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    2012-2013

    HANDBOOK

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    2 Nairobi Securities Exchange| Handbook 2013

    DISCLAIMER:No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means,electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Nairobi SecuritiesExchange (NSE). Care has been taken in the preparation of this Handbook, however no representation, warranty or undertakingis given by the Nairobi Securities Exchange as to the accuracy of the information contained therein and accepts no responsibilityor liability whatsoever.

    For more information about the NSE Handbook, please contact:The Nairobi Securities Exchange, Information Services, The Exchange Building, 55 Westlands Road, Westlands, Nairobi.Tel: 254-20-2831000, Fax 254-20-2224200, E-mail: [email protected], Website: www.nse.co.ke

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    CHIEF EXECUTIVES NOTE

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

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

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

    We trust that you will benefit immensely

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

    PETER MWANGI

    CHIEF EXECUTIVE

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    Table of Content

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

    8. Agricultural Sector

    9. Eaagads Limited

    12. Kakuzi Limited

    14. Kapchorua Tea Company Limited

    16. Limuru Tea Company Limited

    18. Rea Vipingo Plantations Limited

    20. Sasini Tea And Coffee Limited

    22. Williamson Tea Kenya Limited

    24. Automobiles And Accessories

    26. Car And General (Kenya) Limited

    30. CMC Holdings Limited

    33. Marshalls (EA) Limited

    35. Sameer Africa Limited

    37. Banking

    38. Barclays Bank Of Kenya Limited

    41. CFC Stanbic Bank

    44. Co-operative Bank Of Kenya

    46. Diamond Trust Bank (Kenya) Limited

    49. Equity Bank Limited

    52. Housing Finance Company Limited

    55. Kenya Commercial Bank Limited

    57. National Bank Of Kenya Limited

    59. NIC Bank Limited

    61. Standard Chartered Bank Kenya Limited

    64. Commercial And Services65. Express Kenya Limited

    67. Kenya Airways Limited

    69. Longhorn Kenya Limited

    72. Nation Media Group Limited

    74. Scangroup Limited

    77. Standard Group Limited

    79. TPS Eastern Africa Limited (Serena Hotels)

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    Table of Content

    81. Uchumi Supermarket Limited83. Construction And Allied Sector

    84. ARM Cement Limited

    86. Bamburi Cement Company Limited

    89. Crown Paints Kenya Limited

    91. East African Cables Limited

    93. East African Portland Cement Company

    95. Energy And Petroleum

    96. Kenol Kobil Limited

    98. Kenya Electricity Generating Company (KENGEN)

    100. The Kenya Power & Lighting Co. Limited

    102. Total Kenya Limited

    104. Umeme Limited

    106. Insurance

    107. Britam Limited

    109. CIC Insurance Limited

    112. Jubilee Holdings Limited

    114. Kenya Reinsurance Corporation Limited

    116. Liberty Kenya Holdings Limited

    118. Pan Africa Insurance Company Limited

    121. Investment

    122. Centum Investment Company (ICDCI) Limited

    124. Olympia Capital Holdings Limited

    127. Transcentury Limited

    130. Manufacturing And Allied

    131. Boc Kenya Limited

    134. British American Tobacco Kenya Limited137. Carbacid Investments Limited

    139. East African Breweries Limited

    142. Eveready East Africa Limited

    145. Mumias Sugar Company Limited

    147. Unga Group Limited

    149. Telecommunication And Technology

    150. Accesskenya Group

    153. Safaricom

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    6Nairobi Securities Exchange| Handbook 2013

    While reading this book, kindly remember that various

    companies have different financial year-ends i.e. March,

    June, September and December. Therefore, when

    making comparisons of the different stocks, please take

    cognizance of this fact. The ratios were derived from the

    Balance Sheets, Income and Expenditure Statements.

    However some of the definitions differ from company

    to company based on the items included or excluded

    from the calculation. For example, Earnings per Share

    is the ratio between profit attributable to shareholders

    and shares in issue. Profit attributable to share holders

    in some cases includes extraordinary items and

    general provisions while in others it doesnt. Some

    companies have used the weighted average number

    of shares issued during the year as opposed to shares

    in issues at one point in time. Taxation item can eitherbe a charge (which is the norm) or a credit. The sign

    before the taxation value identifies this. Also note that

    the symbol (-) suggests that the information is not

    available or undefined while (0) suggests that nothing

    was allocated.

    How to use this Book

    While reading this book, kindly remember

    that various companies have different

    financial year-ends.

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    Financial Ratios used In the Book

    o Current Ratio = Total Current AssetsTotal Current Liabilities

    o Earnings Per Share = Earnings Attributable to Shareholders Number of Outstanding Shares

    o Price-to-Earnings Ratio = Market Price Per Share

    Earnings Per Share

    o Dividend Yield = Dividend Per Share Market Price Per Share

    o Pay Out - Ratio = Dividend Per Share Earnings Per Share

    o Dividend Per Share = Dividend (Kshs) Paid Total Number of Shares Issued

    o Market Price to Book Value (Kshs.) = Market Capitalization Net Assets Value

    o Price-to-Earnings Ratio (P/E) = Market Price Per Share Earnings Per Share

    o Net Asset Value Per Share (Kshs.) = Total Net Assets Number of Outstanding Shares

    o Return on Equity = Net income (Profit After Tax). Equity

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    31-March 2012 2011 2009 2008

    Assets Employed

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

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

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

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

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

    Financed By

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

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

    Revaluation Surplus 280,386 - - -

    Proposed Dividends - - - -

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

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

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

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

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

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

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

    Financial RatiosCurrent Ratio 18.76 5.94 6.70 2.34

    Earnings/(Loss) Per Share 1.36 8.93 1.47 3.69

    Net Asset Value Per Share 35.38 42.33 31.57 31.24

    Price To Earnings Ratio 25.07 7.78 24.45 9.88

    Dividend Yield % 3.68 1.80 1.74 0.00

    Pay-Out Ratio % 92.17 14.00 42.44 0.00

    Price To Book Value 0.96 1.64 1.14 1.17

    Market Information

    Dividends Per Share 1.25 1.25 0.63 -

    Share Price As At 31 March. 34.00 69.50 36.00 36.50

    Number Of Shares In Issue 16,078,500 8,039,250 8,039,250 8,039,250

    Market Capitalization 546,669,000 558,727,875 289,413,000 293,432,625

    Note: (*) Shows Revaluation And Revenue Reserve

    BALANCE SHEET ( Kshs 000)

    FINANCIAL REVIEW OF THE GROUP

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    PRODUCER OF QUALITY:

    AVOCADOS, PINEAPPLES, TREATED POLES, LIVESTOCK, HALAL MEAT

    Kakuzi Ltd is an Agro-Industrial enterprise located in Makuyu in Thika and Maragwa District of Central

    Province, in the Republic of Kenya

    Freshness, taste, appearance and value are the key criteria for Kakuzi as a producer and no product that

    falls below these high quality standards is acceptable. Personnel at all levels in the business have a high

    level of commitment and technical competence to ensure the safety of the consumer. Comprehensive andeffective traceability systems are in place and an essential part of the food safety management system.

    Kakuzi Ltd abides by the principle of wise use agriculture through education and hands on practical

    management. It also appreciates its non-commercial as well as commercial relationships which include

    Corporate Social Responsibility, Ethical investing, philanthropy, resource management and community

    social investment. This is emphasized by the various accreditations such as GlobalGAP, ISO 22000 and

    Tesco Nurtures Choice on the Avocado operation. Kenya Bureau of Standards Diamond Mark for

    pressure treated forestry products.

    TO PLACE YOUR ORDER, PLEASE CONTACT:

    Kakuzi Ltd

    Tel: +254 20 2184100/11, Fax: +254 60 2031394

    PO Box 24 Thika, 01000 Punda Milia Road, Thika , Kenya

    Email: [email protected]

    Website: www.kakuzi.co.ke

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    31-Dec 2012 2011 2010 2009 2008

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

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

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

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

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

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

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

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

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

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

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

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

    Income Statement ( Kshs '000')

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

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

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

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

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

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

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

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

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

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

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

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

    Statistics

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

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

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

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

    Price To Earning Ratio 3.72 2.48 5.1 1.84 2.49

    Dividend Yield % 5.00 5.00 3.00 8.00 4.00

    Pay Out Ratio % 19.00 13.00 16.00 14.00 11.00

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

    Return On Equity 0.15 0.23 0.18 0.21 0.13

    Market Price Per Share 72.00 69.50 81.50 31.75 23.00

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

    BALANCE SHEET ( Kshs 000)

    FINANCIAL REVIEW OF THE GROUP

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    30th-September 2012 2011 2010 2009 2008

    Assets Employed

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

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

    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 Information

    Dividend Per Share 1.10 1.10 0.80 0.50 0.20

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

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

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

    BALANCE SHEET ( Kshs 000)

    FINANCIAL REVIEW OF THE GROUP

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    SASINI TEA AND COFFEE LTD

    SASINI LTD

    COMPANY NAME: Sasini Ltd

    PHYSICAL LOCATION: Sasini House, Loita Street, Nairobi

    CHAIRMAN\LADYS NAME: Dr. James Boyd McFie

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

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

    Mr. Steve Omenge Mainda, Mr. Akif Hamid Butt, Mr. Martin John ErnestMr. Sameer Naushad Merali, Mr. I. A. Timamy* Resigned on 11th Dec 2012Mr. P.W. Muthoka* Resigned on 21st sept, 2012

    COMPANY SECRETARY:Mary Rebecca Ekaya

    AUDITORS: KPMG Kenya

    COMPANY BRIEF:The principal activities of the Company and its subsidiaries are the growingand processing of tea and coffee, commercial milling and marketing of coffee, value additionof related products, forestry, dairy operations, livestock and horticulture.

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    WILLIAMSON TEA KENYA LIMITED

    WILLIAMSON TEA KENYA LIMITED

    COMPANY NAME: Williamson Tea Kenya Limited

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

    CHAIRMAN\LADYS NAME: Nigel Sandys Lumsdaine

    CHIEF EXECUTIVES NAME: A.L Carmichael

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

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

    AUDITORS: Deloitte & Touche

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

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    31-Dec 2012 2011 2010 2009 2008

    31-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 1,095,341

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

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

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

    Financial Ratios

    Current Ratio 2.41 3.38 2.03 2.74 2.18

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

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

    Dividend Yield % 3.26 6.76 2.83 8.51 0.87

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

    Net Asset Value Per Share 711.03 610.46 500.23 212.81 377.36

    Price-To-Book Value 0.32 0.30 0.44 0.22 0.15

    Market Information

    Dividend Per Share (Kshs) 7.50 12.50 6.25 4.00 0.500

    Share Price As At 31March 230.00 185.00 221.00 47.00 57.500

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

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

    Note:-Reserves Consists Of Revaluation Surplus And Revenue Reserve

    BALANCE SHEET ( Kshs 000)

    FINANCIAL REVIEW OF THE GROUP

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    AUTOMOBILESAND

    ACCESSORIES

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    Design, installation and commission

    Gensets maintenance contracts

    24/7 emergency service

    Equipped High Horsepower workshop

    Dyno testing

    Highly skilled and competent staff

    On-shelf parts availability

    Operator training

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

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

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

    www.cargen.com

    Availableex-stock8KVAto3,000KVA

    Reliable Power

    One source warranty, fully integrated power solutions

    Generator sets, switchgears and controls designed,

    built and tested by Cummins.

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    CAR AND GENERAL (KENYA) LTD

    CAR & GENERAL (KENYA) LTD

    COMPANY NAME: Car & General (Kenya) Ltd

    PHYSICAL LOCATION: New Cargen House, Dunga/Lusaka Road, Industrial Area Nairobi

    CHAIRMAN\LADYS NAME: N. Nganga

    CHIEF EXECUTIVES NAME: Vijay Gidoomal

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

    COMPANY SECRETARY:N.P Kothari

    AUDITORS: Deloitte & Touche

    COMPANY BRIEF:Incorporated in 1936, Beacame a public company, floating shares on NSE in1950 Has representation in East Africa - Kenya, Uganda, Tanzania, Rwanda, Burundi, Ethiopia,Eritrea, Djibouti, Seychelles, Somalia and South Sudan.

    Our Brand Vision is to provide power for better living and make customers smile in everystreet every town. To be No. 1 in all markets we operate and become a 10 billion business inturnover by 2015. These are the core values that we have developed that make Car & Generalstand out.

    Our people practice it everyday, and in a very consistent manner everywhere we operate.

    Making customers smile every street, every town through the lens of the customer.

    Quality products, processes, people

    Integrity Doing the right thing every minute, every day.

    Innovation Maximizing output at minimum cost.

    Empowerment Taking responsibility.

    Our product lines - Cummins diesel generators, Doosan earth moving equipment ans lightconstruction equipment, Ingersoll-Rand air compressors, Briggs & Stratton power equipment(lawnmowers, gasoline generators, water pumps), Suzuki and TVS motorcycles, Piaggio threewheelers, Kubota tractors, MRF two and three wheeler tyres, Motorol lubricants, Electroluxlaundry equipment, Mariner outboard engines

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    30th-September 2012 2011 2010 2009 2008

    AssetsEmployed

    Non-Current Assets

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

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

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

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

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

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

    Inventories

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

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

    Tax Recoverable 2,148 1,973 - - -

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

    Cash And Bank Balances - - - - 20,932

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

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

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

    Equity And Liabilities

    Capital And Reserves

    Share Capital - - - - -

    Revaluation Surplus - - - - -

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

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

    Equity Attributable To Owners

    Of The Parent

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

    Non Controlling Interests (26,589) 8,178 (19,252) (2,840) 29,801

    Total Equity 2,090,003 1,862,329 1,536,764 1,288,858 1,120,991

    53,151 57,993 19,142 18,944 7,854

    Non - Current Liabilities 2,143,154 1,920,322 1,555,906 1,307,802 1,128,845

    Deferred Tax LiabilitiesBorrowings

    409,886 327,519 223,383 210,966 197,127

    223,897 209,151 52,658 10,586 10,911

    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

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    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 866Gain In Fair Value Of Investment Property 196,750 292,578 61,625 58,042 56,228

    Profit On Sale Of Shares In Subsidiary

    Compay

    119,755 - - - -

    Selling And Distribution Costs (324,602) (311,339) (257,179) (304,818) (160,864)

    Administration Expenses (425,389) (447,876) (365,033) (295,715) (251,474)

    Interest Expense (261,716) (186,652) (128,346) (150,330) (65,282)

    Net Exchange Gains/(Losses) 10,006 (4,978) (16,665) 49,442 10,116

    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

    Statistics

    2012 2011 2010 2009 2008

    Calculation 33,419,424 33,419,424 22,279,616 22,279,616 22,279,616Earnings Per Share (Kshs) 7.48 7.78 10.70 8.80 9.50

    Dividends Per Share (Kshs 0.55 0.55 0.80 0.67 0.67

    Net Assets Value (Kshs) 2,143,154 1,920,322 1,555,906 1,307,802 1,128,845

    Price Earning Ratio - - - - -

    Dividend Yield - - - - -

    Pay Out Ratio 0.07 0.07 0.07 0.08 0.07

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

    Return On Equity 0.12 0.19 0.17 0.15 0.19

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    CMC HOLDINGS LIMITED

    CMC HOLDINGS LIMITED

    COMPANY NAME: CMC Holdings Ltd

    PHYSICAL LOCATION: Connaught House, Lusaka Road, Industrial Area

    CHAIRMAN\LADYS NAME: Mr. Joel Kamau Kibe

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

    NAMES OF OTHER DIRECTORS: Mr. Joel K. Kibe, Mrs. Mary W. Ngige, Mr. Paul W. NdunguMr. Joshua Okumbe, Ms. Zehrabanu Janmohamed, Mr. Mark O. Karbolo, Mr. Kyalo MbobuMr. Naftali Mogere

    COMPANY SECRETARY:Nelly Matheka.

    AUDITORS: Ernst And Young Limited

    COMPANY BRIEF:CMC Holdings Ltd ( CMC) was incorporated in 1948 and got listed on NairobiSecurities Exchange (NSE) in 1956. It is currently the largest listed automobile company onthe NSE. CMC Holdings Limited has a 100% percent ownership of the following subsidiarycompanies: CMC Motors Group Limited , Cooper Motor Corporation (Uganda) Limited,Hughes Motors (Tanzania) Limited , Hughes Agricultural (Tanzania) Limited. CMC has a 33%shareholding in Kenya Vehicle Manufacturers Limited, an assembly and bus body buildingcompany located in Thika.

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

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

    CMC Motors Group Limited is the largest trading subsidiary of CMC Holdings Ltd and has avast branch network in seven major towns in Kenya. These are Nakuru, Eldoret, Kitale, Kisumu,Meru, Nanyuki and Mombasa. With two other subsidiary companies in Kampala-Uganda andArusha-Tanzania, CMC Holdings Ltd boasts of having the largest distribution network in theEast Africa region for agricultural equipment, vehicle, parts and service.

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    2012 2011 2010 2009 2008

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

    ASSETS

    NON CURRENT ASSETS

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

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

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

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

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

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

    CURRENT ASSETS

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

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

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

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

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

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

    EQUITY AND LIABILITIES

    EQUITY

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

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

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

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

    NON CURRENT LIABILITIES

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

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

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

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

    CURRENT LIABILITIES

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

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

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

    Taxation Payable 93,220

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

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

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

    INCOME STATEMENT ( Kshs '000')

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

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

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

    BALANCE SHEET ( Kshs 000)

    FINANCIAL REVIEW OF THE GROUP

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    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 and

    equipment

    677,197 - - 258,689 -

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

    Share of surplus on revaluation of property

    and equipment of associate

    54,234 - - - -

    Deferred taxation thereon (16,270) - - _ -

    Total comprehensive income for the year 485,374 (11,862) (20,891) 160,863 -

    Total comprehensive income for the year 590,729 (193,008) 385,780 700,472 927,162

    STATISTICS

    Number of ordinary shares issued in

    calculation

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

    Earnings Per Share (Kshs) 0.18 -0.31 0.70 0.93 1.59

    Dividends Per Share (Kshs) Nil Nil 0.20 0.35 0.45

    Net Assets Value per share (Kshs) 9.84 8.83 9.36 9.05 8.30

    Price to Earning Ratio 67.20 -39.08 18.63 10.80 11.94

    Dividend Yield Nil Nil 0.02 0.03 0.02

    Pay Out Ratio Nil Nil 0.29 0.38 0.28

    Price to book value(Kshs) 1.23 1.38 1.39 1.11 2.29Return on Equity 0.02 -0.04 0.07 0.10 0.19

    FINANCIAL REVIEW OF THE GROUP

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    MARSHALLS (E.A) LTD

    MARSHALLS (E.A) LTD

    COMPANY NAME: Marshalls (E.A) Ltd

    PHYSICAL LOCATION: Marshalls, Kampala Road, Industrial Area

    CHAIRMAN\LADYS NAME: Mr. Fred Okiki Amayo

    CHIEF EXECUTIVES NAME: Abhimanyu Garhwal

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

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

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    FINANCIAL REVIEW OF THE GROUP

    31St-March 2012 2011 2010 2009 2008

    Assets Employed

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

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

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

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

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

    Financed By

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

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

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

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

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

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

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

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

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

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

    Taxation - - - - (-149)

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

    - - 344722 117479 -

    Investor Ratios

    Current Ratio 1.13 0.27 0.50 0.89 1.29

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

    Dividend Yield % - - - - -

    Pay-Out Ratio % - - - - -

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

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

    Price-To-Book Value 0.44 0.50 0.49 0.43 0.39

    Market Information

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

    Share Price As At 31 March 12.05 14.15 19.00 24.0 18.85

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

    BALANCE SHEET ( Kshs 000)

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    31-Dec 2012 2011 2010 2009 2008

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

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

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

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

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

    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

    Statistics

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

    Earnings Per Share (Kshs) 0.68 0.35 0.21 0.57 0.54

    Dividends Per Share (Kshs) 0.25 0.20 0.00 0.50 0.00

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

    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

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    31-Dec 2012 2011 2010 2009 2008

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

    Assets Employed

    Cash And Balances With Central BankOf Kenya

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

    Financial Assets At Fair Value ThrughProfir Or Loss

    789 542 350 412 251

    Government Securities:available ForSale Securities

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

    Deposits And Balances Due From Bank-ing Institutions

    1,282 913 935 1,061 1,654

    Balances Due From Group Companies 4,066 4,531 3,285 6,246 6,993

    Loans And Advances To Customers 104,204 99,072 87,147 93,543 108,086

    Intangible Assets 3,452 3,364 3,448 686 546

    Prepaid Operating Lease Rentals 59 60 61 62 63

    Other Assets 4,284 3,777 3,279 1,496 3,492

    Deferred Income Tax Asset - 868 - 1,837 2,020

    Property And Equipment 2,667 3,056 3,244 5,921 3,403

    Total Assets 184,825 165,994 170,876 164,876 168,510

    Liabilities

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

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

    Deposits And Balances Due To BankingInstitutions

    1,724 123 92 262 1,401

    Balances Due To Group Companies 1,985 1,617 1,571 3,986 9,883

    Current Income Tax Payable 1,125 208 193 115 175

    Deferred Income Tax Liabilities 223 - 46 619 432

    Retirement Benefit Liabilities 664 1,195 55 34 289

    Long Term Liabilities 4,499 4,474 4,351 4,294 4,329

    Other Liabilities 7,104 7,177 7,304 3,984 5,130

    Total Liabilities 155,239 139,001 140,543 140,666 148,047

    Shareholders' Equity

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

    Revaluation Reserve:available-For-SaleSecurities

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

    Retained Earning 21,813 17,007 18,194 16,882 15,325

    Statutory Loan Loss Reserve 1,461 2,541 2,526 1,771 632Proposed Dividend 3,802 7,061 6,382 2,716 2,037

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

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

    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

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    CFC STANBIC HOLDINGS LIMITED

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

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

    CHIEF EXECUTIVES NAME: Mr. Kitili Mbathi

    NAMES OF OTHER DIRECTORS: Mr. Gayling Richard May, Mr. Gregroy Robert Brackenridge, Mr.Charles Kahara Muchene, Ms. Ruth Thedessia Ngobi, Ms. Peter Nderitu Gethi, Ms. RoseWairimu Kimotho, Mrs. Jane Babsa - Nzibo, Mr. Edward W Njoroge

    COMPANY SECRETARY:Ms. Lillian Nduku Mbindyo

    AUDITORS: Pricewaterhousecoopers

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

    The CSHL Group expanded significantly by way of a merger between the operations of CfCBank Limited and Stanbic Bank Kenya Limited in 2008, forming CfC Stanbic Bank (CSB) Limited.The Company continues to expand through the continued growth in operations of CfCStanbic Bank and CfC Stanbic Financial Services Limited (CSFS), both locally and regionally.The Companys focus on growth and provision of products and services of unrivaled qualityin the areas of banking, investment and financial services has seen it record growth in its

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

    CFC STANBIC HOLDINGS LIMITED

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    31-Dec 2012 2011 2010 2009 2008

    31-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

    STATISTICS

    Number of ordinary shares issued incalculation

    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 - 0.11Price to book value(Kshs) 609.51 566.37 834.25 605.45 853.13

    Return on Equity 12.61% 9.51% 7.22% 0.18% 4.16%

    Market price per share 42.00 40.00 75.50 45.00 60.00

    Total dividends paid 200,000,000 - 220,220,372 - 78,000,000

    BALANCE SHEET ( Kshs 000)

    FINANCIAL REVIEW OF THE GROUP

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    CO-OPERATIVE BANK OF KENYA LIMITED

    CO-OPERATIVE BANK OF KENYA LIMITED

    COMPANY NAME: The Co-operative Bank of Kenya Ltd

    PHYSICAL LOCATION: Co-operative Bank House, Haile Sellassie Avenue

    CHAIRMAN\LADYS NAME: Stanley C. Muchiri, EBS

    CHIEF EXECUTIVES NAME: Dr. Gideon M. Muriuki, MBS

    NAMES OF OTHER DIRECTORS: Mr. Julius Riungu, Mr.Julius Sitienei, Major(Rtd)Gabriel J.S. Wakasyaka, Mr.Macloud Malonza, Mr. Richard L. Kimanthi ,Mr. John K. Murugu,OGW Mr.Wilfred Ongoro, Mrs. Rose Simani, Mr. Fredrick F. Odhiambo,

    MBS Mr.Donald K. Kibera, Dr. James M. Kahunyo, Mr.Elijah K. Mbogo, Mr.Patrick K. GithenduMrs Scholastica Odhiambo, Mr Godfrey K. Mburia, Mr. Cyrus N. Kabira,

    COMPANY SECRETARY:Mrs. Rosemary Githaiga

    AUDITORS: Ernst and Young Certified Public Accountants

    COMPANY BRIEF:The Co-operative Bank of Kenya Ltd is a fully fledged Commercial bank incorporated in kenya in 1965. Currently its ranked in Tier one category and Listed in theNairobi Securities exchange in December 2008 with Co-operatives remaining the anchorand strategic investor with a 65% stake. The bank has adopted the universal banking modeloffering retail, corporate, Agribusiness, fund management, stockbroking, advisory andbancassurance services. The Bank has grown to be the third largest bank in Kenya with a TotalAsset Base of Ksh 205 Billion at at 31st March 2013. The bank has 119 branches in kenya and 3.2

    Million customers patronising its products and services.The products and services comprisedeposit products, including current accounts,deposit accounts and cards; loan productssuch as personal loans and personal mortgage loans among others. A wide range of servicesis also offered including electronic banking andmoney transfer among others. Bank productsand services for businesses and Institutions include business current accounts,overdrafts,co-op asset finance, Co-op Insurance finance, letters of credit, documentary collections,bonds and guarantees, short and long term loans and electronic transfers among others.The bank also offers cash cover facilities, insurance finance, consultancy services, loans andeducationschemes for co-opearives. In addition, it provides investment banking servicesand various foreign exchange services.

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    FINANCIAL REVIEW OF THE GROUP

    2012 2011 2010 2009 2008

    31-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 AndAdvances

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

    Government And Other Securities 33,391,000 22,237,000 34,391,000 26,498,000 12,857,000

    Property And Equipment 11,133,000 9,336,000 6,943,000 6,192,000 4,302,000

    Other Assets 5,876,000 5,714,000 5,611,000 2,420,000 1,648,000

    Total Assets 200,588,000 168,312,000 154,339,000 110,678,000 83,486,000

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

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

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

    Income Statement ( Kshs '000)

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

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

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

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

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

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

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

    Statistics

    Number Of Ordinary Shares Issued InCalculation

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

    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 2.3Return On Equity 26.3 25.6 22.9 19.0 18.3

    BALANCE SHEET ( Kshs 000)

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    DIAMOND TRUST BANK (KENYA) LTD

    DIAMOND TRUST BANK (KENYA) LTD

    COMPANY NAME: Diamond Trust Bank (Kenya) Ltd

    PHYSICAL LOCATION: DTB Head Office, 8th Floor, Nation Centre, Kimathi Street,

    Nairobi, Kenya

    CHAIRMAN\LADYS NAME: Abdul Samji

    CHIEF EXECUTIVES NAME: Nasim Devji

    NAMES OF OTHER DIRECTORS: Moez Jamal, Nizar Juma, Amin Merali, Jamaludin ShamjiRafiuddin Zakir Mahmood, Mwaghazi Mwachofi, Pamela Ager, Irfan Keshavjee

    COMPANY SECRETARY:Stephen Kodumbe

    AUDITORS: PricewaterhouseCooper

    COMPANY BRIEF: Diamond Trust Bank (DTB) is commercial banking institution offering avariety of products and services to the East African market. DTB commenced commercialbanking services in July 1997, offering a full range of commercial financial services targetingprincipally small and midsized companies and the retail sector which it continues to do.DTBs financial strength and strong heritage has positioned DTB to become a leadingprovider of financial services in Kenya, Tanzania, Uganda and Burundi.

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

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

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    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 1,626,811

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

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

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

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

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

    Profit Attributable To:

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

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

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

    Statistics

    Number Of Ordinary Shares Issued In

    Calculation

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

    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

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    EQUITY BANK LIMITED

    EQUITY BANK LIMITED

    COMPANY NAME: Equity Bank Limited

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

    Nairobi, Kenya

    CHAIRMAN\LADYS NAME: Peter K. Munga

    CHIEF EXECUTIVES NAME: Dr. James Mwangi

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

    COMPANY SECRETARY:Mary Wangari Wamae

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

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    FINANCIAL REVIEW OF THE GROUP

    31-Dec 2012 2011 2010 2009 2008

    31-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 1,111,000Total Financing 42,916,000 34,285,000 27,204,000 22,908,000 19,580,000

    Profit Before Taxation 17,420,000 12,834,000 9,045,000 5,278,000 5,022,000

    Taxation (5,340,000) (2,509,000) (1,913,000) (1,044,000) (1,112,000)

    Attributable Profit 12,080,000 10,325,000 7,132,000 4,234,000 3,910,000

    Investor Ratios

    Earnings Per Share (Kshs.) 3.26 2.79 1.93 1.14 10.56

    Price-To-Earnings Ratio 5.90 5.88 13.89 12.55 16.67

    Dividend Yield % 6.49 4.88 2.99 2.79 1.70

    Pay-Out Ratio % 38.32 28.69 41.53 34.98 28.41Net Asset Value/Share (Kshs.) 11.59 9.26 7.35 6.19 52.88

    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)

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    HOUSING FINANCE COMPANY LIMITED

    HOUSING FINANCE COMPANY LIMITED

    COMPANY NAME: Housing Finance Company Limited

    PHYSICAL LOCATION: Rehani House, Kenyatta Avenue/Koinange Street

    CHAIRMAN\LADYS NAME: Mr. Steve Omenge Mainda

    CHIEF EXECUTIVES NAME: Mr. Frank Ireri

    NAMES OF OTHER DIRECTORS: Chairman Steve O Mainda, Managing Director Frank IreriDavid R Ansell, Benson Wairegi, Peter K Munga, Shem Migot-Adholla, Adan D.Mohamed

    COMPANY SECRETARY:Mr. Joseph Kania

    COMPANY BRIEF: Housing Finance Company of Kenya Ltd (HF) is licensed to operate as a

    mortgage finance institution under the Banking Act (Cap.488). HF seeks to encourage andpromote the flow of both private and public savings into financing home ownership.It was incorporated in 1965.More information is available on www.housing.co.ke

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    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

    Liabilities

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

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

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

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

    Borrowed Funds 181,891 - - - -

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

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

    Shareholders Equity

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

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

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

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

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

    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 Impairment

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

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

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

    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 0.79Dividends Per Share (Kshs) 1.40 1.20 0.70 0.50 0.30

    Net Assets Value (Kshs) 22.28 20.47 18.51 17.71 15.88

    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

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    KENYA COMMERCIAL BANK LTD

    KENYA COMMERCIAL BANK LTD

    COMPANY NAME: Kenya Commercial Bank Ltd

    PHYSICAL LOCATION: Kencom House, Moi Avenue

    CHAIRMAN\LADYS NAME: Mr. Ngeny Biwott

    CHIEF EXECUTIVES NAME: Mr. Joshua N. Oigara

    NAMES OF OTHER DIRECTORS: N. Biwott (Chairman), J.N. Oigara (Chief Executive Officer), J.K. Kinyua, Eng. J.M. Ndeto,Mrs. C.A. Kola, Prof. P.K. Kimuyu, Mrs. C.M. Muya-Ngaruiya, A.A. Khawaja, Gen. (Rtd) J.R.E. Kibwana, T.D. Ipomai

    COMPANY SECRETARY:Joseph Kania

    COMPANY BRIEF:Established in 1896 the Bank has witnessed a stable and sustainable growth in its performance in the past 10years to emerge the Best Bank in the East African Region. In 2012 KCB was the leading Bank in Balance Sheet, Capital Base,Market Share, Branch Network and the 2nd largest Bank in terms of number of customers. As the most regionalized Bank,KCB has enhanced Intra African trade and regional economic development finance through its one Branch Bank platform.KCB customers are able to access credit and other banking services in Kenya, Tanzania, South Sudan, Uganda, Rwanda andBurundi. Due to the size of its balance sheet, the Bank is able to lend to Corporates and Government Institutions acrossEast Africa. In line with the growth in its performance the Bank continuous to invest in people and human developmentacross the region through its KCB Foundation that sustainably supports Education, Enterprise Development, Environment,Health and Humanitarian Intervention. The Bank invests 1% of the Groups profit before tax (of the previous year) to theFoundation. With 5,162 employees, 330 branches and over 5,000 agents the Bank is among the largest job creators in theregion. The Bank also contributes to Job creation by lending to the Womens Groups, Rural area farmers, Micro and SMEsector. The Bank continuously ensures Capacity building and knowledge transfer to its customers (i.e. advice and expertisepassed onto small scale business to promote development) and members of staff through training. Through its Biashara

    Club the Bank provides business solutions and advisory services to entrepreneurs through SME management, seminarsand workshops. The Bank also has micro finance officers in all its branches.

    Through its Developers club the Bank provides a platform, for partners in the real estate sector to network and gain bestpractice skills through by organizing seminars locally and internationally. The Bank frequently rolls out Channel Migrationcampaigns educating the customers on different options of performing banking transactions over and above the Branchesand ATMs including Mobile Banking, Agency Banking and Internet Banking. These recent and ongoing innovations ensuresthat the bank maintains its leadership position and also facilitates access to finance in the rural areas where the bank isactively involved especially in Kenyan government and NGO projects by virtue of having the widest branch network.The Bank actively participates in provision of finance to those traditionally excluded from the formal sector through itsdiversified programmes. KCBs Tuungane group loan is designed to cater for financing requirements for women, facilitatedby third party guarantees as women mainly lack collateral. The Banks Micro Banking products and services are designed to

    cater for financing requirements of the small and micro enterprises and facilitated by easily accessible collateral. Diasporabanking provides access to service for individuals interested in banking back home from foreign countries. Going forwardthe Bank will focus on Profitably growing business in Kenya, Optimizing the subsidiaries and Expanding its foot print,Developing a fully aligned high performing team, Responsive Customer Segmentation, Strategic Partnerships, Developingbest-in-class enabling processes, Research and Innovation. The Bank has recently marked the end of its restructuringexercise through the appointment of 6 new senior executives. These appointments are part of the KCB Transformationjourney that started in 2011 to review the Banks corporate and governance structures, business model as well as review jobroles and people placement within the roles across the business. Return on this investment will be realized in 18 months.These changes were driven strictly by the business needs and will enable the Bank to focus on its objectives of improvingcustomer service, leading through innovation, growing market share particularly in Small and Medium Enterprises andfurther reducing costs.

    The Bank has put in place a very good strategy that would make it a banker of choice over the next few years. The senior

    management and staff are committed to making KCB the best and most profitable Bank in the region through excellencein customer care, innovative products and services and efficiency, and management is refocusing its energy, processes andtechnology in driving these. The Bank will continue to leverage on growth in regional economies, new economic frontiers,innovation in technology driven products, championing financial inclusion, support entrepreneurship development forour youth, leverage on people skills to thrive in competitive banking landscape

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    NATIONAL BANK OF KENYA LTD

    NATIONAL BANK OF KENYA LTD

    COMPANY NAME: National Bank Of Kenya Ltd

    PHYSICAL LOCATION: National Bank Building, 18 Harambee Avenue, Nairobi

    CHAIRMAN\LADYS NAME: Mohamed A. Hassan

    CHIEF EXECUTIVES NAME: Munir Sheikh Ahmed

    NAMES OF OTHER DIRECTORS: Eng. E. K. Mwongera, Mr. F. L. Atwoli, Mr. I. M. MworiaMr. A. N. Ismail, Ms. S. M. Kitonga, Ms. Wangui Mwaniki

    COMPANY SECRETARY:Leonard G Kamweti

    COMPANY BRIEF:The principal of the bank, which is lincensed under the Banking Act, is theprovision of banking, financial and related services.

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    FINANCIAL REVIEW OF THE GROUP

    BALANCE SHEET ( Kshs 000)

    31-Dec 2012 2011 2010 2009 2008

    31-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.

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    BALANCE SHEET ( Kshs 000)

    FINANCIAL REVIEW OF THE GROUP

    2012 2011 2010 2009 2008

    31-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 35,238,381Line Of Credit 3,655,414 190,280 303,284 465,202 663,275

    Other Liabilities 5,831,981 1,977,719 1,865,185 786,510 1,151,713

    Total 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 5,565,750

    Total 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 1,037,681

    Statistics

    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 5.85Return On Equity 19.6% 25.7% 22.3% 16.0% 18.6%

    Market Price 38.25 24.00 46.00 31.25 60.00

    Actual Number Of Shares At Year End 542,984,148 394,897,562 358,997,784 296,692,383 296,692,383

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    STANDARD CHARTERED BANK KENYA LTD

    STANDARD CHARTERED BANK KENYA LTD

    COMPANY NAME: Standard Chartered Bank Kenya Ltd

    PHYSICAL LOCATION: StandardChartered@Chiromo, 48 Westlands Road, P.O Box 30003-00100,GPO, Nairobi, Kenya.

    CHAIRMAN\LADYS NAME: Mrs. Anne Mutahi

    CHIEF EXECUTIVES NAME: Richard Etemesi

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

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

    COMPANY SECRETARY:Nancy Oginde

    AUDITORS: KPMG Kenya

    COMPANY BRIEF: Standard Chartered Bank Kenya Limited was established in 1911 with the firstbranch opened in Treasury Square, Mombasa. Today, 102 years later, Standard Chartered Bankis one of the leading banks in Kenya, with an excellent franchise. It has a total of 34 branchesspread across the country, 98 automated teller machines (ATMs) and over 1, 900 employees.The Bank has about 32,000 local shareholders holding 26% of the Banks total shares. It is apublicly quoted company on the Nairobi Securities Exchange since 1989.Our capital, deposit base, and lending portfolio is reported in Kenya Shillings, and we offer a

    variety of local and foreign currency accounts, both deposit and loan, to our customers. We havea diversified portfolio cutting across select sectors that include business services, manufacturing,wholesale and retail trade, transport and communications, real estate, agriculture, energy andwater. Further underpinning its importance, Standard Chartered Bank Kenya Limited hoststhe regional Shared Service Centre supporting the Banks technology operations in Uganda,Tanzania, Zambia, Botswana and South Africa on a real time basis.

    Consumer BankingConsumer Banking serves its customer base through a segmented strategic approach focusingon priority and International Banking, SME, Preferred and Personal Banking segments. Throughthis customer centric approach, the customers are able to access wealth management productssuch as current accounts, saving accounts, fixed and call deposits as well as investment products.They are also able to access loan products such as unsecured loans, overdrafts, mortgages,business loans and business overdrafts. Other off balance sheet products and services such asletters of credit, trade services and foreign exchange products are available to customers. Otherservices offered by Consumer Bank include mobile and internet banking.

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

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    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 ForTrading

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

    Derivative Financial Instruments 356,588 384,809 283,036 70,040 2,013,917

    Loans And Advances To Banks 2,373,580 2,542,427 3,243,868 1,492,177 1,379,889

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

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

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

    Tax Recoverable - - - - 41,751

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

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

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

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

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

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

    Liabilities And Shareholders' Equity

    Liabilities

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

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

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

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

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

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

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

    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 6 66,296 93,074

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

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

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

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

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

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

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

    Income Statement

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

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

    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

    Statistics

    Number 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

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    COMMERCIALAND

    SERVICES

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    FINANCIAL REVIEW OF THE GROUP

    BALANCE SHEET ( Kshs 000)

    31-Dec 2012 2011 2010 2009 2008

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

    Assets Employed

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

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

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

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

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

    Financed By

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

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

    Proposed Dividends - - - - -

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

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

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

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

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

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

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

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

    Investor Ratios

    Current Ratio 0.40 0.34 0.32 0.31 0.36

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

    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 Information

    Dividends Per Share (Kshs) - - - - -

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

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

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

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    FINANCIAL REVIEW OF THE GROUP

    BALANCE SHEET ( Kshs 000)

    31-Dec 2012 2011 2010 2009 2008

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

    Assets

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

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

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

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

    Equities & Liabilities

    Capital & Reserves

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

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

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

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

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

    Non Current Liabilities

    Loan Payable - 9,600 22,920 - -

    Current Liabilities

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

    Tax Payable 968 26,403 1,026 46 -

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

    Overdraft 9,749 - - - -

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

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

    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

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    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

    STATISTICS

    Number Of Ordinary Shares Issued In

    Calculation

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

    Earnings Per Share (Kshs) (0.38) 10.92 1.85 1.72 6.66

    Dividends Per Share (Kshs) - 7.50 1.00 1.00 3.00

    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

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    NATION MEDIA GROUP LIMITED

    NATION MEDIA GROUP LIMITED

    COMPANY NAME: Nation Media Group Limited

    PHYSICAL LOCATION:Nation Centre, Kimathi Street, Nairobi

    CHAIRMAN\LADYS NAME: Mr. Wilfred D. Kiboro

    CHIEF EXECUTIVES NAME: Mr. Linus Gitahi

    NAMES OF OTHER DIRECTORS: Mr Dennis Aluanga, Mr Stephen Gitagama, Mr Richard DowdenProf Lee Huebner, Mr Anwar Poonawala, Mr Gerard Wilkinson, Mrs Zuhura MuroDr Simon Kagugube, Mr James Montgomery, Prof Olive Mugenda, Dr Yasmin JethaMr Francis Okello, Njeri Karago

    COMPANY SECRETARY:Mr James Kinyua

    AUDITORS: Pricewaterhouse Coopers

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