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Chemco Holdings Limited FY 2013 results
 

Chemco Holdings Limited FY 2013 results

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CHEMCO Holdings Limited FY 2013 results

CHEMCO Holdings Limited FY 2013 results

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    Chemco Holdings Limited FY 2013 results Chemco Holdings Limited FY 2013 results Document Transcript

    • NOTICE TO SHAREHOLDERS The Directors of Chemco Holdings Limited are pleased to announce the Group`s audited financial results for the year ended 31 October 2013. Year ended Year ended 31 October 2013 Audited 31 October 2012 Audited $ $ Revenue 4 437 542 3 484 438 Loss from operations (153 256) (909 935) (98 110) (247 115) (251 366) (1 157 050) (129 113) 55 094 (380 479) (1 101 956) (446 937) (1 000 262) 66 458 (101 694) (380 479) (1 101 956) 15 237 659 15 237 659 (0.029) (0.066) Notes GROUP CONDENSED STATEMENT OF COMPREHENSIVE INCOME Finance costs Loss before taxation Taxation Total comprehensive loss for the period 4 Attributable to: Equity holders of the parent Non-controlling interests Number of shares in issue Loss per share - excluding minorities
    • GROUP CONDENSED STATEMENT OF FINANCIAL POSITION As at As at 31 October 2013 Audited 31 October 2012 Audited $ $ 4 131 325 4 122 063 462 355 462 355 4 593 680 4 584 418 1 500 839 835 415 27 522 893 687 799 047 23 825 2 363 776 1 716 559 Assets classified as held for sale 2 363 776 362 921 2 079 480 Total Assets 6 957 456 6 663 898 161 431 161 431 Revaluation reserve 3 145 773 3 149 807 Accumulated losses (2 088 981) (1 646 078) Equity attributable to owners of the parent 1 218 223 1 665 160 Non- controlling interest 1 900 351 1 833 892 Total equity 3 118 574 3 499 052 251 143 169 925 1 114 771 826 027 323 326 658 389 29 091 82 762 2 064 058 1 330 817 56 493 96 926 3 587 739 2 994 921 6 957 456 6 663 898 Notes ASSETS Non-current assets Property, plant and equipment Deferred taxation Current assets Inventories Trade and other receivables Cash and short term deposits EQUITY AND LIABILITIES Equity Issued share capital and premium Non-current liabilities Deferred tax liability Current liabilities Trade and other payables Bank overdrafts 5 Income tax payable Due to TSL Limited (holding company) Provisions Total equity and liabilities 5 SUPPLEMENTARY INFORMATION Capital commitments Authorised but not contracted for Depreciation on property, plant and equipment 87 400 41 317 171 974 121 965
    • GROUP CONDENSED STATEMENT OF CASH FLOWS Year ended 31 October 2013 Cash flows from operating activities Cash generated from operations 15 808 (1 128 655) Net movements in working capital (395 209) 13 047 Operating cash flow (379 401) (1 115 608) Finance costs (98 110) (272 788) Taxation paid (100 549) (35 711) Net cash used in operating activities (578 060) (1 424 107) Purchase of property, plant and equipment (41 317) (63 456) Proceeds from sale of fixed assets 190 405 303 496 34 490 - - 491 626 183 578 731 666 Increase in borrowings 733 242 65 265 Net cash generated from financing activities 733 242 65 265 Net increase in cash and cash equivalents 338 760 (627 176) Cash and cash equivalents at beginning of period (634 564) (7 388) Cash and cash equivalents at end of period (295 804) (634 564) Cash flows from investment activities Proceeds from sale of assets held for sale Proceeds from sale of division Net cash inflow from investing activities Cash flows from financing activities GROUP STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2013 Accumulated losses Total attributable to Equity holders of parent Noncontrolling interests Total equity 3 424 452 (920 460) 2 665 423 1 935 586 4 601 009 - (272 538) 272 538 - - - Other comprehensive income - (2 107) - (2 107) (1 016) (3 123) Loss for the year - - (998 156) (998 156) (100 678) (1 098 834) Balance at 31 October 2012 Reclassification of reserves upon disposal Loss for the year 161 431 3 149 807 (1 646 078) 1 665 160 1 833 892 3 499 052 - (4 034) - 4 034 (446 937) (446 937) 66 458 (380 479) Balance at 30 April 2013 161 431 3 145 773 (2 088 981) 1 218 223 1 900 351 3 118 574 Issued share capital and premium Balance at 31 October 2011 Reclassification of reserves upon disposal Nondistributable reserves 161 431
    • NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2013 1. Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), the requirements of the Companies Act (Chapter 24.03) and the Zimbabwe Stock Exchange. 2. Presentation and functional currency The Group’s presentation and functional currency is the United States Dollar (US$) 3. Accounting policies The accounting policies are consistent with those used in preparing the 31 October 2012 financial statements. 4. Taxation The major components of income tax expense for the years ended 31 October 2013 and 2012 are shown below. 2013 $ 41 689 5 190 82 234 129 113 Income tax Capital gains tax: Relating to temporary differences Income tax expense/(credit) in profit or loss 2012 $ 19 637 7 951 (82 682) (55 094) 5. Borrowings The terms and conditions of the borrowings are as below. 2013 $ 2012 $ 6 237 148 6 998 105 Maturity 2013 $ 2012 $ Authorised in terms of Articles of Association Interest bearing loans and borrowings Interest rate% Due to TSL Limited (holding company) 8 2014 2 064 058 1 330 817 Base rate +3 2013 323 326 658 389 2 387 384 1 989 206 38.28% 28.42% Bank overdraft Actual borrowing as a percentage of authorised borrowing Security The bank overdraft facility is secured by: st • 1 Surety Bond for $1 350 000 over a piece of land in the name of Auckland Road Investments (Private) Limited, • Unlimited guarantees by the parent company (TSL Limited), • Cession of the insurance policy over the bonded property. 6. Audit statement The financial statements for the year ended 31 October 2013 were audited by Ernst & Young Chartered Accountants (Zimbabwe). A qualified audit opinion was issued on the financial statements. The qualification is on the recognition of deferred tax assets by the Group on a basis that is not consistent with the requirements of IAS 12, Income Taxes. The audit opinion also has an emphasis of matter regarding going concern. 7. Performance overview Group revenue recovered in the second half of the financial year, surpassing the previous year by 27%. The benefits of the restructuring exercise continued to filter through, with the operating loss for the year dropping 83% from the previous year. 8. Agricura Private Limited The signing on of new customers and attainment of new product registrations improved Agricura’s revenue performance during the year. The company achieved a modest operating profit, compared to a loss in the previous financial year.
    • 9. Delisting Trade in Chemco shares remained suspended on the Zimbabwe Stock Exchange. Plans for the delisting of Chemco are at an advanced stage and the whole exercise should be completed by April 2014. 10. Directorate There were no changes to the company’s directorate during the year. 11. Outlook The improvement in revenue performance in the second half of the financial year has continued into the second quarter of 2014 for Agricura. The company’s brands remain strong in the market and the distribution network will be improved in 2014 to cover the country’s major agricultural regions. 12. Dividend In view of the loss incurred, the company is unable to declare a dividend for the year under consideration. By order of the Board Tobacco Sales Administration Services (Private) Limited Secretaries Directors: A.S. Mandiwanza (Chairman), D.A. Ellman-Brown, A. L. A. Pichanick, H. Orphanides.