Kakuzi Ld
28 February 2003
KAKUZI LIMITED
ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002
RESULTS
2002 2001
Shs'000 Shs'000
Sales 1,082,190 1,250,943
Continuing operations 1,060,033 1,167,247
Discontinued operations 22,157 83,696
Operating profit 70,498 1,744
Continuing operations 71,599 18,493
Discontinued operations (1,101) (16,749)
Finance costs (net) (62,027) (97,678)
Profit/(loss) before tax 8,471 (95,934)
Continuing operations 12,104 (69,478)
Discontinued operations (3,633) (26,456)
Tax (388) 41,767
Profit/(loss) after tax 8,083 (54,167)
Minority interests (490) 8,944
Profit/(loss) attributable to the
members of Kakuzi Limited 7,593 (45,223)
Shs Shs
Basic earnings/(loss) per stock unit 0.39 (2.31)
Diluted earnings/(loss) per stock unit 0.39 (2.31)
Note: The subsidiary Garton Limited, disposed of on 27 February 2002, is
reported as discontinued operations.
The above results are extracted from financial statements audited by
PricewaterhouseCoopers, certified public accountants, and on which an
unqualified opinion has been given.
Despite 2002 proving to be an extremely challenging year during which coffee
prices persisted at very low levels and tea prices weakened, it is pleasing to
report that Kakuzi Limited returned to profitability. The main factors
contributing to this turnaround were the successful avocado season and a
reduction in the cost of borrowings.
DIVIDEND
The Directors do not recommend the payment of a dividend for the year 2002.
ANNUAL GENERAL MEETING
The Annual General Meeting of the company will be held on Wednesday 21 May 2003
at 12.00 noon in the Allamanda Room, Serena Hotel, Nairobi, Kenya.
BY ORDER OF THE BOARD
DR T R FOWKES
CHAIRMAN
P O BOX 24, THIKA 01000, KENYA
27 FEBRUARY 2003
This information is provided by RNS
The company news service from the London Stock Exchange
FR SELSMASDSEEE
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