Uchumi Supermarket Limited

Ticker code USL Industry Consumer Services Uchumi Supermarkets Limited
Yarrow Road, Off Nanyuki Road
P.O. Box 73167 - 00200
Nairobi, Kenya
ISIN KE0000000489 Sector Food & Drug Retailers
Initial Listing 14 October 2013 Financial Year End 30 June
Website www.uchumicorporate.co.ke Results Released Half-yearly
PERIOD ENDED: 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14
Unit: Kshs 000 Kshs 000 Kshs 000 Kshs 000 Kshs 000
Statement type: Audited Audited Audited Audited Audited
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Revenue
Sales 9,559,682 10,770,961 13,802,191 14,270,598 14,364,844
Income from redemption of loyalty points 49,244 69,767 116,339 98,045 92,843
Cost of sales -7,912,857 -8,943,513 -11,407,227 -11,600,148 -11,643,604
Gross Profit 1,696,069 1,897,215 2,511,303 2,768,495 2,814,083
Change in value of investment properties 130,000 160,721 250,000 480,000 720,000
Other income 307,842 290,840 378,407 430,709 601,803
Total income 2,133,911 2,348,776 3,256,049 3,679,204 4,135,886
Total operating expenses -1,597,161 -1,830,313 -2,711,285 -3,177,240 -3,618,497
Profit from operating activities 536,750 518,463 428,425 501,964 517,389
Finance costs -103,558 -3,630 -25,082 -16,062 -64,640
Profit before tax 433,192 514,833 403,343 485,902 452,749
Income tax expense 431,907 -124,408 -129,366 -128,892 -68,461
Profit for the year 865,099 390,425 273,977 357,010 384,288
Earnings per share
Basic and diluted - KShs 4.81 1.47 1.03 1.35 1.45
Assets
Non-Current Assets 1,959,944 2,607,070 3,347,742 3,848,218 4,634,417
Current Assets 1,193,567 1,397,650 1,594,146 1,725,315 2,250,436
Total Assets 3,153,511 4,004,720 4,941,888 5,574,759 6,884,853
Equity and liabilities
Equity 1,538,933 2,279,165 2,657,810 2,925,412 3,357,314
Share capital 900,000 1,327,133 1,327,133 1,327,133 1,327,133
Reserves 638,933 952,032 1,330,677 1,598,279 2,030,181
Non-Current Liabilities
Term loans 320,140 183,368 80,309 200,000 99,185
Deferred tax 78,185
Current Liabilities 1,294,438 1,542,187 2,203,769 2,449,347 3,350,169
Total Equity and Liabilities 3,153,511.00 4,004,720 4,941,888 5,574,759 6,884,853
NET CASH FLOWS FROM OPERATING ACTIVITIES
Profit before income tax 433,192 514,833 403,343 485,902 452,749
Net cash flows from operations 235,665 258,290 551,859 333,923 -435,408
Net cash used in/generated from operating activities 231,679 247,509 545,554 332,189 -444,216
Net cash used in investing activities -67,967 -316,007 -725,917 -440,050 -115,110
Net cash generated from/used in financing activities -75,664 -131,714 -135,416 115,530 290,640
NET DECREASE IN CASH AND CASH EQUIVALENTS 88,048 -200,212 -315,779 7,669 -268,686
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 128,471 211,268 -5,959 -305,137 -288,569
Effects of exchange rate changes on opening net investment in foreign entities -5,251 -17,015 16,601 8,899 -39,736
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 211,268 -5,959 -305,137 -288,569 -596,991

PERIOD ENDED: 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14 30-Jun-15
Unit: KES '000s KES '000s KES '000s KES '000s KES '000s
Statement type: Audited Audited Audited Audited Audited
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Revenue
Sales 10,770,961 13,802,191 14,270,598 14,364,844 12,888,974
Income from redemption of loyalty points 69,767 116,339 98,045 92,843 65,607
Cost of sales -8,943,513 -11,407,227 -11,600,148 -11,643,604 -10,816,813
Gross Profit 1,897,215 2,511,303 2,768,495 2,814,083 2,137,768
Change in value of investment properties 160,721 250,000 480,000 720,000 100,000
Other income 290,840 378,407 430,709 581,831 450,610
Total income 2,348,776 3,256,049 3,679,204 4,115,914 2,688,378
Operating Expenses
Administration and establishment -1,727,672 -2,572,249 -3,055,665 -3,498,676 -4,668,440
Selling and distribution -102,641 -139,036 -121,575 -119,821 -148,111
Total operating expenses -1,830,313 -2,711,285 -3,177,240 -3,618,497 -4,816,551
Profit/loss from operating activities 518,463 428,425 501,964 497,417 -2,128,173
Provisions and write-offs - - - - -1,049,037
Finance costs -3,630 -25,082 -16,062 -64,640 -335,854
Profit before tax 514,833 403,343 485,902 432,777 -3,513,064
Income tax credit/expense -124,408 -129,366 -128,892 -68,461 91,704
Profit for the year 390,425 273,977 357,010 364,316 -3,421,360
           
Earnings per share
Basic and diluted - KShs 1.47 1.03 1.35 1.37 -10.85

PERIOD ENDED: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Period length: 6 months 6 months 6 months 6 months 6 months
Unit: KES '000s KES '000s KES '000s KES '000s KES '000s
Statement type: Audited Unaudited Audited Unaudited Audited
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Revenue          
Total Net Sales 6,779,932 7,286,101 7,171,587 6,828,197 6,126,384
Cost of sales -5,487,454 -5,834,776 -5,808,828 -5,456,403 -5,360,410
Gross Profit 1,292,478 1,451,324 1,362,759 1,371,794 765,974
Change in value of investment properties 480,000 - 720,000 - 100,000
Other income 217,511 293,529 308,274 225,526 225,084
1,989,989 1,744,853 2,371,061 1,597,320 1,091,058
Operating Expenses -1,630,095 -1,611,768 -2,006,729 -1,799,676 -3,016,875
           
Profit from operating activities 359,894 133,085 364,332 -202,357 -1,925,816
Finance costs -5,926 -26,156 -38,484 -60,001 -1,324,890
Profit before tax 353,968 106,929 325,848 -262,357 -3,250,707
Earnings per share
Basic and diluted - KShs 1.33 0.4 1.22 -0.72 -10.13

PERIOD ENDED: 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14 30-Jun-15
Unit: KES '000s KES '000s KES '000s KES '000s KES '000s
Statement type: Audited Audited Audited Restated Audited
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Assets          
Non-Current Assets 2,607,070 3,347,742 3,848,218 4,964,848 4,524,959
Property, plant and equipment 1,438,734 2,114,777 2,255,442 2,733,101 2,155,957
Investment properties 750,000 1,000,000 1,480,000 2,200,000 2,300,000
Intangible assets 17,193 15,899 21,707 12,546 7,827
Prepaid operating lease rentals 20,013 19,738 19,470 19,201 18,932
Deferred tax asset 381,130 197,328 71,599 - 42,243
Current Assets 1,397,650 1,594,146 1,725,315 1,953,999 1,777,287
Property, plant and equipment - - - - 408,583
Intangible assets - - - - 190
Inventories 838,891 1,067,959 1,185,065 1,333,218 923,007
Trade and other receivables 329,095 388,424 435,791 372,698 307,374
Tax recoverable 2,356 5,300 1,226 4,938 3,457
Short-term deposits 73,033 33,033 - - -
Bank and cash balances 154,275 99,430 104,459 243,145 134,676
Total Assets 4,004,720 4,941,888 5,574,759 6,918,847 6,302,246
Equity and liabilities          
Equity 2,279,165 2,657,810 2,925,412 3,337,342 739,355
Share capital 1,327,133 1,327,133 1,327,133 1,327,133 1,824,808
Reserves 952,032 1,330,677 1,598,279 2,010,209 -1,085,453
Non-Current Liabilities 183,368 80,309 200,000 177,370 382,944
Term loans 183,368 80,309 200,000 99,185 -
Deferred tax 78,185 -
Obligation under finance lease 382,944
Current Liabilities 1,542,187 2,203,769 2,449,347 3,404,135 5,179,947
Trade and other payables 1,110,984 1,631,350 1,845,793 2,567,233 3,859,318
Obligation under finance lease 565,732
Deferred revenue 47,688 17,097 12,264 26,105 29,861
Tax payable 2,263 - 1,899 1,191 19,699
Amounts due to related parties 10,785 12,879 16,054 - -
Debenture loans - - - - -
Term loans 137,200 104,843 180,309 716,032 266,032
Bank overdraft 233,267 437,600 393,028 93,574 439,305
Total Equity and Liabilities 4,004,720 4,941,888 5,574,759 6,918,847 6,302,246

PERIOD ENDED: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Unit: KES '000s KES '000s KES '000s KES '000s KES '000s
Statement type: Audited Unaudited Restated Unaudited Audited
View original statement: Download Download Download Download Download
Assets          
Non-Current Assets 3,848,218 3,924,756 4,964,848 4,474,540 4,524,959
Property, plant and equipment 2,255,442 2,337,195 2,733,101 2,246,966 2,155,957
Investment properties 1,480,000 1,480,000 2,200,000 2,200,000 2,300,000
Intangible assets 21,707 16,627 12,546 8,507 7,827
Prepaid operating lease rentals 19,470 19,335 19,201 19,067 18,932
Deferred tax asset 71,599 71,599 - - 42,243
Current Assets 1,725,315 2,167,423 1,953,999 3,520,004 1,777,287
Property, plant and equipment - - - - 408,583
Intangible assets - - - - 190
Inventories 1,185,065 1,521,564 1,333,218 1,798,816 923,007
Trade and other receivables 435,791 483,317 372,698 943,438 307,374
Tax recoverable - 2,339 4,938 9,841 3,457
Short-term deposits - - - - -
Bank and cash balances 104,459 160,203 243,145 767,909 134,676
Total Assets 5,573,533 6,092,179 6,918,847 7,994,544 6,302,246
Equity and liabilities          
Equity 2,925,412 3,032,341 3,337,342 3,990,772 739,355
Share capital 1,327,133 1,327,133 1,327,133 2,222,948 1,824,808
Reserves 1,598,279 1,705,208 2,010,209 1,767,824 -1,085,453
Non-Current Liabilities 200,000 200,000 177,370 177,370 382,944
Term loans 200,000 200,000 99,185 99,185 -
Deferred tax - - 78,185 78,185 -
Obligation under finance lease - - - - 382,944
Current Liabilities 2,448,121 2,859,838 3,404,135 3,826,402 5,179,947
Trade and other payables 1,845,793 1,983,019 2,567,233 2,814,529 3,859,318
Obligation under finance lease - - - - 565,732
Deferred revenue 12,264 11,587 26,105 28,304 29,861
Tax payable 673 - 1,191 - 19,699
Amounts due to related parties 16,054 - - - -
Debenture loans - - - - -
Term loans 180,309 83,394 716,032 518,384 266,032
Bank overdraft 393,028 781,838 93,574 465,185 439,305
Total Equity and Liabilities 5,573,533 6,092,179 6,918,847 7,994,544 6,302,246

PERIOD ENDED: 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14 30-Jun-15
Unit: KES '000s KES '000s KES '000s KES '000s KES '000s
Statement type: Audited Audited Audited Restated Audited
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NET CASH FLOWS FROM OPERATING ACTIVITIES
Profit before income tax 514,833 403,343 485,902 432,777 -3,513,064
Adjustments for:
Depreciation of property, plant and equipment 79,069 190,802 275,510 330,657 304,065
Change in fair value of investment properties -160,721 -250,000 -480,000 -720,000 -100,000
Amortisation of prepaid operating lease rentals 271 275 268 269 269
Amortisation of intangible asset 14,371 13,995 8,019 9,342 8,618
Finance expense 64,640 335,854
Interest received -5,314 -8,222 -3,050 - -5,538
Profit on disposal of property, plant and equipment -840 -1,806 -1,038 - -
Operating profit before working capital changes 441,669 348,387 285,611 117,685 -2,969,796
Increase in trade and other receivables -69,987 -59,329 -47,367 -39,157 65,324
Increase in amounts due to related parties -3,648 2,094 3,175 -16,054 -
Increase in inventories -129,501 -229,068 -117,306 -144,815 410,211
Increase in trade and other payables 19,849 520,366 214,443 726,786 1,292,085
Decrease in deferred revenue -92 -30,591 -4,833 11,569 3,756
Net cash flows from operations 258,290 551,859 333,923 656,015 -1,198,421
Interest received 8,222 3,050 - 5,538
Income tax paid -10,781 -14,527 -4,784 -8,808 -9,280
Net cash used in/generated from operating activities 247,509 545,554 332,189 647,207 -1,202,163
           
INVESTING ACTIVITIES
Purchase of property, plant and equipment -300,073 -715,542 -427,237 -465,513 -193,176
Proceeds from disposalof property and equipment 1,307 2,288 1,038
Additions to investment properties -9,279 - - - -
Purchase of intangible asset -7,962 -12,663 -13,851 - -3,993
Net cash used in investing activities -316,007 -725,917 -440,050 -465,513 -197,169
           
FINANCING ACTIVITIES
Finance cost - - - -64,640 -335,854
Proceeds from sale and lease back - - - - 1,097,661
Repayment of lease obligations - - - - -148,985
Proceeds from rights issue - - - - 895,815
Rights issue expenses - - - - -117,098
Payment of dividends - - -79,627 -79,627 -79,627
Receipt/Repayments of long term borrowing -131,714 -135,416 195,157 434,907 -549,185
Net cash generated from/used in financing activities -131,714 -135,416 115,530 290,640 762,727
           
NET DECREASE IN CASH AND CASH EQUIVALENTS -200,212 -315,779 7,669 472,334 -636,605
           
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 211,268 -5,959 -305,137 -288,569 149,571
Effects of exchange rate changes on opening net investment in foreign entities -17,015 16,601 8,899 -34,194 182,405
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR -5,959 -305,137 -288,569 149,571 -304,629

 PERIOD ENDED: 31-Dec-12 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14
 Unit: Kshs 000 Kshs 000 Kshs 000 Kshs 000 Kshs 000
 Statement type: Unaudited Audited Unaudited Audited Unaudited
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NET CASH FLOWS FROM OPERATING ACTIVITIES
Net cash flows from operations 256,963 76,960 -4,707 -430,701 233,230
Interest received - 3,050 - - -
Income tax paid -1,347 -3,437 -2,980 -5,828 -6,107
Net cash used in/generated from operating activities 255,616 76,573 -7,687 -436,529 227,123
INVESTING ACTIVITIES
Purchase of property, plant and equipment -224,372 -202,865 -226,499 -239,014 -100,891
Proceeds from disposal of property and equipment - 1,038 - 350403 146618
Additions to investment properties - - - - -
Purchase of intangible asset - -13,851 - - -
Net cash used in investing activities -224,372 -215,678 -226,499 111,389 47,727
FINANCING ACTIVITIES
Finance cost - -  - -64,640 -60,001
Payment of dividends - -79,627 - -79,627  -
Receipt/Repayments of long term borrowing -51,205 246,362 -96,915 531,822 -197,648
Proceeds from Rights issue  -  -  -  - 895,815
Net cash generated from/used in financing activities -51,205 166,735 -96,915 387,555 638,166
           
NET DECREASE IN CASH AND CASH EQUIVALENTS -19,961 27,630 -331,101 62,415 913,016