2012-2013 HANDBOOKafrican-exchanges.org/.../nse_handbook.pdf · to present the NSE Handbook 2013. It is an annual publication of the Exchange containing a 5-year financial review

2012-2013HANDBOOK

2 Nairobi Securities Exchange | Handbook 2013

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

3Nairobi 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 MWANGICHIEF EXECUTIVE


Table of Content

6. How To Use This Book7. Financial Ratios Used In The Book8. Agricultural Sector9. Eaagads Limited12. Kakuzi Limited14. Kapchorua Tea Company Limited16. Limuru Tea Company Limited18. Rea Vipingo Plantations Limited20. Sasini Tea And Coffee Limited22. Williamson Tea Kenya Limited24. Automobiles And Accessories26. Car And General (Kenya) Limited30. CMC Holdings Limited33. Marshalls (EA) Limited35. Sameer Africa Limited37. Banking38. Barclays Bank Of Kenya Limited41. CFC Stanbic Bank44. Co-operative Bank Of Kenya 46. Diamond Trust Bank (Kenya) Limited49. Equity Bank Limited52. Housing Finance Company Limited55. Kenya Commercial Bank Limited57. National Bank Of Kenya Limited59. NIC Bank Limited61. Standard Chartered Bank Kenya Limited64. Commercial And Services65. Express Kenya Limited67. Kenya Airways Limited69. Longhorn Kenya Limited72. Nation Media Group Limited74. Scangroup Limited77. Standard Group Limited79. TPS Eastern Africa Limited (Serena Hotels)


Table of Content

81. Uchumi Supermarket Limited83. Construction And Allied Sector84. ARM Cement Limited86. Bamburi Cement Company Limited89. Crown Paints Kenya Limited91. East African Cables Limited93. East African Portland Cement Company95. Energy And Petroleum96. Kenol Kobil Limited98. Kenya Electricity Generating Company (KENGEN)100. The Kenya Power & Lighting Co. Limited102. Total Kenya Limited104. Umeme Limited106. Insurance107. Britam Limited109. CIC Insurance Limited112. Jubilee Holdings Limited114. Kenya Reinsurance Corporation Limited116. Liberty Kenya Holdings Limited118. Pan Africa Insurance Company Limited121. Investment122. Centum Investment Company (ICDCI) Limited124. Olympia Capital Holdings Limited127. Transcentury Limited130. Manufacturing And Allied131. Boc Kenya Limited134. British American Tobacco Kenya Limited137. Carbacid Investments Limited139. East African Breweries Limited142. Eveready East Africa Limited145. Mumias Sugar Company Limited147. Unga Group Limited149. Telecommunication And Technology150. Accesskenya Group153. Safaricom


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.

How to use this Book

While reading this book, kindly remember that various companies have different financial year-ends.


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

8 Nairobi Securities Exchange | Handbook 2013

Agricultural Sector


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.


31-March 2012 2011 2009 2008Assets 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

BALANCE SHEET ( Kshs ‘000’)

FINANCIAL REVIEW OF THE GROUP


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


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.


31-Dec 2012 2011 2010 2009 200831-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

StatisticsNumber 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




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 BrooksM Koech, A L Carmichael, P Magor, A S Marsh

COMPANY SECRETARY: Mr. Gilbert K. Masaki


COMPANY BRIEF: The principal activities of the company are the cultivation, manufacture and sale of tea.


31-March 2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec

Assets EmployedNon-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 1,130,108 743,079 574,997Profit/(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




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.



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 10,259Net Current Assets 120,225 94,853 78,031 48,613 30,273

Total Assets 309,486 185,755 147,109 67,656 47,516


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


Total Financing 309,486 185,755 147,109 67,656 47,516

Turnover 116,012 102,504 123,859 91,130 69,528Profit/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


Earnings Per Share 84.86 33.74 62.37 22.47 14.11Net 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 21.62Dividend 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




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


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.


30th-September 2012 2011 2010 2009 2008Assets 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



Total Net Assets 2,118,634 1,863,504 1,270,167 1,189,672 1,077,524


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



Market InformationDividend 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




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 WaithakaMr. Steve Omenge Mainda, Mr. Akif Hamid Butt, Mr. Martin John Ernest Mr. Sameer Naushad Merali, Mr. I. A. Timamy* Resigned on 11th Dec 2012Mr. 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.


30th-September 2012 2011 2010 2009 2008Assets 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



Total Net Assets 8,337,352 8,878,592 8,541,016 7,590,872 6,435,083

Financed ByShare 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 & Exceptional Item

(85,225) 1,014,139 1,382,375 759,722 1,266,406

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


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




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




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 WanjamaD B White, A S Marsh

COMPANY SECRETARY: Gilbert K. Masai


COMPANY BRIEF: Cultivation, manufacture and sale of tea, investment in property and the sale of tea, and servicing of generators.



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 1,095,341Profit/(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)




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




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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


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


30th-September 2012 2011 2010 2009 2008Assets EmployedNon-Current AssetsInvestment 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 AssetsInventories

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 LiabilitiesCapital 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 OwnersOf The Parent

1,666,406 1,430,624 1,240,475 1,014,643 830,069

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


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)






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 Compay

119,755 - - - -

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


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


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

Statistics2012 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



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 MbobuMr. 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.


2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec

ASSETSNON CURRENT ASSETSProperty 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 ASSETSInventories 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 LIABILITIESEQUITYShare 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 LIABILITIESDeferred 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 LIABILITIESTrade 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





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 of foreign operations

(26,628) (11,862) (20,891) (20,219) -

Surplus on revaluation of property andequipment

677,197 - - 258,689 -

Deferred taxation thereon (203,159) - - (77,607) -

Share of surplus on revaluation of propertyand equipment of associate

54,234 - - - -

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

STATISTICSNumber of ordinary shares issued in calculation

582,709 582,709 582,709 582,709 582,709

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



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 NathaMadhuri 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



31St-March 2012 2011 2010 2009 2008Assets EmployedNon-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


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 RatiosCurrent 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)


Market InformationDividends Per Ord. Share (Kshs) - - - - -


Number Of Ord. Shares In Issue 14,393,106 14,393,106 14,393,106 14,393,106 14,393,106




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


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


31-Dec 2012 2011 2010 2009 2008Balance 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


Dividend 69,586 55,668 - 139,171 -



Taxation 110,865 51,498 4,803 63,459 14,674

Profit After Taxation 189,755 96,948 57,396 158,005 150,848

StatisticsNumber Of Ordinary Shares In Issue 278,342,393 278,342,393 278,342,393 278,342,393 278,342,393


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


Dividend Yield 6.02 4.55 - 11.40 -

Pay Out Ratio 0.37 0.57 - 0.88 -


Return On Equity 8% 4% 3% 7% 7%



Banking


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


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.



Assets EmployedCash And Balances With Central Bank Of Kenya

16,486 12,212 13,131 9,751 13,695

Financial Assets At Fair Value Thrugh Profir Or Loss

789 542 350 412 251

Government Securities:available For Sale Securities

47,536 37,599 55,996 43,861 28,307

Deposits And Balances Due From Bank-ing Institutions

1,282 913 935 1,061 1,654

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

LiabilitiesBalances 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 Institutions

1,724 123 92 262 1,401

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' EquityShare Capital 2,716 2,716 2,716 2,716 2,716

Revaluation Reserve:available-For-Sale Securities

(206) (2,332) 515 125 (247)

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 20,463Total 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





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 Business

- - 3,544 - -

Total Income 27,424 26,339 28,802 23,397 23,627

Impairment Losses On Loans And Advances

(144) (729) (1,200) (513) (1,282)

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)


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 During The Year

3,036 (4,067) 390 372 (385)

Deferred Income Tax Relating To Other Comprehensive Income

(910) 1,220 - - -

Actuarial Gains/( Losses) On Retirement Benefit Obligations

416 (1,138) - - -

Other Comprehensive Income, Net Of Tax

2,542 (3,985) 390 372 (385)

Total Comprehensive Income For The Year

11,283 4,128 10,989 6,463 5,140

StatisticsNumber Of Ordinary Shares Issued In Calculation

5,431 5,431 1,358 1,358 1,358



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%



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


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.

CFC STANBIC HOLDINGS LIMITED



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-ations

3,009,891 1,639,157 1,407,643 626,550 685,995

Profit After Tax (including discontinued operations)

3,009,891 1,838,992 1,787,368 35,928 846,593

STATISTICSNumber of ordinary shares issued in calculation

395,321,638 273,684,211 273,684,211 273,684,211 273,684,211


Dividends Per Share (Kshs) 0.73 - 0.80 - 0.28


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





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.




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 Advances

-4,736,000 -4,692,000 -4,346,000 -4,346,000 -7,509,000

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 83,486,000Customer 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


4,190,843,298 3,492,370,000 3,492,370,000 3,492,370,000 3,492,370,000



Net Assets Value Per Share(Kshs) 7.0 6.0 6.0 4.5 3.7


Dividend Yield 3.8 4.1 2.5 2.7 1.2

Pay Out Ratio 27% 26% 31% 24% 13%


Return On Equity 26.3 25.6 22.9 19.0 18.3

BALANCE SHEET ( Kshs ‘000)


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 ShamjiRafiuddin 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.“



Government Securities 22,744,510 11,366,826 13,479,158 9,226,700 10,188,683

Deposits And Balances Due From Banking Institutions

7,722,752 12,507,416 7,930,638 7,392,025 5,455,435

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


Total Assets 135,461,412 107,759,818 83,600,177 66,679,080 56,145,697

LiabilitiesBalances 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-tutions

2,727,304 2,144,957 2,408,330 2,120,495 830,134

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


Total Liabilities 116,834,491 94,510,999 73,340,498 58,590,882 49,125,280Shareholders' 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





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 1,626,811Share 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

StatisticsNumber Of Ordinary Shares Issued InCalculation

220,100,096 195,644,530 163,037,108 163,037,108 163,037,108




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



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




Assets Employed

Total Assets 243,170,000 196,294,000 143,018,000 100,812,000 78,879,000


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)


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


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




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 IreriDavid 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





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


Prepaid Operating Lease Rentals 47,329 47,973 48,615 49,257 49,900


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

LiabilitiesCustomers’ 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 ImpairmentLosses 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



Change In Fair Value Of Available-For-Sale Investments

(2,503) (34,000) - - -

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-lation

230,600 230,425 230,000 230,000 230,000



Net Assets Value (Kshs) 22.28 20.47 18.51 17.71 15.88


Dividend Yield 9% 10% 3% 3% 2%

Pay Out Ratio 43% 44% 42% 49% 38%



2012 2011 2010 2009 2008




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




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 LiabilitiesDue 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



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


Interest Income 43,082,218 28,501,387 23,109,793 17,968,455 14,745,585



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

StatisticsNumber Of Ordinary Shares Issued In Calcu-lation

2,970,340,356 2,968,746,156 2,950,259,818 2,217,777,777 2,217,777,777



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%


Return On Equity 25.0% 25.0% 18.0% 18.0% 20.0%



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.





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


Dividend Yield % 1.16 1.98 1.55 - -

Pay-Out Ratio % 7.67 - - - -





Number Of Shares In Issue 280,000,000.00 280,000,000 280,000,000 200,000,000 200,000,000


*Exlcudes 6% Preference Share Dividends Of Kshs 340,500,000 In 2008.


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


COMPANY BRIEF: NIC Bank Ltd (formerly National Industrial Credit Bank Limited) was incorporated in Kenya on 29th September 1959 as a joint venture betweenMercantile 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.





Assets Employed Government Securities 17,478,232 7,500,288 5,074,031 4,332,080 3,974,918


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 Equity 15,481,622 10,522,953 8,353,229 6,792,254 5,565,750Total Liabilities And Equity 108,348,593 78,984,005 59,013,922 47,558,241 42,619,119


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


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


Impairment On Loans And Advances 297,485 258,151 316,640 463,484 194,551



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 1,037,681Statistics

Number Of Ordinary Shares Issued Adjusted 542,984,148 542,984,148 542,984,148 542,984,148 542,984,148





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%


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


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


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 BankingConsumer 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 BankingWholesale 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.





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 Trading

2,914,556 41,222 3,271,603 2,326,700 1,615,561

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


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 - -


Intangible Assets 3,999,563 4,373,307 4,739,681 3,302 6,604


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 LiabilitiesDeposits 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


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



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


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



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 And Taxation

12,272,841 8,667,874 8,014,205 7,203,383 5,085,163

Net Impairment Losses On Loans And Advances

(716,650) (412,739) (332,321) (474,936) (365,349)


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 Investments

3,212,461 (4,616,524) 355,953 838,732 26,470

Deferred Tax On Change In Fair Value Of Avail-able-For-Sale Investments

(963,738) 1,372,529 (94,358) (265,510) 5,950

Revaluation Surplus - 401,412 - - 262,877

Deferred Tax On Revaluation Surplus - (104,614) - - (75,173)

Total Other Comprehensive Income/(Loss) For The Year

2,248,723 (2,947,197) 261,595 573,222 220,124

Total Comprehensive Income For The Year 10,318,256 2,889,624 5,637,786 5,305,976 3,470,937

StatisticsNumber Of Ordinary Shares Issued 309,159,514 287,077,134 287,077,134 271,967,811 271,967,811




Price to Earnings Ratio 8.83 8.30 13.89 9.79 14.11


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



COMMERCIALAND

SERVICES


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.





Assets EmployedNon-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


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


Total Financing 334,118 357,319 781,758 802,366 811,085

Turnover 229,908 450,324 856,512 892,928 802,973Profit/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)


Earnings/Loss Per Share (Kshs) 0.37 (6.47) (0.79) 0.43 (1.22)


Price-To-Earnings Ratio 9.51 (0.60) (9.83) 18.91 (10.65)

Dividend Yield % - - - - -

Pay-Out Ratio % - - - - -


Market InformationDividends Per Share (Kshs) - - - - -





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-WattMr. Dennis Awori, Mr. Josef Veenstra, Mr. V. Rague, Mr. Alex W. Mbugua

COMPANY SECRETARY: Ms. Fiona C. Fox


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.




31St-March 2012 2011 2010 2009 2008Assets 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 ByShare 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 - -


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


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 InformationDividends Per Share (Kshs) 0.81 1.50 1.00 1.00 1.75



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


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


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.





AssetsNon Current Assets

Property Plant & Equipments 174,027 162,211 105,218 88,515 71,162


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


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


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



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 For The Year

(49,470) 113,788 27,439 22,152 77,956

STATISTICSNumber Of Ordinary Shares Issued In Calculation

58,500 11,700 11,700 11,700 11,700

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


Mkt Price Per Share (Kshs) 18.50 - - - -

Price To Earning Ratio (48.17) - - - -


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



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 DowdenProf Lee Huebner, Mr Anwar Poonawala, Mr Gerard Wilkinson, Mrs Zuhura MuroDr Simon Kagugube, Mr James Montgomery, Prof Olive Mugenda, Dr Yasmin JethaMr Francis Okello, Njeri Karago

COMPANY SECRETARY: Mr James Kinyua


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.





Assets EmployedNon-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


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


Reserves 116,800 8,200 29,700 82,300 84,800


Proposed Dividends 1,178,400 1,021,300 1,021,300 570,400 570,400


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



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








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.


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


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.




2012 2011 2010 2009 2008Non - 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 AssetsTax Recoverable 109,105 134,187 30,646 32,212 58,958


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

EquityShare 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 Reserve

- - 40,625 - -

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




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-es

(3,291,430) (2,530,104) (1,686,276) (1,172,728) (1,023,647)

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 Foreign Operations

(7,935) 5,372 5,684 (5,252) (393)

Fair Value Gains On Financial Assets (Available For Sale)

- - 22,141 34,432 -


744,074 916,488 668,410 430,328 315,396


284,789,128 284,789,128 237,324,321 220,689,655 220,689,655




Price To Earning Ratio ^ 31.00 16.27 28.87 14.09 14.94


Pay Out Ratio 27% 27% 33% 28% 39%


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 Comprehensive Income

-12630 -186151 -61998 -2648 -8767


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


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.



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


Total Net Assets 2,382,845 2,317,738 2,270,328 2,153,000 1,841,004


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


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


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





Market Capitalization (Kshs) 1,777,646,074.5 1,855,613,150 3,369,685,683 2,784,451,102 3,663,751,450


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




2012 2011 2010 2009 2008

Assets Employed


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


Total Net Assets 11,438,115 11,516,544 10,265,172 6,008,161 5,489,639

Financed ByShare 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


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


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








*Reserves Include Revaluation And Translation Reserve


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* RetiredMr. 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.




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 ByShare 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


CONSTRUCTION AND ALLIED SECTOR


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 MurungiMr Daniel M Ndonye, Mr Michael Turner, Mr Andrew Alli, Mrs Stella Kilonzo

COMPANY SECRETARY: Mr R R Vora


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.




2012 2011 2010 2009 2008

Assets EmployedNon 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


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


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


Convertible Bond

Shareholders Fund 7,013,771 5,998,657 4,945,425 4,128,930 2,127,531


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 4,619,473Profit 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


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


Price -To- Book Value 1.08 0.97 1.36 1.25 1.99

Market InformationDividends 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


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


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


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




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


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)


10,712,000.00 5,815,000.00 4,678,000.00 5,900,000.00 2,870,000.00


362,959,275.00 362,959,275.00 362,959,275.00 362,959,275.00 362,959,275.00



Market Price Per Share (Kshs) 185.00 125.00 187.00 156.00 165.00



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


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




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


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



2012 2011 2010 2009 2008Assets Employed Non-Current Assets 669,019 646,037 492268 532286 571798Current 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

EquityShare 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 LiabilitiesDeferred 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


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)


Other Comprehensive IncomeRevaluation Of Property Plant And Equip-ment

- 72,474 - - -

Deferred Income Tax On Revaluation - (-21,742) - - -

Loss From Discontinued Operation - - - - (-2481)

Exchange Difference On Translation Of For-eign Operation

9,149 - - - -

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

StatisticsNumber Of Ordinary Shares Issued In Calcu-lation

23,727 23,727 23,727 23,727 23,727




Net Assets Value (Kshs) 95 93 83 78 82


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


Return On Equity 0.11 0.12 0.10 0.10 0.04



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 KanyagoMr. Michael Waweru

COMPANY SECRETARY: Ms. Virginia Ndunge


COMPANY BRIEF: The group’s principal activities continue to be the manufacture and sale of electrical cables and conductors.



Assets Employed


Current Assets 3,031,439 2,407,504 1,795,686 1,699,156 1,973,398



Total Net Assets 3,716,416 2,918,720 3,119,083 2,296,299 1,854,917

Financed ByShare 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 RatiosCurrent Ratio 1.20 1.16 1.28 1.36 1.66



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



Market Information


Share Price As At 31 December 11.70 10.55 16.25 20.25 26.25



Note: Reserves Include Revaluation ,Exchange And Revenue Reserves,



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


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.



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

AssetsNon-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


Non current Liabilities 6,976,194 5,727,774 4,499,714 4,421,319 3,870,221


Total Equity & Liabilities 14,091,006 13,530,871 12,037,565 12,035,963 9,073,345

Ratio AnalysisProfitability 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 -



ENERGYAND

PETROLEUM


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


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.





Current Assets 24,540,381 40,145,862 26,013,480 25,124,066 21,111,387


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


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 RatiosCurrent 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




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


*Increased Due To Purchase Of Issued Shares 45,480,000 Ordinary Shares Of Kobil Petroleum Ltd


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 NdetoGeorge M. Njagi, Dorcas F. Kombo, Henry N. M’Narobi, Hedrick Omanwa, Mary MichiekaHumphrey Muhu - Alternate to Joseph Kinyua, John Omenge - Alternate to Patrick Nyoike

COMPANY SECRETARY: Ms. Rebecca Miano


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).





Current Assets 22,288,066 19,539,034 32,849,414 12,748,759 10,655,138



Total Net Assets 148,143,916 149,736,697 143,597,071 102,736,136 99,068,607


Share Premium 5,039,818 - - - -

Reserves 26,324,186 63,922,683 65,034,964 56,718,143 60,650,745


Proposed Dividends 1,099,181 1,978,525


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 11,548,176Profit/(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


Earnings/(Loss)/Share (Kshs) 1.28 0.95 1.49 0.94 2.68



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


Market InformationDividends 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


*in 2008n non-current liabilities constituted Kshs 19,466,078,000 as borrowings


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.


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




Earnings Attributable To Shareholders 4,617,116 4,219,566 3,716,370 3,225,094 1,764,870


1,951,467,045 1,734,637,373 79,128,000 79,128,000 79,128,000



Pay Out Ratio 0.21 0.21 2.67 0.20 0.18



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 NguerMr. 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


COMPANY BRIEF: The principal activity of the company is the sale of petroleum products.


BALANCE SHEET ( Kshs ‘000’)31St Dec 2012 2011 2010 2009 2008

Assets EmployedNon 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


Total Net Assets 15,047,441 12,215,402 13,284,778 12,940,191 5,017,822

Financed ByShare 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


Proposed Dividends


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


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


Market InformationDividends 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





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 MaamarAdrian Mucalov, James Mulwana* Deceased

COMPANY SECRETARY: Shonubi, Musoke & Company Advocates


COMPANY BRIEF: The Company is licensed by Electricity Regulatory Authority to carry on electricity distribution and supply business in Uganda



BALANCE SHEET ( Ushs ‘000’)2012 2011 2010 2009 2008

ASSETS EMPLOYEDNon 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 BYShare Capital 27,748,000 - - - -

Share Premium 70,292,000 - - - -

Reserves


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 RATIOSCurrent 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 INFORMATIONDividends 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 - - - -


INSURANCE


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. MwangiMr. Saleem R. Beebeejaun, Mr. Nduva Muli, Mr. Bocar E. Dia, Mrs. Agnes N. Odhiambo

COMPANY SECRETARY: Mrs. Nancy K. Kiruki


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.



31st Dec 2012 2011 2010 2009 2008

ASSETS EMPLOYEDTotal 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 RATIOSEarnings 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 INFORMATIONDividends 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 - - -



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)



31St Dec 2012 2011 2010 2009 2008

Assets Employed Property And Equipment 349,185 314,759 242,756 214,504 186,919


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 Arrangements

10,084 16,923 144,440 278,732 311,839

Receivable Arising Out Of Direct Insur-ance Arrangements

1,144,634 704,490 670,063 271,990 210,580

Taxation Recoverable 2,450 - - 52 -

Due To Related Parties 16,621 - - - -

Reinsurers' Share Of Liabilities And Reserves

1,965,437 1,644,658 - - -

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-rity

2,101,355 2,491,569 1,160,164 960,037 870,702

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 LiabilitiesInsurance Contracts Liabilities 3,197,799 2,595,699 863,287 820,199 837,889

Provisions For Unearned Premium And Unexpired Risks

3,092,113 2,158,409 1,245,822 597,587 483,172

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 Arrangements And Insurance Bodies

134,799 146,888 21,142 27,940 47,088

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



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


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 Payable

(4,644,801) (3,149,844) (2,007,214) (1,488,467) (1,217,974)

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 IncomeSurplus On Revaluation Of Buildings 11,143 22,110 2,774 3,646 11,812

Faiv Value Gain/(Loss) On Available For Sale Investments

3,639 (8,559) 22,823 - -

Reversal Of Deferred Tax On Revalua-tion

- - - 5,899 (2,835)

Other Comprehensive Income For The Year

14,782 13,551 25,597 9,545 8,977


1,402,983 597,765 512,084 245,631 184,924


2,179,655 108,983 30,571 21,399 20,689




Price To Earning Ratio 5.55 - - - -

Dividend Yield 0.03 - - - -

Pay Out Ratio 0.16 0.33 0.01 0.14 0.16


Return On Equity 0.25 0.14 0.19 0.24 0.24



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 KisaameMr. 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


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).




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 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



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


Note: * Indicates The Following Reserves: Revaluation Surplus,General Reserves, And Translation Reserves


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 KinyuaMr. 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.




Assets EmployedTotal Assets 23,787,957 19,096,441 17,240,929 15,000,633 13,665,599


Total Net Assets 14,613,155 11,526,485 10,573,502 9,099,925 8,003,887


Reserves 3,863,184 2,417,861 2,728,076 2,326,562 2,303,542


Total Financing 14,613,155 11,526,485 10,573,502 9,099,925 8,003,887


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 RatiosEarnings Per Share (Kshs.) 4.00 3.19 2.57 2.21 2.47


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


Market InformationDividends 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



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


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.




Assets EmployedTotal 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 ByShare 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 RatiosEarnings Per Share (Kshs.) 1.72 1.84 - - -

Price-To-Earnings Ratio 3.89 3.55 - - -

Dividend Yield % 5.97 - - - -

Pay Out Ratio % 23.25 - - - -


Price-To-Book Value 0.64 0.81 - - -

Market InformationDividends 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 - - -


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


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,



31St Dec 2012 2011 2010 2009 2008

Assets EmployedIntangible Assets 104,142 43,950 23,195 6,051 8,240


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 Profit Or Loss

5,038,609 3,449,297 3,900,292 3,107,001 3,036,894

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 ReservesIssued 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

LiabilitiesInsurance 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-ministration Contracts

1,071,633 681,547 85,924 111,285 352,405

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)




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 Reinsurers

21,297 36,643 22,707 4,295 -

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 Expenses

(856,582) (733,046) (603,311) (417,092) (473,434)

Finance Costs - - - - -

Total Benefits, Claims And Other Expenses

(7,087,865) (3,690,608) (4,492,253) (3,287,749) (2,384,679)

Profit Before Share Of Profit Of Asso-ciate

832,976 550,917 359,301 107,283 117,334

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)


96,000,000 96,000,000 48,000,000 48,000,000 48,000,000

Earnings Per Share (Kshs) 7.27 4.62 6.14 2.89 (1.99)



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



INVESTMENT


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


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).




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 8,078,129Non-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 665,441,775 604,947,068 549,951,880 549,951,880 549,951,880Market Capitalization (Kshs.) 8,684,015,164 13,006,361,962 8,579,249,328 5,637,006,770 13,748,797,000


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. OpanyaMr. 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.



BALANCE SHEET ( Kshs ‘000’)31st Dec 2012 2011 2010 2009 2008

ASSETS EMPLOYEDTotal Assets 1,620,955 1,074,236 - - -

Total Liabilities 553,727 426,977 - - -

Total Net Assets 1,067,228 647,259 - - -

FINANCED BYShare 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 RATIOSEarnings 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 - - -


Price-to-Book Value 0.15 0.31 - - -

MARKET INFORMATIONDividends 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 - - -



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 KiunaNjeru 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 “



31St Dec 2012 2011 2010 2009 2008Non Current AssetsProperty, 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 AssetsInventory 1,593,541 1,709,228 1,944,264 1,472,136 1,431,168


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

EquityShareholders Equity 7,494,041 6,632,626 5,293,454 3,517,845 3,090,209

Non Current LiabilitiesConvertible 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 LiabilitiesLong 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



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-ating Expenses

(2,293,137) (2,036,391) (1,348,889) (991,019) (938,458)

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




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 - - - -


Earnings Attributable To Ordinary Shareholders

455,056 356,665 343,713 91,903 342,428

Non-Controling Interest 285,591 259,435 124,549 142,594 263,056



273,950,284 269,342,155 267,038,090 267,038,090 266,588,090




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


Price (As At 31St Dec) 23.50 27 Nm Nm Nm

Tev/Ebitda 6.98 8.13 6.28 6.25 4.01



MANUFACTURINGAND

ALLIED


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


COMPANY BRIEF:



31St Dec 2012 2011 2010 2009 2008

Non Current AssetsFixed Assets 601,921 645,204 738,976 809,139 820,577


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 AssetsInventory 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


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


1,454,811 1,328,551 1,521,385 1,533,794 1,454,108

Non Current LiailitiesDeferred Tax 11,501 29,462 96,411 87,083 56,019

Current LiabilitiesTax 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

- - - - -



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)



19,525 19,525 19,525 19,525 19,525





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


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




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


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.


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



Total Equity 7,097,917 6,412,067 5,114,312 4,672,076 4,893,645

Non-Current LiabilitiesBorrowings 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 AssetsInventories 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 LiabilitiesPayables 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


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





"Raw Materials And Manufacturing Costs

549,671 658,142 1,113,827 547,410 496,248

(Cost Of Operations In Years 2010, 2009 And 2008)"

(11,583,180) (11,874,723) (10,576,979) (8,779,231) (7,858,216)

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 IncomeGains From Revaluation Of Land And Buildings (Net Of Tax)

464,998 - - - -


3,735,850 3,097,755 1,767,236 1,478,431 1,700,395

Profit For The Year Attributable To:

Equity Holders Of The Parent Company (60%)

1,962,511 1,858,653 1,060,342 887,059 1,020,237

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 (60%)

2,241,510 1,858,653 1,060,342 887,059 1,020,237

Other Equity Holders (40%) 1,494,340 1,239,102 706,894 591,372 680,158


100,000,000 100,000,000 100,000,000 100,000,000 100,000,000



Net Assets Value (Kshs) 7,097,917,000 6,412,067,000 5,114,312,000 4,672,076,000 4,893,645,000


Dividend Yield 6.6% 12.4% 6.5% 8.3% 13.0%

Pay Out Ratio 99% 98% 99% 100% 100%


Return On Equity 46% 48% 35% 32% 35%

Mps At 31 December 493 246 270 178 131


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


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.



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



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 - - - -



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


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


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


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


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.




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



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 LiabilitiesBorrowings 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-ities

32,100,534 34,010,178 26,534,050 25,114,697 23,583,241

Non-Current AssetsProperty, 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 - - -


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 LiabilitiesPayables 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 - - -


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')




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-ers

10,643,587 7,362,675 7,179,029 6,884,386 7,553,794


790,774,356 790,774,356 790,774,356 790,774,356 790,774,356





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


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


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.




Assets EmployedNon 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 & LiabilityEquity

Share Capital 210,000 210,000 210,000 210,000 210,000


Total Equity 349,489 279,405 403,399 394,696 366,425 LiabilitiesNon - 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


Total Comprehensive Income(Loss) 70,084 (123,994) 8,703 28,271 17,840


210,000 210,000 210,000 210,000 210,000

Earnings Per Share (Kshs) 0.33 (0.59) 0.04 0.13 0.08

Dividends Per Share (Kshs) 0 0 0 0 0


Price To Earning Ratio


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



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 MukabanahMr J M Mruttu, Mr C Otolo

COMPANY SECRETARY: Mrs Emily Otieno


COMPANY BRIEF: The principal activities of the company are the production and sale of sugar, ethanol, water and the generation and sale of electricity.





Current Assets 7,171,360 6,511,659 6,495,834 5,111,932 4,581,346



Total Net Assets 21,679,458 19,965,708 14,831,766 13,715,376 10,754,480


Revaluation Surplus 3,350,880 3,552,456 1,535,846 1,687,251 1,827,343


Dividends Proposed

Share Holders Funds 15,723,686 14,476,007 10,999,852 10,039,469 9,041,497


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


Earnings Per Share-Kshs 1.32 1.26 1.03 1.05 0.79


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


Market InformationDividend 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


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


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.


BALANCE SHEET ( Kshs ‘000’)30th June 2012 2011 2010 2009 2008


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 The Parent

2,675,765 2,530,635 2,299,769 2,166,974 2,045,061

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



2,421,041 1,963,946 1,699,717 2,419,154 1,797,482


- - - - -



Profit For The Year Attributed to Equity Holders of the Parent

212,683 270,382 137,236 117,318 231,632

Dividends 56,780 56,780 37,853 - -


75,706,986 75,706,986 75,706,986 75,706,986 63,090,728







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


Return On Equity 8.73 11.78 7.02 5.89 12.61



TELECOMMUNICATIONAND

TECHNOLOGY


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.

ACCESSKENYA GROUP




Assets Employed Shs 000 Shs 000 Shs 000 Shs 000 Shs 000Non Current Assets Equipment 1,489,783 1,404,733 1,388,108 1,240,023 508,302


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 AssetsInventories 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


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


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 LiabilitiesBorrowings 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


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


Turnover 1,900,620 1,738,915 1,708,668 2,070,347 1,568,034





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 Interest,Tax,Deprecaition And Amortisation

700,491 593,819 374,843 335,743 304,838

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 Reclassification

- 7,620 - - -

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


Transfer Of Fair Value Gain On Esop Receivable To Profit And Loss

- (7,620) - - -

Net Gain On Re-Measurement Of Avaialble For Sale Financial Assets

- - - 2,977 -

Total Comprehensive Income/(Loss) For The Year

151,377 101,464 (7,951) 150,886 203,656

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 Share

0.69 0.50 (0.04) 0.72 0.94


218,038.0 207,656.0 207,227.0 207,227.0 203,581.0

Earnings Per Share (Kshs)* 0.69 0.50 (0.04) 0.72 0.94



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


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


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 KinyuaMr. Michael Joseph, Ms. Karen Witts, Ms. Nancy Macharia, Mr. Timothy HarrabinMr. Nicholas Read, Mr. John Tombleson* Alternate to Mr. Robert CollymoreMrs. Esther Koimett* Alternate to Mr. Joseph Kinyua

COMPANY SECRETARY: Mrs. Enid Muriuki


COMPANY BRIEF: The principal activities of the Group are the provision of mobile phone services, fixed line wireless telecommunication, internet and data services.




Current Assets 21,194,195 21,701,296 22,570,645 17,502,526 12,887,438



Total Net Assets 84,283,777 79,737,036 70,300,880 55,921,660 49,122,593


Share Premium 1,850,000 1,850,000 1,850,000 1,850,000 1,850,000




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



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




Market Information


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





CONTACT OF

NAIROBI SECURITIES EXCHANGE MEMBERS


Dyer & Blair Investment Bank LtdPension Towers, 10th floor,P.O. Box 45396 00100Tel: 3240000/2227803/4/5Fax: 2218633Email: [email protected]: www.dyerandblair.com

Francis Drummond & Company LimitedHughes Building, 2nd floor,P.O. Box 45465 00100Tel: 318690/318689Fax: 2223061Email: [email protected]: www.drummond.co.ke

Ngenye Kariuki & Co. Ltd.( Under Statutory Management)Corner House, 8th floor,P. O. Box 12185-00400Tel: 224333/2220052/2220141Fax: 2217199/241825Email: [email protected]: www.ngenyestockbrokers.co.ke

Suntra Investment Bank LtdNation Centre,7th Floor,P.O. Box 74016-00200Tel: 2870000/247530/2223330/2211846/0724- 257024, 0733-222216Fax: 2224327Email: [email protected]: www.suntra.co.ke

Old Mutual Securities LtdIPS Building, 6th Floor,P. O. Box 50338- 00200Tel: 2241350/4/79Fax: 2241392Email: [email protected]: www.reliablesecurities.co.ke

CFC Stanbic Financial ServicesCFC Stanbic House,P.O. Box 47198 – 00100Tel: 3638900Fax: 3752950Email: [email protected]: www.csfs.co.ke

Kingdom Securities LtdCo-operative Bank House,5th Floor,P.O Box 48231 00100Tel: 3276000Fax: 3276156Email: [email protected] Investment Bank LtdFinance House, 9th Floor,P.O. Box 11019-00100Tel: 2210178/2212989Fax: 2210500Email: [email protected]: www.afrikainvestmentbank.com

ABC Capital LtdIPS Building, 5th floor,P.O. Box 34137-00100Tel: 2246036/2245971Fax: 2245971Email: [email protected]

Sterling Capital LtdBarclays Plaza, 5th Floor,P.O. Box 45080- 00100Tel: 2213914/244077/ 0723153219/0734219146Fax: 2218261Email: [email protected]: www.sterlingstocks.com

ApexAfrica Capital LtdRehani House, 4th Floor,P.O. Box 43676- 00100Tel: 242170/2220517Fax: 2215554Email: [email protected]: www.apexafrica.com

Faida Investment Bank LtdWindsor House, 1st floor,P. O. Box 45236-00100Tel: 2243811/2/3Fax: 2243814Email: [email protected]: www.faidastocks.com

NIC Securities LimitedGround Floor, NIC House, Masaba Road,P.O.Box 63046 – 00200Tel: 2888 444 / 0711 041 444Fax: 2888 544Email: [email protected]

Standard Investment Bank LtdICEA Building, 16th floor,P. O. Box 13714- 00800Tel: 2228963/2228967/2228969Fax: 240297Email: [email protected]

Kestrel Capital (EA) LimitedICEA Building, 5th floor,P.O. Box 40005-00100Tel: 251758/2251893,2251815,2250082Fax: 2243264Email: [email protected]: www.kestrelcapital.com

Discount Securities Ltd. (Under Statutory management)Nairobi,P O Box 42489-00100Tel: 2219552/38, 2773000Fax: 2230987Email: [email protected]: www.dsl.co.ke

African Alliance Kenya Investment Bank Ltd1st Floor,Trans-national Plaza,P.O. Box 27639 - 00506Tel: 2762000/2762557/0733333140Fax: 2731162Email: [email protected]: www.africanalliance.com

Renaissance Capital (Kenya) LtdPurshottam Place ,6th Floor, Westland , Chiromo Road,P.O B 40560-00100Tel: 3682000/3754422Fax: 3632339Email: [email protected]: www.rencap.com

Genghis Capital LtdPrudential Building, 5th Floor,P.O Box 1670-00100Tel: 2337535/36, 8008561,2373984/968/969Fax: 246334Email: [email protected]

MEMBERS



NAIROBI SECURITIES EXCHANGEThe EXchange, 55 Westlands Road

P.O. Box 43633 00100 Nairobi Telephone: +254 20 2831000

Contact: [email protected]: www.nse.co.ke

Documents

2012-2013 HANDBOOKafrican-exchanges.org/.../nse_handbook.pdf · to present the NSE Handbook 2013. It is an annual publication of the Exchange containing a 5-year financial review