Final Sameer Annual Report 2010 - Sameer Africa Limited

Notes to the consolidated financial statements
for the year ended 31 december 2010
2010 2009
KShs‘000 KShs‘000
Profit before income tax 62,199 221,464
Tax calculated at domestic rates applicable to profits
in the respective countries - 30% (2009 - 30%) 18,660 66,439
Tax effect of:
Income not subject to income tax (7,097 ) (5,753 )
Expenses not deductible for income tax purposes 2,927 4,144
Over/(under) provision of deferred income tax in prior years (8,667 ) 2,238
Under provision of current income tax in prior years 80 (2,127 )
Deferred tax not recognised 131 -
Effect of different income tax rate for Sameer Industrial Park Limited (1,231 ) (1,483 )
Income tax expense 4,803 63,459
11. EARNINGS PER SHARE
Basic earnings per share are calculated by dividing the profit attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the year.
2010 2009
Profit attributable to equity holders of the Company (KShs ‘000) 57,396 158,005
Weighted average number of ordinary shares in issue (‘000) 278,342 278,342
Basic earnings per share (KShs) 0.21 0.57
There were no potentially dilutive shares outstanding at 31 December 2010 or 2009. Diluted earnings per share are therefore
the same as basic earnings per share.
12. DIVIDENDS PER SHARE
For the year ended 31 December 2010, the directors have not proposed any dividends. (2009 - KShs 0.50 cents per share
totalling to KShs 139,171,200).
13.. SHARE CAPITAL
Ordinary
Number shares
of shares KShs‘000
Balance at 1 January 2009, 31 December 2009 and 31 December 2010 278,342,400 1,391,712
The total authorised number of ordinary shares is 300,000,000 with a par value of KShs 5.00 per share. All issued shares
are fully paid.
SAMEER Annual Report 2010 37