,863,000.00 12,773,000.00 10,036,000.00 Total Assets 43,038,000.00 33,502,000.00 33,306,000.00 32,112,000.00 28,215,000.00 Equity And Liabilities: Total Equity 30,861,000.00 24,174,000.00 21,626,000.00 20,941,000.00 16,602,000.00 Non Current Liabilities 5,166,000.00 4,231,000.00 4,216,000.00 6,227,000.00 6,170,000.00 Current Liabilities 7,011,000.00 5,097,000.00 7,464,000.00 4,944,000.00 5,443,000.00 Total Equity And Liabilities 43,038,000.00 33,502,000.00 33,306,000.00 32,112,000.00 28,215,000.00
Income Statement ( Kshs '000') Revenue 37,491,000.00 35,884,000.00 28,075,000.00 29,994,000.00 27,467,000.00 Gross Profit 9,856,000.00 9,964,000.00 9,618,000.00 10,815,000.00 10,453,000.00 Profit Before Tax 7,176,000.00 8,466,000.00 7,564,000.00 9,596,000.00 4,889,000.00 Tax Charge (2,294,000.00) (2,607,000.00) (2,265,000.00) (2,626,000.00) (1,477,000.00) Profit For The Year 4,882,000.00 5,859,000.00 5,299,000.00 6,970,000.00 3,412,000.00 Profit Artributable To Shareholders 4,416,000.00 5,243,000.00 5,089,000.00 6,649,000.00 3,187,000.00 Other Comprehensive Income 5,830,000.00 (44,000.00) (621,000.00) (1,070,000.00) (542,000.00) Total Comprehensive Income For The 10,712,000.00 5,815,000.00 4,678,000.00 5,900,000.00 2,870,000.00 Year
Statistics Number Of Ordinary Shares Issued In 362,959,275.00 362,959,275.00 362,959,275.00 362,959,275.00 362,959,275.00 Calculation Earnings Per Share (Kshs) 12.17 14.45 14.02 18.32 8.78 Dividends Per Share (Kshs) 10.50 10.00 8.50 11.00 6.00 Market Price Per Share (Kshs) 185.00 125.00 187.00 156.00 165.00
Net Assets Value (Kshs) 118.58 92.30 91.76 88.47 77.74 Price To Earning Ratio 15.21 8.65 13.34 8.52 18.79 Dividend Yield 0.06 0.08 0.05 0.07 0.04 Pay Out Ratio 0.86 0.69 0.61 0.60 0.68 Price To Book Value(Kshs) 1.56 1.35 2.04 1.76 2.12 Return On Equity 0.16 0.24 0.25 0.33 0.21 Price To Book Value(Kshs) 438,924 644,904 571,801 584,312 - Return On Equity Total Equity And Liabilities 2,265,714 2,415,111 2,728,978 2,318,717 1,559,747
87 Nairobi Securities Exchange | Handbook 2013 88 Nairobi Securities Exchange | Handbook 2013 CROWN PAINTS KENYA LIMITED
CROWN PAINTS KENYA LIMITED
COMPANY NAME: Crown Paints Kenya Limited PHYSICAL LOCATION: Crown Paints Kenya Limited, Mogadishu road, Industrial Area Nairobi CHAIRMAN\LADY’S NAME: Mhumud Charania CHIEF EXECUTIVE’S NAME: Rakesh Rao NAMES OF OTHER DIRECTORS: Patrick Mwati, Hussein Ramji Charania, Francis Maina COMPANY SECRETARY: Conrad Nyukuri AUDITORS: Ernst & Young COMPANY BRIEF: The principal activities of the Group are the manufacture and sale of paints, adhesives, decorating sundries, PVA emulsion and alkyd resins. Date of incorporation - 1958
89 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
2012 2011 2010 2009 2008 Assets Employed Non-Current Assets 669,019 646,037 492268 532286 571798 Current Assets 1,589,244 1,569,315 1480069 1326166 1376483
Total Assets 2,258,263 2,215,352 1,972,337 1,858,452 1,948,281
Equity And Liabilities
Equity Share Capital 118,635 118,635 118,635 118,635 118,635 Reserves 1,057,567 933,785 783710 718308 703317 1,176,202 1,052,420 902,345 836,943 821,952 Non-Current Liabilities Deferred Tax 47,352 90,934 78,211 97,860 96,002
Current Liabilities 1,034,709 1,071,998 991,781 923,649 1,030,327 Total Equity And Liabilities 2,258,263 2,215,352 1,972,337 1,858,452 1,948,281
Income Statement ( Kshs '000') Revenue 4,432,877 3,853,569 3068468 2543657 2389520 Profit Before Tax 224,170 200,539 169480 139818 77781 Tax Expense (-90,627) (-71,537) (-78063) (-53510) (-47004) Profit For The Year 133,543 129,002 91,417 86,308 30,777
Other Comprehensive Income Revaluation Of Property Plant And Equip- - 72,474 - - - ment Deferred Income Tax On Revaluation - (-21,742) - - - Loss From Discontinued Operation - - - - (-2481) Exchange Difference On Translation Of For- 9,149 - - - - eign Operation
Other Comprehensive Income Net Of Taxes 9,149 50,732 - - (-2,481)
Total Comprehensive Income 142,692 179,734 91,417 86,308 28,296
Statistics Number Of Ordinary Shares Issued In Calcu- 23,727 23,727 23,727 23,727 23,727 lation Market Price Per Share 42.50 20.50 36.00 25.00 24.75 Earnings Per Share (Kshs) 6.01 7.58 3.85 3.64 1.19 Dividends Per Share (Kshs) 5.63 5.44 3.85 3.64 1.30 Net Assets Value (Kshs) 95 93 83 78 82 Price To Earning Ratio 7.07 2.71 9.34 6.87 20.75 Dividend Yield 0.13 0.27 0.11 0.15 0.05 Pay Out Ratio 0.94 0.72 1.00 1.00 1.09 Price To Book Value(Kshs) 0.45 0.22 0.43 0.32 0.30 Return On Equity 0.11 0.12 0.10 0.10 0.04
90 Nairobi Securities Exchange | Handbook 2013 EAST AFRICAN CABLES LIMITED
EAST AFRICAN CABLES LIMITED
COMPANY NAME: East African Cables Limited PHYSICAL LOCATION: Industrial Area Addis Ababa Road, Nairobi CHAIRMAN\LADY’S NAME: Mr. Zephaniah Gitau Mbugua CHIEF EXECUTIVE’S NAME: Mr. George Mwangi NAMES OF OTHER DIRECTORS: Mr. Bruno Thomas, Mr. Gachao Kiuna, Mr. Peter Kanyago Mr. Michael Waweru COMPANY SECRETARY: Ms. Virginia Ndunge AUDITORS: KPMG Kenya COMPANY BRIEF: The group’s principal activities continue to be the manufacture and sale of electrical cables and conductors.
91 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 2012 2011 2010 2009 2008 Assets Employed Non Current Assets 3,217,203 2,585,528 2,722,759 1,844,227 1,070,195 Current Assets 3,031,439 2,407,504 1,795,686 1,699,156 1,973,398 Current Liabilities 2,532,226 2,074,312 1,399,362 1,247,084 1,188,676 Net Current Assets 499,213 333,192 396,324 452,072 784,722 Total Net Assets 3,716,416 2,918,720 3,119,083 2,296,299 1,854,917
Financed By Share Capital 126,563 126563.00 101,250 101,250 101,250 Share Premium 545 545 545 545 545 Reserves* 907,023 646068 646759 1,388,616 844,125 Proposed Dividends 202,500 Retained Earnings 1,288,584 1075665.00 1087852.00 - - Shareholders Fund 2,322,715 1,848,841 1,836,406 1,490,411 1,148,420 Minority Interest 602,314 424991.00 409,903 170,369 218,419 Non Current Liabilities 791,387 644888.00 872,774 635,519 488,078 Total Financing 3,716,416 2,918,720 3,119,083 2,296,299 1,854,917
Turnover 4,300,608 4,971,665.00 3,604,366 2,811,861 3,929,312 Profit Before Taxation 753,243 464,756.00 258,645 526,444 669,927 Taxation (231,183) (150,026.00) (74,795) (230,411) (207,167) Net Loss/Profit 522,060 314,730.00 183,850 296,033 462,760
Financial Ratios Current Ratio 1.20 1.16 1.28 1.36 1.66 Earnings Per Share (Kshs) 2.06 1.24 0.91 1.46 2.29 Price-To-Earnings Ratio 5.67 8.48 17.90 13.85 11.49 Dividend Yield % 8.55 4.74 6.15 4.94 3.81 Pay-Out Ratio % 48.49 40.21 110.14 68.40 43.76 Net Asset Value Per Share (Kshs) 14.68 11.53 15.40 11.34 9.16 Price-To-Book Value 0.80 0.91 1.05 1.79 2.87
Market Information Dividends Per Share (Kshs) 1.00 0.50 1.00 1.00 1.00 Share Price As At 31 December 11.70 10.55 16.25 20.25 26.25 Number Of Shares In Issue 253,125,000 253,125,000 202,500,000 202,500,000 202,500,000 Market Capitalization (Kshs) 2,961,562,500 2,670,468,750 3,290,625,000 4,100,625,000 5,315,625,000 Note: Reserves Include Revaluation ,Exchange And Revenue Reserves,
92 Nairobi Securities Exchange | Handbook 2013 EAST AFRICAN PORTLAND CEMENT COMPANY
EAST AFRICAN PORTLAND CEMENT COMPANY
COMPANY NAME: East African Portland Cement Company PHYSICAL LOCATION: LR 337/113/1 Namanga Road, Off Mombasa Road, P.O. Box 20 - 00204, Athi River CHAIRMAN\LADY’S NAME: Mark Ole Karbolo CHIEF EXECUTIVE’S NAME: Kephar L. Tande NAMES OF OTHER DIRECTORS: PS Ministry of Industrialization, PS The National Treasury NSSF, Dr. Titus Naikuni, Hamish Keith COMPANY SECRETARY: J.L.G. Maonga AUDITORS: Ernst & Young COMPANY BRIEF: EXCERPTS FROM CHAIRMAN’S REPORT FOR THE YEAR ENDED 30 JUNE 2012 Recovery Strategy: The Board and management have put in place recovery measures to ensure that the ensuing financial year is different In July 2012, a new strategic plan was put in place. The key to this strategy is to regain lost market share and cut operating expenses. Additionally, it is to put in place a new management team capable of driving the Company forward to the next level.
Energy: Cement production is energy intensive. Energy costs in East Africa account for up to 50% of total production costs while in countries like Egypt, India, Pakistan and China production costs are inherently lower since key inpits in the power and fuel industries are subsidized by their governments. This makes the region a lucrative market for imports, which poses a direct existential threat to the local cement industry. In December 2010 the Company switched to coal which led to a significant reduction in energy costs by 35%. The next initiative is to switch cement production from open to a closed circuit system, generating further savings in cost of production.
Yen - denominated Loan: The Company hedged 25% of the Yen denominated loan. During the year the Company hedged a further 25%, making a total hedge of 50% equivalent of the loan into dollars. This has had a positive impact and substantially reduced the forex losses suffered during the year.
Outlook Despite the difficulties experienced in this financial year, the Board and management are confident that the prospects of the Company are very good. The market for cement continues to grow and with the major planned infrastructure projects the company expects to regain its market share. However, due to increading competition, the price of cement will continue to fall. Due to stringent efforts by the management the Company is already registering positive results in this current year of 2012/13 and it is expected that we shall return to profitability.
93 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
2012 2011 2010 2009 2008
Turnover 8,614,806 10,172,140 9,408,711 8,101,377 7,204,479 operating profit (610,479) 653,640 90,015 1,247,045 1,120,355 Foreign Currency exchange (loss)/gain (61,575) (655,909) (451,176) (837,522) (414,451) (Loss)/Profit before tax (849,679) (119,059) (338,571) 1,881,678 715,889 Taxation Credit /(Charge) 28,193 120,776 54,520 (47,624) (179,237) Profit /(Loss) Attributable to Members (821,486) 1,717 (284,051) 1,834,054 536,652
Dividends - 45,000 - 117,000 -
Capital Employed Assets Non-current 11,520,583 10,358,801 9,125,885 8,904,918 6,411,608 Current 2,570,423 3,172,070 2,911,680 3,131,045 2,661,737
Total Assets 14,091,006 13,530,871 12,037,565 12,035,963 9,073,345
Equity & Liabilities Shareholders Funds 4,839,390 5,702,918 5,701,201 6,102,252 4,026,749 Non current Liabilities 6,976,194 5,727,774 4,499,714 4,421,319 3,870,221 Current Liabilities 2,275,422 2,100,179 1,836,650 1,512,392 1,176,375
Total Equity & Liabilities 14,091,006 13,530,871 12,037,565 12,035,963 9,073,345
Ratio Analysis Profitability and Efficiency Ratios Gross Profit Margin 14% 23% 22% 31% 33% Operating Profit Margin -7% 6% 1% 15% 16% Net Profit Margin -10% 0% -3% 23% 7% Return on Assets -6% 0% -2% 15% 6% Return on Equity -17% 0% -5% 30% 13%
Liquidity Ratios/Working Capital Current Ratio 1.1 1.5 1.6 2.1 2.3 Quick Ratio 0.4 1.2 1.2 1.6 1.4
Earnings Per Share (9) 0.02 (3.16) 20.38 5.96
Dividends per Share Interim Paid Final & Proposed - 0.50 - 1.30 -
Total - 0.50 - 1.30 -
94 Nairobi Securities Exchange | Handbook 2013 ENERGY AND PETROLEUM
95 Nairobi Securities Exchange | Handbook 2013 KENOLKOBIL LIMITED
KENOLKOBIL LIMITED
COMPANY NAME: KenolKobil Limited PHYSICAL LOCATION: ICEA Building, Kenyatta Avenue, Nairobi. CHAIRMAN\LADY’S NAME: Mr. James Mathenge CHIEF EXECUTIVE’S NAME: Mr. David S. Ohana NAMES OF OTHER DIRECTORS: Mr. D. Oyatsi, Mr. P.N. Jakobsson, Mr. T.M. Davidson, Mr. D. Ndonye, Ms. Pat Lai COMPANY SECRETARY: Ms Winniefred Jumba AUDITORS: PricewaterhouseCoopers COMPANY BRIEF: The KenolKobil Group is Africa’s fastest growing indigenous oil marketing corporation with an expansive subsidiary network in ten African countries including Kenya (Head Office), Uganda, Tanzania, Rwanda, Zambia, Ethiopia, Burundi and Zimbabwe, Mozambique and Congo DR.
Our Business: Our business is primarily within the downstream petroleum sector which entails sourcing and distribution of refined petroleum products, which include motor fuels, industrial oils, LPG, aviation fuels, lubricants and other specialist oils, for both consumer and commercial markets. The Group also conducts large scale procurement of petroleum products for government bodies, large industrial establishments and refineries in Africa.
Corporate Governance: Our foundation as a top oil marketing company in Africa is deeply rooted in the fundamentals of good corporate governance and strict adherence and compliance with industry and statutory regulatory requirements.
Business Conduct: The KenolKobil Group is highly committed to the sustenance, maintenance and enhancement of its physical and social environments. Across the Group, we have established and conform to a QEHS Policy that looks beyond satisfaction of statutory requirements. To cope with the dynamic business environment, the Company is committed to continually improve the business by enhancing our quality assurance systems, and as part of our commitment; KenolKobil is ISO 9001:2008 certified.
CSR: We attribute our success to the African people and ensure that our business presence adds sustainable and measurable value to our host communities and relevant to our corporate philosophy KenolKobil Cares for You.
We engage our host communities in socio-economic, cultural and sporting activities including the KenolKobil Education Scholarship Fund which focuses on the education of bright children from poor backgrounds.
As the KenolKobil Group expands into new territories, our guiding principle is the resolve is to be the best in any of the markets we set foot through provision of reliable and high quality products and services.
96 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 2012 2011 2010 2009 2008 Assets Employed Non-Current Assets 8,143,785 5,828,442 4,359,429 4,311,270 6,597,205 Current Assets 24,540,381 40,145,862 26,013,480 25,124,066 21,111,387 Current Liabilities 25,340,816 32,794,177 18,879,407 19,293,187 16,301,749 Net Current Assets (800,435.00) 7,351,685 7,134,073 5,830,879 4,809,638 Total Net Assets 7,343,350 13,180,127 11,493,502 10,142,149 11,406,843
Financed By Share Capital 73,588 73,588 73,588 73,588 73,588 Share Premium 5,166,350 5,166,350 5,166,350 5,166,350 5,166,350 Reserves 346,219 (1,366,477) (138,123) (92,193) 581,991 Retained Earnings 859,568 7,144,143 5,342,073 4,192,344 4,578,815 Proposed Dividends 0 632,857 765,316 478,322 515,116 Shareholders Fund 6,445,725 11,650,461 11,209,204 9,818,411 10,915,860 Minority Interest Non Current Liabilities 897,625 1,529,666 284,298 323,738 490,983 Total Financing 7,343,350 13,180,127 11,493,502 10,142,149 11,406,843
Turnover 192,527,486 222,440,715 101,649,560 96,692,834 134,518,341 Profit Before Taxation (8,964,664.00) 4,933,783 2,836,228 1,933,456 1,879,811 Taxation 2,680,089 (1,659,952) (921,183) (638,951) (724,492) Net Profit/(Loss) (6,284,575) 3,273,831 1,915,045 1,294,505 1,155,319
Financial Ratios Current Ratio 0.97 1.22 1.38 1.30 1.30 Earnings Per Share (Kshs.) (4.27) 2.22 1.30 8.80 7.85 Price-To-Earnings Ratio (3.17) 4.47 7.69 5.68 8.41 Dividend Yield % 0.00 4.32 5.20 6.50 5.30 Pay-Out Ratio % 0 44.96 39.96 36.95 44.59 Net Asset Value Per Share (Kshs) 4.99 8.96 7.81 68.91 77.50 Price-To-Book Value 2.72 1.11 1.28 0.73 0.85
Market Information Dividends Per Share (Kshs.) 0.00 1.00 0.52 3.25 3.50 Share Price As At 31 Dec 13.55 9.95 10.00 50.00 66.00 Number Of Shares In Issue* 1,471,761,200 1,471,761,200 1,471,761,200 147,176,120 147,176,120 Market Capitalization (Kshs.) 19,942,364,260 14,644,023,940 14,717,612,000 7,358,806,000 9,713,623,920 *Increased Due To Purchase Of Issued Shares 45,480,000 Ordinary Shares Of Kobil Petroleum Ltd
97 Nairobi Securities Exchange | Handbook 2013 KENYA ELECTRICITY GENERATING COMPANY (KENGEN)
KENYA ELECTRICITY GENERATING COMPANY (KENGEN)
COMPANY NAME: Kenya Electricity Generating Company (Kengen) PHYSICAL LOCATION: Stima Plaza, Kolobot Road, Parklands, Nairobi. CHAIRMAN\LADY’S NAME: Mr. Titus Kitili Mbathi CHIEF EXECUTIVE’S NAME: Mr. Edward Njoroge NAMES OF OTHER DIRECTORS: Joseph Kinyua, Patrick Nyoike, Sarah W. Wainaina, Musa Ndeto George M. Njagi, Dorcas F. Kombo, Henry N. M’Narobi, Hedrick Omanwa, Mary Michieka Humphrey Muhu - Alternate to Joseph Kinyua, John Omenge - Alternate to Patrick Nyoike COMPANY SECRETARY: Ms. Rebecca Miano AUDITORS: Deloitte & Touche COMPANY BRIEF: The principal activity of the Company is to generate and sell electricity to the authorised distributor, Kenya Power and Lighting Company Limited (Kenya Power).
98 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 2012 2011 2010 2009 2008
Assets Employed Non Current Assets 140,856,807 141,454,256 117,717,472 95,855,120 96,338,413 Current Assets 22,288,066 19,539,034 32,849,414 12,748,759 10,655,138 Current Liabilities 15,000,957 11,256,593 6,969,815 5,867,743 7,924,944 Net Current Assets 7,287,109 8,282,441 25,879,599 6,881,016 2,730,194 Total Net Assets 148,143,916 149,736,697 143,597,071 102,736,136 99,068,607
Financed By Share Capital 5,495,904 5,495,904 5,495,904 5,495,904 5,495,904 Share Premium 5,039,818 - - - - Reserves 26,324,186 63,922,683 65,034,964 56,718,143 60,650,745 Retained Earnings 33,319,646 - - - - Proposed Dividends 1,099,181 1,978,525 Shareholders Funds 70,179,554 69,418,587 70,530,868 63,313,228 68,125,174 Non Current Liabilities* 77,964,362 80,318,110 73,066,203 39,422,908 30,943,433 Total Financing 148,143,916 149,736,697 143,597,071 102,736,136 99,068,607
Turnover 15,999,078 14389027.00 10,998,429 12,652,388 11,548,176 Profit/(Loss) Before Taxation 4,045,190 3,651,307.00 2,484,953 4,556,281 3,078,765 Taxation Credit/ (Charge) (1,222,590) (1,571,186.00) 801,534 (2,485,368) 2,818,114 Net Profit 2,822,600 2,080,121 3,286,487 2,070,913 5,896,879
Investor Ratios Current Ratio 1.49 1.74 4.71 2.17 1.34 Earnings/(Loss)/Share (Kshs) 1.28 0.95 1.49 0.94 2.68 Net Asset Value/ Share (Kshs) 67.39 68.11 65.32 46.73 45.06 Price-To-Earnings Ratio 6.70 14.32 11.44 15.45 9.13 Pay-Out-Ratio 46.73 52.84 33.45 53.08 33.55 Dividend Yield % 6.98 3.69 2.92 3.44 3.67 Price-To-Book Value 0.13 0.20 0.26 0.31 0.54
Market Information Dividends Per Ord. Share (Kshs) 0.60 0.50 0.50 0.50 0.90 Ord. Share Price As At 30 June 8.60 13.55 17.10 14.55 24.5 Number Of Ord. Shares In Issue 2,198,361,456 2,198,361,456 2,198,361,456 2,198,361,456 2,198,361,456 Market Capitalization (Kshs) 18,905,908,522 29,787,797,729 37,591,980,898 31,986,159,185 53,859,855,672
*in 2008n non-current liabilities constituted Kshs 19,466,078,000 as borrowings
99 Nairobi Securities Exchange | Handbook 2013 THE KENYA POWER & LIGHTING CO. LTD
THE KENYA POWER & LIGHTING CO. LTD
COMPANY NAME: The Kenya Power & Lighting Co. Ltd PHYSICAL LOCATION: Stima Plaza, Kolobot Road, Parklands, P.O. Box 30099-00100, Nairobi CHAIRMAN\LADY’S NAME: Mr. Eliazar O. Ochola CHIEF EXECUTIVE’S NAME: Eng. Joseph K. Njoroge NAMES OF OTHER DIRECTORS: Mr. Joseph K. Kinyua, Mr. Patrick M. Nyoike, Dr. Theodorah Malla- Kilukumi, Eng. Patrick E. O. Obath, Mr. Macharia Kariuki, Mr. Jacob K. Mwirigi, Mrs. Fatuma Mohamed, Mrs. Jane Nashida, Mr. Joseph Kariuki (Alternate to Joseph Kinyua) Eng. Isaac N. Kiva (Alternate to Mr. Patrick Nyoike) COMPANY SECRETARY: Mrs. Laurencia K. Njagi AUDITORS: Deloitte & Touche (For the Auditor-General), Deloitte Place, Waiyaki Way, Muthangari, P.O. Box 40092-00100, Nairobi COMPANY BRIEF: The core business of the Company is transmission, distribution and retail of electricity to customers. The Kenya Power & Lighting Company Limited is a limited liability company which was incorporated in 1922. The Company was listed at NSE in 1954.
100 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)June 2012 2011 2010 2009 2008 Total Assets 134,131,983 121,171,515 85,025,890 70,648,425 59,812,122 Total Equity 43,511,553 39,606,376 28,740,877 26,848,063 23,881,922 Liabilities 90,620,430 81,565,139 56,285,013 43,800,362 35,930,200 Income Statement ( Kshs '000') Turnover 95,662,427 73,154,021 73,166,794 66,362,811 41,766,966 Operating Expenses 69,962,179 49,789,577 46,367,383 60,688,199 38,244,926 Profit Before Tax 8,506,693 6,254,751 5,649,462 4,782,433 2,738,309 Earnings Attributable To Shareholders 4,617,116 4,219,566 3,716,370 3,225,094 1,764,870 Statistics Number Of Ordinary Shares Issued In 1,951,467,045 1,734,637,373 79,128,000 79,128,000 79,128,000 Calculation Earnings Per Share (Kshs) 2.36 2.16 3.00 40.76 22.30 Dividends Per Share (Kshs) 0.50 0.45 8.00 8.00 4.00 Pay Out Ratio 0.21 0.21 2.67 0.20 0.18
101 Nairobi Securities Exchange | Handbook 2013 TOTAL KENYA LTD
TOTAL KENYA LTD
COMPANY NAME: Total Kenya Ltd PHYSICAL LOCATION: Regal Plaza, Limuru Road, Nairobi. CHAIRMAN\LADY’S NAME: Mr. Jean Papee CHIEF EXECUTIVE’S NAME: Mr. Alexis Vovk NAMES OF OTHER DIRECTORS: MMrs. Alice Mayaka, Mr. Vincent Guerard, Mr. Momar Nguer Mr. Patrick Waechter* (Alternate to Alexis Vovk), Mr. Maurice K’Anjejo (Alternate to Momar Nguer), Mr. Daniel Mayieka (Alternate to Vincent Guerard), Allain Champeaux*Resigned 22 August 2012, Sophie Nassir* Resigned 22 August 2012 COMPANY SECRETARY: Mr. J L G Maonga AUDITORS: Ernst & Young COMPANY BRIEF: The principal activity of the company is the sale of petroleum products.
102 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31St Dec 2012 2011 2010 2009 2008 Assets Employed Non Current Assets 9,632,145 9859215 10,261,100 10,782,755 2,763,203 Current Assets 23,348,459 25338951 20,114,577 20,745,441 11,763,581 Current Liabilities 17,933,163 22982764 17,090,899 18,588,005 9,508,962 Net Current Assets 5,415,296 2,356,187 3,023,678 2,157,436 2,254,619 Total Net Assets 15,047,441 12,215,402 13,284,778 12,940,191 5,017,822
Financed By Share Capital 9,974,771 4,774,771 4,774,771 4,774,771 875,324 Share Premium 1,967,520 1,967,520 1,967,520 1,967,520 1,967,520 Revaluation Surplus Retained Earnings 2,250,385 2,452,527 2,837,562 2,219,900 2,174,978 Proposed Dividends Shareholders Funds 14,192,676 9,194,818 9,579,853 8,962,191 5,017,822 Non Current Liabilities 854,765 3,020,584 3,704,925 3,978,000 - Total Financing 15,047,441 12,215,402 13,284,778 12,940,191 5,017,822
Turnover 119,788,989 105,590,360 79,206,640 41,311,598 54,807,521 Profit Before Taxation (64,301) 57,850 1,388,425 733,699 1,031,368 Taxation (Charge/Credit) (137,841) (129,286) (472,220) (251,114) (327,474) Net Profit/Loss (202,142) (71,436) 916,205 482,585 703,894
Investor Ratios Current Ratio 1.30 1.10 1.18 1.12 1.24 Earnings Per Share (Kshs.) (1.15) -0.41 5.30 2.79 4.02 Price-To-Earnings Ratio (11.99) -36.14 5.48 10.67 7.96 Dividend Yield % 0.00 0.00 0.00 0.00 0.00
Pay-Out Ratio % (17.32) -257.27 19.83 35.85 62.18 Net Asset Value Per Share(Kshs) 85.95 69.79 76.78 74.79 28.66 Price-To-Book Value 0.16 0.21 0.38 0.40 1.12
Market Information Dividends Per Share (Kshs.) 0.20 1.05 1.05 1.00 2.50 Share Price As At 31 Dec 13.85 14.75 29.00 29.75 32.00 Number Of Shares In Issue 175,064,706 175,028,706 173,013,000 173,013,000 175,064,706 Market Capitalization (Kshs.) 2,424,646,178 2,581,673,414 5,017,377,000 5,147,136,750 5,602,070,592
103 Nairobi Securities Exchange | Handbook 2013 UMEME LIMITED
UMEME LIMITED
COMPANY NAME: Umeme PHYSICAL LOCATION: Rwenzori House, Plot 1 Lumumba Avenue, Kampala CHAIRMAN\LADY’S NAME: Patrick Bitature CHIEF EXECUTIVE’S NAME: Charles Chapman NAMES OF OTHER DIRECTORS: Stuart David Michael Grylls, Ian Francis, Younes Maamar Adrian Mucalov, James Mulwana* Deceased COMPANY SECRETARY: Shonubi, Musoke & Company Advocates AUDITORS: Ernst & Young COMPANY BRIEF: The Company is licensed by Electricity Regulatory Authority to carry on electricity distribution and supply business in Uganda
104 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Ushs ‘000’) 2012 2011 2010 2009 2008 ASSETS EMPLOYED Non current assets 432,619,000 - - - - Current Assets 323,314,000 - - - - Current Liabilities 304,357,000 - - - - Net current Assets 18,957,000 - - - - Total Net Assets 451,576,000 - - - -
FINANCED BY Share Capital 27,748,000 - - - - Share Premium 70,292,000 - - - - Reserves Retained Earnings 141,407,000 - - - - Proposed dividends Shareholders Funds 239,447,000 - - - - Non current Liabilities* 212,129,000 - - - - Total Financing 451,576,000 - - - -
TURNOVER 859,552,000 - - - - Profit/(Loss) Before Taxation 60,921,000 - - - - Taxation credit/ (charge) (3,811,000) - - - - Net Profit 57,110,000 - - - -
INVESTOR RATIOS Current Ratio 1.06 - - - - Earnings/(Loss)/Share (Ushs) 35.17 - - - - Net Asset Value/ Share (Ushs) 278.08 - - - - Price-to-Earnings Ratio 0.28 - - - - Pay-out-Ratio 42.65 - - - - Dividend Yield % 1.50 - - - - Price-to-Book Value 0.04 - - - -
MARKET INFORMATION Dividends Per Ord. Share (Ushs) 15.00 - - - - Ord. Share Price as at 31st December 10.00 - - - - Number of Ord. Shares in Issue 1,623,878,005 - - - - Market Capitalization (Ushs) 16,238,780,050 - - - -
105 Nairobi Securities Exchange | Handbook 2013 INSURANCE
106 Nairobi Securities Exchange | Handbook 2013 BRITAM
BRITAM
COMPANY NAME: Britam PHYSICAL LOCATION: Britam Centre, Junction of Mara and Ragati Roads, Upperhill, Nairobi CHAIRMAN\LADY’S NAME: Mr. J. Nicholas Ashford-Hodge CHIEF EXECUTIVE’S NAME: Mr. Benson I. Wairegi NAMES OF OTHER DIRECTORS: Mr. Peter K. Munga, Mr. Jimnah M. Mbaru, Dr. James N. Mwangi Mr. Saleem R. Beebeejaun, Mr. Nduva Muli, Mr. Bocar E. Dia, Mrs. Agnes N. Odhiambo COMPANY SECRETARY: Mrs. Nancy K. Kiruki AUDITORS: PricewaterhouseCoopers COMPANY BRIEF: The Group is a holding and Investment Company .The company acts as an investment company and a holding company for insurance and investment businesses in Kenya, Uganda and South Sudan.
107 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31st Dec 2012 2011 2010 2009 2008 ASSETS EMPLOYED Total Assets 35,820,165 25,639,244 - - - Total Liabilities 23,347,841 17,081,796 - - - Total Net Assets 12,472,324 8,557,448 - - -
FINANCED BY Share Capital 189,145 189,145 - - - Share premium 3,164,455 3,164,455 - - - Revalution reserves Retained Earnings 2,900,342 1,388,926 - - - Proposed Dividends 472,863 283,718 - - - Other Reserves 5,745,519 3,531,204 - - - Life Funds Total Financing 12,472,324 8,557,448 - - -
Profit/Loss Before Taxation 2,849,406 (1,724,086) - - - Taxation (329,945) (233,219) - - - Net Profit 2,519,461 (1,957,305) - - -
INVESTOR RATIOS Earnings Per Share (Kshs.) 1.33 (1.03) - - - Price-to-Earnings Ratio 4.50 (5.03) - - - Dividend Yield % 4.17 2.88 - - - Pay out Ratio % 18.77 (14.50) - - - Net Asset Value/Share(Kshs) 6.59 4.52 - - - Price-to-Book Value 0.91 1.15 - - -
MARKET INFORMATION Dividends Per Share (Kshs) 0.25 0.15 - - - Share Price as at 31 December 6.00 5.20 - - - Number of Shares in Issue 1,891,451,850 1,891,451,850 - - - Market Capitalization Kshs. 11,348,711,100 9,835,549,620 - - -
108 Nairobi Securities Exchange | Handbook 2013 CIC INSURANCE LIMITED
CIC INSURANCE LIMITED
COMPANY NAME: CIC Insurance Limited PHYSICAL LOCATION: CIC Insurance Plaza, Mara Road, P.O. Box 59485 -00200 Nairobi CHAIRMAN\LADY’S NAME: Japheth Anavila Magomere, OGW CHIEF EXECUTIVE’S NAME: Nelson Chege Kuria, OGW, MBs NAMES OF OTHER DIRECTORS: Rev. Peterson Njue Kagane (Group Vice Chairman), Mrs Rosemary Majala Githaiga, Joshuah Njogu Njoroge, Mrs Grace Kulola Mabishi, Michael Ondinya Wambia, Peter Kipkirui Nyigei, Mrs Veronicah Soila Leseya, Gordon Ondiek Owuor Mrs Stella Gatirithu Kaimenyi, Jonah Makau Mutuku, Nelson Chege Kuria, OGW, MBS COMPANY SECRETARY: Gail Akinyi Odongo AUDITORS: Deloitte and Touche , Certified Public Accountants Kenya Limited COMPANY BRIEF: The company started off as an insurance agency in 1968 as a department within the Kenya National Federation of Co-operatiaves (“KNFC). It was later licensed a a composite insurance company in 1978 to write all classes buiness trading in the name Co-operatiance Insurance Services Limted. The company target was the co-operative movement whose support has helped it grow steadily. In 1999 the company change to the Co-operative Insurance Company of Kenya Limited. The name change was part of the company’s market reposisiton strategy to completely transform from the small company that targeted the co-operative movement only to respected insurer insurer in the country.
In 2010 the company changed its manme to CIC Insurance Group Limited. This change was in preparation for the demerger of its life and general business operations. By the end of 2011 the company had fully demerged resulting in the following subsidiaries and holding company :- Co-operative Insurance Society Limited, CIC General Insurance Limited (subsidary) CIC Asset Mangement Limited (subsidary), CIC Life Assurance Limited (subsidiary) Takaful Insurance Limited
The company listed on the 19th July 2012 and it has stong fundamentals underpinned by its core market made up of the 10 million member co-operatives sector. The group has 18 branches countrywide. For the third year running, the Group has continued to perform execeptionally well both in volume of business and profitability. The split between Life and General Business into separate companies and issuance of CMA license to CIC Asset Management Limited to sell unit trusts is expected to further enhance the Group’s revenue generation. This growth is expected to translate to improved market share and proftability.
In the year under review, the Group’s gross premiums increased by 34% from Kshs. 6.7B to Kshs. 9.0 billion. Profit before tax increased by 110% from Kshs.787M to Kshs.1.65B. Similarly total assets increased by 27% from kshs.11.1B to Kshs.14.1B, while the shareholders equity increased by 27% from Kshs.4.3B to Kshs.5.5B. Following a review of the performance, the Board of Directors resolved to recommend to shareholders a first and final dividend of kshs.0.10 per share(2011-Kshs.0.09 per share)
109 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31St Dec 2012 2011 2010 2009 2008 Assets Employed Property And Equipment 349,185 314,759 242,756 214,504 186,919 Intangible Assets 56,485 58,892 35,931 28,817 26,660 Investment Properties 2,554,472 1,306,744 891,249 239,050 226,050 Investment In Associate 70,447 80,184 100,000 - - Available For Sale Investments 19,844 16,205 24,764 1,941 1,268 Loans Receivables 496,627 403,994 356,557 320,721 182,318 Equity Investments 203,377 144,710 183,923 69,840 63,766 Deferred Taxation 8,109 7,076 5,492 3,625 - Deposit And Commercial Paper 423,441 294,822 178,101 79,100 90,180 Receivable Arising Out Of Reinsurance 10,084 16,923 144,440 278,732 311,839 Arrangements Receivable Arising Out Of Direct Insur- 1,144,634 704,490 670,063 271,990 210,580 ance Arrangements Taxation Recoverable 2,450 - - 52 - Due To Related Parties 16,621 - - - - Reinsurers' Share Of Liabilities And 1,965,437 1,644,658 - - - Reserves Deferred Acquisition Costs 319,930 193,506 119,761 38,044 - Other Receivables 134,267 315,882 231,011 158,457 232,667 Government Securities Held To Matu- 2,101,355 2,491,569 1,160,164 960,037 870,702 rity Short Term Investments 206,937 125,749 96,820 52,264 15,295 Deposit With Financila Institutions 3,727,723 2,842,970 1,875,601 668,635 586,114 Cash And Bank Balances 258,126 157,663 250,916 104,686 24,291 Total Asset 14,069,551 11,120,796 6,567,549 3,490,495 3,028,649 Equity Share Capital 2,179,655 2,179,655 611,413 427,980 413,785 Share Premium 598,102 598,102 50,741 27,812 26,119 Funds Awaiting Allotment Of Shares - - 932,459 - - Statutory Reserve 849,115 651,418 542,541 277,109 160,832
Revaluation Surplus 66,698 55,555 35,621 35,023 25,478 Fair Value Reserve 17,903 14,264 22,823 - - Retained Earnings 1,759,487 795,148 413,549 222,184 131,327 Total Equity 5,470,960 4,294,142 2,609,147 990,108 757,541 Liabilities Insurance Contracts Liabilities 3,197,799 2,595,699 863,287 820,199 837,889 Provisions For Unearned Premium And 3,092,113 2,158,409 1,245,822 597,587 483,172 Unexpired Risks Acturial Value Of Policyholder Liabilities 1,650,108 1,273,183 880,664 760,948 587,108 Deferred Taxation - - - - 14,671 Payable Arising From Reinsurance 134,799 146,888 21,142 27,940 47,088 Arrangements And Insurance Bodies Other Payables 444,409 583,988 884,400 289,260 252,379 Dividend Payable 2,357 2,357 - - - Taxation Payable 77,006 66,130 63,087 4,133 33,623
110 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
Bank Overdraft - - - 320 15,178 Total Liabilities 8,598,591 6,826,654 3,958,402 2,500,387 2,271,108 Total Equity And Liabilities 14,069,551 11,120,796 6,567,549 3,490,495 3,028,649
Income Statement ( Kshs '000')
Gross Written Premiums 9,009,893 6,735,721 4,556,302 2,874,599 - Gross Earned Premiums 8,168,717 6,116,421 3,908,066 2,760,185 2,222,076 Less: Reinsurance Premiums Ceded (880,537) (772,125) (358,300) (297,944) (245,358) Net Earned Premiums 7,288,180 5,344,296 3,459,766 2,462,241 1,976,718 Commission Earned 201,282 150,681 64,044 57,926 35,983 Investment Income 790,514 537,928 235,361 179,102 177,247 Other Gains/(Losses) 622,017 (12,865) 93,450 22,262 16,733 Total Income 8,901,993 6,020,040 3,942,621 2,721,531 229,963 Claims And Policyholders' Benefits (4,644,801) (3,149,844) (2,007,214) (1,488,467) (1,217,974) Payable Commission Payable (641,300) (557,373) (302,088) (214,646) (194,764) Operating And Other Expenses (1,956,564) (1,505,793) (1,027,995) (740,692) (574,501) (7,242,665) (5,213,010) (3,337,297) (2,443,805) (1,987,239) Share Of Results Of Associate (9,737) (19,816) - - - Profit Before Taxation 1,649,591 787,214 605,324 277,726 219,442 Taxation Charged (261,390) (203,000) (118,837) (41,640) (43,495) Profit For The Year 1,388,201 584,214 486,487 236,086 175,947 Other Comprehensive Income Surplus On Revaluation Of Buildings 11,143 22,110 2,774 3,646 11,812 Faiv Value Gain/(Loss) On Available For 3,639 (8,559) 22,823 - - Sale Investments Reversal Of Deferred Tax On Revalua- - - - 5,899 (2,835) tion Other Comprehensive Income For 14,782 13,551 25,597 9,545 8,977 The Year Total Comprehensive Income For The 1,402,983 597,765 512,084 245,631 184,924 Year
Statistics Number Of Ordinary Shares Issued In 2,179,655 108,983 30,571 21,399 20,689 Calculation Earnings Per Share (Kshs) 0.64 5.48 16.75 11.48 8.94 Dividends Per Share (Kshs) 0.10 1.80 0.16 1.60 1.40 Net Assets Value (Kshs) 2.51 39.40 85.35 46.27 36.62 Price To Earning Ratio 5.55 - - - - Dividend Yield 0.03 - - - - Pay Out Ratio 0.16 0.33 0.01 0.14 0.16 Price To Book Value(Kshs) 1.41 0.00 0.00 0.00 0.00 Return On Equity 0.25 0.14 0.19 0.24 0.24
111 Nairobi Securities Exchange | Handbook 2013 JUBILEE HOLDINGS LIMITED
JUBILEE HOLDINGS LIMITED
COMPANY NAME: Jubilee Holdings Limited PHYSICAL LOCATION: Jubilee Insurance House, wabera Street, Nairobi CHAIRMAN\LADY’S NAME: Mr. Nizar N Juma CHIEF EXECUTIVE’S NAME: Mr. Azim Dawood NAMES OF OTHER DIRECTORS: Mr. Sultan A Allana, Mr. Ramadhani K Dau, Mr. Juma Kisaame Mr. Lutaf R Kassam, Mr. Sultan K Khimji, Mr. John J metcalf, Mr. Tom D owuor (Late) passed away on 24th october, 2012 COMPANY SECRETARY: Ms. Carolynne Ivy Ngana AUDITORS: KPMG Kenya COMPANY BRIEF: The Company is an investment holding company. The Company, through its subsidiaries The Jubilee Insurance Company of Kenya Limited, The Jubilee Insurance Company of Uganda Limited, The Jubilee Insurance Company of Tanzania Limited, and The Jubilee Insurance Company Burundi (SA), transacts all classes of general and long term insurance business as defined by the respective Insurance Act while Jubilee Insurance (mauritius) Limited transacts all classes of general insurance business. It also owns investment companies in Uganda, Burundi and Tanzania and a fund management company in Kenya (Jubilee Financial Services Limited).
112 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31St Dec 2012 2011 2010 2009 2008 Assets Employed Total Assets 47,417,562 38,039,832 30,691,382 23,736,372 20,202,824 Total Liabilities 38,717,873 31,328,181 25,114,019 19,942,274 16,998,236 Total Net Assets 8,699,689 6,711,651 5,577,363 3,794,098 3,204,588
Financed By Share Capital 299,475.00 272,250 247,500 225,000 225,000 Reserves (119,289.00) (225,304) 211,806 (135,986) (242,911) Retained Earnings 7,480,077.00 5,861,745 4,431,484 3,142,327 2,742,884 Proposed Dividends 359,370.00 245,025 222,750 157,500 146,250 Shareholder's Funds 8,019,633 6,153,716 5,113,540 3,388,841 2,871,223 Minority Interest 680,056.00 557,935 463,823 405,257 333,365 Long Term Business Funds - - - - - Total Financing 8,699,689 6,711,651 5,577,363 3,794,098 3,204,588
Profit Before Taxation 2,693,303.00 2,143,891 2,053,287 1,115,776 900,692 Taxation (408,802.00) (233,501) (214,163) (202,103) (187,457) Profit After Tax 2,284,501 1,910,390 1,839,124 913,673 713,235
Investor Ratios Earnings Per Share (Kshs.) 38.14 35.09 37.15 20.30 15.85 Price-To Earnings Ratio 4.54 4.42 4.95 5.66 7.76 Dividend Yield % 4.45 3.55 2.99 3.91 3.46 Pay-Out Ratio % 20.19 15.68 14.80 22.16 26.81 Net Asset Value /Share (Kshs.) 145.25 123.26 112.67 84.31 71.21
Price-To-Book Value 1.19 1.26 1.63 1.36 1.73
Market Information Dividends Per Share (Kshs.) 7.70 5.50 5.50 4.50 4.25 Share Price As At 31St Dec. 173.00 155.00 184.00 115.00 123.00 Number Of Shares In Issue 59895000.00 54,450,000 49,500,000 45,000,000 45,000,000 Market Capitalization (Kshs) 10,361,835,000 8,439,750,000 9,108,000,000 5,175,000,000 5,535,000,000 Note: * Indicates The Following Reserves: Revaluation Surplus,General Reserves, And Translation Reserves
113 Nairobi Securities Exchange | Handbook 2013 KENYA REINSURANCE CORPORATION LTD
KENYA REINSURANCE CORPORATION LTD
COMPANY NAME: Kenya Reinsurance Corporation Ltd PHYSICAL LOCATION: Reinsurance Plaza, Taifa Road, Nairobi. CHAIRMAN\LADY’S NAME: Mrs. Nelius Kariuki CHIEF EXECUTIVE’S NAME: Mr. Jadiah Mwarania NAMES OF OTHER DIRECTORS:Mr. Joseph Kinyua, Mr. Mutua Kilaka *Alternate to Joseph Kinyua Mr. Jacob Haji Ali, Dr. Iruki Kailemia, Mr. Everest Lenjo, Mrs. Gladys Mboya, Mr. Felix Okatch Mr. Maina Mukoma, Dr. Lumbi Wa M’Nabea, Ms. Priscilla Kirigua COMPANY SECRETARY: Habil A. Waswani AUDITORS: Auditor General, Kenya National Audit Office COMPANY BRIEF: The principal activities of the Corporation are underwriting all classes of reinsurance business and investment activities.
114 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31St Dec 2012 2011 2010 2009 2008 Assets Employed Total Assets 23,787,957 19,096,441 17,240,929 15,000,633 13,665,599 Total Liabilities 9,174,802 7,569,956 6,667,427 5,900,708 5,661,712 Total Net Assets 14,613,155 11,526,485 10,573,502 9,099,925 8,003,887
Financed By Share Capital 1,749,873 1,500,000 1,500,000 1,500,000 1,500,000 Reserves 3,863,184 2,417,861 2,728,076 2,326,562 2,303,542 Retained Earnings 9,000,098 7,608,624 6,345,426 5,273,363 4,200,345 Total Financing 14,613,155 11,526,485 10,573,502 9,099,925 8,003,887
Profit Before Taxation 2,944,635 2,036,777 1,660,016 1,463,862 1,759,015 Taxation (142,743) (122,193) (118,625) (134,958) (277,914) Net Profit 2,801,892 1,914,584 1,541,391 1,328,904 1,481,101
Financial Ratios Earnings Per Share (Kshs.) 4.00 3.19 2.57 2.21 2.47 Price-To-Earnings Ratio 2.67 2.29 4.30 5.28 5.17 Dividend Yield % 3.74 4.79 3.17 4.27 3.92 Pay Out Ratio % 9.99 10.97 13.62 22.57 20.26 Net Asset Value/Share(Kshs) 20.88 19.21 17.62 15.17 13.34 Price-To-Book Value 0.51 0.38 0.63 0.77 0.96
Market Information Dividends Per Share (Kshs.) 0.40 0.35 0.35 0.50 0.50
Share Price- 31 December 10.70 7.30 11.05 11.70 12.75 Number Of Shares In Issue 699949068.00 600,000,000 600,000,000 600,000,000 600,000,000 Market Capitalization (Kshs.) 7,489,455,028 4,380,000,000 6,630,000,000 7,020,000,000 7,650,000,000
115 Nairobi Securities Exchange | Handbook 2013 LIBERTY KENYA HOLDINGS LIMITED
LIBERTY KENYA HOLDINGS LIMITED
COMPANY NAME: Liberty Kenya Holdings Limited PHYSICAL LOCATION: CFC House, Mamlaka Road, Nairobi CHAIRMAN\LADY’S NAME: Dr. Susan Mboya CHIEF EXECUTIVE’S NAME: Mr. Mike du Toit NAMES OF OTHER DIRECTORS:Mr. Mr. Gayling du Toit, Mrs. Stella Kilonzo, Mr. Peter N. Gethi, Mr. Mukesh Mittal, Mr. Maina Mukoma, Dr. Lumbi Wa M’Nabea, Ms. Priscilla Kirigua COMPANY SECRETARY: Mrs. Caroline Kioni AUDITORS: PricewaterhouseCoopers COMPANY BRIEF: The Group is engaged in the business of insurance and wealth management through its subsidiaries namely CFC Life Assurance Limited, and The Heritage Insurance Company Kenya Limited. The Group underwrites all classes of long term and general insurance as defined in the Kenyan Insurance Act. It also issues investment contracts to provide customers with asset management solutions for their savings and retirement needs.
116 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31St Dec 2012 2011 2010 2009 2008 Assets Employed Total Assets 27,390,346 24,293,533 - - - Total Liabilities 21,968,755 20,118,936 - - - Total Net Assets 5,421,591 4,174,597 - - -
Financed By Share Capital 515,270.00 515,270 - - - Share Premium 1,701,239.00 1,701,239 - - - Reserves 2,677,173.00 1,657,307 - - - Retained Earnings Proposed Dividends 206,108.00 - - - - Nci 321,801.00 300,781 - - - Life Funds Total Financing 5,421,591 4,174,597 - - -
Profit/Loss Before Taxation 1,202,901.00 1,012,215 - - - Taxation (316,230.00) (61,797) - - - Net Profit 886,671 950,418 - - -
Investor Ratios Earnings Per Share (Kshs.) 1.72 1.84 - - - Price-To-Earnings Ratio 3.89 3.55 - - - Dividend Yield % 5.97 - - - - Pay Out Ratio % 23.25 - - - - Net Asset Value/Share(Kshs) 10.52 8.10 - - -
Price-To-Book Value 0.64 0.81 - - -
Market Information Dividends Per Share (Kshs) 0.40 - - - - Share Price As At 31St December 6.70 6.55 - - - Number Of Shares In Issue 515,270,364 515,270,364 - - - Market Capitalization Kshs. 3,452,311,439 3,375,020,884 - - -
117 Nairobi Securities Exchange | Handbook 2013 PAN AFRICA INSURANCE COMPANY LTD
PAN AFRICA INSURANCE COMPANY LTD
COMPANY NAME: Pan Africa Insurance Company Ltd PHYSICAL LOCATION: Pan Africa Life House, Kenyatta Avenue, Nairobi CHAIRMAN\LADY’S NAME: Dr. John Peter Nyangeri Simba, Mbs Ogw CHIEF EXECUTIVE’S NAME: Tom Gitogo NAMES OF OTHER DIRECTORS: Baloobhai Chhotabahi Patel, Margaret Mercer Dawes Jonathan Paul Wrench, James Njuguna Gitoho, Susan Mudhune, Thomas Alexander Wixley Bhekithemba Thabo Gamedze COMPANY SECRETARY: Emma Wachira AUDITORS: Ernst & Young COMPANY BRIEF: Incorporation Pan Africa Insurance Holdings Limited was incoporated in on 26th October 1946, then known as Indo Africa Insurance Company Limited. Limited and Name changed in 1963 to Pan Africa Insurance Company Limited to reflect its broader ownership base
Operations Listed on the Nairobi Stock Exchange in 1963. It is the first Insurance Company to be quoted on the NSE, It started writing life business in 1947 and it started writing general insurance business in 1972
The Company entered into a strategic partnership with African Life Assurance in 2000 In 2001, the Company formed two wholly owned subsidiaries:
A.) Pan Africa Life Assurance Limited that carries on the life insurance business ( Individual Life & Corporate Business) and B.) Pan Africa General Insurance Limited that carries on the general insurance business
In 2001, introduced for the first time in Kenya, life insurance products to clients afflicted with HIV/AIDS and is the first company actively market and distribute unit-linked life assurance products In 2003, Pan Africa General Insurance Limited merged with Apollo Insurance Limited to form APA Insurance Limited In 2006, Sanlam Limited buys out African Life Assurance Group In 2007, Pan Africa Life introduced the ‘Flexi’ range of products In 2008, Pan Africa Life emerged the market leader in the Life business in Kenya (AKI industry statistics)
Branches The branch netwrok extends to: Nairobi- City Centre, Mega & Westlands, Nyeri, Embu, Meru, Mombasa, Nanyuki, Nakuru, Kisii
Products Individual Life Products include: FlexiFamily, FlexiShield, FlexiEducator, FlexiSaver, FlexiPlus Corporate Business Products include: FlexiAnnuity, FlexiPension, Group Credit, Group Last Expense,
118 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31St Dec 2012 2011 2010 2009 2008 Assets Employed Intangible Assets 104,142 43,950 23,195 6,051 8,240 Property And Equipment 96,646 80,156 65,401 59,973 65,205 Investment Properties 820,000 766,618 435,600 391,000 374,500 Investment In Subsidiaries - - - - - Investment In An Associate 13,831 12,161 864,832 567,327 508,158 Loans 964,427 793,082 613,443 436,492 338,598 Financial Intruments: Held To Maturity Financial Assets 4,078,995 2,453,528 2,056,052 1,167,909 492,523 Available-For-Sale Financial Assets 3,827 3,827 3,826 3,827 3,827 Financial Assets At Fair Value Through 5,038,609 3,449,297 3,900,292 3,107,001 3,036,894 Profit Or Loss Reinsurance Assets 197,348 176,052 465,341 538,658 30,629 Land And Development 106,280 91,584 139,410 116,703 88,525 Income Tax Receivable 53,784 14,628 - 30,389 23,293 Insurance Receivables 186,773 151,630 181,027 210,131 220,073 Receivables And Other Financial Assets 355,851 436,346 274,483 133,255 - Deposit With Financial Institutions 4,169,370 2,807,818 - - 830,417 Cash And Bank Balances 283,639 233,180 1,648,719 911,802 73,247
Total Assets 16,473,522 11,513,857 10,671,621 7,680,518 6,094,129 Equity And Liabilities Capital And Reserves Issued Share Capital 480,000 480,000 240,000 240,000 240,000 Share Premium 124,431 124,431 364,431 364,431 364,431 Revaluation Reserves - - 7,507 7,507 7,506
Statutory Fund 852,157 525,387 494,837 351,359 388,831 Retained Earnings 1,172,323 992,822 725,746 361,566 185,178 Total Capital And Reserves 2,628,911 2,122,640 1,832,521 1,324,863 1,185,946
Liabilities Insurance Contract Liabilities 5,221,365 3,469,504 7,200,958 5,136,333 3,693,567 Market Linked Insurance Liabilities 6,680,701 4,390,298 706,181 469,204 - Amounts Payable Under Deposit Ad- 1,071,633 681,547 85,924 111,285 352,405 ministration Contracts Provisions 41,676 56,813 - 28,930 111,285 Current Tax 38,399 87,960 36,280 - 50,700 Deferred T Tax - - - - 28,930 Insurance Payables 255,377 270,341 255,813 134,378 156,654 Payables And Other Charges 535,460 434,754 553,944 475,525 514,642
Total Liabilities 13,844,611 9,391,217 8,839,100 6,355,655 4,908,183 Total Equity And Liabilities 16,473,522 11,513,857 10,671,621 7,680,518 6,094,129 Income Statement ( Kshs '000')
Gross Premium Income 5,440,654 3,648,492 3,830,693 3,025,151 2,510,032 Premium Ceded To Reinsurers (315,020) (348,437) (287,744) (203,971) (191,938)
119 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
Net Premium Income 5,125,634 3,300,055 3,542,949 2,821,180 2,318,094
Fee And Commission Income 75,866 84,589 69,639 48,468 51,106 Investment Income 1,244,574 697,015 420,398 361,501 256,677 Fair Value (Losses) And Gains 879,863 (895,668) 689,884 98,539 (124,976) Total Other Revenue 594,904 1,055,534 128,684 65,344 1,112
2,795,207 941,470 1,308,605 573,852 183,919
Total Revenue 7,920,841 4,241,525 4,851,554 3,395,032 2,502,013
Gross Benefits And Claims Paid (1,674,761) (1,408,415) (1,067,855) (1,020,461) (1,174,841) Claims Ceded To Reinsurers 174,333 154,142 110,874 96,305 105,710 Gross Change In Contract Liabilities (1,751,861) (290,695) (2,064,625) (1,330,358) (456,643) Gross Change In Investment Liabilities (2,290,403) (368,150) - - - Change In Contract Liabilities Ceded To 21,297 36,643 22,707 4,295 - Reinsurers
Net Benefits And Claims (5,521,395) (1,876,475) (2,998,899) (2,250,219) (1,525,774)
Cost Of Sales (40,210) (390,741) - - - Fee And Commission Expense (669,678) (690,346) (890,043) (620,438) (385,471) Other Operating And Administrative (856,582) (733,046) (603,311) (417,092) (473,434) Expenses Finance Costs - - - - -
Total Benefits, Claims And Other (7,087,865) (3,690,608) (4,492,253) (3,287,749) (2,384,679) Expenses
Profit Before Share Of Profit Of Asso- 832,976 550,917 359,301 107,283 117,334 ciate Share Of Profit Of Associate 1,670 1,518 305,899 66,364 (133,703)
Profit Before Tax 834,646 552,435 665,200 173,647 (16,369) Income Tax Expense (136,375) (109,030) (75,942) (34,731) (79,630)
Profit For The Year 698,271 443,405 589,258 138,916 (95,999) Statistics Number Of Ordinary Shares Issued In 96,000,000 96,000,000 48,000,000 48,000,000 48,000,000 Calculation Earnings Per Share (Kshs) 7.27 4.62 6.14 2.89 (1.99) Dividends Per Share (Kshs) 3.00 2.00 3.00 2.00 0.00 Net Assets Value (Kshs) 0.03 0.02 0.04 0.03 0.02 Price To Earning Ratio 5.50 4.55 10.75 15.57 (31.16) Dividend Yield 0.08 0.10 0.05 0.04 0.00 Pay Out Ratio 0.41 0.43 0.49 0.69 0.00 Price To Book Value(Kshs) 1,461 950 1,729 1,630 2,509 Return On Equity 0.27 0.21 0.32 0.10 (0.08)
0.03 0.02 0.04 0.03 0.02
120 Nairobi Securities Exchange | Handbook 2013 INVESTMENT
121 Nairobi Securities Exchange | Handbook 2013 CENTUM INVESTMENT COMPANY (ICDCI) LTD
CENTUM INVESTMENT COMPANY (ICDCI) LTD
COMPANY NAME: Centum Investment Company (ICDCI) Ltd PHYSICAL LOCATION: International House, Mama Ngina Street, Nairobi, Kenya CHAIRMAN\LADY’S NAME: Mr. James N. Muguiyi CHIEF EXECUTIVE’S NAME: Mr. James M. Mworia NAMES OF OTHER DIRECTORS: Dr. Christopher J. Kirubi, Mr. Henry C. Njoroge,Mrs. Margaret M. Byama, Mr. Imtiaz Khan, Mr. Maina R. Mwangi, Mr. Robert K. Bunyi, Mr. Peter M. Kimurwa COMPANY SECRETARY: Ms. Naomi E. Nyamongo AUDITORS: PricewaterhouseCoopers COMPANY BRIEF: Centum is the largest listed investment company in the East African region and together with its subsidiaries is engaged in the business of investment across private equity, real estate and infrastructure and quoted private equity asset classes. Centum is listed on both the Nairobi Securities Exchange(NSE) and Uganda Securities Exchange (USE).
122 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31St Dec 2012 2011 2010 2009 2008 Assets Employed Non-Current Assets 11,209,212 8,499,615 7,739,059 6,231,330 7,836,658 Current Assets 358,489 3,801,961 516,912 165,968 309,192 Current Liabilities 526,459 2,742,199 399,804 537,906 67,721 Net Current Assets (167,970) 1,059,762 117,108 (371,938) 241,471 Total Assets 11,041,242 9,559,377 7,856,167 5,859,392 8,078,129
Financed By Share Capital 332,721 302,474 274,976 274,976 274,976 Share Premium 589,753 589,753 589,753 589,753 589,753 Reserves * 1,736,198 2,443,738 3,032,911 2,824,089 7,213,400 Proposed Dividends - - - - - Retained Earnings 7,382,570 6,223,412 3,958,527 2,170,574 - Shareholder's Funds 10,041,242 9,559,377 7,856,167 5,859,392 8,078,129 Non-Current Liabilities 1,000,000 - - - - Total Financing 11,041,242 9,559,377 7,856,167 5,859,392 8,078,129
Income 1,272,313 2,261,431 1,038,257 391,586 581,514 Profit Before Taxation 1,366,675 2,294,429 1,080,790 475,653 985,280 Taxation (Expense)/Credit (177,270) (2,046) 12,967 (162,473) (116,960) Net Profit After Tax 1,189,405 2,292,383 1,093,757 313,180 868,320
Investor Ratios Current Ratio 0.68 1.39 1.29 0.31 4.57 Earnings Per Share (Kshs.) 1.79 3.79 1.99 0.57 1.58 Price-To Earnings Ratio 7.30 5.67 7.84 18.00 15.83 Dividend Yield % - - - - 1.80 Payout Ratio % - - - - 28.50 Net Asset Value/ Share (Kshs.) 16.59 15.80 14.29 10.65 14.69 Price-To-Book Value 0.79 1.36 1.09 0.96 1.70
Market Information Dividends Per Share (Kshs.) - - - - 0.45 Share Price As At 31 March 13.05 21.50 15.60 10.25 25.00 Number Of Shares In Issue 665,441,775 604,947,068 549,951,880 549,951,880 549,951,880 Market Capitalization (Kshs.) 8,684,015,164 13,006,361,962 8,579,249,328 5,637,006,770 13,748,797,000
123 Nairobi Securities Exchange | Handbook 2013 OLYMPIA CAPITAL HOLDINGS LTD
OLYMPIA CAPITAL HOLDINGS LTD
COMPANY NAME: Olympia Capital Holdings Ltd PHYSICAL LOCATION: Karen Enterprises Ltd; Alt: Dr. Christopher Obura CHAIRMAN\LADY’S NAME: Mr. James N. Muguiyi CHIEF EXECUTIVE’S NAME: Mr. Michael W. Matu NAMES OF OTHER DIRECTORS: Mr. Suresh Lakhani, Mr. John N. Simba, Mr. Vincent H.L. Opanya Mr. David Kabeberi, Dr. Christopher Obura * Retired on 13th Jan 2012, Dr. Paul W. Ndungu * Retired on 13th Jan 2012, Ms. Nancy Mwai * Resigned on 19th July 2011 COMPANY SECRETARY: Ms. Lina Kantaria REGISTRARS: - AUDITORS: Crowe Horwath EA
COMPANY BRIEF: Olympia capital holdings is an investment holding company. Its main investments are companies dealing in the manufacture and sale of products used in the construction industry, such as floor tiles, adhesives, u-PVC windows and door frames, cleaning chemicals as well as fire prevention equipment, water pumps and real estate.
124 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31st Dec 2012 2011 2010 2009 2008 ASSETS EMPLOYED Total Assets 1,620,955 1,074,236 - - - Total Liabilities 553,727 426,977 - - - Total Net Assets 1,067,228 647,259 - - -
FINANCED BY Share Capital 200,000.00 200,000 - - - Share premium 255,985.00 255,985 - - - Reserves 331,535.00 37,008 - - - Retained Earnings Proposed Dividends NCI 279,708.00 154,266 - - - Life Funds Total Financing 1,067,228 647,259 - - -
Profit/Loss Before Taxation 60,347.00 31,881 - - - Taxation (17,487.00) 3,258 - - - Net Profit 42,860 35,139 - - -
INVESTOR RATIOS Earnings Per Share (Kshs.) 1.07 0.88 - - - Price-to-Earnings Ratio 3.64 5.75 - - - Dividend Yield % 2.56 0.00 - - - Pay out Ratio % 9.33 0.00 - - - Net Asset Value/Share(Kshs) 26.68 16.18 - - -
Price-to-Book Value 0.15 0.31 - - -
MARKET INFORMATION Dividends Per Share (Kshs) 0.10 - - - - Share Price as at 29th February 3.90 5.05 - - - Number of Shares in Issue 40,000,000 40,000,000 - - - Market Capitalization Kshs. 156,000,000 202,000,000 - - -
125 Nairobi Securities Exchange | Handbook 2013 126 Nairobi Securities Exchange | Handbook 2013 TRANSCENTURY LIMITED
TRANSCENTURY LIMITED
COMPANY NAME: Transcentury Limited PHYSICAL LOCATION: Longonot place,7th floor,Kijabe street, P.O Box 42334-00100 Nairobi, Kenya CHAIRMAN\LADY’S NAME: Zephaniah Mbugua CHIEF EXECUTIVE’S NAME: Dr. Gachao Kiuna NAMES OF OTHER DIRECTORS: Joseph Karago, Peter Kanyago, MBS, Robin Kimotho Ngugi Kiuna Njeru Kirira, Carol Musyoka COMPANY SECRETARY: Virginia Ndunge AUDITORS: KPMG, Kenya COMPANY BRIEF: “TransCentury is a Kenyan headquartered infrastructure company, with a track record for delivering unique investment opportunities and executing for success. TCL seeks industries which display unique characteristics of under-penetration and inefficiencies and to invest to bring financial, technical and managerial capacity into such sectors. The company’s key focus areas are the Power infrastructure, Transport infrastructure and Engineering sectors. The Group, which as at December 2012 had revenues of KES 13.5bn and net income of KES 740mm, is geographically diversified, with a presence in 12 countries across East, Central and Southern Africa.
For more information, please visit www.transcentury.co.ke “
127 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31St Dec 2012 2011 2010 2009 2008 Non Current Assets Property, Plant And Equipment 6,865,850 5,818,209 3,733,378 2,580,388 1,808,579 Other Non Current Assets 7,470,137 7,145,667 3,408,399 2,458,984 2,444,590 Total Non-Current Assets 14,335,987 12,963,876 7,141,777 5,039,372 4,253,169 Current Assets Inventory 1,593,541 1,709,228 1,944,264 1,472,136 1,431,168 Trade And Other Receivables 5,603,701 4,949,262 1,913,833 1,707,900 1,793,486 Other Current Assets 312,525 2,801,898 236,604 513,923 611,251 Total Current Assets 7,509,767 9,460,388 4,094,701 3,693,959 3,835,905 Total Assets 21,845,754 22,424,264 11,236,478 8,733,331 8,089,074
Equity Shareholders Equity 7,494,041 6,632,626 5,293,454 3,517,845 3,090,209
Non Current Liabilities Convertible Bond 4,574,554 4,452,798 - - - Other Non Current Liabilities 3,931,009 3,612,994 3,371,518 3,168,545 2,811,053 Total Non Current Liabilities 8,505,563 8,065,792 3,371,518 3,168,545 2,811,053
Current Liabilities Long Term Loan- Current Portion 1,397,958 1,337,928 814,737 927,539 899,510 Trade And Other Payable 3,883,406 5,715,174 1,386,879 816,316 946,449 Other Current Liabilities 564,786 672,744 369,890 303,086 341,853 Total Current Liabilities 5,846,150 7,725,846 2,571,506 2,046,941 2,187,812
Total Equity And Liabilities 21,845,754 22,424,264 11,236,478 8,733,331 8,089,074
Income Statement ( Kshs '000')
Revenue 13,487,229 10,701,621 6,794,650 5,414,887 6,442,438 Cost Of Sales (9,814,036) (7,676,422) (4,718,393) (3,444,669) (4,298,738) Gross Profit 3,673,193 3,025,199 2,076,257 1,970,218 2,143,700
Net Other Income 1,233,280 953,743 688,460 126,428 303,401 Distribution,Administration And Oper- (2,293,137) (2,036,391) (1,348,889) (991,019) (938,458) ating Expenses Ebitda 2,613,336 1,942,551 1,415,828 1,105,627 1,508,643
Depreciation And Amortisation (643,904) (336,478) (235,479) (183,480) (154,020) Impairment Losses - 11,990 (206,078) (126,078) (6,288) Ebit 1,969,432 1,618,063 974,271 796,069 1,348,335
Finance Income 159,167 59,875 90,024 - - Finance Cost (902,126) (808,673) (433,710) (269,444) (398,861) Net Finance Cost (742,959) (748,798) (343,686) (269,444) (398,861) Profit Before Tax 1,226,473 869,265 630,585 526,625 949,474
128 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) Income Tax Expense (490,368) (253,165) (162,323) (292,128) (343,990) Profit From Continuing Operations 736,105 616,100 468,262 234,497 605,484 Profit From Discontinued Operations 4,542 - - - - Profit For The Year 740,647 616,100 468,262 234,497 605,484
Earnings Attributable To Ordinary 455,056 356,665 343,713 91,903 342,428 Shareholders Non-Controling Interest 285,591 259,435 124,549 142,594 263,056 Profit For The Year 740,647 616,100 468,262 234,497 605,484
Statistics Number Of Ordinary Shares Issued In 273,950,284 269,342,155 267,038,090 267,038,090 266,588,090 Calculation Earnings Per Share (Kshs) 1.66 1.32 1.29 0.34 1.28 Dividends Per Share (Kshs) 0.40 0.25 0.20 0.05 0.05 Net Assets Value (Kshs) 7,494,041 6,632,626 5,293,454 3,517,845 3,090,209 Book Value Per Share 27.36 24.63 19.82 13.17 11.59 Price To Earning Ratio 14 21 Nm Nm Nm Dividend Yield 2% 1% Nm Nm Nm Pay Out Ratio 24% 19% 16% 15% 4% Price To Book Value 0.9 1.1 Nm Nm Nm Return On Equity 10% 9% 9% 7% 20% Price (As At 31St Dec) 23.50 27 Nm Nm Nm Tev/Ebitda 6.98 8.13 6.28 6.25 4.01
129 Nairobi Securities Exchange | Handbook 2013 MANUFACTURING AND ALLIED
130 Nairobi Securities Exchange | Handbook 2013 BOC KENYA LIMITED
BOC KENYA LIMITED
COMPANY NAME: Boc Kenya Ltd PHYSICAL LOCATION: Kitui Road, Industrial Area CHAIRMAN\LADY’S NAME: Ngugi Kiuna CHIEF EXECUTIVE’S NAME: Maria Msiska NAMES OF OTHER DIRECTORS: Willem Coetzee, Nick Thomson, Robert Mbugua, Carol Musyoka, Brett Wheatcroft, Arthur Kamau, Shuiab Fareed - Alternate To Willem Coetzee COMPANY SECRETARY: Virginia Ndunge AUDITORS: KPMG Kenya COMPANY BRIEF:
131 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
31St Dec 2012 2011 2010 2009 2008 Non Current Assets Fixed Assets 601,921 645,204 738,976 809,139 820,577 Intangible Assets 3,525 1,635 2,923 2,939 4,951 Leases 3,590 3,695 3,800 3,905 4,010 Available For Sale Financial Assets 292,534 276,187 277,200 201,960 90,420 901,570 926,721 1,022,899 1,017,943 919,958 Current Assets Inventory 204,267 191,511 232,549 223,635 262,312 Available For Sale Financial Assets 182,202 47,388 339,685 252,972 421,460 Trade And Other Receivables 247,358 350,414 262,932 362,569 355,612 Tax Recoverable 7,209 - 28,363 56,494 9,996 Term Deposits 67,768 25,650 - - - Cash And Cash Equivalents 379,167 275,119 133,382 74,788 87,889 1,087,971 890,082 996,911 970,458 1,137,269
Total Assets 1,989,541 1,816,803 2,019,810 1,988,401 2,057,227
Equity And Liabilities Capital And Reserves Share Capital 97,627 97,627 97,627 97,627 97,627 Share Premium Account 2,554 2,554 2,554 2,554 2,554 Other Reserves 207,212 145,553 303,621 240,038 117,317 Retained Earnings 1,147,418 1,082,817 1,117,583 1,193,575 1,236,610 1,454,811 1,328,551 1,521,385 1,533,794 1,454,108
Non Current Liailities Deferred Tax 11,501 29,462 96,411 87,083 56,019
Current Liabilities Tax Payable 28,363 8,776 - - - Trade And Other Payables 494,866 450,014 402,014 367,524 547,100 523,229 458,790 402,014 367,524 547,100
1,989,541 1,816,803 2,019,810 1,988,401 2,057,227 - - - - -
132 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) Income Statement ( Kshs '000')
Sales 1,294,550 1,205,372 1,155,379 1,285,373 1,283,832 Cost Of Sales (585,884) (640,317) (584,013) (654,828) (587,842) Gross Margin At Standard 708,666 565,055 571,366 630,545 695,990
Other Operating Income 101 929 320 - 829 Distribution Costs (132,134) (109,768) (91,687) (102,438) (141,973) Administrative Expenses (346,565) (266,762) (259,886) (294,804) (290,922) Impairment Losses - - (136,625) (34,500) - Operating Profit 230,068 189,454 83,488 198,803 263,924
Finance Income 56,624 25,494 31,197 45,258 53,723 Non Trading Expenses - - - (12,379) (22,468) Operating Profit Before Income Tax 286,692 214,948 114,685 231,682 295,179
Tax (89,318) (64,344) (35,348) (77,775) (94,770) Profit For The Year 197,374 150,604 79,337 153,907 200,409
Statistics Number Of Ordinary Shares Issued In 19,525 19,525 19,525 19,525 19,525 Calculation Earnings Per Share (Kshs) 10.11 7.71 4.06 7.88 10.26 Dividends Per Share (Kshs) 5.05 6.80 9.40 6.80 6.80 Net Assets Value (Kshs) 75.10 69.55 82.86 83.02 77.34 Price To Earning Ratio 9.84 12.96 32.49 19.03 15.59 Dividend Yield 0.05 0.07 0.07 0.05 0.04 Pay Out Ratio 0.50 0.88 2.31 0.86 0.66 Price To Book Value(Kshs) 1.32 1.44 1.59 1.81 2.07 Return On Equity 0.14 0.11 0.05 0.10 0.14
Share Prices Share Prices Share Prices Share Prices Share Prices
2012 2011 2010 2009 2008 Mps 99.5 100.00 132.00 150.00 160.00
133 Nairobi Securities Exchange | Handbook 2013 BRITISH AMERICAN TOBACCO KENYA LTD
BRITISH AMERICAN TOBACCO KENYA LTD
COMPANY NAME: British American Tobacco Kenya Limited PHYSICAL LOCATION: Likoni Road, Industrial Area, P. O. Box 30000 - 00100 GPO, Nairobi, Kenya CHAIRMAN\LADY’S NAME: Mr. Evanson Mwaniki CHIEF EXECUTIVE’S NAME: Mr. Christopher Burrell NAMES OF OTHER DIRECTORS: Ms. Carol Musyoka, Mr. George Maina, Mr. Jonathan Ciano, Mr. Mahmud Janmohamed, Mr. Philip Lopokoiyit, Mr. Gayling May, Mr. Martin Oduor-Otieno COMPANY SECRETARY: Ms. Ruth Ngobi AUDITORS: PricewaterhouseCoopers COMPANY BRIEF: British American Tobacco Kenya Limited is a Kenya-based company, and part of the British American Tobacco Group, the world’s second largest tobacco Group. Our core operations in Kenya are cigarette manufacturing for domestic and export consumption, cut rag (semi processed) tobacco manufacture for Egypt, leaf growing operations, and green leaf threshing in Thika. It began operations in Kenya in 1907, and has grown to become a market leader in the domestic cigarette industry. The Nairobi cigarette factory was set up in 1956 and has since matured to become one of the Group’s strategic manufacturing hubs. Approximately 60% of the volumes produced in the Nairobi factory are exported to 17 markets within the East African Community Common Market and COMESA trade bloc. Domestic leaf growing began in 1975, and this was quickly followed by the set-up of the Green Leaf Threshing Plant in 1978 in Thika. BAT Kenya is listed on the Nairobi Securities Exchange since 1969 and is currently one of the largest companies. The company was in 2012 recognized as the 4th largest taxpayer in Kenya 5 years running with a remittance of Kshs 13.1 bn in excise and corporate taxes.
134 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31St December 2012 2011 2010 2009 2008 Capital And Reserves Attributable To The Company's Equity Holders Share Capital 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Share Premium 23 23 23 23 23 Revaluation Surplus 1,528,976 1,063,978 1,108,422 1,152,866 1,187,808 Retained Earnings 1,668,918 1,648,066 1,555,867 1,494,187 1,455,814 Proposed Dividends 2,900,000 2,700,000 1,450,000 1,025,000 1,250,000 Total Equity 7,097,917 6,412,067 5,114,312 4,672,076 4,893,645
Non-Current Liabilities Borrowings 688,800 1,024,064 968,400 598,800 - Deferred Income Tax Liability 1,337,098 973,785 932,196 948,655 1,005,979 Retirement Benefit Obligation - - - - 7,545 Total Non-Current Liabilities 2,025,898 1,997,849 1,900,596 1,547,455 1,013,524 Total Equity And Non-Current Liabilities 9,123,815 8,409,916 7,014,908 6,219,531 5,907,169
Non-Current Assets Property, Plant And Equipment 8,046,667 6,756,340 6,309,139 6,243,336 5,568,001 Deferred Income Tax Assets - 14,491 8,133 9,208 - Prepaid Operating Lease Rentals - - - - 202 Intangible Assets - - - 56,336 116,131 8,046,667 6,770,831 6,317,272 6,308,880 5,684,334
Current Assets Inventories 4,393,589 4,374,777 2,972,758 2,299,571 2,085,678 Receivables And Prepayments 2,026,948 1,648,650 1,601,049 1,526,456 1,734,732 Current Income Tax 514,977 235,607 109,617 166,724 - Cash And Cash Equivalents 194,314 720,680 120,865 251,575 802,858
7,129,828 6,979,714 4,804,289 4,244,326 4,623,268
Current Liabilities Payables And Accrued Expenses 4,972,998 4,024,355 2,407,222 2,606,885 2,663,073 Borrowings 38,182 21,606 553,000 1,373,202 1,239,334 Provision For Liabilities And Charges 901,437 1,005,589 983,549 353,588 393,830 Current Income Tax 140,063 289,079 162,882 - 104,196 6,052,680 5,340,629 4,106,653 4,333,675 4,400,433 Net Current Assets/(Liabilities) 1,077,148 1,639,085 697,636 (89,349) 222,835 Total Assets 9,123,815 8,409,916 7,014,908 6,219,531 5,907,169
Income Statement ( Kshs '000')
Gross Revenue 30,503,560 28,818,391 22,603,910 18,719,542 17,435,970 Excise Duty And Value Added Tax (11,094,560) (8,680,269) (9,064,677) (7,625,146) (7,152,601) Net Revenue 19,409,000 20,138,122 13,539,233 11,094,396 10,283,369
135 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
"Raw Materials And Manufacturing 549,671 658,142 1,113,827 547,410 496,248 Costs (Cost Of Operations In Years 2010, (11,583,180) (11,874,723) (10,576,979) (8,779,231) (7,858,216) 2009 And 2008)" Marketing And Distribution Costs (1,894,730) (1,718,330) - - - Administration And Other Expenses (1,236,176) (2,057,488) - - - Other Income 426,785 298,885 200,266 220,306 136,776 Restructuring Costs (17,470) (124,050) (223,001) (314,252) - Operating Profit 5,104,229 4,662,416 2,939,519 2,221,219 2,561,929 Finance Costs (349,927) (178,300) (216,947) (112,255) (145,016) Profit Before Tax 4,754,302 4,484,116 2,722,572 2,108,964 2,416,913 Income Tax Expense (1,483,450) (1,386,361) (955,336) (630,533) (716,518) Profit For The Year 3,270,852 3,097,755 1,767,236 1,478,431 1,700,395 Other Comprehensive Income Gains From Revaluation Of Land And 464,998 - - - - Buildings (Net Of Tax) Total Comprehensive Income For The 3,735,850 3,097,755 1,767,236 1,478,431 1,700,395 Year
Profit For The Year Attributable To: Equity Holders Of The Parent Company 1,962,511 1,858,653 1,060,342 887,059 1,020,237 (60%) Other Equity Holders (40%) 1,308,341 1,239,102 706,894 591,372 680,158
Total Comprehensive Income Attribut- able To: Equity Holders Of The Parent Company 2,241,510 1,858,653 1,060,342 887,059 1,020,237 (60%) Other Equity Holders (40%) 1,494,340 1,239,102 706,894 591,372 680,158
Statistics Number Of Ordinary Shares Issued In 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 Calculation Earnings Per Share (Kshs) 32.71 30.98 17.67 14.78 17.00 Dividends Per Share (Kshs) 32.50 30.50 17.50 14.75 17.00 Net Assets Value (Kshs) 7,097,917,000 6,412,067,000 5,114,312,000 4,672,076,000 4,893,645,000 Price To Earning Ratio 15.1 7.9 15.3 12.0 7.7 Dividend Yield 6.6% 12.4% 6.5% 8.3% 13.0% Pay Out Ratio 99% 98% 99% 100% 100% Price To Book Value(Kshs) 6.95 3.84 5.28 3.81 2.68 Return On Equity 46% 48% 35% 32% 35%
Mps At 31 December 493 246 270 178 131
136 Nairobi Securities Exchange | Handbook 2013 CARBACID INVESTMENTS LIMITED
CARBACID INVESTMENTS LIMITED
COMPANY NAME: Carbacid Investments Limited PHYSICAL LOCATION: Jalaram Road, Ring Road Parklands, Westlands, Nairobi. CHAIRMAN\LADY’S NAME: Hon James M. Wanjigi CHIEF EXECUTIVE’S NAME: N/A NAMES OF OTHER DIRECTORS: Mr R.A Shepherd, Mr Baloobhai C. Patel, Mr Mukesh K. R Shah COMPANY SECRETARY: N.P Kothari AUDITORS: Deloitte & Touche COMPANY BRIEF: The company is an investment & Holding company with three subsidiaries. The principal activities of Carbacid (CO2) Limited involve the mining and sale of Carbon dioxide gas while Goodison Twenty Nine Limited and Goodison Forty Seven Limited are investment companies.
137 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31St December 2012 2011 2010 2009 2008 Assets Employed Non-Current Assets 1,373,428 1,335,872 1,127,061 669,273 664,378 Current Assets 639,388 404,113 385,105 707,107 545,165 Current Liabilities 150,166 45,698 66,558 66,549 38,309 Net Current Assets 489,222 358,415 318,547 640,558 506,856 Total Net Assets 1,862,650 1,694,287 1,445,608 1,309,831 1,171,234
Financed By Share Capital 169,902 169,902 169,902 56,634 56,634 Reserves* - 255,680 228,061 256,689 269,681 Retained Earnings 1,245,458 1,041,783 895,794 854,271 698,169 Revaluation Surplus 237,410 - - - - Shareholders Funds 1,652,770 1,467,365 1,293,757 1,167,594 1,024,484 Non-Current Liabilities 209,880 226,922 151,851 142,237 146,750 Total Financing 1,862,650 1,694,287 1,445,608 1,309,831 1,171,234
Turnover 921,753 576,092 620,083 552,853 387,115 Profit Before Taxation 535,444 374,210 438,041 367,027 241,940 Taxation (146,157) 72,015 (130,649) (110,650) (75,180) Profit After Taxation 389,287 302,195 307,392 256,377 166,760
Financial Ratios Current Ratio 4.26 8.84 5.79 10.63 14.23 Earnings Per Share (Kshs.) 11.46 8.89 9.05 7.54 14.72 Price-To-Earnings Ratio 10.91 10.29 17.24 13.65 9.31 Dividend Yield % 4.80 5.46 3.21 14.56 7.30 Payout Ratio % 52.37 56.22 55.27 198.81 67.92
Net Asset Value / Share (Kshs) 54.82 49.86 42.54 38.55 103.40 Price-To-Book Value 2.28 1.84 3.67 2.67 1.32
Market Information Dividends Per Share (Kshs.) 6.00 5 5.00 15.00 10.00 Share Price As At 31 July 125.00 91.50 156.00 103.00 137.00 Number Of Shares In Issue 33,980,265 33,980,265 33,980,265 33,980,265 11,326,755 Market Capitalization (Kshs.) 4,247,533,125 3,109,194,248 5,300,921,340 3,499,967,295 1,551,765,435 Note: Where(*) Shows That Reserve Is A Combination Of Capital Reserves And Revenue Reserves
138 Nairobi Securities Exchange | Handbook 2013 EAST AFRICAN BREWERIES LIMITED
EAST AFRICAN BREWERIES LIMITED
COMPANY NAME: East African Breweries Limited PHYSICAL LOCATION: Tusker House, Ruaraka, P.o. Box 30161-00100, Nairobi, Kenya CHAIRMAN\LADY’S NAME: Mr Charles Muchene CHIEF EXECUTIVE’S NAME: Mr Charles Ireland NAMES OF OTHER DIRECTORS: Dr Nicholas Blazquez, Mr Evanson Mwaniki , Dr Alan Shonubi Ms Siobhan Moriarty, Ms Tracey Barnes, Ms Constance Gakonyo, Ms Susan Githuku Mr Mark Bomani, Dr Martin Oduor-Otieno COMPANY SECRETARY: Ms Ruth Ngobi AUDITORS: KPMG COMPANY BRIEF: East African Breweries Limited (“EABL”) is East Africa’s leading branded alcohol beverage business with an outstanding collection of brands including beer, spirits and adult non-alcoholic drinks.
EABL has extensive operations across East Africa and operates two spirits distilleries at Nairobi and Kampala, five breweries at Nairobi, Kampala, Moshi, Dar es Salaam and Mwanza, and one glass furnace and one malting plant in Nairobi.
EABL was incorporated in December 1922, became a public company in 1934 and was listed on the Nairobi Securities Exchange in 1954. EABL currently has approximately 26,000 shareholders and is cross-listed on the Uganda Securities Exchange and the Dar es Salaam Stock Exchange. Its flagship brands include Tusker Lager, Bell Lager, Serengeti Premium Lager, Guinness, Smirnoff Vodka, Johnnie Walker Scotch Whisky, Baileys Original Irish Cream, and Alvaro non alcoholic malt drinks.
139 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31St December 2012 2011 2010 2009 2008 Capital & Reserves Share Capital 1,581,547 1,581,547 1,581,547 1,581,547 1,581,547 Share Premium 1,691,151 1,691,151 1,691,151 1,691,151 1,691,151 Capital Reserve 1,281,545 1,281,545 1,281,545 1,473,289 1,473,289 Retained Earnings 14,985,679 11,261,368 10,817,969 10,508,903 9,990,251 Proposed Dividends 4,942,340 4,942,340 4,942,340 4,388,798 4,467,873 Share Based Reserve 67,046 - - - - Translation Reserve 284,091 410,074 354,978 154,316 257,010 Minority Interest 2,174,518 5,587,156 3,140,665 2,650,519 2,082,722 Other Reserves (18,292,037) Total Equity 8,715,880 26,755,181 23,810,195 22,448,523 21,543,843 Non-Current Liabilities Borrowings 19,982,236 3,917,688 - - - Deferred Income Tax 3,402,418 3,337,309 2,723,855 2,666,174 2,039,398 Total Equity And Non-Current Liabil- 32,100,534 34,010,178 26,534,050 25,114,697 23,583,241 ities Non-Current Assets Property, Plant & Equipment 31,246,602 28,304,026 16,935,217 15,396,750 13,755,393 Intangible Asset-Software 249,649 380,026 531,226 682,426 901,750 Intangible Asset-Goodwill 3,577,191 3,577,191 648,664 648,664 648,664 Intangible Asset-Brand 563,005 563,005 - - - Prepaid Operating Lease Rentals 10,934 29,715 30,262 30,814 31,358 Investment In Associate Company - - 2,465,213 1,680,387 1,170,516 Financial Assets - 97,961 97,562 - - Other Investments 10,400 10,400 10,400 10,400 10,400 Deferred Income Tax 868,762 236,583 141,023 148,842 463,006 Total Non-Current Assets 36,526,543 33,198,907 20,859,567 18,598,283 16,981,087 Current Assets
Inventories 7,957,272 4,399,365 3,465,054 3,953,930 3,869,710 Receivables And Prepayments 8,189,805 7,066,073 5,593,453 4,160,834 4,112,469 Current Income Tax Recoverable 912,723 740,353 405,251 1,248,076 318,779 Term Deposits - - 6,570,036 5,363,298 6,503,024 Cash And Bank Balances 997,973 1,649,453 1,325,079 1,222,572 666,090 Disposal Assets Held For Sale - 2,465,213 - - - Total Current Assets 18,057,773 16,320,457 17,358,873 15,948,710 15,470,072 Current Liabilities Payables And Accrued Expenses 15,327,378 13,581,299 9,922,149 9,034,829 8,202,987 Current Income Tax Payable 492,442 352,772 1,454,193 62,939 386,603 Borrowings 6,048,542 1,229,970 - - - Dividends Payable 615,420 345,145 308,048 334,528 278,328 Total Current Liabilities 22,483,782 15,509,186 11,684,390 9,432,296 8,867,918 Net Current Assets (4,426,009) 811,271 5,674,483 6,516,414 6,602,154 Net Assets 32,100,534 34,010,178 26,534,050 25,114,697 23,583,241 Income Statement ( Kshs '000')
140 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) Revenue 55,522,166 44,895,037 38,679,196 34,407,715 32,488,112 Cost Of Sales 28,657,047 22,828,144 19,536,924 17,561,486 15,007,009 Gross Profit 26,865,119 22,066,893 19,142,272 16,846,229 17,481,103 Other Operating Income (Expense) 3,797,208 320,673 473,756 496,883 599,354 Selling & Distribution 4,588,896 3,491,554 2,570,619 2,115,356 2,163,860 Administrative Expenses 7,450,204 6,474,500 4,842,028 3,837,964 3,834,055 Profit From Operations 18,623,227 12,421,512 11,255,869 10,396,026 10,883,834 Net Finance Income 3,370,178 162,523 168,220 653,555 624,077 Income From Associates - - 1,143,998 1,015,551 808,421 Reorganisation Costs - - - (558,181) - Profit Before Tax 15,253,049 12,258,989 12,568,087 11,506,951 12,316,332 Income Tax Expense (4,066,936) (3,235,329) (3,730,527) (3,244,487) (3,131,947) Profit After Tax 11,186,113 9,023,660 8,837,560 8,262,464 9,184,385 Minority Interest (542,526) (1,660,985) (1,658,531) (1,378,078) (1,630,591) Net Profit Attributable To Share Hold- 10,643,587 7,362,675 7,179,029 6,884,386 7,553,794 ers
Statistics Number Of Ordinary Shares Issued In 790,774,356 790,774,356 790,774,356 790,774,356 790,774,356 Calculation Earnings Per Share (Kshs) 13.46 9.31 9.08 8.71 9.55 Dividends Per Share (Kshs) 8.75 8.75 8.75 8.05 8.05 Net Assets Value (Kshs) 40.59 43.01 33.55 31.76 29.82 Price To Earning Ratio 16.87 20.73 19.94 17.34 20.83 Dividend Yield 0.04 0.05 0.05 0.05 0.04 Pay Out Ratio 0.65 0.94 0.96 0.92 0.84 Price To Book Value(Kshs) 5.59 4.49 5.39 4.75 6.67 Return On Equity 1.28 0.34 0.37 0.37 0.43 Return On Capital Employed (Roce) 0.35 0.27 0.33 0.33 0.39 Market Price Per Share (Mps) 227 193 181 151 199
141 Nairobi Securities Exchange | Handbook 2013 EVEREADY EAST AFRICA LIMITED
EVEREADY EAST AFRICA LIMITED
COMPANY NAME: Eveready East Africa Limited PHYSICAL LOCATION: Mcfl Logistic Centre,1St Floor Mombasa Road CHAIRMAN\LADY’S NAME: Ms. Lucy Waithaka CHIEF EXECUTIVE’S NAME: Jackson K.mutua NAMES OF OTHER DIRECTORS: Akif Hamid Butt, Susan Muthune, Fauzia Bashir Shah, Jackson Kambo Mutua, Paul Scott, Catherine Ngahu, Isaac Olentiki COMPANY SECRETARY: Issa Timamy AUDITORS: BDO COMPANY BRIEF: The company is engaged in the business of manufacturing, importing, exporting, buying, selling, distributing and dealing in all kinds of dry cells, dry batteries and other electric cells and batteries, accumulators, torch lamps, incandescent electric bulbs, container cases, and plant fittings required for use or capable of being used in connection with the generation, production supply accumulation transformation control conversion or employment of electricity or electric or other power and any other sundry items and goods.
Date of incorporation and listing, Incorporated in Kenya on 6 March 1967, Date of listing 18 December 2006
EVEREADY EAST AFRICA LIMITED is the largest supplier of portable power solutions in East Africa. We have one of the biggest dry cell battery manufacturing plants in the region employing over 250 people. With an annual turnover of KShs.1.4bn, our business has a broad split between Personal Care items i.e. shavers and razors under the Schick brand and Portable Power Solutions that include lanterns and torches, primary dry cell batteries and rechargeables under the Energizer & Eveready brand names. We are committed to providing our consumers in the East African region with products that are guaranteed to help them enjoy their world.
142 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31St December 2012 2011 2010 2009 2008 Assets Employed Non Current Assets 274,686 283,200 252,427 202,418 199,215 Current Assets 876,043 733,708 943,397 795,254 638,114 Total Assets 1,150,729 1,016,908 1,195,824 997,672 837,329 Equity & Liability Equity Share Capital 210,000 210,000 210,000 210,000 210,000 Retained Earnings 139,489 69,405 193,399 184,696 156,425 Total Equity 349,489 279,405 403,399 394,696 366,425 Liabilities Non - Current 105,476 79,076 123,592 74,800 86,765 Current 695,764 658,427 668,833 528,176 384,139 Total Liabilities 801,240 737,503 792,425 602,976 470,904 Total Equity & Liabilities 1,150,729 1,016,908 1,195,824 997,672 837,329
Income Statement ( Kshs '000') Revenue 1,374,789 1,374,847 1,635,106 1,645,193 1,774,675 Cost Of Sales (1,060,221) (1,106,411) (1,239,027) (1,185,530) (1,336,590) Gross Profit 314,568 268,436 396,079 459,663 438,085 Other Income 111,918 4,927 4,405 14,410 5,396 Operating Expenses (358,389) (317,070) (327,851) (405,841) (368,464) Operating Profit(Loss) 68,097 (43,707) 72,633 68,232 75,017 Finance Costs 817 (129,501) (57,887) (26,664) (47,162) Profit(Loss) Before Taxation 68,914 (173,208) 14,746 41,568 27,855 Taxation 1,170 49,214 (6,043) (13,297) (10,015) Profit(Loss) For The Year 70,084 (123,994) 8,703 28,271 17,840 Other Comprehensive Income
Total Comprehensive Income(Loss) 70,084 (123,994) 8,703 28,271 17,840
Statistics Number Of Ordinary Shares Issued In 210,000 210,000 210,000 210,000 210,000 Calculation Earnings Per Share (Kshs) 0.33 (0.59) 0.04 0.13 0.08 Dividends Per Share (Kshs) 0 0 0 0 0 Net Assets Value (Kshs) 1.50 1.28 1.89 2.19 2.09 Price To Earning Ratio Dividend Yield - - - - - Pay Out Ratio - - - - - Price To Book Value(Kshs) Return On Equity 0.20 (0.44) 0.02 0.07 0.05 Revenue 55,522,166 44,895,037 38,679,196 34,407,715 32,488,112
143 Nairobi Securities Exchange | Handbook 2013 144 Nairobi Securities Exchange | Handbook 2013 MUMIAS SUGAR COMPANY LTD
MUMIAS SUGAR COMPANY LTD
COMPANY NAME: Mumias Sugar Company Ltd PHYSICAL LOCATION: Mumias Sugar Company Limited in Mumias CHAIRMAN\LADY’S NAME: Mr J V Bosse CHIEF EXECUTIVE’S NAME: Mr P Kebati NAMES OF OTHER DIRECTORS: Mr J Kinyua (alternate Mrs E Koimett), Hon A S Wako, Mr J G Chege, Ms S K Serem, Mr S Bunyasi, Mr F K Kigen, Mr E M Mukabanah Mr J M Mruttu, Mr C Otolo COMPANY SECRETARY: Mrs Emily Otieno AUDITORS: Deloitte & Touche COMPANY BRIEF: The principal activities of the company are the production and sale of sugar, ethanol, water and the generation and sale of electricity.
145 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 2012 2011 2010 2009 2008 Assets Employed Non Current Assets 20,228,753 16,415,740 11,585,953 12,363,783 9,571,230 Current Assets 7,171,360 6,511,659 6,495,834 5,111,932 4,581,346 Current Liabilities 5,720,655 2,961,691 3,250,021 3,760,339 3,398,096 Net Current Assets 1,450,705 3,549,968 3,245,813 1,351,593 1,183,250 Total Net Assets 21,679,458 19,965,708 14,831,766 13,715,376 10,754,480
Financed By Share Capital 3,060,000 3,060,000 3,060,000 3,060,000 3,060,000 Revaluation Surplus 3,350,880 3,552,456 1,535,846 1,687,251 1,827,343 Retained Earnings 9,312,806 7,863,551 6,404,006 5,292,218 4,154,154 Dividends Proposed Share Holders Funds 15,723,686 14,476,007 10,999,852 10,039,469 9,041,497 Non Current Liabilities 5,955,772 5,738,818 4,084,237 3,675,907 1,712,983 Total Financing 21,679,458 20,214,825 15,084,089 13,715,376 10,754,480
Turnover 15,542,686 15,795,300 15,617,738 11,791,708 11,970,101 Profit /(Loss) Before Taxation 1,764,029 2,646,575 2,179,874 1,193,161 1,589,204 Tax Credit/(Charge) 248,650 (713,350) (607,491) 416,811 (375,367) Profit /(Loss) For The Year 2,012,679 1,933,225 1,572,383 1,609,972 1,213,837
Investor Ratios Current Ratio 1.25 2.20 2.00 1.36 1.35 Earnings Per Share-Kshs 1.32 1.26 1.03 1.05 0.79 Price To Earnings Ratio 4.64 5.66 12.50 5.70 16.01 Dividend Yield % 8.20 6.99 3.11 6.67 3.15 Payout Ratio % 38.01 39.57 38.92 38.01 50.42
Net Asset Value Per Share-Kshs. 14.17 13.05 9.69 8.96 7.03 Price To Book Value 0.43 0.55 1.33 0.67 1.81
Market Information Dividend Per Share 0.50 0.50 0.40 0.40 0.40 Share Price As At 30 June 6.10 7.15 12.85 6.00 12.70 Number Of Shares In Issue 1530000000.00 1,530,000,000 1,530,000,000 1,530,000,000 1,530,000,000 Market Capitalization-Kshs. - 10,939,500,000 19,660,500,000 9,180,000,000 19,431,000,000
146 Nairobi Securities Exchange | Handbook 2013 UNGA GROUP LIMITED
UNGA GROUP LIMITED
COMPANY NAME: Unga Group Limited PHYSICAL LOCATION: Ngano House, Commercial Street, Nairobi CHAIRMAN\LADY’S NAME: Mrs Isabella Ochola-Wilson CHIEF EXECUTIVE’S NAME: Nicholas Charles Hutchinson NAMES OF OTHER DIRECTORS: Andrew Stewart, Mwangi Ndegwa, Alan McKittrick Vitalis Ondeke Ojode, Jinaro Kipkemboi Kibet, Mrs Mary Kimotho M’ Mukindia COMPANY SECRETARY: Ms Winniefred N Jumba AUDITORS: Deloitte & Touche COMPANY BRIEF: The principlal activities of the group continue to be the milling of wheat and maize,manufacture of packaging materials and animal products, and the distribution of animal health products. Unga Group Limited was incorporated on 24 November 1928 and went public in 1956. It has oprations in both Kenya and Uganda, with production sites in Nairobi, Nakuru and Eldoret. Some of its flagship brands are EXE range of wheat flour, Jogoo, Hostess and FUGO range of animal feeds.
147 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 30th June 2012 2011 2010 2009 2008 Non Current Assets 1,765,368 1,622,280 1,644,583 1,732,684 1,823,246 Current Assets 4,644,891 4,086,617 3,419,837 3,832,857 2,938,282 Total Assets 6,410,259 5,708,897 5,064,420 5,565,541 4,761,528
Equity Attributable To Equity Holders Of 2,675,765 2,530,635 2,299,769 2,166,974 2,045,061 The Parent Non Controlling Interests 1,313,453 1,214,316 1,064,934 979,413 918,985 Total Equity 3,989,218 3,744,951 3,364,703 3,146,387 2,964,046
Non Current Liabilities 453,088 345,150 355,354 334,142 263,995 Current Liabilities 1,967,953 1,618,796 1,344,363 2,085,012 1,533,487 2,421,041 1,963,946 1,699,717 2,419,154 1,797,482
Total Equity And Liabilities 6,410,259 5,708,897 5,064,420 5,565,541 4,761,528 - - - - - Income Statement ( Kshs '000') Turnover 15,976,763 13,214,442 11,524,454 11,643,639 9,450,824 Profit For The Year 348,195 441,043 236,173 185,192 373,661 Profit For The Year Attributed to Equity 212,683 270,382 137,236 117,318 231,632 Holders of the Parent Dividends 56,780 56,780 37,853 - -
Statistics Number Of Ordinary Shares Issued In 75,706,986 75,706,986 75,706,986 75,706,986 63,090,728 Calculation Earnings Per Share (Kshs) 2.81 3.57 1.81 1.55 3.67 Dividends Per Share (Kshs) 0.75 0.75 0.50 0.0 0.0 Net Assets Value (Kshs) 6,410,259 5,708,897 5,064,420 5,565,541 4,761,528 Net Assets Value Per Share (Kshs) 84.67 75.41 66.90 73.51 75.47
Market Price Per Share 12.60 10.00 12.25 10.00 13.75 Price To Earning Ratio 4.49 2.80 6.76 6.45 3.75 Dividend Yield 5.95 7.50 4.08 0.00 0.00 Pay Out Ratio 0.27 0.21 0.28 0.00 0.00 Price To Book Value(Kshs) 0.15 0.13 0.18 0.14 0.18 Return On Equity 8.73 11.78 7.02 5.89 12.61
148 Nairobi Securities Exchange | Handbook 2013 TELECOMMUNICATION AND TECHNOLOGY
149 Nairobi Securities Exchange | Handbook 2013 ACCESSKENYA GROUP
ACCESSKENYA GROUP
COMPANY NAME: AccessKenya Group Limited PHYSICAL LOCATION: Pushorttam Place 4th Floor, Westlands Road Nairobi CHAIRMAN\LADY’S NAME: Daniel Ndonye CHIEF EXECUTIVE’S NAME: Jonathan Somen NAMES OF OTHER DIRECTORS: Michael Turner, Paras Shah, David Somen, Titus Naikuni COMPANY SECRETARY: Conrad Nyukuri AUDITORS: Deloitte & Touch COMPANY BRIEF: AccessKenya Group Limited was incorporated on 23 February 2006, as a private limited company under the name AccessKenya Limited to act as a holding company for Communication Solutions Limited and Broadband Access Limited. The name was changed to AccessKenya Group Limited in December 2006. AccessKenya Group Limited went public on 4 June 2007 through listing of its shares on the Nairobi Securities Exchange.
In December 2006, the minority shareholders of the two subsidiary companies, Communication Solutions Limited and Broadband Access Limited, executed agreements to be allotted shares in AccessKenya Group Limited in exchange for their shareholding in the two subsidiary companies. The allotment of the shares was effected on 28 February 2007.
In December 2010, the company acquired the remaining 30% shareholding in Access IT Limited (formerly Openview Business Systems Limited) and the company became a wholly owned subsidiary of AccessKenya Group Limited.
On 31 December 2010, the Company acquired the business and all the assets and liabilities held by the subsidiary companies- Communication Solutions Limited and Broadband Access Limited at their carrying values.
150 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31-Dec 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Assets Employed Shs 000 Shs 000 Shs 000 Shs 000 Shs 000 Non Current Assets Equipment 1,489,783 1,404,733 1,388,108 1,240,023 508,302 Intangible Assets 289,558 333,187 310,611 176,965 53,361 Goodwill 138,683 138,683 138,683 138,683 138,683 Deferred Taxation Asset 8,675 10,436 11,831 10,997 1,123 Receivable From Esop 45,000 45,000 87,866 152,869 115,164 Other Investments-At Cost 91 91 91 63 - Total Non Current Assets 1,971,790 1,932,130 1,937,190 1,719,600 816,633
Current Assets Inventories 87,726 71,394 101,864 88,202 134,054 Trade And Other Receivables 162,982 304,568 558,393 437,308 402,745 Tax Recoverable 16,564 51,025 52,939 43,621 40,022 Bank And Cash Balances 26,652 55,994 78,592 29,986 166,293
Total Current Assets 293,924 482,981 791,788 599,117 743,114
Total Assets 2,265,714 2,415,111 2,728,978 2,318,717 1,559,747
Equity And Liabilities Capital And Reserves Share Capital 218,038 207,656 207,227 207,227 203,581
Share Premium 513,255 513,255 547,489 547,489 483,435 Fair Value Reserve On Esop - - 7,620 63,294 61,694 Retained Earnings 516,086 375,091 266,007 336,126 277,402 Non Controlling Interest - - - - 11,348 Total Equity 1,247,379 1,096,002 1,028,343 1,154,136 1,037,460
Non-Current Liabilities Deferred Taxation Liability 29,740 16,063 15,007 32,859 26,039 Borrowings 438,924 644,904 571,801 584,312 -
Total Non-Current Liabilities 468,664 660,967 586,808 617,171 26,039
Current Liabilities Borrowings 195,961 279,129 348,538 140,660 57,223 Trade And Other Payables 346,249 371,968 753,055 402,125 404,949 Tax Payable 1,193 12 - - 31,850 Dividends Payable 6,268 7,033 12,234 4,625 2,226
Total Current Liabilities 549,671 658,142 1,113,827 547,410 496,248
Total Liabilities 1,018,335 1,319,109 1,700,635 1,164,581 522,287
Total Equity And Liabilities 2,265,714 2,415,111 2,728,978 2,318,717 1,559,747
Turnover 1,900,620 1,738,915 1,708,668 2,070,347 1,568,034
151 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
Cost Of Sales 330,305 357,483 558,939 1,097,256 803,101 Gross Margin 1,570,315 1,381,432 1,149,729 973,091 764,933 Administrative Expenses 869,824 787,613 774,886 637,348 460,095 Earnings Before 700,491 593,819 374,843 335,743 304,838 Interest,Tax,Deprecaition And Amortisation Depreciation And Amortisation 338,965 307,565 245,737 143,823 66,748 Net Foreign Exchange Loss 5,049 36,523 43,004 3,450 1,030 Fair Value Gain On Esop Receivable On - 7,620 - - - Reclassification Finance Income 343 270 154 2,612 32,135 Finance Costs 145,020 126,742 91,615 8,769 5,810 Profit/(Loss) Before Taxation 211,800 130,879 5,359 182,313 263,385 Income Taxation Expense 60,423 21,795 2,592 34,404 59,729 Profit/(Loss) Taxation 151,377 109,084 7,951 147,909 203,656
Other Comprehensive Income Transfer Of Fair Value Gain On Esop - (7,620) - - - Receivable To Profit And Loss Net Gain On Re-Measurement Of - - - 2,977 - Avaialble For Sale Financial Assets Total Comprehensive Income/(Loss) 151,377 101,464 (7,951) 150,886 203,656 For The Year
Total Comprehensive Income/(Loss) Attributable To : Equity Holders Of The Company 151,377 101,464 7,951 155,505 201,984 Non-Controlling Interest - - - 7,596 1,672 151,377 101,464 (7,951) 147,909 203,656
Basic And Diluted Earning/(Loss) Per 0.69 0.50 (0.04) 0.72 0.94 Share
Statistics Number Of Ordinary Shares Issued In 218,038.0 207,656.0 207,227.0 207,227.0 203,581.0 Calculation Earnings Per Share (Kshs)* 0.69 0.50 (0.04) 0.72 0.94 Dividends Per Share (Kshs) 0.3 0.0 0.0 0.3 0.4 Net Assets Value (Kshs) 1,247,379 1,096,002 1,028,343 1,154,136 1,037,460 Price To Earning Ratio 6.39 9.86 (352.20) 27.10 21.08 Dividend Yield 0.07 0.00 0.00 0.02 0.02 Pay Out Ratio 0.43 0.00 0.00 0.42 0.42 Price To Book Value(Kshs) 0.77 0.93 2.59 3.50 3.91 Return On Equity 12% 10% -1% 13% 20% Closing Share Price 4.41 4.93 12.87 19.49 19.92 * Adjusted For Bonus Shares Issued
152 Nairobi Securities Exchange | Handbook 2013 SAFARICOM LIMITED
SAFARICOM LIMITED
COMPANY NAME: Safaricom Limited PHYSICAL LOCATION: Safaricom House, Waiyaki Way CHAIRMAN\LADY’S NAME: Mr. Nicholas Nganga CHIEF EXECUTIVE’S NAME: Mr. Robert Collymore NAMES OF OTHER DIRECTORS: Mr. Nicholas Nganga, Mrs. Susan Mudhune, Mr. Joseph Kinyua Mr. Michael Joseph, Ms. Karen Witts, Ms. Nancy Macharia, Mr. Timothy Harrabin Mr. Nicholas Read, Mr. John Tombleson* Alternate to Mr. Robert Collymore Mrs. Esther Koimett* Alternate to Mr. Joseph Kinyua COMPANY SECRETARY: Mrs. Enid Muriuki AUDITORS: PricewaterhouseCoopers COMPANY BRIEF: The principal activities of the Group are the provision of mobile phone services, fixed line wireless telecommunication, internet and data services.
153 Nairobi Securities Exchange | Handbook 2013 FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’) 31-Dec 2012 2011 2010 2009 2008 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Assets Employed Non-Current Assets 100,705,482 92,153,466 81,550,205 74,179,798 61,478,875 Current Assets 21,194,195 21,701,296 22,570,645 17,502,526 12,887,438 Current Liabilities 37,615,900 34,117,726 33,819,970 35,760,664 25,243,720 Net Current Assets 16,421,705 12,416,430 11,249,325 18,258,138 12,356,282 Total Net Assets 84,283,777 79,737,036 70,300,880 55,921,660 49,122,593
Financed By Share Capital 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 Share Premium 1,850,000 1,850,000 1,850,000 1,850,000 1,850,000 Retained Earnings 59,940,584 56,002,747 50,691,160 43,403,350 36,792,593 Proposed Dividends 8,800,000 8,000,000 8,000,000 4,000,000 2,000,000 Shareholders Funds 72,590,584 67,852,747 62,541,160 51,253,350 42,642,593 Minority Interest 508,886 398,656 246,042 106,270 - Non Current Liabilities* 12,202,079 12,282,945 8,005,762 4,774,580 6,480,000 Total Financing 84,283,777 79,737,036 70,300,880 55,921,660 49,122,593
Sales 106,995,529 94832227.00 83,960,677 70,479,587 61,369,408 Profit Before Taxation 17,369,400 18,361,363 20,966,670 15,304,027 19,945,160 Taxation (4,741,793) (5,202,390) (5,818,632) (4,767,267) (6,091,874) Net Profit 12,627,607 13,158,973 15,148,038 10,536,760 13,853,286
Investor Ratios Current Ratio 0.56 0.64 0.67 0.49 0.51 Earnings Per Share (Kshs) 0.32 0.33 0.38 0.26 0.35 Dividend Yield % 6.88 5.26 3.60 3.33 1.39 Pay Out Ratio % 69.69 60.80 52.81 37.96 14.44 Price-To-Earnings Ratio 10.14 11.55 14.66 11.39 10.39 Net Asset Value/ Share (Kshs) 2.11 1.99 1.76 1.40 1.23 Price-To-Book Value 1.52 1.91 3.16 2.15 2.93
Market Information Dividends Per Share (Kshs) 0.22 0.20 0.20 0.10 0.05 Share Price As At 31 Mar 3.20 3.80 5.55 3.00 3.60 Number Of Shares In Issue 40,000,000,000.00 40,000,000,000 40,000,000,000 40,000,000,000 40,000,000,000 Market Capitalization (Kshs) 128,000,000,000 152,000,000,000 222,000,000,000 120,000,000,000 144,000,000,000
154 Nairobi Securities Exchange | Handbook 2013
CONTACT OF NAIROBI SECURITIES EXCHANGE MEMBERS
155 Nairobi Securities Exchange | Handbook 2013 MEMBERS
Dyer & Blair Investment Bank Ltd Kingdom Securities Ltd Standard Investment Bank Ltd Pension Towers, 10th floor, Co-operative Bank House,5th Floor, ICEA Building, 16th floor, P.O. Box 45396 00100 P.O Box 48231 00100 P. O. Box 13714- 00800 Tel: 3240000/2227803/4/5 Tel: 3276000 Tel: 2228963/2228967/2228969 Fax: 2218633 Fax: 3276156 Fax: 240297 Email: [email protected] Email: [email protected] Email: [email protected] Url: www.dyerandblair.com Afrika Investment Bank Ltd Finance House, 9th Floor, Kestrel Capital (EA) Limited Francis Drummond & Company P.O. Box 11019-00100 ICEA Building, 5th floor, Limited Tel: 2210178/2212989 P.O. Box 40005-00100 Hughes Building, 2nd floor, Fax: 2210500 Tel: 251758/2251893,2251815,2250082 P.O. Box 45465 00100 Email: [email protected] Fax: 2243264 Tel: 318690/318689 Url: www.afrikainvestmentbank. Email: [email protected] Fax: 2223061 com Url: www.kestrelcapital.com Email: [email protected] Url: www.drummond.co.ke ABC Capital Ltd Discount Securities Ltd. IPS Building, 5th floor, (Under Statutory management) Ngenye Kariuki & Co. Ltd. P.O. Box 34137-00100 Nairobi, ( Under Statutory Management) Tel: 2246036/2245971 P O Box 42489-00100 Corner House, 8th floor, Fax: 2245971 Tel: 2219552/38, 2773000 P. O. Box 12185-00400 Email: [email protected] Fax: 2230987 Tel: 224333/2220052/2220141 Email: [email protected] Fax: 2217199/241825 Sterling Capital Ltd Url: www.dsl.co.ke Email: [email protected] Barclays Plaza, 5th Floor, Url: www.ngenyestockbrokers.co.ke P.O. Box 45080- 00100 African Alliance Kenya Investment Tel: 2213914/244077/ Bank Ltd Suntra Investment Bank Ltd 0723153219/0734219146 1st Floor,Trans-national Plaza, Nation Centre,7th Floor, Fax: 2218261 P.O. Box 27639 - 00506 P.O. Box 74016-00200 Email: [email protected] Tel: 2762000/2762557/0733333140 Tel: 2870000/247530/2223330/2211846 Url: www.sterlingstocks.com Fax: 2731162 /0724- 257024, Email: [email protected] 0733-222216 ApexAfrica Capital Ltd Url: www.africanalliance.com Fax: 2224327 Rehani House, 4th Floor, Email: [email protected] P.O. Box 43676- 00100 Renaissance Capital (Kenya) Ltd Url: www.suntra.co.ke Tel: 242170/2220517 Purshottam Place ,6th Floor, Westland , Fax: 2215554 Chiromo Road, Old Mutual Securities Ltd Email: [email protected] P.O B 40560-00100 IPS Building, 6th Floor, Url: www.apexafrica.com Tel: 3682000/3754422 P. O. Box 50338- 00200 Fax: 3632339 Tel: 2241350/4/79 Faida Investment Bank Ltd Email: [email protected] Fax: 2241392 Windsor House, 1st floor, Url: www.rencap.com Email: [email protected] P. O. Box 45236-00100 Url: www.reliablesecurities.co.ke Tel: 2243811/2/3 Genghis Capital Ltd Fax: 2243814 Prudential Building, 5th Floor, CFC Stanbic Financial Services Email: [email protected] P.O Box 1670-00100 CFC Stanbic House, Url: www.faidastocks.com Tel: 2337535/36, P.O. Box 47198 – 00100 8008561,2373984/968/969 Tel: 3638900 NIC Securities Limited Fax: 246334 Fax: 3752950 Ground Floor, NIC House, Masaba Road, Email: [email protected] Email: [email protected] P.O.Box 63046 – 00200 Url: www.csfs.co.ke Tel: 2888 444 / 0711 041 444 Fax: 2888 544 Email: [email protected]
156 Nairobi Securities Exchange | Handbook 2013 Nairobi Securities Exchange | Handbook 2013 157 NAIROBI SECURITIES EXCHANGE The EXchange, 55 Westlands Road P.O. Box 43633 00100 Nairobi Telephone: +254 20 2831000 Contact: [email protected] Website: www.nse.co.ke
158Nairobi Securities Exchange | Handbook 2013