Final Sameer Annual Report 2010 - Sameer Africa Limited

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