23rd September 2017
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Company Data
 
Uchumi Supermarket
http://www.uchumicorporate.co.ke/
Par Value:                  5/-
Closing Price:           3.75
Total Shares Issued:          364959616.00
Market Capitalization:        1,368,598,560
EPS:             -7.77
PE:                 -0.483
 

One of the main Kenyan supermarket chains.

H1 Net sales 1.398354b vs. 4.261303b -67.185%
H1 Cost of sales [1.162197b] vs. [3.359750b] -65.408%
H1 Gross profit 236.157m vs. 901.553m -73.806%
H1 Other income 107.775m vs. 144.661m -25.498%
H1 Profit on disposal of assets 342.427m vs.
H1 Operating expenses [1.111902b] vs. @[2.010976b] -44.708%
H1 Profit on operating expenses [425.543m] vs. [964.762m] -55.891%
H1 Finance costs [121.767m] vs. [52.999m] +129.753%
H1 Profit [Loss] before taxation [547.310m] vs. [1.017761b] -46.224%
H1 EPS [1.5] vs. [2.8] -46.429%
No interim dividend

Company Commentary

Sales were significantly impacted by lack of optimal stock levels due to delays in funding.
pursue strategies aimed at stabilising the companys performance including sale of non core assets sourcing for a strategic Investor, building supplier confidence and enriching customer experience at our stores.

FY EARNINGS Through 30th June 2016 versus through June 2015

FY Net sales 6.427143b vs. 12.954581b -50.387%
FY Cost of sales [5.450199b] vs. [10.816813b] -49.614%
FY Gross profit 976.944m vs. 2.137768b -54.301%
FY Other income 1.311470b vs. 2.588378 -49.332%
FY Operating expenses [3.291832b] vs. [4.816551b] -31.656%
FY Profit [loss] from operating expenses [1.980362b] vs. [2.228173b] -11.122%
FY Provisional write offs [466.782b] vs. [1.049037b] -55.504%
FY Profit [loss] before taxation [2.671497b] vs. [3.513064b] +23.955%
FY Income tax credit [expense] [165.235m] vs. 91.704m -280.183%
FY Profit [loss] after taxation [2.836732b] vs. [3.421360b] +17.088%
EPS [7.77] vs. [9.37] -17.076%
Shareholders Equity [2.097377b] vs. 0.739355b -383.677%
No dividend

Company Commentary

performance was impacted by the closure of non performing branches in Uganda, Tanzania and Kenya and supply chain challenges.
Group losses reduced by 17% from 3.4b versus 2.8b in 2017
Search for a strategic investor is ongoing

Auditors Opinion

The above financial information have been extracted from the financial statement which were audited by KPMG Kenya who issued a disclaimer of opinion on the group financial statements due to lack of audit evidence on foreign subsidiaries up to the date of loss of control and a qualified opinion on company financial statements with regard to lack of audit evidence on Property and Equipments opening balances.

Conclusions

Obviously a big scaling back evidenced in the -50.387% decline in FY Net Sales.
You would have thought that there is a big Opportunity still in the supermarket space.



H1 Net sales 4.261303b vs. 6.828197b -37.593%
H1 Cost of sales [3.359750b] vs. [5.456403b] -38.426%
H1 Gross profit 0.901553b vs. 1.371794b -34.279%
H1 Other income 144.660m vs. 225.526m -35.857%
H1 Operating expenses [2.010976b] vs. [1.799676b] +11.741%
H1 Profit from operating activities [964.762m] vs. [202.356m]-376.765%
H1 Profit before taxation [1.017761b] vs. [0.262357b] -287.930%
EPS [2.79] vs. [0.72] -287.500%
No. of shares 365m vs. 265m
Cash and cash equivalents at the end of the period [640.088m] vs. 302.724m -311.443%

Conclusions

Outed Uganda and Tanzania during this reporting period.
The Path back to Profitability has been outlined.
That Plan needs Capital, however.

Uchumi Supermarkets Limited FY 2015 results through 30th June 2015 vs. 30th June 2014
Net sales 12.954581b vs. 14.457687b -10.397%
Cost of sales [10.816813b] vs. [11.643604b] -7.10%
Gross profit 2.137768b vs. 2.814083b -24.03%
Other income 450.610m vs. 581.831m -22. 55%
Operating expenses [4.816551b] vs. [3.618497b] +33.11%
Profit [Loss] from operating expenses [2.228173b] vs. [0.222583b] +901.05%
Change in fair value of investment properties 100m vs. 720m -86.11%
Provisions and write offs [1.049037b] vs. -
Finance costs [335.854m] vs. [64.640m] +419.58%
Profit [Loss] before taxation [3.513064b] vs. 0.432777b -911.75%
Profit [Loss] after taxation [3.421360b] vs. 0.364316b -1,039.12%
Profit [Loss] per share [10.85] vs. 1.37 -891.97%
Number of shares outstanding 365m vs. 266m
Total assets 6.302246b vs. 6.918847b -8.91%

The above results are as a result of efforts by the board of directors to clean up the books and create a platform for an immediate return to profitability. These are figures as at June 30, 2015 and reflect the legacy issues that were undermining the performance of the business. The Company has also provided for KShs1.6 billion in respect of the impairment of the recently closed subsidiaries in Tanzania and Uganda and KShs1.04 billion for write off, which relates to items arising from management misrepresentation and manipulation of the system by the previous management. Accordingly, some prior year numbers have been restated to reflect the correct financial position of the organization as at June 30, 2014.The new management has crafted a transformation plan to optimize and put the business on a growth trajectory through staff and store rationalization, disposal of non core property as well as engagement of our suppliers and customers whose effect has been sustained loyalty and increase of stock availability on our shelves.
Board Changes
Three members of the board of directors of Uchumi Supermarkets Limited who were due for re election in the forthcoming annual general meeting have opted not to seek re election. The chairperson Khadija Mire and directors James Murigu and Bartholomew Ragalo will step down during the AGM. The board of directors has nominated Catherine Ngahu, executive director of SBO Research and former chair of Kenya ICT Board to be the new chairperson and Louis Otieno of Microsoft Africa as a director to fill casual vacancies on the board subject to confirmation by the shareholders at the forthcoming AGM.

These Results were a Known Known and within range.

30 NOV 2015 Kipngetich is Already Delivering at @UchumiKenya @TheStarKenya
http://www.rich.co.ke/media/docs/038NSX3011.pdf

An Interview wth Dr. Julius Kipngetich @Kipngetichjk CEO @Uchumikenya @YouTube
https://www.youtube.com/watch?v=FlDZXvan5uY&feature=youtu.be

Dr. @Kipngetichjk CEO @UchumiKenya King of Fresh walk Through Sarit Centre @YouTube
https://www.youtube.com/watch?v=MPX-bP0UmP4&feature=youtu.be

Full Year Earnings through 30th June 2014 versus through 30th June 2013
Full Year Total Net Sales 14.457687b versus 14.368643b +6.197%
Full Year Gross Profit 2.814083b versus 2.768495b +1.6466%
Full Year Other Income 1.321803b versus 910.709m +45.13999%
Full Year Operating Expenses [3.618497b] versus [3.177240b] +13.888%
Full Year Profit from Operating Activities 517.389m versus 501.964m +3.072%
Full Year Finance Costs [64.64m] versus [16.062m] +302.44%
Full Year Profit before Tax 452.749m versus 485.902m -6.822%
Full Year Tax [68.461m] versus [128.892m] -46.88%
Full Year Profit After Tax 384.288m versus 357.010 +7.64%
Full Year Earnings Per share 1.45 versus 1.35 +7.407%
Final Dividend 0.30 unchanged

Company Commentary

Though there was a general decline in inflation in the East African economies, the rate was still high and this translated in to lower unit consumption.
8 new branches opened in green sites
Total Branch network 27 in kenya 4 in Tanzania and 6 in Uganda Total 37
Total Group sales registered marginal growth mainly due to the drop during the year in the Uganda Subsidiary by 12% mainly attributed to competition, supply chain challenges and some locations becoming untenable.
Tanzania Sales grew by 10%.
Kenya registered a 2% growth in sales.
Annual Customer numbers increased by 13%.
New Loan Facilities via KCB and ICDC.
Government of Kenya loan fully settled on 30th June 2014.

Conclusions

The earnings growth was driven by a decline in the companys effective tax rate (-1,150bps yy to 15.1%).
its a cheap share but needs to accelerate its roll out strategy and a much steeper Trajectory.
Personally, I remain baffled via Someone has not seen fit to launch a Takeover.

6 months through 31st December 2013 versus 6 months through 31st December 2012
H1 Net Sales 7.286101b versus 7.588712b
H1 Cost of Sales [5.834776b] versus [6.112694b]
Gross Profit 1.451324b versus 1.476017b
Other Income 293.529m versus 213.198m
H1 Total Income 1.744853b versus 1.689215b +3.2193%
H1 Operating Expenses [1.611768b] versus [1.547145b] +4.176%
H1 PBT 106.929m versus 131.934m -18.95%
H1 EPS 0.40 versus .050 -20.00%

Conclusions

A Little softer than one might have liked but the Value Proposition remains very much in tact.

FY Earnings through 30th June 2013 versus June 2012
FY Revenue 14.270598b versus 13.802191b +3.39%
Income from redemption of loyalty points 98.045m versus 116.339m
FY Cost of Sales [11.600148b] versus [11.407227b]
FY Change in Value of investment Properties 480m versus 250m
FY Other Income 430.709m versus 378.407m
3.679204b versus 3.139710b
FY Expenses Admin and Establishment [3.055665b] versus [2.572249b] +18.7935%
FY Selling and Distribution [121.575m] versus [139.036m]
Profit from Operating Activities 501.964m versus 428.425m
FY PBT 485.902m versus 403.343m +20.468%
FY PAT 357.010m versus 273.977m +30.3065%
FY EPS 1.35 versus 1.03 +31.067%

Conclusions

I would have liked to see a Stronger FY Revenue Gain than +3.39%.
The PBT Number +20.468%, FY PAT +30.3065% speaks to a rising Tide.
If I had been Mass Mart I would have looked very closely at Uchumi.
The Big Forward Event is the widely telegraphed Rights Issue which I expect to be oversubscribed and a Catalyst for a Bull Move through 25.00.

H1 Ended 31st December 2012 versus 31st December 2011
Net Sales 7.588712b versus 7.503674b
Gross Profit 1.476017b versus 1.381114b
Other Income 213.198m versus 146.991m
Operating Expenses [1.547145b] versus [1.310099b]
Profit From Operating Activities 142.070m versus 218.006m
H1 PBT 131.934m versus 204.253m -35.406%
EPS 0.50 versus 0.77 -35.064%
Cash and Cash Equivalents at End of Period [327.242m] versus 208.64m

Conclusions

They are evidently investing in the Roll Out.
I remain of the View We will see 25.00 after the Rights Issue.

FY Earnings Through June 2012
Total Net Sales 13.918530b versus 10.840728b +28.391%
Gross Profits 3.139710b versus 2.348776b +33.674%
Operating Expenses [2.711285b] versus [1.830313b] +48.13%
FY Profit Before Taxation 403.343m versus 514.833m -21.65556%
FY Profit After Taxation 273.977m versus 390.425m -29.8259588%
Earnings Per Share 1.03 versus 1.47 -29.931%
Final Dividend of 30 cents a share

Commentary on 2011 2012 Performance
Total Branch Network 24 [19 in Kenya,1 in Tanzania,4 in Uganda]
Annual Customer Numbers increased 16% to 22m
Operating Costs to Net Revenue Ratio went up to 19.6% from 16% [heavy non recurrent initial operating Costs for the New Branches opened]

Conclusions

They have ended the Dividend Drought.
The Expansion has crimped Profits a Little but looking through the Headline Numbers This is a Company that has been tidied up, rehabilitated, resurrected and repositioned for Growth.
They also have unhindered Access to the Capital Markets unlike Nakumatt who have Challenges in that Regard.

FY to June 2011 versus FY to June 2010 Swot Analysis
Total Net Sales 10.840728b versus 9.608926b
Operating Expenses 1.830313b versus 1.507161b
PBT 514.833m versus 433.192m
PAT 390.425m versus 865.099 Big Tax Give back in 2010
EPS 1.47 versus 4.81 [2010] versus 2.34 in [2009]

Conclusions

The Underlying metrics continue to improve as evidenced by the PBT Figure.
The PE is 5.374 and it looks good Value at 7.90.


Six Months ended Dec 2009 versus ended Dec 2008
Net Sales 5.2322221b versus 4.432559b
PAT 110.5m versus 68.984m
EPS 0.61 versus 0.38

Conclusions

Stronger Metrics


Jonathan Ciano Uchumi CEO @ Ambassador of Belgium 105 Days ago
http://www.twitpic.com/a3heab

Conclusions

Stronger Metrics

Uchumi says Losses declined by Sh600M, KPMG issues Qualified Opinion @kenyanwalstreet
http://kenyanwallstreet.com/uchumi-says-losses-declined-sh600m-kpmg-issues-qualified-opinion

However, Uchumis auditors, KPMG Kenya issued a disclaimer of opinion on the group financial statements due to lack of audit evidence on foreign subsidiaries up to the date of loss of control and a qualified opinion on the companys financial statements due to lack of audit evidence on property and equipments opening balances.

A Disclaimer of Opinion is issued in either of the following cases When the auditor is not independent or when there is conflict of interest. When the limitation on scope is imposed by client, as a result the auditor is unable to obtain sufficient appropriate audit evidence.

A qualified opinion is a written statement by a certified public accountant in an audit report, stating that the financial statements of a client are fairly presented, except for a specified issue.

Stanlib top managers changed after cash tied up in collapsed banks
http://www.businessdailyafrica.com/markets/Stanlib-top-managers-changed-/539552-3830176-11190etz/index.html

Liberty Holdings (SA) chief executive officer Thabo Dloti was quoted in South African media saying that the parent firm made changes at Stanlib following operational issues in that business relating to impaired bank exposures.

Client money was invested in instruments that were exposed to second tier banks in Kenya, which subsequently became illiquid. Weve taken steps to make sure our business and clients are on a good footing, Mr Dloti was quoted as saying.

Stanlib made changes in top management last year with former SBG Securities chief executive officer Nkoregamba Mwebesa taking over as managing director in December, in place of James Muratha who left in August.

Both SBG Securities and Stanlib fall in the stable of financial firms under the umbrella of Standard Bank of South Africa. Others in Kenya are Stanbic Bank, Liberty Life and Heritage Insurance.
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 22 Sep 2017
 
Downloads
 
  09-AUG-2017 ::  PUBLIC ANNOUNCEMENT
  Public Announcement by Uchumi Supermarkets Plc on Engagement of Investor.

Download N.S.E Announcement
   
  12-JUL-2017 ::  PUBLIC ANNOUNCEMENT
  Clarification On A Potential Investor.

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  04-APR-2017 ::  AGM Resolutions
  AGM Resolutions

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  09-MAR-2017 ::  Notice of Annual General Meeting.
  Notice of the 36th Annual General Meeting.

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  28-FEB-2017 ::  HALF YEAR RESULTS
  Financial Results for the Six Months Ended 31st December 2016.

Download N.S.E Announcement
   
  31-JAN-2017 ::  End of Year Results
  Financial Results for the Year Ended 30th June 2016

Download N.S.E Announcement
   
  03-NOV-2016 ::  Public Notice on Late Publication of Audited Financial Statements as at 30th June 2016
  Public Notice on Late Publication of Audited Financial Statements as at 30th June 2016

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