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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Meikles Limited | LSE:MIK | London | Ordinary Share | ZW0009012114 | ZWR 0.1 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Hotels And Motels | 230.86B | 6.25B | - | N/A | 0 |
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TIDMMIK
MEIKLES LIMITED
ABRIDGED AUDITED FINANCIAL RESULTS FOR THE YEARED 31 MARCH 2016
CHAIRMAN'S STATEMENT
I present the report for the financial year ended 31 March 2016.
The financial results are presented excluding sums considered due to the
Company by the Government of Zimbabwe.
The basis for the calculation of sums due from Government have been agreed in
more than one meeting that the Company Chairman and others, together, have
attended with the Minister of Finance and Economic Development. The
calculations of sums due have been subject to assessment by expert consultants.
Sums considered due to the Company that are not included in the financial
statements amount to US$42 million as at 30 September 2016 and continue to
accrue interest.
When Government failed to fulfill the terms of the agreement, the Company
sought relief from the courts with the objective of securing the agreed
position. Government has since acknowledged their commitment to resolving this
issue amicably.
In terms of The Zimbabwe Stock Exchange ("ZSE") Listings Requirements, the
Company is required to publish its audited financial statements for the year
ended 31 March 2016 together with the unaudited financial statements for the
half year ended 30 September 2016. Hence the timing of publication. For record
purposes, the Company's case against the ZSE has progressed very well with
initial success being achieved against the ZSE on an earlier attempt by the ZSE
to bar the Meikles' claim. On the advice received, the only issue for
determination by the Courts will be the quantum of damages as the liability of
the ZSE is clearly established. Disputed matters occurred in 2015 but the
relationship between the ZSE and the Company has since been satisfactorily
restored.
Shareholders will be aware that the Company issued a cautionary statement on
Wednesday, 9 March 2017. The Company will keep shareholders informed of
developments, as appropriate.
It is pertinent to believe that the outcome of the transaction may result in a
restructure and refinancing opportunity for the Group. Such an event will be
of assistance to the Group, which has been relying on the repayment of funds
from Government to recapitalize the Group and fund expansion opportunities.
Meikles Limited comprises six operating segments as follows:
Hospitality;
Stores (incorporating Department Stores and Wholesaling);
Supermarkets;
Agriculture;
Financial Services;
Security Services.
Turnover for the Group increased by 10% relative to the previous year. All
segments contributed to the increase except for Hospitality. The increase in
turnover suggests growth in market share, a key objective that is expected to
continue in the forthcoming financial year.
Expenditure, driven primarily by a growth in occupancy costs resulting from
expansion, increased by 1% relative to the previous year.
EBITDA increased by US$11.7 million. The contribution by each material segment
to the Group's EBITDA is set out in the notes to these abridged audited
financial statements.
HOSPITALITY
The segment's total revenue for the full year declined by 4% to US$15.8 million
(2015: US$16.4 million) due to the introduction of value added tax of 15% on
revenue from foreigners, which could not be fully passed onto guests through
price increases. At Meikles Hotel, room occupancy grew by 1.64 percentage
points, but the average daily rate declined by 7% eclipsing the increase in the
occupancy growth. As a result, revenue per available room reduced by 3%.
Room occupancy at Victoria Falls Hotel was 52.71% (2015: 55.26%). The average
daily rate declined by 2% resulting in revenue per available room decreasing by
6%.
The drop in the average daily rate at both hotels was largely as a result of
the introduction of value added tax of 15% on revenues from foreigners.
Food and beverage gross profit margins were maintained at the previous year's
levels despite menu price reductions during the course of the year.
Operating costs for the year reduced by 3%. Savings were achieved in employee
costs and certain cost items denominated in South African Rand that benefited
from the weakening of the Rand against the US$ during the course of the year.
The decline in EBITDA was caused by the reduction in revenue.
STORES
The segment's revenue for the financial year ended 31 March 2016 was US$22.2
million (2015: US$17.3 million), reflecting an increase of 28% over the last
year due to the opening of new stores which operated for part of the year.
Total operating costs reduced by 18% with savings being achieved in employee
and occupancy costs. Cost containment strategies are being implemented to
reduce costs further in such areas as utilities, occupancy, other operating and
staff costs.
Despite the shrinking customers' disposable income, the collection rate on
trade debtors was unaffected and remained at 23% relative to the previous year.
Bad debt write-off reduced to 2% (2015: 2.9%) and customers' arrears reduced to
14% (2015: 16%).
As part of its strategy to increase revenue streams and market share, a total
of ten stores were opened progressively during the year comprising two Barbours
stores, four M-store outlets and four Meikles Mega Market branches. A number of
Meikles Mega Market branches and M-store outlets are planned to be opened in
the 2017 financial year.
SUPERMARKETS - TRADING AS TM AND PICK N PAY
The segment posted an excellent set of results for the financial year ended 31
March 2016. These positive results came in an environment characterised by a
number of impediments, mainly sluggish economic conditions and deflation in
food prices. Turnover for the year grew by 10% to US$395.3 million relative to
the prior year. Customer count increased by 7.6% leading to a growth in units
sold of 12.6%.
Despite the depressed macro-economic environment throughout the financial year,
the average basket size increased by 3% in the current year. This is an
indication that customers are spending more in our stores with competitive
prices and unique promotions.
The gross margin for the year declined by 55 basis points from 19.72% to
19.17%. The investment in refrigeration and equipment helped improve the gross
margin in new and upgraded branches. Enhanced focus on stock management helped
to reduce shrinkage from prior year level by 46 basis points.
Stock management efficiencies improved the stock turn from 12.6 to 14.4 times
in the current year.
Operating costs were 16.8% of turnover, an improvement from the prior year
level of 17.1%. EBITDA for the year was US$15.9 million (2015: US$9.3 million).
EBITDA growth was buoyed by increased sales, better shrinkage control and
improved cost management.
The property development adjacent to TM Borrowdale has reached an advanced
stage. The centre is expected to officially open during the first quarter of
2017.
AGRICULTURE
Tanganda's revenue for the financial year ended 31 March 2016 of US$22.4
million was 6% higher than the revenue of US$21.12 million in the previous
year, mainly due to greater volumes of bulk tea sales. During the year under
review, bulk tea that had been stockpiled between December 2014 and March 2015
was sold following the granting of the Rainforest Alliance certification. The
segment's EBITDA increased on the back of growth in bulk tea export sales, an
immediate positive impact of the Rainforest Alliance certification and various
cost containment measures implemented during the period.
Operating expenses included a provision for a taxation penalty, which affected
Tanganda and certain other companies in the industry. All companies involved
are contesting the issue. The provision in Tanganda's financial statements
amounted to US$988,000.
Unfavourable weather conditions mainly drought, the most adverse for a number
of years, impacted negatively on yields of avocadoes, coffee and tea. Bulk tea
production to 31 March 2016 was 7,261 tonnes, 16% below the prior year of 8,609
tonnes. The cost of production for made tea was in line with expectation, with
cost controls offsetting the impact of the decline in volumes. Average bulk tea
export prices of US$1.37/kg was 3% firmer than the prior year's US$1.33/kg.
Coffee production at 181 tonnes was 14% higher than the prior year yield of 159
tonnes but 33% below expectation of 272 tonnes due to moisture stress caused by
the drought conditions. The average selling price for coffee at US$2.95/kg was
26% lower than the prior year of US$3.99/kg.
FINANCIAL SERVICES
Meikles Financial Services (MFS) had a successful year to 31 March 2016, having
experienced uninterrupted growth. The segment has nearly completed its rollout
of MyCash Kiosks across the country, from which a range of financial services
are offered to a growing number of Zimbabweans. Agency banking continues to
dominate in terms of revenue generation, though income from bill payments and
other sources are on the increase.
The highlight of the year has been the recent launch of the MyCash Card, a
low-cost bank account that can be opened with reduced Know Your Customer (KYC)
requirements. MyCash Card is a 'ZimSwitch Ready' debit card offering Mobile
Banking (USSD and Smartphone) to previously unbanked individuals allowing them
to benefit from formal financial services that would otherwise be unavailable,
at a minimal cost.
Given the current cash shortages in the economy, MyCash Card is proving to be
attractive to all demographic groups as well as being a popular alternative to
physical cash and a convenient method of paying employee wages.
MFS continues to see opportunities in the financial markets and is developing a
growing range of revenue streams that include cross border remittances,
insurance and payroll services.
SECURITY SERVICES
Meikles Guard Services' objective for the financial year ended 31 March 2016 of
expanding the number of contracts outside the group was achieved in
part. Despite the existing economic environment Meikles Guard Services obtained
contracts resulting in 21 posts outside the Group. Security tenders have been
lodged for various embassies, financial institutions as well as a number of
entities in the commercial sector. Marketing will intensify through the
provision of security at fundraising functions for the Meikles Foundation.
MENTOR AFRICA LIMITED
The Group experienced an impairment loss of US$2.885 million on its investment
in South Africa due to the devaluation of the South African Rand against the US
Dollar. The Rand value of the investment increased. A dividend of ZAR 18.4
million was received from the investment (2015: ZAR17.3 million).
MEIKLES FOUNDATION
The Meikles Foundation has continued to grow from strength to strength. Major
achievements for 2016 is the partnership with TM/Pick n Pay in their new annual
golf day, where substantial funds were raised for Island Hospice and
Healthcare, Zorarai Old Age Home in Mutare and Animal Welfare. Other
initiatives include participating in Kidz Can in Zimbabwe with the
commissioning of a half way hospice for children.
The Foundation continues to work jointly with international community, several
corporates, charities and likeminded individuals. Projects include prisons,
with food and blankets, dance therapy for mentally challenged and the Cups for
Cancer awareness week. In this current economic environment, the Foundation has
been frequently called upon to assist with humanitarian emergencies.
Restructuring of the Foundation has seen the employment of an Executive
Director to assist in organizing and strengthening the Foundation.
MINING
The Group's foreign mining partner has withdrawn from Zimbabwe. The Group is in
a position to encourage other partners to participate in mining opportunities,
but it is felt that the appropriate timing of any further involvement is not
yet clear.
OUTLOOK
The Group's EBITDA performance in the 2017 financial year is favourable
relative to the year under review. It is now known that rains are more than
normal. The Group continues to pursue opportunities for cost reduction, strong
marketing and margin control. Where possible, short term loans will be
converted to medium term loans. Market appetite for this conversion has
improved.
DIVID
The Board resolved not to declare a dividend for the year.
APPRECIATION
I would like to extend my appreciation to our customers for their continued
support and to our shareholders and regulatory authorities for their support
and guidance. I would also like to extend my thanks and appreciation to fellow
Board members, management and staff for their dedication and commitment.
JRT Moxon
Executive Chairman
15 March 2017
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEARED 31 MARCH 2016
31 March 31 March
2016 2015
US$ 000 US$ 000
Revenue 453,648 413,349
Net operating costs (451,596) (423,723)
Operating profit / (loss) 2,052 (10,374)
Investment income 3,628 4,546
Finance costs (10,516) (12,527)
Impairment of investment in Mentor Africa Limited (2,885) (4,726)
Net exchange (losses) / gains (274) 329
Loss recognised on discounting Treasury Bills (8,628) (9,019)
Provision for discount on RBZ balance - (14,705)
Fair value adjustments on biological assets 2,590 8,590
Loss before tax (14,033) (37,886)
Income tax (expense) / credit (5,309) 3,400
Loss for the year (19,342) (34,486)
Other comprehensive income / (loss), net of tax
Items that may be reclassified subsequently to
profit or loss:
Reclassification adjustment relating to
available-for-sale financial assets disposed of in 4,471 -
the current year
Fair value gain / (loss) on available-for-sale 6,860 (12,472)
financial assets
Other comprehensive income / (loss) for the year, 11,331 (12,472)
net of tax
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (8,011) (46,958)
(Loss) / profit for the year attributable to:
Owners of the parent (22,712) (34,445)
Non-controlling interests 3,370 (41)
(19,342) (34,486)
Total comprehensive (loss) / income attributable to:
Owners of the parent (11,381) (46,917)
Non-controlling interests 3,370 (41)
(8,011) (46,958)
Loss per share (cents)
Basic (8.95) (13.57)
Diluted (8.31) (12.60)
Headline loss per share (cents) (6.39) (4.38)
Diluted headline loss per share (cents) (5.93) (4.07)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2016
31 March 31 March
2016 2015
US$ 000 US$ 000
ASSETS
Non-current assets
Property, plant and equipment 129,433 125,145
Investment property 248 249
Investment in Mentor Africa Limited 20,046 22,931
Biological assets 45,945 41,083
Intangible assets 124 124
Other financial assets 12,004 12,246
Deferred tax 3,480 4,201
Total non-current assets 211,280 205,979
Current assets
Balance with the Reserve Bank of Zimbabwe - 7,229
Treasury Bills 11,106 22,942
Inventories 33,391 35,626
Trade and other receivables 14,611 19,893
Other financial assets 3,493 4,093
Cash and bank balances 10,494 8,883
Total current assets 73,095 98,666
Total assets 284,375 304,645
EQUITY AND LIABILITIES
Capital and reserves
Share capital 2,538 2,538
Share premium 1,316 1,316
Other reserves 11,418 87
Retained earnings 93,222 115,934
Equity attributable to equity holders of the parent 108,494 119,875
Non-controlling interests 21,182 17,281
Total equity 129,676 137,156
Non-current liabilities
Borrowings 11,063 24,402
Deferred tax 16,036 12,508
Total non-current liabilities 27,099 36,910
Current liabilities
Trade and other payables 60,700 60,397
Borrowings 66,900 70,182
Total current liabilities 127,600 130,579
Total liabilities 154,699 167,489
Total equity and liabilities 284,375 304,645
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MARCH 2016
Attributable Non
Share Share Other Retained to owners of controlling
capital premium reserves earnings parent interests Total
US$ US$ US$ 000 US$ US$ 000 US$ 000 US$ 000
000 000 000
2016
Balance at 1 April 2015 2,538 1,316 87 115,934 119,875 17,281 137,156
(Loss) / profit for the - - - (22,712) (22,712) 3,370 (19,342)
year
Other comprehensive income - - 11,331 - 11,331 - 11,331
for the year
Non-controlling interests - - - - - 531 531
arising from Mopani
Property Development
(Private) Limited
Balance at 31 March 2016 2,538 1,316 11,418 93,222 108,494 21,182 129,676
2015
Balance at 1 April 2014 2,538 1,316 12,559 155,455 171,868 14,222 186,090
Loss for the year - - - (34,445) (34,445) (41) (34,486)
Dividend - - - (5,076) (5,076) - (5,076)
Other comprehensive loss - - (12,472) - (12,472) - (12,472)
for the year
Non-controlling interests - - - - - 3,100 3,100
arising from Mopani
Property Development
(Private) Limited
Balance at 31 March 2015 2,538 1,316 87 115,934 119,875 17,281 137,156
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 MARCH 2016
31 March 31 March
2016 2015
US$ 000 US$ 000
Cash flows from operating activities
Loss before tax (14,033) (37,886)
Adjustments for:
- Depreciation and impairment of property, plant 9,505 9,454
and equipment and investment property
- Net interest 7,927 9,199
* Dividend income (1,039) (1,217)
- Net exchange losses / (gains) 274 (329)
- Impairment of investment in Mentor Africa 2,885 4,726
Limited
- Fair value adjustments on biological assets (2,590) (8,590)
* Loss recognised on discounting Treasury Bills 8,628 9,019
* Provision for discount on RBZ balance - 14,705
- (Profit) / loss on disposal of property, plant (25) 230
and equipment
* Impairment of intangible assets - 1,404
* Impairment of investment in Afrasia Zimbabwe - 152
Holdings Limited
Operating cash flow before working capital changes 11,532 867
Decrease in inventories 2,235 1,005
Decrease in trade and other receivables 6,025 396
Increase in trade and other payables 1,246 10,139
Cash generated from operations 21,038 12,407
Income taxes paid (915) (225)
Net cash generated from operating activities 20,123 12,182
Cash flows from investing activities
Payment for property, plant and equipment (14,601) (25,319)
Proceeds from disposal of property, plant and 203 158
equipment
Proceeds from sale of Treasury Bills and coupon 24,164 24,128
interest
Net movement in service assets 630 (43)
Net movement in other investments 885 255
Net expenditure on biological assets (2,275) (2,337)
Investment income 152 590
Net cash generated from / (used in) investing 9,158 (2,568)
activities
Cash flows from financing activities
Net decrease in interest bearing borrowings (16,621) (12,329)
Proceeds on disposal of partial interest in a 531 3,100
subsidiary without loss of control
Finance costs (10,516) (12,527)
Dividend paid - ordinary shareholders (1,063) (2,138)
Net cash used in financing activities (27,669) (23,894)
Net increase / (decrease) in cash and bank 1,612 (14,280)
balances
Cash and bank balances at the beginning of the 8,883 22,952
year
Net effect of exchange rate changes on cash and (1) 211
bank balances
Cash and bank balances at the end of the year 10,494 8,883
NOTES TO THE ABRIDGED AUDITED FINANCIAL STATEMENTS
1. Basis of preparation
The abridged audited financial statements are prepared from statutory records
that are maintained under the historical cost basis except for biological
assets and certain financial instruments which are measured at fair value.
Historical cost is generally based on the fair value of the consideration given
in exchange for assets.
2. Statement of compliance
The Group's abridged audited financial results have been extracted from
financial statements prepared in accordance with International Financial
Reporting Standards and the Companies Act (Chapter 24.03) and relevant
statutory instruments (SI33/99 and SI62/96). These abridged financial results
should be read in conjunction with the complete set of financial statements for
the year ended 31 March 2016 which have been audited by Deloitte & Touche and
an unmodified audit opinion issued thereon together with an Emphasis of Matter
on going concern. The auditor's report is available for inspection at the
Company's registered address.
3. Accounting policies
Accounting policies and methods of computation applied in the preparation of
these abridged audited financial statements are consistent, in all material
respects, with those used in the prior year with no significant impact arising
from new and revised International Financial Reporting Standards (IFRSs)
applicable for the year ended 31 March 2016.
4. Going concern
The Directors assess the ability of the Group to continue in operational
existence in the foreseeable future at each reporting date. As at 31 March
2016, the Directors have assessed the Group's ability to continue operating as
a going concern and believe that the preparation of these audited financial
statements on a going concern basis is still appropriate.
5. Balance with the Reserve Bank of Zimbabwe
Below is an analysis of the movement in RBZ balance during the year:
Group and Group and
Company Company
31 March 31 March
2016 2015
Note US$ 000 US$ 000
Balance at the beginning of the year 7,229 90,861
Treasury Bills received i (6,500) (71,156)
Compensation on Treasury Bills issued in lieu of i 1,500 -
amount due in cash
Interest uplift on Treasury Bills reissued ii (2,229) -
Provision for settlement discount - (14,705)
Interest - 2,229
Balance at the end of the year - 7,229
Analysis of balance at the end of the year
Amount due in cash - 5,000
Interest - 2,229
Closing balance - 7,229
Notes:
i. An amount of US$5 million was due and payable in cash on 31 March 2015.
This amount was settled by the RBZ issuing new Treasury Bills with a
nominal value of US$6.5 million, and a fair market value of US$5.8 million,
on 31 August 2015. The basis of calculating the fair market value of the
Treasury Bills is set out in note 6.
ii. This amount was settled on 7 April 2015 by the RBZ replacing Treasury Bills
with a nominal value of US$31.1 million on hand at 31 March 2015 with new
Treasury Bills with a nominal value of US$33.3 million. The US$2.2 million
increase in the nominal value of the Treasury Bills relates to interest
from previous years.
6. Treasury Bills
Below is an analysis of the movement in the Treasury Bills' balance during the
year:
Group and Group and Group and Group and
Company Company Company Company
31 March 31 March 31 March 31 March
2016 2016 2015 2015
Note US$ 000 US$ 000 US$ 000 US$ 000
Fair Nominal Fair Nominal
(Market) value (Market) value
value value
Balance at the beginning of 22,942 35,414 - -
the year
Treasury Bills received 5,769 6,500 47,084 71,156
during the year
Gain on replacement of i 8,320 2,229 - -
Treasury Bills
Treasury Bills disposed (27,991) (32,179) (27,166) (36,185)
during the year
Treasury Bills on hand at 9,040 11,964 19,918 34,971
year end
Accrued interest 2,066 283 3,024 443
Balance at the end of the 11,106 12,247 22,942 35,414
year
Notes:
i. On 7 April 2015 the RBZ replaced Treasury Bills with a nominal value of
US$31.1 million on hand at 31 March 2015 with new Treasury Bills with a
nominal value of US$33.3 million. The US$2.2 million increase in the
nominal value of the Treasury Bills related to interest from previous
years. The change in the market value of the Treasury Bills arose as a
result of the higher coupon rates and shorter maturity dates of the new
Treasury Bills received.
The Treasury Bills have been designated as "available-for-sale" (AFS) financial
assets and were initially recognised/measured at fair (market) value. The fair
(market) value of the Treasury Bills on initial recognition, and at 31 March
2016, was calculated based on a yield to maturity of 17%. This yield to
maturity was determined with reference to the percentage discount to the
nominal value of the Treasury Bills at which the Company has been able to sell
certain of the Treasury Bills in the open market during the preceding and
current financial years.
Interest income on the Treasury Bills is recognised using the effective
interest rate method and is included in "Investment income" in the Statement of
Profit or Loss and Other Comprehensive Income.
At 31 March 2016, Treasury Bills with a nominal value of US$12.2 million (2015:
US$14.7 million) were pledged as security for loans with a carrying value of
US$14.8 million (2015: US$16.2 million).
Treasury Bills issued by the Reserve Bank of Zimbabwe held at 31 March 2016:
Group and Group and
Company Company
31 March 31 March
2016 2015
At fair (market) value US$ 000 US$ 000
Treasury Bills maturing on 10 April 2017 with a 11,106 -
coupon rate of 5%
Treasury Bills maturing on 11 June 2018 with a - 10,922
coupon rate of 2%
Treasury Bills maturing on 10 June 2019 with a - 8,375
coupon rate of 2%
Treasury Bills maturing on 23 December 2016 with - 3,645
a coupon rate of 5%
11,106 22,942
The salient terms of the Treasury Bills held at 31 March 2016 are as follows:
Treasury Bill number ZTB73120150410Z
Issue date 10/04/2015
Redemption date 10/04/2017
Nominal value - including accrued interest (US$ 000) 12,247
Coupon 5.0%
Coupon payment dates 10 April and 10
October
Fair value - including accrued interest (US$ 000) 11,106
7. Segment information
31 March 31 March
2016 2015
US$ 000 US$ 000
Revenue
Supermarkets 395,297 360,328
Hotels 15,812 16,398
Agriculture 22,412 21,091
Departmental stores 6,465 7,035
Wholesaling 15,740 10,308
Corporate* (2,078) (1,811)
453,648 413,349
EBITDA
Supermarkets 15,911 9,307
Hotels 1,699 1,992
Agriculture 255 (104)
Departmental stores (186) (2,588)
Wholesaling (2,326) (2,415)
Corporate* (3,152) (5,708)
12,201 484
The EBITDA figures are before Group management fees.
Segment assets
Supermarkets 88,113 83,464
Hotels 47,557 49,216
Agriculture 77,522 75,270
Departmental stores 30,015 30,516
Wholesaling 4,268 2,048
Corporate* 36,900 64,131
284,375 304,645
Segment liabilities
Supermarkets 46,716 49,524
Hotels 22,887 20,922
Agriculture 33,000 33,933
Departmental stores 16,984 16,533
Wholesaling 6,049 3,542
Corporate* 29,063 43,035
154,699 167,489
*Intercompany transactions and balances have been eliminated from the corporate
amounts. Corporate also includes other subsidiaries that are immaterial to
warrant separate disclosure.
31 March 31 March
2016 2015
US$ 000 US$ 000
8. Depreciation, amortisation and impairment
Depreciation of property, plant and equipment 9,206 8,858
Impairment of property, plant and equipment 298 595
Depreciation of investment property 1 1
Impairment of investment in Mentor Africa Limited 2,885 4,726
Impairment of intangible assets - 1,404
Impairment of investment in Afrasia Zimbabwe Holdings - 152
Limited
12,390 15,736
9. Non-trading income
Net investment revenue 3,628 4,546
Fair value adjustments on biological assets 2,590 8,590
Net exchange (losses) / gains (274) 329
5,944 13,465
Net investment revenue includes US$1.0 million (2015: US$1.2
million) dividend receivable from Mentor Africa Limited.
10. Net borrowings
Non-current borrowings 11,063 24,402
Current borrowings 66,900 70,182
Total borrowings 77,963 94,584
Cash and cash equivalents (10,494) (8,883)
Net borrowings 67,469 85,701
Comprising:
Secured 68,454 85,836
Unsecured 9,509 8,748
77,963 94,584
The weighted average cost of borrowings for the year was
11.48% per annum (2015: 11.95% per annum).
11. Other information
Capital commitments authorised by the Directors but not 19,741 8,426
contracted
Group's share of capital commitments of joint operations 2,651 2,600
Website : www.meiklesinvestor.com
END
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March 22, 2017 03:00 ET (07:00 GMT)
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