13th December 2018
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Company Data
 
Eveready East Africa Ltd.
http://www.eveready.co.ke
Par Value:                  1/-
Closing Price:           1.04
Total Shares Issued:          210000000.00
Market Capitalization:        218,400,000
EPS:             1.27
PE:                 0.819
 

Kenyan battery manufacturer

Eveready E.A. PLC H1 2018 results through 31st March 2018 vs. 31st March 2017

H1 Sales 149.776m vs. 241.594m -38.005%
H1 Cost of sales [120.948m] vs. [168.854m] -28.371%
H1 Gross profit 28.828m vs. 72.740m -60.368%
H1 Other income 9.755m vs. 33.626m -70.990%
H1 Gain on disposal of Property, Plant and Equipment 0.472m vs. 397.310m -99.881%
H1 Overhead expenses [101.378m] vs. [142.340m] -28.778%
H1 Income/ [Loss] before tax [62.400m] vs. 351.114m -117.772%
H1 Income/ [Loss] for the period from continuing operations [64.555m] vs. 364.973m -117.688%
EPS [0.31] vs. 1.74 -117.816%
Total Equity 492.114m
Cash and cash equivalents at the end of the period 118.727m
No interim dividend

Eveready E.A. Ltd FY 2017 results through 30th September 2017 vs. 30th September 2016FY Sales 338.931m vs. 553.311m -38.745%FY Cost of sales
[251.610m] vs. [425.016m] -40.800%FY Gross profit 87.321m vs. 128.295m
-31.937%FY Other income 49.546m vs. 4.872m +916.954%FY Gain on disposal of
assets 452.468m vs. FY Overhead Expenses [330.465m] vs. [296.782m]
+11.349%FY Finance costs [9.736m] vs. [72.368m] -86.547%FY Profit/ [Loss]
before tax 249.134m vs. [218.962m] +213.780%FY Profit/ [Loss] for the year
from continuing operations 266.081m vs. [171.824m] +254.857%FY Profit/
[Loss] for the year from discontinued operations 1.092m vs. [34.681m]
+103.149%FY Profit/ [Loss] for the year 267.173m vs. [206.505m]
+229.378%EPS Basic and diluted 1.27 vs. [0.98] +229.592%Total equity
549.370m vs. 486.578m +12.905%
Cash and cash equivalents at the end of the year 245.827m vs. [0.731m]No dividend

Company Commentary

During the Year under review we experienced a significant downturn in the economy following a prolonged period of electioneering insecurity in
certain segments of the market, weak credit growth, creeping inflation and drought. These factors together with our status as a new entrant in the battery business resulted to a decline in revenues to 339m representing 39% of prior period performance.

Sale of our Nakuru property which was finalised in the year under review led to a gain of 452m from the sale proceeds. Proceeds were used to clear the Companys debts and provide working capital to support the business.
Dividend of 1 shilling a share.

Conclusions

Without the disposal they would have booked a loss. They have piled a great deal back into the business a business in which they have not made a profit in for years.

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: 10 Dec 2018
 
Downloads
 
  31-MAY-2018 ::  Half Year Results
  Un-audited Financial Results for the Six Months Period Ended 31st March 2018.

Download N.S.E Announcement
   
  28-MAR-2018 ::  AGM Resolutions.
  Annual General Meeting Resolutions.

Download N.S.E Announcement
   
  06-MAR-2018 ::  AGM Notice
  Notice of the 51st Annual General Meeting.

Download N.S.E Announcement
   
  31-JAN-2018 ::  Full Year Results
  Audited Results for the Year Ended 30th September 2017.

Download N.S.E Announcement
   
  31-JAN-2018 ::  Annual Report & Financial Statements
  Annual Report & Financial Statements For the Year Ended 30-Sep-2017

Download N.S.E Announcement
   
 
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