total kenya plc summary of audited financial … · 12/31/2017 · statement of financial position...
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STATEMENT OF FINANCIAL POSITIONAS AT 31 Dec 2017
Kshs’000’31 Dec 2016
Kshs’000’ASSETS
Non-current assetsProperty, plant and equipment, prepaid operating leases and intangible assets 10,781,167 9,969,948Goodwill 416,679 416,679
Deferred tax asset 335,743 419,295
Total non-current assets 11,533,589 10,805,922
Current assets
Inventories 12,461,179 12,080,556
Tax recoverable 240,168 -
Trade and other receivables 9,759,025 8,714,085
Amounts due from related companies 1,175,161 1,035,039
Cash and cash equivalents 2,818,629 3,525,406
Total current assets 26,454,162 25,355,086
Non-current assets classified as held for sale 24,364 24,364
TOTAL ASSETS 38,012,115 36,185,372
EQUITY AND LIABILITIES
Equity
Share capital 9,974,771 9,974,771
Share premium 1,967,520 1,967,520
Retained earnings 9,474,928 7,406,999
Total equity 21,417,219 19,349,290
Non-current liabilities
Trade and other payables 1,339,206 1,426,434
Current liabilities
Unpaid dividends 2,290 -
Tax payable - 243,992
Trade and other payables 8,117,137 7,803,954
Amounts due to holding company 1,911,249 3,545,644
Amounts due to related companies 56,661 11,826
Short term borrowings 5,168,353 3,804,232
Total current liabilities 15,255,690 15,409,648
TOTAL EQUITY AND LIABILITIES 38,012,115 36,185,372
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
Share Capital
Kshs’000’
Share Premium
Kshs’000’
Retained Earnings
Kshs’000’
Total Equity
Kshs’000’As at 1 January 2016 9,974,771 1,967,520 5,657,455 17,599,746 Dividends declared - 2015 - - (484,748) (484,748)Profit for the year - - 2,234,292 2,234,292 Other comprehensive income - - - - Total comprehensive income - - 2,234,292 2,234,292 As at 31 December 2016 9,974,771 1,967,520 7,406,999 19,349,290 As at 1 January 2017 9,974,771 1,967,520 7,406,999 19,349,290 Dividends declared - 2016 - - (670,287) (670,287)Profit for the year - - 2,738,216 2,738,216 Other comprehensive income - - - - Total comprehensive income - - 2,738,216 2,738,216 As at 31 December 2017 9,974,771 1,967,520 9,474,928 21,417,219
STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 Dec 2017
Kshs’000’31 Dec 2016
Kshs’000’CASH FLOWS FROM OPERATING ACTIVITIESCash generated from operations 2,175,343 4,964,933 Tax paid (1,794,208) (1,363,942)Net cash generated from operating activities 381,135 3,600,991 CASH FLOWS FROM INVESTING ACTIVITIESPurchase of property, plant and equipment, prepaid operating leases and intangible assets (2,268,716) (1,536,790)Proceeds on disposal of property, plant and equipment 211,296 65,813 Interest received 328,054 163,492 Net cash used in investing activities (1,729,366) (1,307,485)CASH FLOWS FROM FINANCING ACTIVITIESInterest paid (54,520) (26,834)Dividends paid (667,997) (484,748)Net cash used in financing activities (722,517) (511,582)Net increase in cash and cash equivalents (2,070,748) 1,781,924 CASH AND CASH EQUIVALENTSAs at 1 January (278,826) (1,453,450)Effect of exchange rate changes on cash and cash equivalents (150) (607,300)
As at 31 December (2,349,724) (278,826)
TOTAL KENYA PLC SUMMARY OF AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 Dec 2017Kshs’000’
31 Dec 2016Kshs’000’
Gross sales 137,096,919 110,582,420
Indirect taxes and duties (25,673,365) (21,521,496)
Net sales 111,423,554 89,060,924
Cost of sales (103,171,526) (81,209,334)
Gross profit 8,252,028 7,851,590
Other income 1,094,244 962,996
Operating expenses (5,410,544) (4,994,353)
Finance income 328,054 163,492
Finance costs (54,520) (26,834)
Net foreign exchange loss (77,446) (21,528)
Profit before tax 4,131,816 3,935,363
Tax charge (1,393,600) (1,701,071)
Profit for the year 2,738,216 2,234,292
Other comprehensive income, net of tax - -
Total comprehensive income for the year 2,738,216 2,234,292
Earnings per share ( basic and diluted) (Kshs) 4.35 3.55
COMMENTARYTotal Kenya recorded a 23% growth in profit for the year ended 31 December 2017, a performance attributed to the efforts and action plans put in place by Management and the Board of Directors. Net sales grew by 25% mainly due to increase in both sales volume and international oil prices. The company also recorded an increase in margins by 5% from Kshs 7.85 billion in 2016 to Kshs 8.25 billion driven by increased sales and strategic focus on more profitable business segments.
The increase in other income by Kshs 131 million was as a result of management’s pursued strategy of development in non-fuel activities. Operating expenses increased by 8% mainly due inflation and impact of depreciation as a result of new investments in the Network channel and depots. Net finance income of Kshs 274 million in the year resulted mainly from positive cash position in Kenya shillings arising from effective management of working capital, net of interest paid on the USD facility. As a result of depreciation of the Kenya Shilling against the US dollar in the second half of the year, the company incurred a foreign exchange loss of Kshs 77 million (2016: Kshs 22 million). Profit before tax increased by 5% to Kshs 4.1 billion (2016: Kshs 3.9 billion). Profit for the year improved from Kshs 2.2 billion realised in 2016 to Kshs 2.7 billion in 2017.
The company’s statement of financial position remained strong with a growth in total assets by 5% from Kshs 36.19 billion in 2016 to Kshs 38.01 billion in 2017. Investments totalling Kshs 2.27 billion were made in the year compared to Kshs 1.54 billion in 2016, representing a significant increase of 47% in line with the strategy to enhance safety standards and develop the business.
DIVIDENDSThe Directors recommend payment of a first and final dividend of Kshs 1.30 per share for the year ended 31 December 2017 (2016 : Kshs 1.06 per share) subject to the shareholders approval at the 64th Annual General Meeting to be held on 27 June 2018.
CLOSURE OF SHARE REGISTERSubject to approval by the shareholders at the annual general meeting, the dividend for 2017 will be paid on or before 30 July 2018 to the shareholders on the register at the close of business on 27 June 2018.
OUTLOOKGiven Total Kenya’s sustained investments, clear strategies on all business segments and skilled workforce, the Board is confident that the company will continue to take advantage of business opportunities in the Kenyan and regional markets.
By order of the Board
Anne-Solange RENOUARDManaging DirectorMarch 28, 2018
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