EAPCC_Annual_Report_.. - Investing In Africa

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2010/2011 EAST AFRICAN PORTLAND CEMENT COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2011 14. TAXES (continued) 2011 2010 KShs’000 Shs’000 Accounting loss before tax (119,059) (338,571) Tax at the applicable rate of 30% (35,718) (101,571) Tax effect of items not deductible for tax purposes (532,377) 384,225 Prior year over provision 6,840 1,397 (680,314) (54,520) 15. BANK BALANCES AND CASH Bank balances 214,926 262,562 Cash in hand 1,305 632 216,231 263,194 Bank balances do not earn any interest. 16. SHARE CAPITAL AND RESERVES (a) Share capital 126,000,000 shares of KShs 5 each 630,000 630,000 Authorised, issued and fully paid: 90,000,000 shares of KShs 5 each 450,000 450,000 The share premium is not distributable and represents the amounts above the par value of shares received by the company on issue of ordinary shares. (c) Asset revaluation reserve The asset revaluation reserve is not distributable and is used to record increases in the fair value of property, plant and equipment and decreases to the extent that such decrease relates to an increase on the same asset previously recognised in equity. 62 EAST AFRICAN PORTLAND CEMENT COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010/2011
EAST AFRICAN PORTLAND CEMENT COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010/2011 NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2011 17. DIVIDENDS PAID AND PROPOSED 2011 2010 KShs’000 KShs’000 Declared and paid during the year Final dividend for 2009 – KShs 1.30 per share - 117,000 Proposed for approval at the annual general meeting (not recognised as a liability as at 30 June): 2011 2010 KShs’000 KShs’000 Dividends on ordinary shares: Final dividend for 2011: KShs 0.50 per share (2010: Nil) 45,000 - (i) (ii) (iii) Dividend per share is arrived at by dividing the total dividends by the weighted average number of shares in issue during the year. A first and final dividend in respect of year 2009 of KShs 1.30 was approved and paid in 2010. Payment of dividend is subject to withholding tax at the rate of 5% for resident and 10% for nonresident shareholders respectively. 18. STAFF GRATUITY This represents outstanding obligations in respect of staff gratuity payable under the Collective Bargaining Agreement for unionisable staff and staff on contract. The movement during the year was as follows: 2011 2010 KShs’000 KShs’000 Balance at the beginning of the year 437,459 416,315 Paid during the year (10,235) (84,269) Provision for the year 90,304 105,413 Balance as at 30 June 517,528 437,459 EAST AFRICAN PORTLAND CEMENT COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010/2011 63
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BUSINESS REVIEW Five Years Financia
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EAPCC_Annual_Report_.. - Investing In Africa

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