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
4Nairobi Securities Exchange | Handbook 2013
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)
5Nairobi Securities Exchange | Handbook 2013
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
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 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.
7Nairobi Securities Exchange | Handbook 2013
Financial Ratios used In the Book
o Current Ratio = Total Current Assets Total Current Liabilities
o Earnings Per Share = Earnings Attributable to Shareholders Number of Outstanding Shares
o Price-to-Earnings Ratio = Market Price Per Share Earnings Per Share
o Dividend Yield = Dividend Per Share Market Price Per Share
o Pay Out - Ratio = Dividend Per Share Earnings Per Share
o Dividend Per Share = Dividend (Kshs) Paid Total Number of Shares Issued
o Market Price to Book Value (Kshs.) = Market Capitalization Net Assets Value
o Price-to-Earnings Ratio (P/E) = Market Price Per Share Earnings Per Share
o Net Asset Value Per Share (Kshs.) = Total Net Assets Number of Outstanding Shares
o Return on Equity = Net income (Profit After Tax). Equity
8 Nairobi Securities Exchange | Handbook 2013
Agricultural Sector
9Nairobi Securities Exchange | Handbook 2013
EAAGADS LIMITED
EAAGADS LIMITED
COMPANY NAME: Eaagads Limited
PHYSICAL LOCATION: Ngenda Road, Ruiru
CHAIRMAN\LADY’S NAME: Mr. Lucas A. Omariba
CHIEF EXECUTIVE’S NAME: Mr. C.J Coote
NAMES OF OTHER DIRECTORS: Mr. Fabian Philippart, Mr. D C A Harries
COMPANY SECRETARY: Mr. John L.G Maonga
AUDITORS: Deloitte & Touche
COMPANY BRIEF: The principal activity of the company is growing and selling of coffee.
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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
11Nairobi Securities Exchange | Handbook 2013
PRODUCER OF QUALITY:
AVOCADOS, PINEAPPLES, TREATED POLES, LIVESTOCK, HALAL MEAT
Kakuzi Ltd is an Agro-Industrial enterprise located in Makuyu in Thika and Maragwa District of Central Province, in the Republic of Kenya Freshness, taste, appearance and value are the key criteria for Kakuzi as a producer and no product that falls below these high quality standards is acceptable. Personnel at all levels in the business have a high level of commitment and technical competence to ensure the safety of the consumer. Comprehensive and effective traceability systems are in place and an essential part of the food safety management system. Kakuzi Ltd abides by the principle of “wise use” agriculture through education and hands on practical management. It also appreciates its non-commercial as well as commercial relationships which include Corporate Social Responsibility, Ethical investing, philanthropy, resource management and community social investment. This is emphasized by the various accreditations such as GlobalGAP, ISO 22000 and Tesco Nurtures Choice on the Avocado operation. Kenya Bureau of Standards Diamond Mark for pressure treated forestry products.
TO PLACE YOUR ORDER, PLEASE CONTACT: Kakuzi Ltd
Tel: +254 20 2184100/11, Fax: +254 60 2031394
PO Box 24 Thika, 01000 Punda Milia Road, Thika , Kenya
Email: [email protected]
Website: www.kakuzi.co.ke
12Nairobi Securities Exchange | Handbook 2013
KAKUZI LIMITED
KAKUZI LIMITED
COMPANY NAME: Kakuzi Limited
PHYSICAL LOCATION: Main Office, Punda Milia Road, Makuyu
CHAIRMAN\LADY’S NAME: Kenneth W Tarplee
CHIEF EXECUTIVE’S NAME: Christopher J Flowers
NAMES OF OTHER DIRECTORS: Graham H Mclean, Ketan R Shah, Nicholas Nganga Christopher J Ames, Daniel M Ndonye, Stephen N Waruhiu
COMPANY SECRETARY: John L G Maonga
AUDITORS: Pricewaterhousecoopers
COMPANY BRIEF: The principal activities of the company comprise the cultivation of tea, growing, packing and selling of avocados, livestock farming, growing and selling of pineapples, forestry and macadamia development.
13Nairobi Securities Exchange | Handbook 2013
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
BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
14Nairobi Securities Exchange | Handbook 2013
KAPCHORUA TEA COMPANY LTD
KAPCHORUA TEA COMPANY LTD
COMPANY NAME: Kapchorua Tea Company Ltd
PHYSICAL LOCATION: Karen Office Park, Langata Road, Nairobi.
CHAIRMAN\LADY’S NAME: E N K Wanjama * appointed on 16th October 2012.
CHIEF EXECUTIVE’S NAME: A. L Carmichael
NAMES OF OTHER DIRECTORS: NG Sandys-Lumsdaine* Retired, S N Thumbi, J P BrooksM Koech, A L Carmichael, P Magor, A S Marsh
COMPANY SECRETARY: Mr. Gilbert K. Masaki
AUDITORS: Deloitte & Touche
COMPANY BRIEF: The principal activities of the company are the cultivation, manufacture and sale of tea.
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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
BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
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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.
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31-Dec 2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec
Assets Employed Non-Current Assets 189,261 90,902 69,078 19,043 17,243
Current Assets 130,762 100,340 89,227 65,751 40,532
Current Liabilities 10,537 5,487 11,196 17,138 10,259Net Current Assets 120,225 94,853 78,031 48,613 30,273
Total Assets 309,486 185,755 147,109 67,656 47,516
Financed By Share Capital 24,000 24,000 24,000 24,000 12,000
Revaluation Surplus/ Reserves
Proposed Dividends 9,000 9,000 9,000 9,000 6,000
Retained Earnings 209,233 116,710 86,327 22,963 18,117
Shareholders' Funds 242,233 149,710 119,327 55,963 36,117
Non Current Liabilities 67,253 36,045 27,782 11,693 11,399
Total Financing 309,486 185,755 147,109 67,656 47,516
Turnover 116,012 102,504 123,859 91,130 69,528Profit/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
Financial Ratios Current Ratio 12.41 18.29 7.97 3.84 3.95
Earnings Per Share 84.86 33.74 62.37 22.47 14.11Net 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
BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
18Nairobi Securities Exchange | Handbook 2013
REA VIPINGO PLANTATIONS LTD
REA VIPINGO PLANTATIONS LTD
COMPANY NAME: Rea Vipingo Plantations Ltd
PHYSICAL LOCATION: Wilson Business Park, Langata Road, Nairobi
CHAIRMAN\LADY’S NAME: Mr. Oliver Fowler
CHIEF EXECUTIVE’S NAME: Mr.Neil Cuthbert
NAMES OF OTHER DIRECTORS: Mr.Richard Robinow, Mr. Stephen Waruhiu,Mr. Brown Ondego
COMPANY SECRETARY: Mr. Ian Hodson
AUDITORS: Deloitte & Touche
COMPANY BRIEF: The company is engaged in the cultivation of sisal and the production of sisal fibre and also acts as a holding company. The principal businesses of the subsidiary companies comprise the cultivation of sisal and horticultural produce and the production of sisal fibre and twines.
19Nairobi Securities Exchange | Handbook 2013
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
Current Liabilities 257,984 425,236 436,849 224,412 554,440
Net Current Assets 621,572 468,910 149,642 278,112 236,913
Total Net Assets 2,118,634 1,863,504 1,270,167 1,189,672 1,077,524
Financed By Share Capital 300,000 300,000 300,000 300,000 300,000
Share Premium 84,496 84,496 84,496 84,496 84,496
Translation Reserve/Deficit (115,103) (53,955) (114,520) (90,814) (54,149)
Retained Earnings 1,452,752 1,138,319 719,123 681,768 544,819
Proposed Dividend - - - - -
Shareholders' Funds 1,722,145 1,468,860 989,099 975,450 875,166
Non-Current Liabilities 396,489 394,644 281,068 214,222 202,358
Total Financing 2,118,634 1,863,504 1,270,167 1,189,672 1,077,524
Turnover 2,571,725 2,115,616 1,441,668 1,371,090 1,356,427
Profit Before Taxation 555,293 678,846 103,910 214,066 227,219
Taxation (174,860) (211,650) (36,555) (65,117) (59,066)
Profit/Loss After Tax 380,433 467,196 67,355 148,949 168,153
Financial Ratios
Current Ratio 3.41 2.10 1.34 2.24 1.43
Earning Per Share (Kshs) 6.34 7.79 1.12 2.48 2.80
Price To Earnings Ratio 2.68 1.89 15.95 4.47 6.07
Dividend Yield % 6.47 7.46 4.47 4.50 1.18
Pay Out Ratio % 0.17 0.14 0.71 0.20 0.07
Net Asset Value Per Share (Kshs) 35.31 31.06 21.17 19.83 17.96
Price To Book Value 0.48 0.47 0.85 0.56 0.95
Market 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
BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
20Nairobi Securities Exchange | Handbook 2013
SASINI TEA AND COFFEE LTD
SASINI LTD
COMPANY NAME: Sasini Ltd
PHYSICAL LOCATION: Sasini House, Loita Street, Nairobi
CHAIRMAN\LADY’S NAME: Dr. James Boyd McFie
CHIEF EXECUTIVE’S NAME: Dr. Caesar J.M. Mwangi
NAMES OF OTHER DIRECTORS: Mr. Naushad Noorali Merali, Mrs. Lucy Waguthi 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.
21Nairobi Securities Exchange | Handbook 2013
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
Current Liabilities 585,628 583,435 519,045 407,361 361,223
Net Current Assets 524,243 659,798 708,611 633,650 610,575
Total Net Assets 8,337,352 8,878,592 8,541,016 7,590,872 6,435,083
Financed 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
Financial Ratios Current Ratio 1.90 2.13 2.37 2.56 2.69
Earnings Per Share (Kshs) - 1.97 4.36 2.34 3.88
Price-To-Earnings Ratio - 6.10 3.05 2.59 2.00
Dividend Yield (%) 6.85 6.64 3.76 6.61 0.00
Pay Out Ratio (%) - 13.11 16.38 15.45 0.00
Net Asset Value Per Share 36.56 38.93 37.45 33.29 28.22
Price-To-Book Value 0.30 0.31 0.36 0.18 0.27
Market Information Dividend Per Share (Kshs) 0.75 0.8 0.50 0.40 0.00
Share Price As At 30 Sept. 10.95 12.05 13.30 6.05 7.75
No. Of Shares In Issue 228,055 228,055,500 228,055,500 228,055,500 228,055,500
Market Capitalization (Kshs) 2,497,202 2,748,068,775 3,033,138,150 1,379,735,775 1,767,430,125
Note: * Includes Distributable And Non-Distributable Reserves
BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
22Nairobi Securities Exchange | Handbook 2013
WILLIAMSON TEA KENYA LIMITED
WILLIAMSON TEA KENYA LIMITED
COMPANY NAME: Williamson Tea Kenya Limited
PHYSICAL LOCATION: Karen Office Park, Langata Road, Nairobi.
CHAIRMAN\LADY’S NAME: Nigel Sandys Lumsdaine
CHIEF EXECUTIVE’S NAME: A.L Carmichael
NAMES OF OTHER DIRECTORS: S.C.A Koech-Retired, S.N Thumbi, P. Magor, E N K WanjamaD B White, A S Marsh
COMPANY SECRETARY: Gilbert K. Masai
AUDITORS: Deloitte & Touche
COMPANY BRIEF: Cultivation, manufacture and sale of tea, investment in property and the sale of tea, and servicing of generators.
23Nairobi Securities Exchange | Handbook 2013
31-Dec 2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec
Assets Employed Non-Current Assets 4,796,004 3,705,964 3,399,119 1,549,815 2,977,624
Current Assets 2,447,223 2,326,779 1,929,587 493,345 602,701
Current Liabilities 1,017,203 687,396 948,494 179,735 276,030
Net Current Assets/(Liabilities) 1,430,020 1,639,383 981,093 313,610 326,671
Total Net Assets 6,226,024 5,345,347 4,380,212 1,863,425 3,304,295
Financed By Share Capital 43,782.00 43,782 43,782 43,782 43,782
Reserves 4,148,921.00 3,853,331.00 3,316,470 1,470,460 2,401,075
Proposed Dividends - 1,074,119.00 - - -
Revaluation Surplus 586,797.00 239,867.00 - - -Shareholders' Funds 4,192,703 4,971,232 3,360,252 1,514,242 2,444,857
Minority Interest 165,556.00 134,248 110,229 - 79,237
Non-Current Liabilities 1,280,968.00 1 ,074,119 909,731 349,183 780,201
Total Financing 6,226,024 5,345,347 4,380,212 1,863,425 3,304,295
Turnover 3607409 3 ,284,909 2,723,187 1,489,982 1,095,341Profit/(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)
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
BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
24Nairobi Securities Exchange | Handbook 2013
AUTOMOBILESAND
ACCESSORIES
25Nairobi Securities Exchange | Handbook 2013
Design, installation and commission
Gensets maintenance contracts
24/7 emergency service
Equipped High Horsepower workshop
Dyno testing
Highly skilled and competent staff
On-shelf parts availability
Operator training
Car & General is the franchised Cummins distributor for East Africa - Kenya, Uganda, Tanzania, Rwanda, Burundi, Ethiopia, Eritrea, Djibouti, Seychelles, Somalia and South Sudan
Tel: 020 - 6943000/100Cell: Nairobi: 0722 - 209876, Mombasa: 0722-209875
Kisumu: 0722-509935, Nakuru: 0728-606179Email : [email protected]
www.cargen.com
Availableex-stock8 KVA to3,000 KVA
Reliable Power
One source warranty, fully integrated power solutionsGenerator sets, switchgears and controls designed,built and tested by Cummins.
26Nairobi Securities Exchange | Handbook 2013
CAR AND GENERAL (KENYA) LTD
CAR & GENERAL (KENYA) LTD
COMPANY NAME: Car & General (Kenya) Ltd
PHYSICAL LOCATION: New Cargen House, Dunga/Lusaka Road, Industrial Area Nairobi
CHAIRMAN\LADY’S NAME: N. Ng’ang’a
CHIEF EXECUTIVE’S NAME: Vijay Gidoomal
NAMES OF OTHER DIRECTORS: S. P. Gidoomal, B. Kiplagat, E. M. Grayson,Pratul Shah M. Soundarajan
COMPANY SECRETARY: N.P Kothari
AUDITORS: Deloitte & Touche
COMPANY BRIEF: Incorporated in 1936, Beacame a public company, floating shares on NSE in 1950 Has representation in East Africa - Kenya, Uganda, Tanzania, Rwanda, Burundi, Ethiopia, Eritrea, Djibouti, Seychelles, Somalia and South Sudan. Our Brand Vision is to provide power for better living and make customers smile in every street every town. To be No. 1 in all markets we operate and become a 10 billion business in turnover by 2015. These are the core values that we have developed that make Car & General stand out.
Our people practice it everyday, and in a very consistent manner everywhere we operate. • Making customers smile – every street, every town through the lens of the customer.
• Quality – products, processes, people
• Integrity – Doing the right thing every minute, every day.
• Innovation – Maximizing output at minimum cost.
• Empowerment – Taking responsibility.
Our product lines - Cummins diesel generators, Doosan earth moving equipment ans light construction equipment, Ingersoll-Rand air compressors, Briggs & Stratton power equipment (lawnmowers, gasoline generators, water pumps), Suzuki and TVS motorcycles, Piaggio three wheelers, Kubota tractors, MRF two and three wheeler tyres, Motorol lubricants, Electrolux laundry equipment, Mariner outboard engines
27Nairobi Securities Exchange | Handbook 2013
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
Current Liabilities 633,783 536,670 276,041 221,552 208,038
Borrowings
Trade And Other Payables
Taxation Payable 1,476,963 1,678,310 1,100,889 980,173 601,433
1,441,981 1,424,065 930,265 691,334 797,824
Total Equity And Liabilities 9,519 2,872 8,192 9,637 14,380
Income Statement (Kshs '000')Turnover 5,711,529 6,086,106 4,779,318 4,349,489 2,997,342
Cost Of Sales (4,695,638) (5,017,506) (3,754,360) (3,446,825) (2,265,367)
BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
28Nairobi Securities Exchange | Handbook 2013
BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
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
Profit Before Taxation 354,518 427,926 329,175 279,390 321,565
Taxation Charge (87,962) (139,220) (90,941) (81,406) (106,725)
Profit For The Year 266,556 288,706 238,234 197,984 214,840
Other Comprehensive Income:
Revaluation Surplus On Property 43,935 79,650 58,870 - -
Deferred Tax On Revaluation Surplus (13,181) (23,895) (17,661) - -
Exchange Difference Arising On
Translation Of Foreign Operations (34,767) 27,430 (16,412) - -
(4,013) 83,185 24,797 - -
Total Comprehensive Income For The Year 262,543 371,891 263,031 197,984 214,840
Profit For The Year Attributable To:
Owners Of The Parent 250,068 260,204 238,036 197,140 211,644
Non -Controlling Interests 16,488 28,502 198 844 3,196
Profit For The Year 266,556 288,706 238,234 197,984 214,840
Total Comprehensive Income Attributable To:
Owners Of The Parent 246,055 343,389 262,833 197,140 211,644
Non Controlling Interests 16,488 28,502 198 844 3,196
262,543 371,891 263,031 197,984 214,840
Earnings Per Share-Basic And Diluted 7.48 7.78 10.70 8.80 9.50
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
29Nairobi Securities Exchange | Handbook 2013
30Nairobi Securities Exchange | Handbook 2013
CMC HOLDINGS LIMITED
CMC HOLDINGS LIMITED
COMPANY NAME: CMC Holdings Ltd
PHYSICAL LOCATION: Connaught House, Lusaka Road, Industrial Area
CHAIRMAN\LADY’S NAME: Mr. Joel Kamau Kibe
CHIEF EXECUTIVE’S NAME: Mrs. Mary W. Ngige - Acting Manging Director
NAMES OF OTHER DIRECTORS: Mr. Joel K. Kibe, Mrs. Mary W. Ngige, Mr. Paul W. Ndungu Mr. Joshua Okumbe, Ms. Zehrabanu Janmohamed, Mr. Mark O. Karbolo, Mr. Kyalo 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.
31Nairobi Securities Exchange | Handbook 2013
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
BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
32Nairobi Securities Exchange | Handbook 2013
BALANCE SHEET ( Kshs ‘000’)
Distribution cost (529,544) (525,743) (466,479) (424,951) (407,841)
Administrative expenses (1,280,565) (1,633,896) (1,148,111) (944,744) (899,196)
Finance income 176,463 188,293 107,560 75,821 -
Finance costs (909,326) (440,657) (472,119) (376,691) (252,734)
Net foreign exchange gains 235,355 17,579 15,576 3,728 27,470
Share of loss of associate (3,921) (6,651) 3,337 (16,826) 8,534
Profit / (loss) before taxation 231,144 (209,570) 584,887 807,283 1,328,849
Taxation (charge) / credit (125,789) 28,424 (178,216) (267,674) (401,687)
Profit / (loss) for the year 105,355 (181,146) 406,671 539,609 927,162
Other comprehensive income
Exchange diference on translation 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
FINANCIAL REVIEW OF THE GROUP
33Nairobi Securities Exchange | Handbook 2013
MARSHALLS (E.A) LTD
MARSHALLS (E.A) LTD
COMPANY NAME: Marshalls (E.A) Ltd
PHYSICAL LOCATION: Marshalls, Kampala Road, Industrial Area
CHAIRMAN\LADY’S NAME: Mr. Fred Okiki Amayo
CHIEF EXECUTIVE’S NAME: Abhimanyu Garhwal
NAMES OF OTHER DIRECTORS: Mukesh Vaya, Manish Nair, Arif Yusuf Hafiz, Iqbal 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
34Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
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
Financed ByShare 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 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)
Price-To-Book Value 0.44 0.50 0.49 0.43 0.39
Market InformationDividends Per Ord. Share (Kshs) - - - - -
Share Price As At 31 March 12.05 14.15 19.00 24.0 18.85
Number Of Ord. Shares In Issue 14,393,106 14,393,106 14,393,106 14,393,106 14,393,106
Market Capitalization (Kshs) 173,436,927 203,662,450 273,469,014 345,434,544 271,310,048
BALANCE SHEET ( Kshs ‘000’)
35Nairobi Securities Exchange | Handbook 2013
SAMEER AFRICA LIMITED
SAMEER AFRICA LIMITED
COMPANY NAME: Sameer Africa Limited
PHYSICAL LOCATION: Mombasa / Enterprise Road Junction
CHAIRMAN\LADY’S NAME: Eng. Erastus Kabutu Mwongera - FIEK, RCE, CBS
CHIEF EXECUTIVE’S NAME: Mr. Allan Walmsley
NAMES OF OTHER DIRECTORS: Mr. A. H. Butt, Mr. S. M. Githiga, Mr. I. A. Timamy, Mr. P. M. Gitonga, Mr S. N Merali, Prof Magarate Kobia.
COMPANY SECRETARY: Mr. I. A. Timamy
AUDITORS: KPMG Kenya
COMPANY BRIEF: Sameer Africa Limited, under the name Firestone East Africa was established in Kenya in 1969 by Firestone Tyre and Rubber Company of the USA and the Government of Kenya to produce tyres for the East African market. Sameer Investments Limited, a Kenyan company purchased a significant part of the shareholding from Firestone Tyre and Rubber company.
In 1988 when Bridgestone Corporation purchased Firestone Tyre and Rubber Company, Sameer Investments Limited retained its shareholding in Firestone East Africa Limited and the company was listed in the Nairobi Stock Exchange in 1995. The company’s corporate identity changed to Sameer Africa Limited in April 2005. This change created an independent tyre producer based in Kenya that aims to supply the East African and COMESA markets. With a technical capability developed over 43 years of producing tyres in Kenya, the company is now able to produce a comprehensive range of tyres to meet customers’ needs in Africa. Sameer Africa’s product range currently includes: passenger textile and steel belted radials, 4×4’s light truck radial and bias, truck and bus, agricultural, industrial and Off - The - Road tyres under the brand name Yana. Sameer Africa produces both tube type and tubeless tyres as well as tubes and flaps. The Yana brand, officially launched in November 2005 in Nairobi is Sameer’s own brand that aims to be a Pan - African tyre brand. This brand is backed by leading tyre technology and the products are further developed locally to meet the challenging driving conditions in Africa.
Sameer Africa Limited also distributes the world renowned Bridgestone tyres in Kenya, Uganda Tanzania, Rwanda and Burundi. Indeed , Bridgestone Japan still retains a significant equity shareholding in Sameer Africa Limited of approximately 15% For more information please visit: www.sameerafrica.com
36Nairobi Securities Exchange | Handbook 2013
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
Retained Earnings 865,425 802,408 776,430 751,684 743,854
Dividend 69,586 55,668 - 139,171 -
Income Statement ( Kshs '000')Turnover 3,960,967 3,675,226 3,344,895 3,278,118 3,026,747
Profit Before Taxation 300,620 148,446 62,199 221,464 165,522
Taxation 110,865 51,498 4,803 63,459 14,674
Profit After Taxation 189,755 96,948 57,396 158,005 150,848
StatisticsNumber Of Ordinary Shares In Issue 278,342,393 278,342,393 278,342,393 278,342,393 278,342,393
Earnings Per Share (Kshs) 0.68 0.35 0.21 0.57 0.54
Dividends Per Share (Kshs) 0.25 0.20 0.00 0.50 0.00
Net Assets Value Per Share (Kshs) 8.36 8.08 7.79 8.20 7.67
Price To Earning Ratio 6.09 12.63 37.34 8.81 11.07
Dividend Yield 6.02 4.55 - 11.40 -
Pay Out Ratio 0.37 0.57 - 0.88 -
Price To Book Value(Kshs) 0.50 0.54 0.99 0.61 0.78
Return On Equity 8% 4% 3% 7% 7%
FINANCIAL REVIEW OF THE GROUP
37Nairobi Securities Exchange | Handbook 2013
Banking
38Nairobi Securities Exchange | Handbook 2013
BARCLAYS BANK OF KENYA LTD
BARCLAYS BANK OF KENYA LTD
COMPANY NAME: Barclays Bank kenya Ltd
PHYSICAL LOCATION: The West End Building, Waiyaki Way
CHAIRMAN\LADY’S NAME: Francis Okomo Okello (Mbs)
CHIEF EXECUTIVE’S NAME: Jeremy Awori
NAMES OF OTHER DIRECTORS: Yusuf Omari - Executive Director, Nick Mbuvi - Executive Director,Adan Mohamed- Executive Director, Ashok Shah - Non-Executive Director, Brown M. M. Ondego (Mbs) - Non-Executive Director, Jane W Karuku - Non-Executive Director, Rose Ogega (Mbs) - Non-Executive Director, Eng. John Waweru - Non-Executive Director
COMPANY SECRETARY: Judy Nyaga
AUDITORS: Pricewaterhousecoopers
COMPANY BRIEF: Barclays Bank of Kenya Limited, a subsidiary of Barclays Plc, is one of the top banks in Kenya. Our business units fall under Retail, Corporate, Treasury and Card Services with cross functional relationships to support the segments of local business and small to mid-sized enterprises (SME).We have operated in Kenya for 95 years, and currently have an extensive network of 117 branches and over 230 ATM’s countrywide. Our network is supported by Internet and mobile banking channels plus a Customer Service Centre that operates 24 hours a day, 7 days a week. On 31 December 2010, the Company acquired the business and all the assets and liabilities held by the subsidiary companies- Communications Solutions Limited and Broadband Access Limited at their carrying values.
39Nairobi Securities Exchange | Handbook 2013
31-Dec 2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec
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
BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
40Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
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)
Profit For The Year 8,741 8,113 10,599 6,091 5,525
Earnings Per Share
Basic And Diluted ( Shs Per Share) 1.61 1.49 7.80 4.49 4.07
Other Comprehensive Income
Fair Value Movement On Available For Sale Securities
- - - - -
Unrealised Net Gains/(Losses) Arising 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
Earnings Per Share (Kshs) 1.61 1.49 7.80 4.49 4.07
Dividends Per Share (Kshs) 1.00 1.50 5.45 2.50 2.00
Net Assets Value (Kshs) 20,495 24,209 31,465 29,223 29,584
Price To Earning Ratio
Dividend Yield
Pay Out Ratio 0.6 1.0 0.7 0.6 0.5
Price To Book Value(Kshs)
Return On Equity 30% 30% 35% 25% 27%
BALANCE SHEET ( Kshs ‘000’)
41Nairobi Securities Exchange | Handbook 2013
CFC STANBIC HOLDINGS LIMITED
COMPANY NAME: CFC Stanbic Holdings Limited
PHYSICAL LOCATION: CFC Stanbic Centre, Chiromo Road, Nairobi Kenya
CHAIRMAN\LADY’S NAME: Mr. Fred N’cruba Ojiambo, Mbs, Sc
CHIEF EXECUTIVE’S NAME: Mr. Kitili Mbathi
NAMES OF OTHER DIRECTORS: Mr. Gayling Richard May, Mr. Gregroy Robert Brackenridge, Mr. Charles Kahara Muchene, Ms. Ruth Thedessia Ngobi, Ms. Peter Nderitu Gethi, Ms. Rose Wairimu Kimotho, Mrs. Jane Babsa - Nzibo, Mr. Edward W Njoroge
COMPANY SECRETARY: Ms. Lillian Nduku Mbindyo
AUDITORS: Pricewaterhousecoopers
COMPANY BRIEF: CfC Stanbic Holdings Limited (CSHL) is the parent company of CfC Stanbic Bank Limited, a liscenced Commercial Bank regulated by the Central Bank of Kenya; and CfC Stanbic Financial Services Limited, a liscenced Investment Bank regulated by the Capital markets Authority. The company was incorporated in 1955 and listed on the Main Investment Segment of the NSE from 1979.
The CSHL Group expanded significantly by way of a merger between the operations of CfC Bank Limited and Stanbic Bank Kenya Limited in 2008, forming CfC Stanbic Bank (CSB) Limited. The Company continues to expand through the continued growth in operations of CfC Stanbic Bank and CfC Stanbic Financial Services Limited (CSFS), both locally and regionally. The Company’s focus on growth and provision of products and services of unrivaled quality in the areas of banking, investment and financial services has seen it record growth in it’s Profit After Tax (PAT) of about 256% since 2008 when it reported a PAT of Kes 846,539,000, to a PAT of Kes 3,009,891,000 reported in December 2012.
CFC STANBIC HOLDINGS LIMITED
42Nairobi Securities Exchange | Handbook 2013
31-Dec 2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec
Total Loans & Advances 78,483,828 94,884,596 75,224,630 70,922,412 65,210,086
Total Assets 143,212,155 150,171,015 140,080,202 127,690,950 111,128,799
Total Equity 27,240,888 19,329,127 24,768,615 20,341,602 19,247,973
Total Deposits 100,463,247 107,681,320 85,694,598 82,534,005 73,071,678
Total Equity & Liabilities 143,212,155 150,171,015 140,080,202 127,690,950 111,128,799
INCOME STATEMENT ( Kshs '000')Profit Before Tax 4,588,088 2,798,901 2,005,967 1,105,656 991,819
Income Tax (1,578,197) (1,159,744) (598,324) (479,106) (305,824)
Profit After Tax from continuing oper-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
Earnings Per Share (Kshs) 9.90 5.99 5.14 2.29 2.51
Dividends Per Share (Kshs) 0.73 - 0.80 - 0.28
Net Assets Value (Kshs) 27,240,888 19,329,127 24,768,615 20,341,602 19,247,973
Price to Earning Ratio - - - - -
Dividend Yield 1.74% 0.00% 1.07% 0.00% 0.47%
Pay Out Ratio 0.07 - 0.16 - 0.11 Price to book value(Kshs) 609.51 566.37 834.25 605.45 853.13 Return on Equity 12.61% 9.51% 7.22% 0.18% 4.16%
Market price per share 42.00 40.00 75.50 45.00 60.00
Total dividends paid 200,000,000 - 220,220,372 - 78,000,000
BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
43Nairobi Securities Exchange | Handbook 2013
44Nairobi Securities Exchange | Handbook 2013
CO-OPERATIVE BANK OF KENYA LIMITED
CO-OPERATIVE BANK OF KENYA LIMITED
COMPANY NAME: The Co-operative Bank of Kenya Ltd
PHYSICAL LOCATION: Co-operative Bank House, Haile Sellassie Avenue
CHAIRMAN\LADY’S NAME: Stanley C. Muchiri, EBS
CHIEF EXECUTIVE’S NAME: Dr. Gideon M. Muriuki, MBS
NAMES OF OTHER DIRECTORS: Mr. Julius Riungu, Mr.Julius Sitienei, Major(Rtd) Gabriel J.S. Wakasyaka, Mr.Macloud Malonza, Mr. Richard L. Kimanthi ,Mr. John K. Murugu, OGW Mr.Wilfred Ongoro, Mrs. Rose Simani, Mr. Fredrick F. Odhiambo, MBS Mr.Donald K. Kibera, Dr. James M. Kahunyo, Mr.Elijah K. Mbogo, Mr.Patrick K. Githendu Mrs Scholastica Odhiambo, Mr Godfrey K. Mburia, Mr. Cyrus N. Kabira,
COMPANY SECRETARY: Mrs. Rosemary Githaiga
AUDITORS: Ernst and Young Certified Public Accountants
COMPANY BRIEF: The Co-operative Bank of Kenya Ltd is a fully fledged Commercial bank in corporated in kenya in 1965. Currently its ranked in Tier one category and Listed in the Nairobi Securities exchange in December 2008 with Co-operatives remaining the anchor and strategic investor with a 65% stake. The bank has adopted the universal banking model offering retail, corporate, Agribusiness, fund management, stockbroking, advisory and bancassurance services. The Bank has grown to be the third largest bank in Kenya with a Total Asset Base of Ksh 205 Billion at at 31st March 2013. The bank has 119 branches in kenya and 3.2 Million customers patronising its products and services.The products and services comprise deposit products, including current accounts,deposit accounts and cards; loan products such as personal loans and personal mortgage loans among others. A wide range of services is also offered including electronic banking andmoney transfer among others. Bank products and services for businesses and Institutions include business current accounts,overdrafts, co-op asset finance, Co-op Insurance finance, letters of credit, documentary collections, bonds and guarantees, short and long term loans and electronic transfers among others. The bank also offers cash cover facilities, insurance finance, consultancy services, loans and educationschemes for co-opearives. In addition, it provides investment banking services and various foreign exchange services.
45Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec
Cash And Short Term Funds 31,100,000 21,616,000 20,775,000 13,194,000 11,770,000
Loans & Advances To Customers( Gross) 123,824,000 114,101,000 90,965,000 66,620,000 60,418,000
Impairement Losses On Loans And 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
StatisticsNumber Of Ordinary Shares Issued In Calculation
4,190,843,298 3,492,370,000 3,492,370,000 3,492,370,000 3,492,370,000
Earnings Per Share (Kshs) 1.84 1.53 1.31 0.85 0.8
Dividends Per Share (Kshs) 0.5 0.4 0.4 0.2 0.1
Net Assets Value Per Share(Kshs) 7.0 6.0 6.0 4.5 3.7
Price To Earning Ratio 7.1 6.4 12.1 8.8 10.5
Dividend Yield 3.8 4.1 2.5 2.7 1.2
Pay Out Ratio 27% 26% 31% 24% 13%
Price To Book Value(Kshs) 1.9 1.6 2.6 1.7 2.3
Return On Equity 26.3 25.6 22.9 19.0 18.3
BALANCE SHEET ( Kshs ‘000)
46Nairobi Securities Exchange | Handbook 2013
DIAMOND TRUST BANK (KENYA) LTD
DIAMOND TRUST BANK (KENYA) LTD
COMPANY NAME: Diamond Trust Bank (Kenya) Ltd
PHYSICAL LOCATION: DTB Head Office, 8th Floor, Nation Centre, Kimathi Street,
Nairobi, Kenya
CHAIRMAN\LADY’S NAME: Abdul Samji
CHIEF EXECUTIVE’S NAME: Nasim Devji
NAMES OF OTHER DIRECTORS: Moez Jamal, Nizar Juma, Amin Merali, Jamaludin 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.“
47Nairobi Securities Exchange | Handbook 2013
31-Dec 2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec
Government Securities 22,744,510 11,366,826 13,479,158 9,226,700 10,188,683
Deposits And Balances Due From Banking 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
Property And Equipment 2,770,067 2,013,943 1,510,816 1,606,902 1,049,289
Total Assets 135,461,412 107,759,818 83,600,177 66,679,080 56,145,697
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
Other Liabilities 2,867,416 2,394,096 1,870,865 1,307,402 1,269,511
Total Liabilities 116,834,491 94,510,999 73,340,498 58,590,882 49,125,280Shareholders' 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
BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
48Nairobi Securities Exchange | Handbook 2013
BALANCE SHEET ( Kshs ‘000’)
Income Statement ( Kshs '000')Interest Income 16,579,014 10,039,098 7,364,179 6,461,453 4,695,985
Interest Expense (7,332,628) (3,212,146) (2,481,417) (2,941,940) (2,257,251)
Net Interest Income 9,246,386 6,826,952 4,882,762 3,519,513 2,438,734
Net Fee And Commission Income 1,791,959 1,552,665 1,107,918 847,863 708,694
Foreign Exchange Income 1,186,297 996,483 683,208 610,574 487,934
Other Operating Income 95,785 195,719 1,083,705 89,980 33,439
Operating Income 12,320,427 9,571,819 7,757,593 5,067,930 3,668,801
Operating Expenses (5,188,686) (4,583,078) (3,671,376) (2,762,283) (1,851,463)
Impairment Loss On Loans And Advances (984,696) (588,789) (557,854) (295,682) (190,527)
Profit From Operations 6,147,045 4,399,952 3,528,363 2,009,965 1,626,811Share 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
Earnings Per Share (Kshs) 17.44 13.15 11.31 6.19 5.07
Dividends Per Share (Kshs) 1.90 1.70 1.60 1.55 1.40
Net Assets Value (Kshs) 16,522,162 11,593,302 8,939,503 6,998,163 5,905,514
Price To Earning Ratio - - - - -
Dividend Yield 1.7% 1.9% 1.2% 2.2% 2.0%
Pay Out Ratio 0.0% 0.0% 0.0% 0.0% 0.0%
Price To Book Value(Kshs) - - - - -
Return On Equity 25.8% 25.9% 28.7% 19.4% 18.7%
Share Price (Kshs) 115.00 90.50 135.00 70.00 68.50
FINANCIAL REVIEW OF THE GROUP
49Nairobi Securities Exchange | Handbook 2013
EQUITY BANK LIMITED
EQUITY BANK LIMITED
COMPANY NAME: Equity Bank Limited
PHYSICAL LOCATION: 9th Floor, Equity Centre, Hospital Road, Upper Hill.
Nairobi, Kenya
CHAIRMAN\LADY’S NAME: Peter K. Munga
CHIEF EXECUTIVE’S NAME: Dr. James Mwangi
NAMES OF OTHER DIRECTORS: Dr. Julius Kangogo Kipng’etich, Benson Irungu Wairegi, Fredrick Mwangi Muchoki, Ernest Mattho Nzovu, Babatunde Temitope Soyoye, Temitope Olugbeminiyi Lawani, Prof. Shem Migot Adholla, Dr. Helen Wanjiru Gichohi, Alykhan Nathoo Dennis Aluanga, David Raymond Ansell
COMPANY SECRETARY: Mary Wangari Wamae
COMPANY BRIEF: The Bank is engaged in the business of banking and is licensed under the Banking Act. The Bank has also invested in nine wholly owned subsidiaries
50Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
31-Dec 2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec
Assets Employed
Total Assets 243,170,000 196,294,000 143,018,000 100,812,000 78,879,000
Total Liabilities 200,254,000 162,009,000 115,814,000 77,904,000 59,299,000
Total Net Assets 42,916,000 34,285,000 27,204,000 22,908,000 19,580,000
Financed By Share Capital 1,851,000 1,851,000 1,851,000 1,851,000 1,851,000
Share Premium 12,161,000 12,161,000 12,161,000 12,161,000 12,161,000
Other Reserves (813,000) (1,145,000) (974,000) 305,000 (41,000)
Retained Earnings 25,088,000 17,715,000 11,204,000 7,110,000 4,498,000
Proposed Dividends 4,629,000 3,703,000 2,962,000 1,481,000 1,111,000
Total Financing 42,916,000 34,285,000 27,204,000 22,908,000 19,580,000
Profit Before Taxation 17,420,000 12,834,000 9,045,000 5,278,000 5,022,000
Taxation (5,340,000) (2,509,000) (1,913,000) (1,044,000) (1,112,000)
Attributable Profit 12,080,000 10,325,000 7,132,000 4,234,000 3,910,000
Investor Ratios Earnings Per Share (Kshs.) 3.26 2.79 1.93 1.14 10.56
Price-To-Earnings Ratio 5.90 5.88 13.89 12.55 16.67
Dividend Yield % 6.49 4.88 2.99 2.79 1.70
Pay-Out Ratio % 38.32 28.69 41.53 34.98 28.41
Net Asset Value/Share (Kshs.) 11.59 9.26 7.35 6.19 52.88
Price-To-Book Value 1.66 1.77 3.64 2.32 3.33
Market Information Dividends Per Share (Kshs.) 1.25 0.80 0.80 0.40 3.00
Share Price- 31 Dec. 19.25 16.40 26.75 14.35 176.00
Number Of Shares In Issue 3,702,777,020 3,702,777,020 3,702,777,020 3,702,777,020 370,277,702
Market Capitalization (Kshs.) 71,278,457,635 60,725,543,128 99,049,285,285 53,134,850,237 65,168,875,552
BALANCE SHEET ( Kshs ‘000’)
51Nairobi Securities Exchange | Handbook 2013
52Nairobi Securities Exchange | Handbook 2013
HOUSING FINANCE COMPANY LIMITED
HOUSING FINANCE COMPANY LIMITED
COMPANY NAME: Housing Finance Company Limited
PHYSICAL LOCATION: Rehani House, Kenyatta Avenue/Koinange Street
CHAIRMAN\LADY’S NAME: Mr. Steve Omenge Mainda
CHIEF EXECUTIVE’S NAME: Mr. Frank Ireri
NAMES OF OTHER DIRECTORS: Chairman Steve O Mainda, Managing Director Frank 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
53Nairobi Securities Exchange | Handbook 2013
BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
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
Intangible Assets 9,923 2,578 3,085 4,146 9,620
Tax Recoverable 69,156 - - - 15,615
Deferred Tax Asset 272,637 81,949 76,050 70,743 65,022
Total Assets 40,956,577 31,870,916 29,278,396 18,239,359 14,294,368
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
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BALANCE SHEET ( Kshs ‘000’)
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 0.79
Dividends Per Share (Kshs) 1.40 1.20 0.70 0.50 0.30
Net Assets Value (Kshs) 22.28 20.47 18.51 17.71 15.88
Price To Earning Ratio 4.80 4.59 16.06 17.65 24.56
Dividend Yield 9% 10% 3% 3% 2%
Pay Out Ratio 43% 44% 42% 49% 38%
Price To Book Value(Kshs) 0.69 0.61 1.43 1.02 1.22
Return On Equity 14% 13% 9% 6% 4%
2012 2011 2010 2009 2008
Market Price Per Share 15.45 12.40 26.50 18.00 19.40
FINANCIAL REVIEW OF THE GROUP
55Nairobi Securities Exchange | Handbook 2013
KENYA COMMERCIAL BANK LTD
KENYA COMMERCIAL BANK LTD
COMPANY NAME: Kenya Commercial Bank Ltd
PHYSICAL LOCATION: Kencom House, Moi Avenue
CHAIRMAN\LADY’S NAME: Mr. Ngeny Biwott
CHIEF EXECUTIVE’S NAME: Mr. Joshua N. Oigara
NAMES OF OTHER DIRECTORS: N. Biwott (Chairman), J.N. Oigara (Chief Executive Officer), J.K. Kinyua, Eng. J.M. Ndeto,Mrs. C.A. Kola, Prof. P.K. Kimuyu, Mrs. C.M. Muya-Ngaruiya, A.A. Khawaja, Gen. (Rtd) J.R.E. Kibwana, T.D. Ipomai
COMPANY SECRETARY:Joseph Kania
COMPANY BRIEF: Established in 1896 the Bank has witnessed a stable and sustainable growth in its performance in the past 10 years to emerge the Best Bank in the East African Region. In 2012 KCB was the leading Bank in Balance Sheet, Capital Base, Market Share, Branch Network and the 2nd largest Bank in terms of number of customers. As the most regionalized Bank, KCB has enhanced Intra African trade and regional economic development finance through its one Branch Bank platform. KCB customers are able to access credit and other banking services in Kenya, Tanzania, South Sudan, Uganda, Rwanda and Burundi. Due to the size of its balance sheet, the Bank is able to lend to Corporates and Government Institutions across East Africa. In line with the growth in its performance the Bank continuous to invest in people and human development across the region through its KCB Foundation that sustainably supports Education, Enterprise Development, Environment, Health and Humanitarian Intervention. The Bank invests 1% of the Group’s profit before tax (of the previous year) to the Foundation. With 5,162 employees, 330 branches and over 5,000 agents the Bank is among the largest job creators in the region. The Bank also contributes to Job creation by lending to the Women’s Groups, Rural area farmers, Micro and SME sector. The Bank continuously ensures Capacity building and knowledge transfer to its customers (i.e. advice and expertise passed onto small scale business to promote development) and members of staff through training. Through its Biashara Club the Bank provides business solutions and advisory services to entrepreneurs through SME management, seminars and workshops. The Bank also has micro finance officers in all its branches.
Through its Developers club the Bank provides a platform, for partners in the real estate sector to network and gain best practice skills through by organizing seminars locally and internationally. The Bank frequently rolls out Channel Migration campaigns educating the customers on different options of performing banking transactions over and above the Branches and ATMs including Mobile Banking, Agency Banking and Internet Banking. These recent and ongoing innovations ensures that the bank maintains its leadership position and also facilitates access to finance in the rural areas where the bank is actively involved especially in Kenyan government and NGO projects by virtue of having the widest branch network. The Bank actively participates in provision of finance to those traditionally excluded from the formal sector through its diversified programmes. KCB’s Tuungane group loan is designed to cater for financing requirements for women, facilitated by third party guarantees as women mainly lack collateral. The Bank’s Micro Banking products and services are designed to cater for financing requirements of the small and micro enterprises and facilitated by easily accessible collateral. Diaspora banking provides access to service for individuals interested in banking back home from foreign countries. Going forward the Bank will focus on Profitably growing business in Kenya, Optimizing the subsidiaries and Expanding its foot print, Developing a fully aligned high performing team, Responsive Customer Segmentation, Strategic Partnerships, Developing best-in-class enabling processes, Research and Innovation.“ The Bank has recently marked the end of its restructuring exercise through the appointment of 6 new senior executives. These appointments are part of the KCB Transformation journey that started in 2011 to review the Bank’s corporate and governance structures, business model as well as review job roles and people placement within the roles across the business. Return on this investment will be realized in 18 months. These changes were driven strictly by the business needs and will enable the Bank to focus on its objectives of improving customer service, leading through innovation, growing market share particularly in Small and Medium Enterprises and further reducing costs.
The Bank has put in place a very good strategy that would make it a banker of choice over the next few years. The senior management and staff are committed to making KCB the best and most profitable Bank in the region through excellence in customer care, innovative products and services and efficiency, and management is refocusing its energy, processes and technology in driving these. The Bank will continue to leverage on growth in regional economies, new economic frontiers, innovation in technology driven products, championing financial inclusion, support entrepreneurship development for our youth, leverage on people skills to thrive in competitive banking landscape
56Nairobi Securities Exchange | Handbook 2013
BALANCE SHEET ( Kshs ‘000’)
31-Dec 2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec
Assets Employed Due From Banks 10,421,565 25,812,084 10,211,008 9,067,840 42,175,191
Government Securities 73,374,427 36,800,135 44,246,010 24,560,365 24,706,327
Loans And Advances To Customers (Net) 211,664,226 198,724,919 148,113,364 122,659,082 93,522,105
Other Assets 71,919,067 69,379,021 48,785,818 38,490,548 30,807,963
Total Assets 367,379,285 330,716,159 251,356,200 194,777,835 191,211,586 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
Other Liabilities 16,668,770 12,937,134 4,194,811 2,509,885 4,927,556
Total Liabilities 314,039,726 286,351,132 212,226,429 172,207,623 170,124,634
Shareholders Funds 53339559 44,365,027 39,129,771 22,570,212 21,086,952
Total Liabilities & Shareholders Funds 367,379,285 330,716,159 251,356,200 194,777,835 191,211,586
Income Statement ( Kshs '000')
Interest Income 43,082,218 28,501,387 23,109,793 17,968,455 14,745,585
Interest Expense (12,445,986) (4,616,241) (3,464,468) (3,499,734) (2,970,468)
Net Interest Income 30,636,232 23,885,146 19,645,325 14,468,721 11,775,117
Net Fees & Commission Income 9,073,812 8,729,447 6,482,425 5,539,533 5,549,155
Foreign Exchange Income 3,688,137 3,607,836 2,775,494 1,648,227 1,628,566
Other Income 661,157 880,951 425,564 937,292 474,704
Operating Income 44,059,338 37,103,380 29,328,808 22,593,773 19,427,542 Allowance For Impairement Losses (2,098,035) (145,778) (1,117,896) (717,921) (1,408,510)
Other Operating Expenses (24,753,160) (21,828,228) (18,412,941) (15,575,491) (12,006,170)
(Loss)/Profit Before Tax 17,208,143 15,129,374 9,797,971 6,300,361 6,012,862 Income Tax Expense (5,004,612) (4,148,328) (2,619,998) (2,216,490) (1,822,172)
(Loss)/Profit After Tax 12,203,531 10,981,046 7,177,973 4,083,871 4,190,690
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
Earnings Per Share (Kshs) 4.11 3.72 2.76 1.84 1.97
Dividends Per Share (Kshs) 1.90 1.85 1.25 1.00 1.00
Net Assets Value (Kshs) 53,339,559,000 44,365,027,000 39,129,771,000 22,570,212,000 21,086,952,000
Price To Earning Ratio 7.24% 4.35 7.79 11.28 11.8
Dividend Yield 6.4% 11.4% 5.8% 4.8% 4.3%
Pay Out Ratio 46.2% 49.7% 45.3% 54.3% 50.8%
Price To Book Value(Kshs) 1.66 1.08 1.62 2.02 2.45
Return On Equity 25.0% 25.0% 18.0% 18.0% 20.0%
FINANCIAL REVIEW OF THE GROUP
57Nairobi Securities Exchange | Handbook 2013
NATIONAL BANK OF KENYA LTD
NATIONAL BANK OF KENYA LTD
COMPANY NAME: National Bank Of Kenya Ltd
PHYSICAL LOCATION: National Bank Building, 18 Harambee Avenue, Nairobi
CHAIRMAN\LADY’S NAME: Mohamed A. Hassan
CHIEF EXECUTIVE’S NAME: Munir Sheikh Ahmed
NAMES OF OTHER DIRECTORS: Eng. E. K. Mwongera, Mr. F. L. Atwoli, Mr. I. M. Mworia Mr. A. N. Ismail, Ms. S. M. Kitonga, Ms. Wangui Mwaniki
COMPANY SECRETARY: Leonard G Kamweti
COMPANY BRIEF: The principal of the bank, which is lincensed under the Banking Act, is the provision of banking, financial and related services.
58Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
31-Dec 2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec
Assets Employed Total Assets 67,154,805.00 68,664,516 60,026,694 51,404,408 42,695,700
Total Liabilities 56,704,829.00 58,208,042 50,097,083 43,496,716 36,487,855
Total Net Assets 10,449,976 10,456,474 9,929,611 7,907,692 6,207,845
Financed By Share Capital 7,075,000.00 7,075,000 7,075,000 6,675,000 6,675,000
Share Premium - - - 370,585 370,585
Revaluation Surplus 564,018.00 603,559 643,100 682,641 454,679
Reserves 2810958.00 2,777,915 2,211,511 179,466 (1,292,419)
Shareholders Loans - - - - -
Total Financing 10,449,976 10,456,474 9,929,611 7,907,692 6,207,845
Profit Before Taxation 1147408.00 2,443,850 2,697,823 2,159,441 1,796,565
Taxation (417,656.00) (897,737) (675,904) (696,486) (555,955)
Net Profit 729,752 1,546,113 2,021,919 1,462,955 1,240,610
Financial Ratios Earnings Per Share (Kshs.)* 2.61 5.52 7.22 7.31 6.20
Price-To-Earnings Ratio 6.62 3.67 5.37 5.33 6.93
Dividend Yield % 1.16 1.98 1.55 - -
Pay-Out Ratio % 7.67 - - - -
Net Asset Value Per Share (Kshs) 37.32 37.34 35.46 39.54 31.04
Price-To-Book Value 0.46 0.54 1.09 0.99 1.39
Market Information Dividends Per Share (Kshs.) 0.2 0.4 1.0 0.00 0.00
Share Price As At 31 Dec. 17.25 20.25 39.00 39.00 43.00
Number Of Shares In Issue 280,000,000.00 280,000,000 280,000,000 200,000,000 200,000,000
Market Capitalization (Kshs.) 4,830,000,000 5,670,000,000 10,850,000,000 7,800,000,000 8,600,000,000
*Exlcudes 6% Preference Share Dividends Of Kshs 340,500,000 In 2008.
59Nairobi Securities Exchange | Handbook 2013
NIC BANK LIMITED
NIC BANK LIMITED
COMPANY NAME: NIC Bank Ltd
PHYSICAL LOCATION: NIC House, Masaba Road, Upper Hill
CHAIRMAN\LADY’S NAME: Mr. James P. M. Ndegwa
CHIEF EXECUTIVE’S NAME: Mr. Alan Dodd ( Ag Managing Director )
NAMES OF OTHER DIRECTORS: Mr. Francis Mwanzia, Mr. Michael Somen, Mr. George Maina Mr. Paras Shah, Mr. Andrew Ndegwa, Mr. Fredrick Mbiru, Mrs. Isabella O. Wilson, Mr Alan Dodd(Executive Director)
COMPANY SECRETARY: Mr. Livingstone Murage
AUDITORS: Pricewaterhousecoopers
COMPANY BRIEF: NIC Bank Ltd (formerly National Industrial Credit Bank Limited) was incorporated in Kenya on 29th September 1959 as a joint venture 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.
60Nairobi Securities Exchange | Handbook 2013
BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec
Assets Employed Government Securities 17,478,232 7,500,288 5,074,031 4,332,080 3,974,918
Loans And Advances To Customers 71,540,092 56,624,621 40,754,979 32,511,082 29,954,948
Property And Equipment 1,009,891 967,988 750,530 798,255 673,997
Others 18,320,378 13,891,108 12,434,382 9,916,824 8,015,256
Total Assets 108,348,593 78,984,005 59,013,922 47,558,241 42,619,119
Liabilities Customer Deposits 83,379,576 66,293,053 48,492,224 39,514,275 35,238,381
Line Of Credit 3,655,414 190,280 303,284 465,202 663,275
Other Liabilities 5,831,981 1,977,719 1,865,185 786,510 1,151,713
Total Liabilities 92,866,971 68,461,052 50,660,693 40,765,987 37,053,369
Total Equity 15,481,622 10,522,953 8,353,229 6,792,254 5,565,750Total Liabilities And Equity 108,348,593 78,984,005 59,013,922 47,558,241 42,619,119
Income Statement ( Kshs '000')
Interest Income 11,467,574 6,831,580 4,757,544 4,425,440 3,747,301
Interest Expense 5,983,706 2,552,092 1,543,893 2,011,376 1,732,079
Net Interest Income 5,483,868 4,279,488 3,213,651 2,414,064 2,015,222
Non-Interest Income 2,832,257 2,323,246 1,999,829 1,427,014 1,149,231
Operating Income 8,316,125 6,602,734 5,213,480 3,841,078 3,164,453
Operating Expenses 3,500,673 2,739,635 2,288,448 1,850,801 1,485,728
Impairment On Loans And Advances 297,485 258,151 316,640 463,484 194,551
Operating Expenses 3,798,158 2,997,786 2,605,088 2,314,285 1,680,279
Profit Before Tax 4,517,967 3,604,948 2,608,392 1,526,793 1,484,174
Income Tax Expense 1,481,173 897,811 744,474 441,075 446,493
Profit For The Year 3,036,794 2,707,137 1,863,918 1,085,718 1,037,681Statistics
Number Of Ordinary Shares Issued Adjusted 542,984,148 542,984,148 542,984,148 542,984,148 542,984,148
Earnings Per Share (Kshs) 6.03 5.54 4.60 2.75 2.63
Dividends Per Share (Kshs) 1.00 0.50 0.50 0.50 0.50
Net Assets Value (Kshs) 28.51 19.38 15.38 12.51 10.25
Price To Earning Ratio 6.34 4.33 10.00 11.36 22.81
Dividend Yield 2.6% 2.1% 1.1% 1.6% 0.8%
Pay Out Ratio 16.6% 9.0% 10.9% 18.2% 19.0%
Price To Book Value(Kshs) 1.34 1.24 2.99 2.50 5.85
Return On Equity 19.6% 25.7% 22.3% 16.0% 18.6%
Market Price 38.25 24.00 46.00 31.25 60.00
Actual Number Of Shares At Year End 542,984,148 394,897,562 358,997,784 296,692,383 296,692,383
61Nairobi Securities Exchange | Handbook 2013
STANDARD CHARTERED BANK KENYA LTD
STANDARD CHARTERED BANK KENYA LTD
COMPANY NAME: Standard Chartered Bank Kenya Ltd
PHYSICAL LOCATION: StandardChartered@Chiromo, 48 Westlands Road, P.O Box 30003-00100, GPO, Nairobi, Kenya.
CHAIRMAN\LADY’S NAME: Mrs. Anne Mutahi
CHIEF EXECUTIVE’S NAME: Richard Etemesi
NAMES OF OTHER DIRECTORS: Michael C. Hart - Non-Executive Director, Kariuki Ngari - Executive Director, Consumer Banking, Chemutai Murgor - Executive Director, Finance & Chief Finance Officer, Kaushik Shah - Non-Executive Director, Les Baillie - Non-Executive Director Patrick Obath - Non-Executive Director, Robin Bairstow - Executive Director, Origination and Client Coverage, Nancy Oginde.
COMPANY SECRETARY: Nancy Oginde
AUDITORS: KPMG Kenya
COMPANY BRIEF: Standard Chartered Bank Kenya Limited was established in 1911 with the first branch opened in Treasury Square, Mombasa. Today, 102 years later, Standard Chartered Bank is one of the leading banks in Kenya, with an excellent franchise. It has a total of 34 branches spread across the country, 98 automated teller machines (ATMs) and over 1, 900 employees. The Bank has about 32,000 local shareholders holding 26% of the Bank’s total shares. It is a publicly quoted company on the Nairobi Securities Exchange since 1989.Our capital, deposit base, and lending portfolio is reported in Kenya Shillings, and we offer a variety of local and foreign currency accounts, both deposit and loan, to our customers. We have a diversified portfolio cutting across select sectors that include business services, manufacturing, wholesale and retail trade, transport and communications, real estate, agriculture, energy and water. Further underpinning its importance, Standard Chartered Bank Kenya Limited hosts the regional Shared Service Centre supporting the Banks technology operations in Uganda, Tanzania, Zambia, Botswana and South Africa on a real time basis.
Consumer 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.
62Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
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 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
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 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
Other Liabilities 4,906,762 4,126,940 5,715,085 3,960,439 3,846,588
Total Liabilities 164,599,942 143,352,168 122,415,127 109,786,817 87,520,764 Shareholders' Equity
Share Capital 1,825,798 1,715,386 1,715,386 1,639,839 1,639,839
Share Premium 7,792,427 4,836,258 4,836,258 2,520,000 2,520,000
Capital Contribution Reserve 1,889,052 1,889,683 1,891,127 74,590 -
Revaluation Reserves 521,435 551,300 304,363 316,641 329,787
Fair Value Reserve (67,381) (2,316,104) 927,891 666,296 93,074
Statutory Credit Risk Reserve 454,017 452,010 259,155 179,070 191,336
Retained Earnings 14,304,972 10,240,075 7,872,096 6,607,254 5,280,702
Proposed Dividends 4,032,494 3,325,848 2,524,846 1,988,465 1,444,069
Total Shareholders' Equity 30,752,814 20,694,456 20,331,122 13,992,155 11,498,807
Total Liabilities And Shareholders' Equity 195,352,756 164,046,624 142,746,249 123,778,972 99,019,571
63Nairobi Securities Exchange | Handbook 2013
31-Dec-12 31-Dec-11 31-Dec-10 31-Dec-09 31-Dec-08
Kshs' 000 Kshs' 000 Kshs' 000 Kshs' 000 Kshs' 000
Income Statement
Interest Income 19,375,477 12,011,253 9,777,689 9,347,475 7,445,466
Interest Expense (5,633,275) (2,159,959) (1,662,125) (2,010,197) (1,568,347)
Net Interest Income 13,742,202 9,851,294 8,115,564 7,337,278 5,877,119
Fees And Commission Income 3,679,168 3,613,182 2,687,887 2,424,706 2,232,359
Fees And Commisssion Expense (345,664) (210,746) (57,131) (42,492) (75,596)
Net Fee And Commmission Income 3,333,504 3,402,436 2,630,756 2,382,214 2,156,763
Net Trading Income 3,486,140 2,246,685 1,973,690 2,128,392 2,058,143
Other Operating Income 109,590 413,096 1,182,719 398,548 18,045
Operating Income 20,671,436 15,913,511 13,902,729 12,246,432 10,110,070 Staff Costs (4,649,299) (3,736,746) (3,394,945) (2,840,833) (2,998,390)
Premises And Equipment Costs (637,266) (733,730) (523,988) (539,964) (538,344)
General Administrative Expenses (2,213,458) (2,064,022) (1,667,318) (1,364,669) (1,263,592)
Depreciation And Amortisation (898,572) (711,139) (302,273) (297,583) (224,581)
Operating Expenses (8,398,595) (7,245,637) (5,888,524) (5,043,049) (5,024,907)Operating Profit Before Impairment Losses 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
StatisticsNumber Of Ordinary Shares Issued 309,159,514 287,077,134 287,077,134 271,967,811 271,967,811
Earnings Per Share (Kshs) 26.60 19.28 18.58 16.45 11.34
Dividends Per Share (Kshs) 12.50 11.00 13.50 12.00 10.00
Net Assets Value Per Share (Kshs) 99.47 72.09 70.82 51.45 42.28
Price to Earnings Ratio 8.83 8.30 13.89 9.79 14.11
Dividend Yield 5% 7% 5% 7% 6%
Pay Out Ratio 47% 57% 73% 73% 88%
Price to Book Value (Khs) 2.36 2.22 3.64 3.13 3.78
Return On Equity 30% 33% 30% 39% 32%
Market Price Per Share 235 160 258 161 160
FINANCIAL REVIEW OF THE GROUP
64Nairobi Securities Exchange | Handbook 2013
COMMERCIALAND
SERVICES
65Nairobi Securities Exchange | Handbook 2013
EXPRESS KENYA LIMITED
EXPRESS KENYA LIMITED
COMPANY NAME: Express Kenya Limited
PHYSICAL LOCATION: Express House, Road A, off Enterprise Road, Nairobi
CHAIRMAN\LADY’S NAME: Dr. C. W Obura
CHIEF EXECUTIVE’S NAME: Mr. Hector Diniz
NAMES OF OTHER DIRECTORS: Mr. Kajal Thakker, Mr. Pinhas Moskovich
COMPANY SECRETARY: Equatorial Secretaries and Registrars
AUDITORS: PKF Kenya
COMPANY BRIEF: The principal activities of the group are that of clearing and forwarding services for both air and sea as well as warehousing and logistics services.
66Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
31-Dec 2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec
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
Financed ByShare 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 229,908 450,324 856,512 892,928 802,973Profit/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)
Investor RatiosCurrent Ratio 0.40 0.34 0.32 0.31 0.36
Earnings/Loss Per Share (Kshs) 0.37 (6.47) (0.79) 0.43 (1.22)
Net Asset Value Per Share (Kshs) 9.44 10.09 22.08 22.66 22.91
Price-To-Earnings Ratio 9.51 (0.60) (9.83) 18.91 (10.65)
Dividend Yield % - - - - -
Pay-Out Ratio % - - - - -
Price-To-Book Value 0.37 0.39 0.35 0.36 0.57
Market InformationDividends 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
67Nairobi Securities Exchange | Handbook 2013
KENYA AIRWAYS LIMITED
KENYA AIRWAYS LIMITED
COMPANY NAME: Kenya Airways Limited
PHYSICAL LOCATION: North Airport Road, Nairobi
CHAIRMAN\LADY’S NAME: Mr. Evanson Mwaniki
CHIEF EXECUTIVE’S NAME: Dr. Titus Naikuni
NAMES OF OTHER DIRECTORS: Mr. Dinesh Kapila, Mr. Joseph Kinyua, Mr. Rob Schipper, Mr. Peter Hartman, Mr. Ayisi Makatiani, Dr. Cyrus Njiru, Mrs. Salma Mazrui-WattMr. Dennis Awori, Mr. Josef Veenstra, Mr. V. Rague, Mr. Alex W. Mbugua
COMPANY SECRETARY: Ms. Fiona C. Fox
AUDITORS: Pricewaterhouse Coopers
COMPANY BRIEF: The principal activities of the Group are international, regional and domestic carriage of passengers and cargo by air, the provision of ground handling services to other airlines and the handling of import and export cargo.
68Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
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 - -
Shareholders Funds 22,962,000 22,771,000 19,923,000 17,176,000 25,873,000
Non-Current Liabilities 30,653,000 33,386,000 32,710,000 37,081,000 36,794,000
Minority Interest 61,000 53,000 50,000 - -
Total Financing 53,676,000 56,529,000 52,683,000 54,257,000 62,667,000
Turnover 107,897,000 85,836,000 70,743,000 71,829,000 60,471,000 Profit /Loss Before Taxation 2,146,000 5,002,000 2,671,000 (5,664,000) 5,513,000
Taxation (486,000) (1,464,000) (636,000) 1,581,000 (1,644,000)
Profit /Loss After Tax 1,660,000 3,538,000 2,035,000 (4,083,000) 3,869,000
Investor RatiosCurrent Ratio 0.92 1.06 0.87 0.91 1.52
Earnings Per Share (Kshs) 3.60 7.66 4.41 -8.85 8.38
Dividend Yield % 5.81 4.65 1.67 5.06 3.37
Pay-Out Ratio % 22.52 19.57 22.68 -11.31 20.88
P/E Ratio 3.88 4.21 13.61 -2.23 6.20
Net Asset Value/ Share (Kshs) 116.28 122.46 114.13 117.54 135.76
Price To Book Ratio 0.12 0.26 0.53 0.17 0.38
Market InformationDividends Per Share (Kshs) 0.81 1.50 1.00 1.00 1.75
Share Price As At 31 March 13.95 32.25 60.00 19.75 52.00
Number Of Shares In Issue 461,615,484 461,615,484 461,615,484 461,615,484 461,615,484
Market Capitalization (Kshs) 6,439,536,002 14,887,099,359 27,696,929,040 9,116,905,809 24,004,005,168
Note: Reserve Includes Revenue And Hedgung Reserves
69Nairobi Securities Exchange | Handbook 2013
LONGHORN KENYA LTD
LONGHORN KENYA LTD
COMPANY NAME: Longhorn Kenya Ltd
PHYSICAL LOCATION: Funzi Road, Industrial Area, Nairobi
CHAIRMAN\LADY’S NAME: Hon. Francis T. Nyammo
CHIEF EXECUTIVE’S NAME: Mr. James Musyoki Muli
NAMES OF OTHER DIRECTORS: Mr. Job Kariru Muriuki - Representing Centum Investment Company Ltd, Mrs Jane Wangui Muigai Briggs, Mrs Susan Nkirote Omanga, Mr. John Syekei Nyandieka, Mr. Raymond Nyamweya Ondieki
COMPANY SECRETARY: Enid Muriuki
AUDITORS: Deloitte & Touche
COMPANY BRIEF: Longhorn Publishers is a Company incorporated in Kenya with operations in Uganda, Tanzania and Rwanda. Its main business is the development, publication, marketing and distribution of educational and general books. Longhorn Publishers was incorporated on 14th May 1993. On May 30, 2012, Longhorn shares were listed (by introduction) on the Nairobi Securities Exchange, becoming the first book publisher in the Eastern Africa region to be publicly listed.
70Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
31-Dec 2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec
AssetsNon Current Assets
Property Plant & Equipments 174,027 162,211 105,218 88,515 71,162
Intangible Assets 12,313 8,180 15,175 22,359 29,473
Deferred Tax Asset 31,291 12,328 22,665 20,002 12,584
217,631 182,719 143,058 130,876 113,219
Current Assets
Inventories 275,038 173,714 187,974 155,341 74,553
Trade & Other Receivables 156,662 292,762 87,677 65,150 69,150
Taxation Recoverable - - 13,308 11,897 11,309
Short Term Deposits - - 43,653 21,407 102,463
Cash & Bank Balances 12,344 60,458 47,330 46,686 47,802
444,044 526,934 379,942 300,481 305,277
Total Assets 661,675 709,653 523,000 431,357 418,496
Equities & Liabilities
Capital & Reserves
Share Capital 58,500 58,500 58,500 58,500 58,500
Share Premium 5,039 5,039 5,039 5,039 5,039
Retained Earnings 235,999 346,214 236,178 220,439 233,387
Translation Deficit (34,953) (7,948) - - -
264,585 401,805 299,717 283,978 296,926
Non Current Liabilities
Loan Payable - 9,600 22,920 - -
Current Liabilities
Trade & Other Payables 376,773 252,645 174,257 147,333 121,570
Tax Payable 968 26,403 1,026 46 -
Loan Payable 9,600 19,200 25,080 - -
Overdraft 9,749 - - - -
397,090 298,248 200,363 147,379 121,570
Total Equity & Liabilities 661,675 709,653 523,000 431,357 418,496
Income Statement ( Kshs '000')
Turnover 775,943 1,100,947 526,853 639,952 648,268
Cost Of Sales (438,712) (552,687) (269,476) (351,573) (320,784)
Gross Profit 337,231 548,260 257,377 288,379 327,484
Other Operating Income 9,276 1,460 649 340 5,244
71Nairobi Securities Exchange | Handbook 2013
BALANCE SHEET ( Kshs ‘000’)
Selling & Distribution Expenses (87,499) (152,478) (67,965) (89,387) (58,836)
Administrative Expenses (274,004) (183,793) (165,484) (184,431) (157,977)
Interest Income 471 1,617 4,091 8,459 6,967
Finance Cost - - - - (200)
Net Foreign Exchange Loss (11,424) (1,991) (1,265) 8,787 (132)
(Loss)/Profit Before Taxation (25,949) 213,075 27,403 32,147 122,550
Taxation Credit/(Charge) 3,484 (85,329) (5,782) (12,001) (44,594)
(Loss)/Profit For The Year (22,465) 127,746 21,621 20,146 77,956
Other Comprehensive Loss
Exch Diff On Translation Of Foreign Operations (27,005) (13,958) 5,818 2,006 -
Total Comprehensive (Loss)/Income 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
Net Assets Value (Kshs) 4.52 34.34 25.62 24.27 25.38
Mkt Price Per Share (Kshs) 18.50 - - - -
Price To Earning Ratio (48.17) - - - -
Dividend Yield - - - - -
Pay Out Ratio - 0.69 0.54 0.58 0.45
Price To Book Value(Kshs) 4.09 - - - -
Return On Equity (0.08) 0.32 0.07 0.07 0.26
FINANCIAL REVIEW OF THE GROUP
72Nairobi Securities Exchange | Handbook 2013
NATION MEDIA GROUP LIMITED
NATION MEDIA GROUP LIMITED
COMPANY NAME: Nation Media Group Limited
PHYSICAL LOCATION:Nation Centre, Kimathi Street, Nairobi
CHAIRMAN\LADY’S NAME: Mr. Wilfred D. Kiboro
CHIEF EXECUTIVE’S NAME: Mr. Linus Gitahi
NAMES OF OTHER DIRECTORS: Mr Dennis Aluanga, Mr Stephen Gitagama, Mr Richard 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, printing and distribution of newspapers and magazines,and radio and television broadcasting, in the East African countries of Kenya, Uganda, Rwanda and Tanzania.
73Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
31-Dec 2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec
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
Current Liabilities 3,216,700 2,530,900 2,553,100 1,769,400 2,172,900
Net Current Assets 4,031,500 3,324,200 2,523,700 1,996,200 1,854,900
Total Net Assets 7,460,700 6,285,400 5,422,100 4,803,000 4,445,800
Financed ByShare Capital 392,800 392,800 392,800 356,500 356,500
Reserves 116,800 8,200 29,700 82,300 84,800
Retained Earnings 5,563,100 4,630,200 3,916,400 3,637,300 3,316,000
Proposed Dividends 1,178,400 1,021,300 1,021,300 570,400 570,400
Shareholders Funds 7,251,100 6,052,500 5,360,200 4,646,500 4,327,700
Minority Interests 72,400 69,900 61,900 67,200 (13,100)
Non Current Liabilities 137,200 163000.00 0.00 89,300 131,200
Total Financing 7,460,700 6,285,400 5,422,100 4,803,000 4,445,800
Sales 12,346,800 11,245,800 9,602,500 8,189,800 8,251,500 Profit Before Taxation 3,504,600 2,006,800 2,146,600 1,617,400 1,910,300
Taxation (994,300) (803,500) (608,200) (498,200) (614,400)
Profit\Loss After Taxation 2,510,300 1,203,300 1,538,400 1,119,200 1,295,900
Investor RatiosCurrent Ratio 2.25 2.31 1.99 2.13 1.85
Earnings Per Share (Kshs) 15.98 7.66 9.79 7.85 18.17
Dividend Yield % 4.50 5.71 4.79 4.66 3.82
Pay Out Ratio % 62.59 104.46 81.70 70.08 30.26
Price-To-Earnings Ratio 13.89 18.28 17.06 15.04 7.92
Net Asset Value/ Share (Kshs) 47.48 40.00 34.51 33.68 62.35
Price-To-Book Value 4.68 3.50 4.84 3.50 2.31
Market InformationDividends Per Share (Kshs) 10.00 8.00 8.00 5.50 5.50
Share Price As At 31 Dec. 222.00 140.00 167.00 118.00 144.00
Number Of Shares In Issue 157,118,572 157,118,572 157,118,572 142,610,520 71,305,260
Market Capitalization (Kshs) 34,880,322,984 21,996,600,080 26,238,801,524 16,828,041,360 10,267,957,440
Note: Number Of Issued Shares Incresed In 2005 Due To Abonus Issue One Ordinary Share For Every Three Held. Atotal Of 17.8 Million Shares Were Issued.
(*) Long-Term Borrowings In 2008 Stood At Kshs 79.7 Million, A Reduction Of 157% From Kshs 204.5 Million In 2007.
74Nairobi Securities Exchange | Handbook 2013
SCANGROUP LIMITED
SCANGROUP LIMITED
COMPANY NAME: Scangroup Limited PHYSICAL LOCATION: The Chancery, 5th Floor, Valley Road, Upper Hill, Nairobi
CHAIRMAN\LADY’S NAME: David Hutchison
CHIEF EXECUTIVE’S NAME: Bharat Thakrar
NAMES OF OTHER DIRECTORS: JDavid Hutchison, Bharat Thakrar, Manish Shah Richard Omwela, Muchiri Wahome, Andrew Scott, Laurence Mellman
COMPANY SECRETARY: Margaret Muhuni-Kipchumba
AUDITORS: Deloitte & Touche
COMPANY BRIEF: Scangroup is an integrated marketing communication company having interest in various disciplines within Advertising and Marketing Industry. Scangroup was incorporated on 26th January 1999 and was listed on Nairobi Securities Exchange on 29th August 2006 . It has majority interests in renowned companies such as Scanad Limited, Ogilvy Africa, Redsky Limited, Squad Digital and Hill & Knowlton Strategies East Africa. These companies have business interest in Kenya and other sub-Saharan countries such as Uganda, Tanzania, Ghana, Nigeria, Malawi, Mozambique, Zambia, Angola, and DRC. The Companys’ growth strategy is “Integrated Marketing Communication” (IMC) delivery to our clients across all disciplines across multiple markets. We believe that delivering global best practice across multiple markets to our clients will cement our relationships with them. Expansion of the network across Sub-Saharan Africa is the growth propeller of the company.
75Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
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
Trade And Other Receivables 5,663,316 4,951,237 4,822,688 2,460,545 2,365,622
Due From Related Parties 0 6,687 3,082 11,994 6,218
Work-In-Progress 8,276 32,072 61,672 31,926 52,370
Short-Term Bank Deposits 970,903 1,971,143 1,512,547 497,378 949,281
Cash And Bank Balances 983,975 677,597 687,257 179,390 161,375
7,735,575 7,772,923 7,117,892 3,213,445 3,593,824
Total Assets 8,646,961 8,489,938 8,009,431 3,933,148 3,773,957 Non - Current Liabilities
Deferred Tax Liability 4,789 - 3,694 - 119
Loan Due To A Related Party 353,269 337,430 186,937 9,795 -
Finance Leases - - 512 1,825 3,946
358,058 337,430 191,143 11,620 4,065
Current Liabilities
Tax Payable 62,113 164,497 69,767 18,905 12,893
Due To Related Parties - - 642 18,400 8,983
Finance Leases - - 2,394 2,005 1,760
Bank Overdraft - - 21,152 - 145,965
Trade And Other Payables 3,313,136 3,623,330 4,140,532 1,508,378 1,516,330
Dividends Payable 14,024 9,772 5,996 7,618 4,497
3,389,273 3,797,599 4,240,483 1,555,306 1,690,428
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
76Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
Income Statement ( Kshs '000')Billing 13,056,890 11,763,664 11,363,839 5,920,012 5,789,716
Direct Costs (8,825,055) (8,166,404) (9,018,285) (4,295,983) (4,352,824)
Revenue 4,231,835 3,597,260 2,345,554 1,624,029 1,436,892 Other Income 2,553 12,842 899 1,492 4,150
Administrative And Operating Expens-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 -
Total Comprehensive Income For The Year
744,074 916,488 668,410 430,328 315,396
StatisticsNumber Of Ordinary Shares Issued In Calculation
284,789,128 284,789,128 237,324,321 220,689,655 220,689,655
Earnings Per Share (Kshs) 2.21 2.55 2.13 1.81 1.79
Dividends Per Share (Kshs) 0.60 0.70 0.70 0.50 0.69
Net Assets Value (Kshs) 4,899,630 4,354,909 3,577,805 2,366,222 2,079,464
Price To Earning Ratio ^ 31.00 16.27 28.87 14.09 14.94
Dividend Yield 1% 2% 1% 2% 3%
Pay Out Ratio 27% 27% 33% 28% 39%
Price To Book Value(Kshs) 3.98 2.71 4.08 2.38 2.84
Return On Equity 15% 17% 16% 17% 15%
^ As At 31 December
Price Per Share 68.5 41.5 61.5 25.5 26.75
Market Cap (Ksh'000) 19,508,055 11,818,749 14,595,446 5,627,586 5,903,448
Share Of Minority In Total Comprehensive Income
-12630 -186151 -61998 -2648 -8767
77Nairobi Securities Exchange | Handbook 2013
STANDARD GROUP LIMITED
STANDARD GROUP LIMITED
COMPANY NAME: Standard Group Limited PHYSICAL LOCATION: Mombasa Road
CHAIRMAN\LADY’S NAME: Mr. Robin Sewell*
CHIEF EXECUTIVE’S NAME: Mr. Paul Melly* Resigned Current Group C.E.O is Mr.Sam Shollei
NAMES OF OTHER DIRECTORS: Orlando Lyomu, Sarvjeet Channa * Resigned, Francis Munywoki Zehrabanu Janmohamed, Lerionka S. Tiampati, James Boyd Mcfie
COMPANY SECRETARY: Kipng’etich Bett
AUDITORS: KPMG Kenya
COMPANY BRIEF: The Principal activities of the group are the publishing of Standard Newspaper, distribution of selected local and international newspapers, magazines, periodicals , television broadcasting, radio broadcasting and outdoor services.
78Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)2012 2011 2010 2009 2008
Assets Employed
Non-Current Assets 2,253,276 2,224,574 1,936,713 1,922,168 1,532,058
Current Assets 1,248,272 1,287,683 1,369,287 1,081,798 1,154,155
Current Liabilities 1,118,703 1,194,519 1,035,672 850,966 845,209
Net Current Assets 129,569 93,164 333,615 230,832 308,946
Total Net Assets 2,382,845 2,317,738 2,270,328 2,153,000 1,841,004
Financed ByShare Capital 408,654 371,123 370,295 366,375 366,375
Share Premium 39380 36,522 31,048 3,765 3,765
Reserves 102 996,346 814,262 601,660 363,750
Shareholders Funds 448136 1,405,846 1,215,605 971,800 733,890
Retained Earnings 1,168,075 - - - -
Non Current Liabilities* 543,943 663,672 734,550 891,572 842,960
Minority Interest 222,691 248,220 320,173 289,628 264,154
Total Financing 2,382,845 2,317,738 2,270,328 2,153,000 1,841,004
Turnover 3,617,816 3,174,907 3,105,436 2,767,835 2,818,860 Profit/(Loss) Before Taxation 265,364 232,097 453,650 376,493 428,774
Taxation (Credit) (82,057) (84,752) (173,866) (113,109) (142,582)
Profit After Tax 183,307 147,345 279,784 263,384 286,192
Investor RatiosCurrent Ratio 1.12 1.08 1.32 1.27 1.37
Earnings/(Loss) Per Share (Kshs) 2.24 1.99 3.78 3.59 3.91
Net Asset Value / Share (Kshs) 29.15 31.23 30.66 29.38 25.12
Price-To-Earnings Ratio 9.70 12.59 12.04 10.57 12.80
Dividend Yield % 0.00 0.00 1.10 1.32 2.20
Pay-Out Ratio % 0.00 0.00 13.24 13.91 28.16
Price-To-Book Value 0.75 0.80 1.48 1.29 1.99
Market InformationDividends Per Share (Kshs) 0.00 0.00 0.50 0.50 1.10
Share Price As At 30 Dec. 21.8 25.00 45.50 38.00 50.00
Number Of Shares In Issue 81,730,854.0 74,224,526 74,059,026 73,275,029 73,275,029
Market Capitalization (Kshs) 1,777,646,074.5 1,855,613,150 3,369,685,683 2,784,451,102 3,663,751,450
79Nairobi Securities Exchange | Handbook 2013
TPS EASTERN AFRICA LIMITED (SERENA HOTELS)
TPS EASTERN AFRICA LIMITED (SERENA HOTELS)
COMPANY NAME: TPS Eastern Africa Limited (Serena Hotels)
PHYSICAL LOCATION: Williamson House, 4th Ngong Avenue
CHAIRMAN\LADY’S NAME: Mr. Francis Okomo
CHIEF EXECUTIVE’S NAME: Mr. Mahmud Jan Mohamed
NAMES OF OTHER DIRECTORS: Abdulmalek Virani, Ameer Kassim-Lakha, Dr. Ramadhani Dau, Jack J Kisa, Jean-Louis Vinciguerra, Kabir Hyderally, Guedi Ainache, Ashish Sharma (Alternate to Jean-Louis Vinciguerra, Mseli Abdallah (Alternate to Dr. Ramadhani Dau)
COMPANY SECRETARY: Mr. Dominic K. Ng’ang’a
AUDITORS: PricewaterhouseCoopers
COMPANY BRIEF:Tourism Promotion Services (TPS), Serena Hotels offers quality accommodation, conference and holiday solutions in a collection of 24 hotels, safari lodges, camps and resorts within 6 Countries in the Africa region (Kenya, Tanzania, Zanzibar, Uganda, Rwanda and Mozambique). TPS creates outstanding buildings which pay the highest regard to environmental concerns in design, planning and construction reflecting ethnic design that offer the highest standards of service and product and provide management and staff with an enabling environment resulting in satisfactory returns to our stakeholders.
In keeping with its policy of seeking to broaden ownership and build Regional Tourism one of Serena’s objectives is that the success of mature companies must be shared with the public. In 1997, the Kenyan Operations were floated in the Nairobi Stock Exchange and in 2006 when the operations in Tanzania and Zanzibar came to maturity the Group in East Africa was restructured and the Company, TPS Eastern Africa Limited (TPSEAL) became the public company. On 11th January 2013 the Company achieved a strategic milestone in line with it’s diversification strategy by acquiring majority interest in TPS (Uganda) Limited. This indeed re-enforced TPSEAL’s status as a truly East African holding Company with interests in the East African countries
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FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
2012 2011 2010 2009 2008
Assets Employed
Non Current Assets 11,413,799 10,716,911 9,587,155 5,473,915 5,257,076
Current Assets 2,070,277 2,414,929 2,335,982 1,522,281 1,249,920
Current Liabilities 2,045,961 1,615,296 1,657,965 988,035 1,017,357
Net Current Assets 24,316 799,633 678,017 534,246 232,563
Total Net Assets 11,438,115 11,516,544 10,265,172 6,008,161 5,489,639
Financed 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
Shareholders Funds 8,124,650 7,949,969 7,399,172 4,064,390 3,750,925
Minority Interest 56,760.00 96,855 97,213 - -
Non Current Liabilities 3,256,705.00 3,469,720 2,768,787 1,943,771 1,738,714
Total Financing 11,438,115 11,516,544 10,265,172 6,008,161 5,489,639
Sales 5,343,960.00 5,465,975 4,480,128 4,077,657 3,243,203
Profit Before Taxation 721,516.00 853,133 692,933 520,002 330,014
Taxation (227,928.00) (237,242) (176,549) (139,327) (107,297)
Profit/(Loss) After Taxation 493,588 615,891 516,384 380,675 222,717
Investor RatiosCurrent Ratio 1.01 1.50 1.41 1.54 1.23
Earnings/(Loss) Per Share (Kshs) 3.33 4.16 3.48 3.60 2.10
Dividend Yield % 3.25 2.36 1.82 2.78 2.38
Pay-Out Ratio% 39.04 31.28 35.88 34.76 59.42
Price To Earnings Ratio 12.01 13.24 19.66 12.51 24.95
Net Asset Value Per Share (Kshs) 77.17 77.70 69.26 56.75 51.86
Price-To-Book Value 0.52 0.71 0.99 0.79 1.01
Market InformationDividends Per Share (Kshs) 1.30 1.30 1.25 1.25 1.25
Share Price As At 31 Dec. 40.00 55.00 68.50 45.00 52.50
Number Of Shares In Issue 148,210,640.00 148,210,640 148,210,640 105,864,742 105,864,742
Market Capitalization (Kshs) 5,928,425,600 8,151,585,200 10,152,428,840 4,763,913,390 5,557,898,955
*Reserves Include Revaluation And Translation Reserve
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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.
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FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
2012 2011 2010 2009 2008
Assets Employed
Non-Current Assets 3,347,742 2,607,070 1,959,944 5,473,915
Current Assets 1,594,146 1,397,650 1,193,567 1,522,281
Current Liabilities 2,203,769 1542187 1294438 988,035
Net Current Assets (609,623) (144,537) (100,871) 534,246
Total Net Assets 2,738,119 2,462,533 1,859,073 6,008,161
Financed 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
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CONSTRUCTION AND ALLIED SECTOR
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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
AUDITORS: Deloitte & Touche
COMPANY BRIEF: The principal activities of the company and its subsidiaries are the manufacture and sale of cement, mining and processing of industrial minerals and chemicals, trading in other building products and the sale of fertilisers.
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BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
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
Current Liabilities 6,502,840 4,420,053 3,206,460 3,353,762 1,842,931
Net Current Assets 1,433,570 (696,832) 1,033,602 8,984 42,080
Total Net Assets 20,450,260 16,095,887 13,358,440 8,787,329 4,509,547
Financed ByShare Capital 495,275 495,275 495,275 495,275 495,275
Share Premium 302,027 302,027 302,027 302,027 302,027
Reserves* 1,270,966 1,373,546 1,365,784 1,444,966 (32,746)
Proposed Dividends
Retained Earnings 4,945,503 3,827,809 2,782,339 1,886,662 1,362,975
Convertible Bond
Shareholders Fund 7,013,771 5,998,657 4,945,425 4,128,930 2,127,531
Non Current Liabilities 13,329,740 9,993,361 8,431,581 4,658,399 2,382,004
Minority Interest 106,749 103,869 (18,566) - -
Total Financing 20,450,260 16,095,887 13,358,440 8,787,329 4,509,535
Turnover 11,400,569 8,180,992 5,964,670 5,144,822 4,619,473Profit 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
Earnings Per Share (Kshs) 2.52 11.61 10.86 6.52 5.08
Price - Earnings Ratio 17.69 13.60 16.86 17.03 17.81
Dividend Yield % 1.12 1.27 0.96 1.35 1.38
Payout Ratio % 19.88 17.22 16.12 23.01 24.59
Net Asset Value Per Share 41.29 162.49 134.86 88.71 45.53
Price -To- Book Value 1.08 0.97 1.36 1.25 1.99
Market 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
Number Of Shares In Issue 495,275,000 99,055,000 99,055,000 99,055,000 99,055,000
Market Capitalization 22,039,737,500 15,650,690,000 18,127,065,000 10,995,105,000 8,964,477,500
Reserves Include Revaluation Surplus And
Translation Reserve
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BAMBURI CEMENT COMPANY LTD
BAMBURI CEMENT COMPANY LTD
COMPANY NAME: Bamburi Cement Limited
PHYSICAL LOCATION: Kenya-Re Towers, Upper Hill, Nairobi, Kenya.
CHAIRMAN\LADY’S NAME: John Simba
CHIEF EXECUTIVE’S NAME: Hussein Mansi
NAMES OF OTHER DIRECTORS: John Stull, Amb. Solomon Karanja, Chris Kisire, Sheila M’Mbijiwe, Dominique Brugier, Catherine Langreney, Thomas Farrell, Fabrizio Olivares, David Njoroge, Eric Kironde
COMPANY SECRETARY: Betty Kanyagia
AUDITORS: Ernst & Young
COMPANY BRIEF: The group is primarily engaged in the manufacture and sale of cement and cement related products. The group also owns and manages a world class nature and environmental park developed from rehabilitated quarries. The company was Founded in 1951
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BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
2012 2011 2010 2009 2008
Non Current Assets 26,576,000.00 20,146,000.00 20,443,000.00 19,339,000.00 18,179,000.00
Current Assets 16,462,000.00 13,356,000.00 12,863,000.00 12,773,000.00 10,036,000.00
Total Assets 43,038,000.00 33,502,000.00 33,306,000.00 32,112,000.00 28,215,000.00
Equity And Liabilities:
Total Equity 30,861,000.00 24,174,000.00 21,626,000.00 20,941,000.00 16,602,000.00
Non Current Liabilities 5,166,000.00 4,231,000.00 4,216,000.00 6,227,000.00 6,170,000.00
Current Liabilities 7,011,000.00 5,097,000.00 7,464,000.00 4,944,000.00 5,443,000.00
Total Equity And Liabilities 43,038,000.00 33,502,000.00 33,306,000.00 32,112,000.00 28,215,000.00
Income Statement ( Kshs '000')
Revenue 37,491,000.00 35,884,000.00 28,075,000.00 29,994,000.00 27,467,000.00
Gross Profit 9,856,000.00 9,964,000.00 9,618,000.00 10,815,000.00 10,453,000.00
Profit Before Tax 7,176,000.00 8,466,000.00 7,564,000.00 9,596,000.00 4,889,000.00
Tax Charge (2,294,000.00) (2,607,000.00) (2,265,000.00) (2,626,000.00) (1,477,000.00)
Profit For The Year 4,882,000.00 5,859,000.00 5,299,000.00 6,970,000.00 3,412,000.00 Profit Artributable To Shareholders 4,416,000.00 5,243,000.00 5,089,000.00 6,649,000.00 3,187,000.00
Other Comprehensive Income 5,830,000.00 (44,000.00) (621,000.00) (1,070,000.00) (542,000.00)
Total Comprehensive Income For The Year
10,712,000.00 5,815,000.00 4,678,000.00 5,900,000.00 2,870,000.00
StatisticsNumber Of Ordinary Shares Issued In Calculation
362,959,275.00 362,959,275.00 362,959,275.00 362,959,275.00 362,959,275.00
Earnings Per Share (Kshs) 12.17 14.45 14.02 18.32 8.78
Dividends Per Share (Kshs) 10.50 10.00 8.50 11.00 6.00
Market Price Per Share (Kshs) 185.00 125.00 187.00 156.00 165.00
Net Assets Value (Kshs) 118.58 92.30 91.76 88.47 77.74
Price To Earning Ratio 15.21 8.65 13.34 8.52 18.79
Dividend Yield 0.06 0.08 0.05 0.07 0.04
Pay Out Ratio 0.86 0.69 0.61 0.60 0.68
Price To Book Value(Kshs) 1.56 1.35 2.04 1.76 2.12
Return On Equity 0.16 0.24 0.25 0.33 0.21
Price To Book Value(Kshs) 438,924 644,904 571,801 584,312 -
Return On Equity
Total Equity And Liabilities 2,265,714 2,415,111 2,728,978 2,318,717 1,559,747
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89Nairobi Securities Exchange | Handbook 2013
CROWN PAINTS KENYA LIMITED
CROWN PAINTS KENYA LIMITED
COMPANY NAME: Crown Paints Kenya Limited
PHYSICAL LOCATION: Crown Paints Kenya Limited, Mogadishu road, Industrial Area Nairobi
CHAIRMAN\LADY’S NAME: Mhumud Charania
CHIEF EXECUTIVE’S NAME: Rakesh Rao
NAMES OF OTHER DIRECTORS: Patrick Mwati, Hussein Ramji Charania, Francis Maina
COMPANY SECRETARY: Conrad Nyukuri
AUDITORS: Ernst & Young
COMPANY BRIEF: The principal activities of the Group are the manufacture and sale of paints, adhesives, decorating sundries, PVA emulsion and alkyd resins. Date of incorporation - 1958
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BALANCE SHEET ( Kshs ‘000’)
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
Total Equity And Liabilities 2,258,263 2,215,352 1,972,337 1,858,452 1,948,281
Income Statement ( Kshs '000')Revenue 4,432,877 3,853,569 3068468 2543657 2389520
Profit Before Tax 224,170 200,539 169480 139818 77781
Tax Expense (-90,627) (-71,537) (-78063) (-53510) (-47004)
Profit For The Year 133,543 129,002 91,417 86,308 30,777
Other Comprehensive 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
Market Price Per Share 42.50 20.50 36.00 25.00 24.75
Earnings Per Share (Kshs) 6.01 7.58 3.85 3.64 1.19
Dividends Per Share (Kshs) 5.63 5.44 3.85 3.64 1.30
Net Assets Value (Kshs) 95 93 83 78 82
Price To Earning Ratio 7.07 2.71 9.34 6.87 20.75
Dividend Yield 0.13 0.27 0.11 0.15 0.05
Pay Out Ratio 0.94 0.72 1.00 1.00 1.09
Price To Book Value(Kshs) 0.45 0.22 0.43 0.32 0.30
Return On Equity 0.11 0.12 0.10 0.10 0.04
FINANCIAL REVIEW OF THE GROUP
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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
AUDITORS: KPMG Kenya
COMPANY BRIEF: The group’s principal activities continue to be the manufacture and sale of electrical cables and conductors.
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BALANCE SHEET ( Kshs ‘000’)2012 2011 2010 2009 2008
Assets Employed
Non Current Assets 3,217,203 2,585,528 2,722,759 1,844,227 1,070,195
Current Assets 3,031,439 2,407,504 1,795,686 1,699,156 1,973,398
Current Liabilities 2,532,226 2,074,312 1,399,362 1,247,084 1,188,676
Net Current Assets 499,213 333,192 396,324 452,072 784,722
Total Net Assets 3,716,416 2,918,720 3,119,083 2,296,299 1,854,917
Financed 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
Earnings Per Share (Kshs) 2.06 1.24 0.91 1.46 2.29
Price-To-Earnings Ratio 5.67 8.48 17.90 13.85 11.49
Dividend Yield % 8.55 4.74 6.15 4.94 3.81
Pay-Out Ratio % 48.49 40.21 110.14 68.40 43.76
Net Asset Value Per Share (Kshs) 14.68 11.53 15.40 11.34 9.16
Price-To-Book Value 0.80 0.91 1.05 1.79 2.87
Market Information
Dividends Per Share (Kshs) 1.00 0.50 1.00 1.00 1.00
Share Price As At 31 December 11.70 10.55 16.25 20.25 26.25
Number Of Shares In Issue 253,125,000 253,125,000 202,500,000 202,500,000 202,500,000
Market Capitalization (Kshs) 2,961,562,500 2,670,468,750 3,290,625,000 4,100,625,000 5,315,625,000
Note: Reserves Include Revaluation ,Exchange And Revenue Reserves,
FINANCIAL REVIEW OF THE GROUP
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EAST AFRICAN PORTLAND CEMENT COMPANY
EAST AFRICAN PORTLAND CEMENT COMPANY
COMPANY NAME: East African Portland Cement Company
PHYSICAL LOCATION: LR 337/113/1 Namanga Road, Off Mombasa Road, P.O. Box 20 - 00204, Athi River
CHAIRMAN\LADY’S NAME: Mark Ole Karbolo
CHIEF EXECUTIVE’S NAME: Kephar L. Tande
NAMES OF OTHER DIRECTORS: PS Ministry of Industrialization, PS The National Treasury NSSF, Dr. Titus Naikuni, Hamish Keith
COMPANY SECRETARY: J.L.G. Maonga
AUDITORS: Ernst & Young
COMPANY BRIEF: EXCERPTS FROM CHAIRMAN’S REPORT FOR THE YEAR ENDED 30 JUNE 2012 Recovery Strategy: The Board and management have put in place recovery measures to ensure that the ensuing financial year is different In July 2012, a new strategic plan was put in place. The key to this strategy is to regain lost market share and cut operating expenses. Additionally, it is to put in place a new management team capable of driving the Company forward to the next level. Energy: Cement production is energy intensive. Energy costs in East Africa account for up to 50% of total production costs while in countries like Egypt, India, Pakistan and China production costs are inherently lower since key inpits in the power and fuel industries are subsidized by their governments. This makes the region a lucrative market for imports, which poses a direct existential threat to the local cement industry. In December 2010 the Company switched to coal which led to a significant reduction in energy costs by 35%. The next initiative is to switch cement production from open to a closed circuit system, generating further savings in cost of production. Yen - denominated Loan: The Company hedged 25% of the Yen denominated loan. During the year the Company hedged a further 25%, making a total hedge of 50% equivalent of the loan into dollars. This has had a positive impact and substantially reduced the forex losses suffered during the year. Outlook Despite the difficulties experienced in this financial year, the Board and management are confident that the prospects of the Company are very good. The market for cement continues to grow and with the major planned infrastructure projects the company expects to regain its market share. However, due to increading competition, the price of cement will continue to fall. Due to stringent efforts by the management the Company is already registering positive results in this current year of 2012/13 and it is expected that we shall return to profitability.
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BALANCE SHEET ( Kshs ‘000’)
2012 2011 2010 2009 2008
Turnover 8,614,806 10,172,140 9,408,711 8,101,377 7,204,479
operating profit (610,479) 653,640 90,015 1,247,045 1,120,355
Foreign Currency exchange (loss)/gain (61,575) (655,909) (451,176) (837,522) (414,451)
(Loss)/Profit before tax (849,679) (119,059) (338,571) 1,881,678 715,889
Taxation Credit /(Charge) 28,193 120,776 54,520 (47,624) (179,237)
Profit /(Loss) Attributable to Members (821,486) 1,717 (284,051) 1,834,054 536,652
Dividends - 45,000 - 117,000 -
Capital Employed
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
Shareholders Funds 4,839,390 5,702,918 5,701,201 6,102,252 4,026,749
Non current Liabilities 6,976,194 5,727,774 4,499,714 4,421,319 3,870,221
Current Liabilities 2,275,422 2,100,179 1,836,650 1,512,392 1,176,375
Total Equity & Liabilities 14,091,006 13,530,871 12,037,565 12,035,963 9,073,345
Ratio 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 -
FINANCIAL REVIEW OF THE GROUP
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ENERGYAND
PETROLEUM
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KENOLKOBIL LIMITED
KENOLKOBIL LIMITED
COMPANY NAME: KenolKobil Limited
PHYSICAL LOCATION: ICEA Building, Kenyatta Avenue, Nairobi.
CHAIRMAN\LADY’S NAME: Mr. James Mathenge
CHIEF EXECUTIVE’S NAME: Mr. David S. Ohana
NAMES OF OTHER DIRECTORS: Mr. D. Oyatsi, Mr. P.N. Jakobsson, Mr. T.M. Davidson, Mr. D. Ndonye, Ms. Pat Lai
COMPANY SECRETARY: Ms Winniefred Jumba
AUDITORS: PricewaterhouseCoopers
COMPANY BRIEF: The KenolKobil Group is Africa’s fastest growing indigenous oil marketing corporation with an expansive subsidiary network in ten African countries including Kenya (Head Office), Uganda, Tanzania, Rwanda, Zambia, Ethiopia, Burundi and Zimbabwe, Mozambique and Congo DR.
Our Business:Our business is primarily within the downstream petroleum sector which entails sourcing and distribution of refined petroleum products, which include motor fuels, industrial oils, LPG, aviation fuels, lubricants and other specialist oils, for both consumer and commercial markets. The Group also conducts large scale procurement of petroleum products for government bodies, large industrial establishments and refineries in Africa.
Corporate Governance: Our foundation as a top oil marketing company in Africa is deeply rooted in the fundamentals of good corporate governance and strict adherence and compliance with industry and statutory regulatory requirements.
Business Conduct:The KenolKobil Group is highly committed to the sustenance, maintenance and enhancement of its physical and social environments. Across the Group, we have established and conform to a QEHS Policy that looks beyond satisfaction of statutory requirements. To cope with the dynamic business environment, the Company is committed to continually improve the business by enhancing our quality assurance systems, and as part of our commitment; KenolKobil is ISO 9001:2008 certified.
CSR: We attribute our success to the African people and ensure that our business presence adds sustainable and measurable value to our host communities and relevant to our corporate philosophy KenolKobil Cares for You.
We engage our host communities in socio-economic, cultural and sporting activities including the KenolKobil Education Scholarship Fund which focuses on the education of bright children from poor backgrounds.
As the KenolKobil Group expands into new territories, our guiding principle is the resolve is to be the best in any of the markets we set foot through provision of reliable and high quality products and services.
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FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)2012 2011 2010 2009 2008
Assets EmployedNon-Current Assets 8,143,785 5,828,442 4,359,429 4,311,270 6,597,205
Current Assets 24,540,381 40,145,862 26,013,480 25,124,066 21,111,387
Current Liabilities 25,340,816 32,794,177 18,879,407 19,293,187 16,301,749
Net Current Assets (800,435.00) 7,351,685 7,134,073 5,830,879 4,809,638
Total Net Assets 7,343,350 13,180,127 11,493,502 10,142,149 11,406,843
Financed ByShare Capital 73,588 73,588 73,588 73,588 73,588
Share Premium 5,166,350 5,166,350 5,166,350 5,166,350 5,166,350
Reserves 346,219 (1,366,477) (138,123) (92,193) 581,991
Retained Earnings 859,568 7,144,143 5,342,073 4,192,344 4,578,815
Proposed Dividends 0 632,857 765,316 478,322 515,116
Shareholders Fund 6,445,725 11,650,461 11,209,204 9,818,411 10,915,860
Minority Interest
Non Current Liabilities 897,625 1,529,666 284,298 323,738 490,983
Total Financing 7,343,350 13,180,127 11,493,502 10,142,149 11,406,843
Turnover 192,527,486 222,440,715 101,649,560 96,692,834 134,518,341 Profit Before Taxation (8,964,664.00) 4,933,783 2,836,228 1,933,456 1,879,811
Taxation 2,680,089 (1,659,952) (921,183) (638,951) (724,492)
Net Profit/(Loss) (6,284,575) 3,273,831 1,915,045 1,294,505 1,155,319
Financial 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
Net Asset Value Per Share (Kshs) 4.99 8.96 7.81 68.91 77.50
Price-To-Book Value 2.72 1.11 1.28 0.73 0.85
Market Information Dividends Per Share (Kshs.) 0.00 1.00 0.52 3.25 3.50
Share Price As At 31 Dec 13.55 9.95 10.00 50.00 66.00
Number Of Shares In Issue* 1,471,761,200 1,471,761,200 1,471,761,200 147,176,120 147,176,120
Market Capitalization (Kshs.) 19,942,364,260 14,644,023,940 14,717,612,000 7,358,806,000 9,713,623,920
*Increased Due To Purchase Of Issued Shares 45,480,000 Ordinary Shares Of Kobil Petroleum Ltd
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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
AUDITORS: Deloitte & Touche
COMPANY BRIEF: The principal activity of the Company is to generate and sell electricity to the authorised distributor, Kenya Power and Lighting Company Limited (Kenya Power).
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FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)2012 2011 2010 2009 2008
Assets EmployedNon Current Assets 140,856,807 141,454,256 117,717,472 95,855,120 96,338,413
Current Assets 22,288,066 19,539,034 32,849,414 12,748,759 10,655,138
Current Liabilities 15,000,957 11,256,593 6,969,815 5,867,743 7,924,944
Net Current Assets 7,287,109 8,282,441 25,879,599 6,881,016 2,730,194
Total Net Assets 148,143,916 149,736,697 143,597,071 102,736,136 99,068,607
Financed ByShare Capital 5,495,904 5,495,904 5,495,904 5,495,904 5,495,904
Share Premium 5,039,818 - - - -
Reserves 26,324,186 63,922,683 65,034,964 56,718,143 60,650,745
Retained Earnings 33,319,646 - - - -
Proposed Dividends 1,099,181 1,978,525
Shareholders Funds 70,179,554 69,418,587 70,530,868 63,313,228 68,125,174
Non Current Liabilities* 77,964,362 80,318,110 73,066,203 39,422,908 30,943,433
Total Financing 148,143,916 149,736,697 143,597,071 102,736,136 99,068,607
Turnover 15,999,078 14389027.00 10,998,429 12,652,388 11,548,176Profit/(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
Investor RatiosCurrent Ratio 1.49 1.74 4.71 2.17 1.34
Earnings/(Loss)/Share (Kshs) 1.28 0.95 1.49 0.94 2.68
Net Asset Value/ Share (Kshs) 67.39 68.11 65.32 46.73 45.06
Price-To-Earnings Ratio 6.70 14.32 11.44 15.45 9.13
Pay-Out-Ratio 46.73 52.84 33.45 53.08 33.55
Dividend Yield % 6.98 3.69 2.92 3.44 3.67
Price-To-Book Value 0.13 0.20 0.26 0.31 0.54
Market 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
Market Capitalization (Kshs) 18,905,908,522 29,787,797,729 37,591,980,898 31,986,159,185 53,859,855,672
*in 2008n non-current liabilities constituted Kshs 19,466,078,000 as borrowings
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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.
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BALANCE SHEET ( Kshs ‘000’)June 2012 2011 2010 2009 2008
Total Assets 134,131,983 121,171,515 85,025,890 70,648,425 59,812,122
Total Equity 43,511,553 39,606,376 28,740,877 26,848,063 23,881,922
Liabilities 90,620,430 81,565,139 56,285,013 43,800,362 35,930,200
Income Statement ( Kshs '000')Turnover 95,662,427 73,154,021 73,166,794 66,362,811 41,766,966
Operating Expenses 69,962,179 49,789,577 46,367,383 60,688,199 38,244,926
Profit Before Tax 8,506,693 6,254,751 5,649,462 4,782,433 2,738,309
Earnings Attributable To Shareholders 4,617,116 4,219,566 3,716,370 3,225,094 1,764,870
StatisticsNumber Of Ordinary Shares Issued In Calculation
1,951,467,045 1,734,637,373 79,128,000 79,128,000 79,128,000
Earnings Per Share (Kshs) 2.36 2.16 3.00 40.76 22.30
Dividends Per Share (Kshs) 0.50 0.45 8.00 8.00 4.00
Pay Out Ratio 0.21 0.21 2.67 0.20 0.18
FINANCIAL REVIEW OF THE GROUP
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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
AUDITORS: Ernst & Young
COMPANY BRIEF: The principal activity of the company is the sale of petroleum products.
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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
Net Current Assets 5,415,296 2,356,187 3,023,678 2,157,436 2,254,619
Total Net Assets 15,047,441 12,215,402 13,284,778 12,940,191 5,017,822
Financed 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
Retained Earnings 2,250,385 2,452,527 2,837,562 2,219,900 2,174,978
Proposed Dividends
Shareholders Funds 14,192,676 9,194,818 9,579,853 8,962,191 5,017,822
Non Current Liabilities 854,765 3,020,584 3,704,925 3,978,000 -
Total Financing 15,047,441 12,215,402 13,284,778 12,940,191 5,017,822
Turnover 119,788,989 105,590,360 79,206,640 41,311,598 54,807,521 Profit Before Taxation (64,301) 57,850 1,388,425 733,699 1,031,368
Taxation (Charge/Credit) (137,841) (129,286) (472,220) (251,114) (327,474)
Net Profit/Loss (202,142) (71,436) 916,205 482,585 703,894
Investor RatiosCurrent Ratio 1.30 1.10 1.18 1.12 1.24
Earnings Per Share (Kshs.) (1.15) -0.41 5.30 2.79 4.02
Price-To-Earnings Ratio (11.99) -36.14 5.48 10.67 7.96
Dividend Yield % 0.00 0.00 0.00 0.00 0.00
Pay-Out Ratio % (17.32) -257.27 19.83 35.85 62.18
Net Asset Value Per Share(Kshs) 85.95 69.79 76.78 74.79 28.66
Price-To-Book Value 0.16 0.21 0.38 0.40 1.12
Market 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
Number Of Shares In Issue 175,064,706 175,028,706 173,013,000 173,013,000 175,064,706
Market Capitalization (Kshs.) 2,424,646,178 2,581,673,414 5,017,377,000 5,147,136,750 5,602,070,592
FINANCIAL REVIEW OF THE GROUP
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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
AUDITORS: Ernst & Young
COMPANY BRIEF: The Company is licensed by Electricity Regulatory Authority to carry on electricity distribution and supply business in Uganda
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FINANCIAL REVIEW OF THE GROUP
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
Retained Earnings 141,407,000 - - - -
Proposed dividends
Shareholders Funds 239,447,000 - - - -
Non current Liabilities* 212,129,000 - - - -
Total Financing 451,576,000 - - - -
TURNOVER 859,552,000 - - - -
Profit/(Loss) Before Taxation 60,921,000 - - - -
Taxation credit/ (charge) (3,811,000) - - - -
Net Profit 57,110,000 - - - -
INVESTOR 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 - - - -
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INSURANCE
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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
AUDITORS: PricewaterhouseCoopers
COMPANY BRIEF: The Group is a holding and Investment Company .The company acts as an investment company and a holding company for insurance and investment businesses in Kenya, Uganda and South Sudan.
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BALANCE SHEET ( Kshs ‘000’)
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 - - -
FINANCIAL REVIEW OF THE GROUP
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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)
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BALANCE SHEET ( Kshs ‘000’)
31St Dec 2012 2011 2010 2009 2008
Assets Employed Property And Equipment 349,185 314,759 242,756 214,504 186,919
Intangible Assets 56,485 58,892 35,931 28,817 26,660
Investment Properties 2,554,472 1,306,744 891,249 239,050 226,050
Investment In Associate 70,447 80,184 100,000 - -
Available For Sale Investments 19,844 16,205 24,764 1,941 1,268
Loans Receivables 496,627 403,994 356,557 320,721 182,318
Equity Investments 203,377 144,710 183,923 69,840 63,766
Deferred Taxation 8,109 7,076 5,492 3,625 -Deposit And Commercial Paper 423,441 294,822 178,101 79,100 90,180
Receivable Arising Out Of Reinsurance 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
FINANCIAL REVIEW OF THE GROUP
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Bank Overdraft - - - 320 15,178
Total Liabilities 8,598,591 6,826,654 3,958,402 2,500,387 2,271,108 Total Equity And Liabilities 14,069,551 11,120,796 6,567,549 3,490,495 3,028,649
Income Statement ( Kshs '000')
Gross Written Premiums 9,009,893 6,735,721 4,556,302 2,874,599 -Gross Earned Premiums 8,168,717 6,116,421 3,908,066 2,760,185 2,222,076
Less: Reinsurance Premiums Ceded (880,537) (772,125) (358,300) (297,944) (245,358)
Net Earned Premiums 7,288,180 5,344,296 3,459,766 2,462,241 1,976,718 Commission Earned 201,282 150,681 64,044 57,926 35,983
Investment Income 790,514 537,928 235,361 179,102 177,247
Other Gains/(Losses) 622,017 (12,865) 93,450 22,262 16,733
Total Income 8,901,993 6,020,040 3,942,621 2,721,531 229,963 Claims And Policyholders' Benefits 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
Total Comprehensive Income For The Year
1,402,983 597,765 512,084 245,631 184,924
StatisticsNumber Of Ordinary Shares Issued In Calculation
2,179,655 108,983 30,571 21,399 20,689
Earnings Per Share (Kshs) 0.64 5.48 16.75 11.48 8.94
Dividends Per Share (Kshs) 0.10 1.80 0.16 1.60 1.40
Net Assets Value (Kshs) 2.51 39.40 85.35 46.27 36.62
Price To Earning Ratio 5.55 - - - -
Dividend Yield 0.03 - - - -
Pay Out Ratio 0.16 0.33 0.01 0.14 0.16
Price To Book Value(Kshs) 1.41 0.00 0.00 0.00 0.00
Return On Equity 0.25 0.14 0.19 0.24 0.24
FINANCIAL REVIEW OF THE GROUP
112Nairobi Securities Exchange | Handbook 2013
JUBILEE HOLDINGS LIMITED
JUBILEE HOLDINGS LIMITED
COMPANY NAME: Jubilee Holdings Limited
PHYSICAL LOCATION: Jubilee Insurance House, wabera Street, Nairobi
CHAIRMAN\LADY’S NAME: Mr. Nizar N Juma
CHIEF EXECUTIVE’S NAME: Mr. Azim Dawood
NAMES OF OTHER DIRECTORS: Mr. Sultan A Allana, Mr. Ramadhani K Dau, Mr. Juma 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
AUDITORS: KPMG Kenya
COMPANY BRIEF: The Company is an investment holding company. The Company, through its subsidiaries The Jubilee Insurance Company of Kenya Limited, The Jubilee Insurance Company of Uganda Limited, The Jubilee Insurance Company of Tanzania Limited, and The Jubilee Insurance Company Burundi (SA), transacts all classes of general and long term insurance business as defined by the respective Insurance Act while Jubilee Insurance (mauritius) Limited transacts all classes of general insurance business. It also owns investment companies in Uganda, Burundi and Tanzania and a fund management company in Kenya (Jubilee Financial Services Limited).
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FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
31St Dec 2012 2011 2010 2009 2008
Assets Employed Total Assets 47,417,562 38,039,832 30,691,382 23,736,372 20,202,824
Total Liabilities 38,717,873 31,328,181 25,114,019 19,942,274 16,998,236
Total Net Assets 8,699,689 6,711,651 5,577,363 3,794,098 3,204,588
Financed By Share Capital 299,475.00 272,250 247,500 225,000 225,000
Reserves (119,289.00) (225,304) 211,806 (135,986) (242,911)
Retained Earnings 7,480,077.00 5,861,745 4,431,484 3,142,327 2,742,884
Proposed Dividends 359,370.00 245,025 222,750 157,500 146,250
Shareholder's Funds 8,019,633 6,153,716 5,113,540 3,388,841 2,871,223
Minority Interest 680,056.00 557,935 463,823 405,257 333,365
Long Term Business Funds - - - - -
Total Financing 8,699,689 6,711,651 5,577,363 3,794,098 3,204,588
Profit Before Taxation 2,693,303.00 2,143,891 2,053,287 1,115,776 900,692
Taxation (408,802.00) (233,501) (214,163) (202,103) (187,457)
Profit After Tax 2,284,501 1,910,390 1,839,124 913,673 713,235
Investor Ratios Earnings Per Share (Kshs.) 38.14 35.09 37.15 20.30 15.85
Price-To Earnings Ratio 4.54 4.42 4.95 5.66 7.76
Dividend Yield % 4.45 3.55 2.99 3.91 3.46
Pay-Out Ratio % 20.19 15.68 14.80 22.16 26.81
Net Asset Value /Share (Kshs.) 145.25 123.26 112.67 84.31 71.21
Price-To-Book Value 1.19 1.26 1.63 1.36 1.73
Market Information Dividends Per Share (Kshs.) 7.70 5.50 5.50 4.50 4.25
Share Price As At 31St Dec. 173.00 155.00 184.00 115.00 123.00
Number Of Shares In Issue 59895000.00 54,450,000 49,500,000 45,000,000 45,000,000
Market Capitalization (Kshs) 10,361,835,000 8,439,750,000 9,108,000,000 5,175,000,000 5,535,000,000
Note: * Indicates The Following Reserves: Revaluation Surplus,General Reserves, And Translation Reserves
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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.
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FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)31St Dec 2012 2011 2010 2009 2008
Assets EmployedTotal Assets 23,787,957 19,096,441 17,240,929 15,000,633 13,665,599
Total Liabilities 9,174,802 7,569,956 6,667,427 5,900,708 5,661,712
Total Net Assets 14,613,155 11,526,485 10,573,502 9,099,925 8,003,887
Financed ByShare Capital 1,749,873 1,500,000 1,500,000 1,500,000 1,500,000
Reserves 3,863,184 2,417,861 2,728,076 2,326,562 2,303,542
Retained Earnings 9,000,098 7,608,624 6,345,426 5,273,363 4,200,345
Total Financing 14,613,155 11,526,485 10,573,502 9,099,925 8,003,887
Profit Before Taxation 2,944,635 2,036,777 1,660,016 1,463,862 1,759,015
Taxation (142,743) (122,193) (118,625) (134,958) (277,914)
Net Profit 2,801,892 1,914,584 1,541,391 1,328,904 1,481,101
Financial RatiosEarnings Per Share (Kshs.) 4.00 3.19 2.57 2.21 2.47
Price-To-Earnings Ratio 2.67 2.29 4.30 5.28 5.17
Dividend Yield % 3.74 4.79 3.17 4.27 3.92
Pay Out Ratio % 9.99 10.97 13.62 22.57 20.26
Net Asset Value/Share(Kshs) 20.88 19.21 17.62 15.17 13.34
Price-To-Book Value 0.51 0.38 0.63 0.77 0.96
Market 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
Market Capitalization (Kshs.) 7,489,455,028 4,380,000,000 6,630,000,000 7,020,000,000 7,650,000,000
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LIBERTY KENYA HOLDINGS LIMITED
LIBERTY KENYA HOLDINGS LIMITED
COMPANY NAME: Liberty Kenya Holdings Limited
PHYSICAL LOCATION: CFC House, Mamlaka Road, Nairobi
CHAIRMAN\LADY’S NAME: Dr. Susan Mboya
CHIEF EXECUTIVE’S NAME: Mr. Mike du Toit
NAMES OF OTHER DIRECTORS:Mr. Mr. Gayling du Toit, Mrs. Stella Kilonzo, Mr. Peter N. Gethi,
Mr. Mukesh Mittal, Mr. Maina Mukoma, Dr. Lumbi Wa M’Nabea, Ms. Priscilla Kirigua
COMPANY SECRETARY: Mrs. Caroline Kioni
AUDITORS: PricewaterhouseCoopers
COMPANY BRIEF: The Group is engaged in the business of insurance and wealth management through its subsidiaries namely CFC Life Assurance Limited, and The Heritage Insurance Company Kenya Limited. The Group underwrites all classes of long term and general insurance as defined in the Kenyan Insurance Act. It also issues investment contracts to provide customers with asset management solutions for their savings and retirement needs.
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FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)31St Dec 2012 2011 2010 2009 2008
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 - - - -
Net Asset Value/Share(Kshs) 10.52 8.10 - - -
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 - - -
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PAN AFRICA INSURANCE COMPANY LTD
PAN AFRICA INSURANCE COMPANY LTD
COMPANY NAME: Pan Africa Insurance Company Ltd
PHYSICAL LOCATION: Pan Africa Life House, Kenyatta Avenue, Nairobi
CHAIRMAN\LADY’S NAME: Dr. John Peter Nyangeri Simba, Mbs Ogw
CHIEF EXECUTIVE’S NAME: Tom Gitogo
NAMES OF OTHER DIRECTORS: Baloobhai Chhotabahi Patel, Margaret Mercer Dawes Jonathan Paul Wrench, James Njuguna Gitoho, Susan Mudhune, Thomas Alexander Wixley Bhekithemba Thabo Gamedze
COMPANY SECRETARY: Emma Wachira
AUDITORS: Ernst & Young
COMPANY BRIEF: Incorporation Pan Africa Insurance Holdings Limited was incoporated in on 26th October 1946, then known as Indo Africa Insurance Company Limited. Limited and Name changed in 1963 to Pan Africa Insurance Company Limited to reflect its broader ownership base Operations Listed on the Nairobi Stock Exchange in 1963. It is the first Insurance Company to be quoted on the NSE, It started writing life business in 1947 and it started writing general insurance business in 1972
The Company entered into a strategic partnership with African Life Assurance in 2000 In 2001, the Company formed two wholly owned subsidiaries: A.) Pan Africa Life Assurance Limited that carries on the life insurance business ( Individual Life & Corporate Business) and B.) Pan Africa General Insurance Limited that carries on the general insurance business In 2001, introduced for the first time in Kenya, life insurance products to clients afflicted with HIV/AIDS and is the first company actively market and distribute unit-linked life assurance products In 2003, Pan Africa General Insurance Limited merged with Apollo Insurance Limited to form APA Insurance Limited In 2006, Sanlam Limited buys out African Life Assurance Group In 2007, Pan Africa Life introduced the ‘Flexi’ range of products In 2008, Pan Africa Life emerged the market leader in the Life business in Kenya (AKI industry statistics) Branches The branch netwrok extends to: Nairobi- City Centre, Mega & Westlands, Nyeri, Embu, Meru, Mombasa, Nanyuki, Nakuru, Kisii Products Individual Life Products include: FlexiFamily, FlexiShield, FlexiEducator, FlexiSaver, FlexiPlus Corporate Business Products include: FlexiAnnuity, FlexiPension, Group Credit, Group Last Expense,
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BALANCE SHEET ( Kshs ‘000’)
31St Dec 2012 2011 2010 2009 2008
Assets EmployedIntangible Assets 104,142 43,950 23,195 6,051 8,240
Property And Equipment 96,646 80,156 65,401 59,973 65,205
Investment Properties 820,000 766,618 435,600 391,000 374,500
Investment In Subsidiaries - - - - -
Investment In An Associate 13,831 12,161 864,832 567,327 508,158
Loans 964,427 793,082 613,443 436,492 338,598
Financial Intruments:
Held To Maturity Financial Assets 4,078,995 2,453,528 2,056,052 1,167,909 492,523 Available-For-Sale Financial Assets 3,827 3,827 3,826 3,827 3,827
Financial Assets At Fair Value Through 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)
FINANCIAL REVIEW OF THE GROUP
120Nairobi Securities Exchange | Handbook 2013
BALANCE SHEET ( Kshs ‘000’)
Net Premium Income 5,125,634 3,300,055 3,542,949 2,821,180 2,318,094
Fee And Commission Income 75,866 84,589 69,639 48,468 51,106
Investment Income 1,244,574 697,015 420,398 361,501 256,677
Fair Value (Losses) And Gains 879,863 (895,668) 689,884 98,539 (124,976)
Total Other Revenue 594,904 1,055,534 128,684 65,344 1,112
2,795,207 941,470 1,308,605 573,852 183,919
Total Revenue 7,920,841 4,241,525 4,851,554 3,395,032 2,502,013
Gross Benefits And Claims Paid (1,674,761) (1,408,415) (1,067,855) (1,020,461) (1,174,841)
Claims Ceded To Reinsurers 174,333 154,142 110,874 96,305 105,710
Gross Change In Contract Liabilities (1,751,861) (290,695) (2,064,625) (1,330,358) (456,643)
Gross Change In Investment Liabilities (2,290,403) (368,150) - - -
Change In Contract Liabilities Ceded To 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)
StatisticsNumber Of Ordinary Shares Issued In Calculation
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)
Dividends Per Share (Kshs) 3.00 2.00 3.00 2.00 0.00
Net Assets Value (Kshs) 0.03 0.02 0.04 0.03 0.02
Price To Earning Ratio 5.50 4.55 10.75 15.57 (31.16)
Dividend Yield 0.08 0.10 0.05 0.04 0.00
Pay Out Ratio 0.41 0.43 0.49 0.69 0.00
Price To Book Value(Kshs) 1,461 950 1,729 1,630 2,509
Return On Equity 0.27 0.21 0.32 0.10 (0.08)
0.03 0.02 0.04 0.03 0.02
FINANCIAL REVIEW OF THE GROUP
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INVESTMENT
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CENTUM INVESTMENT COMPANY (ICDCI) LTD
CENTUM INVESTMENT COMPANY (ICDCI) LTD
COMPANY NAME: Centum Investment Company (ICDCI) Ltd
PHYSICAL LOCATION: International House, Mama Ngina Street, Nairobi, Kenya
CHAIRMAN\LADY’S NAME: Mr. James N. Muguiyi
CHIEF EXECUTIVE’S NAME: Mr. James M. Mworia
NAMES OF OTHER DIRECTORS: Dr. Christopher J. Kirubi, Mr. Henry C. Njoroge,Mrs. Margaret M. Byama, Mr. Imtiaz Khan, Mr. Maina R. Mwangi, Mr. Robert K. Bunyi, Mr. Peter M. Kimurwa
COMPANY SECRETARY: Ms. Naomi E. Nyamongo
AUDITORS: PricewaterhouseCoopers
COMPANY BRIEF: Centum is the largest listed investment company in the East African region and together with its subsidiaries is engaged in the business of investment across private equity, real estate and infrastructure and quoted private equity asset classes. Centum is listed on both the Nairobi Securities Exchange(NSE) and Uganda Securities Exchange (USE).
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FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)31St Dec 2012 2011 2010 2009 2008
Assets Employed
Non-Current Assets 11,209,212 8,499,615 7,739,059 6,231,330 7,836,658 Current Assets 358,489 3,801,961 516,912 165,968 309,192 Current Liabilities 526,459 2,742,199 399,804 537,906 67,721 Net Current Assets (167,970) 1,059,762 117,108 (371,938) 241,471 Total Assets 11,041,242 9,559,377 7,856,167 5,859,392 8,078,129
Financed By
Share Capital 332,721 302,474 274,976 274,976 274,976 Share Premium 589,753 589,753 589,753 589,753 589,753 Reserves * 1,736,198 2,443,738 3,032,911 2,824,089 7,213,400
Proposed Dividends - - - - -Retained Earnings 7,382,570 6,223,412 3,958,527 2,170,574 -Shareholder's Funds 10,041,242 9,559,377 7,856,167 5,859,392 8,078,129Non-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
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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.
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FINANCIAL REVIEW OF THE GROUP
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 - - -
Net Asset Value/Share(Kshs) 26.68 16.18 - - -
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 - - -
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127Nairobi Securities Exchange | Handbook 2013
TRANSCENTURY LIMITED
TRANSCENTURY LIMITED
COMPANY NAME: Transcentury Limited
PHYSICAL LOCATION: Longonot place,7th floor,Kijabe street, P.O Box 42334-00100 Nairobi, Kenya
CHAIRMAN\LADY’S NAME: Zephaniah Mbugua
CHIEF EXECUTIVE’S NAME: Dr. Gachao Kiuna
NAMES OF OTHER DIRECTORS: Joseph Karago, Peter Kanyago, MBS, Robin Kimotho Ngugi 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 “
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BALANCE SHEET ( Kshs ‘000’)
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
Trade And Other Receivables 5,603,701 4,949,262 1,913,833 1,707,900 1,793,486
Other Current Assets 312,525 2,801,898 236,604 513,923 611,251
Total Current Assets 7,509,767 9,460,388 4,094,701 3,693,959 3,835,905
Total Assets 21,845,754 22,424,264 11,236,478 8,733,331 8,089,074
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
Total Equity And Liabilities 21,845,754 22,424,264 11,236,478 8,733,331 8,089,074
Income Statement ( Kshs '000')
Revenue 13,487,229 10,701,621 6,794,650 5,414,887 6,442,438
Cost Of Sales (9,814,036) (7,676,422) (4,718,393) (3,444,669) (4,298,738)
Gross Profit 3,673,193 3,025,199 2,076,257 1,970,218 2,143,700
Net Other Income 1,233,280 953,743 688,460 126,428 303,401
Distribution,Administration And Oper-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
FINANCIAL REVIEW OF THE GROUP
129Nairobi Securities Exchange | Handbook 2013
BALANCE SHEET ( Kshs ‘000’)
Income Tax Expense (490,368) (253,165) (162,323) (292,128) (343,990)
Profit From Continuing Operations 736,105 616,100 468,262 234,497 605,484
Profit From Discontinued Operations 4,542 - - - -
Profit For The Year 740,647 616,100 468,262 234,497 605,484
Earnings Attributable To Ordinary Shareholders
455,056 356,665 343,713 91,903 342,428
Non-Controling Interest 285,591 259,435 124,549 142,594 263,056
Profit For The Year 740,647 616,100 468,262 234,497 605,484
StatisticsNumber Of Ordinary Shares Issued In Calculation
273,950,284 269,342,155 267,038,090 267,038,090 266,588,090
Earnings Per Share (Kshs) 1.66 1.32 1.29 0.34 1.28
Dividends Per Share (Kshs) 0.40 0.25 0.20 0.05 0.05
Net Assets Value (Kshs) 7,494,041 6,632,626 5,293,454 3,517,845 3,090,209
Book Value Per Share 27.36 24.63 19.82 13.17 11.59
Price To Earning Ratio 14 21 Nm Nm Nm
Dividend Yield 2% 1% Nm Nm Nm
Pay Out Ratio 24% 19% 16% 15% 4%
Price To Book Value 0.9 1.1 Nm Nm Nm
Return On Equity 10% 9% 9% 7% 20%
Price (As At 31St Dec) 23.50 27 Nm Nm Nm
Tev/Ebitda 6.98 8.13 6.28 6.25 4.01
FINANCIAL REVIEW OF THE GROUP
130Nairobi Securities Exchange | Handbook 2013
MANUFACTURINGAND
ALLIED
131Nairobi Securities Exchange | Handbook 2013
BOC KENYA LIMITED
BOC KENYA LIMITED
COMPANY NAME: Boc Kenya Ltd
PHYSICAL LOCATION: Kitui Road, Industrial Area
CHAIRMAN\LADY’S NAME: Ngugi Kiuna
CHIEF EXECUTIVE’S NAME: Maria Msiska
NAMES OF OTHER DIRECTORS: Willem Coetzee, Nick Thomson, Robert Mbugua, Carol Musyoka, Brett Wheatcroft, Arthur Kamau, Shuiab Fareed - Alternate To Willem Coetzee
COMPANY SECRETARY: Virginia Ndunge
AUDITORS: KPMG Kenya
COMPANY BRIEF:
132Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
31St Dec 2012 2011 2010 2009 2008
Non Current AssetsFixed Assets 601,921 645,204 738,976 809,139 820,577
Intangible Assets 3,525 1,635 2,923 2,939 4,951
Leases 3,590 3,695 3,800 3,905 4,010
Available For Sale Financial Assets 292,534 276,187 277,200 201,960 90,420
901,570 926,721 1,022,899 1,017,943 919,958 Current 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
Equity And LiabilitiesCapital And Reserves
Share Capital 97,627 97,627 97,627 97,627 97,627
Share Premium Account 2,554 2,554 2,554 2,554 2,554
Other Reserves 207,212 145,553 303,621 240,038 117,317
Retained Earnings 1,147,418 1,082,817 1,117,583 1,193,575 1,236,610
1,454,811 1,328,551 1,521,385 1,533,794 1,454,108
Non Current 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
- - - - -
133Nairobi Securities Exchange | Handbook 2013
Income Statement ( Kshs '000')
Sales 1,294,550 1,205,372 1,155,379 1,285,373 1,283,832
Cost Of Sales (585,884) (640,317) (584,013) (654,828) (587,842)
Gross Margin At Standard 708,666 565,055 571,366 630,545 695,990
Other Operating Income 101 929 320 - 829
Distribution Costs (132,134) (109,768) (91,687) (102,438) (141,973)
Administrative Expenses (346,565) (266,762) (259,886) (294,804) (290,922)
Impairment Losses - - (136,625) (34,500) -
Operating Profit 230,068 189,454 83,488 198,803 263,924
Finance Income 56,624 25,494 31,197 45,258 53,723
Non Trading Expenses - - - (12,379) (22,468)
Operating Profit Before Income Tax 286,692 214,948 114,685 231,682 295,179
Tax (89,318) (64,344) (35,348) (77,775) (94,770)
Profit For The Year 197,374 150,604 79,337 153,907 200,409
StatisticsNumber Of Ordinary Shares Issued In Calculation
19,525 19,525 19,525 19,525 19,525
Earnings Per Share (Kshs) 10.11 7.71 4.06 7.88 10.26
Dividends Per Share (Kshs) 5.05 6.80 9.40 6.80 6.80
Net Assets Value (Kshs) 75.10 69.55 82.86 83.02 77.34
Price To Earning Ratio 9.84 12.96 32.49 19.03 15.59
Dividend Yield 0.05 0.07 0.07 0.05 0.04
Pay Out Ratio 0.50 0.88 2.31 0.86 0.66
Price To Book Value(Kshs) 1.32 1.44 1.59 1.81 2.07
Return On Equity 0.14 0.11 0.05 0.10 0.14
Share Prices Share Prices Share Prices Share Prices Share Prices
2012 2011 2010 2009 2008
Mps 99.5 100.00 132.00 150.00 160.00
FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
134Nairobi Securities Exchange | Handbook 2013
BRITISH AMERICAN TOBACCO KENYA LTD
BRITISH AMERICAN TOBACCO KENYA LTD
COMPANY NAME: British American Tobacco Kenya Limited
PHYSICAL LOCATION: Likoni Road, Industrial Area, P. O. Box 30000 - 00100 GPO, Nairobi, Kenya
CHAIRMAN\LADY’S NAME: Mr. Evanson Mwaniki
CHIEF EXECUTIVE’S NAME: Mr. Christopher Burrell
NAMES OF OTHER DIRECTORS: Ms. Carol Musyoka, Mr. George Maina, Mr. Jonathan Ciano, Mr. Mahmud Janmohamed, Mr. Philip Lopokoiyit, Mr. Gayling May, Mr. Martin Oduor-Otieno
COMPANY SECRETARY: Ms. Ruth Ngobi
AUDITORS: PricewaterhouseCoopers
COMPANY BRIEF: British American Tobacco Kenya Limited is a Kenya-based company, and part of the British American Tobacco Group, the world’s second largest tobacco Group. Our core operations in Kenya are cigarette manufacturing for domestic and export consumption, cut rag (semi processed) tobacco manufacture for Egypt, leaf growing operations, and green leaf threshing in Thika. It began operations in Kenya in 1907, and has grown to become a market leader in the domestic cigarette industry. The Nairobi cigarette factory was set up in 1956 and has since matured to become one of the Group’s strategic manufacturing hubs. Approximately 60% of the volumes produced in the Nairobi factory are exported to 17 markets within the East African Community Common Market and COMESA trade bloc. Domestic leaf growing began in 1975, and this was quickly followed by the set-up of the Green Leaf Threshing Plant in 1978 in Thika. BAT Kenya is listed on the Nairobi Securities Exchange since 1969 and is currently one of the largest companies. The company was in 2012 recognized as the 4th largest taxpayer in Kenya 5 years running with a remittance of Kshs 13.1 bn in excise and corporate taxes.
135Nairobi Securities Exchange | Handbook 2013
31St December 2012 2011 2010 2009 2008
Capital And Reserves Attributable To The Company's Equity Holders
Share Capital 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Share Premium 23 23 23 23 23
Revaluation Surplus 1,528,976 1,063,978 1,108,422 1,152,866 1,187,808
Retained Earnings 1,668,918 1,648,066 1,555,867 1,494,187 1,455,814
Proposed Dividends 2,900,000 2,700,000 1,450,000 1,025,000 1,250,000
Total Equity 7,097,917 6,412,067 5,114,312 4,672,076 4,893,645
Non-Current 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
Income Statement ( Kshs '000')
Gross Revenue 30,503,560 28,818,391 22,603,910 18,719,542 17,435,970
Excise Duty And Value Added Tax (11,094,560) (8,680,269) (9,064,677) (7,625,146) (7,152,601)
Net Revenue 19,409,000 20,138,122 13,539,233 11,094,396 10,283,369
FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
136Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
"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 - - - -
Total Comprehensive Income For The Year
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
StatisticsNumber Of Ordinary Shares Issued In Calculation
100,000,000 100,000,000 100,000,000 100,000,000 100,000,000
Earnings Per Share (Kshs) 32.71 30.98 17.67 14.78 17.00
Dividends Per Share (Kshs) 32.50 30.50 17.50 14.75 17.00
Net Assets Value (Kshs) 7,097,917,000 6,412,067,000 5,114,312,000 4,672,076,000 4,893,645,000
Price To Earning Ratio 15.1 7.9 15.3 12.0 7.7
Dividend Yield 6.6% 12.4% 6.5% 8.3% 13.0%
Pay Out Ratio 99% 98% 99% 100% 100%
Price To Book Value(Kshs) 6.95 3.84 5.28 3.81 2.68
Return On Equity 46% 48% 35% 32% 35%
Mps At 31 December 493 246 270 178 131
137Nairobi Securities Exchange | Handbook 2013
CARBACID INVESTMENTS LIMITED
CARBACID INVESTMENTS LIMITED
COMPANY NAME: Carbacid Investments Limited
PHYSICAL LOCATION: Jalaram Road, Ring Road Parklands, Westlands, Nairobi.
CHAIRMAN\LADY’S NAME: Hon James M. Wanjigi
CHIEF EXECUTIVE’S NAME: N/A
NAMES OF OTHER DIRECTORS: Mr R.A Shepherd, Mr Baloobhai C. Patel, Mr Mukesh K. R Shah
COMPANY SECRETARY: N.P Kothari
AUDITORS: Deloitte & Touche
COMPANY BRIEF: The company is an investment & Holding company with three subsidiaries. The principal activities of Carbacid (CO2) Limited involve the mining and sale of Carbon dioxide gas while Goodison Twenty Nine Limited and Goodison Forty Seven Limited are investment companies.
138Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)31St December 2012 2011 2010 2009 2008
Assets Employed
Non-Current Assets 1,373,428 1,335,872 1,127,061 669,273 664,378
Current Assets 639,388 404,113 385,105 707,107 545,165
Current Liabilities 150,166 45,698 66,558 66,549 38,309
Net Current Assets 489,222 358,415 318,547 640,558 506,856
Total Net Assets 1,862,650 1,694,287 1,445,608 1,309,831 1,171,234
Financed By
Share Capital 169,902 169,902 169,902 56,634 56,634
Reserves* - 255,680 228,061 256,689 269,681
Retained Earnings 1,245,458 1,041,783 895,794 854,271 698,169 Revaluation Surplus 237,410 - - - -
Shareholders Funds 1,652,770 1,467,365 1,293,757 1,167,594 1,024,484
Non-Current Liabilities 209,880 226,922 151,851 142,237 146,750
Total Financing 1,862,650 1,694,287 1,445,608 1,309,831 1,171,234
Turnover 921,753 576,092 620,083 552,853 387,115
Profit Before Taxation 535,444 374,210 438,041 367,027 241,940
Taxation (146,157) 72,015 (130,649) (110,650) (75,180)
Profit After Taxation 389,287 302,195 307,392 256,377 166,760
Financial Ratios
Current Ratio 4.26 8.84 5.79 10.63 14.23
Earnings Per Share (Kshs.) 11.46 8.89 9.05 7.54 14.72
Price-To-Earnings Ratio 10.91 10.29 17.24 13.65 9.31
Dividend Yield % 4.80 5.46 3.21 14.56 7.30 Payout Ratio % 52.37 56.22 55.27 198.81 67.92
Net Asset Value / Share (Kshs) 54.82 49.86 42.54 38.55 103.40
Price-To-Book Value 2.28 1.84 3.67 2.67 1.32
Market Information
Dividends Per Share (Kshs.) 6.00 5 5.00 15.00 10.00
Share Price As At 31 July 125.00 91.50 156.00 103.00 137.00
Number Of Shares In Issue 33,980,265 33,980,265 33,980,265 33,980,265 11,326,755 Market Capitalization (Kshs.) 4,247,533,125 3,109,194,248 5,300,921,340 3,499,967,295 1,551,765,435 Note: Where(*) Shows That Reserve Is A Combination Of Capital Reserves And Revenue Reserves
139Nairobi Securities Exchange | Handbook 2013
EAST AFRICAN BREWERIES LIMITED
EAST AFRICAN BREWERIES LIMITED
COMPANY NAME: East African Breweries Limited
PHYSICAL LOCATION: Tusker House, Ruaraka, P.o. Box 30161-00100, Nairobi, Kenya
CHAIRMAN\LADY’S NAME: Mr Charles Muchene
CHIEF EXECUTIVE’S NAME: Mr Charles Ireland
NAMES OF OTHER DIRECTORS: Dr Nicholas Blazquez, Mr Evanson Mwaniki , Dr Alan Shonubi Ms Siobhan Moriarty, Ms Tracey Barnes, Ms Constance Gakonyo, Ms Susan Githuku Mr Mark Bomani, Dr Martin Oduor-Otieno
COMPANY SECRETARY: Ms Ruth Ngobi
AUDITORS: KPMG
COMPANY BRIEF: East African Breweries Limited (“EABL”) is East Africa’s leading branded alcohol beverage business with an outstanding collection of brands including beer, spirits and adult non-alcoholic drinks.
EABL has extensive operations across East Africa and operates two spirits distilleries at Nairobi and Kampala, five breweries at Nairobi, Kampala, Moshi, Dar es Salaam and Mwanza, and one glass furnace and one malting plant in Nairobi.
EABL was incorporated in December 1922, became a public company in 1934 and was listed on the Nairobi Securities Exchange in 1954. EABL currently has approximately 26,000 shareholders and is cross-listed on the Uganda Securities Exchange and the Dar es Salaam Stock Exchange. Its flagship brands include Tusker Lager, Bell Lager, Serengeti Premium Lager, Guinness, Smirnoff Vodka, Johnnie Walker Scotch Whisky, Baileys Original Irish Cream, and Alvaro non alcoholic malt drinks.
140Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)31St December 2012 2011 2010 2009 2008
Capital & Reserves Share Capital 1,581,547 1,581,547 1,581,547 1,581,547 1,581,547
Share Premium 1,691,151 1,691,151 1,691,151 1,691,151 1,691,151
Capital Reserve 1,281,545 1,281,545 1,281,545 1,473,289 1,473,289
Retained Earnings 14,985,679 11,261,368 10,817,969 10,508,903 9,990,251
Proposed Dividends 4,942,340 4,942,340 4,942,340 4,388,798 4,467,873
Share Based Reserve 67,046 - - - -
Translation Reserve 284,091 410,074 354,978 154,316 257,010
Minority Interest 2,174,518 5,587,156 3,140,665 2,650,519 2,082,722
Other Reserves (18,292,037)
Total Equity 8,715,880 26,755,181 23,810,195 22,448,523 21,543,843 Non-Current 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 - - -
Prepaid Operating Lease Rentals 10,934 29,715 30,262 30,814 31,358
Investment In Associate Company - - 2,465,213 1,680,387 1,170,516
Financial Assets - 97,961 97,562 - -
Other Investments 10,400 10,400 10,400 10,400 10,400
Deferred Income Tax 868,762 236,583 141,023 148,842 463,006
Total Non-Current Assets 36,526,543 33,198,907 20,859,567 18,598,283 16,981,087 Current Assets
Inventories 7,957,272 4,399,365 3,465,054 3,953,930 3,869,710
Receivables And Prepayments 8,189,805 7,066,073 5,593,453 4,160,834 4,112,469
Current Income Tax Recoverable 912,723 740,353 405,251 1,248,076 318,779
Term Deposits - - 6,570,036 5,363,298 6,503,024
Cash And Bank Balances 997,973 1,649,453 1,325,079 1,222,572 666,090
Disposal Assets Held For Sale - 2,465,213 - - -
Total Current Assets 18,057,773 16,320,457 17,358,873 15,948,710 15,470,072 Current 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 - - -
Dividends Payable 615,420 345,145 308,048 334,528 278,328
Total Current Liabilities 22,483,782 15,509,186 11,684,390 9,432,296 8,867,918 Net Current Assets (4,426,009) 811,271 5,674,483 6,516,414 6,602,154 Net Assets 32,100,534 34,010,178 26,534,050 25,114,697 23,583,241 Income Statement ( Kshs '000')
141Nairobi Securities Exchange | Handbook 2013
FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)
Revenue 55,522,166 44,895,037 38,679,196 34,407,715 32,488,112
Cost Of Sales 28,657,047 22,828,144 19,536,924 17,561,486 15,007,009
Gross Profit 26,865,119 22,066,893 19,142,272 16,846,229 17,481,103 Other Operating Income (Expense) 3,797,208 320,673 473,756 496,883 599,354
Selling & Distribution 4,588,896 3,491,554 2,570,619 2,115,356 2,163,860
Administrative Expenses 7,450,204 6,474,500 4,842,028 3,837,964 3,834,055
Profit From Operations 18,623,227 12,421,512 11,255,869 10,396,026 10,883,834 Net Finance Income 3,370,178 162,523 168,220 653,555 624,077
Income From Associates - - 1,143,998 1,015,551 808,421
Reorganisation Costs - - - (558,181) -
Profit Before Tax 15,253,049 12,258,989 12,568,087 11,506,951 12,316,332 Income Tax Expense (4,066,936) (3,235,329) (3,730,527) (3,244,487) (3,131,947)
Profit After Tax 11,186,113 9,023,660 8,837,560 8,262,464 9,184,385 Minority Interest (542,526) (1,660,985) (1,658,531) (1,378,078) (1,630,591)
Net Profit Attributable To Share Hold-ers
10,643,587 7,362,675 7,179,029 6,884,386 7,553,794
StatisticsNumber Of Ordinary Shares Issued In Calculation
790,774,356 790,774,356 790,774,356 790,774,356 790,774,356
Earnings Per Share (Kshs) 13.46 9.31 9.08 8.71 9.55
Dividends Per Share (Kshs) 8.75 8.75 8.75 8.05 8.05
Net Assets Value (Kshs) 40.59 43.01 33.55 31.76 29.82
Price To Earning Ratio 16.87 20.73 19.94 17.34 20.83
Dividend Yield 0.04 0.05 0.05 0.05 0.04
Pay Out Ratio 0.65 0.94 0.96 0.92 0.84
Price To Book Value(Kshs) 5.59 4.49 5.39 4.75 6.67
Return On Equity 1.28 0.34 0.37 0.37 0.43
Return On Capital Employed (Roce) 0.35 0.27 0.33 0.33 0.39
Market Price Per Share (Mps) 227 193 181 151 199
142Nairobi Securities Exchange | Handbook 2013
EVEREADY EAST AFRICA LIMITED
EVEREADY EAST AFRICA LIMITED
COMPANY NAME: Eveready East Africa Limited
PHYSICAL LOCATION: Mcfl Logistic Centre,1St Floor Mombasa Road
CHAIRMAN\LADY’S NAME: Ms. Lucy Waithaka
CHIEF EXECUTIVE’S NAME: Jackson K.mutua
NAMES OF OTHER DIRECTORS: Akif Hamid Butt, Susan Muthune, Fauzia Bashir Shah,Jackson Kambo Mutua, Paul Scott, Catherine Ngahu, Isaac Olentiki
COMPANY SECRETARY: Issa Timamy
AUDITORS: BDO
COMPANY BRIEF: The company is engaged in the business of manufacturing, importing, exporting, buying, selling, distributing and dealing in all kinds of dry cells, dry batteries and other electric cells and batteries, accumulators, torch lamps, incandescent electric bulbs, container cases, and plant fittings required for use or capable of being used in connection with the generation, production supply accumulation transformation control conversion or employment of electricity or electric or other power and any other sundry items and goods.
Date of incorporation and listing, Incorporated in Kenya on 6 March 1967, Date of listing 18 December 2006
EVEREADY EAST AFRICA LIMITED is the largest supplier of portable power solutions in East Africa. We have one of the biggest dry cell battery manufacturing plants in the region employing over 250 people. With an annual turnover of KShs.1.4bn, our business has a broad split between Personal Care items i.e. shavers and razors under the Schick brand and Portable Power Solutions that include lanterns and torches, primary dry cell batteries and rechargeables under the Energizer & Eveready brand names. We are committed to providing our consumers in the East African region with products that are guaranteed to help them enjoy their world.
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FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)31St December 2012 2011 2010 2009 2008
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
Retained Earnings 139,489 69,405 193,399 184,696 156,425
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
Other Comprehensive Income
Total Comprehensive Income(Loss) 70,084 (123,994) 8,703 28,271 17,840
StatisticsNumber Of Ordinary Shares Issued In Calculation
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
Net Assets Value (Kshs) 1.50 1.28 1.89 2.19 2.09
Price To Earning Ratio
Dividend Yield - - - - -
Pay Out Ratio - - - - -
Price To Book Value(Kshs)
Return On Equity 0.20 (0.44) 0.02 0.07 0.05
Revenue 55,522,166 44,895,037 38,679,196 34,407,715 32,488,112
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145Nairobi Securities Exchange | Handbook 2013
MUMIAS SUGAR COMPANY LTD
MUMIAS SUGAR COMPANY LTD
COMPANY NAME: Mumias Sugar Company Ltd
PHYSICAL LOCATION: Mumias Sugar Company Limited in Mumias
CHAIRMAN\LADY’S NAME: Mr J V Bosse
CHIEF EXECUTIVE’S NAME: Mr P Kebati
NAMES OF OTHER DIRECTORS: Mr J Kinyua (alternate Mrs E Koimett), Hon A S Wako, Mr J G Chege, Ms S K Serem, Mr S Bunyasi, Mr F K Kigen, Mr E M MukabanahMr J M Mruttu, Mr C Otolo
COMPANY SECRETARY: Mrs Emily Otieno
AUDITORS: Deloitte & Touche
COMPANY BRIEF: The principal activities of the company are the production and sale of sugar, ethanol, water and the generation and sale of electricity.
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FINANCIAL REVIEW OF THE GROUP
BALANCE SHEET ( Kshs ‘000’)2012 2011 2010 2009 2008
Assets EmployedNon Current Assets 20,228,753 16,415,740 11,585,953 12,363,783 9,571,230
Current Assets 7,171,360 6,511,659 6,495,834 5,111,932 4,581,346
Current Liabilities 5,720,655 2,961,691 3,250,021 3,760,339 3,398,096
Net Current Assets 1,450,705 3,549,968 3,245,813 1,351,593 1,183,250
Total Net Assets 21,679,458 19,965,708 14,831,766 13,715,376 10,754,480
Financed ByShare Capital 3,060,000 3,060,000 3,060,000 3,060,000 3,060,000
Revaluation Surplus 3,350,880 3,552,456 1,535,846 1,687,251 1,827,343
Retained Earnings 9,312,806 7,863,551 6,404,006 5,292,218 4,154,154
Dividends Proposed
Share Holders Funds 15,723,686 14,476,007 10,999,852 10,039,469 9,041,497
Non Current Liabilities 5,955,772 5,738,818 4,084,237 3,675,907 1,712,983
Total Financing 21,679,458 20,214,825 15,084,089 13,715,376 10,754,480
Turnover 15,542,686 15,795,300 15,617,738 11,791,708 11,970,101 Profit /(Loss) Before Taxation 1,764,029 2,646,575 2,179,874 1,193,161 1,589,204
Tax Credit/(Charge) 248,650 (713,350) (607,491) 416,811 (375,367)
Profit /(Loss) For The Year 2,012,679 1,933,225 1,572,383 1,609,972 1,213,837
Investor RatiosCurrent Ratio 1.25 2.20 2.00 1.36 1.35
Earnings Per Share-Kshs 1.32 1.26 1.03 1.05 0.79
Price To Earnings Ratio 4.64 5.66 12.50 5.70 16.01
Dividend Yield % 8.20 6.99 3.11 6.67 3.15
Payout Ratio % 38.01 39.57 38.92 38.01 50.42
Net Asset Value Per Share-Kshs. 14.17 13.05 9.69 8.96 7.03
Price To Book Value 0.43 0.55 1.33 0.67 1.81
Market 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
147Nairobi Securities Exchange | Handbook 2013
UNGA GROUP LIMITED
UNGA GROUP LIMITED
COMPANY NAME: Unga Group Limited PHYSICAL LOCATION: Ngano House, Commercial Street, Nairobi
CHAIRMAN\LADY’S NAME: Mrs Isabella Ochola-Wilson
CHIEF EXECUTIVE’S NAME: Nicholas Charles Hutchinson
NAMES OF OTHER DIRECTORS: Andrew Stewart, Mwangi Ndegwa, Alan McKittrick Vitalis Ondeke Ojode, Jinaro Kipkemboi Kibet, Mrs Mary Kimotho M’ Mukindia
COMPANY SECRETARY: Ms Winniefred N Jumba
AUDITORS: Deloitte & Touche
COMPANY BRIEF: The principlal activities of the group continue to be the milling of wheat and maize,manufacture of packaging materials and animal products, and the distribution of animal health products. Unga Group Limited was incorporated on 24 November 1928 and went public in 1956. It has oprations in both Kenya and Uganda, with production sites in Nairobi, Nakuru and Eldoret. Some of its flagship brands are EXE range of wheat flour, Jogoo, Hostess and FUGO range of animal feeds.
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BALANCE SHEET ( Kshs ‘000’)30th June 2012 2011 2010 2009 2008
Non Current Assets 1,765,368 1,622,280 1,644,583 1,732,684 1,823,246
Current Assets 4,644,891 4,086,617 3,419,837 3,832,857 2,938,282
Total Assets 6,410,259 5,708,897 5,064,420 5,565,541 4,761,528
Equity Attributable To Equity Holders Of 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
Non Current Liabilities 453,088 345,150 355,354 334,142 263,995
Current Liabilities 1,967,953 1,618,796 1,344,363 2,085,012 1,533,487
2,421,041 1,963,946 1,699,717 2,419,154 1,797,482
Total Equity And Liabilities 6,410,259 5,708,897 5,064,420 5,565,541 4,761,528
- - - - -
Income Statement ( Kshs '000')Turnover 15,976,763 13,214,442 11,524,454 11,643,639 9,450,824
Profit For The Year 348,195 441,043 236,173 185,192 373,661
Profit For The Year Attributed to Equity Holders of the Parent
212,683 270,382 137,236 117,318 231,632
Dividends 56,780 56,780 37,853 - -
StatisticsNumber Of Ordinary Shares Issued In Calculation
75,706,986 75,706,986 75,706,986 75,706,986 63,090,728
Earnings Per Share (Kshs) 2.81 3.57 1.81 1.55 3.67
Dividends Per Share (Kshs) 0.75 0.75 0.50 0.0 0.0
Net Assets Value (Kshs) 6,410,259 5,708,897 5,064,420 5,565,541 4,761,528
Net Assets Value Per Share (Kshs) 84.67 75.41 66.90 73.51 75.47
Market Price Per Share 12.60 10.00 12.25 10.00 13.75
Price To Earning Ratio 4.49 2.80 6.76 6.45 3.75
Dividend Yield 5.95 7.50 4.08 0.00 0.00
Pay Out Ratio 0.27 0.21 0.28 0.00 0.00
Price To Book Value(Kshs) 0.15 0.13 0.18 0.14 0.18
Return On Equity 8.73 11.78 7.02 5.89 12.61
FINANCIAL REVIEW OF THE GROUP
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TELECOMMUNICATIONAND
TECHNOLOGY
150Nairobi Securities Exchange | Handbook 2013
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
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FINANCIAL REVIEW OF THE GROUP
31-Dec 2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec
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
Intangible Assets 289,558 333,187 310,611 176,965 53,361
Goodwill 138,683 138,683 138,683 138,683 138,683
Deferred Taxation Asset 8,675 10,436 11,831 10,997 1,123
Receivable From Esop 45,000 45,000 87,866 152,869 115,164
Other Investments-At Cost 91 91 91 63 -
Total Non Current Assets 1,971,790 1,932,130 1,937,190 1,719,600 816,633
Current 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
Equity And LiabilitiesCapital And Reserves
Share Capital 218,038 207,656 207,227 207,227 203,581
Share Premium 513,255 513,255 547,489 547,489 483,435
Fair Value Reserve On Esop - - 7,620 63,294 61,694
Retained Earnings 516,086 375,091 266,007 336,126 277,402
Non Controlling Interest - - - - 11,348
Total Equity 1,247,379 1,096,002 1,028,343 1,154,136 1,037,460
Non-Current Liabilities
Deferred Taxation Liability 29,740 16,063 15,007 32,859 26,039
Borrowings 438,924 644,904 571,801 584,312 -
Total Non-Current Liabilities 468,664 660,967 586,808 617,171 26,039
Current 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
Dividends Payable 6,268 7,033 12,234 4,625 2,226
Total Current Liabilities 549,671 658,142 1,113,827 547,410 496,248
Total Liabilities 1,018,335 1,319,109 1,700,635 1,164,581 522,287
Total Equity And Liabilities 2,265,714 2,415,111 2,728,978 2,318,717 1,559,747
Turnover 1,900,620 1,738,915 1,708,668 2,070,347 1,568,034
BALANCE SHEET ( Kshs ‘000’)
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BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
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
Other Comprehensive Income
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
StatisticsNumber Of Ordinary Shares Issued In Calculation
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
Dividends Per Share (Kshs) 0.3 0.0 0.0 0.3 0.4
Net Assets Value (Kshs) 1,247,379 1,096,002 1,028,343 1,154,136 1,037,460
Price To Earning Ratio 6.39 9.86 (352.20) 27.10 21.08
Dividend Yield 0.07 0.00 0.00 0.02 0.02
Pay Out Ratio 0.43 0.00 0.00 0.42 0.42
Price To Book Value(Kshs) 0.77 0.93 2.59 3.50 3.91
Return On Equity 12% 10% -1% 13% 20%
Closing Share Price 4.41 4.93 12.87 19.49 19.92
* Adjusted For Bonus Shares Issued
153Nairobi Securities Exchange | Handbook 2013
SAFARICOM LIMITED
SAFARICOM LIMITED
COMPANY NAME: Safaricom Limited
PHYSICAL LOCATION: Safaricom House, Waiyaki Way
CHAIRMAN\LADY’S NAME: Mr. Nicholas Nganga
CHIEF EXECUTIVE’S NAME: Mr. Robert Collymore
NAMES OF OTHER DIRECTORS: Mr. Nicholas Nganga, Mrs. Susan Mudhune, Mr. Joseph 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
AUDITORS: PricewaterhouseCoopers
COMPANY BRIEF: The principal activities of the Group are the provision of mobile phone services, fixed line wireless telecommunication, internet and data services.
154Nairobi Securities Exchange | Handbook 2013
31-Dec 2012 2011 2010 2009 200831-Dec 31-Dec 31-Dec 31-Dec 31-Dec
Assets EmployedNon-Current Assets 100,705,482 92,153,466 81,550,205 74,179,798 61,478,875
Current Assets 21,194,195 21,701,296 22,570,645 17,502,526 12,887,438
Current Liabilities 37,615,900 34,117,726 33,819,970 35,760,664 25,243,720
Net Current Assets 16,421,705 12,416,430 11,249,325 18,258,138 12,356,282
Total Net Assets 84,283,777 79,737,036 70,300,880 55,921,660 49,122,593
Financed ByShare Capital 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000
Share Premium 1,850,000 1,850,000 1,850,000 1,850,000 1,850,000
Retained Earnings 59,940,584 56,002,747 50,691,160 43,403,350 36,792,593
Proposed Dividends 8,800,000 8,000,000 8,000,000 4,000,000 2,000,000
Shareholders Funds 72,590,584 67,852,747 62,541,160 51,253,350 42,642,593
Minority Interest 508,886 398,656 246,042 106,270 -
Non Current Liabilities* 12,202,079 12,282,945 8,005,762 4,774,580 6,480,000
Total Financing 84,283,777 79,737,036 70,300,880 55,921,660 49,122,593
Sales 106,995,529 94832227.00 83,960,677 70,479,587 61,369,408 Profit Before Taxation 17,369,400 18,361,363 20,966,670 15,304,027 19,945,160
Taxation (4,741,793) (5,202,390) (5,818,632) (4,767,267) (6,091,874)
Net Profit 12,627,607 13,158,973 15,148,038 10,536,760 13,853,286
Investor RatiosCurrent Ratio 0.56 0.64 0.67 0.49 0.51
Earnings Per Share (Kshs) 0.32 0.33 0.38 0.26 0.35
Dividend Yield % 6.88 5.26 3.60 3.33 1.39
Pay Out Ratio % 69.69 60.80 52.81 37.96 14.44
Price-To-Earnings Ratio 10.14 11.55 14.66 11.39 10.39
Net Asset Value/ Share (Kshs) 2.11 1.99 1.76 1.40 1.23
Price-To-Book Value 1.52 1.91 3.16 2.15 2.93
Market Information
Dividends Per Share (Kshs) 0.22 0.20 0.20 0.10 0.05
Share Price As At 31 Mar 3.20 3.80 5.55 3.00 3.60
Number Of Shares In Issue 40,000,000,000.00 40,000,000,000 40,000,000,000 40,000,000,000 40,000,000,000
Market Capitalization (Kshs) 128,000,000,000 152,000,000,000 222,000,000,000 120,000,000,000 144,000,000,000
BALANCE SHEET ( Kshs ‘000’)
FINANCIAL REVIEW OF THE GROUP
155Nairobi Securities Exchange | Handbook 2013
CONTACT OF
NAIROBI SECURITIES EXCHANGE MEMBERS
156Nairobi Securities Exchange | Handbook 2013
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
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158Nairobi Securities Exchange | Handbook 2013
NAIROBI SECURITIES EXCHANGEThe EXchange, 55 Westlands Road
P.O. Box 43633 00100 Nairobi Telephone: +254 20 2831000
Contact: [email protected]: www.nse.co.ke