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Kengen FY16
Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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Dividend wasn't issued as the company retained the money to cover for the deficit in the rights issue. Performance was 92% and the deficit amount was sh.2,300,429,358. Watu wa dividend wangoje nyama next year. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 4/4/2016 Posts: 1,996 Location: Kitale
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Ericsson wrote:@Ebenyo
Before the rights issue the total number of Kengen shares was 2,198,361,456.
The total number of shares issued during the rights issue was 4,396,722,912.
The rights issue attained a performance of 92% which translates to 4,045,512,323.
The outstanding shares we have now is 6,243,873,779.
where do we shareholders get the official figures? can u pliz give a link.Kengen website doesnt have anything.The figure you are quoting above are the ones i had for FY 15? im now confused.I made my calculations for Fy 15 based on total shares issued 6243873667.Now im calculating fy 16 but im not clear with total shares issued. Towards the goal of financial freedom
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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@Ebenyo Wacha kelele mingi. Divide the outstanding number of shares with the just released profit after tax for the year ending June 30 2016 and see if you wil get EPS of 1.08 Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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moneydust wrote:sparkly wrote:mkate_nusu wrote:Ebenyo wrote:Pesa Nane wrote:NIL dividends  pesa nane,are u sure? i hear investor briefing on friday.Will announce dividend their. Ebenyo results are already out: investor briefing is just for PR and answering any questions from reporters. here is the signed transcript of the results DividendIn view of pipeline of projects enumerated above, the Board of Directors does not recommend payment of dividends for the year. We take this opportunity to thank the shareholders, the Government of Kenya, County Governments, Business Partners and other stakeholders for their unwavering support which has enabled KenGen to provide clean, affordable energy for the nation and enabled us to realize impressive growth in the current year. BY ORDER OF THE BOARD ENG. ALBERT MUGO, MBS MANAGING DIRECTOR & CEO 19 October 2016 Stupid CEO he will be the next to go after Ngunze. Ordinary shareholders must be ready to speak out against such incompetent managers!!! This year's AGM I must attend. They will see fire. We have a bunch of Directors who do not own shares in Kengen but deal with Kengen resources like CDF money. Life is short. Live passionately.
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Rank: Elder Joined: 12/7/2012 Posts: 11,901
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sparkly wrote:moneydust wrote:sparkly wrote:mkate_nusu wrote:Ebenyo wrote:Pesa Nane wrote:NIL dividends pesa nane,are u sure? i hear investor briefing on friday.Will announce dividend their. Ebenyo results are already out: investor briefing is just for PR and answering any questions from reporters. here is the signed transcript of the results DividendIn view of pipeline of projects enumerated above, the Board of Directors does not recommend payment of dividends for the year. We take this opportunity to thank the shareholders, the Government of Kenya, County Governments, Business Partners and other stakeholders for their unwavering support which has enabled KenGen to provide clean, affordable energy for the nation and enabled us to realize impressive growth in the current year. BY ORDER OF THE BOARD ENG. ALBERT MUGO, MBS MANAGING DIRECTOR & CEO 19 October 2016 Stupid CEO he will be the next to go after Ngunze. Ordinary shareholders must be ready to speak out against such incompetent managers!!! This year's AGM I must attend. They will see fire. We have a bunch of Directors who do not own shares in Kengen but deal with Kengen resources like CDF money. In coming Nairobi Women Rep ...... whose interests you know. Kula nyama  In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Ericsson wrote:Dividend wasn't issued as the company retained the money to cover for the deficit in the rights issue.
Performance was 92% and the deficit amount was sh.2,300,429,358.
Watu wa dividend wangoje nyama next year. Hakuna hio. The minimum success level was 65%. Our money is going to finance campaigns. This is the only way to thieve since donor/ development institution monies are paid directly to the service / goods supplier. Life is short. Live passionately.
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Angelica _ann wrote:sparkly wrote:moneydust wrote:sparkly wrote:mkate_nusu wrote:Ebenyo wrote:Pesa Nane wrote:NIL dividends pesa nane,are u sure? i hear investor briefing on friday.Will announce dividend their. Ebenyo results are already out: investor briefing is just for PR and answering any questions from reporters. here is the signed transcript of the results DividendIn view of pipeline of projects enumerated above, the Board of Directors does not recommend payment of dividends for the year. We take this opportunity to thank the shareholders, the Government of Kenya, County Governments, Business Partners and other stakeholders for their unwavering support which has enabled KenGen to provide clean, affordable energy for the nation and enabled us to realize impressive growth in the current year. BY ORDER OF THE BOARD ENG. ALBERT MUGO, MBS MANAGING DIRECTOR & CEO 19 October 2016 Stupid CEO he will be the next to go after Ngunze. Ordinary shareholders must be ready to speak out against such incompetent managers!!! This year's AGM I must attend. They will see fire. We have a bunch of Directors who do not own shares in Kengen but deal with Kengen resources like CDF money. In coming Nairobi Women Rep ...... whose interests you know. Kula nyama Word...anakula nyama mkimeza mate. possunt quia posse videntur
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Rank: Elder Joined: 7/21/2010 Posts: 6,175 Location: nairobi
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maka wrote:Angelica _ann wrote:sparkly wrote:moneydust wrote:sparkly wrote:mkate_nusu wrote:Ebenyo wrote:Pesa Nane wrote:NIL dividends pesa nane,are u sure? i hear investor briefing on friday.Will announce dividend their. Ebenyo results are already out: investor briefing is just for PR and answering any questions from reporters. here is the signed transcript of the results DividendIn view of pipeline of projects enumerated above, the Board of Directors does not recommend payment of dividends for the year. We take this opportunity to thank the shareholders, the Government of Kenya, County Governments, Business Partners and other stakeholders for their unwavering support which has enabled KenGen to provide clean, affordable energy for the nation and enabled us to realize impressive growth in the current year. BY ORDER OF THE BOARD ENG. ALBERT MUGO, MBS MANAGING DIRECTOR & CEO 19 October 2016 Stupid CEO he will be the next to go after Ngunze. Ordinary shareholders must be ready to speak out against such incompetent managers!!! This year's AGM I must attend. They will see fire. We have a bunch of Directors who do not own shares in Kengen but deal with Kengen resources like CDF money. In coming Nairobi Women Rep ...... whose interests you know. Kula nyama Word...anakula nyama mkimeza mate. Exercise in futility this is a government owned company and you know how efficiently government works, your noise will be like a frog in a river where cow's have gathered to drink water "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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@Sparkly Hiyo ndio reason utapewa then told ngoja next year for good divivends. Next year dividends utapata cheque in January 2018 @Angelica _ann Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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@Angelica _ann ""In coming Nairobi Women Rep ...... whose interests you know. Kula nyama smile "" Anaitwa Millicent Omanga Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/7/2012 Posts: 11,901
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KQ started like this. Promise after promise..... In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 6/23/2009 Posts: 13,475 Location: nairobi
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Angelica _ann wrote:KQ started like this. Promise after promise..... 
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Member Joined: 2/20/2015 Posts: 465 Location: Nairobi
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Financial types, please explain below:
"Compensating tax of Kshs.2,431 million is a provision that arose from payment of dividends of Kshs.5,735 million paid to the government during the year in accordance with section 7A(5) of the Income Tax Act Cap 470."
Did the GOK get paid 5.735 Billion? Can't be because total dividends last year wasn't even half of that amount. The Govt already gets 30% corporate tax, why another 43%? Any other NSE company paying compensation tax?
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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kawi254 wrote:Financial types, please explain below:
"Compensating tax of Kshs.2,431 million is a provision that arose from payment of dividends of Kshs.5,735 million paid to the government during the year in accordance with section 7A(5) of the Income Tax Act Cap 470."
Did the GOK get paid 5.735 Billion? Can't be because total dividends last year wasn't even half of that amount. The Govt already gets 30% corporate tax, why another 43%? Any other NSE company paying compensation tax? Compensating tax was done away with from 2015. Why is the GOK being paid dividend of 5B and other shareholders not receiving anything? When they converted the GOK loan to equity, did they declare a dividend in specie to GOK? Even then, maximum WHT would have been 5%, that is if GOK is not exempt from tax. Either a massive fraud going on or the auditors/ tax advisors have no idea. Life is short. Live passionately.
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Rank: Veteran Joined: 4/4/2016 Posts: 1,996 Location: Kitale
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Kengen initially wanted to raise kshs 28.8 bilion to finance: 1.140MW olkaria V 2.80MW meru wind phase 1 3.10MW ngong wind phase 2 Rights issue raised kshs 6.3 billion only. Instead of gava giving 20.2 bilion in cash,it opted to convert its debts to kengen into equity.This brought a deficit of kshs 22.5 billion.With the results released,they now have 6.4 bilion more.In total they now have kshs 12.7 billion.They still have a deficit of kshs 16.1 billion. My questions to the MD: 1.How does the board intend to fill the deficit without subjecting shareholders to prolonged dividend drought? 2.Whats the use of kshs 136 billion in retained earnings and reserves? Towards the goal of financial freedom
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Rank: Elder Joined: 7/21/2010 Posts: 6,175 Location: nairobi
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Ebenyo wrote:Kengen initially wanted to raise kshs 28.8 bilion to finance:
1.140MW olkaria V
2.80MW meru wind phase 1
3.10MW ngong wind phase 2
Rights issue raised kshs 6.3 billion only.
Instead of gava giving 20.2 bilion in cash,it opted to convert its debts to kengen into equity.This brought a deficit of kshs 22.5 billion.With the results released,they now have 6.4 bilion more.In total they now have kshs 12.7 billion.They still have a deficit of kshs 16.1 billion.
My questions to the MD:
1.How does the board intend to fill the deficit without subjecting shareholders to prolonged dividend drought?
2.Whats the use of kshs 136 billion in retained earnings and reserves?
can you really borrow or do a rights when you have that magnitude of cash reserves the answer is NO unless you are stupid "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Veteran Joined: 4/4/2016 Posts: 1,996 Location: Kitale
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mlennyma wrote:Ebenyo wrote:Kengen initially wanted to raise kshs 28.8 bilion to finance:
1.140MW olkaria V
2.80MW meru wind phase 1
3.10MW ngong wind phase 2
Rights issue raised kshs 6.3 billion only.
Instead of gava giving 20.2 bilion in cash,it opted to convert its debts to kengen into equity.This brought a deficit of kshs 22.5 billion.With the results released,they now have 6.4 bilion more.In total they now have kshs 12.7 billion.They still have a deficit of kshs 16.1 billion.
My questions to the MD:
1.How does the board intend to fill the deficit without subjecting shareholders to prolonged dividend drought?
2.Whats the use of kshs 136 billion in retained earnings and reserves?
can you really borrow or do a rights when you have that magnitude of cash reserves the answer is NO unless you are stupid Im also wondering.Condensed statement of financial position of the company as at 30th june 2016,in the results released on wednesday,indicates the company has retained earnings and reserves of kshs 136,077,000,000. Net assets of kshs 367,249,000,000. If its true these retained earnings does not exist,then shareholders will stay without dividends for the next three years. Towards the goal of financial freedom
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Ebenyo wrote:Kengen initially wanted to raise kshs 28.8 bilion to finance:
1.140MW olkaria V
2.80MW meru wind phase 1
3.10MW ngong wind phase 2
Rights issue raised kshs 6.3 billion only.
Instead of gava giving 20.2 bilion in cash,it opted to convert its debts to kengen into equity.This brought a deficit of kshs 22.5 billion.With the results released,they now have 6.4 bilion more.In total they now have kshs 12.7 billion.They still have a deficit of kshs 16.1 billion.
My questions to the MD:
1.How does the board intend to fill the deficit without subjecting shareholders to prolonged dividend drought?
2.Whats the use of kshs 136 billion in retained earnings and reserves?
Rights was to improve the Debt:Equity ratios for them to borrow more debts from the International development organisations. GOK converting loans to equity did not result in any cash inflows. Only the 6.3B from other shareholders resulted in cash inflows. Life is short. Live passionately.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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mlennyma wrote:Ebenyo wrote:Kengen initially wanted to raise kshs 28.8 bilion to finance:
1.140MW olkaria V
2.80MW meru wind phase 1
3.10MW ngong wind phase 2
Rights issue raised kshs 6.3 billion only.
Instead of gava giving 20.2 bilion in cash,it opted to convert its debts to kengen into equity.This brought a deficit of kshs 22.5 billion.With the results released,they now have 6.4 bilion more.In total they now have kshs 12.7 billion.They still have a deficit of kshs 16.1 billion.
My questions to the MD:
1.How does the board intend to fill the deficit without subjecting shareholders to prolonged dividend drought?
2.Whats the use of kshs 136 billion in retained earnings and reserves?
can you really borrow or do a rights when you have that magnitude of cash reserves the answer is NO unless you are stupid Reserves are not necessarily in cash. For cash see the cashflow statement. Kengen revalued properties just before the rights hence the high reserves. I did raise eyebrows when they revalued the power plants UPWARDS and reported gains. Life is short. Live passionately.
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Rank: Elder Joined: 7/21/2010 Posts: 6,175 Location: nairobi
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sparkly wrote:mlennyma wrote:Ebenyo wrote:Kengen initially wanted to raise kshs 28.8 bilion to finance:
1.140MW olkaria V
2.80MW meru wind phase 1
3.10MW ngong wind phase 2
Rights issue raised kshs 6.3 billion only.
Instead of gava giving 20.2 bilion in cash,it opted to convert its debts to kengen into equity.This brought a deficit of kshs 22.5 billion.With the results released,they now have 6.4 bilion more.In total they now have kshs 12.7 billion.They still have a deficit of kshs 16.1 billion.
My questions to the MD:
1.How does the board intend to fill the deficit without subjecting shareholders to prolonged dividend drought?
2.Whats the use of kshs 136 billion in retained earnings and reserves?
can you really borrow or do a rights when you have that magnitude of cash reserves the answer is NO unless you are stupid Reserves are not necessarily in cash. For cash see the cashflow statement. Kengen revalued properties just before the rights hence the high reserves. I did raise eyebrows when they revalued the power plants UPWARDS and reported gains. retained earnings means cash or ?? "Don't let the fear of losing be greater than the excitement of winning."
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