12th December 2017
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Company Data
 
Eaagads Ltd.
www.eaagads.com
Par Value:                  1/25
Closing Price:           27.25
Total Shares Issued:          32157000.00
Market Capitalization:        876,278,250
EPS:             0.56
PE:                 48.661
 

HY Revenue 44.692m vs. 72.677m -38.506%
HY Fair value gain [Loss] on biological assets 5.192m vs. [30.240m] +117.169%
HY Cost of production [57.598m] vs. [40.525m] -42.130%
HY Gross [loss]profit [7.714m] vs. 1.911m -503.663%
HY Loss before taxation [21.383m] vs. [11.668m] -83.262%
HY Loss for the period [20.536m] vs. [7.675m] -167.570%
Basic and diluted loss per share [0.64] vs. [0.24] -166.667%
Equity 830.049m vs. 684.258m +21.306%
Cash and cash equivalents at the end of the period 3.596m vs. 3.592m +0.111%
No interim dividend

Company Commentary

During the 6 month period under review, the Company made an after tax loss of 20.5m as compared to an after tax loss of 7.6m in the previous year. This is principally due to the prolonged dry weather which has resulted to reduced crop and increased coffee upkeep cost.
Due to the turbulence in the international coffee prices, there was a significant decrease in coffee sales revenues due to lower coffee volumes and a decrease in the market prices of coffee in the period.
No interim dividend.

Conclusions

Soft, real soft.

Eaagads Limited FY 2017 results through 31st July 2017 vs. 31st July 2016
FY Sales 140.224m vs. 126.012m +11.278%
FY [Loss] gain arising from changes in fair value of biological assets at fair value less costs to sell [1.279m] vs. 3.487m -136.679%
FY Cost of production [67.178m] vs. [89.082m] -24.589%
FY Gross profit 71.767m vs. 40.417m +77.566%
FY Administrative Expenses [41.746m] vs. [31.428m] +32.831%
FY Profit before tax 32.212m vs. 9.691m +232.391%
FY Profit for the year 18.107m vs. 0.477m +3,696.017%
EPS 0.56 vs. 0.01
Cash and cash equivalents at the end of the year 0.4m vs. 1.012m -60.474%
FY Total Assets 922.802m vs. 761.165m +21.235%
FY Total Equity 850.586m vs. 691.936m +22.928%

Company Commentary

Average price realised during the year increased to $4.218 per KG versus 3.863 per KG
Production volumes increased from 326 tons in 2016 to 424 tons in the current financial year
The other comprehensive income reflects the after tax revaluation surplus of the companys freehold land measuring 44 hectares.
remaining land is 341 hectares is leasehold land and therefore not subject to revaluation.
No Dividend

Conclusions

Stronger results off a low base, however.

FY Revenue 126.012m vs. 101.468m +24.189%
FY Fair value gain [loss] on biological assets 3.487m vs. [3.272m] +206.571%
FY Cost of production [89.082m] vs. [74.533m] +19.520%
FY Gross profit 40.417m vs. 23.665m +70.788%
Profit [loss] before tax 9.691m vs. [9.305m] +197.772%
Tax [charge] credit [9.214m] vs. 30.460m -108.815%
Profit for the year 0.477m vs. 21.115m -97.741%
EPS 0.01 vs. 0.66 -93.939%
Cash and cash equivalents at the end of the year 1.012m vs. 3.174m -68.116%
No dividend

Company Commentary

The main contributor to the reduction in the after tax profits in the year is due to deferred Tax.
focussed on our vision of being a world class pioneer in the coffee industry.

Conclusions

Tax Charge refers

Eaagads Limited H1 2016 results through 30th September 2015 vs. 30th September 2014
H1 Revenue 44.730m vs. 42.008m +6.48%
H1 Fair value gain on biological assets 13.089m vs. 22.582m -42.04%
H1 Cost of production [35.471m] vs. [36.167m] -1.92%
H1 Gross profit 22.348m vs. 28.423m -22.37%
H1 Profit before taxation 13.614m vs. 18.773m -27.48%
H1 Profit for the period 9.530m vs. 11.998m -20.57%
EPS 0.30 vs. 0.37 -18.92%
Cash and cash equivalents at the end of the period 0.936m vs. 0.827m +13.18%
Total assets 630.711m vs. 467.435m +34.93%

Conclusions

This is cheap share on a Net Asset Value Basis

Full Year Earnings through 31st March 2014 versus through 31st March 2013
FY Revenue 95.635m versus 68.025m
Fair Value Loss on Biological Assets [35.465m] versus [31.665m]
FY Cost of Production [87.910m] versus [91.583m]
Gross Profit [27.740m] versus [55.213m]
FY Profit before Tax [58.676m] versus [83.223m]
FY Profit after Tax [41.864m] versus [59.215m]
FY Loss per share [1.30] versus [1.84]

Conclusions

The Net Asset Value of this company is a multiple of the share price and the market Cap of 1.1174555b shillings.
The Estate is 385.402 Hectares $33,000.00 a Hectare. Thats the Net Asset Value Discount right there
Coffee prices rose sharply in the First Half and will reverse biological Losses next time around.

H1 Earnings through Sep 2012 versus through Sep 2011
Revenue 19.183m versus 68.407m
Fair Value Loss or Gain [62.283m]
Cost of Production 47.072m versus 36.255m
Gross Profit -90.172m versus +32.152m
Administrative Costs 9.913m versus 5.831m
H1 PBT -100.085m versus 26.321m
Diluted EPS -2.53 versus +0.82
Issued a Profits Warning

From the Commentary

Eaagads Coffee fetched an Average $3,200 per Tonne versus $5,800 per Tonne

Conclusions

Poor results. Since They seem unable to make money from Coffee they should sell the Estate or start with the Grasslands and return the cash to Shareholders because it would unlock a lot of Value

Eaagads
http://174.121.37.84/~kofinaf/index.php?option=com_content&view=article&id=24&Itemid=16

Eaagads Estate is a coffee farm owned by Eagaads company limited (a company listed in the Nairobi stock Exchange) managed by Kofinaf Co. Ltd [formerly Socfinaf Co.ltd] and is located in Thika Division of Thika District Kiambu county.The estate main activities include coffee growing and pulping before delivery to the coffee mill. It lies on L.R.No. 8408 and 7787 whose total holding is 385.402 Ha, broken down as follows
Coffee bearing 203.37Ha
Grasslands 149.737Ha
Fuel plantation 13.295Ha
Dams nil
Sites 19.00 Ha
TOTAL AREA 385.402Ha.

Full Year Results through 31st March 2012 versus Through 31st March 2011
Revenue 157.075m versus 184.597m
Cost of Production [103.161m] versus [123.236m]
Gross Profit 56.065m versus 116.146m
PBT 36.178m versus 101.48m
PAT 21.805m versus 71.784m
Earnings Per Share EPS 1.36 versus 4.46.
Biological Gains 2.1m versus 54.8m
Surplus on Revaluation of Property 221.907m
First and Final Dividend 1.25 a share
1 for 1 Bonus

6 Months to Sep 2011 versus 6 Months to Sep 2010
Revenue 68.407m versus 64.604m
In Sep 2010 Eaagads took a 47.359m Biological Revaluation.
The Company has elected not to book a Biological Revaluation in 2011.
You do not have to be a Rocket Scientist to calculate that The Revaluation would be material.
EPS 1.64 versus 2.21
Operating Profit was 26.3m versus -11.86m.

Conclusions

The Operating Profit Figure gives you a more accurate Picture of the P and L. I have an Issue with why the Company would elect to duck
beneath the Globally Accepted Accounting Standards.

Swot Analysis 2009 versus 2008
Sales 120.298m versus 71.259m +68.81%
Cost of Production 96.244m versus 41.248m +133.33%
PBT 16.83m versus 42.96m -60.824%
PAT 11.838m versus 29.686m
EPS 0.74 versus 1.85

Conclusions

The Spike in the Cost of Production +133.33% versus a 68.81% spike in Sales makes little sense.
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: 11 Dec 2017
 
Downloads
 
  21-NOV-2017 ::  Half Year Results
  UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2017

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  21-NOV-2017 ::  BOARD RESOLUTION
  BOARD RESOLUTION

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  21-SEP-2017 ::  AGM Notice
  AGM Notice

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  31-JUL-2017 ::  Full Year Results
  Audited Results for the year Ended 31st March 2017

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  31-JUL-2017 ::  Financial Statements
  Financial Statements For the Year Ended March 31 2017

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  07-JUN-2017 ::  Appointment of a Director.
  Appointment of a Director

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  02-JUN-2017 ::  PUBLIC ANNOUNCEMENT
  Public Announcement

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  05-MAY-2017 ::  Resignation of a Director.
  Resignation of a Director.

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  18-APR-2017 ::  Cautionary Announcement
  Cautionary Announcement

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