Final Sameer Annual Report 2010 - Sameer Africa Limited
Final Sameer Annual Report 2010 - Sameer Africa Limited Final Sameer Annual Report 2010 - Sameer Africa Limited
Consolidated statement of comprehensive income for the year ended 31 december 2010 X 18 SAMEER Annual Report 2010 2009 Notes 2010 2009 KShs’000 KShs’000 Revenue 3,344,895 3,278,118 Cost of sales (2,682,988 ) (2,414,382 ) Gross profit 661,907 863,736 Other operating income 112,214 98,424 Distribution costs (42,711 ) (43,591 ) Administrative expenses (252,587 ) (258,709 ) Other operating expenses (359,488 ) (392,488 ) Operating profit 7 119,335 267,372 Finance costs 9 (54,496 ) (45,908 ) Share of loss of equity accounted investees (net of income tax) 21 (2,640 ) - Profit before income tax 62,199 221,464 Income tax expense 10 (4,803 ) (63,459 ) Profit from operations 57,396 158,005 Other comprehensive income Foreign currency translation differences for foreign operations (32,650 ) (11,004 ) Total other comprehensive income for the year (32,650 ) (11,004 ) Total comprehensive income for the year 24,746 147,001 Earnings per share: Basic and diluted (KShs) 11 0.21 0.57 Dividends: Proposed final dividend for the year (KShs) 12 - 139,171 The notes set out on pages 23 to 47 form an integral part of these financial statements.
Consolidated statement of financial position for the year ended 31 december 2010 Group Company 2010 2009 2010 2009 Note KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000 EQUITY Share capital 13 1,391,712 1,391,712 1,391,712 1,391,712 Retained earnings 853,608 795,463 166,896 127,054 Translation reserve (77,178 ) (43,779 ) - Proposed dividends - 139,171 - 139,171 Total equity 2,168,142 2,282,567 1,558,608 1,657,937 Non-current liabilities Borrowings 14 6,547 6,818 5,816 - Deferred income tax 15 3,368 4,855 - - Retirement benefit obligations 16 112,703 105,371 112,703 105,371 Total non-current liabilities 122,618 117,044 118,519 105,371 2,290,760 2,399,611 1,677,127 1,763,308 Non-current assets Property, plant and equipment 17 563,155 556,860 513,224 495,827 Investment property 18 199,851 206,126 - Investment in subsidiaries 20 - 156,686 146,686 Investment in associate 21 134,386 137,026 134,386 137,026 Prepaid operating lease rentals 19 751 759 751 759 Deferred income tax 15 28,845 29,558 789 9,590 Total non-current assets 926,988 930,329 805,836 789,888 Current assets Inventories 22 871,990 1,134,061 706,834 875,178 Receivables and prepayments 23 857,039 717,613 819,453 433,439 Current income tax 31,006 10,230 9,117 3,825 Cash and cash equivalents 24 158,284 213,141 94,377 155,485 Total current assets 1,918,319 2,075,045 1,629,781 1,467,927 Current liabilities Payables and accrued expenses 25 116,593 231,899 332,932 136,685 Current income tax 4,362 2,833 - - Borrowings 14 426,816 364,255 418,782 351,046 Unclaimed dividends 6,776 6,776 6,776 6,776 Total current liabilities 554,547 605,763 758,490 494,507 Net current assets 1,363,772 1,469,282 871,291 973,420 2,290,760 2,399,611 1,677,127 1,763,308 The financial statements on pages 18 to 48 were approved by the Board of Directors on and were signed on its behalf by: Eng. Erastus Kabutu Mwongera - FIEK, RCE, CBS Michael M. Karanja Chairman Managing Director The notes set out on pages 23 to 47 form an integral part of these financial statements. SAMEER Annual Report 2010 19
- Page 3 and 4: Table of Contents Page Corporate In
- Page 5 and 6: Notice to the annual general meetin
- Page 7 and 8: Chairman’s Statement Following my
- Page 9 and 10: Managing Director’s Remarks 2010
- Page 11 and 12: Report of the Directors The directo
- Page 13 and 14: Board of Directors Seated from left
- Page 15 and 16: Corporate Governance The aggregate
- Page 17 and 18: Management Team Mr. M. M. Karanja M
- Page 19: Report of the independent auditors
- Page 23 and 24: Company statement of changes in equ
- Page 25 and 26: Notes to the consolidated financial
- Page 27 and 28: Notes to the consolidated financial
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- Page 49 and 50: Notes to the consolidated financial
Consolidated statement of comprehensive<br />
income for the year ended 31 december <strong>2010</strong><br />
X 18 SAMEER <strong>Annual</strong> <strong>Report</strong> <strong>2010</strong> 2009<br />
Notes <strong>2010</strong> 2009<br />
KShs’000 KShs’000<br />
Revenue 3,344,895 3,278,118<br />
Cost of sales (2,682,988 ) (2,414,382 )<br />
Gross profit 661,907 863,736<br />
Other operating income 112,214 98,424<br />
Distribution costs (42,711 ) (43,591 )<br />
Administrative expenses (252,587 ) (258,709 )<br />
Other operating expenses (359,488 ) (392,488 )<br />
Operating profit 7 119,335 267,372<br />
Finance costs 9 (54,496 ) (45,908 )<br />
Share of loss of equity accounted investees (net of income tax) 21 (2,640 ) -<br />
Profit before income tax 62,199 221,464<br />
Income tax expense 10 (4,803 ) (63,459 )<br />
Profit from operations 57,396 158,005<br />
Other comprehensive income<br />
Foreign currency translation differences for foreign operations (32,650 ) (11,004 )<br />
Total other comprehensive income for the year (32,650 ) (11,004 )<br />
Total comprehensive income for the year 24,746 147,001<br />
Earnings per share:<br />
Basic and diluted (KShs) 11 0.21 0.57<br />
Dividends:<br />
Proposed final dividend for the year (KShs) 12 - 139,171<br />
The notes set out on pages 23 to 47 form an integral part of these financial statements.
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