25th September 2018
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Company Data
 
Trans-Century
http://www.transcentury.co.ke
Par Value:                  
Closing Price:           3.45
Total Shares Issued:          280284476.00
Market Capitalization:        966,981,442
EPS:             -10.23
PE:                 -0.337
 

Trans Century PLC H1 2018 results through 30th June 2018 vs. 30th June 2017
H1 Turnover 2.283692b vs. 2.993560b -23.713%
H1 Cost of sales [1.658661b] vs. [2.587088b] -35.887%
H1 Gross profit 625.031m vs. 406.472m +53.770%
H1 Net other income 145.037m vs. 18.019m +704.911%
H1 Operating expenses [695.775m] vs. [865.005m] -19.564%
H1 Profit/ [Loss] from operations/ EBITDA 74.293m vs. [440.514m] +116.865%
H1 Depreciation and impairment [314.714m] vs. [330.215m] +4.694%
H1 Net finance costs [444.404m] vs. [504.756m] -11.957%
H1 Loss before income tax [684.825m] vs. [1.275485b] -46.309%
H1 Loss for the period [684.825m] vs. [1.040332b] -34.172%
Basic and diluted EPS [1.36] vs. [2.88] -52.778%
Total Equity [784.069m]
Cash and cash equivalents at 30th June 101.967m

Company Commentary

Gross profit margin improvement from 14% in 2017 to 27% in the period under review.
20% reduction in operating costs saving 169m
74m EBITDA compared to a loss of 441m reported in a similar period last year
217m positive cash flow
strong financial position at Company level with Equity valued at 8,940 million.
Group set to revise the benefits of the pent up value in the order book

Conclusions

appears to have based out now.

Trans Century PLC FY 2017 results through 31st December 2017 vs 31st December 2016
FY Revenue 5.659260b vs. 8.177350b -30.793%
FY Cost of sales [5.018062b] vs. [7.109323b] -29.416%
FY Gross profit 641.198m vs. 1.068027b -39.964%
FY Other income 52.883m vs. 2.064969b -97.439%
FY Operating expenses [1.915543b] vs. [2.591643b] -26.088%
FY [Loss]/ Profit before depreciation, impairment, contract liability expense and finance costs [1.221462b] vs. 541.353m -325.631%
FY Impairment losses [272.663m] vs. [724.202m] -62.350%
FY Depreciation and amortisation [636.940m] vs. [719.184m] -11.436%
FY Operating loss [3.643228b] vs. [902.033m] -303.891%
FY Exchange losses [11.418m] vs. [94.012m] -87.855%
FY Net finance costs [1.078430b] vs. [713.068m] +51.238%
FY Loss before income tax [4.721658b] vs. [1.615101b] -192.344%
FY Loss for the year [4.331282b] vs. [863.890m] -401.370%
FY Loss for the year attributable to equity holders of the company [3.598187b] vs. [440.135m] -717.519%
Basic and diluted EPS [10.23] vs. [1.56] -555.769%
Total Assets 18.740964b vs. 18.911552b -0.902%
Total Equity [112.033m] vs. 3.829866b -102.925%
Cash and cash equivalents at 31st December [35.442m] vs. [196.115m] -81.928%
No dividend

Company Commentary

A material uncertainty related to going concern section that draws attention to Note 2(f) of the audited consolidated financial statements.
Note 2(f) of the audited consolidated financial statements indicates that TransCentury Plc incurred a loss of KShs 4.3 billion during the year ended 31 December 2017, and as of that date, TransCentury Plcs current liabilities exceeded current assets by KShs 8.5 billion. These events or conditions, along with other matters as set forth in Note 2(f) of the audited consolidated financial statements, indicate that a material uncertainty exists that may cast significant doubt on TransCentury Plcs ability to continue as a going concern. These matters are addressed in Note 2(f) of the audited consolidated financial statements.

Engineering Division recorded a 30% drop in revenues closed the Year with a 17b order book.
power Division more than doubled its order book tough it recorded a 32% drop in revenues

Conclusions

See KPMG qualification

TransCentury Limited H1 2017 results through 30th June 2017 vs. 30th June 2016



H1 Turnover 2.993560b vs. 4.139670b -27.686%
H1 Loss from operations [594.958m] vs. [241.727m] -146.128%
H1 Net other income 18.019m vs. 2.000094b -99.099%
H1 Depreciation and amortisation [330.215m] vs. [365.209m] -9.582%
H1 Net finance costs [368.331m] vs. [202.106m] +82.246%
H1 [Loss] profit before income tax [1.275485b] vs. 1.191052b -207.089%
H1 [Loss] profit for the period [1.040332b] vs. 1.313850b -179.182%
Basic and diluted EPS [2.88] vs. 4.97 -157.948%
Cash and cash equivalents at 30th June [277.406m]
Total assets 18.176492b
Total equity 2.410220b
No interim dividend

Company Commentary

a decline in revenue by 28% and a Loss after Tax of 1.04b
The Group's performance in H1 of the year was affected by the lingering effects of constrained access to credit lines in 2016 which slowed our project acquisition for most of 2016.
Group remains strongly anchored on its competitive advantage that includes; unrivalled capacity in the Power division and a strong pipeline of projects in the engineering division.
Demand from our markets remains strong and we are keenly focused on growing our order books well as ongoing work on restructuring to further adjust our cost structure.
An area of priority for the group remains restructuring of the balance sheet to improve the capital structure.

Conclusions

They have found an anchor Shareholder now the challenge is to execute.

FY Revenue 8.177350b vs. 11.790227b -30.643%
FY Cost of sales [7.109323b] vs. [9.259631b] -23.222%
FY Gross profit 1.068027b vs. 2.530596b -57.795%
FY Net other income 2.064969b vs. 94.903m +2,075.873%
FY Operating expenses [2.591643b] vs. [2.499253b] 3.697%
FY Profit before depreciation and finance costs 541.353m v. 126.246m +328.808%
FY Impairment losses [724.202m] vs. [371.576m] +94.900%
FY Results from operating activities [902.033m] vs. [1.047349b] -13.875%
FY Forex losses [94.012m] vs. [1.117495b] -91.587%
FY Net finance costs [713.068m] vs. [1.908724b] -62.642%
FY Loss before income tax [1.615101b] vs. [2.956073b] -45.363%
FY Loss for the year [863.890m] vs. [2.422574b] -64.340%
Basic and diluted EPS [1.56] vs. [7.09] +77.997%
Total Assets 18.911552b vs. 21.817981b -13.321%
Total Equity 3.829866b vs. 3.545770b +8.012%
Cash and cash equivalents at the end of the year [196.115m] vs. [402.711m] -51.301%

Company Commentary

The results were significantly affected by a temporary limitation in accessing credit lines from our Financiers for the greater part of 2016 due to the perceived uncertainty in the resolution of the Eurobond which matured in March 2016. Eurobond issue was resolved during the year
Engineering division 12b Order Book
unprecedented increase in order book from regional utilities
strengthened Balance sheet by reducing debt exposure by 6b and increasing Equity by 2b
Kuramo Africa Opportunity Kenyan vehicle ltd 24.99% via an allotment of 93,776,173 new ordinary shares

Conclusions

I would have thought they have turned the proverbial corner.

H1 Turnover 4.139670b vs. 5.205064b -20.468%
H1 Profit from operations 1.758367b vs. 240.321m +631.674%
H1 Net finance costs [202.106m] vs. [496.955m] -59.331%
H1 Profit [Loss] before income tax 1.191052b vs. [646.341m] +284.276%
H1 Profit [Loss] for the period 1.313850b vs. [676.131m] +294.319%
EPS 4.97 vs. [2.16] +330.093%
Cash and cash equivalent at 30th June [408.343m]

Company Commentary

Groups Earnings were positively impacted by
1. the recognition of write back on convertible bond following the successful resolution in March 2016
2. Lower interest costs due to reduced non-trading debt
3. FX Gain following the recovery of regional currencies against the US Dollar.

The Outlook remains positive
growing order book in our Power Division and a strong pipeline of Engineering projects.

Conclusions

Interesting.

FY Revenue 11.790227b vs. 10.249593b +15.031%
FY Cost of sales [9.259631b] vs. [7.668666b] +20.746%
FY Gross profit 2.530596b vs. 2.580927b -1.950%
FY Operating expenses [2.499253b] vs. [2.582795b] -3.235%
FY Loss on sale of investment vs. [1.035015b]
FY Results from operating profit [1.047349b] vs. [1.404597b] -25.434%
FY Forex losses [1.117495b] vs. [0.184351b] +506.178%
FY Net Finance costs [1.908724b] vs. [0.709605b] +168.984%
FY Loss before income tax [2.956073b] vs. [2.114202b] +39.820%
FY Loss for the year [2.422574b] vs. [2.277929b] +6.350%
Basic EPS [7.09] vs. [8.53] -16.882%
Total equity attributable to equity holders of the company 1.464293b vs. 3.558722b -58.853%
Cash & cash equivalents at the end of the year [402.711m] vs. [454.760m] -11.445%

Company Commentary

Group grew revenues by +15%
We experienced strong performance in our Engineering Division +9.00% growth in Revenue
Power Division revenues declined 30%
We benefited from improved local utility order book coming towards the end of the year which is a bright spot in our continuing effort to get more government business to go to local manufacturers

Groups overall performance was also negatively impacted by

1. Foreign Exchange Losses due to sharp depreciation of regional currencies against the USD
2. Low Sales in our export markets due to unfavourable political environment prevailing in the region
3. Impairment of receivables in line with a more conservative financial management policy
4. Increased depreciation due to capital expenditure

Post Balance Sheet Events Settlement with Bond-Holders

settlement agreement with convertible bondholders, the result of which was to reduce the convertible bond debt to $40m
As part of that reduction, the group will write back the principal and interest charges amounting to $19.4m in 2016

The outlook is positive for our core businesses.

Conclusions

Results signal a core Business that remains intact.

H1 Total Assets 20.712717b vs. 19.463658b +6.4%
H1 Revenue 5.205064b vs. 4.953340 +5.1%
H1 Profit(Loss) from Operations 240.321m vs. [814.282m] +129.5%
H1 Depreciation [389.707m] vs. [334.197m] +16.6%
H1 Net Finance Costs [496.955m] vs. [383.714m] +29.5%
H1 Profit (Loss) Before Income Tax [646.341m] vs. [1,532.193m] +57.8%
H1 Profit (Loss) After Income Tax [676.131m] vs. [1,630.828m] +58.5%
H1 EPS [2.16] vs. [5.92] +63.5%

Company Commentary

The group revenues grew by 5% despite being impacted by a 25% decline in our Power Divisions revenues [significant interruptions of production processes in our copper Factory due to ongoing final phase of capacity and efficiency upgrades,
Growth in revenue attributable to ongoing execution of major construction projects in the Engineering Division
The Outlook is positive

Conclusions

The Recovery is still a ways off.

FY Earnings through 31st December 2014 versus through 31st Dec 2013
FY Revenue 10.249593b versus 11.807576b
FY Cost of Sales [7.668666b] versus [8.248302b]
FY Gross Profit 2.580927b versus 3.559274b
FY Net Other Income 285.276m versus 1.208111b
FY Operating Expenses [2.556420b] versus [2.509021b]
FY Loss on sale of Investment [1.035015b] versus 0
FY [Loss] Profit before depreciation impairment Finance cost [725.232m] versus 2.258364b
FY Net Finance Costs [709.605m] versus [676.459m]
FY [Loss]profit before income Tax [2.277929b] versus 626.432m
FY [Loss]profit after Income Tax [2.277929b] versus 626.432
FY EPS [8.53] versus 1.06

Overview of 2014 performance

Group recorded FY Revenue of 10.2b and a Net Loss of 2.3b
adversely affected by a 36% drop in the revenue of the Engineering division due to a number of delayed projects.
Power division +7% growth in revenue increased volumes new markets
Group disposed of its 34% shareholding in KURH realising $43.7m
Key Areas of opportunity
Power Infrastructure
Transport Infrastructure
Oil and Gas Infrastructure
Mining Infrastructure

Conclusions

They liquidated their Kenya Railways Stake in this reporting period.
They have repositioned the business.

First Half through 30th June 2014 versus through June 2013
First Half Turnover 4.953340b versus 7.084507b
[Loss] Profit from operating activities [1.148479b] versus 1.027327b
First Half Net Finance Costs [383.714m] versus [437.472m]
First Half Loss Profit before Income Tax [1.532193b] versus 589.855m
First Half Loss Profit after Tax [1.630828b] versus 380.620m
First Half Earnings Per share [5.92] versus 0.89

Company Commentary

The revenue in the Power Division grew +13% attributed to increased volumes driven by new markets.
However, the overall decline in revenue is attributed to the delayed execution of several major construction projects in our Engineering Division which have since commenced in the second half of the year.
The decline in net earnings is attributed to the fair value loss on the disposal of the entire 34% shareholding in KU Railways Holdings limited, the lead Investor in Rift Valley Railways to Africa Railways limited on 31st March 2014.
The Group realised $43.7m from the sale which saw it recover its entire cash investment in RVR.
The recent award of a Geothermal Power generation Plant also points towards a strong recovery for the Group.

Conclusions

The decline in net earnings is attributed to the fair value loss on the disposal of the entire 34% shareholding in KU Railways Holdings limited, the lead Investor in Rift Valley Railways to Africa Railways limited on 31st March 2014.

Mombasa Nairobi Railway just outside the Entrance to Tsavo East
http://www.twitpic.com/e00167

Railway Crossing Manyani Gate Tsavo
http://www.twitpic.com/dq2ajh

FY Earnings through 31st December 2013 versus FY through 31st December 2012
FY Turnover 11.807576b versus 13.487229b -12.453%
Profit from operating activities 1.535049b versus 1.969432b -22.056%
FY Net Finance costs [676.459m] versus [742.959m]
FY Profit before Tax 856.590m versus 1.226473b -30.15%
FY Profit after Tax 628.432m versus 740.647m -15.15%
FY EPS 1.06 versus 1.66 -36.144%
Final Dividend 40cents a share unchanged

Company commentary
The Group continued to focus on its key strategy of growing the Power business through regional diversification as well as positioning itself as a key player in infrastructure development through the engineering division
slowed activity in the first half of the year during the election period in Kenya
The Group realised $43.7 from sale of 34% shareholding in KU Railways Holdings limited which saw it recover its entire cash investment in RVR.
The Business outlook is positive for our core power and engineering businesses

Conclusions

Quite a Step down from the 1st Half Stage where PAT was running +16.725% and at FY PAT is -15.15%.
Its expensive on a PE of 25.471.

H1 Earnings through June 30th 2013 versus June 30th 2012
H1 Turnover 7.084507b versus 7.064010b +2.9016%
H1 Profit from Operating Activities 1.027327b versus 0.996954b +3.0465%
Net Finance Costs [437.472m] versus [432.815m]
H1 PBT 589.855m versus 564.139m
H1 PAT 380.62m versus 326.089m +16.725%
H1 EPS 0.89 versus 0.30 +196.66%

Company Commentary

Power Business recording a 14% decline due to a reduction in World Metal Prices.
Engineering Business +33% Turnover
Significant growth of our Operations in supporting new Mine Builds across the region
We are further encouraged by the Progress made by RVR

Conclusions

I think the RVR Investment might well turn out to be the Jewel in the Crown. I am not sure how the EPS increased +196.66% PAT increased +16.725%.

FY Earnings through Dec 2012 versus FY through Dec 2011
FY 2012 Turnover 13.487229b versus 10.701621b +26.0291%
FY Profit From Operating Activities 1.969432b versus 1.606073b
Net Finance Costs [742.959m] versus [748.798m]
FY PBT 1.226473b versus 0.869265b +41.093%
FY PAT 740.647m versus 616.100m +20.215%
FY EPS 1.66 versus 1.32 +25.757%
Final Dividend 0.40 per share. [Dividend Yield 1.088%]

Company Commentary

The Group record Stellar Growth
cites organic Growth in our Power and Engineering Divisions
Speaks to RVR Capital Expenditure Program which will quadruple current Freight Rail Capacity from Port of Mombasa

Conclusions

The Share Price has rallied 56.38% in 2013 to a 19 Month High.
On a PE of 22.13 It looks fully valued for now.
However, I like the Railways Asset and I think They are well positioned to ride the Extractive Wave in EAC via the Power and Engineering Divisions.


6 Months through 30th June 2012 Swot Analysis
Turnover 7.064010b versus 4.534238b
Profit Before Tax 564.139m versus 165.357m +241.16%
Profit after Tax 326.089m versus 53.589m +508.4%
Basic EPS 0.30 versus -0.12
Diluted EPS 0.57 versus -0.02

We are seeing increased activity from our oil and gas, mining and power clients across the region, particularly in Eastern Africa following the significant discoveries of oil and gas, TransCentury said in a statement.

The company said turnover rose 56 percent to 7.1 billion shillings.

TransCenturys main engineering business is Civicon, a firm it invested in last year.

TransCentury also has a stake in Rift Valley Railways, which is in the middle of a $287 million investment programme to rehabilitate the dilapidated Kenya Uganda railway.

Conclusions

Strong Rebound Results - Remains an Expensive share on an Implied PE Basis, however.
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: 24 Sep 2018
 
Downloads
 
  28-AUG-2018 ::  Half Year Results
  Un-audited Results for the Six Months Period Ended 30th June 2018

Download N.S.E Announcement
   
  18-JUN-2018 ::  Full Year Results
  Audited Financial Statements for the Year Ended 31st December 2017.

Download N.S.E Announcement
   
  02-MAY-2018 ::  Public Announcement
  Public Announcement

Download N.S.E Announcement
   
  05-MAR-2018 ::  Profit Warning Announcement
  Profit Warning Announcement

Download N.S.E Announcement
   
 
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