NSE Handbook

7/26/2019 NSE Handbook

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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: [email protected], Website: www.nse.co.ke


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3Nairobi Securities Exchange| Handbook 2013

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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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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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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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 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


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31-Dec 2012 2011 2010 2009 2008

31-Dec 31-Dec 31-Dec 31-Dec 31-Dec

Share Capital 98,000 98,000 98,000 98,000 98,000

Reserves 2,703,225 2,401,070 1,896,143 1,633,272 1,389,290

Non Controling Interest - 257,695 216,361 157,022 80,343

Total Equity 2,801,225 2,756,765 2,210,504 1,888,294 1,567,633

Non Current Liabilities 624,452 709,398 624,408 571,806 685,997

3,425,677 3,466,163 2,834,912 2,460,100 2,253,630

Non Current Assets 2,334,227 2,642,675 2,423,021 2,254,817 2,223,158

Current Assets 1,237,473 1,174,645 795,569 618,438 439,361

Current Liabilities 146,023 351,157 383,678 413,155 408,889

Net Current Assets 1,091,450 823,488 411,891 205,283 30,472

3,425,677 3,466,163 2,834,912 2,460,100 2,253,630

Income Statement ( Kshs '000')

Turnover 2,043,332 2,376,862 2,113,774 2,008,157 1,504,192

Gain on Biological Asset 63,686 217,422 124,837 64,562 181,439

Cost Of Production (1,277,868) (1,426,866) (1,279,724) (1,198,382) (1,121,010)

Gross Profit 829,150 1,167,418 958,887 874,337 564,621

Other (Expenditure) Income (369,056) (294,993) (415,201) (304,499) (232,349)

Operating Profit 460,094 872,425 543,686 569,838 332,272

Finance Income 107,712 47,668 15,357 6,084 292Finance Cost - - (414) (19,473) (51,399)

Profit Before Income Tax 567,806 920,093 558,629 556,449 281,165

Income Tax (159,150) (275,696) (169,963) (167,863) (74,562)

Profit For The Year 408,656 644,397 388,666 388,586 206,603

Other Comprehensive Income (3,552) 3,991 (3,287) - -

Total Comprehensive Income 405,104 648,388 385,379 388,586 206,603

Statistics

Number Of Ordinary Shares In Issue 19,600 19,600 19,600 19,600 19,600

Earnings Per Stock Unit (Kshs) 19.35 28.06 15.99 17.26 9.23

Dividends Per Stock Unit (Kshs) 3.75 3.75 2.50 2.50 1.00

Net Assets Value (Kshs 000) 2,801,225 2,756,765 2,210,504 1,888,294 1,567,633

Price To Earning Ratio 3.72 2.48 5.1 1.84 2.49

Dividend Yield % 5.00 5.00 3.00 8.00 4.00

Pay Out Ratio % 19.00 13.00 16.00 14.00 11.00

Price To Book Value(Kshs) 0.50 0.49 0.72 0.33 0.29

Return On Equity 0.15 0.23 0.18 0.21 0.13

Market Price Per Share 72.00 69.50 81.50 31.75 23.00

Net Asset Value Per Share (Kshs) 142.92 140.65 112.78 96.34 79.98




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30th-September 2012 2011 2010 2009 2008

Assets Employed

Non-Current Assets 1,497,062 1,394,594 1,120,525 911,560 840,611

Current Assets 879,556 894,146 586,491 502,524 791,353


Net Current Assets 621,572 468,910 149,642 278,112 236,913

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

Financed By

Share Capital 300,000 300,000 300,000 300,000 300,000

Share Premium 84,496 84,496 84,496 84,496 84,496

Translation Reserve/Deficit (115,103) (53,955) (114,520) (90,814) (54,149)

Retained Earnings 1,452,752 1,138,319 719,123 681,768 544,819

Proposed Dividend - - - - -

Shareholders' Funds 1,722,145 1,468,860 989,099 975,450 875,166

Non-Current Liabilities 396,489 394,644 281,068 214,222 202,358

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

Turnover 2,571,725 2,115,616 1,441,668 1,371,090 1,356,427

Profit Before Taxation 555,293 678,846 103,910 214,066 227,219

Taxation (174,860) (211,650) (36,555) (65,117) (59,066)

Profit/Loss After Tax 380,433 467,196 67,355 148,949 168,153

Financial Ratios

Current Ratio 3.41 2.10 1.34 2.24 1.43

Earning Per Share (Kshs) 6.34 7.79 1.12 2.48 2.80

Price To Earnings Ratio 2.68 1.89 15.95 4.47 6.07

Dividend Yield % 6.47 7.46 4.47 4.50 1.18

Pay Out Ratio % 0.17 0.14 0.71 0.20 0.07


Price To Book Value 0.48 0.47 0.85 0.56 0.95

Market Information

Dividend Per Share 1.10 1.10 0.80 0.50 0.20

Share Price As At 30 Sept. 17.00 14.75 17.90 11.10 17.00

Number Of Shares In Issue 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000

Market Capitalization (Kshs) 1,020,000,000 885,000,000 1,074,000,000 666,000,000 1,020,000,000




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SASINI TEA AND COFFEE LTD

SASINI LTD

COMPANY NAME: Sasini Ltd

PHYSICAL LOCATION: Sasini House, Loita Street, Nairobi

CHAIRMAN\LADYS NAME: Dr. James Boyd McFie

CHIEF EXECUTIVES NAME: Dr. Caesar J.M. Mwangi

NAMES OF OTHER DIRECTORS:Mr. Naushad Noorali Merali, Mrs. Lucy Waguthi Waithaka

Mr. Steve Omenge Mainda, Mr. Akif Hamid Butt, Mr. Martin John ErnestMr. 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 growingand processing of tea and coffee, commercial milling and marketing of coffee, value additionof related products, forestry, dairy operations, livestock and horticulture.


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WILLIAMSON TEA KENYA LIMITED

WILLIAMSON TEA KENYA LIMITED

COMPANY NAME: Williamson Tea Kenya Limited

PHYSICAL LOCATION: Karen Office Park, Langata Road, Nairobi.

CHAIRMAN\LADYS NAME: Nigel Sandys Lumsdaine

CHIEF EXECUTIVES NAME: A.L Carmichael

NAMES OF OTHER DIRECTORS:S.C.A Koech-Retired, S.N Thumbi, P. Magor, E N K Wanjama

D B White, A S MarshCOMPANY SECRETARY:Gilbert K. Masai

AUDITORS: Deloitte & Touche

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


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31-Dec 2012 2011 2010 2009 2008


Assets Employed

Non-Current Assets 4,796,004 3,705,964 3,399,119 1,549,815 2,977,624

Current Assets 2,447,223 2,326,779 1,929,587 493,345 602,701

Current Liabilities 1,017,203 687,396 948,494 179,735 276,030

Net Current Assets/(Liabilities) 1,430,020 1,639,383 981,093 313,610 326,671

Total Net Assets 6,226,024 5,345,347 4,380,212 1,863,425 3,304,295

Financed By

Share Capital 43,782.00 43,782 43,782 43,782 43,782

Reserves 4,148,921.00 3,853,331.00 3,316,470 1,470,460 2,401,075

Proposed Dividends - 1,074,119.00 - - -

Revaluation Surplus 586,797.00 239,867.00 - - -

Shareholders' Funds 4,192,703 4,971,232 3,360,252 1,514,242 2,444,857

Minority Interest 165,556.00 134,248 110,229 - 79,237

Non-Current Liabilities 1,280,968.00 1 ,074,119 909,731 349,183 780,201

Total Financing 6,226,024 5,345,347 4,380,212 1,863,425 3,304,295

Turnover 3607409 3 ,284,909 2,723,187 1,489,982 1,095,341

Profit/(Loss) Before Taxation 1,163,499.00 1 ,293,690 1,223,281 145,341 (-143,984)

Taxation (Charge/Credit) (308,759.00) (409,305.0) (347,226) (35,471) 46,467

Net Profit 854,740 (409,305) 876,055 109,870 (97,517)

Financial Ratios

Current Ratio 2.41 3.38 2.03 2.74 2.18

Earnings (Loss) Per Share (Kshs) 97.61 (46.74) 100.05 12.55 (11.14)

Price-To-Earnings Ratio 2.36 (3.96) 2.21 3.75 (5.16)

Dividend Yield % 3.26 6.76 2.83 8.51 0.87

Pay-Out Ratio % 7.68 (26.74) 6.25 31.88 (4.49)

Net Asset Value Per Share 711.03 610.46 500.23 212.81 377.36

Price-To-Book Value 0.32 0.30 0.44 0.22 0.15

Market Information

Dividend Per Share (Kshs) 7.50 12.50 6.25 4.00 0.500

Share Price As At 31March 230.00 185.00 221.00 47.00 57.500

No. Of Shares In Issue 8,756,320.00 8,756,320 8,756,320 8,756,320 8,756,320

Market Capitalization (Kshs) 2,013,953,600 1,619,919,200 1,935,146,720 411,547,040 503,488,400

Note:-Reserves Consists Of Revaluation Surplus And Revenue Reserve




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AUTOMOBILESAND

ACCESSORIES


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Design, installation and commission

Gensets maintenance contracts

24/7 emergency service

Equipped High Horsepower workshop

Dyno testing

Highly skilled and competent staff

On-shelf parts availability

Operator training

r & General is the franchised Cummins distributor for East Africa - Kenya, Uganda, Tanzania, Rwanda, Burundi, Ethiopia, Eritrea, Djibouti, Seychelles, Somalia and South Sudan

Tel: 020 - 6943000/100Cell: Nairobi: 0722 - 209876, Mombasa: 0722-209875

Kisumu: 0722-509935, Nakuru: 0728-606179Email : [email protected]

www.cargen.com

Availableex-stock8KVAto3,000KVA

Reliable Power

One source warranty, fully integrated power solutions

Generator sets, switchgears and controls designed,

built and tested by Cummins.


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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\LADYS NAME: N. Nganga

CHIEF EXECUTIVES NAME: Vijay Gidoomal

NAMES OF OTHER DIRECTORS:S. P. Gidoomal, B. Kiplagat, E. M. Grayson,Pratul Shah M. Soundarajan

COMPANY SECRETARY:N.P Kothari

AUDITORS: Deloitte & Touche

COMPANY BRIEF:Incorporated in 1936, Beacame a public company, floating shares on NSE in1950 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 everystreet every town. To be No. 1 in all markets we operate and become a 10 billion business inturnover by 2015. These are the core values that we have developed that make Car & Generalstand 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 lightconstruction equipment, Ingersoll-Rand air compressors, Briggs & Stratton power equipment(lawnmowers, gasoline generators, water pumps), Suzuki and TVS motorcycles, Piaggio threewheelers, Kubota tractors, MRF two and three wheeler tyres, Motorol lubricants, Electroluxlaundry equipment, Mariner outboard engines


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30th-September 2012 2011 2010 2009 2008

AssetsEmployed

Non-Current Assets

Investment Property 1,602,500 1,405,750 659,720 598,095 540,000

Property,Plant And Equipment 677,998 644,616 506,449 401,643 359,846

Operating Lease Prepayments 13,729 14,602 14,952 16,195 18,356

Intangible Assets 2,816 3,511 3,271 3,458 2,986

Defferred Tax Asset 11,178 5,770 8,929 - -

2,308,221 2,074,249 1,193,321 1,019,391 921,188Current Assets

Inventories

Trade And Other Receivables 2,200,610 2,290,769 1,694,544 1,409,482 1,113,362

Due From Related Parties 1,007,150 969,062 862,370 702,145 619,394

Tax Recoverable 2,148 1,973 - - -

Finance Lease Receivables 15,379 28,697 - - -

Cash And Bank Balances - - - - 20,932

171,892 197,489 121,058 79,480 75,644

Total Assets 3,397,179 3,487,990 2,677,972 2,191,107 1,829,332

5,705,400 5,562,239 3,871,293 3,210,498 2,750,520

Equity And Liabilities

Capital And Reserves

Share Capital - - - - -

Revaluation Surplus - - - - -

Revenue Reserve 167,097 167,097 111,398 111,398 111,398

Translation Reserve 283,089 256,430 204,143 165,657 149,723

Equity Attributable To Owners

Of 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 LiabilitiesBorrowings

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)




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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 866Gain 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)


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

Statistics

2012 2011 2010 2009 2008

Calculation 33,419,424 33,419,424 22,279,616 22,279,616 22,279,616Earnings 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


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CMC HOLDINGS LIMITED

CMC HOLDINGS LIMITED

COMPANY NAME: CMC Holdings Ltd

PHYSICAL LOCATION: Connaught House, Lusaka Road, Industrial Area

CHAIRMAN\LADYS NAME: Mr. Joel Kamau Kibe

CHIEF EXECUTIVES NAME: Mrs. Mary W. Ngige - Acting Manging Director

NAMES OF OTHER DIRECTORS: Mr. Joel K. Kibe, Mrs. Mary W. Ngige, Mr. Paul W. NdunguMr. 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 NairobiSecurities Exchange (NSE) in 1956. It is currently the largest listed automobile company onthe NSE. CMC Holdings Limited has a 100% percent ownership of the following subsidiarycompanies: 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 buildingcompany located in Thika.

The Groups principal activities comprise the sale and service of motor vehicles, tractors,associated spare parts and accessories, and specialised engineering equipment. The principalactivity of the Company is investment in subsidiaries and property.

CMC Holdings Limited, is a leading player in the East African motor industry with exclusivefranchises distribution for Ford, Volkswagen, Suzuki, Maruti, Mazda, Nissan Diesel, Eicher,Bobcat, MAN Trucks, Case construction, New Holland, Case tractors, extensive range offarming implements including Nardi ploughs and irrigation equipments. The companyfocuses on surpassing our customers expectations by assuring them comfort, durability andperformance that our wide range of brands offer.

CMC Motors Group Limited is the largest trading subsidiary of CMC Holdings Ltd and has avast 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 andArusha-Tanzania, CMC Holdings Ltd boasts of having the largest distribution network in theEast Africa region for agricultural equipment, vehicle, parts and service.


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2012 2011 2010 2009 2008


ASSETS

NON CURRENT ASSETS

Property and equipment 2,503,747 1,736,268 1,552,569 1,572,004 1,322,186

Investment Properties 13,801 23,133 23,735 24,337 28,403

Investment in associate 117,202 81,983 86,639 84,303 96,081

Prepaid operating lease rentals 199,606 233,918 230,233 229,456 46,826

Deffered trade receivables 65,329 195,042 549,544 495,501 416,886

2,899,685 2,270,344 2,442,720 2,405,601 1,910,382

CURRENT ASSETS

Inventories 6,908,574 8,531,892 7,134,919 6,285,374 5,662,205

Taxation recoverable 70,975 101,377 20,794 40,622 -

Trade and other receivables 2,945,615 3,502,726 4,924,510 4,441,237 4,196,968

Cash and bank balances 132,264 172,773 144,764 120,334 253,939

10,057,428 12,308,768 12,224,987 10,887,567 10,113,112

TOTAL ASSETS 12,957,113 14,579,112 14,667,707 13,293,168 12,023,494

EQUITY AND LIABILITIES

EQUITY

Share capital 291,355 291,355 291,355 291,355 291,355

Retained earnings 4,183,869 4,061,264 4,341,778 4,121,793 3,831,838

Revaluation surplus 1,352,859 858,107 875,281 892,543 724,026

Translation reserve (91,925) (65,297) (53,435) (32,544) (12,325)TOTAL EQUITY 5,736,158 5,145,429 5,454,979 5,273,147 4,834,894

NON CURRENT LIABILITIES

Deferred Taxation 329,218 96,971 228,032 264,983 201,233

Borrowings-other 311,227 274,959 143,529 147,575 -

Retirement benefits obligation 39,145 59,472 52,737 47,279 39,635

679,590 431,402 424,298 459,837 240,868

CURRENT LIABILITIES

Trade and other payables 2,623,257 4,112,272 3,372,941 2,787,026 5,848,823

Borrowings-other 3,205,466 2,723,014 1,957,997 1,631,151 986,675

Borrowings -Post Import Finance (PIF) 673,340 2,126,679 3,421,002 3,113,776 -

Taxation Payable 93,220

Unclaimed dividends 39,302 40,316 36,490 28,231 19,014

6,541,365 9,002,281 8,788,430 7,560,184 6,947,732

TOTAL EQUITY AND LIABILITIES 12,957,113 14,579,112 14,667,707 13,293,168 12,023,494

INCOME STATEMENT ( Kshs '000')

Sales 11,738,774 11,805,399 12,726,920 11,728,127 11,481,773

Cost of sales (9,214,705) (9,647,983) (10,239,726) (9,290,992) (8,772,973)

Gross profit 2,524,069 2,157,416 2,487,194 2,437,135 2,708,800Other operating income 18,613 34,089 57,929 53,811 143,816




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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 and

equipment

677,197 - - 258,689 -

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

Share of surplus on revaluation of property

and 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

STATISTICS

Number 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 2.29Return on Equity 0.02 -0.04 0.07 0.10 0.19



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MARSHALLS (E.A) LTD

MARSHALLS (E.A) LTD

COMPANY NAME: Marshalls (E.A) Ltd

PHYSICAL LOCATION: Marshalls, Kampala Road, Industrial Area

CHAIRMAN\LADYS NAME: Mr. Fred Okiki Amayo

CHIEF EXECUTIVES NAME: Abhimanyu Garhwal

NAMES OF OTHER DIRECTORS: Mukesh Vaya, Manish Nair, Arif Yusuf Hafiz, Iqbal NathaMadhuri Madhu Sudan, Hon. Joseph Kamotho

COMPANY SECRETARY:Jophece YogoCOMPANY BRIEF:The principal activity of the company is that of selling and servicing ofmotor vehicles


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31St-March 2012 2011 2010 2009 2008

Assets Employed

Non-Current Assets 369,993 893,951 842132 878,398 538,411

Current Assets 197,102 182,914 284076 555,572 671,689

Current Liabilities 174,466 673,297 570532 626,752 519,142

Net Current Assets 22,636 (490,383) (286,456) (71,180) 152,547

Total Net Assets 392,629 403,568 555,676 807,218 690,958

Financed By

Share Capital 71,966 71,966 71,966 71,966 71,966

Reserves - - 661,021 670,583 326,510

Retained Earnings 165,575 (419,411) - - -

Accumulated Losses (600,475) (265,315) (157,398)

Revaluation Surplus 154,588 740,513 - - -Propoded Dividends - - - - -

Shareholders Funds 392,129 403,568 132,513 477,234 241,078

Non-Current Liabilities 500 423,163 329,984 449,880

Total Financing 392,629 403,568 555,676 807,218 690,958

Turnover 234,306 263,078 604,815 592,843 894,585

Profit/Loss Before Taxation (165,527) 181,501 (344,722) (117,479) (169,688)

Taxation - - - - (-149)

Profit/Loss After Tax (165,527) 181,501 (344,722) (117,479) (169,837)

- - 344722 117479 -

Investor Ratios

Current Ratio 1.13 0.27 0.50 0.89 1.29

Earnings Per Ord. Share (Kshs) (11.50) 12.61 (23.95) (8.16) (11.80)

Dividend Yield % - - - - -

Pay-Out Ratio % - - - - -

Net Asset Value Per Ord. Share (Kshs) 27.28 28.04 38.61 56.08 48.01

Price-To-Earnings Ratio (1.05) 1.12 (0.79) (2.94) (1.60)


Market Information

Dividends Per Ord. Share (Kshs) - - - - -

Share Price As At 31 March 12.05 14.15 19.00 24.0 18.85

Number Of Ord. Shares In Issue 14,393,106 14,393,106 14,393,106 14,393,106 14,393,106Market Capitalization (Kshs) 173,436,927 203,662,450 273,469,014 345,434,544 271,310,048



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31-Dec 2012 2011 2010 2009 2008

Balance Sheet ( Kshs 000) 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec

Net Assets 2,326,723 2,249,788 2,168,142 2,282,567 2,135,566

Share Capital 1,391,712 1,391,712 1,391,712 1,391,712 1,391,712

Retained Earnings 865,425 802,408 776,430 751,684 743,854

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


Turnover 3,960,967 3,675,226 3,344,895 3,278,118 3,026,747


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

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

Statistics

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

Earnings Per Share (Kshs) 0.68 0.35 0.21 0.57 0.54

Dividends Per Share (Kshs) 0.25 0.20 0.00 0.50 0.00

Net Assets Value Per Share (Kshs) 8.36 8.08 7.79 8.20 7.67


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%



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31-Dec 2012 2011 2010 2009 2008


Assets Employed

Cash And Balances With Central BankOf Kenya

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

Financial Assets At Fair Value ThrughProfir Or Loss

789 542 350 412 251

Government Securities:available ForSale 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

Liabilities

Balances Due To Central Bank Of Kenya - - 3,105 1,503 -

Customer Deposits 137,915 124,207 123,826 125,869 126,408

Deposits And Balances Due To BankingInstitutions

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' Equity

Share Capital 2,716 2,716 2,716 2,716 2,716

Revaluation Reserve:available-For-SaleSecurities

(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 632Proposed Dividend 3,802 7,061 6,382 2,716 2,037

Total Shareholders' Equity 29,586 26,993 30,333 24,210 20,463

Total Equity And Liabilities 184,825 165,994 170,876 164,876 168,510


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




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CFC STANBIC HOLDINGS LIMITED

COMPANY NAME: CFC Stanbic Holdings LimitedPHYSICAL LOCATION: CFC Stanbic Centre, Chiromo Road, Nairobi Kenya

CHAIRMAN\LADYS NAME: Mr. Fred Ncruba Ojiambo, Mbs, Sc

CHIEF EXECUTIVES 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. RoseWairimu Kimotho, Mrs. Jane Babsa - Nzibo, Mr. Edward W Njoroge

COMPANY SECRETARY:Ms. Lillian Nduku Mbindyo

AUDITORS: Pricewaterhousecoopers

COMPANY BRIEF:CfC Stanbic Holdings Limited (CSHL) is the parent company of CfC StanbicBank Limited, a liscenced Commercial Bank regulated by the Central Bank of Kenya; and CfCStanbic Financial Services Limited, a liscenced Investment Bank regulated by the Capitalmarkets Authority. The company was incorporated in 1955 and listed on the Main InvestmentSegment of the NSE from 1979.

The CSHL Group expanded significantly by way of a merger between the operations of CfCBank 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 CfCStanbic Bank and CfC Stanbic Financial Services Limited (CSFS), both locally and regionally.The Companys focus on growth and provision of products and services of unrivaled qualityin the areas of banking, investment and financial services has seen it record growth in its

Profit After Tax (PAT) of about 256% since 2008 when it reported a PAT of Kes 846,539,000, toa PAT of Kes 3,009,891,000 reported in December 2012.

CFC STANBIC HOLDINGS LIMITED


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31-Dec 2012 2011 2010 2009 2008


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

STATISTICS

Number of ordinary shares issued incalculation

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 - 0.11Price 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




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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\LADYS NAME: Stanley C. Muchiri, EBS

CHIEF EXECUTIVES 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. GithenduMrs 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 incorporated in kenya in 1965. Currently its ranked in Tier one category and Listed in theNairobi Securities exchange in December 2008 with Co-operatives remaining the anchorand strategic investor with a 65% stake. The bank has adopted the universal banking modeloffering retail, corporate, Agribusiness, fund management, stockbroking, advisory andbancassurance services. The Bank has grown to be the third largest bank in Kenya with a TotalAsset 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 comprisedeposit products, including current accounts,deposit accounts and cards; loan productssuch as personal loans and personal mortgage loans among others. A wide range of servicesis also offered including electronic banking andmoney transfer among others. Bank productsand 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 andeducationschemes for co-opearives. In addition, it provides investment banking servicesand various foreign exchange services.


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2012 2011 2010 2009 2008


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 AndAdvances

-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 83,486,000

Customer Liabilities 163,149,000 144,514,000 129,226,000 92,529,000 67,159,000Other Liabilities 8,072,000 2,846,000 5,133,000 2,493,000 3,375,000

Total Liabilities 171,221,000 147,360,000 134,359,000 95,022,000 70,534,000

Net Assets / Shareholders Equity 29,367,000 20,951,000 19,980,000 15,656,000 12,952,000

Income Statement ( Kshs '000)

Net Interest Income 13,581,000 9,619,000 9,503,000 7054,000 5696,000

Non Interest Inome 10,200,000 8,687,000 6,168,000 4,664,000 3,954,000

Operating Expenses 13,171,000 11,387,000 9,231,000 7,354,000 5,888,000

Provision For Loans Impairment 999,000 710,000 799,000 628,000 403,000

Share Of Profit Of Associate 374,000 154,000 130,000 - -

Profit Before Tax 9,984,000 6,363,000 5,771,000 3,736,000 3,359,000

Profit After Tax 7,724,000 5,366,000 4,580,000 2,968,000 2,374,000

Statistics

Number Of Ordinary Shares Issued InCalculation

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%

Price To Book Value(Kshs) 1.9 1.6 2.6 1.7 2.3Return On Equity 26.3 25.6 22.9 19.0 18.3



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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\LADYS NAME: Abdul Samji

CHIEF EXECUTIVES 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 avariety of products and services to the East African market. DTB commenced commercialbanking services in July 1997, offering a full range of commercial financial services targetingprincipally small and midsized companies and the retail sector which it continues to do.DTBs financial strength and strong heritage has positioned DTB to become a leadingprovider of financial services in Kenya, Tanzania, Uganda and Burundi.

DTB has established an extensive network of over 91 branches in East Africa, stretchingfrom Arua in North Western Uganda to Zanzibar on the East African seaboard. DTB aims topromote economic development in the countries that it operates. The DTB group employsover 1,000 staff.

DTB Kenya is listed on the Nairobi Stock Exchange. Financial performance over the yearshas built confidence among the over 11,500 shareholders; Aga Khan Fund for EconomicDevelopment (AKFED), International Finance Corporation (IFC), Habib Bank Limited (anAKFED subsidiary) and Jubilee Insurance Company Limited rank amongst the Banks keyinstitutional investors.


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Interest Income 16,579,014 10,039,098 7,364,179 6,461,453 4,695,985

Interest Expense (7,332,628) (3,212,146) (2,481,417) (2,941,940) (2,257,251)

Net Interest Income 9,246,386 6,826,952 4,882,762 3,519,513 2,438,734

Net Fee And Commission Income 1,791,959 1,552,665 1,107,918 847,863 708,694

Foreign Exchange Income 1,186,297 996,483 683,208 610,574 487,934

Other Operating Income 95,785 195,719 1,083,705 89,980 33,439

Operating Income 12,320,427 9,571,819 7,757,593 5,067,930 3,668,801

Operating Expenses (5,188,686) (4,583,078) (3,671,376) (2,762,283) (1,851,463)

Impairment Loss On Loans And Advances (984,696) (588,789) (557,854) (295,682) (190,527)

Profit From Operations 6,147,045 4,399,952 3,528,363 2,009,965 1,626,811

Share Of Results Of Associate After Tax 2,149 (483) (1,452) - 8,765

Finance Costs (121,295) (92,056) (63,912) (80,103) (31,280)

Profit Before Income Tax 6,027,899 4,307,413 3,462,999 1,929,862 1,604,296

Income Tax Expense (1,959,921) (1,310,687) (980,829) (575,427) (477,831)

Profit For The Year 4,067,978 2,996,726 2,482,170 1,354,435 1,126,465

Profit Attributable To:

Owners Of The Bank 3,627,766 2,656,797 2,284,824 1,250,250 1,024,489

Non Controlling Interests 440,212 339,929 197,346 104,185 101,976

4,067,978 2,996,726 2,482,170 1,354,435 1,126,465

Statistics

Number Of Ordinary Shares Issued In

Calculation

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



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EQUITY BANK LIMITED

EQUITY BANK LIMITED

COMPANY NAME: Equity Bank Limited

PHYSICAL LOCATION: 9th Floor, Equity Centre, Hospital Road, Upper Hill.

Nairobi, Kenya

CHAIRMAN\LADYS NAME: Peter K. Munga

CHIEF EXECUTIVES NAME: Dr. James Mwangi

NAMES OF OTHER DIRECTORS: Dr. Julius Kangogo Kipngetich, Benson Irungu Wairegi,Fredrick Mwangi Muchoki, Ernest Mattho Nzovu, Babatunde Temitope Soyoye, TemitopeOlugbeminiyi Lawani, Prof. Shem Migot Adholla, Dr. Helen Wanjiru Gichohi, Alykhan NathooDennis Aluanga, David Raymond Ansell

COMPANY SECRETARY:Mary Wangari Wamae

COMPANY BRIEF:The Bank is engaged in the business of banking and is licensed under theBanking Act. The Bank has also invested in nine wholly owned subsidiaries


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31-Dec 2012 2011 2010 2009 2008


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)

Retained Earnings 25,088,000 17,715,000 11,204,000 7,110,000 4,498,000

Proposed Dividends 4,629,000 3,703,000 2,962,000 1,481,000 1,111,000Total 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 28.41Net 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



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HOUSING FINANCE COMPANY LIMITED

HOUSING FINANCE COMPANY LIMITED

COMPANY NAME: Housing Finance Company Limited

PHYSICAL LOCATION: Rehani House, Kenyatta Avenue/Koinange Street

CHAIRMAN\LADYS NAME: Mr. Steve Omenge Mainda

CHIEF EXECUTIVES 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 andpromote 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


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

Assets Employed

Cash And Balances With Banks 1,454,359 384,034 420,390 319,839 186,896

Placements With Other Banks 6,395,958 4,724,183 7,866,266 2,106,419 2,585,603

Investment In Government Securities 723,616 379,847 539,835 509,507 478,594

Mortgage Advances To Customers (Net) 30,293,711 25,222,836 19,503,400 14,495,208 10,414,658

Investment In Joint Venture 86,700 - - - -

Other Assets 384,425 246,178 200,208 83,203 118,474

Equity Investments 60,000 56,000 - - -

Housing Development Projects 442,055 20,130 20,130 20,130 20,130

Property And Equipment 716,708 705,208 600,417 580,907 349,856

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


Tax Recoverable 69,156 - - - 15,615

Deferred Tax Asset 272,637 81,949 76,050 70,743 65,022

Total Assets 40,956,577 31,870,916 29,278,396 18,239,359 14,294,368

Liabilities

Customers Deposits 22,937,649 18,671,586 15,943,341 12,219,449 10,063,830

Other Liabilities 784,326 329,927 321,598 220,443 178,122

Tax Payable 0 135,934 26,337 26,091 -

Loans From Banks 1,702,834 847,507 1,573,369 1,700,000 400,000

Borrowed Funds 181,891 - - - -

Corporate Bond 10,212,633 7,168,598 7,156,344 - -

35,819,333 27,153,552 25,020,989 14,165,983 10,641,952

Shareholders Equity

Share Capital 1,153,000 1,152,125 1,150,000 1,150,000 1,150,000

Reserves (Page16 & 17) 3,933,494 3,514,489 3,056,657 2,872,626 2,451,666

Shareholders' Income Notes And Loans 50,750 50,750 50,750 50,750 50,750

5,137,244 4,717,364 4,257,407 4,073,376 3,652,416

Total Liabilities And Shareholders Equity 40,956,577 31,870,916 29,278,396 18,239,359 14,294,368


2012 2011 2010 2009 2008

Interest Income 5,068,815 3,464,079 2,475,814 1,804,122 1,319,408

Interest Expense (3,118,780) (1,562,517) (1,074,826) (656,579) (488,690)

Net Interest Income 1,950,035 1,901,562 1,400,988 1,147,543 830,718

Impairment Losses On Mortgage Advances (197,766) (186,297) (238,445) (225,487) (98,747)

Net Interest Income After Impairment

Losses On Mortgage Advances 1,752,269 1,715,265 1,162,543 922,056 731,971

Non Interest Income 283,886 291,619 254,196 226,902 213,624

Non Interest Expenses (1,128,524) (1,031,089) (855,711) (797,840) (742,925)


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


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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

Earnings Per Share (Kshs) 3.22 2.70 1.65 1.02 0.79Dividends Per Share (Kshs) 1.40 1.20 0.70 0.50 0.30

Net Assets Value (Kshs) 22.28 20.47 18.51 17.71 15.88


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

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


Return On Equity 14% 13% 9% 6% 4%

2012 2011 2010 2009 2008

Market Price Per Share 15.45 12.40 26.50 18.00 19.40



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KENYA COMMERCIAL BANK LTD

KENYA COMMERCIAL BANK LTD

COMPANY NAME: Kenya Commercial Bank Ltd

PHYSICAL LOCATION: Kencom House, Moi Avenue

CHAIRMAN\LADYS NAME: Mr. Ngeny Biwott

CHIEF EXECUTIVES 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 10years 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 andBurundi. Due to the size of its balance sheet, the Bank is able to lend to Corporates and Government Institutions acrossEast Africa. In line with the growth in its performance the Bank continuous to invest in people and human developmentacross the region through its KCB Foundation that sustainably supports Education, Enterprise Development, Environment,Health and Humanitarian Intervention. The Bank invests 1% of the Groups profit before tax (of the previous year) to theFoundation. With 5,162 employees, 330 branches and over 5,000 agents the Bank is among the largest job creators in theregion. The Bank also contributes to Job creation by lending to the Womens Groups, Rural area farmers, Micro and SMEsector. The Bank continuously ensures Capacity building and knowledge transfer to its customers (i.e. advice and expertisepassed 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, seminarsand 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 bestpractice skills through by organizing seminars locally and internationally. The Bank frequently rolls out Channel Migrationcampaigns educating the customers on different options of performing banking transactions over and above the Branchesand ATMs including Mobile Banking, Agency Banking and Internet Banking. These recent and ongoing innovations ensuresthat the bank maintains its leadership position and also facilitates access to finance in the rural areas where the bank isactively 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 itsdiversified programmes. KCBs Tuungane group loan is designed to cater for financing requirements for women, facilitatedby third party guarantees as women mainly lack collateral. The Banks Micro Banking products and services are designed to

cater for financing requirements of the small and micro enterprises and facilitated by easily accessible collateral. Diasporabanking provides access to service for individuals interested in banking back home from foreign countries. Going forwardthe 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, Developingbest-in-class enabling processes, Research and Innovation. The Bank has recently marked the end of its restructuringexercise through the appointment of 6 new senior executives. These appointments are part of the KCB Transformationjourney that started in 2011 to review the Banks corporate and governance structures, business model as well as review jobroles 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 improvingcustomer service, leading through innovation, growing market share particularly in Small and Medium Enterprises andfurther 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 excellencein customer care, innovative products and services and efficiency, and management is refocusing its energy, processes andtechnology 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 forour youth, leverage on people skills to thrive in competitive banking landscape


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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\LADYS NAME: Mohamed A. Hassan

CHIEF EXECUTIVES NAME: Munir Sheikh Ahmed

NAMES OF OTHER DIRECTORS: Eng. E. K. Mwongera, Mr. F. L. Atwoli, Mr. I. M. MworiaMr. 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 theprovision of banking, financial and related services.


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31-Dec 2012 2011 2010 2009 2008


Assets Employed

Total Assets 67,154,805.00 68,664,516 60,026,694 51,404,408 42,695,700

Total Liabilities 56,704,829.00 58,208,042 50,097,083 43,496,716 36,487,855

Total Net Assets 10,449,976 10,456,474 9,929,611 7,907,692 6,207,845

Financed By

Share Capital 7,075,000.00 7,075,000 7,075,000 6,675,000 6,675,000

Share Premium - - - 370,585 370,585

Revaluation Surplus 564,018.00 603,559 643,100 682,641 454,679

Reserves 2810958.00 2,777,915 2,211,511 179,466 (1,292,419)

Shareholders Loans - - - - -Total Financing 10,449,976 10,456,474 9,929,611 7,907,692 6,207,845

Profit Before Taxation 1147408.00 2,443,850 2,697,823 2,159,441 1,796,565

Taxation (417,656.00) (897,737) (675,904) (696,486) (555,955)

Net Profit 729,752 1,546,113 2,021,919 1,462,955 1,240,610

Financial Ratios

Earnings Per Share (Kshs.)* 2.61 5.52 7.22 7.31 6.20

Price-To-Earnings Ratio 6.62 3.67 5.37 5.33 6.93

Dividend Yield % 1.16 1.98 1.55 - -

Pay-Out Ratio % 7.67 - - - -



Market Information

Dividends Per Share (Kshs.) 0.2 0.4 1.0 0.00 0.00

Share Price As At 31 Dec. 17.25 20.25 39.00 39.00 43.00

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

Market Capitalization (Kshs.) 4,830,000,000 5,670,000,000 10,850,000,000 7,800,000,000 8,600,000,000

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


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2012 2011 2010 2009 2008


Assets Employed

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

Loans And Advances To Customers 71,540,092 56,624,621 40,754,979 32,511,082 29,954,948

Property And Equipment 1,009,891 967,988 750,530 798,255 673,997

Others 18,320,378 13,891,108 12,434,382 9,916,824 8,015,256

Total Assets 108,348,593 78,984,005 59,013,922 47,558,241 42,619,119

Liabilities

Customer Deposits 83,379,576 66,293,053 48,492,224 39,514,275 35,238,381Line 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 5,565,750

Total 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



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


Profit Before Tax 4,517,967 3,604,948 2,608,392 1,526,793 1,484,174

Income Tax Expense 1,481,173 897,811 744,474 441,075 446,493

Profit For The Year 3,036,794 2,707,137 1,863,918 1,085,718 1,037,681

Statistics

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





Dividend Yield 2.6% 2.1% 1.1% 1.6% 0.8%

Pay Out Ratio 16.6% 9.0% 10.9% 18.2% 19.0%

Price To Book Value(Kshs) 1.34 1.24 2.99 2.50 5.85Return 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


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STANDARD CHARTERED BANK KENYA LTD

STANDARD CHARTERED BANK KENYA LTD

COMPANY NAME: Standard Chartered Bank Kenya Ltd

PHYSICAL LOCATION: [email protected], 48 Westlands Road, P.O Box 30003-00100,GPO, Nairobi, Kenya.

CHAIRMAN\LADYS NAME: Mrs. Anne Mutahi

CHIEF EXECUTIVES NAME: Richard Etemesi

NAMES OF OTHER DIRECTORS: Michael C. Hart - Non-Executive Director, Kariuki Ngari - ExecutiveDirector, Consumer Banking, Chemutai Murgor - Executive Director, Finance & Chief FinanceOfficer, Kaushik Shah - Non-Executive Director, Les Baillie - Non-Executive Director Patrick

Obath - Non-Executive Director, Robin Bairstow - Executive Director, Origination and ClientCoverage, Nancy Oginde.

COMPANY SECRETARY:Nancy Oginde

AUDITORS: KPMG Kenya

COMPANY BRIEF: Standard Chartered Bank Kenya Limited was established in 1911 with the firstbranch opened in Treasury Square, Mombasa. Today, 102 years later, Standard Chartered Bankis one of the leading banks in Kenya, with an excellent franchise. It has a total of 34 branchesspread 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 Banks total shares. It is apublicly 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 havea diversified portfolio cutting across select sectors that include business services, manufacturing,wholesale and retail trade, transport and communications, real estate, agriculture, energy andwater. Further underpinning its importance, Standard Chartered Bank Kenya Limited hoststhe 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 focusingon priority and International Banking, SME, Preferred and Personal Banking segments. Throughthis customer centric approach, the customers are able to access wealth management productssuch 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 asletters of credit, trade services and foreign exchange products are available to customers. Otherservices offered by Consumer Bank include mobile and internet banking.

Wholesale BankingWholesale banking offers lending, trade and cash management in commercial banking. It alsooffers FX sales and trading, derivatives, options, structured trade finance, assets and liabilitiesmanagement, syndications and fixed income.


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

Assets Employed

Cash And Balances With Central Bank Of Kenya 13,575,454 12,005,054 8,210,822 7,728,872 7,380,062

Government And Other Securities Held ForTrading

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

Loans And Advances To Customers 112,694,523 96,097,823 60,336,829 56,694,876 43,298,819

Investment Securities 42,973,924 25,012,421 52,161,984 43,473,479 22,273,708

Amounts Due From Group Companies 10,158,076 16,678,067 5,208,201 7,384,694 15,683,293

Tax Recoverable - - - - 41,751

Non-Current Asset Held For Sale - 57,724 334,770 - -Property And Equipment 4,034,210 4,055,767 3,341,337 2,343,765 1,512,616

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

Prepaid Operating Lease Rentals 262,462 107,042 110,513 204,449 209,079

Deferred Tax Asset - 327,104 - 80,616 274,858

Other Assets 2,009,820 2,363,857 1,503,605 1,976,002 3,329,414

Total Assets 195,352,756 164,046,624 142,746,249 123,778,972 99,019,571

Liabilities And Shareholders' Equity

Liabilities

Deposits From Banks 3,514,244 7,738,987 4,212,680 10,532,297 2,806,333

Deposits From Customers 140,524,846 122,323,049 100,504,065 86,773,652 76,898,456

Derivative Financial Instruments 607,225 822,806 285,491 242,930 3,696,116Amounts Due To Group Companies 13,751,932 8,183,214 10,397,957 7,846,663 138,264

Tax Payable 932,068 108,172 36,247 309,423 -

Deferred Tax Liability 337,865 - 1,098,526 - -

Retirement Benefit Obligations 25,000 49,000 165,076 121,413 135,007

Other Liabilities 4,906,762 4,126,940 5,715,085 3,960,439 3,846,588


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 6 66,296 93,074

Statutory Credit Risk Reserve 454,017 452,010 259,155 179,070 191,336

Retained Earnings 14,304,972 10,240,075 7,872,096 6,607,254 5,280,702

Proposed Dividends 4,032,494 3,325,848 2,524,846 1,988,465 1,444,069

Total Shareholders' Equity 30,752,814 20,694,456 20,331,122 13,992,155 11,498,807

Total Liabilities And Shareholders' Equity 195,352,756 164,046,624 142,746,249 123,778,972 99,019,571


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31-Dec-12 31-Dec-11 31-Dec-10 31-Dec-09 31-Dec-08

Kshs' 000 Kshs' 000 Kshs' 000 Kshs' 000 Kshs' 000

Income Statement

Interest Income 19,375,477 12,011,253 9,777,689 9,347,475 7,445,466

Interest Expense (5,633,275) (2,159,959) (1,662,125) (2,010,197) (1,568,347)


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


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)

Profit Before Taxation 11,556,191 8,255,135 7,681,884 6,728,447 4,719,814

Income Tax Expense (3,486,658) (2,418,314) (2,305,693) (1,995,693) (1,469,001)

Net Profit For The Year 8,069,533 5,836,821 5,376,191 4,732,754 3,250,813

Other Comprehensive Income /(Loss)

Change In Fair Value Of Available-For-Sale

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

Statistics

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



Net Assets Value Per Share (Kshs) 99.47 72.09 70.82 51.45 42.28

Price to Earnings Ratio 8.83 8.30 13.89 9.79 14.11

Dividend Yield 5% 7% 5% 7% 6%

Pay Out Ratio 47% 57% 73% 73% 88%

Price to Book Value (Khs) 2.36 2.22 3.64 3.13 3.78

Return On Equity 30% 33% 30% 39% 32%

Market Price Per Share 235 160 258 161 160



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COMMERCIALAND

SERVICES


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66/158




31-Dec 2012 2011 2010 2009 2008


Assets Employed

Non-Current Assets 431,624 629135 1,162,617 1,150,331 1,136,245

Current Assets 63,985 137,663 179,082 153,785 184,379

Current Liabilities 161,491 409,479.00 559,941 501,750 509,539

Net Current Assets (97,506) (271,816) (380,859) (347,965) (325,160)

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

Financed By

Share Capital 177,019 177,019 177,018 177,018 177,018

Share Premium 10,502 10,502 - - -Reserves 10,766 (16,963) 219,350 224,741 205,933

Proposed Dividends - - - - -

Minority Interest - (-15282) (12,006) 10,694 49,155

Shareholders Funds 198,287 155,276 384,362 412,453 432,106

Non-Current Liabilities 135,831 202,043 397,396 389,913 378,979

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

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

Profit/Loss Before Taxation (13,236) (222,355) (14,869) 25,916 (-52,864)

Taxation 26,264 (6,733.00) (13,222) (10,846) 9,628

Loss/Profit For The Year 13,028 (-229,088) (-28,091) 15,070 (-43,236)

Investor Ratios

Current Ratio 0.40 0.34 0.32 0.31 0.36

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


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

Dividend Yield % - - - - -

Pay-Out Ratio % - - - - -


Market Information

Dividends Per Share (Kshs) - - - - -

Share Price As At 31 Dec. 3.50 3.90 7.80 8.05 13.00

Number Of Shares In Issue 35,403,790 35,403,790 35,403,790 35,403,790 35,403,790

Market Capitalization (Kshs) 123,913,265 138,074,781 276,149,562 285,000,510 460,249,270


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31-Dec 2012 2011 2010 2009 2008


Assets

Non 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 11,309Short Term Deposits - - 43,653 21,407 102,463

Cash & Bank Balances 12,344 60,458 47,330 46,686 47,802

444,044 526,934 379,942 300,481 305,277

Total Assets 661,675 709,653 523,000 431,357 418,496

Equities & Liabilities

Capital & Reserves

Share Capital 58,500 58,500 58,500 58,500 58,500

Share Premium 5,039 5,039 5,039 5,039 5,039

Retained Earnings 235,999 346,214 236,178 220,439 233,387

Translation Deficit (34,953) (7,948) - - -

264,585 401,805 299,717 283,978 296,926

Non Current Liabilities

Loan Payable - 9,600 22,920 - -

Current Liabilities

Trade & Other Payables 376,773 252,645 174,257 147,333 121,570

Tax Payable 968 26,403 1,026 46 -

Loan Payable 9,600 19,200 25,080 - -

Overdraft 9,749 - - - -

397,090 298,248 200,363 147,379 121,570

Total Equity & Liabilities 661,675 709,653 523,000 431,357 418,496


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


71/158



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

STATISTICS

Number 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) - - - -

Dividend Yield - - - - -

Pay Out Ratio - 0.69 0.54 0.58 0.45

Price To Book Value(Kshs) 4.09 - - - -

Return On Equity (0.08) 0.32 0.07 0.07 0.26



72/158


NATION MEDIA GROUP LIMITED

NATION MEDIA GROUP LIMITED

COMPANY NAME: Nation Media Group Limited

PHYSICAL LOCATION:Nation Centre, Kimathi Street, Nairobi

CHAIRMAN\LADYS NAME: Mr. Wilfred D. Kiboro

CHIEF EXECUTIVES 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

AUDITORS: Pricewaterhouse Coopers

COMPANY BRIEF:The principal activities of the Group are the publication, pr

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