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DPL Festive Limited Projected Operating Results

YEAR

31-Mar-05 Kshs.

HISTORICAL 31-Mar-06 31-Mar-07 Kshs. Kshs.

31-Mar-08 Kshs.

PROJECTED 31-Mar-10 Kshs.

(figures in Kenya shillings unless specified) INCOME STATEMENT Sales Cost of sales

224,843,901 (200,730,358)

13% 254,168,084 (221,660,882) -

57% 399,172,911 (322,352,357) -

54% 616,293,353 (505,014,587) -

Gross profit

24,113,543

32,507,202

76,820,554

111,278,766

-

-

-

511,681

Other operating income Directors benefits Administrative expenses Other operating expenses Operating profit Finance costs Profit before tax Tax Net profit Proposed Dividend

38% 1,377,372,240 (1,022,028,672)

355,343,569 26% 16,506,000

(960,000) (9,925,339) (9,051,206)

(1,260,000) (10,547,571) (11,846,199)

(9,560,000) (20,141,008) (18,844,955)

(9,440,000) (44,562,100) (24,372,515)

(16,800,000) (87,644,119) (39,741,297)

4,340,398

9,060,932

28,670,491

33,881,832

227,664,153

(1,287,055)

(1,723,657)

(12,805,081)

8,236,112

26,987,536

31,692,176

214,859,071

(2,544,990)

(8,296,166)

(9,670,679)

(57,781,476)

5,570,501

18,691,370

22,021,497

157,077,595

(1,772,367) 2,404,631 (767,344) 1,637,287

(617,319)


BALANCE SHEET CAPITAL EMPLOYED Share capital Share premium Retained earnings IPO proceeds Prop div Shareholders' funds Non-current liabilities Borrowings Deferred tax(assumed to remain constant)

30,000

30,000

30,000

30,000

21,846,363

27,416,864

46,043,881

68,065,378

63,333,333 171,666,667 262,189,017

21,876,363

27,446,864

46,073,881

68,095,378

497,189,018

6,466,981 6,466,981

2,407,642 7,903,770 10,311,412

5,964,861 11,637,593 17,602,454

4,302,245 16,242,674 20,544,919

20,000,000 33,172,551 53,172,551

28,343,344

37,758,276

63,676,335

88,640,297

550,361,568

37,573,522 203,270

40,270,692 203,270

60,095,373 203,270

83,211,415 203,270

37,776,792

40,473,962

60,298,643

83,414,685

213,808,223 2 13,332 213,821,557

3,436,240 5,432,679

4,918,939 7,513,648

6,640,333 6,870,149

46,365,196 19,877,472

1,375,925 2,167,408

6,404,056 938,584

26,732,957 -

32,861,294 93,744

12,412,252

19,775,227

40,243,439

99,197,706

429,182,288

17,031,466 100,000 4,397,484 316,750

22,490,913 -

33,482,615 3,383,132 -

87,153,180 6,818,916

67,651,666

24,990,611

21,845,700

22,490,913

36,865,747

93,972,096

92,642,277

(9,433,448)

(2,715,686)

3,377,692

5,225,610

336,540,011

28,343,344 -

37,758,276 -

63,676,335 -

88,640,296 1

550,361,569 (0)

REPRESENTED BY Non-current assets Property, Plant and equipment Investment in Shares Intangble Assets Current assets Inventories Trade and other receivables VAT receivable Cash and cash equivalents Tax recoverable

Current liabilities Trade and other payables Due to Share holders Due to Directors Current Tax Borrowings

Net current assets

22,015,364 29,248,282 377,918,642

-


CASH FLOW STATEMENT EXTRACTED FROM AUDITED ACCOUNTS Cash generated from operations Profit before tax

2,568,031

Adjustments for: Depreciation on property, plant and equipment 5,433,086 Amortisation of intangible assets Impairment of financial Assets Loan Interest 223,346 Interest Income (Gain) in value of investments (Gain) Loss on disposal of property, plant and equipment 162,960 School fees paid (163,400) Exchange (gain) loss 1,136,410 Unrealised exchange (gain) Loss (15,167) Cash generated from operations before working capital changes Changes in working capital: Inventories Trade and other receivables Trade and other payables VAT payable (recoverable) Due to Share holders Due to Directors Cash generated from operations Interest paid Interest Received Tax paid

8,443,613

27,383,436

32,158,176

214,859,071

5,944,137

10,372,102

15,470,627

22,676,919 13,334

135,218 255,068 (207,500) -

521,032 285,450 (395,900) -

717,558 115,283 (466,000) -

9,345,266

14,570,536

38,166,120

47,995,643

2,277,582 (478,342) 8,858,101

(1,482,699) (2,080,969) 961,963

(1,721,394) 643,499 10,991,702

(39,724,863) (13,007,323) 53,670,565

(231,860) 19,770,747 (223,346) (3,200,183)

Net cash generated from/(used in) operating activities 16,347,218

11,968,831 (135,218) -

-

10,916,689

248,466,013

(5,877,197) 17,404,907 34,980,712 -

-

48,079,927 (521,032)

48,934,022 (717,558)

294,974,435 (10,916,689)

(304,979)

(8,542,474)

(75,102,865)

11,833,613

47,253,916

39,673,990

208,954,881

Purchase of property, plant and equipment (13,456,982) Investment in intangible assets Adjustment to property plant and equipment Proceeds from disposal of property, plant and equipment 390,000

(9,396,375)

(31,332,234)

(40,351,952)

(84,482,018)

Net cash (used in) investing activities

(8,896,375) -

Investing activities

(13,066,982) -

500,000

850,000

(30,482,234) -

1,650,000

(38,701,952) -

(84,482,018)


Financing activities Issue of ordinary share capital Proceeds from borrowings Repayment of borrowings IPO proceeds Dividend paid Net cash (used in) financing activities Increase/(decrease) in cash and cash equivalents Movement in cash and cash equivalents At start of year Increase/(decrease) Effect of exchange rate changes At end of year

2,371,596 (5,594,500)

2,817,054 (726,161)

3,557,219 -

9,990,156 (4,833,857)

60,000,000 (39,963,443) 180,000,000 (20,000,000)

(3,222,904) 57,332 1,303,426 57,332 15,167

2,090,893 5,028,131 1,375,925 5,028,131 -

3,557,219 20,328,901 6,404,056 20,328,901 -

5,156,299 6,128,337 26,732,957 6,128,337 -

180,036,557

1,375,925

6,404,056

26,732,957

32,861,294

-

-

365 10,000 1 6,229 2,273,512 9 20,461,611

365 10,000 62.29% 6,229 2,273,512 11 25,008,635

304,509,421

73,409,221 304,509,421

377,918,642

OPERATING STATISTICS Current Ovens Number of working days Production capacity per oven (loaves) utilisation capacity Loaves produced per day per oven Total production per oven per year Number of ovens Total production of loaves per year New Ovens Production capacity per oven (loaves) utilisation capacity Total number of ovens Total production of loaves per year Total production of loaves per day

10,000 20% 1 730,000

New automated oven Production capacity per oven (loaves) utilisation capacity Total number of ovens Total production of loaves per year Total production per day Total loaves produced per year

365 10,000 20% 2,000 730,000 15 19,441,200

120,000 90% 1 26,244,000 56,059 20,461,611

68,517 25,008,635

127,165 46,415,200


RATIOS PROFITABILITY Gross Profit % Sales growth rate Administrative expenses to total revenue % Other operating expense to total revenue % EBITDA % PBT to revenue Return on owners equity Return on non-current assets Return on total assets

4.41% 4.03%

13% 13.04% 4.15% 4.66%

19.2% 57.05% 5.05% 4.72%

18.1% 54.39% 7.23% 3.95%

25.8% 38.08% 6.36% 2.89%

-0.49% 1.07% 7.48% 4.36% 3.26%

1.23% 3.24% 20.30% 13.83% 9.25%

4.58% 6.76% 40.57% 31.10% 18.59%

2.99% 5.14% 32.34% 26.46% 12.06%

14.88% 15.60% 31.59% 73.47% 24.43%

11%

ACTIVITY

Debtor days Creditior days Inventory days

2 31 2

2 28 4

5 23 5

10 49 36

7 16 7

DPL  

DPL Financial Report

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