Crown Berger
Crown Berger 2006 Revenues up 17 percent
CROWN BERGER 2006 REVENUES UP 17 PERCENT
Crown Berger, a leading paint manufacturer recently announced their annual results for the financial year ending December 31, 2006. In the financial year ended December 31, 2006, Crown Berger posted KES 1.6 billion in revenues which represented a 17% increase(2005 – KES 1.4 billion). Profits from operations for the year increased to KES 142 million (up 33.5%), Earnings before Tax reached KES 80.3 million, and 15% up year on year. This gives an EBT margin for the year of 4.76%.
Net income for the year climbed to KES 71.9 million (up 109%). Earnings per share were KES 3.03, an increase of 108.97%. (Includes profits from discontinued operation, exceptional item charges and associate loss charge). In the 2006 financial year, Crown Berger’s total assets increased by 21.92% from KES 1.2 billion as at December 31, 2005 to KES 1.5 billion at the same time in 2006.
The 2006 balance sheet also reflects a loan liability of KES 78 million and an increase of 19.8% percent in the current liabilities.
| CROWN-BERGER KENYA LIMITED INCOME STATEMENT | |||
| FOR THE YEAR ENDED 31 DEC 2006 | |||
| 31-Dec-06 | 31-Dec-05 | 06 vs 05 | |
| Kshs’000 | Kshs’000 | % change | |
| Sales | 1,689,630 | 1,442,439 | 17.14% |
| Profit from operations | 142,830 | 106,923 | 33.58% |
| Net finance cost | (40,109) | (30,655) | 30.84% |
| Profit from operations before share of associate loss ;exceptional item & taxation | 102,721 | 76,268 | 34.68% |
| Share of associate loss | (1,000) | - | |
| Profit from operations before exceptional item & taxation | 101,721 | 76,268 | 33.37% |
| Exceptional item | (21,371) | (6,542) | 226.67% |
| Profit before tax | 80,350 | 69,726 | 15.24% |
| Taxation | (16,578) | (35,308) | -53.05% |
| Net profit(from continuing operations ) | 63,772 | 34,418 | 85.29% |
| Profit from discontinued operation | 8,160 | - | |
| Profit of the year | 71,932 | 34,418 | 109.00% |
| KShs | KShs | ||
| Attributable to continuing operations | 2.69 | 1.45 | 85.52% |
| Attributable to discontinued operations | 0.34 | - | |
| Earning per share | 3 | 1 | 108.97% |
| KShs’000 | KShs’000 | ||
| Dividend proposed for the year | 35,591 | 23,727 | 50.00% |
| BALANCE SHEET | |||
| FOR THE YEAR ENDED 31 DEC 2006 | |||
| 31-Dec-06 | 31-Dec-05 | 0.94% | |
| Kshs’000 | Kshs’000 | ||
| ASSETS | |||
| Non-current assets | 500,575 | 393,340 | 27.26% |
| Current assets | 1,034,165 | 865,481 | 19.49% |
| TOTAL ASSETS | 1,534,740 | 1,258,821 | 21.92% |
| LIABILITIES AND SHAREHOLDERS FUNDS | |||
| Current liabilities | 647,310 | 540,213 | 19.82% |
| Non current liabilities | |||
| Defferred tax | 78,978 | 71,939 | 9.78% |
| Loan | 37,500 | - | |
| TOTAL LIABILITIES | 763,788 | 612,152 | 24.77% |
| SHAREHOLDERS FUNDS | |||
| Share capital | 118,635 | 118,635 | 0.00% |
| Reserves | 616,726 | 504,307 | 22.29% |
| Proposed dividends | 35,591 | 23,727 | 50.00% |
| Total shareholders fund | 770,952 | 646,669 | 19.22% |
| Total shareholders’ funds and Liabilities | 1,534,740 | 1,258,821 | 21.92% |
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