23rd April 2018
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Company Data
Deacons (East Africa) PLC
Par Value:                  
Closing Price:           2.50
Total Shares Issued:          123558228.00
Market Capitalization:        308,895,570
EPS:             -2.24
PE:                 -1.116

Deacons (East Africa) PLC H1 2017 results through 30th June 2017 vs. 30th June 2016
H1 Revenue 1.077695b vs. 1.026090b +5.029%
H1 Net operating profit 333.572m vs. 491.342m -32.110%
H1 Expenses [523.969m] vs. [466.396m] +12.344%
H1 EBITDA [190.397m] vs. 24.946m -863.237%
H1 Depreciation [48.172m] vs. [50.844m] -5.255%
H1 Finance costs [36.627m] vs. [46.848m] -21.817%
H1 Net foreign exchange [Loss]/ gain 17.450m vs. 2.578m +576.881%
H1 Profit from continuing operations [257.746m] vs. [70.168m] -267.327%
H1 Profit before taxation [257.746m] vs. [70.168m] -267.327%
H1 Profit/ [loss] for the period [180.422m] vs. [52.626m] -242.838%
H1 Basic and diluted EPS [2.09] vs. [0.57] -266.667%
No interim dividend

Company Commentary

overall retail trading environment during the period under review was characterised by extraordinary and exceptional events that adversely affected the business, key among them as follows
1. Drought reduction in disposable income, coupled with lack of consumer credit ad a direct impact on customer shopping trends.
2. Overall unit sales increased by 14% and total number of transactions +9.00% average unit price sold reduced by 13% with a drop in per customer average spend by 17%
3. 190,341 square feet in 2017 versus 169,516 in 2016 8 additional stores. marginal 5% increase in revenue. Resultant cannibalisation led to a drop in traffic into all malls
4. non performance of major anchor tenants reduced traffic into all malls With 98% of our stores operating in malls whose anchor tenants are experiencing stocking challenges, data sows that footfall as decreased by over 60% with Customers closing to visit other facilities.
5. National elections fever
6. aggressive sale offers in Q2 reduced average gross margins to 39%
wellness and leisure market segment will continue to represent growth opportunities
Bossing Adidas and Lifefitness brands posted good results
a reduction in margins by a major brand did not lead to an increase in volume sales


Lots of Detail in the commentary. I am just concerned that this type of business is going to get uber'ed

FY Sales 2.309091b vs. 2.383297b -3.114%
FY Cost of sales [1.295175b] vs. [1.274514b] +1.621%
FY Gross profit 1.013916b vs. 1.108783b -8.556%
FY Other income 16.080m vs. 49.886m -67.767%
FY Total income 1.029996b vs. 1.277434b -19.370%
FY Administrative expenses [1.306460b] vs. [1.161412b] +12.489%
FY Net foreign exchange gains [42.167m] vs. 25.573m -264.889%
FY Total expenses [1.415053b] vs. [1.135839b] +24.582%
FY Operating [Loss] Profit before taxation [385.057m] vs. 141.595m -371.943%
FY [Loss] profit for the year [276.345m] vs. 113.750m -342.941%
Basic and diluted EPS [2.24] vs. 0.92 -343.478%
Total Assets 2.281680b vs. 2.486072b -8.221%
Shareholders Funds 1.172632b vs. 1.512294b -22.460%
Cash cash equivalents as at 31st December [12.343m] vs. 136.724m -109.028%
No dividend

Company Commentary

in 2 of 2016, several factors negatively impacted the peak trading season tat resulted in suppressed sales and margins. existing Malls registered lower footfall and new retail property registered lower purchase conversion rates that led to cannibalisation.
Revenues declined by -3.1% over Y2015 across key brands as a result of product supply challenges from South Africa during 2 of the Year.


Soft FY Results, interesting commentary about Malls.

H1 Revenue 1.026090b vs. 949.053m +8.117%
H1 Net operating profit 491.343m vs. 363.439m +35.192%
H1 Expenses [466.396m] vs. [392.840m] +18.724%
H1 EBITDA 24.946m vs. [29.400m] +184.850%
H1 Finance costs [46.848m] vs. [26.097m] +79.515%
H1 Profit from continuing operations [70.168m] vs. [99.098m] -29.193%
H1 Share of profit from associate vs. 27.425m
H1 Profit before tax [70.168m] vs. [71.673m] -2.100%
H1 Profit [Loss] for the period [52.626m] vs. [53.755m] -2.100%
EPS [0.57] vs. [0.80] -28.750%
Cash and cash equivalents at the end of the period [49.399m]
No interim dividend

Company Commentary

Revenue growth +8.00% versus same period 2015 This was driven by Uganda Operations and new stores launched at the HUB and Garden City in Q2 2016
Net Operating Margin for first half of the year is 48% up from 38% last year same period
Expenses +19%
Exciting new developments at Two Rivers and Kigali Heights are significantly delayed
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: 20 Apr 2018
  06-APR-2018 ::  AGM Resolutions
  Annual General Meeting Resolutions.

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  09-MAR-2018 ::  AGM Notice
  Notice of General Meeting.

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  01-FEB-2018 ::  Public Notice
  Public Notice

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  17-JAN-2018 ::  Public Announcement
  Public Announcement

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  27-DEC-2017 ::  Profit Warning Announcement
  Profit Warning Announcement

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  04-DEC-2017 ::  Changes in the board.
  Changes in the board.

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  09-OCT-2017 ::  Public Announcement
  Proposed Sale of the Mr. Price Franchise Business.

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  30-AUG-2017 ::  Half Year Results
  Half Year Financial Results for the Period Ended 30th June 2017.

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  Proposed Sale of Ordinary Shares of Deacons East Africa Plc by Aureos East Africa Fund, LLC.

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  16-JUN-2017 ::  AGM Resolutions.
  AGM Resolutions.

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  22-MAY-2017 ::  Annual Report & Financial statement 2016
  Annual Report & Financial statement 2016

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  24-APR-2017 ::  Full Year Results
  Audited Financial Results for the Year Ended 31st December 2016.

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