Limuru tea Company Kenya HY 2014 financial results

884 views
779 views

Published on

Limuru tea Company Kenya listed on the Nairobi Stock Exchange has released its half year results. Check out insights into this company in their presentation which appears below.
Sign up to the www.theinvestormailinglist.com to receive earnings presentations of all listed companies in Africa by email

Published in: Investor Relations
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
884
On SlideShare
0
From Embeds
0
Number of Embeds
152
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Limuru tea Company Kenya HY 2014 financial results

  1. 1. ‘W’/0 &”' THE LIMURU TEA COMPANY LIMITED P O Box 42011 - 00100, Nairobi, Kenya Cables 8. Telegrams: "Brooks Ke“ Telephone: Nairobi 532520 Telefax: Nairobi 532521 The Chief Executive, ‘ ' “ ” ; J Capital Markets Authority, lj Embankment Plaza, 3"‘ Floor 1 8 Longonot Road, Upper Hill cAPAv. : *_'H""“, "f‘5 NAIROBI W "’ 15m August 2014 Dear Sir, RE: ANN MENT OF A ITED RESULTS FOR THE SIX MONTH 2014 We enclose herewith (5) copies of the above noted announcement which we are arranging to post to our shareholders on Monday, 18"‘ August 2014. Yours faithfully. I Inviolata Oriwo COMPANY SE ARY MANAGEMENT Dircctor - M0 Director - C S éfq Director - R P & 8 Director - C 3 End. l)lRl; ClORb DUNK; - ST| (Ikl. FR' RILH-Kill) lURlR ILONARD klll 'l l. LOLLll$ BETT ED l'' l01F' I'llR| 'l lHi
  2. 2. CEMENT F A D UL RTHESIXM NTHSENDED30'l'I'I 2915 The Board of Directors is pleased to announce the company's unaudited results for the Six months ended 30''‘ June 2014. STATEMENT OF FINANCIAL POSITION A: At 30.06.14 A: At 30.06.13 wwwwwv 7Share capital Retained Earnings 8: resen'es 209.233 Profits for the period Proposed dividend — Tomqusw Non Current Liabilities iDeferred income tax i _Post employment benefit obligation (Total equity man Ctr; -rent Liabilities Non Current Agsits Biological assets iCurrent Assets Receivables 128,2 l0 Current income ta)_t—Asset _C. ash at bank anclin hand Inventory Current Liabilities Trade and other Eayables Current income tax-Liability 10,743 Net Current Assets 124.205 314.520 CONDENSED S_TA'I'[-IVII-INT or CASH rtcfifs As at 30.06.14 7 Sb: ‘(XXI . 'et cash from operiigyactivities I9992 Net cash used’ il'i£1:¢: S[ing aCli'ilic. (5628) Net cash used in financing activities (9,000) "Increase in cash and cash equivalents Movement cash and cash equivalents At start of year lnt reuse VA! end of lune In M Tl( ti-15 ll't. A,“{ STlL'KLf. R‘ RlIilAl‘lI IKUKIR. IJUVARD Kl! l.'l'Al, Ll ". LINN l<lT'l. H"‘{ LN KCVNIILN
  3. 3. LIMURU TEA COMPANY LIMITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME Ian-lune 2014 Ian-lune 2013 Shs ‘ooo Shs 'ooo ‘ 47, 58.454 _ 10.792 18.814 (3,233) -m 200,000 1,2oo. ooo _, — 2- ? 'umover Profit before income tax kxgome tax (expe_ns§)7 Profit attributable to the shareholders ilrsisued shares of Kshs. each Earnings per share (Shs) if V Total Dividends er share (Shs) Eance at 1 January 2013 'l'otal recognizvd income for 2013 -Final paid for 2012 —Proposcd final f¢}ri2QVl3 Actuarial loss on post ernplgflngnl Balance is at 30'" June w. ..m. .1.. ..u. w_a. ~ - Eta] recognizediingome for 2014 Di_'i_d§_nds —Final paid For 2013 i—Proposeid final for 2014 (Balance is at 30" lune 2014 K DIRECTORS: DUNCAN §l'lCK. LER'. RICHARD KORIR. LEONARD KIMUTA. l.COU. lNS BUT. EDWIN KOMEN ’lRl1IH1 0.2
  4. 4. LIMURU TEA COMPANY LIMITED ’ Performance In the first half of 2014, the company produced 1,649,380 kilograms of green leaf. which in tum was manufactured into 378.28 Tones of black tea. This was a 9% increase in made tea volumes compared to the first half of 2013. Total revenues decreased by 18% to Kshs. 48 million in the period compared to Kshs. 58 million realized in the same period of 2013. This decline is due to the fall in the Market Tea prices by about 19% in the same periods under review. The company posted a pre-tax profit of l(sh.10.8 Million in the first half compared to Ksh. 18.8 Million in 2013. The significant lower profit was largely as a result of the fall in market tea prices. Dividend The Directors do not recommend an interim dividend. Prospects The Crop in the first half of 2014 was boosted by favourable rainfall distribution but tumover adversely impacted by low tea prices. If this price trend persists, we expect the revenues in the second half to be lower compared to 2013. ByOrderoftheBoard / . INVIOLATA ORIWO COMPANY SECRETARY 15"‘ August 2014 DIRECTORS: DUNCAN STICKLER‘. R. lCH. ARD KORDL LEONARD KIMUTAI. COLLINS BZTT. EDWIN KOMEN 1'ERlTlSH. 3
  5. 5. . Q . ..4, ,7. M Q ' C C I . - ' - _ ‘- . £,. ,;. _3.'! _;: ,3., :u. :, .51; : _., ’‘'{-e 3;4.. g.r. ..§‘« ‘
  6. 6. I. IMURU TEA COMPANY I. IMI'I‘ED P. 0. BOX 42011. Nairobi 00100, Kenya Telephone: Nairobi 532520 ANN OF UNAUDITED RESULTS FOR THE SIX MO ED 2014. The Board of Directors is pleased to announce the company’s unaudited results for the Six months ended so-h lune 2014. S‘I‘A'I'EMENT or FINANCIAL POSI'I'ION A; At 30.05.14 ‘ A. A: 30.06.13 CAPITAL EMPLOYED shvooo shrooo _ 24,000 269,233 13,170 Share capital _ V V i Retained_Eamings & reserves 227.345 _l: oflts for the Eeriod i i 7.454 Proosed dividend’ N3 i1E: ies Deferred income ta} Post employment benefit obligation 'IE5Igx‘Tn&N’on (Eu; -rem Liabilities REPRESENTED BY _ Non C.7ur_-rent Assets Pro e , 1am and euiment Biological assets Current Receivables Current income tax—Asset Cash at bank hand Inventory Current liabilities Trade and other paxableg grrreriincome tax—LiabilitX __ 7 Net Current CONDENSED s'rA'I'I: MIsI~T_6F CASH FLOWS Net cash from operating activities Net cash used in investing activifies Net cash used in financing activities Increase in cash and_ cash’ equivalents Movement in gash and cash flvalents At start of year Increase At end of June DIRECTORS: DUNCAN S'l'ICfl. ER'. RlCH. A.R. D KORIR. LEONARD KIMUTAI. COLUNS BETF. EDWIN KOMDV (‘BRITISH I |
  7. 7. I. IMURU TEA COMPANY LIMITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME i Shs '0(X) Shs ‘0(X) - Turnover D Profit before income tax Income um (expgnse) i i (3.238) Profit attributable to the shareholder: -m Issued shares of Kshs. pach l,2(X), (X)0 Earnings per share (Shs) V Total Di'idcnds er share (Shs) Bialance at 1 IanuarxL11 Total rccugni1.ed income for 2013 Dividends -Final paid for 2012 imposed final {gr 2013* Actuarial loss on post employmetjt Balancgu at 30”‘ June 2013 Balance at 1 January 2014 i Total {ecognized Vincomeifor 2014 Dividends —l-‘Vinal paid For 2013 —Propused final for 2014 Ealance u at 30“: 2014 DIRECPORS: DUNCAN S'l'lCK1.! '.R‘. RICHARD XORIR. LEONARD KIMUTAI. COUJNS BEIT. EDWIN KOMEN ‘HR! I'IH 1
  8. 8. LIMURU TEA COMPANY LI1VII'I'ED COMMENTARY Performance In the first half of 2014, the company produced 1,649,380 kilograms of green leaf, which in turn was manufactured into 378.28 Tones of black tea. This was a 9°/ o increase in made tea volumes compared to the first half of 2013. Total revenues decreased by 18% to Kshs. 48 million in the period compared to Kshs. 58 million realized in the same period of 2013. This decline is due to the fall in the Market Tea prices by about 19% in the same periods under review. The company posted a pre—tax profit of Ksh.10.8 Million in the first half compared to Ksh. 18.8 Million in 2013. The significant lower profit was largely as a result of the fall in market tea prices. Dividend The Directors do not recommend an interim dividend. Prospects The Crop in the first half of 2014 was boosted by favourable rainfall distribution but turnover adversely impacted by low tea prices. If this price trend persists, we expect the revenues in the second half to be lower compared to 2013. By Order of the Board / . INVIOLATA ORIWO COMPANY SECRETARY 15”‘ August 2014 DIRECTORS: DUNCAN $'1'ICJfl. ER°, RICHARD KORIR. LEONARD ICEMUTAI. CDLLINS EXIT. EDWIN KOMH€ ‘BRlTlSH> 3
  9. 9. W. .. In» . . . .L. H. . .. w.N1.l. _
  10. 10. LIMURU TEA COMPANY LIMITED P. 0. BOX 42011, Nairobi 00100, Kenya Telephone: Nairobi 532520 ANNOUN E F ITED RESULTS FOR THE SIX MONTHS ENDED 14. The Board of Directors is pleased to announce the company's unaudited results for the Six months ended 30"‘ June 2014. STATEMENT OF FINANCIAL POSITION A: At 30.06.14 ‘ A: At 30.06.13 CAPITAL EMPLOYED Shs'(X)0 Shs'0(X) Share caital i _ 7 WV 7; i24,000 Retained Eamings reserves 227,345 209,233 Profits for the Eeriod V _ 13,170 mxosed dividend Total equity Non Curre; Liabilities I W77 F‘ A u: .3: 246,403 49,253 18,864 68,117 314,520 Deferred income tax m€Q‘, b99€fi‘ obligation , Total ' and Non §1i'rg1§bi1itieg REPRESENTED BY Non Cigrent Assets - . lant and euiment Biological assets 3,785 186,530 190,315 Receivables 128,210 6,700 ICurre_1_'n income tax-Asset Cash at bank and in hand _1rw. en, t9ry _ 134.948 Current Iiabiiifiesi 7'I: ra_de and other payables Current income tax-I. i_ab_il<ity 10,743 i 4 ‘ 314,520 CONDENSE_D STATEMENT or CASH FLOWS Net cash from operating activities_ Net cash used in investing activities 7 Net cash us_e7di in financing activities Increase in cash and cash equivalents Movement in cash and cugequiyalents At start of year At end of June DIRI-2(. TORS: DUNCAN §I'l@LER°. RICHARD KORIR. LEONARD KIM'U'I'Al. COLLINS REIT. EDWIN KOMEN i'BRlTlSHa |
  11. 11. LIMURU TEA COMPANY LIMITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME Ian-June 2014 Ian-lune 2013 V Sh: ‘(X11 Sh: ‘coo 47.947 Profit before income tax 1 10.792 18,814 Income tax (expense) 7 (3.238) Profit attributable to the -hnreholden ‘F Vlssued share; of Kshs. 20 each l,2(X). (XX) 1,2(X),000 Earnings per share (Shs) 10.98 Total Dividends or share (Shs) coND1:: N§1«: D STATEMENT 01-" CHANGES IN 13ojjr? Y’ ” *1 Balance at 1 ]a. m1a. ry 2013 Total recognized income for 2013 : PmEosed final for 2013 Actuarial loss on post employment Balance as at 30*" June 2013 2mcg, mmm2o11 2 To1'.11Vre_c4§nized income for 2014 Dividend: : Final 9a1d’1=o_1_ 2013 Z »Proposeg1 final foy 2014 Balance as at 30*” lune 2014 DIRECTORS: DUNCAN STICXLER‘. RICHARD KORIR. LEONARD KIMUTAI, q)1.L1NS BE1'T. EDWIN KOMH4 WBRITISII 2
  12. 12. .i_. lll‘. ’J. U.l { U TEA. C‘O1‘. ’1:Pf‘al‘l. Y LIl‘. ’.I: ITEl3= COMMENTARY Performance In the first half of 2014, the company produced 1,649,380 kilograms of green leaf, which in turn was manufactured into 378.28 Tones of black tea. This was a 9% increase in made tea volumes compared to the first half of 2013. Total revenues decreased by 18°/ o to Kshs. 48 million in the period compared to Kshs. 58 million realized in the same period of 2013. This decline is due to the fall in the Market Tea prices by about 19°/ o in the same periods under review. The company posted a pre-tax profit of Ksh. l0.8 Million in the first half compared to Ksh. 18.8 Million in 2013. The significant lower profit was largely as a result of the fall in market tea prices. Dividend The Directors do not recommend an interim dividend. Prospects The Crop in the first half of 2014 was boosted by favourable rainfall distribution but turnover adversely impacted by low tea prices. If this price trend persists, we expect the revenues in the second half to be lower compared to 2013. By Order of the Board INVIOLATA ORIWO COMPANY SECRETARY 15"‘ August 2014 l)lRECI'()RS' DUNCAN STICKLER', RICHARD KORIR, LEONARD KJMUTAI, COLLLNS BE1'1. EDWIN KOMEN “M 1': J K
  13. 13. O CEMENTOF A ITEDRES 'I‘SFOR'I'I-IE IX ENDED 2014. The Board of Directors is pleased to announce the company's unaudited results for the Six months ended 30"‘ lune 2014. STATEMENT OF FINANCIAL POSITION As A! 30.06.14 V As At 30.06.13 CAPITAL EMPLOYED Shs'0CX) ishagecepiral A010 Retained Eamings & reserves 209.233 iPr9ifits for the neriod 13.170 7PrciBosed dividend Total equity 246,403 Non Current Liabilities Deferred income tax Post emglovrnent benefit obligation To n Current Liabilitifis 7 314.520 iR. EPRESENTED BY Non We , , , Property. plant and eguigment 3.785 Biological assets 201.732 186.530 190.315 tieleivabtes ” 117.289 128.210 : Current ineome tax; /fisset 7 7 7 Cash at bank and in hand 7 13.131 6.700 7_In: =ntor' 02 ® 134,948 Current Liabilities n __Trade and other payables V V . 5.395 Curreritrincome tax—I. iabilit_' 5.348 10,743 124.205 314.520 ”co'Ntgt_: Ns1aD sTAfi214EN'r or CASH 11.6% As at 30.06.14 W WW7 7 S11: ‘Om __Net cash from operating activities 7 191992 Net cash used in investing ut‘1i'itit-s V (5628) Net c n financing activities (9.000) 0 (1.123) (9.000) Increase in cash and cash equivalents Movemeng in cash and cash equivalents . -t start of year Increase At end of June
  14. 14. l. .IMURU TEA COMPANY LIMITED CONDENSED STA'I'EMEN'I‘ OF COMPREHENSIVE INCOME Turnover in T 1 47 Profit before income Lax Income tax (expense) Profit attributable to the shareholders 7554 - 13,170 Issued shares of Kain. 20 each i 1,2(X). (XX) Earnings per shai? js: ) Total Dividc-nds per share (Shs) Ian-June 2014 Ian-lune 2013 Sh: ‘(XXII Sh: ‘ooo Balance at 1 Iimuary i013 Tmul recognized income for 2013 Dividends I -Final paid fori20l2 -Proposed final for 2013 Actuarial loss Qrlgost eimploymc-nl Balance as at 30”‘ June 2013 Balance at 201; 7 Tom] recognized incorg for 2014 Dividends ‘Final paid For 2013* —Proposed final for 2014 Balance as at 30* Iune 2014 DIR£Cl"0RS' DUNCANS'l1CKLER‘. RlCHARDKOlUR. LEL)NAllDKIMUTAl. COLLlNSBE'TT. EDWINKOMEN r’BRlIIH 2
  15. 15. LIMURU TEA COMPANY I. IMITED COMNEENTARY Performance In the first half of 2014, the company produced 1,649,380 kilograms of green leaf, which in turn was manufactured into 378.28 Tones of black tea. This was a 9% increase in made tea volumes compared to the first half of 2013. Total revenues decreased by 18°/ o to Kshs. 48 million in the period compared to Kshs. 58 million realized in the same period of 2013. This decline is due to the fall in the Market Tea prices by about 19% in the same periods under review. The company posted a pre-tax profit of Ksh.10.8 Million in the first half compared to Ksh. 18.8 Million in 2013. The significant lower profit was largely as a result of the fall in market tea prices. Dividend The Directors do not recommend an interim dividend. Prospects The Crop in the first half of 2014 was boosted by favourable rainfall distribution but turnover adversely impacted by low tea prices. If this price trend persists, we expect the revenues in the second half to be lower compared to 2013. By Order of the Board / . INVIOLATA ORIWO COMPANY SECRETARY 15”‘ August 2014 DIRECIDRS: DUNCAN STICICLER‘. RICHARD KORIR. LEONARD KIMUTAI. GDLIJNS BEIT. EDWIN KOMIN VBRITISHT 3
  16. 16. LIMURU TEA COMPANY LIMITED P. 0‘ BOX 4201]. Nairobi OOICI). Kenya Telephone: Nairobi 53520 ANNO F UNA ITED TS FOR THE SIX MONTHS END 2014. The Board of Directors is pleased to announce the company's unaudited results for the Six months ended 30"‘ Iune 2014. STATEMENT OF FINANCIAL POSITION As A: 30.06.14 , A: At 30.06.13 wmmwm I Share caital _ 24,000 7 24.000 227.345 209.233 7.454 13,170 Retained Earnings & reserves i i Profits for the eriod Proposed dividend Total equity Non Current Liabilities Post eflglgflent benefit obligation i Toni] e_<1u_itx' 7and Non CTu'rent Liabilities _ V REPRESENTED BY_ Non Current Assets , lant and euiment Biological assets Current Assets Receivables 123.210 Ciirrent income taxffisset ’ Cash at bank and in hand _ b _ 5,395 5,348 10.743 124205 314,520 E: ij: }e£{uabmues _ A Trade and othergayables 6,700” 38 CONDENSED STATEMENT oi~fc_A§}i_FL_c)l/ s____ Net cash from operating activities i 7 Net cash used in investing activities i VNet cash used in financing activities Increase incash and cash eguivalents 7" Movement in cash and cash gg'vnlent. s 7A’t stargif year 7_g Increase At end of hie’ DIRECTORS: DUNCAN STICKLHI‘. RICHARD KORIR. LEONARD HMUTAJ. %LLINS REIT. EDWIN KOMEN I'BRlTlSHI I
  17. 17. LIMURU TEA COMPANY LIMI'I'ED CONDENSED STATEMENT OF COMPREHENSIVE INCOME an-lune 2014 Inn-lune 2013 , — Profit before income lax , Inc<sme7tzV1j)! _(7<V= ,xp£-nsc) 7 7 ’ (3.238) Profit attributable to the shareholder: - Issued shzirgg 9f Kshs. 20 eagh l,2(X). (XX) l,2(X). (XX) Tumovex | ‘Iurninés pér share (Shs) ,1 I 10.98 Total Dividends or share (Shs) coNDiéN_s_i3p_ sTA11:M£r~i¥ ()1? CHANGES IN EQUITY Balance at 1 Ianuary 2013 'l'uiul recognized income for 2013 Dividend: ~l~'inal paid for 2012 -Proposed final for 20l3 W Actuzinjal loss on post ggykymem Balance as at sob lune, 2013 CEB- B. i.. .ce. .1,. ;.. .., ,2o: z* ‘lblal nfignized income for 2014 _ 7 — Dividends 7 +'inal Paid For 2013 —Proposed final for 2014 Balance as at 30‘ lune 2014' DIRECTORS: DUNCAN STICKLER‘. RICHARD KORIR. LEONARD KIMUTAI. COLUNS BFIT. EDWIN KOMEN w'BR|1LIh 2
  18. 18. I. IMURU TEA COMPANY LIMITED COMIVIENTARY Performance In the first half of 2014, the company produced 1,649,380 kilograms of green leaf, which in turn was manufactured into 378.28 Tones of black tea. This was a 9% increase in made tea volumes compared to the first half of 2013. Total revenues decreased by 18% to Kshs. 48 million in the period compared to Kshs. 58 million realized in the same period of 2013. This decline is due to the fall in the Market Tea prices by about 19% in the same periods under review. The company posted a pre-tax profit of Ksh.10.8 Million in the first half compared to Ksh. 18.8 Million in 2013. The significant lower profit was largely as a result of the fall in market tea prices. Dividend The Directors do not recommend an interim dividend. Prospects The Crop in the first half of 2014 was boosted by favourable rainfall distribution but turnover adversely impacted by low tea prices. If this price trend persists, we expect the revenues in the second half to be lower compared to 2013. By Order of the Board / . INVIOLATA ORIWO COMPANY SECRETARY 15”‘ August 2014 DIRECTORS: DUNCAN S'I'IClCLER'. RICHARD KORIR. LEONARD ICIMUTAI. CDLLINS Bl? l'l', EDWIN KOMEN l. BR[TlSHi 3

×