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CFI Holdings Limited FY 2012 results

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CFI Holdings Limited FY 2012 results

CFI Holdings Limited FY 2012 results

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    CFI Holdings Limited FY 2012 results CFI Holdings Limited FY 2012 results Presentation Transcript

    • Directors: S. J. Chihambakwe (Chairman), Mrs. G. Muradzikwa (Deputy Chairman), S P Kuipa (Group CEO)*, Mrs. A. R. Chinamo (Financial Director)*, Mrs. P. S Bwerinofa, F Lutz, B.D Mothobi, A. J. Nduna, G G Nhemachena, T Nyika. * Executive Directors Financial report to shareholders for the year ended 30 September 2012 UniqueBrands:CFI/02/12 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT NON- CAPITAL ACCUMULATED CONTROLLING TOTAL RESERVES LOSSES TOTAL INTERESTS EQUITY NOTES TO THE FINANCIAL STATEMENTS AUDITED AUDITED YEAR TO YEAR TO 30.09.12 30.09.11 Notes US$ US$ US$ US$ US$ Balance at 30 September 2010 (as previously reported) 47,441,612 (2,543,745) 44,897,867 180,918 45,078,785 Effect of prior period correction 2.7 1,898,603 - 1,898,603 - 1,898,603 Balance at 30 September 2010 (restated) 49,340,215 (2,543,745) 46,796,470 180,918 46,977,388 Issue of shares 18,000 - 18,000 - 18,000 Loss for the period - (4,493,983) (4,493,983) (27,027) (4,521,010) Comprehensive income for the period 3,600 - 3,600 - 3,600 Balance at 30 September 2011 (restated) 49,361,815 (7,037,728) 42,324,087 153,891 42,477,978 Loss for the period - (3,346,534) (3,346,534) (33,987) (3,380,521) Other comprehensive income for the period 6,161,707 - 6,161,707 53,881 6,215,588 Disposal of interest in subsidiary 2.8 - - - (173,785) (173,785) Balance at 30 September 2012 55,523,522 (10,384,262) 45,139,260 - 45,139,260 1.0 General information The principal activities of the Company, its subsidiaries and joint venture (the Group) is the holding of investments, the letting of properties, the production and sale of fresh produce, the wholesaling and retailing of consumer goods, the manufacture of stock feeds, the provision of animal health requisites, the operation of maize and wheat mills, poultry breeding, production, processing and selling, and the development and management of real estate. Currency of reporting These financial statements are presented in United States Dollars (US$) being the currency of the primary economic environment in which the Group operates. 1.1 Basis of preparation The financial statements have been presented on the historical cost basis except for property, plant and equipment and investments that are measured at revalued amounts or fair values. 1.2 Statement of Compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) 2.0 Supplimentary information US$ US$ 2.1 Depreciation on property, plant and equipment 1,818,683 1,717,695 2.2 Capital expenditure for the period 5,003,553 2,602,554 2.3 Biological assets (included in inventory and biological assets) 3,608,317 4,964,003 2.4 Listed investments 259,614 254,714 2.5 Contigent liabilities at reporting date in respect of guarantees given to trade creditors 1,100,000 4,288,105 2.6 Discontinued Operations As reported at half year-end, the Group discontinued operations at Honeydew Farm and also disposed of its interest in Dore & Pitt (see note 2.8). We provide below an analysis of the discontinuance: 2.6.1 Loss for the period from discontinued operations Revenue 650,925 138,248 Other gains 762,240 111,902 1,413,165 250,150 Expenses (801,542) (469,638) Finance cost - (28,522) Loss before tax 611,623 (248,010) Tax charge (deferred and capital gains tax) 289 (173,793) Profit (loss) for the period from discontinued operations 611,912 (421,803) 2.6.2 Cash flows from discontinued operations (included in Group cash flow statement) Net cash outflows from operating activities (1,593,672) (260,112) Net cash inflows from investing activities 1,587,500 - Net cash inflows from financing activities - 259,908 Net cash outflows (6,172) (204) 2.6.3 Non current assets held for sale (properties) - 452,278 2.6.4 Liabilities associated with assets held for sale - 54,005 2.7 Correction of prior period error The prior period financial statements were adjusted to correct an error on certain buildings that had been ommited from the 2009 valuation report. The effect of the error was to understate the value of the properties owned by the Group. The effect of the correction on the 2011 financial statements is as follows: Increase in property, plant and equipment - 2,495,000 Increase in non-distributable reserves - 1,898,603 Increase in deferred tax - 596,397 2.8 Disposal of interest in subsidiary On 14 April 2012, the Group disposed of its entire 70% interest in Dore & Pitt (Private) Limited to management and staff of the Company through a management buy out. The total consideration receivable from the dispoal was $365 048. A loss on disposal of US$40 450 was incurred on the disposal and is included in the statement of comprehensive income. 2.9 Capital commitments Contracted ` 253,221 4,036,149 Authorised but not yet contracted 3,448,665 1,280,014 3,701,886 5,316,163 The capital expenditure will be financed from the Company's own resources and existing borrowing facilities. 2.10 Audit Opinion The auditors for the Group, Deloitte & Touche Chartered Accountants (Zimbabwe), have audited the financial statements of the Group for the year ended 30 September 2012. The audit report is unqualified. It however carries an emphasis of matter which brings attention to recurring negative performance and the net current liabilities position. The Group plans for recapitalisation and other strategies are fully discussed in the Group’s Annual Report. CONSOLIDATED STATEMENT OF FINANCIAL POSITION AUDITED AUDITED AUDITED 30.09.12 30.09.11 30.09.10Notes US$ US$ US$ Restated Restated Non-current assets Property, plant and equipment 61,564,485 53,982,602 54,057,059 Investments 4,036,443 4,071,653 3,936,107 Total non-current assets 65,600,928 58,054,255 57,993,166 Current assets Inventories and biological assets 2.3 17,289,674 20,743,273 17,924,424 Trade and other receivables 7,069,743 7,906,282 6,382,917 Investments 2.4 259,614 254,714 605,576 Current tax assets - 75,476 54,879 Cash and bank balances 1,783,674 1,450,094 766,767 26,402,705 30,429,839 25,734,563 Non-current assets classified as held for sale 2.6.3 - 452,278 - Total current assets 26,402,705 30,882,117 25,734,563 TOTAL ASSETS 92,003,633 88,936,372 83,727,729 EQUITY AND LIABILITIES Equity attributable to owners of the parent 45,139,260 42,324,087 46,796,469 Non-controlling interests 2.7 - 153,891 180,918 Total equity 45,139,260 42,477,978 46,977,387 Non-current liabilities Long term borrowings 2,695,277 438,906 - Deferred tax liabilities 6,061,065 8,077,918 9,420,699 Total non-current liabilities 8,756,342 8,516,824 9,420,699 Current liabilities Trade and other payables 24,306,295 24,496,859 14,837,968 Short term borrowings 13,107,951 13,218,836 12,367,594 Bank overdraft 532,226 171,870 124,081 Current tax liabilities 161,559 - - 38,108,031 37,887,565 27,329,643 Liabilities associated with non-current assets classified as held for sale 2.6.4 - 54,005 - Total current liabilities 38,108,031 37,941,570 27,329,643 TOTAL EQUITY AND LIABILITIES 92,003,633 88,936,372 83,727,729 CONSOLIDATED STATEMENT OF CASH FLOWS YEAR TO YEAR TO 30.09.12 30.09.11 US$ CASH FLOWS FROM OPERATING ACTIVITIES CASH OUTFLOWS BEFORE WORKING CAPITAL CHANGES (5,928,403) (1,375,977) Cash generated from working capital changes 3,845,674 5,422,172 CASH (UTILISED BY) GENERATED FROM OPERATIONS (2,082,729) 4,046,195 Net interest paid (3,407,955) (2,787,533) Income taxes paid (263,406) (31,262) NET CASH (UTILISED IN) GENERATED FROM OPERATING ACTIVITIES (5,754,090) 1,227,400 CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of investments - (140,000) Dividends received from investments 1,934 - Proceeds from disposal of investments 354,405 279,226 Purchase of property, plant and equipment (5,003,553) (2,602,554) Proceeds from disposal of property, plant and equipment 8,223,356 563,318 NET CASH GENERATED FROM (UTILISED IN) INVESTING ACTIVITIES 3,576,142 (1,900,010) CASH FLOWS FROM FINANCING ACTIVITIES Issue of shares - 18,000 Long term loans raised 2,256,371 438,906 Net short term loans raised (105,199) 851,242 NET CASH GENERATED FROM FINANCING ACTIVITIES 2,151,172 1,308,148 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (26,776) 635,538 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,278,224 642,686 CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,251,448 1,278,224 AUDITED AUDITED US$