Basis of preparation
The financial statements have been prepared on the historical cost basis in accordance with Internati...
Upcoming SlideShare
Loading in …5
×

Express Kenya Limited FY 2013 financial results

195 views

Published on

Express Kenya Limited FY 2013 financial results

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
195
On SlideShare
0
From Embeds
0
Number of Embeds
48
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Express Kenya Limited FY 2013 financial results

  1. 1. Basis of preparation The financial statements have been prepared on the historical cost basis in accordance with International Financial Reporting Standards (IFRS) and the accounting policies have been consistently applied to all the years presented. Audit opinion The financial statements were approved by the board on 29 April 2014 and were audited by PKF Kenya and received an unqualified opinion. Performance Despite the internal and external challenges, the Express Kenya group of companies has managed to break even, reporting a profit. The group is proud to report that the 2013 results are attributable to its operational activities unlike in previous year when it included gains from investment activities. The group has had an improvement in business as a result of an increase in its client base, leading to a substantial positive increment in its operational activities. Future outlook Plans to invest in the real estate business are well underway as discussed in last year’s AGM. This shall follow the carefully planned and sustainable realignment of the group’s resources towards its long term strategic goals. Dividend The directors do not recommend the declaration of a dividend for the year. By order of the Board Dr. Chris Obura Chairman Mr. Hector Diniz Chief Executive Officer CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2013 Share capital Share premium Revaluation reserve Retained earnings/ (deficit) Total shareholders funds Shs ‘000 Shs ‘000 Shs ‘000 Shs ‘000 Shs ‘000 At start of year 177,019 10,502 86,797 (76,031) 198,287 Total profit for the year - - - 229 229 Transfer of excess depreciation - - (2,480) 2,480 - Deferred tax on excess depreciation transfer - - 744 (744) - At end of year 177,019 10,502 85,061 (74,066) 198,516 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER Group Company 2013 2012 2013 2012 Shs ‘000 Shs ‘000 Shs ‘000 Shs ‘000 ASSETS Non-current assets 377,327 431,624 384,796 439,092 Current assets 103,198 63,985 103,198 63,986 TOTAL ASSETS 480,525 495,609 487,994 503,078 EQUITY AND LIABILITIES Share capital 177,019 177,019 177,019 177,019 Share premium 10,502 10,502 10,502 10,502 Reserves 10,995 10,766 15,749 15,314 Shareholders’ funds 198,516 198,287 203,270 202,835 Non-current liabilities 120,823 135,831 120,823 135,831 Current liabilities 161,186 161,491 163,901 164,412 Total liabilities 282,009 297,322 284,724 300,243 TOTAL EQUITY AND LIABILITIES 480,525 495,609 487,994 503,078 CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2013 2013 2012 Shs ‘000 Shs ‘000 Revenue 387,494 229,908 Direct costs (323,440) (312,535) Gross profit/(loss) 64,054 (82,627) Other operating income 15,469 197,731 Administrative expenses (48,793) (68,922) Other operating expenses (24,412) (29,665) Operating profit 6,318 16,517 Finance costs (8,014) (29,753) (Loss) before tax (1,696) (13,236) Tax credit 1,925 26,264 Profit for the year 229 13,028 Profit for the year is attributable to: Owners of the company 229 13,028 Earnings per share Basic and diluted per share Shs 0.01 Shs 0.37 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2013 At start of year (5,404) (203,061) Net cash from/(used in) operating activities 16,716 (4,060) Net cash from investing activities 13,235 274,680 Net cash (used in) financing activities (34,203) (75,659) Effect of exchange rate changes 62 2,696 At end of year (9,594) (5,404)

×