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 25. COST OF SALES (continued) 2011 2010 KShs’000 KShs’000 Explosives 4,472 10,692 Royalties 48,117 25,979 Factory water 10,196 6,416 Factory land rate and rent 2,756 3,263 Consultancy fees 12,739 - Other production overheads 9,838 - Hired equipment 195,157 17,968 7,803,463 7,375,924 26. OTHER OPERATING INCOME Gain on disposal of property, plant and equipment 1,607 217 Other sundry income 28,494 14,294 30,101 14,511 27. MOVEMENT IN PROVISIONS <strong>In</strong>ventories Balance at the beginning of the year 196,909 194,331 Additions 1,133 2,578 Write-backs (110,680) - Balance at the end of the year 87,362 196,909 Royalties Balance at the beginning of the year 47,954 25,155 Additions - 22,799 Utilised (13,689) - Write-backs (34,265) - Balance at the end of the year - 47,954 Impairment of leasehold land Balance at the beginning of the year - 2,335 Additions - - Utilised - - Write-backs - (2,335) Balance at the end of the year - - TOTAL WRITE BACKS IN THE YEAR 144,945 2,335 <strong>In</strong> the current year, the write-back arises from the reduction of provision for obsolete inventory and reversal of provision for royalties made in the previous years on account of dispute between the company and Ole Kejuado County Council. The dispute was settled during the current financial year. The write-back in 2010 related to provision for impairment of leasehold land whose title documents were missing in the previous year. Management was in the process of obtaining the titles. 68 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 28. FARM NET LOSS 2011 2010 KShs’000 KShs’000 Farm gross income - 39 Farm expenditure: Farm salaries and wages - (6,909) Farm general expenses - (722) Farm depreciation - (164) Impairment of equipment - (1,145) Veterinary expenses and animal feeds - (131) Farm petrol and diesel - (265) Farm maintenance and repairs - (24) Total farm expenditure - (9,360) Net loss - (9,321) The company discontinued farming activities in 2010. 29. SELLING AND DISTRIBUTION EXPENSES Cement transport 341,985 320,106 Advertising and sales commissions 126,459 162,207 Fuel and repairs 25,565 21,802 Customs and other export levies 93,253 55,481 Depot rent 15,618 12,421 Public relations costs 4,947 2,140 Credit losses expense 71,902 12,651 679,729 586,808 30. ADMINISTRATION AND ESTABLISHMENT EXPENSES Staff costs 731,171 885,456 Depreciation 86,149 42,775 Amortisation of intangible assets 1,369 1,778 Amortisation of prepaid operating leases 290 210 Office supplies 41,148 33,722 Travelling expenses 48,748 77,484 Hired services 20,848 28,319 Telephone and postage 13,984 17,154 Company functions 13,684 32,272 Board expenses 17,515 13,377 Printing and stationery 7,338 9,432 Motor vehicle expenses 7,610 7,952 Computer expenses 28,433 17,482 Electricity 9,108 10,733 Office general expenses 23,450 16,359 1,050,845 1,194,505 EAST AFRICAN PORTLAND CEMENT COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010/2011 69
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