18th November 2017
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Company Data
 
Eveready East Africa Ltd.
http://www.eveready.co.ke
Par Value:                  1/-
Closing Price:           2.40
Total Shares Issued:          210000000.00
Market Capitalization:        504,000,000
EPS:             -0.98
PE:                 -2.449
 

Kenyan battery manufacturer.

Eveready E.A. PLC H1 2017 results through 31st March 2017 vs. 31st March 2016

H1 Sales 241.594m vs. 300.015m -19.473%
H1 Cost of sales [168.854m] vs. [244.732m] -31.005%
H1 Gross profit 72.740m vs. 55.283m +31.578%
H1 Other income 33.626m vs. 0.783m +4,194.508%
H1 Gain on disposal of land 397.310m vs.
H1 Overhead expenses [142.340m] vs. [116.457m] +22.225%
H1 Finance costs [10.222m] vs. [30.500m] -66.485%
H1 Income/ [Loss] before tax 351.114m vs. [90.891m] +486.302%
H1 Income/ [Loss] for the period from continuing operations 364.973m vs. [58.913m] +719.512%
EPS 1.74 vs. [0.28] +721.429%
Total Equity 848.880m vs. 486.578m +74.459%
Cash and cash equivalents at the end of the period 483.643m vs. [0.3914m]
Special Dividend 1.00/share

Commentary

completed sale of Nakuru land which has enabled us to clear our debts and invest additional funds into our business. This sale resulted in a gain on disposal of 397.3m
Special Dividend 1

Conclusions

Dividend worth 37.735% on the share price

FY Earnings through 30th September 2016 versus through 30th September 2015

FY Sales 553.311m vs. 1.124582b -50.799%
FY Cost of sales [425.016m] vs. [905.915m] -53.084%
FY Gross profit 128.295m vs. 218.667m -41.329%
FY Other income 4.872m vs. 75.929m -93.583%
FY Overhead expenses [296.782m] vs. [405.734m] -26.853%
FY Finance costs [72.368m] vs. [50.267m] +43.967%
FY Loss before tax [218.962m] vs. [161.405m] +35.660%
FY Loss for the year from continuing operations [171.824m] vs. [182.075m] -5.630%
FY Loss for the year from discontinued operations [34.681m] vs. [19.434m] +78.455%
FY Loss for the year [206.505m] vs. [201.509m] -2.479%
EPS [0.98] vs. [0.96] -2.083%
Total Equity 486.578m vs. 682.489m -28.705%
Cash cash equivalents at the end of the year [0.731m] vs. [285.519m] +99.744%
No dividend

Company Commentary

Company experienced a challenging out of stock situation occasioned by lack of supplies from our global supplier of carbon zinc and alkaline batteries which adversely affected supply for a considerable period during the Year under review.
-51% decline in FY Revenues
closed operations in Uganda
Sell the Nakuru property in order to clear the debt and provide sufficient working capital to support the distribution business.
No Dividend

Conclusions

Should exit the battery business and return the surplus [land sales] to shareholders


Eveready East Africa Limited Full Year through 30th September 2015 vs 30th September 2014 (restated)
FY Revenue 1.132136b vs. 1.216580b -6.94%
FY Operating profit 11.872m vs. 54.811m -78.340%
FY Plant closure costs [6.702m] vs. [246.342m] -94.279%
FY Finance costs [104.082m] vs. [56.483m] +84.271%
FY Loss for the year [77.710m] vs. [177.590m] -56.242%
FY Other comprehensive income 665.533m vs. 0.107m
FY Total comprehensive profit/[Loss] per year 587.823m vs. [177.453m] +431.226%
FY EPS 2.80 vs. [0.85] +429.412%
Total assets 1.511665b vs. 0.930057b +62.535%
FY Net cash generated from operating activities 1.196m vs. [146.233m] +100.818%
FY Net cash from investing activities 56.213m vs. [11.134m] +6204. 877%
FY Net cash from financing activities [57.083m] vs. [2.364m] +2314.679%
FY Total cash movement for the year 0.326m vs. [159.731m] -100.204%
FY Total cash at the end of the year [285.519m] vs. [285.845m] -0.114%

Conclusions

revalued their Nakuru Property

FY Earnings through September 2014 versus FY through September 2013
FY Turnover 1.216580b versus 1.428278b
Plant Closure Cost [246.342m]
FY Profit Before Taxation [248.013m] versus 60.113m
FY Tax Charge 70.424m versus [15.021m]
FY Profit after Tax [177.589m] versus 45.092m
FY EPS [0.85] versus 0.21

Company Commentary

A Deliberate decision made to reposition our Business in Tanzania that resulted in a decline in revenue from that market.
Extraordinary one off costs relating to the plant closure amounting to 246m
Looking to unveil plans for real estate development in Nakuru

Conclusions

More of a Real Estate Play than a Battery Play now.

FY Earnings through September 2014 versus FY through September 2013
FY Turnover 1.216580b versus 1.428278b
Plant Closure Cost [246.342m]
FY Profit Before Taxation [248.013m] versus 60.113m
FY Tax Charge 70.424m versus [15.021m]
FY Profit after Tax [177.589m] versus 45.092m
FY EPS [0.85] versus 0.21

Company Commentary

A Deliberate decision made to reposition our Business in Tanzania that
resulted in a decline in revenue from that market.
Extraordinary one off costs relating to the plant closure amounting to 246m
Looking to unveil plans for real estate development in Nakuru

Conclusions

More of a Real Estate Play than a Battery Play now.

FY Earnings through September 2013 versus FY through September 2012
FY Turnover 1.428278b versus 1.374789b
FY PBT 60.432m versus 68.914m
FY PAT 45.411m versus 70.064m
No Dividend Payment
FY EPS 0.22 versus 0.33

Company Commentary

+11% growth in Domestic Revenues
-35% Decline in Export Revenues
Level of Borrowing -37%.
Unrealised FX Loss of 13m versus +51m Gain Previous FY
We do believe that the Initiatives being implemented over the next two years will put the business firmly on a sustainable growth Trajectory.

Conclusions

At a Market Cap of 567m and $6.593m I would have thought the Net Asset Value is some way North of that.

FY Through September 2012 versus FY through September 2011
Turnover 1.374789b versus 1.374847b
Finance Costs +817 versus [129.501m]
FY PBT 70.084m versus [123.994m]
FY Earnings Per Share 0.33 versus [0.59]
No Dividend

Conclusions

The improving Narrative was signalled at the Half Year Mark. Basically, Eveready aggressively paid down Debt.

Swot Analysis 6 Months through March 2012 versus six months through March 2011
Turnover 714.674m versus 659.672m
Finance Costs +41.002m versus -38.304m Company citing 64m in Exchange Gains 21% Reduction in Borrowings over the Period
Profit Before Tax 66.972m versus -72.223m
Profit After Tax 44.48m versus 53.989m
Earnings Per Share 0.21 versus -0.26

Conclusions

Much better Results than I had expected but the Sweetener was around the 64m in Exchange Gains.

Swot Analysis FY Sep 2011 versus FY Sep 2010
Turnover 1.374847b versus 1.635105b -16%
PBT -173.208m versus +14.746m
PAT -123.994m versus +8.703m
EPS -0.59 versus 0.04
No Dividend

Conclusions

I have no Idea how Management is seeking how to dig themselves out of this Hole.

Swot Analysis

Turnover 1.635b versus 1.645b
Full Year Sep 2010 versus Sep 2009
EPS 0.04 versus 0.13
Finance Costs 57.887m versus 26.664m

Comments on Results

Illicit Dry Cell Trade.
Zinc +43%
Depreciation of Kenya Shilling

Conclusions

They had already warned
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: 17 Nov 2017
 
Downloads
 
  02-MAY-2017 ::  HALF YEAR RESULTS
  Unaudited Results for the Six Month Ended 31st March 2017.

Download N.S.E Announcement
   
  29-MAR-2017 ::  AGM Resolutions
  Annual General Meeting Resolutions.

Download N.S.E Announcement
   
  07-MAR-2017 ::  Annual General Meeting.
  50th Annual General Meeting.

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

Download N.S.E Announcement
   
  06-JAN-2017 ::  Resignation of a Director.
  Resignation of a Director

Download N.S.E Announcement
   
  23-DEC-2016 ::  Shareholders Announcement
  Shareholders Announcement

Download N.S.E Announcement
   
 
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