BAT half year figures

1. DAILY NATION
Friday July 8, 2011 Provincial News 33
CLAIM | Cartels ripping off residents
MPs accused
of delaying HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2011
The Directors of British American Tobacco Kenya Limited are pleased to announce the unaudited group results for the six months ended 30
June 2011 as shown below:
mining laws Key highlights:
•
•
•
Revenue
Profit before tax
Contribution to government revenues
Up by Shs 3.1b
Up by 14%
Up by 6%
• Interim dividend Shs 3.50 per share
Former legislator Speaking during the launch
of the book at a Voi hotel, the The extracts of the financial statements are as follows:
has published a new former MP said Taita Taveta
Condensed Income Statement for the six months
book on helping County was rich in gemstones
and now iron ore, but residents ended 30 June:
Condensed Balance Sheet as at 30 June :
small-scale miners were living in poverty. 2011 2010 2011 2010
The absence of proper laws,
reap from resources he said, had opened channels
Shs’ m Shs’ m Shs’ m Shs’ m
for cartels, making it difficult Revenue 9,096 6,006 Capital and reserves
BY JONATHAN MANYINDO for small-scale miners to pen- Share capital 1,000 1,000
jmanyindo@ke.nationmedia.com etrate the global market.
He accused the Commis- Revaluation surplus 1,108 1,153
A
former MP has accused sioner of Mines and Geology Operating profit 1,715 1,525 Retained earnings 2,721 2,517
the current Parliament of selectively licensing gem-
Shareholders’ funds 4,829 4,670
of delaying laws to en- stone dealers to mine in the
Finance costs (52) (64) Non-current liabilities 924 1,271
able Kenyans living in mining Tsavo National Park while
areas reap the benefits. locals were locked out. 5,753 5,941
Former Wundanyi MP Commissioner of Mines Profit before tax 1,663 1,461
Mwandawiro Mghanga said and Geology Moses Ma- Assets
that Kenya’s ambition to sibo recently said that the Income tax expense (498) (438) Non-current assets 6,372 6,192
boost growth from minerals licences were issued before
faced uncertainty after Parlia- he took office. Profit after tax 1,165 1,023
ment delayed passing of laws Working capital
‘‘
to set the stage for large-scale Dividend 350 - Current assets 7,416 5,911
mining across the country.
In his book, The Wealth Current liabilities (8,035) (6,162)
In The Underground that Is Net working capital (619) (251)
Elusive to Local Communi- Residents claim Basic and diluted earnings per share (Shs) 11.65 10.23 5,753 5,941
ties, Mr Mghanga blamed the
government for taking time to commissioner
review the Mining Act despite of mines is too Condensed Cash Flow Statement for the six Condensed Statement of Changes in Equity
the urgent need to do so.
“The local people living in
powerful” months ended 30 June: for the six months ended 30 June 2011
and around the mining areas Former Wundanyi Share Revaluation Retained Total
complain that the commis- MP Mwandawiro 2011 2010 capital Shs’ m earnings Shs’ m
sioner of mines and geology Mghanga Shs’ m Shs’ m Shs’ m Shs’ m
is too powerful since he pre-
sides over the allocation of Cash generated from operations 470 434
prospecting rights as well At 1 January 2010 1,000 1,153 2,519 4,672
as claims and authority for Net interest paid (52) (85)
investing in mining,” he said. Net profit - - 1,023 1,023
He further said that even Tax paid (674) (379)
after the revision of the Act Final dividend for 2009 - - (1,025) (1,025)
last year that changed the Net cash from operating activities (256) (30)
name to Mining and Min- At 30 June 2010 1,000 1,153 2,517 4,670
erals Act to attract foreign Net cash used in investing activities (313) (164)
investors, MPs had delayed
debate that could lead to it Net cash used in financing activities (1,362) (1,025)
becoming law. At 1 January 2011 1,000 1,108 3,006 5,114
Decrease in cash & cash equivalents (1,931) (1,219) Net profit - - 1,165 1,165
At start of period (415) (1,122) Final dividend for 2010 - - (1,450) (1,450)
German’s bid to get back At end of period (2,346) (2,341) At 30 June 2011 1,000 1,108 2,721 4,829
his passport hits snag Overview:
Notwithstanding a challenging operating environment, underlying revenue on domestic and export cigarettes grew 15% reflecting higher total
BY NATION plication following the High volumes coupled with an exchange rate benefit on exports revenue. Total revenue also benefited from the commencement in September
CORRESPONDENT Court ruling that the bigamy 2010 of the contract manufacture business stream for cut rag (Semi-processed leaf) contributing to the total increase in revenues of Shs 3.1b.
and separation case against Contribution to government revenue from excise, VAT and corporation tax was Shs 4.6b, an increase of 6% compared to the same period last
The hearing for an applica- his client continues before a year driven by higher corporation tax payments.
tion by a German millionaire lower court.
charged with bigamy to have The German had tried Profit before tax improved by 14% reflecting higher domestic and export volumes, the impact of cut rag exports offset by lower domestic pricing
his passport released was ad- to stop proceedings before and resultant margins arising from the need to protect our competitive position.
journed yesterday. the lower courts but Justice The June budget announced changes to the excise regime introducing a mixed system under which excise is computed on the higher of
Efforts by Mr Jurgen Paul William Ouko dismissed his 35% of Retail Selling Price or Shs 1,200 per mille. This replaces the previous system of using the Retail Selling Price as the primary basis of
Flach’s lawyer to have the ap- application, saying he had computing excise on cigarettes. We acknowledge the progress by government in reforming the excise regime as this forms an essential basis for
plication heard today failed as a chance to be heard by the safeguarding sustainability of industry and government revenues.
Nakuru senior resident magis- subordinate court
trate Wendy Kagendo refused The defence advocate, Mr
to set aside time for it. Tom Olweny, also claimed that Dividend
She adjourned the case he had been ambushed with the The Directors have recommended an interim dividend of Shs 3.50 per Shs 10 ordinary share. The interim dividend shall be paid on 9 September
but did not give a date for its replying affidavits by Ms Jane 2011 to shareholders on the register at the close of business on 12 August 2011 subject to withholding tax.
hearing. Akoth Flach and her lawyer, Mr
In the application, Mr Flach Kahiga Waitindi.
had also sought to be allowed Ms Akoth is demanding Nairobi By Order of the Board
to travel back home for urgent a monthly maintenance of 7 July 2011 RT Ngobi
specialised heart treatment. Sh300,000 per month, which Company Secretary
Mr Flach’s lawyer said he should be backdated to Febru-
was unable to file the ap- ary 2010.