notes to the financial statements for the year ... - Investing In Africa

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INCOME STATEMENTFOR THE YEAR ENDED 30 JUNE 2009Note 2009 2008KShs’000KShs’000REVENUE 21 8,101,377 7,204,479COST OF SALES 22 (5,563,282) (4,833,162)GROSS PROFIT 2,538,095 2,371,317OTHER OPERATING INCOME 23 150,344 29,054PROVISIONS WRITTEN BACK 24 21,935 132,000CHANGES IN FAIR VALUE OF INVESTMENT PROPERTIES 6 1,494,008 -East African Portland Cement Co. Ltd Annual Report and Financial Statements FY 2008/200928FARM NET LOSS 25 (11,251) (5,420)4,193,131 2,526,951EXPENSESSelling and distribution 26 704,959 612,295Administration and establishment 27 681,736 687,089Other operating expenses 28 65,383 174,6731,452,078 1,474,057PROFIT FROM OPERATIONS 2,741,053 1,052,894FINANCE INCOME 29 61,810 84,215FINANCE COSTS 30 (921,185) (421,220)PROFIT BEFORE TAX 31 1,881,678 715,889INCOME TAX EXPENSE 13 (47,624) (179,237)NET PROFIT FOR THE YEAR 1,834,054 536,652EARNINGS PER SHARE (basic and diluted) 32 KShs 20.38 KShs 5.96
BALANCE SHEETAS AT 30 JUNE 2009Note 2009 2008KShs’000KShs’000ASSETSNON CURRENT ASSETSProperty, plant and equipment 3 7,359,558 6,305,071Intangible assets 4 2,822 8,693Prepaid operating leases 5 9,619 34,657Investment properties 6 1,495,000 -Investment 7 - -Biological assets 8 - 8,198Staff receivables 9 - 825Restricted deposits 10 55,933 54,1638,922,932 6,411,607CURRENT ASSETSBiological assets 8 4,991 -Inventories 11 792,606 1,033,152Trade and other receivables 9 682,809 538,386Amount due from related party 12 58,972 -Tax recoverable 13 79,705 101,591Short term deposits 10 1,225,450 497,939Bank balances and cash 14 286,512 490,6703,131,045 2,661,738TOTAL ASSETS 12,053,977 9,073,345SHAREHOLDERS’ FUNDS AND LIABILITIESCAPITAL AND RESERVESShare capital 15 450,000 450,000Share premium 15 648,000 648,000Asset revaluation reserve 15 1,293,857 1,093,293Retained earnings 3,606,005 1,835,456Proposed dividends 16 117,000 -SHAREHOLDERS’ FUNDS 6,114,862 4,026,749NON CURRENT LIABILITIESStaff gratuity 17 416,315 489,338Deferred tax liability 18 1,063,490 926,041Borrowings 19 2,946,918 2,454,842East African Portland Cement Co. Ltd Annual Report and Financial Statements FY 2008/2009294,426,723 3,870,221CURRENT LIABILITIESBorrowings 19 314,162 242,036Trade and other payables 20 1,198,230 934,3391,512,392 1,176,375TOTAL SHAREHOLDERS’ FUNDS AND LIABILITIES 12,053,977 9,073,345The fi nancial statements were approved by the Board of Directors on September 29, 2009 and signed on its behalf by:-Mark K ole KarboloEng. John NyambokChairmanManaging Director
Page 3: ContentsBusiness ReviewFive Year Fi
Page 6 and 7: FINANCIAL HIGHLIGHTSKshs million100
Page 8 and 9: CHAIRMAN’S STATEMENTEast African
Page 10 and 11: MANAGING DIRECTOR’S BUSINESS REVI
Page 12 and 13: CORPORATE SOCIAL RESPONSIBILITY (CS
Page 14 and 15: SportsEvery year the Company sponso
Page 16 and 17: BOARD OF DIRECTORSEast African Port
Page 18 and 19: THE BOARD AND STATUTORY INFORMATION
Page 20 and 21: STATEMENT ON CORPORATE GOVERNANCEEa
Page 22 and 23: East African Portland Cement Co. Lt
Page 24 and 25: STATEMENT OF DIRECTORS’ RESPONSIB
Page 32 and 33: STATEMENT OF CHANGES IN EQUITYFOR T
Page 34 and 35: NOTES TO THE FINANCIAL STATEMENTSFO
Page 72 and 73: NOTICE OF ANNUAL GENERAL MEETINGNot
Page 74: NOTESEast African Portland Cement C

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