21st February 2017
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Company Data
 
East African Portland Cement Company
http://www.eastafricanportland.com/
Par Value:                  5/-
Closing Price:           30.00
Total Shares Issued:          90000000.00
Market Capitalization:        2,700,000,000
EPS:             46.06
PE:                 0.651
 

A key provider of Cement and Cement products in Kenya for over 70 years.

Full Year Results through 30th June 2016

FY Revenue 8.871456b versus 8.417621b +5.39%
FY Cost of Dales 7.283948b versus 6.591115b +10.511%
Gross Profit 1.587508b versus 1.826506b -13.084%
FY Other Operating Income 78.768m versus 208.751m
FY Expenses [3.250847b] versus [2.612836b] +24.41%
Other Operating Expenses [1.015803b] versus [347.202m]
FY Loss from Operations [1.584571b] versus [0.577759b]
FY Finance Costs [618.125m] versus [369.327m]
FY Exchange [Loss] Gain [305.807m] versus 178.834m
Gain on Land compulsorily acquired by Government for SGR 0 versus 836.962m
Fair Value Gain on Investment Property 6.238797b versus 7.273113b
FY PBT 3.734752b versus 7.342071b -49.13%
FY PAT 4.145755b versus 7.157070b -42.074%
FY EPS 46.06 versus 79.52

Conclusions

The Cement business served up a -1.584b loss for the FY 16.
The Fair Value Gain on Investment Property was worth +6.238b

The East African Portland Cement Company H1 2016 results through 31st December 2015 vs. 31st December 2014

H1 Revenue 4.620517b vs. 4.127869b +11.935%
H1 Cost of sales [3.767486b] vs. [3.501890b] +7.584%
H1 Gross profit 853.031m vs. 625.979m +36.272%
H1 Other operating income 34.648m vs. 182.379m -81.002%
H1 Administration and selling expenses [1.167360b] vs. [1.208075b] -3.370%
H1 [Loss]profit from operating activities [279.681m] vs. [399.717m] -30.030%
H1 Foreign exchange [losses]gains [187.595m] vs. 233.493m -180.343%
H1 Finance costs [279.680m] vs. [186.849m] +49.682%
H1 [Loss]profit before tax [745.025m] vs. [124.442m] +498.693%
H1 [Loss]profit after tax [528.259m] vs. [67.848m] +678.592%
H1 EPS [5.91] vs. [0.73] +709.589%
H1 Total assets 24.134452b vs. 23.112582b +4.421%
Cash and cash equivalents as at 31st December [0.372098b] vs. [1.269911b] -70.699%

Commentary

The first 6 months to 31st December 2015 recorded +16% increase in sales volumes over prior period
Gross Profit Margin improved to 18%
Finance costs increased by 50%
Foreign Exchange Loss in the period was 188m. Yen Loan refers

Issues a Full Year Profits Warning
http://www.rich.co.ke/media/docs/EAPCC%20Ltd.-%20Unaudited%20Results%20for%20the%20six%20months%20period%20ended%2031st%20December%202015.pdf

Co. will record a lower income for the full year ending 30th June 2016 as the unrealised Fair Value gain on Investment Property and the Gain on disposal of Land will not recur this financial Year

Conclusions

The Yen denominated Loan has created a material FX Impairment.

FY Revenue 8.417621b vs. 9.057292b -7.06%
FY Cost of sales [6.591115b] vs. [6.661720b] +1.06%
FY Gross profit 1.826506b vs. 2.395572b -23.75%
FY Other operating income 208.751m vs. 300.029m -30.42%
FY Selling and distribution [453.733m] vs. [511.731m] +11.33%
FY Administration and establishment [1.811901b] vs. [1.935930b] +6.41%
FY Other operating expenses [347.202m] vs. [340.895m] -1.85%
FY Expenses [2.612836b] vs. [2.788556b] +6.30%
FY Profit [Loss] from operation [577.579m] vs. [92.955m] -521.35%
FY Interest income 4.068m vs. 1.427m +185.07%
FY Finance costs [369.327m] vs. [318.941m] -15.798%
FY Exchange gain on foreign currency loan 174.834m vs. 36.769m +375.49%
FY Gain on land compulsorily acquired by the Government for SGR 836.962m vs. -
FY Fair value gain on investment property 7.273113b vs. -
FY Profit [Loss] for the year 7.157070b vs. [0.386631b] +1,951.14%
FY Total comprehensive income for the year 7.172418b vs. [0.385582b] +1,960.15%
FY EPS 79.52 vs. [4.30] +1,949.30%
FY Total Assets 23.112582b vs. 15.717257b +47.05%
FY Cash and cash equivalents at the end of the year [424.117m] vs. [384.569m] -10.28%

Conclusions

101.6% of the Full Year Profit originated from a Fair Value gain in investment property
Trades on a Trailing PE of less than 1

Full Year Earnings through 30th June 2014
Full Year Revenue 9.057292b versus 9.211462b
Full Year Cost of Sales [6.661720b] versus [6.878139b]
Full Year Gross Profit 2.395572b versus 2.333323b
Full Year Other Operating Income 300.029m versus 93.376m
Full Year Administration and Selling Expenses [2.788556b] versus [2.085768b]
Full Year Profit and Loss from Operating Activities [92.955m] versus 340.931m
Full Year Finance Costs [318.941m] versus [311.612m]
Full Year Exchange Gains on Forex Loan 36.769m versus 594.113m
Full Year Fair Value Gain on Investment Property 0 versus 730.046m
Full Year Profit before Tax [373.700m] versus 1.419478b
Full Year Profit after Tax [386.631m] versus 1.775383b
Full Year Earnings Per Share [4.30] versus 19.73
No Dividend

Company Commentary

adversely impacted by the difficult trading environment that was characterised by price competition, high staff costs and a weakening Shilling.
Administrative costs increased by 700m due to increase in staff costs driven by restructuring management and staff compensation in line with job evaluation and an increase in staff gratuity all amounting to 400m above the prior year
Paid 200m following arbitration in relation to disputed contracts
In the coming year company plans to spend 2.5b in new investments
Market likely to see declining prices for the forseeable Future

Conclusions

Poor Results

First Half Earnings through 31st December 2013 versus 6 months through 31st December 2012
First Half revenue 4.567292b versus 4.549385b
First Cost of Sales [3.247919b] versus [3.204266b]
First Half Gross Profit 1.319373b versus 1.345119b
First Half Other operating income 126.428m versus 42.447m
First Half Administration and selling expenses [1.260462b] versus [1.000298b] +26.008%
First Half Profit from operations 185.339m versus 387.268m
First Half Finance Income 130.630m versus 158.750m
First Half Finance Costs [144.939m] versus [169.498m]
First Half Profit before Tax 171.030m versus 376.520m -54.576% First Half Full Year Profit after Tax 183.460m versus 327.193m -43.92%
First Half Earnings per share 2.03 versus 3.68 -44.83%
Fair Value of Loan Swaps 177.504m versus 148.692m [Portland benefits from a weaker Yen]
No Interim Dividend
Conclusions
soft earnings with a +26.008% spike in Admin and Selling Expenses taking a big bite.
Lots of Talk around the Value of Real Estate which could be sold to make EAPC debt free and have some left over.
It is this chatter which has seen EAPC rally 36.49% through 2014 upto March.

FY Through June 2013 versus FY Through June 2012
FY Turnover 9.211462b versus 8.508120b +8.266%
FY Cost of Sales [6.878139b] versus [7.391003b] -6.939%
FY Administration and Selling Expenses [2.085768b] versus [2.031536b]
FY Profit from Operating Activities 340.931m versus [793.714m]
FY Exchange gains on Forex Loan 594.113m versus [61.574m] Portland is heavily correlated to @AbeShinzos Abenomics and a weak Yen
Fair Value on Investment Property 730.046m
FY Profit Before Tax 1.419478b versus [1.032914b]
FY Profit After Tax 1.775383b versus [972.715m]
FY Earnings Per Share 19.73 versus [10.81]
FY Dividend 75cents a share

Conclusions

Strong Turnaround Numbers. Portland is heavily correlated to Shinzo Abes Abenomics and a weaker Yen as evidenced in the 594.113m FX Gain and represented 41.85% of the FY Profit Before Tax.
much improved Numbers.

H1 Earnings through 31st December 2012 versus H1 through December 2011
H1 Revenue 4.549385b versus 4.952435b
Cost of Sales [3.204266b] versus [4.062310b]
Gross Profit 1.345119b versus 0.890125b
Other Operating Income 42.447m versus 5.443m
Admin and Selling Expenses [1.000298b] versus [1.126259b]
H1 PBT 376.52m versus [247.201m]
H1 PAT 327.193m versus [376.634m]
H1 EPS 3.63 versus [4.18]
Forex Gain of 145m. [They have a Yen Loan and therefore should be Cheerleaders of Abenomics]

Conclusions

Strong Turn Around Results.
They booked a Forex Gain via a Yen Loan that is on the Books and therefore They must be cheerleaders of Abenomics.

FY Through 30th June 2012 versus FY through 30th June 2011
Full Year Revenue 8.614806b versus 10.172140b -15.309797%
Cost of Sales [7.391003b] versus [7.803463b]
Gross Profit 1.223803b versus 2.368677b
Other Operating Income 120.705m versus 175.046m
Administration and Selling Expenses [1.954987b] versus [1.890083b]
Profit [Loss] from Operating Activities [0.610479b] versus 0.653640b
Finance Income 108.365m
Finance Costs [0.347565b] versus [0.782674b]
FY Profit Before Tax [0.849679b] versus [0.119059b] -613.66%
FY Profit After Tax [0.821486b] versus 1.717m
FY Earnings Per Share -9.09 versus +0.02
Cash Generated from Operating Activities [-0.209211b] versus +0.603628b
Cash and Cash Equivalents at at 30 June -244.766m
No Dividend

Commentary

Referring to Disturbances that broke out in December 2011 which caused Industrial Unrest and led to Plant Shutdown in January 2012.
Citing the Decline of the Shilling in the 2nd Half of 2011 as raising the Landed Cost of Coal and Clinker.

Conclusions

The Tape is Your Telescope said Edwin Lefevre in his Seminal Book Reminiscences of a Stock Market Operator.
The Tape Reads

Full Year Revenue -15.309797%
FY Profit Before Tax -613.66%
FY Earnings Per Share -9.09 versus +0.02
Cash and Cash Equivalents at at 30 June -244.766m
No Dividend


H1 Dec 2011 versus H1 Dec 2010 Swot Analysis
Revenue 4.952435b versus 5.243458b
Administration and Selling Expenses 1.107279b versus 0.730721b
Profit Before Tax -175.406m versus 254.954m
Earnings per Share -0.98 versus 8.81

Commentary

Major Plant break Down in November 2011
They expect Earnings to be down at least 25% FY which is a Profits Warning.

Conclusions

Its utterly dysfunctional.
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: 20 Feb 2017
 
Downloads
 
  01-FEB-2017 ::  Notice of Annual General Meeting.
  Notice of the 84th Annual General Meeting.

Download N.S.E Announcement
   
  06-JAN-2017 ::  Notice of Annual General Meeting.
  Notice of the 84th Annual General Meeting.

Download N.S.E Announcement
   
  10-NOV-2016 ::  Full Year Results
  Audited Annual Report and Financial Statements for the Year Ended 30th June 2016.

Download N.S.E Announcement
   
  25-FEB-2016 ::  Unaudited Results for the six months Period Ended 31st December 2015.
  Unaudited Results for the six months Period Ended 31st December 2015.

Download N.S.E Announcement
   
 
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