Final Sameer Annual Report 2010 - Sameer Africa Limited
Final Sameer Annual Report 2010 - Sameer Africa Limited Final Sameer Annual Report 2010 - Sameer Africa Limited
Notes to the consolidated financial statements for the year ended 31 december 2010 Prepayments 12,054 12,154 12,054 9,041 Amounts due from related companies (Note 28 (d) (i)) 6,526 7,639 6,526 7,639 Other receivables 369,507 165,298 361,872 104,024 Receivables from subsidiaries (Note 28(d) (i)) - - 152,735 - 24. CASH AND CASH EQUIVALENTS X 44 SAMEER Annual Report 2010 2009 857,039 717,613 819,453 433,439 For the purposes of the statement of cash flows, cash and cash equivalents comprise the following: Group Company 2010 2009 2010 2009 KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000 Cash at bank and in hand 158,284 213,141 94,377 155,485 Bank overdraft (Note 14) (418,782 ) (351,046 ) (418,782 ) (351,046 ) Included in the balances above are KShs 75,647 held with related parties. 25. PAYABLES AND ACCRUED EXPENSES (260,498 ) (137,905 ) (324,405 ) (195,561 ) Group Company 2010 2009 2010 2009 KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000 Trade payables 40,701 161,068 78,491 76,311 Amounts due to related companies (Note 28(d) (ii)) 2,419 250 2,419 250 Amounts due to subsidiaries (Note 28(d) (ii)) - - 168,259 52,620 Accrued expenses and other payables 73,473 70,581 83,763 7,504 26. CASH GENERATED FROM OPERATIONS Reconciliation of profit before income tax to cash generated from operations: 116,593 231,899 332,932 136,685 2010 2009 KShs‘000 KShs‘000 Profit before income tax 62,199 221,464 Adjustments for: Interest income (Note 9) (2,709 ) (3,352 ) Rental income (69,851 ) (75,042 ) Interest expense (Note 9) 38,085 47,385 Share of loss in associate (Note 21) 2,640 - Profit on sale of property plant and equipment (1,219 ) (2,711 ) Depreciation on property plant and equipment (Note 17) 121,297 134,709 Depreciation on investment property (Note 18) 6,275 6,279 Amortisation of prepaid operating lease rentals (Note 19) 8 11 Changes in working capital: - Receivables and prepayments (139,426 ) 140,159 - Inventories 262,071 20,674 - Payables and accrued expenses (115,306 ) (8,398 ) - Provisions for retirement benefit obligations 7,331 (10,666 ) Cash generated from operations 171,395 429,164
Notes to the consolidated financial statements for the year ended 31 december 2010 27. CONTINGENT LIABILITIES There were no contingent liabilities as at the end of the year. 28. RELATED PARTY TRANSACTIONS The Group is controlled by Sameer Investments Limited incorporated in Kenya. There are other companies that are related to Sameer Africa Limited through common shareholdings or common directorships. Group: The following transactions were carried out with related parties: 2010 2009 (a) Sale of goods and services KShs‘000 KShs‘000 Ryce East Africa Limited 6,313 5,739 H Young (EA) Limited 16,975 16,547 23,288 22,286 (b) Purchase of goods and services Ryce East Africa Limited 2,034 3,449 Airtel Kenya limited (formerly known as Celtel Kenya Limited) - 2,543 Swift Global Kenya Limited 385 5,692 2,419 11,684 (c) Key management compensation 2010 2009 KShs‘000 KShs‘000 Salaries and other short-term employment benefits 26,553 28,221 (d) Outstanding balances Group Company (i) Amounts due from: 2010 2009 2010 2009 KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000 Subsidiaries: Sameer Industrial Park Limited - - - - Sameer Africa (Uganda) Ltd - - - - Yana Tyre Centre Limited - - 45,104 - Sameer Africa (Tanzania) Ltd - - 107,631 - - - 152,735 - Other related companies: Ryce East Africa Limited 2,514 3,536 2,514 3,536 H Young (EA) Limited 4,007 3,174 4,007 3,174 Swift Global Kenya Limited - 269 - 269 Yansam Motors (Tanzania) Limited - 518 - 518 Eveready Batteries (K) Ltd 5 142 5 142 6,526 7,639 6,526 7,639 SAMEER Annual Report 2010 45
- 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 and 20: Report of the independent auditors
- Page 21 and 22: Consolidated statement of financial
- 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
- Page 29 and 30: Notes to the consolidated financial
- Page 31 and 32: Notes to the consolidated financial
- Page 33 and 34: Notes to the consolidated financial
- Page 35 and 36: Notes to the consolidated financial
- Page 37 and 38: Notes to the consolidated financial
- Page 39 and 40: Notes to the consolidated financial
- Page 41 and 42: Notes to the consolidated financial
- Page 43 and 44: Notes to the consolidated financial
- Page 45: Notes to the consolidated financial
- Page 49 and 50: Notes to the consolidated financial
Notes to the consolidated financial statements<br />
for the year ended 31 december <strong>2010</strong><br />
Prepayments 12,054 12,154 12,054 9,041<br />
Amounts due from related companies (Note 28 (d) (i)) 6,526 7,639 6,526 7,639<br />
Other receivables 369,507 165,298 361,872 104,024<br />
Receivables from subsidiaries (Note 28(d) (i)) - - 152,735 -<br />
24. CASH AND CASH EQUIVALENTS<br />
X 44 SAMEER <strong>Annual</strong> <strong>Report</strong> <strong>2010</strong> 2009<br />
857,039 717,613 819,453 433,439<br />
For the purposes of the statement of cash flows, cash and cash equivalents comprise the following:<br />
Group Company<br />
<strong>2010</strong> 2009 <strong>2010</strong> 2009<br />
KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000<br />
Cash at bank and in hand 158,284 213,141 94,377 155,485<br />
Bank overdraft (Note 14) (418,782 ) (351,046 ) (418,782 ) (351,046 )<br />
Included in the balances above are KShs 75,647 held with related parties.<br />
25. PAYABLES AND ACCRUED EXPENSES<br />
(260,498 ) (137,905 ) (324,405 ) (195,561 )<br />
Group Company<br />
<strong>2010</strong> 2009 <strong>2010</strong> 2009<br />
KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000<br />
Trade payables 40,701 161,068 78,491 76,311<br />
Amounts due to related companies (Note 28(d) (ii)) 2,419 250 2,419 250<br />
Amounts due to subsidiaries (Note 28(d) (ii)) - - 168,259 52,620<br />
Accrued expenses and other payables 73,473 70,581 83,763 7,504<br />
26. CASH GENERATED FROM OPERATIONS<br />
Reconciliation of profit before income tax to cash generated from operations:<br />
116,593 231,899 332,932 136,685<br />
<strong>2010</strong> 2009<br />
KShs‘000 KShs‘000<br />
Profit before income tax 62,199 221,464<br />
Adjustments for:<br />
Interest income (Note 9) (2,709 ) (3,352 )<br />
Rental income (69,851 ) (75,042 )<br />
Interest expense (Note 9) 38,085 47,385<br />
Share of loss in associate (Note 21) 2,640 -<br />
Profit on sale of property plant and equipment (1,219 ) (2,711 )<br />
Depreciation on property plant and equipment (Note 17) 121,297 134,709<br />
Depreciation on investment property (Note 18) 6,275 6,279<br />
Amortisation of prepaid operating lease rentals (Note 19) 8 11<br />
Changes in working capital:<br />
- Receivables and prepayments (139,426 ) 140,159<br />
- Inventories 262,071 20,674<br />
- Payables and accrued expenses (115,306 ) (8,398 )<br />
- Provisions for retirement benefit obligations 7,331 (10,666 )<br />
Cash generated from operations 171,395 429,164
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