Kakuzi Ld
05 April 2004
KAKUZI LIMITED
ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2003
2003 2002
Shs'000 Shs'000
Sales 1,310,780 1,082,190
------------ --------- ======== -------- ========
Continuing 1,124,901 895,431
operations
Discontinuing 185,879 186,759
operations
------------ --------- -------- --------
Operating 78,500 51,093
profit ------------ --------- -------- --------
Continuing 227,681 231,246
operations
Discontinuing (149,181) (180,153)
operations
------------ --------- -------- --------
Finance costs (net) (42,111) (62,027)
Exceptional loss - impairment of
assets (56,059) 0
-------- --------
Loss before tax and
after exceptional
item (19,670) (10,934)
------------ --------- -------- --------
Continuing 185,570 171,751
operations
Discontinuing (205,240) (182,685)
operations
------------ --------- -------- --------
Tax credit 7,875 3,334
-------- --------
Loss after tax (11,795) (7,600)
Minority interests 0 (490)
Loss attributable to the -------- --------
members of Kakuzi Limited (11,795) (8,090)
======== ========
Shs Shs
Basic loss per stock unit (0.60) (0.41)
Diluted loss per stock unit (0.60) (0.41)
NOTES
The above results are extracted from financial statements audited by
PricewaterhouseCoopers, certified public accountants, and on which an
unqualified opinion has been given.
During the year the company adopted IAS 41 Agriculture, which requires
biological assets to be measured at fair value less estimated point-of-sale
costs. The prior year figures have been restated to reflect the adoption of IAS
41.
Included in operating profit is the gain arising from the changes in fair value
less estimated point-of-sale costs in 2003 of Shs 92.9 million (2002 Shs 39.5
million). The exceptional loss relates to the impairment of assets within the
coffee division.
Coffee prices in Nairobi during 2003 were even lower than in recent years. On 7
January 2004 the company announced its coffee operations were to be discontinued
during 2004. Revenues and costs associated with Kakuzi's coffee operations,
together with the corresponding figures for Garton Limited which was sold on 27
February 2002, are reported as discontinuing operations. Tea prices also
weakened during 2003, but reduced earnings from coffee and tea were offset by
improved results from avocado exports and pineapple. Finance costs were well
contained.
DIVIDEND
The Directors do not recommend the payment of a dividend for the year 2003.
ANNUAL GENERAL MEETING
The Annual General Meeting of the company will be held on Thursday 20 May 2004
at 12.00 noon in the Allamanda Room, Serena Hotel, Nairobi.
BY ORDER OF THE BOARD
DR T R FOWKES
CHAIRMAN
P O BOX 24, THIKA 01000
2 APRIL 2004
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