15th November 2018
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Company Data
 
Limuru Tea Company Ltd.
www.limurutea.com
Par Value:                  20/-
Closing Price:           533.00
Total Shares Issued:          1200000.00
Market Capitalization:        639,600,000
EPS:             -9.22
PE:                 -57.809
 

Limuru Tea PLC FY 2017 Results through 31st December 2017 vs. 31st December 2016

FY Total Equity 187.778m vs. 205.712m -8.718%
FY Receivable and prepayments 117.766m vs. 120.865m -2.564%
FY Turnover 80.370m vs. 103.915m -22.658%
FY [Loss] before income tax [31.565m] vs. [26.731m] -18.084%
FY [Loss] attributable to shareholders [22.134m] vs. [19.074m] -16.043%
EPS [9.22] vs. [7.95] -15.975%
No dividend
FY Cash and cash equivalents at 31st December 7.922m vs. 7.409m +6.924%

Commentary

35% decrease in green leaf volume compared to 2016 on account of the prolonged drought.
in 2017 the Company produced 2,039,613 Kgs of green leaf which was manufactured into 469,609 kgs of Black Tea.
Total Revenues decreased by 23%.
No Dividend

Conclusions

Production down dramatically.

Limuru Tea PLC H1 2017 results through 30th June 2017 vs. 30th June 2016

H1 Turnover 33.618m vs. 59.276m -43.286%
H1 Profit before income tax [6.437m] vs. 6.247m -203.041%
H1 Profit attributable to shareholders [4.506m] vs. 4.373m -203.041%
EPS [1.88] vs. 1.82 -203.297%
No interim dividend
Total equity 205.382m vs. 258.633m -20.589%
Cash and cash equivalents at end of June 2.814m vs. 7.248m -61.175%

Commentary

The Co produced 926 tons of green leaf in H1 2017 manufactured into 216 tons of Black Tea.
45% decrease in made Tea volumes compared to H1 2016
Total Revenues decreased by 43% to 34m in the period versus 59m in the same period in 2016
a drop in production volumes as a result of unfavourable weather conditions experienced in Q1
2017 performance is expected to be modest

Conclusions

Drought. NAV is considerably higher than 648m.

Total equity 258.633m vs. 254.155m +1.762%
Biological assets 176.278m vs. 196.702m -10.383%
Cash and cash equivalents at the end of June 7.248m vs. 7.554m -4.051%
H1 Turnover 59.276m vs. 42.373m +39.894%
H1 Profit before income tax 6.247m vs. 5.201m +20.112%
H1 Profit attributable to shareholders 4.373m vs. 3.640m +20.137%
EPS 3.64 vs. 3.03 +20.132%
Dividends per share

Company Commentary

H116 Co. produced 1,764 tonnes of green Leaf manufactured into 390 tons of black Tea. +22% versus same period previous year
Total Revenues +40% to 59m
No Interim Dividend

Conclusions

Limuru Tea is a Real Estate Play and $9.6m gets you 275 hectares of tea land situated four kilometers to the east of Limuru Town 3.49m per hectare. Thats a Big Discount to the market value

FY Biological assets 178.596m vs. 206.593m -13.552%
FY Increase in cash and cash equivalents 0.789m vs. 0.105m +651.429%
FY Cash and cash equivalents at the end of the year 8.661m vs. 7.872m +10.023%
FY Turnover 122.374m vs. 92.250m +32.655%
FY Profit before income tax 5.126m vs. 2.078m +146.679%
FY Profit attributable to shareholders 3.044m vs. [0.330m] +1,022.424%
EPS 1.27 vs. [0.28] +553.571%
Dividends per share 1.00 vs. 1.00

Company Commentary

3,065,880 Kgs of green Leaf 692,343 kilograms of Black Tea
10% decrease in green leaf attributed to drought during Q1 in 2015
+147% increase in Pre Tax profits attributed to increased tea auction prices and favourable movements in exchange rates

Conclusions

Limuru Tea [given its position adjacent to Nairobi] is more a Real Estate Play than a Tea Story.

First Half Earnings January to June 2015
First Half turnover 42.372m versus 47.947m -11.62%
First Half Profit before income Tax 5.201m versus 10.792m -51.80%
First Half Profit after Tax 3.640m versus 7.554m -51.81%
First half EPS 3.03 versus 6.3 -51.9%

Company Commentary

First Half of 2015 a 15% decrease in Made Tea volumes compared to first half of 2014

Conclusions

Tea Prices soared in H1 2015. volumes were -11.62%. Therefore, these results are not only very poor but a conundrum.

FY Earnings through 31st December 2014 versus 31st December 2013
FY Turnover 92.250m versus 104.192m -11.00%
Full Year Profit before Tax 2.078m versus 41.556m -95%
Full Year Profit after Tax [331,000] versus 28.513m
Full Year Earnings Per Share [0.28] versus 23.8
Full Year Dividend 1 shilling versus 7.5 shillings

Company Commentary

The Company produced 3,403,760 Kgs of green Leaf manufactured into 770,058 Kgs of Black Tea
+14% increase in green leaf Volume
Total Revenues decreased by 11% attributed to a 16% drop in average prices in 2014
180 shillings per Kg versus 215 in 2013
Cost of Sales +10%

Conclusions

Limuru Tea is more of a Real Estate Play than a Tea Estate in fact

1st Half Earnings through 30th June 2014 versus through 30th June 2013
In the First Half of 2014 Company produced 1,649,380 Kilograms of green leaf, which in turn manufactured into 378.28 tonnes of Black Tea. 9% Increase in made Tea Volumes versus H1 2013
First Half Total Revenues 48m versus 58m -18.00%
Tea Prices fell 19% in the period under review.
First Half Pre Tax Profit 10.8m versus 18.8m 2013 -42.55%
No Interim Dividend

Conclusions

Tea Prices have been soft in the reporting period.
The Market Cap is less than $10m The Net Asset Value is a multiple of that.

Full Year Earnings through 31st December 2013 versus through 31st December 2012

FY Total Revenues 104m versus 116m [9% drop in average prices in 2013] [215 per KG Black Tea versus 236 in 2012]
FY Profit before Tax 41.556m versus 146.621m -72%
Biological Assets revaluation 13m versus 98m
Full Year Dividend 7.50 a share

Company commentary

Company produced 2,998,380 kgs of green leaf, which in turn was manufactured into 689,265 kilograms of Black Tea.
+6% increase in black Tea volumes compared 2012.
Cost of Sales rose +9% [12% wage increase versus last year]

FY 2012 versus FY 2011
FY Turnover 116.012m versus 102.504m
Biological Assets 186.53m versus 88.020m
FY PBT 146.621m versus 59.849m +144.98%
FY PAT 101.834m versus 40.484m
FY EPS 84.86 versus 33.74
FY Dividend 7.5 Unchanged

Company Commentary
4% Increase in Black Tea Volumes
Volume +13%
Gross Sales Average 236.00 versus 221.00
98% increase in the value of Biological Assets

Conclusions

The Key Driver was the Biological Assets Revaluation.
Nevertheless Limuru Tea is also sitting on Outstanding Real Estate Value which is not reflected in the Balance sheet.


Par Value: 20
Closing Price: 400.00
Total Shares Issued: 1,200,000
Market Capitalization: 0
EPS: 33.7
PE: 0.000
52wk Range: 270.00 400.00
1Yr Rtn: +34.43%

FY 2011 versus FY 2010
Turnover 102.504m versus 123.859m
Profit Before Tax 59.849m versus 104.328m
Earnings Per Share 33.7 versus 62.4
Final Dividend 7.5 versus 7.5
25% Drop in Volume
Net Gain in Fair Value of Biological Assets 21.8m

Conclusions

Rebounded from H1 significantly below FY 2010

Swot Analysis 6 months to June 2011 versus 6 months to June 2010
Turnover 36.333m versus 74.268m
PAT 6.446m versus 23.143m
EPS 5.37 versus 19.28

Tea Production was 50% down

Conclusions

Poor H1 Results. They should flip some Land as Real Estate and book the Gain.

Swot Analysis FY 2010 versus FY 2009
Turnover 123.859m versus 91.13m
Profit Before Income Tax 104.328m versus 38.731m [49.8m was Biological]
EPS 62.4 versus 22.5. +177.3%
Dividend 7.5 Unchanged
2011 is Expected to be Good Year

Conclusions

I wrote this about Tea Farmers last Year

The Farmers will drive the Ferraris The Star
http://bit.ly/b7fbfU
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: 15 Nov 2018
 
Downloads
 
  12-MAR-2018 ::  Full Year Results
  Financial Results for the Twelve Months Ended 31st December 2017.

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