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    2012-2013

    HANDBOOK

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    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 SecuritiesExchange (NSE). Care has been taken in the preparation of this Handbook, however no representation, warranty or undertakingis given by the Nairobi Securities Exchange as to the accuracy of the information contained therein and accepts no responsibilityor 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: marketing@nse.co.ke, Website: www.nse.co.ke

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    CHIEF EXECUTIVES NOTE

    The Nairobi Securities Exchange is pleasedto present the NSE Handbook 2013. It is anannual publication of the Exchange containinga 5-year financial review of all companies thathave listed equity on the Nairobi SecuritiesExchange. The Handbook has been compiledfrom the 2012 Annual Reports of all the listedcompanies.

    The information contained in the Handbook isintended to serve as a general reference. It does

    not, by itself, provide answers to all questionswhich should be asked about listed equitiesand their prospects. It should prove to be auseful guide for investment decision-makingand market analysis. Our aim is to provideretail as well as institutional investors with keymanagement and statistical information thatwill help them gain a better understandingof the companies in which they have alreadyinvested or plan to invest.

    We trust that you will benefit immensely

    from the contents of this annual publicationof the Nairobi Securities Exchange and yourcomments and feedback will be highlyappreciated.

    PETER MWANGI

    CHIEF EXECUTIVE

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    4Nairobi Securities Exchange| Handbook 2013

    Table of Content

    6. How To Use This Book7. Financial Ratios Used In The Book

    8. Agricultural Sector

    9. Eaagads Limited

    12. Kakuzi Limited

    14. Kapchorua Tea Company Limited

    16. Limuru Tea Company Limited

    18. Rea Vipingo Plantations Limited

    20. Sasini Tea And Coffee Limited

    22. Williamson Tea Kenya Limited

    24. Automobiles And Accessories

    26. Car And General (Kenya) Limited

    30. CMC Holdings Limited

    33. Marshalls (EA) Limited

    35. Sameer Africa Limited

    37. Banking

    38. Barclays Bank Of Kenya Limited

    41. CFC Stanbic Bank

    44. Co-operative Bank Of Kenya

    46. Diamond Trust Bank (Kenya) Limited

    49. Equity Bank Limited

    52. Housing Finance Company Limited

    55. Kenya Commercial Bank Limited

    57. National Bank Of Kenya Limited

    59. NIC Bank Limited

    61. Standard Chartered Bank Kenya Limited

    64. Commercial And Services65. Express Kenya Limited

    67. Kenya Airways Limited

    69. Longhorn Kenya Limited

    72. Nation Media Group Limited

    74. Scangroup Limited

    77. Standard Group Limited

    79. TPS Eastern Africa Limited (Serena Hotels)

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    Table of Content

    81. Uchumi Supermarket Limited83. Construction And Allied Sector

    84. ARM Cement Limited

    86. Bamburi Cement Company Limited

    89. Crown Paints Kenya Limited

    91. East African Cables Limited

    93. East African Portland Cement Company

    95. Energy And Petroleum

    96. Kenol Kobil Limited

    98. Kenya Electricity Generating Company (KENGEN)

    100. The Kenya Power & Lighting Co. Limited

    102. Total Kenya Limited

    104. Umeme Limited

    106. Insurance

    107. Britam Limited

    109. CIC Insurance Limited

    112. Jubilee Holdings Limited

    114. Kenya Reinsurance Corporation Limited

    116. Liberty Kenya Holdings Limited

    118. Pan Africa Insurance Company Limited

    121. Investment

    122. Centum Investment Company (ICDCI) Limited

    124. Olympia Capital Holdings Limited

    127. Transcentury Limited

    130. Manufacturing And Allied

    131. Boc Kenya Limited

    134. British American Tobacco Kenya Limited137. Carbacid Investments Limited

    139. East African Breweries Limited

    142. Eveready East Africa Limited

    145. Mumias Sugar Company Limited

    147. Unga Group Limited

    149. Telecommunication And Technology

    150. Accesskenya Group

    153. Safaricom

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    6Nairobi Securities Exchange| Handbook 2013

    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 doesnt. 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 eitherbe 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.

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    Financial Ratios used In the Book

    o Current Ratio = Total Current AssetsTotal 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

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    10Nairobi Securities Exchange| Handbook 2013

    31-March 2012 2011 2009 2008

    Assets Employed

    Non Current Assets 488,369 268,119 218,174 216,752

    Current Assets 84,987 86,803 41,887 60,037

    Current Liabilities 4,530 14,604 6,250 25,606

    Net Current Assets 80,457 72,199 35,637 34,431

    Total Net Assets 568,826 340,318 253,811 251,183

    Financed By

    Share Capital 20,098 20,098 20,098 10,049

    Reserves * 180,965 246,147 174,363 182,623

    Revaluation Surplus 280,386 - - -

    Proposed Dividends - - - -

    Shareholders' Funds 481,449 266,245 194,461 192,672

    Non Current Liabilities 87,377 74,073 59,350 58,511

    Total Financing 568,826 340,318 253,811 251,183

    Turnover 157,075 184,597 120,298 71,259

    Profit/(Loss) Before Taxation 36,178 101,480 16,830 42,960

    Taxation (Credit/Charge) (14,373) (29,696) (4,992) (13,274)

    Net Profit 21,805 71,784 11,838 29,686

    Financial RatiosCurrent 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

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    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 andeffective traceability systems are in place and an essential part of the food safety management