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Share Name Share Symbol Market Type Share ISIN Share Description
Zambeef Products Plc LSE:ZAM London Ordinary Share ZM0000000201 ORD ZMW0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
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Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food Producers 174.9 7.2 2.0 4.4 24

Zambeef Products PLC Interim Results

15/06/2022 3:30pm

UK Regulatory (RNS & others)


Zambeef Products (LSE:ZAM)
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TIDMZAM

RNS Number : 0252P

Zambeef Products PLC

15 June 2022

15 June 2022

Zambeef Products plc

("Zambeef" or the "Group")

Interim results for the Half Year Ended 31 March 2022

Zambeef (AIM: ZAM), the fully integrated cold chain foods and retail business with operations in Zambia, Nigeria and Ghana, today announces its results for the half-year ended 31 March 2022.

Financial Highlights

 
 Figures in 000's                     2022           2021         %            2022        2021         % 
                                       ZMW           ZMW                        USD        USD 
                                  ------------  -------------               ----------  --------- 
 
 Revenue                            2,568,680      2,150,473    19.4%         148,136       102,501     44.5% 
 Cost of sales                     (1,715,287)    (1,411,049)   21.6%         (98,921)     (67,257)     47.1% 
 Gross profit                        853,393        739,424     15.4%          49,215       35,244      39.6% 
 Administrative expenses            (622,986)      (584,654)     6.5%         (35,928)     (27,867)     28.9% 
 Operating profit                    230,407        154,770     48.9%          13,287        7,377      80.1% 
 Profit from asset held 
  for sale                           10,330                       -             596           -           - 
 Share of profit equity 
  accounted investment               (1,287)         (915)      40.7%           (74)         (44)       68.2% 
 Exchange losses                       113         (42,558)     100.3%           7          (2,029)     100.3% 
 Finance costs                       (58,413)      (56,360)      3.7%         (3,369)       (2,686)     25.4% 
 Profit before taxation              181,150        54,937      229.7%         10,447        2,618      299.0% 
 Taxation charge                     (33,587)      (21,846)     53.7%         (1,937)       (1,041)     86.1% 
 Profit for the period 
  from continued operations          147,563        33,091      345.9%         8,510          1,577     439.6% 
 Profit from discontinued 
  operations                            -           20,843        -              -            993         - 
 Total profit for the 
  period                             147,563        53,934      173.6          8,510        2,570       231.1% 
 EBITDA                              310,422        193,398     60.51%         17,902       9,217        94.2% 
--------------------------------  ------------  -------------  -------      ----------  ---------  ----------- 
 Gross Profit Margin                  33.2%         34.4%                      33.2%      34.4% 
 EBITDA Margin                        12.1%          9.0%                      12.1%       9.0% 
 Debt/Equity (Gearing)                14.9%         25.4%                     14.92%      25.43% 
 Debt-To-EBITDA                       1.91          5.19%                      1.83        4.93 
                                  ------------  -------------  -------      ----------  ---------  ----------- 
 
 

PERFORMANCE OVERVIEW

The period saw relative macroeconomic stability with the kwacha appreciating relative to the US Dollar and inflation on a steady downward trajectory. However, input costs to our livestock division increased as a result of increasing commodity prices and fuel costs. Together with a tight monetary policy, this resulted in constrained consumer spending which affected the demand for our products.

However, the Group posted results that were ahead of market expectations (with this improved performance being notified in the Company's Trading Update announcement of 27 April 2022), driven by good performance in our cropping and stockfeed division and continued focus on cost control. Market share gains and increased Layer feed prices in our stock feed business resulted in increased profitability and sustained margins.

Zambeef's chain of 237 retail outlets, both own-brand and within Shoprite supermarkets, remain at the heart of the business, with demand from consumers driving supply.

KEY FINANCIAL HIGHLIGHTS

Revenue measured in at ZMW2.6 billion (USD148.1 million) with a gross profit of ZMW853.4 million (USD49.2 million), a growth of 19% and 15% when compared to the previous corresponding period in kwacha terms as well as 45% and 40% in USD terms respectively.

The Group's topline performance was due to performance in Cropping and Stockfeed. Higher grain prices, stockfeed market share gains and good farming interventions enabled the business to post profitability. Cost pressures stemming from covid related global supply chain desruptions, fuel costs and subdued demand on our protein products resulted in margin erosion.

Management continued the cost optimisation agenda through streamlining administrative costs while the continued direct cost control measures helped deliver strong operating profit leverage.

The Group combined strength as a diversified and vertically integrated business with strong brands, supportive partners and an experienced management team continues to be a major factor on the sustained profitability of the Group.

Commenting on these results, Mr Michael Mundashi said:

"The Group faced margin pressure arising from a rise in input costs such as Soya and energy across our value chains. However, our diversified portfolio of brands and vertically integrated businesses ensured the impact is balanced across the divisions, thereby enabling the overall growth in Group profitability.

The Board believes the key to sustainable growth lies in remaining committed to its strategic priorities, while mitigating the effects of dynamic economic and climate cycles. As such, the focus remains to invest in growth and optimisation opportunities and invest in our core businesses and the divestiture of non-core businesses. The vertical and horizontal integrated business structure remains essential to sustained profitability growth and balancing economic and climatic cyclicity.

"We anticipate macro-economic stability for Zambia to continue over the medium term supported by improved investor sentiment, elevated copper prices and the possibility of an International Monetary Fund supported debt management program. The kwacha is expected to remain relatively stable supported by increased mining output.

The copper price, which is a major foreign exchange earner for the country, is expected to continue holding as the global economy continues to recover from the Covid-19 related shocks. The inflation rate is expected to continue on the downward trajectory, although the outcome of the Russo-Ukrainian tensions will lead to further rises in global food and energy prices which still pose a risk of higher inflation locally. The world at large and Zambia in particular, have acclimatised to living with the Covid-19 pandemic. Therefore, we expect Covid-19 related shocks to the business and the economy to remain minimal."

For further information, please visit www.zambeefplc.com or contact:

 
 Zambeef Products plc                          Tel: +260 (0) 211 369003 
 Walter Roodt, Chief Executive Office 
 Faith Mukutu, Chief Financial Officer 
 
 finnCap (Nominated Adviser and Broker)       Tel: +44 (0) 20 7220 0500 
 Ed Frisby/Tim Harper (Corporate Finance) 
 Tim Redfern/Barney Hayward (ECM) 
 
   Autus Securities Limited                   Tel: +260 (0) 761 002 002 
 Mataka Nkhoma 
 
 

About Zambeef Products Plc

Zambeef Products Plc is the largest integrated cold chain food products and agribusiness company in Zambia and one of the largest in the region, involved in the primary production, processing, distribution and retailing of beef, chicken, pork, milk, eggs, dairy products, fish, flour and stockfeed, throughout Zambia and the surrounding region, as well as Nigeria and Ghana.

It has 236 retail outlets throughout Zambia and West Africa.

The Company is one of the largest suppliers of beef in Zambia. Five beef abattoirs and three feedlots are located throughout Zambia, with a capacity to slaughter 230,000 cattle a year. It is also one of the largest chicken and egg producers in Zambia, with a capacity of 8.8m broilers and 22.4 million day-old chicks a year. It is one of the largest piggeries, pig abattoirs and pork processing plants in Zambia, with a capacity to slaughter 75,000 pigs a year, while its dairy has a capacity of 120,000 litres per day.

The Group is also one of the largest cereal row cropping operations in Zambia, with approximately 7,787 hectares of row crops under irrigation, which are planted twice a year, and a further 8,694 hectares of rainfed/dry-land crops available for planting each year.

CHAIRMAN'S REPORT

Dear Shareholder,

It is my great pleasure to present to you the Chairman's Report with respect to the half year ended 31 March, 2022.

The period saw relative macroeconomic stability with the kwacha appreciating relative to the US Dollar and inflation on a steady downward trajectory. However, input costs to our livestock division increased as a result of increasing commodity prices and fuel costs. Together with a tight monetary policy, this resulted in constrained consumer spending which affected the demand for our products. Despite these headwinds, the Group posted results that were ahead of market expectations (with this improved performance being notified in the Company's Trading Update announcement of 27 April 2022), driven by good performance in our cropping and stockfeed division and continued focus on cost control.

The Group faced margin pressure arising from a rise in input costs such as Soya and energy across our value chains. However, our diversified portfolio of brands and vertically integrated businesses ensured the impact is balanced across the divisions, thereby enabling the overall group to profitability growth.

The Group generated an operating profit, including profit from asset held for sale, of ZMW240.7 million (USD13.8 million) compared to ZMW175.6million (USD8.4 million) in the prior financial year. The operating profit, excluding profit from asset held for sale, was ZMW230.4 million (USD13.3 million) compared to ZMW154.8 million (USD7.4 million) achieved in the previous financial year. Profit before tax was ZMW181.1 million (USD10.4 million) compared to ZMW54.9 million (USD2.6 million) achieved in the prior financial year. The Group's performance in the face of headwinds illustrates the strengths of our vertically integrated business model, the strength of our brands and a good management team.

The Board believes the key to sustainable growth lies in remaining committed to its strategic priorities, while mitigating the effects of dynamic economic and climate cycles. As such, the focus remains to invest in growth and optimisation opportunities and invest in our core businesses and the divestiture of non-core businesses. The vertical and horizontal integrated business structure remains essential to sustained profitability growth and balancing economic and climatic cyclicity.

The Economic Environment

The Zambian economy saw signs of macroeconomic recovery, following the successful general elections which resulted in positive market sentiments and a positive economic outlook. The Zambian kwacha remained relatively stable, with elements of volatility being seen at the end of both the first and second quarters. The strength of the currency was supported by foreign participation in the bond market and a higher copper price on the international commodity market.

Despite recovery in the global economy, the Zambian economic recovery remains gradual, given the high debt burden and reduced consumer spending.

Inflationary pressures, particularly food inflation, had resulted in a significant drop in our customers' disposable income and has continued to put pressure on the consumers' share of wallet going towards food spend. However, inflation continued on the downward trend for the period under review closing at 13.1% compared to 22.8% for the previous financial year, supported mainly by a reduction in food inflation rates as it came off a high base from the previous year. This however did not offset steep cold chain foods sales volume losses for the half-year period.

Retail and Cold Chain Food Products

Revenue in the Retail and Cold Chain Food business grew by 11% to ZMW2.6 billion with operating profit growth of 26% to ZMW96 million, supported by sustained revenue management and cost control in light of margin pressure due to a reduction in demand in the face of rising input costs.

Rising global food prices, particularly grain, precipitated in high animal feed costs. As a result, the division saw margin pressures across most protein categories as feed is a significant cost in primary protein production.

The Poultry business saw demand reduction owing to sustained chicken price escalations, which resulted in consumers downgrading to cheaper protein sources. Management has responded and implemented measures that are expected to see a recovery in the second half-year period.

Cropping and Milling (Cropping, Stockfeed and Wheat Milling)

Zambia experienced a late onset to the summer rainfall season, and as a result, yields for the summer crop declined. However, favourable grain prices deliver strong growth.

The first quarter resulted in below expected stockfeed sales volumes with the second quarter showing strong gains in market share due to Stockfeed strong raw material position.

Debt reduction

During the half year period, the Group continued to deleverage by making repayments on debt obligations as they became due and utilising the internally generated cash to reduce our short-term debt. Net debt for the half year period closed at ZMW 592 million (USD33million) from ZMW 715 million (USD46million) as at 30 September 2021. The resultant balance sheet positions the Group with capacity to finance efficiency upgrades and production capacity expansion.

The steps that management took in 2021, to restructure the Company's debt profile by replacing the majority USD debt with kwacha debt to match the primary revenue base currency to the Company's debt service profile is beginning to yield results. We now have greater certainty of committed debt repayment amounts which has resulted in significantly reduced exchange rate risks.

Outlook

We anticipate macro-economic stability for Zambia to continue over the medium term supported by improved investor sentiment, elevated copper prices and the possibility of an International Monetary Fund supported debt management program. The kwacha is expected to remain relatively stable supported by increased mining output.

The copper price, which is a major foreign exchange earner for the country, is expected to continue holding as the global economy continues to recover from the Covid-19 related shocks. The inflation rate is expected to continue on the downward trajectory, although the outcome of the Russo-Ukrainian tensions will lead to further rises in global food and energy prices which still pose a risk of higher inflation locally. The world at large and Zambia in particular, have acclimatised to living with the Covid-19 pandemic. Therefore, we expect Covid-19 related shocks to the business and the economy to remain minimal.

The Group remains committed to delivering value to shareholders and is well positioned to navigate the turmoil while capitalising on opportunities.

Strategy

Following the strategy reset process of 2021, I am happy to report that the board remains committed to and is on track in implementing the strategic imperatives. The following are the pillars on which the five year strategy was underpinned:

-- Focus and strengthen our core business by investing in capacity and grow market share

-- Divestiture of non-core assets to free up resources

-- Develop a human capital strategy that aligns with business objectives

-- Strengthen our strategic partnerships

-- Enhancement of shareholders value

Acknowledgement

On behalf of the Company and the Board of Directors, I would like to express my sincere gratitude to Yollard Kachinda and Frank Braeken who resigned from the board on 14 April 2022 and 27 May, 2022, respectively. Their dedication and contributions to the business during the period they served as directors will be greatly missed.

I also thank my fellow board members for steering the Group through the first half of the year and positioning it for the next phase of growth. To our management and staff, I express my gratitude to them for another solid performance, dedicated efforts and resilience in the face of challenges. I am proud of our achievements to date and I am excited by the potential opportunities upon which we will build our future progress.

Michael Mundashi

Chairman

15 June 2022

CHIEF EXECUTIVE OFFICER'S REVIEW

Overview

Despite the 2022 half-year period being characterised by difficult trading conditions, the Group results exceeded market expectations, as previously announced, due to the performance in the Cropping and Milling division. Higher grain prices and Stockfeed market share gains enabled the business to post strong profits. However, in light of the macroeconomic fundamentals stabilising, the reduced consumer spend on the back of a rise in input costs put pressure on volumes and margins in the Retail and Cold Chain Food Products (CCFP) segment. The increase in raw material input costs, such as soya and wheat, negatively impacted primary protein and milling production costs with the consequent increase in food prices to our customers resulting in reduced demand for our products as customers traded down, particularly in the first quarter of the financial year. The second quarter saw a slight volume recovery in the Retail and CCFP segments as management responded to the changing commercial environment.

The Group posted revenue, including from assets held for sale, of ZMW2.6 billion (USD150 million) and we achieved a gross profit of ZMW884 million (USD51 million), being 16% and 13% above the prior year in kwacha terms, and 40% and 37% growth in USD terms, respectively.

The Group's strong performance was driven by the Cropping and Milling division. Management continued optimising top line growth through revenue management initiatives while the continued cost control measures helped deliver a robust operating profit performance.

Our diversified and vertically integrated business with strong brands, supportive partners and an experienced management team helped deliver encouraging results during the first half-year of the 2022 reporting period.

Strategic focus

Our strategic focus remains to optimise our asset utilisation and maximise returns. We remain committed to focusing on our existing core businesses, in which we strive to be the best in class, continued divesture of non-core assets and a fit for purpose people strategy. As part of delivering on our strategic imperatives, the business will progressively turn towards capacity expansion opportunities across our business, which will see increased profitability in the medium to long term.

Outlook

The macroeconomic environment is expected to remain stable. The successful holding of general elections on 12 August 2021 and the resultant change in government during a peaceful transition of power has brought investor confidence and optimism. The consequent appreciation of the kwacha continued during the half year as foreign direct investment prospects improved. This coupled with high copper prices, a potential International Monetary Fund (IMF) Country program and reliable electricity supply has improved the country's economic outlook. We expect a continued slowdown in inflation and reduced interest rates. As a result, we look forward to increased economic activity translating into sustained macroeconomic stability.

Our strong brands will help us maintain customer loyalty while the vertically integrated business model positions us well to secure both supply and a market for our products. The future recovery in the economy and a strong management team have positioned us well for improved stakeholder value creation in the coming years.

The Russo-Ukraine conflict poses risks but at the same time presents opportunities for our business. The consequent rise in input costs such as fertiliser and energy could negatively impact our profitability while the rise in commodity prices, such as wheat and soya, will benefit our Cropping and Milling division.

ZAMBEEF PRODUCTS PLC AND ITS SUBSIDIARIES

CHIEF EXECUTIVE OFFICER'S REVIEW (CONTINUED)

Divisional Performance

Table 1 (ZMW) and Table 2 (USD) below provide a summary of the consolidated performance of the key business divisions reported at an operating profit level.

Table 1: Divisional financial summary in ZMW'000

 
 ZMW                  Revenue                  Gross Profit                   Overheads               Operating Profit 
                    2022          2021          2022          2021          2022            2021         2022        2021 
 Division        ZMW'000       ZMW'000       ZMW'000       ZMW'000       ZMW'000         ZMW'000      ZMW'000     ZMW'000 
----------  ------------  ------------  ------------  ------------  ------------  --------------  -----------  ---------- 
 
 Retail 
  & 
  CCFP         2,631,327     2,367,486       399,734       387,745     (303,646)       (311,636)       96,088      76,109 
----------  ------------ 
 
 Cropping 
  & 
  Milling      1,382,510     1,032,887       453,659       351,679     (200,580)       (182,289)      253,079     169,390 
----------  ------------  ------------  ------------  ------------  ------------  --------------  -----------  ---------- 
 
 Total         4,013,837     3,400,373       853,393       739,424     (504,226)       (493,925)      349,167     245,499 
----------  ------------  ------------  ------------  ------------  ------------  --------------  -----------  ---------- 
 
 Less: 
  Intra/ 
  Inter 
  Group      (1,445,157)   (1,249,900)            -           -                   -          -              - 
 Sales 
            ------------  ------------  ------------  ------------  ------------  --------------  -----------  ---------- 
 Central 
            ------------  ------------  ------------  ------------ 
 Overhead                                                              (118,760)        (90,729)    (118,760)    (90,729) 
----------  ------------  ------------  -------  ---  -----  -----  ------------  --------------  -----------  ---------- 
 Group 
  Total        2,568,680     2,150,473       853,393       739,424     (622,986)       (584,654)      230,407     154,770 
----------  ------------  ------------  ------------  ------------  ------------  --------------  -----------  ---------- 
 
 

Table 2: Divisional financial summary in USD'000

 
 USD                    Revenue             Gross Profit             Overheads           Operating Profit 
                      2022        2021       2022       2021         2022        2021       2022       2021 
 Division          USD'000     USD'000    USD'000    USD'000      USD'000     USD'000    USD'000    USD'000 
--------------  ----------  ----------  ---------  ---------  -----------  ----------  ---------  --------- 
 
 Retail &          151,748     112,845     23,053     18,481     (17,512)    (14,853)      5,541      3,628 
 CCFP 
--------------  ----------  ----------  ---------  ---------  -----------  ----------  ---------  --------- 
 Cropping 
  & Milling         79,730      49,232     26,162     16,763     (11,567)     (8,689)     14,595      8,074 
--------------  ----------  ----------  ---------  ---------  -----------  ----------  ---------  --------- 
 
 Total             231,478     162,077     49,215     35,244     (29,079)    (23,542)     20,136     11,702 
==============  ==========  ==========  =========  =========  ===========  ==========  =========  ========= 
 Less: Intra/ 
                                        ---------  ---------  -----------  ----------  ---------  --------- 
 Inter Group      (83,342)    (59,576) 
                                        ---------  ---------  -----------  ----------  ---------  --------- 
 Sales 
--------------  ----------  ----------  ---------  ---------  -----------  ----------  ---------  --------- 
 Central 
                ----------  ----------  ---------  --------- 
 Overhead                                                         (6,849)     (4,325)    (6,849)    (4,325) 
--------------  ----------  ----------  ---------  ---------  -----------  ----------  ---------  --------- 
 Group Total       148,136     102,501     49,215     35,244     (35,928)    (27,867)     13,287      7,377 
--------------  ----------  ----------  ---------  ---------  -----------  ----------  ---------  --------- 
 

ZAMBE EF PRODUCTS PLC AND ITS SUBSIDIARIES

CHIEF EXECUTIVE OFFICER'S REVIEW (CONTINUED)

Taking the performance of each of our key business areas in turn:

Retail and Cold Chain Food Products

Sales volumes came under pressure on the back of input price increases that reduced consumer spending on proteins and oils and resulting in the trading down to cheaper nutritional alternatives. The resulting strong supply situation across all protein categories necessitated price reductions in the second quarter which started to contribute to a volume recovery. March 2022 saw the outbreak of African Swine Fever in Lusaka Province which resulted in our pork processing operation being shut down and therefore started to impact on volumes. Chicken sales volumes struggled as the price of chicken products remained relatively high compared with other proteins due to sustained high feed prices.

Despite the challenges, the Retail and CCFP business registered a revenue growth of 11% above the prior year. However, higher input prices, particularly feed and fuel, resulted in margin erosion, thereby posting gross profit growth of only 3%.

The Retail and CCFP division generated an EBIT margin of 3.7% which increased by 43.9 basis points from the previous financial year to ZMW96 million (2021: ZMW76 million) in kwacha terms and grew impressively by 53% to USD5.5 million (2021: USD3.6 million) in dollar terms. Overhead spend discipline ensured strong operating profit leverage. Reduced load shedding helped lower fuel costs of running our electricity generators, which further contributed to the increased profitability.

Cropping and Milling (Cropping, Stockfeed and Wheat Milling)

The summer farming season started off poorly due to the delay in the onset of summer rains which impacted on summer crop yields. However, high world grain prices enabled the business to post better than expected results.

The Stockfeed milling business was a major contributor to profitability in the division due to market share gains owing to good sales and operations planning.

Revenue in the Cropping and Milling division grew by 34% in kwacha terms and 62% in USD terms, while the operating profit grew by 49% to ZMW 253 million (2021: ZMW169 million) or 81% to USD14.6 million (2021: USD8.1 million) in dollar terms. Production costs were impacted by rising costs of inputs, particularly fertiliser and other inputs.

Walter Roodt

Chief Executive Officer

15 June 2022

ZAMBEEF PRODUCTS PLC AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE SIX MONTH PERIODED 31 MARCH 2022

 
                                           Unaudited                           Audited 
                                   31 Mar 2022   31 Mar 2021              30 Sept 2021 
                                  ------------  ------------  ------------------------ 
 Group                                ZMW'000s      ZMW'000s                  ZMW'000s 
                                  ------------  ------------  ------------------------ 
 
 Revenue                             2,568,680     2,150,473                 4,974,351 
                                  ------------  ------------  ------------------------ 
 Net profit arising from 
  price changes in fair 
  value of biological assets             5,273        17,242                     6,651 
                                  ------------  ------------  ------------------------ 
 Cost of sales                     (1,720,560)   (1,428,291)               (3,510,286) 
                                  ------------  ------------  ------------------------ 
 Gross profit                          853,393       739,424                 1,470,716 
                                  ------------  ------------  ------------------------ 
 Administrative expenses             (597,097)     (554,461)               (1,150,658) 
                                  ------------  ------------  ------------------------ 
 Distribution costs                   (29,850)      (33,114)                  (66,848) 
                                  ------------  ------------  ------------------------ 
 Other income                            3,961         2,921                    14,120 
                                  ------------  ------------  ------------------------ 
 Operating profit                      230,407       154,770                   267,330 
                                  ------------  ------------  ------------------------ 
 Share of loss equity accounted 
  investment                           (1,287)         (915)                   (3,358) 
                                  ------------  ------------  ------------------------ 
 Profit from asset held 
  for sale                              10,330             -                    31,949 
                                  ------------  ------------  ------------------------ 
 Exchange gains/(losses) 
  on translating foreign 
  currency transactions 
  and balances                             113      (42,558)                    23,332 
                                  ------------  ------------  ------------------------ 
 Finance costs                        (58,413)      (56,360)                 (115,282) 
                                  ------------  ------------  ------------------------ 
 Profit before taxation                181,150        54,937                   203,971 
                                  ------------  ------------  ------------------------ 
 Taxation charge                      (33,587)      (21,846)                  (35,148) 
                                  ------------  ------------  ------------------------ 
 Profit/(loss) for the 
  period from continued 
  operations                           147,563        33,091                   168,823 
                                  ------------  ------------  ------------------------ 
 Profit from discontinued 
  operations                                 -        20,843                         - 
                                  ------------  ------------  ------------------------ 
 Total profit for the 
  period                               147,563        53,934                   168,823 
                                  ------------  ------------  ------------------------ 
 
 Profit/(loss) attributable 
  to: 
                                  ------------  ------------  ------------------------ 
 Equity holders of the 
  parent                               146,754        54,056                   167,980 
                                  ------------  ------------  ------------------------ 
 Non-controlling interest                  809         (122)                       843 
                                  ------------  ------------  ------------------------ 
                                       147,563        53,934                   168,823 
                                  ------------  ------------  ------------------------ 
 Other comprehensive income 
                                  ------------  ------------  ------------------------ 
 Exchange gains/(losses) 
  on translating presentational 
  currency                            (28,156)       117,226                 (286,645) 
                                  ------------  ------------  ------------------------ 
 Remeasurement of net defined 
  benefit liability                          -             -                   (2,813) 
                                  ------------  ------------  ------------------------ 
 Revaluation of assets                       -             -                   192,403 
                                  ------------  ------------  ------------------------ 
 Total other comprehensive 
  income                               119,407       117,226                  (97,055) 
                                  ------------  ------------  ------------------------ 
 Total comprehensive income 
  for the period                       119,407       171,160                    71,768 
                                  ------------  ------------  ------------------------ 
 
 Total comprehensive income 
  for the period attributable 
  to: 
                                  ------------  ------------  ------------------------ 
 Equity holders of the 
  parent                               121,786       173,523                    73,867 
                                  ------------  ------------  ------------------------ 
 Non-controlling interest              (2,379)       (2,363)                   (2,099) 
                                  ------------  ------------  ------------------------ 
                                       119,407       171,160                    71,768 
                                  ------------  ------------  ------------------------ 
 
 Earnings per share                      Ngwee         Ngwee                     Ngwee 
                                  ------------  ------------  ------------------------ 
 Basic earnings per share 
  from continued operations              45.39         11.05                     55.89 
                                  ------------  ------------  ------------------------ 
 Basic earnings per share 
  from discontinued operations            3.44          6.93                         - 
                                  ------------  ------------  ------------------------ 
 Total                                   48.83         17.98                     55.89 
                                  ------------  ------------  ------------------------ 
 

ZAMBEEF PRODUCTS PLC AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE SIX MONTH PERIODED 31 MARCH 2022

 
                                             Unaudited                Audited 
                                     31 Mar 2022   31 Mar 2021   30 Sept 2021 
                                    ------------  ------------  ------------- 
 Group                                  USD'000s      USD'000s       USD'000s 
                                    ------------  ------------  ------------- 
 Revenue                                 148,136       102,501        235,528 
                                    ------------  ------------  ------------- 
 Net proft arising from price 
  changes in fair value of 
  biological assets                          304           822            315 
                                    ------------  ------------  ------------- 
 Cost of sales                          (99,225)      (68,079)      (166,207) 
                                    ------------  ------------  ------------- 
 Gross profit                             49,215        35,244         69,636 
                                    ------------  ------------  ------------- 
 Administrative expenses                (34,435)      (26,428)       (54,482) 
                                    ------------  ------------  ------------- 
 Distribution costs                      (1,721)       (1,578)        (3,165) 
                                    ------------  ------------  ------------- 
 Other income                                228           139            669 
                                    ------------  ------------  ------------- 
 Operating profit                         13,287         7,377         12,658 
                                    ------------  ------------  ------------- 
 Share of loss equity accounted 
  investment                                (74)          (44)          (160) 
                                    ------------  ------------  ------------- 
 Profit from asset held for 
  sale                                       596             -          1,513 
                                    ------------  ------------  ------------- 
 Exchange gains/(losses) 
  on translating foreign currency 
  transactions and balances                    7       (2,029)          1,105 
                                    ------------  ------------  ------------- 
 Finance costs                           (3,369)       (2,686)        (5,458) 
                                    ------------  ------------  ------------- 
 Profit before taxation                   10,447         2,618          9,658 
                                    ------------  ------------  ------------- 
 Taxation charge                         (1,937)       (1,041)        (1,663) 
                                    ------------  ------------  ------------- 
 Profit/(loss) for the period 
  from continued operations                8,510         1,577          7,995 
                                    ------------  ------------  ------------- 
 Profit from asset held for 
  sale                                         -           993              - 
                                    ------------  ------------  ------------- 
 Total profit for the period               8,510         2,570          7,995 
                                    ------------  ------------  ------------- 
 
  Profit/(loss) attributable 
   to: 
                                    ------------  ------------  ------------- 
 Equity holders of the parent              8,463         2,577          7,955 
                                    ------------  ------------  ------------- 
 Non-controlling interest                     47           (7)             40 
                                    ------------  ------------  ------------- 
                                           8,510         2,570          7,995 
                                    ------------  ------------  ------------- 
 Other comprehensive income 
                                    ------------  ------------  ------------- 
 Exchange (losses)/gains 
  on translating presentational 
  currency                              (18,552)      (11,265)         25,338 
                                    ------------  ------------  ------------- 
 Remeasurement of net defined 
  benefit liability                            -             -          (133) 
                                    ------------  ------------  ------------- 
 Revaluation of assets                         -             -          9,110 
                                    ------------  ------------  ------------- 
 Total other comprehensive 
  income                                (18,552)      (11,265)         34,315 
                                    ------------  ------------  ------------- 
 Total comprehensive income 
  for the period                        (10,042)       (8,695)         42,310 
                                    ------------  ------------  ------------- 
 
 Total comprehensive income 
  for the period attributable 
  to: 
                                    ------------  ------------  ------------- 
 Equity holders of the parent            (9,921)       (8,581)         42,440 
                                    ------------  ------------  ------------- 
 Non-controlling interest                  (121)         (114)          (130) 
                                    ------------  ------------  ------------- 
                                        (10,042)       (8,695)         42,310 
                                    ------------  ------------  ------------- 
 
 
 Earnings per share                        Cents         Cents          Cents 
                                    ------------  ------------  ------------- 
 Basic earnings per share 
  from continued operations                 2.62          0.53           2.65 
                                    ------------  ------------  ------------- 
 Basic earnings per share 
  from discontinued operations              0.20          0.33              - 
                                    ------------  ------------  ------------- 
 Total                                      2.82          0.86           2.65 
                                    ------------  ------------  ------------- 
 

ZAMBEEF PRODUCTS PLC AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTH PERIODED 31 MARCH 2022

 
                                                                                                                            Total 
                                                                                           Foreign                   attributable 
                                                   Preference                             exchange                      to owners 
                         Share           Share          share            Revaluation   translation        Retained         of the   Non-controlling       Total 
                       capital         premium        capital                reserve       reserve        earnings         parent          interest      equity 
                      ZMW'000s        ZMW'000s       ZMW'000s               ZMW'000s      ZMW'000s        ZMW'000s       ZMW'000s          ZMW'000s    ZMW'000s 
 At 1 October 
  2020                   3,006       1,125,012          1,000              1,167,713     1,003,834         470,174      3,770,739             (520)   3,770,219 
 Loss for the 
  period                     -               -              -                      -             -          54,056         54,056             (122)      53,934 
 Transfer of 
  surplus 
  depreciation               -               -              -               (23,141)             -          23,141              -                 -           - 
 Other 
 comprehensive 
 income: 
 Exchange gains 
  on translating 
  presentational 
  currency                   -               -              -                      -       119,467               -        119,467           (2,241)     117,226 
 Total 
  comprehensive 
  income 
  for the period             -               -              -              (23,141))       119,467          77,197        173,523           (2,363)     171,160 
 At 31 March 
  2021                   3,006       1,125,012          1,000              1,144,572     1,123,301         547,371      3,944,262           (2,883)   3,941,379 
 Profit for the 
  period                     -               -              -                      -             -         113,924        113,924               965     114,889 
 Transfer of 
  surplus 
  depreciation               -               -              -               (21,236)             -          21,236              -                 -           - 
 Other 
 comprehensive 
 income 
 Revaluation                 -               -              -                192,403             -               -        192,403                 -     192,403 
 Remeasurement 
  of net defined 
  benefit 
  liability                  -               -              -                      -             -         (2,813)        (2,813)                 -     (2,813) 
 Exchange gains 
  on translating 
  presentational 
  currency                   -               -              -                      -     (403,170)               -      (403,170)             (701)   (403,871) 
 Total 
  comprehensive 
  income 
  for the period             -               -              -                171,167     (403,170)         132,347       (99,656)               264    (99,392) 
 At 30 September 
  2021                   3,006       1,125,012          1,000              1,315,739       720,131         679,718      3,844,606           (2,619)   3,841,987 
 
 Profit for the 
  period                     -               -              -                      -             -         146,754        146,754               809     147,563 
 Transfer of 
  surplus 
  depreciation               -               -              -               (25,711)             -          25,711              -                 -           - 
 Other 
 comprehensive 
 income 
 Exchange gains 
  on translating 
  presentational 
  currency                   -               -              -                      -      (24,968)               -       (24,968)           (3,188)    (28,156) 
 Total 
  comprehensive 
  income 
  for the period             -               -              -               (25,711)      (24,968)         172,465        121,786           (2,379)     119,407 
 At 31 March 
  2022                   3,006       1,125,012          1,000              1,290,028       695,163         852,183      3,966,392           (4,998)   3,961,394 
 
 
 

ZAMBEEF PRODUCTS PLC AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTH PERIODED 31 MARCH 2022

 
                                                                                                                           Total 
                                                                                           Foreign                  attributable 
                                                       Preference                         exchange                     to owners 
                           Share           Share            share     Revaluation      translation       Retained         of the   Non-controlling         Total 
                         capital         premium          capital         reserve          reserve       earnings         parent          Interest        equity 
                        USD'000s        USD'000s         USD'000s        USD'000s         USD'000s       USD'000s       USD'000s          USD'000s      USD'000s 
 At 1 October 
  2020                       449         185,095              100         171,271        (250,418)         80,729        187,226              (26)       187,200 
 Transactions 
 with owners 
 Profit for the 
  period                       -               -                -               -                -          2,577          2,577               (7)         2,570 
 Transfer of 
  surplus 
  depreciation                 -               -                -         (1,103)                -          1,103              -                 -             - 
 Other 
 comprehensive 
 income: 
 Exchange losses 
  on translating 
  presentational 
  currency                     -               -                -               -         (11,158)              -       (11,158)             (107)      (11,265) 
 Total 
  comprehensive 
  income 
  for the period               -               -                -         (1,103)         (11,158)          3,680        (8,581)             (114)      (8,695)) 
 At 31 March 
  2021                       449         185,095              100         170,168        (261,576)         84,409        178,645             (140)       178,505 
 Profit for the 
  period                       -               -                -               -                -          5,378          5,378                47         5,425 
 Transfer of 
  surplus 
  depreciation                 -               -                -           (998)                -            998              -                 -             - 
 Revaluation                   -               -                -           9,110                -              -          9,110                 -         9,110 
 Other 
 comprehensive 
 income 
 Remeasurement 
  of defined 
  benefit 
  liability                    -               -                -               -                -          (133)          (133)                           (133) 
 Exchange gains 
  on translating 
  presentational 
  currency                     -               -                -               -           36,666              -         36,666              (63)        36,603 
 Total 
  comprehensive 
  income                       -               -                -           8,112           36,666          6,243         51,021                16        51,005 
 At 30 September 
  2021                       449         185,095              100         178,280        (224,910)         90,652        229,666             (156)       229,510 
 
 Profit for the 
  period                       -               -                -               -                -          8,463          8,463                47         8,510 
 Transfer of 
  surplus 
  depreciation                 -               -                -         (1,483)                -          1,483              -                 -             - 
 Other 
 comprehensive 
 income 
 Exchange gains 
  on translating 
  presentational 
  currency                     -               -                -               -         (18,384)              -       (18,384)             (168)      (18,552) 
 Total 
  comprehensive 
  income                       -               -                -         (1,483)         (18,384)          9,946        (9,921)             (121)      (10,042) 
 At 31 March 
  2022                       449         185,095              100         176,797        (243,294)        100,598        219,745             (277)       219,468 
 
 

ZAMBEEF PRODUCTS PLC AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF FINANCIAL POSITION -- 31 MARCH 2022

 
                                          Unaudited                  Audited 
                                   31 Mar 2022   31 Mar 2021    30 Sept 2021 
                                      ZMW'000s      ZMW'000s        ZMW'000s 
 ASSETS 
 Non - current assets 
 Goodwill                              166,801       166,801         166,801 
 Property, plant and equipment       3,092,010     3,419,935       3,115,018 
 Investment in associate                39,181        42,911          40,468 
 Deferred tax assets                    16,305         8,680           9,050 
                                     3,314,297     3,638,327       3,331,337 
 Current assets 
 Biological assets                     718,383       689,646         358,997 
 Inventories                           972,887       906,914       1,197,846 
 Trade and other receivables           187,309       149,606         234,076 
 Assets held for disposal              167,577       175,654         170,550 
 Amounts due from related 
  companies                              3,484         4,949           4,202 
 Income tax recoverable                    994        19,800           3,707 
 Cash and Cash equivalents             226,654        83,678         201,539 
                                     2,277,288     2,030,247       2,170,917 
 Total assets                        5,591,585     5,668,574       5,502,254 
 
 EQUITY AND LIABILITIES 
 Capital and reserves 
 Share capital                           3,006         3,006           3,006 
 Preference share capital                1,000         1,000           1,000 
 Share premium                       1,125,012     1,125,012       1,125,012 
 Reserves                            2,837,374     2,815,244       2,715,588 
                                     3,966,392     3,944,262       3,844,606 
 Non-controlling interest              (4,998)       (2,883)         (2,619) 
                                     3,961,394     3,941,379       3,841,987 
 Non - current liabilities 
 Interest bearing liabilities          146,667       124,233         195,555 
 Leases                                  3,797        10,242           7,253 
 Deferred liability                      7,845        10,578           8,891 
 Deferred taxation                      94,229        85,041          88,056 
                                       252,538       230,094         299,755 
 Current liabilities 
 Interest bearing liabilities          239,231       359,159         210,709 
 Leases                                  6,012        16,446          12,418 
 Trade and other payables              483,404       400,006         464,103 
 Provisions                            197,491       120,857         169,307 
 Taxation payable                       28,864        23,940          13,771 
 Bank overdrafts                       422,651       576,693         490,204 
                                     1,377,653     1,497,101       1,360,512 
 Total equity and liabilities        5,591,585     5,668,574       5,502,254 
 

ZAMBEEF PRODUCTS PLC AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF FINANCIAL POSITION -- 31 MARCH 2022

 
                                          Unaudited             Audited 
                                                                  30 Sept 
                                  31 Mar 2022   31 Mar 2021          2021 
                                    USD '000s     USD '000s     USD '000s 
 ASSETS 
 Non - current assets 
 Goodwill                               9,241         7,554         9,964 
 Property, plant and equipment        171,302       154,888       186,082 
 Investment in associate                2,170         1,943         2,417 
 Deferred tax asset                       903           394           541 
                                      183,616       164,779       199,004 
 Current assets 
 Biological assets                     39,800        31,234        21,445 
 Inventories                           53,900        41,074        71,556 
 Trade and other receivables           10,377         6,776        13,983 
 Assets held for disposal               9,284         7,955        10,188 
 Amounts due from related 
  companies                               193           224           251 
 Income tax recoverable                    55           897           221 
 Cash and Cash equivalents             12,557         3,790        12,039 
                                      126,166        91,950       129,683 
 Total assets                         309,782       256,729       328,687 
 
   EQUITY AND LIABILITIES 
 Capital and reserves 
 Share capital                            449           449           449 
 Preference share capital                 100           100           100 
 Share premium                        185,095       185,095       185,095 
 Reserves                              34,101       (6,999)        44,022 
                                      219,745       178,645       229,666 
 Non-controlling interest               (277)         (140)         (156) 
                                      219,468       178,505       229,510 
 Non - current liabilities 
 Interest bearing liabilities           8,126         5,626        11,682 
 Leases                                   210           464           433 
 Deferred liability                       435           479           531 
 Deferred tax liability                 5,220         3,852         5,260 
                                       13,991        10,421        17,906 
 Current liabilities 
 Interest bearing liabilities          13,254        16,266        12,587 
 Leases                                   333           745           742 
 Trade and other payables              26,780        18,116        27,723 
 Provisions                            10,941         5,474        10,113 
 Taxation payable                       1,599         1,084           823 
 Bank overdrafts                       23,416        26,118        29,283 
                                       76,323        67,803        81,271 
 Total equity and liabilities         309,782       256,729       328,687 
 

ZAMBEEF PRODUCTS PLC AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTH PERIODED 31 MARCH 2022

 
                                           Audited 
                                           6 months     6 months 
                                                 to           to         Year to 
                                                          31 Mar         30 Sept 
                                        31 Mar 2022         2021            2021 
                                           ZMW'000s     ZMW'000s        ZMW'000s 
 Cash inflow/(outflow) from 
 Operating 
 activities 
 Profit before taxation                     181,150       54,937         203,971 
 Finance costs                               58,413       56,360         115,282 
 Loss on disposal of property, plant 
  and equipment                               3,756      (1,345)           2,260 
 Depreciation                                60,576       84,275         160,471 
 Share of loss of equity accounted 
  investment                                  1,287          915           3,358 
 Profit from asset held for sale                  -       20,843               - 
 Fair value price adjustment on 
  biological 
  assets                                    (5,273)     (17,242)         (6,651) 
 Defined benefits liability movement              -            -           4,473 
 Defined benefits paid                            -            -         (6,971) 
 Net unrealised foreign exchange 
  losses/(gains)                             10,513      (5,345)        (19,422) 
 Earnings before interest, tax, 
  depreciation and amortisation, 
  fair 
  value adjustments and net 
  unrealised 
  foreign exchange losses                   310,422      193,398         456,771 
 (Increase)/decrease in biological 
  assets                                  (354,113)    (496,099)       (176,041) 
 Decrease in inventory                      224,959      196,726        (94,206) 
 Decrease in trade and other 
  receivables                                46,767     (16,938)       (101,408) 
 Decrease in amounts due from 
  related 
  companies                                     718        4,388           5,135 
 Decrease in trade and other 
  payables 
  and provisions                             47,485       85,868         198,415 
 Increase in amount due to related 
  companies                                       -        (443)           (443) 
 (Decrease)/increase in deferred 
  liability                                 (1,046)        (811)               - 
 Income tax paid                           (16,863)            -         (4,734) 
 Net cash inflow/(outflow) from 
  operating activities                      258,329     (33,911)         283,489 
 
 Investing activities 
 Purchase of property, plant and 
  equipment                                (62,652)     (59,829)       (116,629) 
 Proceeds from sale of assets                   405        2,247              51 
 Net cash outflow from investing 
  activities                               (62,247)     (57,582)       (116,578) 
 
 Net cash inflow/(outflow) before 
  financing                                 196,082     (91,493)         166,911 
 
 Financing 
 Long term loans repaid                    (52,436)     (81,925)       (262,705) 
 Receipt from term loans                          -            -         220,000 
 Repayment of short term funding          (158,471)    (228,246)       (477,906) 
 Receipt of short term funding              101,000      232,646         449,619 
 Leases repaid                              (9,862)     (16,321)        (32,513) 
 Finance costs including 
  discontinued 
  operations                               (58,413)     (56,360)       (115,282) 
 Net cash outflow from financing          (178,182)    (150,206)       (218,787) 
 
 Increase/(decrease) in cash and 
  cash equivalents                           17,900    (241,699)        (51,876) 
 Cash and cash equivalents at 
  beginning 
  of period                               (288,665)    (236,909)       (236,909) 
 Effects of exchange rate changes 
  on the balance of 
 cash held in foreign currencies             74,768     (14,407)             120 
 Cash and cash equivalents at end 
  of period                               (195,997)    (493,015)       (288,665) 
 Represented by: 
 Cash in hand and at bank                   226,654       83,678         201,539 
 Bank overdrafts                          (422,651)    (576,693)       (490,204) 
                                          (195,997)    (493,015)       (288,665) 
 
 

ZAMBEEF PRODUCTS PLC AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTH PERIOD ENDED 31 MARCH 2022

 
                                                         Unaudited           Audited 
                                                     6 months    6 months 
                                                           to          to     Year to 
                                                       31 Mar      31 Mar     30 Sept 
                                                         2022        2021        2021 
                                                     USD'000s    USD'000s    USD'000s 
 Cash inflow/(outflow) from/(on) operating 
  activities 
 Profit before taxation                                10,447       2,618       9,658 
 Finance costs                                          3,369       2,686       5,458 
 Loss on disposal of property, plant 
  and equipment                                           217        (64)         107 
 Depreciation                                           3,493       4,017       7,598 
 Share of loss of equity accounted 
  investment                                               74          44         160 
 Profit from discontinued operations                        -         993           - 
 Fair value price adjustment on biological 
  assets                                                (304)       (822)       (315) 
 Defined benefits liability movement                        -           -         212 
 Defined benefits paid                                      -                   (330) 
 Net unrealised foreign exchange losses/(gains)           606       (255)       (920) 
 Earnings before interest, tax, depreciation 
  and amortisation, fair value adjustments 
  and net unrealised foreign exchange 
  losses                                             17,902       9,217        21,628 
 Increase/(decrease) in biological 
  assets                                             (20,422)    (23,646)     (8,335) 
 Decrease in inventory                                 12,973       9,377     (4,461) 
 Decrease in trade and other receivables                2,697       (807)     (4,802) 
 Decrease in amounts due from related 
  companies                                                41         209         243 
 (Decrease) in trade and other payables                 2,738       4,093       9,395 
 Increase in amount due to related 
  companies                                                 -        (21)        (21) 
 (Decrease) in deferred liability                        (60)        (39)           - 
 Income tax paid                                        (972)           -       (224) 
 Net cash inflow/(outflow) from operating 
  activities                                           14,897     (1,617)      13,423 
 
 Investing activities 
 Purchase of property, plant and equipment            (3,613)     (2,852)     (5,522) 
 Proceeds from sale of assets                              23         107           2 
 Net cash outflow from investing activities           (3,590)     (2,745)     (5,520) 
 Net cash inflow/(outflow) before 
  financing                                            11,307     (4,362)       7,903 
 Financing 
 Long term loans repaid                               (3,024)     (3,820)    (12,439) 
 Receipt from term loans                                    -           -      10,417 
 Repayment of short term funding                      (9,139)    (10,773)    (22,628) 
 Receipt of short term funding                          5,825      10,952      21,289 
 Lease finance repaid                                   (569)       (778)     (1,539) 
 Finance costs                                        (3,369)     (2,686)     (5,458) 
 Net cash outflow from financing activities          (10,276)     (7,105)    (10,358) 
 Increase/(decrease) in cash and cash 
  equivalents                                           1,031    (11,467)     (2,455) 
 Cash and cash equivalents at beginning 
  of period                                          (17,244)    (11,763)    (11,763) 
 Effects of exchange rate changes on 
  the balance of 
  cash held in foreign currencies                       5,354         902     (3,026) 
 Cash and cash equivalents at end 
  of period                                          (10,859)    (22,328)    (17,244) 
 Represented by: 
 Cash in hand and at bank                              12,557       3,790      12,039 
 Bank overdrafts                                     (23,416)    (26,118)    (29,283) 
                                                     (10,859)    (22,328)    (17,244) 
 

A copy of the Interim Report will shortly be available to view on the Company's website at www.zambeefplc.com/aim-rule-26/

END

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