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VP12450 UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2012 The Directors of
VP12450 UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2012 The Directors of
VP12450 UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2012 The Directors of
VP12450 UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2012 The Directors of
VP12450 UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2012 The Directors of

VP12450

UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2012

The Directors of Dairibord Holdings Limited are pleased to announce the Group’s unaudited financial results for the six-months ended 30 June 2012.

HIGHLIGHTS

HIGHLIGHTS

HIGHLIGHTS
HIGHLIGHTS
HIGHLIGHTS
HIGHLIGHTS
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2012

FOR THE SIX MONTHS ENDED 30 JUNE 2012
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2012
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2012
 

30 June

30 June

 

Capital

Retained

Non - controlling interests US$

Total

2012

US$

2011

US$

% Increase

reserves

US$

earnings

US$

equity

US$

Financial Revenue Operating profit Profit for the period attributable to owners of the parent

48,643,254

42,494,426

14%

As at 1 January 2011 Profit for the year Other comprehensive income Dividend Purchase of interest from minorities Issue of share capital Share-based payment transactions As at 31 December 2011 Profit for the period Other comprehensive income Dividend

 

24,232,672

10,586,528

1,182,918

36,002,118

4,373,269

3,135,190

1,078,946

3,652,115

2,262,059

186,440

20%

39%

479%

-

(175,315)

6,932,861

141,255

(80,994)

7,074,116

(256,309)

Net cashflows from operating activities Net assets Net asset value per share (US cents)

   

-

-

(86,589)

(234,679)

(86,589)

(116,895)

43,999,902

38,683,344

14%

117,784

-

12.34

10.93

13%

749,105

-

-

749,105

 

208,839

-

-

208,839

GROUP STATEMENT OF FINANCIAL POSITION

 

25,133,085

17,519,389

921,911

43,574,385

 

3,135,189

 

9,070

3,144,259

AS AT 30 JUNE 2012

   

-

 

(811,718)

-

(375,004)

(1,186,722)

 

30

June

2012

US$

31 December

2011

US$

-

(1,567,812)

(18,608)

(1,586,420)

Issue of share capital

54,400

-

-

54,400

 

As at 30 June 2012

24,375,767

19,086,766

537,369

43,999,902

Assets

Non-current assets Property, plant and equipment Investment in an associate Intangible assets Other non-current financial assets

 

SUPPLEMENTARY INFORMATION

 
 

34,997,830

36,335,816

FOR THE SIX MONTHS ENDED 30 JUNE 2012

   
 

247,909

 
 

-

 
 

840,014

833,970

30 June

30 June

1,001,868

994,374

2012

2011

 

36,839,712

38,412,069

US$

US$

Current assets Inventories Trade and other receivables Cash and cash equivalents

 

14,308,131

11,854,387

Depreciation charge

1,674,721

1,469,560

10,405,052

11,392,711

632,296

2,254,549

Capital expenditure

1,538,655

2,045,980

 

25,345,479

25,501,647

Assets classified as held for sale

336,457

611,038

Capital commitments

7,192,064

4,054,688

25,681,936

26,112,685

- Authorised and contracted for

2,095,074

1,803,786

 

- Authorised but not contracted for

5,096,990

2,250,902

Total assets

62,521,648

64,524,754

Equity and liabilities

 

NOTES TO THE FINANCIAL STATEMENTS

   

Equity Capital reserves Retained earnings Equity attributable to owners of the parent Non controlling interest Total Equity

 

24,375,767

25,133,085

   

19,086,766

17,519,389

43,462,533

42,652,474

Basis of preparation The financial statements are based on the statutory records that are maintained under the historical cost convention, except for property that has been measured at fair value.

537,369

921,911

43,999,902

43,574,385

Non-current liabilities Interest - bearing borrowings Deferred tax liability

2,388,240

1,391,854

Significant accounting policies The accounting policies adopted are consistent with those of the previous financial year.

 

3,929,895

4,265,852

 

6,318,135

5,657,706

Current liabilities Trade and other payables Interest - bearing borrowings Income tax payable

 

-

   
 

8,124,635

9,816,214

CHAIRMAN’S STATEMENT

   
   

3,600,930

4,337,245

   

478,046

1,125,801

 

12,203,611

15,279,260

The board is pleased to announce the financial results for the six months ended 30 June 2012.

 

Liabilities directly associated with assets classified as held for sale

 

-

13,403

12,203,611

15,292,663

Operating environment

Total liabilities

18,521,746

20,950,369

In spite of the relatively stable economic and political environment in Zimbabwe, performance in the period under review was affected by the

 

following:-

Total equity and liabilities

62,521,648

64,524,754

 

• Cost and supply of utilities especially water

• Liquidity in the market impacting on consumer demand and cashflows

 

• Competition from imports

 
 

ABRIDGED GROUP STATEMENT OF COMPREHENSIVE INCOME

 

• Increasing costs of key raw materials

FOR THE SIX MONTHS ENDED 30 JUNE 2012

 
 

Business in Malawi continues to be affected by foreign currency shortages and restrictive retention policies. In May 2012, the Malawi Kwacha

 

30

June

30 June

(Mk) was devalued by 49% to 250MK: 1US$, exerting pressure on costs. Year on year inflation which was at 9.8% at the end of December 2011 closed the month of June at 20.1%, eroding the purchasing power of consumers. The new policies pronounced are expected to restore donor confidence, economic stability and business viability.

 

2012

2011

US$

US$

Revenue Operating profit Net finance costs Share of loss of associate Profit before tax

 

48,643,254

42,494,426

Performance Group revenue for the period was $48.643 million, a 14% increase compared to the same period last year. Revenue growth by product portfolio was 24% for foods, 16% for beverages and 4% for milks.

4,373,269

3,652,115

(160,354)

(209,366)

 

-

(125,471)

 

4,212,915

3,317,278

Sales volume at 32.245 million litres, were 9% above the same period last year. Foods volumes grew by 14%, beverages 14% and 3% for milks. Growth in foods and beverages was driven by increased capacity from significant investments in the yoghurt, Nutriplus and Cascade equipment, all commissioned in 2011.

Income tax expense

(1,068,655)

(1,002,068)

Profit for the period Other comprehensive income:

3,144,260

2,315,210

Other comprehensive income for the period, net of tax Total comprehensive income for the period

 

(1,186,722)

-

Raw milk intake rose by 5% to 12.889 million litres, with Zimbabwe increasing by 9% and Malawi recording a 7% decrease. The Group’s Milk Supply Development Unit continues to work with dairy farmers on strategies to grow raw milk production.

1,957,538

2,315,210

Profit attributable to :

While revenue increased by 14%, the operating profit rose by 20% to $4.373 million. Profit for the period improved by 36% on 2011 profits to $3.144 million.

Owners of the parent Non - controlling interest

 

3,135,190

2,262,059

 

9,070

53,151

 

3,144,260

2,315,210

The exchange losses arising from the devaluation did not have a material impact on the results of the Group. The net impact was a reduction of the balance sheet by $1.187 million which is shown on the statement of comprehensive income.

 

Total comprehensive income attributable to :

Owners of the parent Non - controlling interests

 

2,323,472

2,262,059

Investments The Group’s investment in M E Charhons was sold for $1 million to Cairns Foods Limited which exercised its rights in terms of the sharehold-

(365,934)

53,151

 

1,957,538

2,315,210

ers’ agreement. The proceeds from the sale are being recognised on receipt in line with the sale and purchase agreement. No profit on the disposal of the investment has been recorded in the results.

Earnings per share (cents) Basic Diluted

 
 

0.88

0.65

The Group is still in the process of disposing of Mulanje Peak Foods in Malawi.

 

0.88

0.64

Shares in issue Weighted average shares Weighted average shares adjusted for the effect of dilution

 

356,620,858

353,867,858

Outlook The 2012 mid-term fiscal policy review indicates stagnating economic growth and limited purchasing power for consumers. Focus will there- fore be on intensifying marketing efforts, tight cost management, strategic procurement and prudent working capital management.

356,333,822

350,517,858

357,284,113

353,897,453

 

The board is confident that the group is financially sound with a strong balance sheet, positive operating cash flows and above inflation earnings growth.

ABRIDGED GROUP STATEMENT OF CASH FLOWS

 

FOR THE SIX MONTHS ENDED 30 JUNE 2012

 

Directorate Mr Timothy Chiganze retired from the Board on 28 June 2012 having served the company for 14 years, 7 of which were as Chairman. On

 
 

30

June

30 June

behalf of the board I would like to thank him for his devoted and dedicated service to the company and wish him well for the future.

 

2012

2011

US$

US$

Dividend

OPERATING ACTIVITIES:

XXXX

Profit before tax Non-cash items Working capital adjustments Finance cost

 

4,212,915

3,317,278

1,850,258

1,778,799

(2,965,041)

(3,998,507)

Appreciation I express my gratitude to all the stakeholders of the company for their invaluable and continued support to keep the company growing under

(248,565)

(268,497)

Income tax paid Net cashflows from operating activities

(1,770,621)

(701,764)

the current operating environment. In particular I would like to extend my appreciation to the board of directors, management and staff for their outstanding efforts.

1,078,946

127,309

Investing activities:

Acquisition of property, plant and equipment Acquisition of intangibles Proceeds from sale of property, plant and equipment Proceeds from sale of investment Additional investment in subsidiary Finance income Net cash flows used in investing activities

 

(1,486,476)

(2,045,980)

investment in subsidiary Finance income Net cash flows used in investing activities   (1,486,476) (2,045,980)  
 

(52,179)

-

42,985

117,197

100,000

-

 

-

(116,895)

 

88,210

59,131

(1,307,460)

(1,986,547)

Financing activities:

Dr L L Tsumba Chairman 7 August 2012

Net proceeds from borrowings Proceeds from exercise of share options Dividend paid Net cashflows from financing activities

 

580,065

418,447

54,400

569,500

(1,579,158)

(86,589)

(944,693)

901,358

Net decrease in cash and cash equivalents Effects of exchange rate changes Cash and cash equivalents at beginning of the period Cash and cash equivalents at end of of the period

 

(1,173,207)

(957,880)

(449,480)

-

2,256,023

1,677,906

633,336

720,026

- 2,256,023 1,677,906 633,336 720,026 Directors: S. P. Bango, Dr L. L Tsumba (Chairman), S.
- 2,256,023 1,677,906 633,336 720,026 Directors: S. P. Bango, Dr L. L Tsumba (Chairman), S.
- 2,256,023 1,677,906 633,336 720,026 Directors: S. P. Bango, Dr L. L Tsumba (Chairman), S.

Directors: S. P. Bango, Dr L. L Tsumba (Chairman), S. Chindove, *T. Mabika, H. Makuwa, C. Mahembe,*A. S. Mandiwanza (Group Chief Executive),

F Mungoni, *M. Ndoro,

J. Sachikonye * Executive

www.dairibord.com

C. Mahembe,*A. S. Mandiwanza (Group Chief Executive), F Mungoni, *M. Ndoro, J. Sachikonye * Executive www.dairibord.com
Unaudited Financial Statements For the Six Months Ended 30 June 2012 The Directors of Dairibord
Unaudited Financial Statements For the Six Months Ended 30 June 2012 The Directors of Dairibord
Unaudited Financial Statements For the Six Months Ended 30 June 2012 The Directors of Dairibord
Unaudited Financial Statements For the Six Months Ended 30 June 2012 The Directors of Dairibord

Unaudited Financial Statements For the Six Months Ended 30 June 2012

The Directors of Dairibord Holdings Limited are pleased to announce the Group’s unaudited financial results for the six-months ended 30 June 2012.

Holdings Limited are pleased to announce the Group’s unaudited financial results for the six-months ended 30
Holdings Limited are pleased to announce the Group’s unaudited financial results for the six-months ended 30

VP12450

HIGHLIGHTS

 

30 June

30

June

2012

2011

US$

US$

% Increase

Financial Revenue Operating profit Profit for the period attributable to owners of the parent Net cashflows from operating activities Net assets Net asset value per share (US cents)

48,643,254

42,494,426

14%

4,373,269

3,652,115

20%

3,135,190

2,262,059

39%

1,078,946

186,440

479%

43,999,902

38,683,344

14%

12.34

10.93

13%

GROUP STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2012

 

30

June

31 December

2012

2011

US$

US$

Assets Non-current assets Property, plant and equipment Investment in an associate Intangible assets Other non-current financial assets

 

34,997,830

36,335,816

 

-

247,909

840,014

833,970

1,001,868

994,374

 

36,839,712

38,412,069

Current assets Inventories Trade and other receivables Cash and cash equivalents

 

14,308,131

11,854,387

10,405,052

11,392,711

632,296

2,254,549

 

25,345,479

25,501,647

Assets classified as held for sale

336,457

611,038

25,681,936

26,112,685

Total assets

62,521,648

64,524,754

Equity and liabilities

Equity Capital reserves Retained earnings Equity attributable to owners of the parent Non controlling interest Total Equity

     

24,375,767

25,133,085

19,086,766

17,519,389

43,462,533

42,652,474

537,369

921,911

43,999,902

43,574,385

Non-current liabilities Interest - bearing borrowings Deferred tax liability

2,388,240

1,391,854

3,929,895

4,265,852

 

6,318,135

5,657,706

Current liabilities Trade and other payables Interest - bearing borrowings Income tax payable

   

-

 

8,124,635

9,816,214

3,600,930

4,337,245

478,046

1,125,801

 

12,203,611

15,279,260

Liabilities directly associated with assets classified as held for sale

 

-

13,403

12,203,611

15,292,663

Total liabilities

18,521,746

20,950,369

Total equity and liabilities

62,521,648

64,524,754

ABRIDGED GROUP STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2012

 

30

June

30

June

2012

2011

US$

US$

Revenue

48,643,254

42,494,426

Operating profit Net finance costs Share of loss of associate Profit before tax Income tax expense Profit for the period Other comprehensive income:

4,373,269

3,652,115

(160,354)

(209,366)

 

-

(125,471)

4,212,915

3,317,278

(1,068,655)

(1,002,068)

3,144,260

2,315,210

Other comprehensive income for the period, net of tax Total comprehensive income for the period

(1,186,722)

 

-

1,957,538

2,315,210

Profit attributable to :

   

Owners of the parent Non - controlling interest

3,135,190

2,262,059

 

9,070

53,151

 

3,144,260

2,315,210

Total comprehensive income attributable to :

   

Owners of the parent Non - controlling interests

2,323,472

2,262,059

(365,934)

53,151

 

1,957,538

2,315,210

Earnings per share (cents) Basic Diluted

 

0.88

 

0.65

0.88

0.64

Shares in issue Weighted average shares Weighted average shares adjusted for the effect of dilution

356,620,858

353,867,858

356,333,822

350,517,858

357,284,113

353,897,453

ABRIDGED GROUP STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2012

 

30

June

30

June

2012

2011

US$

US$

OPERATING ACTIVITIES:

   

Profit before tax Non-cash items Working capital adjustments Finance cost

4,212,915

3,317,278

1,850,258

1,778,799

(2,965,041)

(3,998,507)

(248,565)

(268,497)

Income tax paid Net cashflows from operating activities

(1,770,621)

(701,764)

1,078,946

127,309

Investing activities:

Acquisition of property, plant and equipment Acquisition of intangibles Proceeds from sale of property, plant and equipment Proceeds from sale of investment Additional investment in subsidiary Finance income Net cash flows used in investing activities

(1,486,476)

(2,045,980)

(52,179)

 

-

42,985

117,197

100,000

 

-

 

-

(116,895)

88,210

59,131

(1,307,460)

(1,986,547)

Financing activities:

   

Net proceeds from borrowings Proceeds from exercise of share options Dividend paid Net cashflows from financing activities

580,065

418,447

54,400

569,500

(1,579,158)

(86,589)

(944,693)

901,358

Net decrease in cash and cash equivalents Effects of exchange rate changes Cash and cash equivalents at beginning of the period Cash and cash equivalents at end of of the period

(1,173,207)

(957,880)

(449,480)

 

-

2,256,023

1,677,906

633,336

720,026

ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2012

 

Capital

Retained

Non - controlling interests US$

Total

reserves

earnings

equity

US$

US$

US$

As at 1 January 2011 Profit for the year Other comprehensive income Dividend Purchase of interest from minorities Issue of share capital Share-based payment transactions As at 31 December 2011 Profit for the period Other comprehensive income Dividend Issue of share capital As at 30 June 2012

24,232,672

10,586,528

1,182,918

36,002,118

-

6,932,861

141,255

7,074,116

(175,315)

(80,994)

(256,309)

-

-

(86,589)

(86,589)

117,784

-

(234,679)

(116,895)

749,105

-

-

749,105

208,839

-

-

208,839

25,133,085

17,519,389

921,911

43,574,385

-

3,135,189

9,070

3,144,259

(811,718)

-

(375,004)

(1,186,722)

-

(1,567,812)

(18,608)

(1,586,420)

54,400

-

-

54,400

24,375,767

19,086,766

537,369

43,999,902

SUPPLEMENTARY INFORMATION FOR THE SIX MONTHS ENDED 30 JUNE 2012

 
 

30 June

30 June

2012

2011

US$

US$

Depreciation charge

1,674,721

1,469,560

Capital expenditure

1,538,655

2,045,980

Capital commitments

7,192,064

4,054,688

- Authorised and contracted for

2,095,074

1,803,786

- Authorised but not contracted for

5,096,990

2,250,902

NOTES TO THE FINANCIAL STATEMENTS

Basis of preparation The financial statements are based on the statutory records that are maintained under the historical cost convention, except for property that has been measured at fair value.

Significant accounting policies The accounting policies adopted are consistent with those of the previous financial year.

CHAIRMAN’S STATEMENT

The board is pleased to announce the financial results for the six months ended 30 June 2012.

Operating environment

In spite of the relatively stable economic and political environment in Zimbabwe, performance in the period under review was affected by the

following:-

• Cost and supply of utilities especially water

• Liquidity in the market impacting on consumer demand and cashflows

• Competition from imports

• Increasing costs of key raw materials

Business in Malawi continues to be affected by foreign currency shortages and restrictive retention policies. In May 2012, the Malawi Kwacha (Mk) was devalued by 49% to 250MK: 1US$, exerting pressure on costs. Year on year inflation which was at 9.8% at the end of December 2011 closed the month of June at 20.1%, eroding the purchasing power of consumers. The new policies pronounced are expected to restore donor confidence, economic stability and business viability.

Performance Group revenue for the period was $48.643 million, a 14% increase compared to the same period last year. Revenue growth by product portfolio was 24% for foods, 16% for beverages and 4% for milks.

Sales volume at 32.245 million litres, were 9% above the same period last year. Foods volumes grew by 14%, beverages 14% and 3% for

milks. Growth in foods and beverages was driven by increased capacity from significant investments in the yoghurt, Nutriplus and Cascade equipment, all commissioned in 2011.

Raw milk intake rose by 5% to 12.889 million litres, with Zimbabwe increasing by 9% and Malawi recording a 7% decrease. The Group’s Milk Supply Development Unit continues to work with dairy farmers on strategies to grow raw milk production.

While revenue increased by 14%, the operating profit rose by 20% to $4.373 million. Profit for the period improved by 36% on 2011 profits to $3.144 million.

The exchange losses arising from the devaluation did not have a material impact on the results of the Group. The net impact was a reduction of the balance sheet by $1.187 million which is shown on the statement of comprehensive income.

Investments The Group’s investment in M E Charhons was sold for $1 million to Cairns Foods Limited which exercised its rights in terms of the sharehold- ers’ agreement. The proceeds from the sale are being recognised on receipt in line with the sale and purchase agreement. No profit on the disposal of the investment has been recorded in the results.

The Group is still in the process of disposing of Mulanje Peak Foods in Malawi.

Outlook The 2012 mid-term fiscal policy review indicates stagnating economic growth and limited purchasing power for consumers. Focus will there- fore be on intensifying marketing efforts, tight cost management, strategic procurement and prudent working capital management.

The board is confident that the group is financially sound with a strong balance sheet, positive operating cash flows and above inflation earnings growth.

Directorate Mr Timothy Chiganze retired from the Board on 28 June 2012 having served the company for 14 years, 7 of which were as Chairman. On behalf of the board I would like to thank him for his devoted and dedicated service to the company and wish him well for the future.

Dividend

XXXX

Appreciation I express my gratitude to all the stakeholders of the company for their invaluable and continued support to keep the company growing under the current operating environment. In particular I would like to extend my appreciation to the board of directors, management and staff for their outstanding efforts.

management and staff for their outstanding efforts. Dr L L Tsumba Chairman 7 August 2012 Directors:

Dr L L Tsumba Chairman 7 August 2012

outstanding efforts. Dr L L Tsumba Chairman 7 August 2012 Directors: S. P. Bango, Dr L.

Directors: S. P. Bango, Dr L. L Tsumba (Chairman), S. Chindove, *T. Mabika, H. Makuwa, C. Mahembe,*A. S. Mandiwanza (Group Chief Executive), F Mungoni, *M. Ndoro,

J. Sachikonye

* Executive