EAPCC_Annual_Report_.. - Investing In Africa

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