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KENGEN FY18
VituVingiSana
#41 Posted : Monday, November 26, 2018 11:07:13 PM
Rank: Chief


Joined: 1/3/2007
Posts: 15,061
Location: Nairobi
KenGen tax bill on 2016 dividend pay hits Sh3.3bn https://www.businessdail...4488-8wn1rqz/index.html >>> “No provision has been made with regards to penalty and interest estimated to be Sh963.3 million as at June 30, 2018,” the company says in its annual report.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#42 Posted : Tuesday, November 27, 2018 2:40:16 AM
Rank: Elder


Joined: 12/4/2009
Posts: 5,875
Location: NAIROBI
VituVingiSana wrote:
KenGen tax bill on 2016 dividend pay hits Sh3.3bn https://www.businessdail...4488-8wn1rqz/index.html >>> “No provision has been made with regards to penalty and interest estimated to be Sh963.3 million as at June 30, 2018,” the company says in its annual report.


"KenGen did not provide for the penalty and interest in its financial statements in the review period, arguing that it is lobbying the government to rescind the claim including the original principal tax."
Ericsson
#43 Posted : Tuesday, December 04, 2018 8:02:11 AM
Rank: Elder


Joined: 12/4/2009
Posts: 5,875
Location: NAIROBI
https://www.businessdail...9620-x0obayz/index.html

Kenya is set to break ground for a geothermal plant Tuesday in the latest effort to raise its stock of green energy.
KENGEN is expected to break ground for the 83MW Olkaria 1 Unit 6 Geothermal power plant in Naivasha, a project to be completed by 2021.
Ericsson
#44 Posted : Tuesday, December 04, 2018 9:07:18 PM
Rank: Elder


Joined: 12/4/2009
Posts: 5,875
Location: NAIROBI
Ericsson wrote:
https://www.businessdailyafrica.com/news/KenGen-set-to-break-ground-for-geothermal-plant/539546-4879620-x0obayz/index.html

Kenya is set to break ground for a geothermal plant Tuesday in the latest effort to raise its stock of green energy.
KENGEN is expected to break ground for the 83MW Olkaria 1 Unit 6 Geothermal power plant in Naivasha, a project to be completed by 2021.


The project will be financed through the balance of funds saved after completion of 280MW Olkaria geothermal project under JICA and the European Investment bank facilities
VituVingiSana
#45 Posted : Wednesday, December 05, 2018 10:07:45 AM
Rank: Chief


Joined: 1/3/2007
Posts: 15,061
Location: Nairobi
https://www.the-star.co....h300m-facelift_c1860889

President Uhuru Kenyatta yesterday directed the management of KenGen to set aside Sh300m for modernising Naivasha Subcounty Hospital.

He also directed Kengen to facilitate several infrastructure projects in the side near the lake.

>>> Why stop there?
Have KenGen re-build and maintain the road from Mai Mahiu to Naivasha Town to Olkaria.
Rebuild and maintain schools in the area.
Rebuild and maintain the water supply system for Naivasha sub-county.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
tom_boy
#46 Posted : Wednesday, December 05, 2018 10:10:03 AM
Rank: Member


Joined: 2/20/2007
Posts: 463
VituVingiSana wrote:
https://www.the-star.co....h300m-facelift_c1860889

President Uhuru Kenyatta yesterday directed the management of KenGen to set aside Sh300m for modernising Naivasha Subcounty Hospital.

He also directed Kengen to facilitate several infrastructure projects in the side near the lake.

>>> Why stop there?
Have KenGen re-build and maintain the road from Mai Mahiu to Naivasha Town to Olkaria.
Rebuild and maintain schools in the area.
Rebuild and maintain the water supply system for Naivasha sub-county.


Hapo ndipo kumira kumira imetufikisha. Pure idiocy.
They must find it difficult....... those who have taken authority as the truth, rather than truth as the authority. -G. Massey.
Angelica _ann
#47 Posted : Wednesday, December 05, 2018 10:33:14 AM
Rank: Elder


Joined: 12/7/2012
Posts: 9,709
tom_boy wrote:
VituVingiSana wrote:
https://www.the-star.co....h300m-facelift_c1860889

President Uhuru Kenyatta yesterday directed the management of KenGen to set aside Sh300m for modernising Naivasha Subcounty Hospital.

He also directed Kengen to facilitate several infrastructure projects in the side near the lake.

>>> Why stop there?
Have KenGen re-build and maintain the road from Mai Mahiu to Naivasha Town to Olkaria.
Rebuild and maintain schools in the area.
Rebuild and maintain the water supply system for Naivasha sub-county.


Hapo ndipo kumira kumira imetufikisha. Pure idiocy.



Social responsibility Laughing out loudly Laughing out loudly Laughing out loudly
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
kawi254
#48 Posted : Wednesday, December 05, 2018 10:37:59 AM
Rank: Member


Joined: 2/20/2015
Posts: 265
Location: Nairobi
Angelica _ann wrote:
tom_boy wrote:
VituVingiSana wrote:
https://www.the-star.co....h300m-facelift_c1860889

President Uhuru Kenyatta yesterday directed the management of KenGen to set aside Sh300m for modernising Naivasha Subcounty Hospital.

He also directed Kengen to facilitate several infrastructure projects in the side near the lake.

>>> Why stop there?
Have KenGen re-build and maintain the road from Mai Mahiu to Naivasha Town to Olkaria.
Rebuild and maintain schools in the area.
Rebuild and maintain the water supply system for Naivasha sub-county.


Hapo ndipo kumira kumira imetufikisha. Pure idiocy.



Social responsibility Laughing out loudly Laughing out loudly Laughing out loudly


Now i agree with the "stay away from GoK firms" advice
Ericsson
#49 Posted : Wednesday, December 05, 2018 10:43:46 AM
Rank: Elder


Joined: 12/4/2009
Posts: 5,875
Location: NAIROBI
VituVingiSana wrote:
https://www.the-star.co....h300m-facelift_c1860889

President Uhuru Kenyatta yesterday directed the management of KenGen to set aside Sh300m for modernising Naivasha Subcounty Hospital.

He also directed Kengen to facilitate several infrastructure projects in the side near the lake.

>>> Why stop there?
Have KenGen re-build and maintain the road from Mai Mahiu to Naivasha Town to Olkaria.
Rebuild and maintain schools in the area.
Rebuild and maintain the water supply system for Naivasha sub-county.


Those are roadside declarations.
Let's wait and see actual implementation.
ksh.300mn is pocket change to a firm the size of KENGEN
Angelica _ann
#50 Posted : Wednesday, December 05, 2018 10:48:24 AM
Rank: Elder


Joined: 12/7/2012
Posts: 9,709
Ericsson wrote:
VituVingiSana wrote:
https://www.the-star.co....h300m-facelift_c1860889

President Uhuru Kenyatta yesterday directed the management of KenGen to set aside Sh300m for modernising Naivasha Subcounty Hospital.

He also directed Kengen to facilitate several infrastructure projects in the side near the lake.

>>> Why stop there?
Have KenGen re-build and maintain the road from Mai Mahiu to Naivasha Town to Olkaria.
Rebuild and maintain schools in the area.
Rebuild and maintain the water supply system for Naivasha sub-county.


Those are roadside declarations.
Let's wait and see actual implementation.
ksh.300mn is pocket change to a firm the size of KENGEN


KENGEN can also do this in partnership with other firms whom they work with closely.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
Ericsson
#51 Posted : Wednesday, December 05, 2018 10:52:25 AM
Rank: Elder


Joined: 12/4/2009
Posts: 5,875
Location: NAIROBI
Angelica _ann wrote:
Ericsson wrote:
VituVingiSana wrote:
https://www.the-star.co....h300m-facelift_c1860889

President Uhuru Kenyatta yesterday directed the management of KenGen to set aside Sh300m for modernising Naivasha Subcounty Hospital.

He also directed Kengen to facilitate several infrastructure projects in the side near the lake.

>>> Why stop there?
Have KenGen re-build and maintain the road from Mai Mahiu to Naivasha Town to Olkaria.
Rebuild and maintain schools in the area.
Rebuild and maintain the water supply system for Naivasha sub-county.


Those are roadside declarations.
Let's wait and see actual implementation.
ksh.300mn is pocket change to a firm the size of KENGEN


KENGEN can also do this in partnership with other firms whom they work with closely.

Applause Applause Applause
Ebenyo
#52 Posted : Wednesday, December 05, 2018 12:00:00 PM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,431
Location: Kitale
VituVingiSana wrote:
https://www.the-star.co....h300m-facelift_c1860889

President Uhuru Kenyatta yesterday directed the management of KenGen to set aside Sh300m for modernising Naivasha Subcounty Hospital.

He also directed Kengen to facilitate several infrastructure projects in the side near the lake.

>>> Why stop there?
Have KenGen re-build and maintain the road from Mai Mahiu to Naivasha Town to Olkaria.
Rebuild and maintain schools in the area.
Rebuild and maintain the water supply system for Naivasha sub-county.



Kengen-Uhuru uses it the way he wants.
Kplc-Husler uses it the way he wants.
Gok cant create value in its firms.
Towards the goal of financial freedom
Ebenyo
#53 Posted : Wednesday, December 05, 2018 12:10:16 PM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,431
Location: Kitale
kawi254 wrote:
Angelica _ann wrote:
tom_boy wrote:
VituVingiSana wrote:
https://www.the-star.co....h300m-facelift_c1860889

President Uhuru Kenyatta yesterday directed the management of KenGen to set aside Sh300m for modernising Naivasha Subcounty Hospital.

He also directed Kengen to facilitate several infrastructure projects in the side near the lake.

>>> Why stop there?
Have KenGen re-build and maintain the road from Mai Mahiu to Naivasha Town to Olkaria.
Rebuild and maintain schools in the area.
Rebuild and maintain the water supply system for Naivasha sub-county.


Hapo ndipo kumira kumira imetufikisha. Pure idiocy.



Social responsibility Laughing out loudly Laughing out loudly Laughing out loudly


Now i agree with the "stay away from GoK firms" advice


I now also agree.However,the toughest challenge in NSE is to create a well diversified portfolio.Safaricom,kcb,kplc,kenre,kengen,mumias,kq,eapc and uchumi are all GOK owned albeit with variance in percentage.If you choose to ignore GOK completely,diversification will be challenging.
You may ignore all but safaricom and kcb.
Take solace that gok owns 35% only in safaricom.
Then they own 17% only in kcb.This with being alert for anything that may crop.
Towards the goal of financial freedom
kawi254
#54 Posted : Tuesday, December 11, 2018 7:37:19 PM
Rank: Member


Joined: 2/20/2015
Posts: 265
Location: Nairobi
Attended KenGen 2018 AGM. My first NSE company AGM. Below are bits and pieces i picked from a part of the Q&A session

The scrip dividend consideration for 2019 mentioned by the Finance Manager caught my attention. I believe in 2019 KenGen will complete Olkaria 5 and get tax rebates for which they can't give dividends lest they get hit with compensating tax .
They will probably offer shareholder a scrip dividend - You take the cash and get hit with compensating tax on your dividends. You re-invest the scrip dividend you don't get hit with compensating tax.

Goodies:

• Early birds got a KenGen branded bag & an umbrella. Lunch box (Aquamist 500ml water, Afia juice 500ml, Soda 500ml, piece of chicken, croissant, piece of cake, delamere 100ml yoghurt, a boiled egg, ham sandwich)
• Later comers missed out on branded bag and umbrella and during Q&A a lot of shareholders complained on missing out on these queried if KenGen knew number of shareholders why did they not provide enough bags & umbrella. The chair explained that the tender was reserved for Women, youth and disabled and it seems the tender(preneur) lacked capacity. With 200,000 shareholders i wonder how much the budget for such freebies eat into companies revenue and if shareholders relate the low dividend to the large freebie expense. Some shareholder asked if there is corruption on tender for ~200K bags& umbrellas and deliver few and pocket difference.
• A shareholder opined that it makes no sense to travel from Meru to Nairobi to get a lunch box worth KES 200/=. She said most shareholders no longer take soda and don't want the soda's (Average Kengen shareholder is very old and most probably suffering from diabetes). Rather than a lunch box the shareholder wants a 1,000/= Tuskys voucher. Lot of Applause for that suggestion. She asked KenGen to stop fooling shareholders with soda & food after a whole year of waiting.




Dividends:
• Lots of shareholders bitter with the 40cts/share dividend.
 One shareholder recommended dividend to be in shillings and not cents. The last time He saw a cent was in colonial times and it was coin with a hole in the middle.
 Another shareholder asked where the board takes all the money and queried why they can't offer bonus & more dividend based on the large amount of retained earnings.
 Chami asked when(what year) EPS will reach KES 2.00/=
• The chair clarified that dividend is not 40cts but 2.6 Billion. The KenGen's board dividend policy is 1/3 of earnings to dividends, 1/3 Tax & 1/3 re-investment.
• Shareholders requesting for ~79B retained earnings to be distributed as bonus & dividends were informed that power generation is capital intensive and for every project relying on loans e.g Olkaria 5 costing 40B Kengen has to put in 15%. The Finance manager said that in 2019 they may consider a scrip dividend



Financials:
• Shareholder asked if there is a risk of KenGen being taken over by lenders over the 100B loan borrowings. The CEO answered KenGen is a responsible borrower, has never defaulted on any of it's loans and all loans are long-term concessional low interest loans. CEO also emphasized KenGen's maintains a 70:30 loan:equity ratio.
• A shareholder sought to know why the amount of Hydro & Wind energy earnings reduced. CEO answered the 2017 drought was only bettered by the 2009 drought hence low hydrology but this was counterbalanced by increased geothermal generation. Wind energy depends on the wind speeds and some wind turbines were off for maintenance.
• A shareholder sought to know why the share price has been dropping. CEO answered that the market is bearish but KenGen's fundamentals are strong.




KPLC:
• Most shareholders worried of health of KenGen based on recent media reports on poor financial state of off-taker KPLC
• P.S Energy gave currently owed amount by KPLC as on 11.12.2018 as 15B and Finance director clarified that of the 15B; 6B is due. KenGen's invoices KPLC ~5B/month. Since June 31 KenGen has paid ~30B


Shareholder Tours:
• Lots of gratitude from shareholders to management for taking them on the generating station tours [Olkaria, Kipevu]
• To qualify to be selected for the Shareholder tours one must attend (register) for the AGM meetings.

VOTING for Director:
• A shareholder sought to know when the common shareholder will be considered for the director positions. They just find names to rubber stamp. Of-course the minority shareholder vote is insignificant and P.S treasury with 70% vote decides.
• A shareholder asked why they are being asked to approve directors fees while the amount has already been paid. Another shareholder complained that directors getting much money and shareholder very little dividend. KenGen chairman said the director fees are a token for the time they take to offer oversight to KenGen's management since most are professionals....i have my doubts on the professional input Millicent Omanga was offering


ROTFL LOL moments
• A shareholder asked everyone to look at Pages 70 - 115 and clap for the board for all the work done on those pages.
• A shareholder wants KenGen to give a tree seedling to each shareholder every year since trees=rain=more energy generated by KenGen.
• Since early morning, a very large majority of shareholders showed up, picked goodie bag & umbrella and quickly LEFTed. As in you traveled from Meru, Laikipia just to pick an Umbrella & Kengen branded bag? The AGM hall was like 1/5th full.


murchr
#55 Posted : Tuesday, December 11, 2018 7:38:24 PM
Rank: Elder


Joined: 2/26/2012
Posts: 13,649
Kenyan Wallstreet wrote:
Kenya Electricity Generating Company has issued expression of interest for research services for mineral extraction from Geothermal Brine.

Through a tender notice, KenGen invited eligible firms and entities to provide application research on mineral extractions from the hot brine— the waste stream that the firm pumps out of the ground.

All the geothermal plants owned by KenGen are single flash condensing type – the flashing process yields brine that contains mineral elements that could yield more value to the electricity company.

“The objectives of the research are to provide practical applied research approaches to mineral extractions from the brine, develop technological know-how on mineral extractions from brine and to facilitate and foster collaborative research,planning and development with a focus to piloting extraction technology,” Kengen said in its tender documents.
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
murchr
#56 Posted : Tuesday, December 11, 2018 7:49:34 PM
Rank: Elder


Joined: 2/26/2012
Posts: 13,649
kawi254 wrote:
Attended KenGen 2018 AGM. My first NSE company AGM. Below are bits and pieces i picked from a part of the Q&A session

The scrip dividend consideration for 2019 mentioned by the Finance Manager caught my attention. I believe in 2019 KenGen will complete Olkaria 5 and get tax rebates for which they can't give dividends lest they get hit with compensating tax .
They will probably offer shareholder a scrip dividend - You take the cash and get hit with compensating tax on your dividends. You re-invest the scrip dividend you don't get hit with compensating tax.

Goodies:

• Early birds got a KenGen branded bag & an umbrella. Lunch box (Aquamist 500ml water, Afia juice 500ml, Soda 500ml, piece of chicken, croissant, piece of cake, delamere 100ml yoghurt, a boiled egg, ham sandwich)
• Later comers missed out on branded bag and umbrella and during Q&A a lot of shareholders complained on missing out on these queried if KenGen knew number of shareholders why did they not provide enough bags & umbrella. The chair explained that the tender was reserved for Women, youth and disabled and it seems the tender(preneur) lacked capacity. With 200,000 shareholders i wonder how much the budget for such freebies eat into companies revenue and if shareholders relate the low dividend to the large freebie expense. Some shareholder asked if there is corruption on tender for ~200K bags& umbrellas and deliver few and pocket difference.
• A shareholder opined that it makes no sense to travel from Meru to Nairobi to get a lunch box worth KES 200/=. She said most shareholders no longer take soda and don't want the soda's (Average Kengen shareholder is very old and most probably suffering from diabetes). Rather than a lunch box the shareholder wants a 1,000/= Tuskys voucher. Lot of Applause for that suggestion. She asked KenGen to stop fooling shareholders with soda & food after a whole year of waiting.




Dividends:
• Lots of shareholders bitter with the 40cts/share dividend.
 One shareholder recommended dividend to be in shillings and not cents. The last time He saw a cent was in colonial times and it was coin with a hole in the middle.
 Another shareholder asked where the board takes all the money and queried why they can't offer bonus & more dividend based on the large amount of retained earnings.
 Chami asked when(what year) EPS will reach KES 2.00/=
• The chair clarified that dividend is not 40cts but 2.6 Billion. The KenGen's board dividend policy is 1/3 of earnings to dividends, 1/3 Tax & 1/3 re-investment.
• Shareholders requesting for ~79B retained earnings to be distributed as bonus & dividends were informed that power generation is capital intensive and for every project relying on loans e.g Olkaria 5 costing 40B Kengen has to put in 15%. The Finance manager said that in 2019 they may consider a scrip dividend



Financials:
• Shareholder asked if there is a risk of KenGen being taken over by lenders over the 100B loan borrowings. The CEO answered KenGen is a responsible borrower, has never defaulted on any of it's loans and all loans are long-term concessional low interest loans. CEO also emphasized KenGen's maintains a 70:30 loan:equity ratio.
• A shareholder sought to know why the amount of Hydro & Wind energy earnings reduced. CEO answered the 2017 drought was only bettered by the 2009 drought hence low hydrology but this was counterbalanced by increased geothermal generation. Wind energy depends on the wind speeds and some wind turbines were off for maintenance.
• A shareholder sought to know why the share price has been dropping. CEO answered that the market is bearish but KenGen's fundamentals are strong.




KPLC:
• Most shareholders worried of health of KenGen based on recent media reports on poor financial state of off-taker KPLC
• P.S Energy gave currently owed amount by KPLC as on 11.12.2018 as 15B and Finance director clarified that of the 15B; 6B is due. KenGen's invoices KPLC ~5B/month. Since June 31 KenGen has paid ~30B


Shareholder Tours:
• Lots of gratitude from shareholders to management for taking them on the generating station tours [Olkaria, Kipevu]
• To qualify to be selected for the Shareholder tours one must attend (register) for the AGM meetings.

VOTING for Director:
• A shareholder sought to know when the common shareholder will be considered for the director positions. They just find names to rubber stamp. Of-course the minority shareholder vote is insignificant and P.S treasury with 70% vote decides.
• A shareholder asked why they are being asked to approve directors fees while the amount has already been paid. Another shareholder complained that directors getting much money and shareholder very little dividend. KenGen chairman said the director fees are a token for the time they take to offer oversight to KenGen's management since most are professionals....i have my doubts on the professional input Millicent Omanga was offering


ROTFL LOL moments
• A shareholder asked everyone to look at Pages 70 - 115 and clap for the board for all the work done on those pages.
• A shareholder wants KenGen to give a tree seedling to each shareholder every year since trees=rain=more energy generated by KenGen.
• Since early morning, a very large majority of shareholders showed up, picked goodie bag & umbrella and quickly LEFTed. As in you traveled from Meru, Laikipia just to pick an Umbrella & Kengen branded bag? The AGM hall was like 1/5th full.




Nice recap. What was on Pages 70 - 115? Blank?


"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
rwitre
#57 Posted : Tuesday, December 11, 2018 9:41:47 PM
Rank: Member


Joined: 3/8/2018
Posts: 160
Location: Nairobi
kawi254 wrote:
Attended KenGen 2018 AGM. My first NSE company AGM. Below are bits and pieces i picked from a part of the Q&A session

The scrip dividend consideration for 2019 mentioned by the Finance Manager caught my attention. I believe in 2019 KenGen will complete Olkaria 5 and get tax rebates for which they can't give dividends lest they get hit with compensating tax .
They will probably offer shareholder a scrip dividend - You take the cash and get hit with compensating tax on your dividends. You re-invest the scrip dividend you don't get hit with compensating tax.

Goodies:

• Early birds got a KenGen branded bag & an umbrella. Lunch box (Aquamist 500ml water, Afia juice 500ml, Soda 500ml, piece of chicken, croissant, piece of cake, delamere 100ml yoghurt, a boiled egg, ham sandwich)
• Later comers missed out on branded bag and umbrella and during Q&A a lot of shareholders complained on missing out on these queried if KenGen knew number of shareholders why did they not provide enough bags & umbrella. The chair explained that the tender was reserved for Women, youth and disabled and it seems the tender(preneur) lacked capacity. With 200,000 shareholders i wonder how much the budget for such freebies eat into companies revenue and if shareholders relate the low dividend to the large freebie expense. Some shareholder asked if there is corruption on tender for ~200K bags& umbrellas and deliver few and pocket difference.
• A shareholder opined that it makes no sense to travel from Meru to Nairobi to get a lunch box worth KES 200/=. She said most shareholders no longer take soda and don't want the soda's (Average Kengen shareholder is very old and most probably suffering from diabetes). Rather than a lunch box the shareholder wants a 1,000/= Tuskys voucher. Lot of Applause for that suggestion. She asked KenGen to stop fooling shareholders with soda & food after a whole year of waiting.




Dividends:
• Lots of shareholders bitter with the 40cts/share dividend.
 One shareholder recommended dividend to be in shillings and not cents. The last time He saw a cent was in colonial times and it was coin with a hole in the middle.
 Another shareholder asked where the board takes all the money and queried why they can't offer bonus & more dividend based on the large amount of retained earnings.
 Chami asked when(what year) EPS will reach KES 2.00/=
• The chair clarified that dividend is not 40cts but 2.6 Billion. The KenGen's board dividend policy is 1/3 of earnings to dividends, 1/3 Tax & 1/3 re-investment.
• Shareholders requesting for ~79B retained earnings to be distributed as bonus & dividends were informed that power generation is capital intensive and for every project relying on loans e.g Olkaria 5 costing 40B Kengen has to put in 15%. The Finance manager said that in 2019 they may consider a scrip dividend



Financials:
• Shareholder asked if there is a risk of KenGen being taken over by lenders over the 100B loan borrowings. The CEO answered KenGen is a responsible borrower, has never defaulted on any of it's loans and all loans are long-term concessional low interest loans. CEO also emphasized KenGen's maintains a 70:30 loan:equity ratio.
• A shareholder sought to know why the amount of Hydro & Wind energy earnings reduced. CEO answered the 2017 drought was only bettered by the 2009 drought hence low hydrology but this was counterbalanced by increased geothermal generation. Wind energy depends on the wind speeds and some wind turbines were off for maintenance.
• A shareholder sought to know why the share price has been dropping. CEO answered that the market is bearish but KenGen's fundamentals are strong.




KPLC:
• Most shareholders worried of health of KenGen based on recent media reports on poor financial state of off-taker KPLC
• P.S Energy gave currently owed amount by KPLC as on 11.12.2018 as 15B and Finance director clarified that of the 15B; 6B is due. KenGen's invoices KPLC ~5B/month. Since June 31 KenGen has paid ~30B


Shareholder Tours:
• Lots of gratitude from shareholders to management for taking them on the generating station tours [Olkaria, Kipevu]
• To qualify to be selected for the Shareholder tours one must attend (register) for the AGM meetings.

VOTING for Director:
• A shareholder sought to know when the common shareholder will be considered for the director positions. They just find names to rubber stamp. Of-course the minority shareholder vote is insignificant and P.S treasury with 70% vote decides.
• A shareholder asked why they are being asked to approve directors fees while the amount has already been paid. Another shareholder complained that directors getting much money and shareholder very little dividend. KenGen chairman said the director fees are a token for the time they take to offer oversight to KenGen's management since most are professionals....i have my doubts on the professional input Millicent Omanga was offering


ROTFL LOL moments
• A shareholder asked everyone to look at Pages 70 - 115 and clap for the board for all the work done on those pages.
• A shareholder wants KenGen to give a tree seedling to each shareholder every year since trees=rain=more energy generated by KenGen.
• Since early morning, a very large majority of shareholders showed up, picked goodie bag & umbrella and quickly LEFTed. As in you traveled from Meru, Laikipia just to pick an Umbrella & Kengen branded bag? The AGM hall was like 1/5th full.





Laughing out loudly Laughing out loudly Laughing out loudly Wanjiku shareholders...tuendelee vivyo hivyo! Our priority in the AGM is umbrellas Laughing out loudly
AndyC
#58 Posted : Tuesday, December 11, 2018 10:21:20 PM
Rank: New-farer


Joined: 4/21/2015
Posts: 77
rwitre wrote:
kawi254 wrote:
Attended KenGen 2018 AGM. My first NSE company AGM. Below are bits and pieces i picked from a part of the Q&A session

The scrip dividend consideration for 2019 mentioned by the Finance Manager caught my attention. I believe in 2019 KenGen will complete Olkaria 5 and get tax rebates for which they can't give dividends lest they get hit with compensating tax .
They will probably offer shareholder a scrip dividend - You take the cash and get hit with compensating tax on your dividends. You re-invest the scrip dividend you don't get hit with compensating tax.

Goodies:

• Early birds got a KenGen branded bag & an umbrella. Lunch box (Aquamist 500ml water, Afia juice 500ml, Soda 500ml, piece of chicken, croissant, piece of cake, delamere 100ml yoghurt, a boiled egg, ham sandwich)
• Later comers missed out on branded bag and umbrella and during Q&A a lot of shareholders complained on missing out on these queried if KenGen knew number of shareholders why did they not provide enough bags & umbrella. The chair explained that the tender was reserved for Women, youth and disabled and it seems the tender(preneur) lacked capacity. With 200,000 shareholders i wonder how much the budget for such freebies eat into companies revenue and if shareholders relate the low dividend to the large freebie expense. Some shareholder asked if there is corruption on tender for ~200K bags& umbrellas and deliver few and pocket difference.
• A shareholder opined that it makes no sense to travel from Meru to Nairobi to get a lunch box worth KES 200/=. She said most shareholders no longer take soda and don't want the soda's (Average Kengen shareholder is very old and most probably suffering from diabetes). Rather than a lunch box the shareholder wants a 1,000/= Tuskys voucher. Lot of Applause for that suggestion. She asked KenGen to stop fooling shareholders with soda & food after a whole year of waiting.




Dividends:
• Lots of shareholders bitter with the 40cts/share dividend.
 One shareholder recommended dividend to be in shillings and not cents. The last time He saw a cent was in colonial times and it was coin with a hole in the middle.
 Another shareholder asked where the board takes all the money and queried why they can't offer bonus & more dividend based on the large amount of retained earnings.
 Chami asked when(what year) EPS will reach KES 2.00/=
• The chair clarified that dividend is not 40cts but 2.6 Billion. The KenGen's board dividend policy is 1/3 of earnings to dividends, 1/3 Tax & 1/3 re-investment.
• Shareholders requesting for ~79B retained earnings to be distributed as bonus & dividends were informed that power generation is capital intensive and for every project relying on loans e.g Olkaria 5 costing 40B Kengen has to put in 15%. The Finance manager said that in 2019 they may consider a scrip dividend



Financials:
• Shareholder asked if there is a risk of KenGen being taken over by lenders over the 100B loan borrowings. The CEO answered KenGen is a responsible borrower, has never defaulted on any of it's loans and all loans are long-term concessional low interest loans. CEO also emphasized KenGen's maintains a 70:30 loan:equity ratio.
• A shareholder sought to know why the amount of Hydro & Wind energy earnings reduced. CEO answered the 2017 drought was only bettered by the 2009 drought hence low hydrology but this was counterbalanced by increased geothermal generation. Wind energy depends on the wind speeds and some wind turbines were off for maintenance.
• A shareholder sought to know why the share price has been dropping. CEO answered that the market is bearish but KenGen's fundamentals are strong.




KPLC:
• Most shareholders worried of health of KenGen based on recent media reports on poor financial state of off-taker KPLC
• P.S Energy gave currently owed amount by KPLC as on 11.12.2018 as 15B and Finance director clarified that of the 15B; 6B is due. KenGen's invoices KPLC ~5B/month. Since June 31 KenGen has paid ~30B


Shareholder Tours:
• Lots of gratitude from shareholders to management for taking them on the generating station tours [Olkaria, Kipevu]
• To qualify to be selected for the Shareholder tours one must attend (register) for the AGM meetings.

VOTING for Director:
• A shareholder sought to know when the common shareholder will be considered for the director positions. They just find names to rubber stamp. Of-course the minority shareholder vote is insignificant and P.S treasury with 70% vote decides.
• A shareholder asked why they are being asked to approve directors fees while the amount has already been paid. Another shareholder complained that directors getting much money and shareholder very little dividend. KenGen chairman said the director fees are a token for the time they take to offer oversight to KenGen's management since most are professionals....i have my doubts on the professional input Millicent Omanga was offering


ROTFL LOL moments
• A shareholder asked everyone to look at Pages 70 - 115 and clap for the board for all the work done on those pages.
• A shareholder wants KenGen to give a tree seedling to each shareholder every year since trees=rain=more energy generated by KenGen.
• Since early morning, a very large majority of shareholders showed up, picked goodie bag & umbrella and quickly LEFTed. As in you traveled from Meru, Laikipia just to pick an Umbrella & Kengen branded bag? The AGM hall was like 1/5th full.


Applause Applause Thanks @Kawi254.
A super report. I feel like I attended....just lacking the goodies.





Laughing out loudly Laughing out loudly Laughing out loudly Wanjiku shareholders...tuendelee vivyo hivyo! Our priority in the AGM is umbrellas Laughing out loudly

Pesa Nane
#59 Posted : Wednesday, December 12, 2018 10:58:19 AM
Rank: Elder


Joined: 5/25/2012
Posts: 3,938
Location: 08c
kawi254 wrote:
Attended KenGen 2018 AGM. My first NSE company AGM. Below are bits and pieces i picked from a part of the Q&A session

The scrip dividend consideration for 2019 mentioned by the Finance Manager caught my attention. I believe in 2019 KenGen will complete Olkaria 5 and get tax rebates for which they can't give dividends lest they get hit with compensating tax .
They will probably offer shareholder a scrip dividend - You take the cash and get hit with compensating tax on your dividends. You re-invest the scrip dividend you don't get hit with compensating tax.

Goodies:

• Early birds got a KenGen branded bag & an umbrella. Lunch box (Aquamist 500ml water, Afia juice 500ml, Soda 500ml, piece of chicken, croissant, piece of cake, delamere 100ml yoghurt, a boiled egg, ham sandwich)
• Later comers missed out on branded bag and umbrella and during Q&A a lot of shareholders complained on missing out on these queried if KenGen knew number of shareholders why did they not provide enough bags & umbrella. The chair explained that the tender was reserved for Women, youth and disabled and it seems the tender(preneur) lacked capacity. With 200,000 shareholders i wonder how much the budget for such freebies eat into companies revenue and if shareholders relate the low dividend to the large freebie expense. Some shareholder asked if there is corruption on tender for ~200K bags& umbrellas and deliver few and pocket difference.
• A shareholder opined that it makes no sense to travel from Meru to Nairobi to get a lunch box worth KES 200/=. She said most shareholders no longer take soda and don't want the soda's (Average Kengen shareholder is very old and most probably suffering from diabetes). Rather than a lunch box the shareholder wants a 1,000/= Tuskys voucher. Lot of Applause for that suggestion. She asked KenGen to stop fooling shareholders with soda & food after a whole year of waiting.




Dividends:
• Lots of shareholders bitter with the 40cts/share dividend.
 One shareholder recommended dividend to be in shillings and not cents. The last time He saw a cent was in colonial times and it was coin with a hole in the middle.
 Another shareholder asked where the board takes all the money and queried why they can't offer bonus & more dividend based on the large amount of retained earnings.
 Chami asked when(what year) EPS will reach KES 2.00/=
• The chair clarified that dividend is not 40cts but 2.6 Billion. The KenGen's board dividend policy is 1/3 of earnings to dividends, 1/3 Tax & 1/3 re-investment.
• Shareholders requesting for ~79B retained earnings to be distributed as bonus & dividends were informed that power generation is capital intensive and for every project relying on loans e.g Olkaria 5 costing 40B Kengen has to put in 15%. The Finance manager said that in 2019 they may consider a scrip dividend



Financials:
• Shareholder asked if there is a risk of KenGen being taken over by lenders over the 100B loan borrowings. The CEO answered KenGen is a responsible borrower, has never defaulted on any of it's loans and all loans are long-term concessional low interest loans. CEO also emphasized KenGen's maintains a 70:30 loan:equity ratio.
• A shareholder sought to know why the amount of Hydro & Wind energy earnings reduced. CEO answered the 2017 drought was only bettered by the 2009 drought hence low hydrology but this was counterbalanced by increased geothermal generation. Wind energy depends on the wind speeds and some wind turbines were off for maintenance.
• A shareholder sought to know why the share price has been dropping. CEO answered that the market is bearish but KenGen's fundamentals are strong.




KPLC:
• Most shareholders worried of health of KenGen based on recent media reports on poor financial state of off-taker KPLC
• P.S Energy gave currently owed amount by KPLC as on 11.12.2018 as 15B and Finance director clarified that of the 15B; 6B is due. KenGen's invoices KPLC ~5B/month. Since June 31 KenGen has paid ~30B
June 31? Since when? I see games here!

Shareholder Tours:
• Lots of gratitude from shareholders to management for taking them on the generating station tours [Olkaria, Kipevu]
• To qualify to be selected for the Shareholder tours one must attend (register) for the AGM meetings.

VOTING for Director:
• A shareholder sought to know when the common shareholder will be considered for the director positions. They just find names to rubber stamp. Of-course the minority shareholder vote is insignificant and P.S treasury with 70% vote decides.
• A shareholder asked why they are being asked to approve directors fees while the amount has already been paid. Another shareholder complained that directors getting much money and shareholder very little dividend. KenGen chairman said the director fees are a token for the time they take to offer oversight to KenGen's management since most are professionals....i have my doubts on the professional input Millicent Omanga was offering


ROTFL LOL moments
• A shareholder asked everyone to look at Pages 70 - 115 and clap for the board for all the work done on those pages.
• A shareholder wants KenGen to give a tree seedling to each shareholder every year since trees=rain=more energy generated by KenGen.
• Since early morning, a very large majority of shareholders showed up, picked goodie bag & umbrella and quickly LEFTed. As in you traveled from Meru, Laikipia just to pick an Umbrella & Kengen branded bag? This is okay for the retired and aged. Dressing up and travelling to the capital for official engagements counts for something in the counties. The AGM hall was like 1/5th full.



Pesa Nane plans to be shilingi when he grows up.
kawi254
#60 Posted : Wednesday, December 12, 2018 11:13:36 AM
Rank: Member


Joined: 2/20/2015
Posts: 265
Location: Nairobi
Pesa Nane wrote:
kawi254 wrote:
Attended KenGen 2018 AGM. My first NSE company AGM. Below are bits and pieces i picked from a part of the Q&A session

The scrip dividend consideration for 2019 mentioned by the Finance Manager caught my attention. I believe in 2019 KenGen will complete Olkaria 5 and get tax rebates for which they can't give dividends lest they get hit with compensating tax .
They will probably offer shareholder a scrip dividend - You take the cash and get hit with compensating tax on your dividends. You re-invest the scrip dividend you don't get hit with compensating tax.

Goodies:

• Early birds got a KenGen branded bag & an umbrella. Lunch box (Aquamist 500ml water, Afia juice 500ml, Soda 500ml, piece of chicken, croissant, piece of cake, delamere 100ml yoghurt, a boiled egg, ham sandwich)
• Later comers missed out on branded bag and umbrella and during Q&A a lot of shareholders complained on missing out on these queried if KenGen knew number of shareholders why did they not provide enough bags & umbrella. The chair explained that the tender was reserved for Women, youth and disabled and it seems the tender(preneur) lacked capacity. With 200,000 shareholders i wonder how much the budget for such freebies eat into companies revenue and if shareholders relate the low dividend to the large freebie expense. Some shareholder asked if there is corruption on tender for ~200K bags& umbrellas and deliver few and pocket difference.
• A shareholder opined that it makes no sense to travel from Meru to Nairobi to get a lunch box worth KES 200/=. She said most shareholders no longer take soda and don't want the soda's (Average Kengen shareholder is very old and most probably suffering from diabetes). Rather than a lunch box the shareholder wants a 1,000/= Tuskys voucher. Lot of Applause for that suggestion. She asked KenGen to stop fooling shareholders with soda & food after a whole year of waiting.




Dividends:
• Lots of shareholders bitter with the 40cts/share dividend.
 One shareholder recommended dividend to be in shillings and not cents. The last time He saw a cent was in colonial times and it was coin with a hole in the middle.
 Another shareholder asked where the board takes all the money and queried why they can't offer bonus & more dividend based on the large amount of retained earnings.
 Chami asked when(what year) EPS will reach KES 2.00/=
• The chair clarified that dividend is not 40cts but 2.6 Billion. The KenGen's board dividend policy is 1/3 of earnings to dividends, 1/3 Tax & 1/3 re-investment.
• Shareholders requesting for ~79B retained earnings to be distributed as bonus & dividends were informed that power generation is capital intensive and for every project relying on loans e.g Olkaria 5 costing 40B Kengen has to put in 15%. The Finance manager said that in 2019 they may consider a scrip dividend



Financials:
• Shareholder asked if there is a risk of KenGen being taken over by lenders over the 100B loan borrowings. The CEO answered KenGen is a responsible borrower, has never defaulted on any of it's loans and all loans are long-term concessional low interest loans. CEO also emphasized KenGen's maintains a 70:30 loan:equity ratio.
• A shareholder sought to know why the amount of Hydro & Wind energy earnings reduced. CEO answered the 2017 drought was only bettered by the 2009 drought hence low hydrology but this was counterbalanced by increased geothermal generation. Wind energy depends on the wind speeds and some wind turbines were off for maintenance.
• A shareholder sought to know why the share price has been dropping. CEO answered that the market is bearish but KenGen's fundamentals are strong.




KPLC:
• Most shareholders worried of health of KenGen based on recent media reports on poor financial state of off-taker KPLC
• P.S Energy gave currently owed amount by KPLC as on 11.12.2018 as 15B and Finance director clarified that of the 15B; 6B is due. KenGen's invoices KPLC ~5B/month. Since June 31 KenGen has paid ~30B
June 31? Since when? I see games here!

Shareholder Tours:
• Lots of gratitude from shareholders to management for taking them on the generating station tours [Olkaria, Kipevu]
• To qualify to be selected for the Shareholder tours one must attend (register) for the AGM meetings.

VOTING for Director:
• A shareholder sought to know when the common shareholder will be considered for the director positions. They just find names to rubber stamp. Of-course the minority shareholder vote is insignificant and P.S treasury with 70% vote decides.
• A shareholder asked why they are being asked to approve directors fees while the amount has already been paid. Another shareholder complained that directors getting much money and shareholder very little dividend. KenGen chairman said the director fees are a token for the time they take to offer oversight to KenGen's management since most are professionals....i have my doubts on the professional input Millicent Omanga was offering


ROTFL LOL moments
• A shareholder asked everyone to look at Pages 70 - 115 and clap for the board for all the work done on those pages.
• A shareholder wants KenGen to give a tree seedling to each shareholder every year since trees=rain=more energy generated by KenGen.
• Since early morning, a very large majority of shareholders showed up, picked goodie bag & umbrella and quickly LEFTed. As in you traveled from Meru, Laikipia just to pick an Umbrella & Kengen branded bag? This is okay for the retired and aged. Dressing up and travelling to the capital for official engagements counts for something in the counties. The AGM hall was like 1/5th full.





It is June 30th End of financial year, my bad.
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